The #1 Most Underrated Quality in an Entrepreneur

Shaan Puri

Josh wolf has this phrase where he says chips on shoulders equals chips and pockets basically it's when you meet an entrepreneur who's got an uncurable unhealable you know identity wound that ends up being somebody who ends up doing really well

Sam Parr

let me fill you in on some things that I saw this week that I just wanna get your opinion on sam lesson so sam lesson I think he was like an early facebook employee and now he's an investor he's he says a lot of interesting stuff so he did this tweet where he talked about revenge businesses people who have started stuff because they wanna get revenge and an example of this is this guy named parker conrad basically he started this company called zenefits which was fast growing company it kicked ass whatever he gets fired because it was like a bro y culture there was like people caught like having sex in like the stairwells like people doing drunk dump shit like there was also like some compliancy issues of like not everyone was like compliant and so he got fired and so he starts this new company called rippling which has taken off like a rocket and sam lesson I guess invested in it same with palmer luckey guy got fired from facebook he started oculus now starts what's it called andral

Shaan Puri

yeah andral yep

Sam Parr

and so anyway sam lesson has this really cool line he says if you have in your diligence checklist is this company a form of deep revenge the answer is yes cut the check and the reason I'm bringing this up is because oftentimes you'll talk to someone and they'll say hey man you got a lot of hate in your heart you gotta let that you gotta let that out you can't you know you can't you can't hold that in your heart and you can't like live with that I've taken the opposite approach for like the last handful of years I actually think that hate if you have in your heart it's can be really useful like revenge and rage is like a very useful feeling so is shane people will be like why are you guilting someone into like doing this or that I'm like well guilt is a wonderful emotion to improve and I wanted to get your opinion on his take here

Shaan Puri

I mean I think it's honestly kinda genius and I think people don't like to say things like this but there are a bunch of heuristics for investing that sound so stupid or sound inappropriate but are actually true and useful so you know for example and you and you can frame these different ways but I have a friend who was like you know how paul graham talks about he wants to invest in fierce nerds and a fierce nerd is basically it's a nerd who's like overly competitive

Sam Parr

and also like a little bit of a shithead

Shaan Puri

yeah exactly you know doesn't is looking to sort of break the system beat the system is is overly competitive maybe unrefined in certain other areas of their life but that's what you want and my friend was like yeah I look for fierce nerds who love money he's like specifically the for love who for who love money is a is a multiplier on the fierce nerd concept and you know we've joked on this pod before about like you know if in your pitch deck I'm like okay went on a mormon mission or like you know grew up in you know a slavic country eastern europe I'm like yep you know little + points are going off in my head these are green flags in my head it's not a for sure yes but like I'm not stupid like eventually you realize goddamn these people from utah can sell or wow these programmers from this area of the country are pretty pretty badass or when somebody is you know it's like getting a being a harvard dropout is a stronger signal than being a harvard graduate there's all these things that sound silly but actually end up being true because if you're the type of person who can get into harvard and then has enough conviction and an idea to drop out of harvard against the social pressures of harvard that actually turns out to be a pretty good filter now of course these things can be gamed if people realize that these are the signals you're looking for right like people showing up to pitch pitch meetings and like acting a little extra autistic it's like okay we kinda know what you're doing here you're trying to fit some pattern that this investor is trying to match against so all obviously all these things would be game but the it's great when you could figure out a signal that is not yet common and so this one of is this person you know is this a revenge company is a great signal it's a green flag signal

Sam Parr

have you seen the ted turner documentary that recently came out on hbo no everyone should go and watch this so ted turner has been one of my heroes for decades because his biography was so good and basically his story is that he inherited a billboard business from his father and it was a great billboard company like it was in the south and it was thriving he took the money from that and he started a local tv station he eventually bought the braves for cheap he bought the other the cox for cheap then he parlayed all of that and bet all of his money in cnn and was constantly on the brink of bankruptcy not because his businesses sucked but because he was just like pushing it 100% all the time and so there's this great line it said this is about one of his employees he was ted had a great sense of paranoia within the company a sense that we were the little guys fighting for our lives against some big unknown guys and the truth is is that we are one of the biggest billboard companies in the south one of the biggest in the country but it may we wanted to make everything seem more important than it probably was and in fact he insisted on taking his telephone calls outside on pay phones because he wanted everyone to believe that his phone was being tapped and and if and if you watch his documentary he does all these amazing things like for example he's like I have to launch cnn because americans at the time cnn was the first ever 24 hour news network he was like we owe it to america like americans need to have an option to know what's going on in the world like everything had this grand sense of like we have to do this for america or like they're trying to crush us I was like who's they we're we're the best and that was a big takeaway from ted that I loved and this post kind of reminded me the same lesson posted about them

Shaan Puri

there's a couple other things that come to mind on this 1 travis kalanick is kinda like this so he had he'd gotten gotten screwed in his first startup literally I think by michael ovitz and other others basically it was like during the limewire

Sam Parr

well the background is travis kalanick the founder of uber before uber he started red swoosh which was some type of limewire competitor

Shaan Puri

sharing service

Sam Parr

yeah

Shaan Puri

peer to peer file sharing service and he ends up not making a lot of money from it by the way naval same thing he has naval's first hit hit naval's now like you know this wise sage you know billionaire type of dude but he was kind of like an angry vengeful dude when he started opinions back in the day the vcs kicked him out of the company I think opinions ended up going public during the com boom or had like a kind of a big exit he got nothing he got screwed by his own vcs

Sam Parr

he didn't make anything from that

Shaan Puri

no and he ends up suing them so he he does the thing that you normally in silicon valley the founders are very afraid to fight back against the vcs he publicly sues his own investors and ends up creating venture hacks which is a a blog dedicated to helping founders not get screwed by vcs he's like dude I didn't know how to read these term sheets and I didn't know what these contracts meant and they just kept telling me the the dangerous words oh don't worry it's all standard and he goes there's nothing more dangerous than something that than when when a lawyer or a vc tells you this is standard don't worry about it and he goes well standard ended up getting me screwed so he starts venture hacks blog and that leads to angellist which basically took the power away from in many ways the vcs and gave it to angel investors the founders it created a marketplace so you know it created more transparency more liquidity more more competition in that marketplace and angellist becomes a multibillion dollar company elon is on a revenge tour right now literally the democrats were attacking him or you know demonizing him sue you know doing suing tesla and spacex and all of his companies and adding more and more regulation and so he just flips the script goes all in on trump doe goes on a revenge tour now he's basically like you know de facto president and he's now going now he's going in with doge trying to like rip out the guts of the the the bureaucracy right like these these revenge tours are really really strong josh wolf has this phrase where he says chips on shoulders equals chips and pockets basically it's when you meet an entrepreneur who's got a deep chip on the shoulder and sort of a an uncurable unhealable you know identity wound that ends up being somebody who ends up doing really well

Sam Parr

dude that's a 10 out of 10 phrase by the way

Shaan Puri

chips and shoulders and chips and pockets

Sam Parr

yeah that's a beautiful he he knocked that one out the park

Shaan Puri

it's a good one and I've actually had trouble with this I used to go the other way we would meet somebody and they would say something that just sounded like oh dude there's a part of you that's broken inside I like you're really carrying this this revenge against somebody I used to try to a convince them that that's not they they shouldn't hold that or b like this person they're not like mature they're not wise to it and I immediately missed out on several big opportunities and again in that moment my reaction is to either a judge which is gets you nowhere or distance myself and say alright this person's not as they're not like minded they're not seeing the world the way I'm seeing it and now what I've realized is no no no I need the exact opposite reaction you go really close to that person and you hand them a check and you say can I be a part of what you're doing I'd like for your crazy psychosis to be to my financial benefit and so like I'll give you an example so so I'm very close to this person and they have basically made something they they had a bankruptcy back in their twenties late twenties I think so they were doing really well got to like a $25,000,000 net worth but were overextended they're in the real estate game we're a little bit overextended they they were doing development on behalf of this person who was expanding there's like a guy who was expanding a bunch of locations so he's like cool you're going to do 15 locations great I'm in I'll go buy these and I'll develop them for you and then that guy got in trouble that guy went to jail so now he's holding the bag on these 15 locations that could only be used for one type of business

Sam Parr

alright my friend so a lot of you guys who listen to the show you listen because you wanna start a company but you're not sure what idea to choose or you may not even have an idea and you like our podcast my first million because we've done a lot of the work for you on researching all these business ideas well my friends we've made life a lot easier for you because hubspot they just put together an entire list of all the resources that you can use to find a market opportunity to validate for your next business idea so if you're looking for a market size calculator or tools to identify market trends or a huge list of ideas to get started so if you're interested there's a link below click it and you can have access to the whole thing it's completely free now back to the show so you're saying like it was like some guy let's say it's like a fast food franchise was like I'm going to be creating like 50 locations or whatever well you you go develop them and I'll meet you there

Shaan Puri

they did deal 1 it was great deal 2 it was great deal 3 was great and so he goes awesome you want to do 18 more of these boxes great he goes and gets them permitted for this exact thing he does exactly what he's supposed to do on the real as a real estate developer but then that guy got in trouble for tax he hadn't been paying his taxes or whatever he he can no longer do this so now he's on the hook for like whatever 18 payments for a business he can't run and he can't use for any other purpose and he can't really sell it because it's distressed and it's and this happened right in 08 when the bank crisis happens and so nobody's investing in real estate anymore so he gets like basically this series of events ends up going bankrupt well he has a traumatic experience and he goes bankrupt not only he goes bankrupt he was I think he was engaged or just gotten married and all of a sudden he's back in his childhood bedroom with his wife they've had to move back to his parents' bedroom he's sort of ashamed of that

Sam Parr

and he had a $25,000,000 net worth before that yeah

Shaan Puri

and he yeah crazy buying like a $1,000,000 engagement ring like that kind of thing and they turn off the lights to go to bed and he's like he's telling me he's like you know I promise you I will figure out a way like I don't care what the hell I have to do I will fight back I will figure out a way to make this right give me 9 months we're gonna be here for 9 months in this room and like whatever and he gives her this inspiring speech this like gladiator speech and then he turns off the lights

Sam Parr

it's like oh shit

Shaan Puri

he had like the stars from like his you know those like sticker stars on the ceiling the neon ones that they start glowing and they just crack up laughing and he's like oh my god where am I and so and then he starts facing his revenge tour and he's in the 10 years since then has built up like a $1,000,000,000 real estate portfolio using only his own money no outside investors probably as you know I don't know something like 4 or 5,000,000 of his own equity in these deals and has you know really come back strong and so I for years have been looking for a good way to invest in real estate like I looked at should I buy my own property should I have some rental properties I think I think I kinda should take this internet money that I'm making like I'm all in on the internet and I think I should take like you know 10 20% of it and have it in like hard rock tangible assets you can go touch and feel that seems like a smart thing to do but I never knew how should I do it myself I'm a beginner and that takes time and I don't wanna go fix broken toilets should I give it to one of these funds or syndicators and then you would like meet them and you realize these guys are just fee monsters they they make all their money on the buy they don't make any money you can good luck on the sell they make their money on the acquisition fees and management fees so I didn't like them and then when I met and then when this guy was like hey you know like do do you wanna do a deal with me I was like I'm all in because the chip on this guy's shoulder of proving his dad wrong and like coming back from that bankruptcy and all of this like even though today he's super wealthy he'll never

Sam Parr

stop if you know if you're a grown man who knows what it feels like to sleep with your wife in a twin bed like you know that that sticks with you you know like the the feeling of like exposed ankles of blankets that don't cover your ankles stays with you

Shaan Puri

if you've ever had to call top bunk with your wife yeah you've experienced a trauma that I would like to invest in yeah when we were selling the milk road I remember talking to I think I could say this I remember talking to some of the you know potential buyers and was like wow you've been really successful and I was like what and I tried to get to the root what what was the motivation like why did you even go this path did you was it just you had an idea and or you had you wanted to solve this problem and I talked to 2 people and one was like no this girl rejected me in 9th grade and I just remember thinking like f that like I'm gonna become somebody I'm gonna be and he's like yeah I know it sounds stupid and like it was stupid but it was effective and the other one said the same thing he's like I I was trying to live in a house we had 6 friends and we were all like hey let's live together next year and then we found this awesome house but it was a 5 bed house and they were like hey man it's only 5 beds he's like I realized I was in the bottom of my group and I was like f those guys like every night they're having fun in that house I'm gonna be building an empire and I remember just thinking like really first of all that was like 20 years ago or 15 years ago like that still bothers like that still motivates you and and they're and like don't you feel kinda silly that that that bothers you so much like you know and they were like no I feel they were silly for ever counting me out and I was like wow okay I am not wired like these people I am not fueled by the same rage and like kind of revenge instincts and I'm I'm not saying that's the only thing that motivated them but the fact that that was there still 15 years later was very surprising to me and I've now learned to bet on it

Sam Parr

I think that I'm not surprised that you've never had issues because you're I've said this a bunch of times you're you're very emotionally healthy dude I use rage and like guilt and like I wanna nicotine I wanna end nicotine no and I wanna get back against some like there's times that I remember my big brother like saying something smart aleck to me and I and I still feel that like oh I'm gonna prove you wrong like I still feel it yeah and that shit runs deep but it is pretty helpful it it it it it makes you pretty miserable at life but it makes you like fairly productive

Shaan Puri

so gonna lie I'm kinda jealous about it like I I think it on the whole is probably good I don't have that but it does seem kinda badass when I hear it

Sam Parr

it takes like it's crazy what happens when so you know how I hate flying I went through like 10 years of therapy to figure out why I don't like I'm so claustrophobic it comes down to when I was like in 2nd grade my brother put me in a full nelson you know like a full nelson with like your big brother's finger and he dipped me underwater in our pool and he was like you know like teasing me but I sucked in a little bit of water and I legitimately felt like I was drowning I distinctly remember like I'm dying right now I'm about to die and he kept dunking me and I was like you fucking asshole like I'm dying right now and like it's crazy how little moments and since then by the way I cannot stay in elevators I don't like taking subways

Shaan Puri

because you'll swim you just don't you're like I will fly

Sam Parr

I don't like anything where I'm constricted and I can't escape that that's it's rooted in like I can't escape so if it's like a boat that like you're gonna go on and you can't see the shore it's like no I'm not doing that shit

Shaan Puri

the test unlocked on you or you're saying you figured this out through therapy or something else

Sam Parr

therapy and hypnotherapy yeah like I've spent so much time and money to like figure out the root cause and how to overcome this all from like a a 60 second interaction with my brother where he was a kid too he was being innocent and just messing with me ain't that crazy how like the things that happen as a kid can like impact everything

Shaan Puri

by the way does it help when you figure out the the root cause

Sam Parr

or yeah

Shaan Puri

like does it go away a little bit no no

Sam Parr

a a little bit like I guess like there's this like idea of like getting over the stuff it's called like walking to the gallow where like when you get panicky it feels like you're dying and in order to overcome that you just gotta be like fuck it I'm gonna go die like I'm gonna like experience this thing that I'm fearful of and and you just have to do it and it's like it's pretty it's pretty bad and like so you have to tell yourself all these stories to help get over it and one of them is like I only feel this way because john did this to me long ago and I was fine okay I was fine I will make it through this and so you gotta like walk to the gallows you gotta like tell yourself all these stories and so that's like one of the many coping mechanisms but it just all happens because of a small thing or when you're a kid so it could have been like some girl said this some guy said this to you

Shaan Puri

right

Sam Parr

and it like it's crazy it just shapes like 50 years of your life

Shaan Puri

dude what a sick phrase walk to the gallow wow what a what what is a gallow even is that like

Sam Parr

that's where you get hung is it from I I think it's your is that it's where you get hung it's like so the gallow is like the structure where where you're about to get hung and so like by the way I tried to break this the other day I went on the subway for the first time ever in new york I was like deathly afraid to go on the subway and I'm like we're just gonna go one stop and I was like fuck it we're walking to the gallow

Shaan Puri

there's also this isn't just for business this is also like you know revenge body is a thing remember that that medium post we both love how to lose weight in 4 easy steps and it's like portion control you know avoid beer and then it's like have your heart broken not just broken shattered into into a 1,000,000 itsy bitsy pieces it talks about basically it's the heartbreak that's like the the fuel for the gym like in the same way that like you know if you want adele to go triple platinum she just needs a bad heartbreak right it's it it fuels artists it fuels fitness it fuels business and I think it's sort of undeniable I don't know if it's healthy but it's it's definitely effective

Sam Parr

taylor swift wouldn't write hits if she had a successful wonderful relationship

Shaan Puri

well we'll see travis kelce

Sam Parr

you know what

Shaan Puri

reading from you

Sam Parr

she hasn't she hasn't had any new hits yet she's she's you know she's she has hits for a reason

Shaan Puri

alright what else you got

Sam Parr

alright so something a little bit happier I saw this on 60 minutes I think 2 weeks ago I cannot stop thinking about this so let me fill you the fill you in on this story so there's a small country called bhutan bhutan is in between india and china so it's it's between these behemoth countries and because of that a lot of people don't know about it

Shaan Puri

and it's tiny half the size of indiana

Sam Parr

it's tiny I think their stock market is 18 companies and the total market cap of their stock market is $800,000,000 which is 1 70,000th the size of the us stock market so it's like the super small country in fact I read that in 1999 that was the 1st year they got tv so it's like this tiny country well in the seventies the king of bhutan did a diplomatic trip to india and according to the story this indian reporter goes hey king you know we're neighbors but I don't know anything about you like what's your deal what what what are you about in fact what's your gross national product like like tell me what are you guys known for and he goes gross national product what what are you talking about gdp what are you saying in bhutan gross national happiness is more important than gross national product and it was just like offhanded comment that he made saying their biggest export is happiness we care about happiness and that totally hit it went viral everyone was like this little country is they must be the happiest place on earth the king says that they care more about gross national happiness than money and the king was like oh people like really resonate with that let's make that our thing and so over the next 5 10 years they actually implement this and make this its their thing and so in this country bhutan to this day every 5 years surveyors travel the country and they ask the people about education level salary and material possessions like a lot of like normal stuff but then they also say like do you have negative thoughts do you have positive thoughts how much time do you spend working how much time do you spend praying and sleeping and the the and the data that they get is factored in to a lot of their a lot of the rules and and things like that that they make and I thought it was like a great story about how you can care about things that aren't seemingly important like happiness and I had well you know what I mean like it's like you know we care about like money

Shaan Puri

and like stuff yeah potentially

Sam Parr

yeah and there is a few critiques which is like according to the world happiness report bhutan is like average like it's like not kicking ass but but like you know I don't know if that's a measure matter of like different ways of measuring things like that because happiness is like a way like it's kind of hard to measure happiness is it like that fleeting moment that you feel in like the 30 seconds after you've eaten a good meal or is it like I feel contentment whatever but I thought it was cool for three reasons 1 the king just said some shit and it hit and he ran with it like

Shaan Puri

been there bro you I I feel that yeah it becomes your thing right

Sam Parr

yeah it's like wearing a certain outfit in 4th grade and you're like I guess this is my identity I guess

Shaan Puri

I'm a high sock guy

Sam Parr

yeah like I'm a the chain wall is my guy like I'm a chain wall guy like that's just my thing because the teacher said that the second thing is that I do think it's like pretty fascinating that in a culture that you and I are part of and and america's particularly because we're such hard workers it's all about work work work but that's not really like the? Of all this it's like to be happy so I thought it was cool that they're measuring that but another third and final thing that this makes this interesting have you ever heard of a pairing metric

Shaan Puri

yeah basically like 2 metrics that let's say you have revenue on one side but you might have profitability on the other in order to make sure that like if you over optimize on just revenue you might totally nuke your profits or if it's about growth you want you know nps score make sure your customers are happy is that what you mean

Sam Parr

yeah and so when tim ferris invested in the hustle we I got to hang out with him for an hour or so and I was telling him about how many subscribers that we were growing by he's like well you need like a pairing metric you need you know not just top line like subscribers email subscribers but like are they engaging are they opening whatever you have to have a pairing metric otherwise it kinda ruins the whole thing and and that was like kinda fascinating to me I I never heard that phrase and I didn't think about having a pairing metric with like government policy or you know like anything other than business and this is like a really great example of a pairing metric where it's about gdp traditional metrics but also you know make sure that your your people are are are happy along the way so I thought it was pretty cool

Shaan Puri

yeah I I love this story I I think I was telling you before this I think we both somehow the odds of us both having bhutan on our list are so weirdly low I think maybe we both saw the same thing I saw the 60 minutes thing a few weeks ago what did you think first of all it's so funny we watched 60 minutes 60 minutes looks so old dude it looks and is 60 minutes is basically just a youtube channel

Sam Parr

it's great though right

Shaan Puri

it's great but why does it look so old like I it's like literally the person on there is old the clock they use for the 60 minutes thing is so old all of the editing is so old they don't know like what like a jump cut is it's insane

Sam Parr

I think it's a fun fact I am almost positive it's the only tv show without a theme song it's literally just tick tick tick tick tick tick tick

Shaan Puri

yeah exactly it's crazy so when you watch 60 minutes it's it's interesting to just look at it and be like what is this dude anyways here's a couple of the things that stood out to me about this so first why do I why am I interested in a country I'm interested in a country because in the same way I'm interested in companies that are run-in interesting ways or if a company had a unique mission or business model or a unique way of doing things that'd be interesting to me countries are just big companies and I found this pretty interesting if you looked at it like a company where it was like oh what what's our main metric it's not revenue it's happiness so it's like instead of the gmv they're looking at at how much happiness they're producing in their own economy and I like that they measure their own and like did you look at their their happiness index kinda 0 to 1 and how that all works

Sam Parr

yeah it's like a weighted score right what what and what were all the metrics or is that

Shaan Puri

it's a weighted score then they they sort of they ask people a bunch of questions about their you know psychological well-being their health their time you know their education all these different things and they end up with like you know basically they're a 7. A 0.781 on their scale which is pretty good and they measure oh that's up 3.3% since last year and basically 9 a half% of bhutanese people are deeply happy 38% are extensively happy 45% are narrowly happy and 6.4% were unhappy according to them and and they're what I thought was cool was that a couple of things number 1 it's one of the very few cases where someone in power gives it up so they had a king and he voluntarily is like you know what this could just go to my son but we need a democracy and and the funny thing is the people there were like no no king stay king he's like no no no we need a democracy they're like democracy you see india is a democracy pakistan is a democracy look at those places they're always at war it's violent forget democracy we don't want it we're happy and he was like well if I just keep giving this you know power down by birth this won't end well so I thought seeing somebody relinquish power it's crazy into a crime is so rare yeah that you just overlook it when you're on the surface but if you actually think about that deeply that actually is like a really noble and very cool and very unique thing how few you know biden didn't wanna give up power and trump doesn't wanna give up power nobody wants to give up power power is one of the most addictive things in the world and so I just thought that was really noble and really cool of him to voluntarily go to democracy at a time of peace which is which is not usually what happens usually if a democracy happens it's after a time of violence or war people need change or the western country comes in and helps and then tries to force a democracy on them so I thought that was cool

Sam Parr

did they say that was the only time that's ever happened that way

Shaan Puri

it's the only one I know of I yeah they they kind of referenced that that's that's never really happened before that a democracy happened in a time of peace voluntarily also crazy that just like you know until 19 until the seventies like in 1974 there's people listening to this podcast that are born before 1974 they didn't have a currency it was barter even up until 1974

Sam Parr

that's crazy right

Shaan Puri

crazy thing was even though there was barter they still had to pay taxes and it was like you could pay your tax with like giving them giving the government like a cow or if it's like oh you don't have livestock alright do labor then and so then they built these amazing buildings because your taxes was basically community service it's like hey I'll go donate like you know a 100 hours of labor to pay my tax for the year and then because of that they built these really cool buildings side weird note you know our friend sheila friend of the pod sheila

Sam Parr

went to tom

Shaan Puri

I think he posted this thread it's a thread of him going there he like meets the king because he's like it sounds crazy to meet the king but like he's like I was at a bar and I was talking to this guy and that guy was the former like whatever he was the former like prime minister or whatever he's like now he's a surgeon and he's just drinking at this bar and he's like oh you wanna meet the king yeah I can introduce you and so he meets the king so and so he's like going he's talking about his experience there one of the crazy things he points out is like a lot of the buildings have penises painted on them in like artful ways so you know it's a little bit of super bad mixed in there like that the other crazy thing is the bitcoin stuff did you see their bitcoin stuff

Sam Parr

I know they have the they they own more bitcoin than the total market value of their stock stock market it's like a $1,000,000,000 in in in bitcoin

Shaan Puri

yeah they basically have made themselves wealthy for life they use their like their vast nature so like you know they use hydroelectric mining to mine bitcoin and it's it's believed that they have $1,000,000,000 of bitcoin

Sam Parr

but that was like I think that was reported like you know 8 months ago so I it's it's as as if they have double that now you know what I mean like it's been a they've had a great run

Shaan Puri

the us has it because they seized the silk road right so they have you know the the the us has 20,000,000,000 china has 20,000,000,000 uk has 6,000,000,000 el salvador which has been buying and holding bitcoin

Sam Parr

has 6 and and and and the guy on that 60 minutes show he did a great job of saying he's like we're human we still want to be rich and we want stuff and we want all this other stuff we also want to be happy and so because people were like well so if you're just about happiness why are you buying bitcoin and all this he's like well I still want nice shit

Shaan Puri

yeah yeah more prosperous we are the happier we'll be the other thing that I thought was cool you know they do free education free health care all that good stuff but they also were like hey 60% of the land is gonna be like dedicated to nature and but there's no I think you they don't allow mountain climbing they like have these amazing mountains because they're in the himalayas yeah but you're not allowed and he said this great line he goes he goes nature is he goes nature is not meant to be conquered he's like man has this thirst to just conquer everything oh there's a mountain I gotta climb it put my flag on top and they just had a different attitude it's like nature is beautiful it's meant to be enjoyed meant to be it's sacred it's it's meant to be sort of revered and not conquered and I just thought man these people roll to a a different a different beat and I respect it I'm glad that these little experiments live

Sam Parr

I had the exact same feeling which is I saw him talk and and they sort of fit a lot of the stereotypes that you would have with like a nepal the dalai lama like this like rise because and I think they're like they have like a national outfit or something like that and it looks like the boot and they are buddhist but it looks like that like whatever the dalai lama like the shaw or whatever he wears so they like good genes

Shaan Puri

yeah we love jacob

Sam Parr

yeah yeah the natural sport is grinding they had this like cool vibe of like wisdom and shit and it was very shocking to see that because I'm like just watching this on a sunday night as I'm gearing up to talk about money and gearing up to to get after crush the week and then I see this guy who is like talk about happiness and shit and I was like this is incredibly refreshing it was pretty cool it it seems like it's a a great country I think by the way there's all these like other downsides I think scheele even said he was like it's a pain in the ass to get there like I don't even think they have an international airport

Shaan Puri

like the roads are not very developed like there's you know there's there's a there's other thing when you prioritize happiness above all maybe your road maybe your roads kinda suck

Sam Parr

yeah so like it was pretty sick dude I I thought it was great I was very inspired so I wanted to bring up bhutan

Shaan Puri

well there is one other piece to it which I I guess a bunch of young people are leaving the country did you see that part I I didn't fully follow that but they they were then gonna build a new city in bhutan the mindfulness city and it was gonna be like they they'd launched like a $100100,000,000 bond and then they're basically trying to make it a city where it's like walking and cycling and green spaces for meditation and mindfulness based education and ecotourism like all the shit balaji talks about with like a network state or like the praxis guys are trying to do these got you know bhutan is building a new city with like its own cultural values trying to use that to attract people to the country

Sam Parr

well you wanna hear a funny story is balaji is and a lot of these crypto guys are in on this new thing called american colossus it's that monument that they are proposing that they build in the bay area I don't know if it's it will never get built very likely but the same architect who's on board with that is doing their is that was the guy in the 60 minutes episode he's the guy who's building bhutan's new city and so there is this like weird crossover of the crypto guys and and these people who are like let's what's in it what would a new city look like in bhutan

Shaan Puri

yeah it's pretty inspiring honestly it makes you think bigger right it makes you think about things that you just take for granted they just seem set in stone they seem like they were just they were already here they'll always be here it always was this way it'll always be this way and and then you hear about somebody you know these people who are who are trying to like shake that and you realize oh wow it's all the whole world is more malleable than you thought

Sam Parr

yeah and they also were approaching it in an interesting way with their new city I forget the quotes but he said something about how he's like we know that this is like a 50 year project like we're gonna go slow because we don't wanna hurt the environment and it it was and the guy was like but you're gonna be dead when they like do that and he was like isn't that awesome that something will like outlive me like it they had a very so if you're if you're listening to this this is on youtube for free so Google bhutan 60 minutes it was an awesome segment

Shaan Puri

alright now that we talked about bhutan and happiness and how there's more to life than money can I tell you about one of the most ruthless capitalist bloodthirsty moves that I've seen in a while

Sam Parr

you know how the in boxing they say steal the round because like in the last 10 seconds that's what judges remember they don't remember the first a 100 they don't remember the first 120 seconds but they remember the last 10 seconds

Shaan Puri

yeah but so yeah

Sam Parr

whatever you say last is what I'm gonna be most inspired by so let's we skipped

Shaan Puri

so sit down baton you had your moment

Sam Parr

yeah now tell me how I can go cut some fuckers alright

Shaan Puri

this is a private equity roll up in the education space that I I found pretty interesting alright what is what does that mean so I went to high school in texas for the 1st 2 years and then my mom and dad came to me one day and they were like hey check this out doesn't this look like a cool house I'm like yeah it looks pretty cool and they're like we're gonna live there and I was like okay we're and they're like it's in beijing and then my family moved me to beijing in 10th grade and so

Sam Parr

they went too

Shaan Puri

yeah yeah yeah it wasn't just me there that would have been super cool

Sam Parr

they moved me there and they moved themselves

Shaan Puri

so they so they were like hey you know all those friends you've had like you're not gonna see them anymore and so they also lied to me and said my dog couldn't come and and told me that china doesn't allow dogs and then later in life found out that was a huge lie so you know that's maybe that'll be my revenge tour dude that's it that's the thing wait so did they leave the dog yeah we sold our dog because we dogs can't go to china I was like what

Sam Parr

oh my god it was

Shaan Puri

stupid there was no Google at the time I think I do this is pre Google so so so I finished high school in china and I went to this school called the international school of beijing and it was actually an awesome school and it turned out to be great for me to move and all these awesome things happened to me there but as one of these things again I just I go to the school I just take it for granted there's a school here I don't know schools are part of the government they're just like from the land I don't know god put it here I don't know what puts these international schools here and now I'm like in my thirties and I'm reading up and I realize oh shit these international schools are an absolute juggernaut of a business and so I'd like to tell you about this roll up that happened called nord anglia have you ever heard of this

Sam Parr

yeah my friend anand from cb insights is obsessed with it

Shaan Puri

and so here's what these guys did so the the founding story is back in the seventies you know things like 50 years old there was one school in the uk or there wasn't even a school it was like making materials for other schools to teach english as a foreign language to people who are trying to learn english in the uk and then they expand that into eastern europe or whatever and then they start their own school they're like oh we'll we'll do our own school for teaching international people and we'll teach them in a in a sort of english second language kinda way and over time the thing grows and it goes from one school to multiple schools and they create this like business that eventually becomes a $14,000,000,000 conglomerate of 80 + international private schools

Sam Parr

can you say the name one more time

Shaan Puri

nord anglia n o r d and then anglia is a n g l I a so what do they do and by the way remember remember when img sold img which is like the sports prep academy and it sold for $1,000,000,000 we're like wow note anglia bought it so this bought img and the reason they bought img they're like img is a really cool sports focused brand but it's all in the us we are we know how to basically create international schools that the richest wealthiest or expats living overseas want their kids to go to to be able to get into you know maybe us us colleges so they bought it for a $1,000,000,000 being like cool we're just gonna take the img brand and we're gonna pop it up in china and india and and all these different countries in order to to to get those types of students who are sports focused whereas their schools are more you know teaching the the the ib curriculum which is like the the kinda international baccalaureate the the equivalent of ap in the united states is ib so like I took the ib program and so but the cool thing about this business is actually for the 1st 10 years it was just a slow burn and these businesses fascinate me like I don't even really fully understand how you can go from kinda like a a consultant selling teaching materials at one?

Shaan Puri

They had a day care like a nursery built in it was like just this slow sleepy business for like 10 years

Sam Parr

was it like a family run thing

Shaan Puri

yeah it was like privately owned and then they hire the ceo and then they start expand they start their own schools they start expanding then they start buying other school school like chains so they bought like a 6 school chain that had like a presence in let's say france and then they buy another one that has a presence in latin america and they're just rolling up as many international schools as they can buy they buy 5 schools in india for $200,000,000 and so now they got 5 5 international schools in india and basically this company ended up going public and then had a take private offer and now is valued at $14,000,000,000 which is pretty pretty wild and there's one pe firm this swedish private equity firm that has just made an absolute killing it's called eqt on this entire like 20 year run of this business so you know let's say 99 here's the timeline 19 seventies it's teacher training language programs 19 nineties so now this is like you know 20 years into the business they pivot to owning and operating their own international schools 2008 now another 18 years goes by the swedish pe firm comes in gives them a bunch of money to rapidly go expand and acquire schools 2014 they go public 2017 they go private again for 4,000,000,000 2024 it's acquired 14 and a half $1,000,000,000 and 2008 when they did the the private equity round they were at 40,000,000 in ebitda and you know about 200,000,000 in revenue and so these things trade at like 8 and a half x ebitda basically and they only own like 10% of the international school market still 90% of the international school market is fragmented and and not owned by by anybody

Sam Parr

well now they do a 1,000,000,000 in revenue it said

Shaan Puri

yeah now they do a 1,000,000,000 in revenue with you know 100 of 1,000,000 in ebitda and and actually it's I think it's even I think it might even be even more than that but like just to give you an example here's a slide but like this is like one of their schools so they show like the profitability of a school this is their one of their case studies so it's like dubai they opened an international school in dubai they opened it in 2014 it took 7 and a half $1,000,000 to build it and open it and then basically they break even in year year 2 / year 3 and then it's basically making 55% net you know cash on cash once it's at that mature level once they get the enrollment up to like 1400 1500 students and so you could see like the enrollment basically by year 3 they're at almost 1400 students so almost at capacity

Sam Parr

how do they convince parents that they're worth it because like with school it's tradition usually is what like you know gets people to buy in

Shaan Puri

yeah so it's kind of the same thing so if you go look at their pitch it's basically that you know we have we have the best run schools our kids get into top tier colleges and you know x% of them you know huge like 90 something% of them graduate they do better than their peers on you know the inner the standardized testing things like that

Sam Parr

it's basically like when chick fil a started expanding to new york and all the new yorkers were like finally you know what I mean like people like know this know this brand

Shaan Puri

in beijing the school I went to right like we probably had like a 100% graduation rate like no no there's like no dropouts everybody graduates and then like 98% went to college so it's like it's like compared to like a normal school the whole school I was going to in houston before that probably was like 75% graduation and less than 50% would would enroll in college the next year and so and then the school I went to you know that's a that's like a 1st grade through 12th grade school and every year you're basically paying college tuition it was like $40 a year to go there as a 1st grader and as a second grader and as a 3rd grader as a 4th grader see but like the way my parents afforded to go there was the same way that many students did which is when companies bring you overseas because come you know let's say you know my dad worked for a company they wanted him to relocate to like build up their business in china then the company basically pays for your kid's education as part of the relocation package

Sam Parr

and that's like a really good perk

Shaan Puri

that's the perk it's oh oh you know and so these schools basically it's kinda like us schools how they make their money is because the government will give like student loans to anybody like anybody can get a student loan so you can get like you know $200,000 of debt to go to the school whether you're gonna be able to pay that off or not doesn't matter so the schools are like great that's why tuitions keep going up because they're like awesome the government will just keep paying for this this is amazing international schools work largely the same way which is it's either very wealthy people there who want their kids to go abroad like if you're very wealthy in indonesia or china or india you want your kids to study in the united states and you're probably you know like very very rich and so you're you're happy to pay you know 40 k a year for like elite your elite education or the companies are paying for it so it's this beautiful business model where you're only catering to that top kinda 1%

Sam Parr

and and interestingly I think that there's actually a blue zone in america because when you think of a for profit university I think of university of phoenix yeah I I think bad I think they're the ones who let everyone in and they just buy all the facebook ads and Google ads and it's slimy but for some reason when I look at these schools I think prestige I think like like it can be done well do you know what I mean

Shaan Puri

you know the one I wanna do or like I've been very like tempted to do is the modern day film school so like film schools exist in the states and that you know you can go to usc or ucla these are like the famous ones that you can go to but like media and content has changed dramatically from when those schools were founded right

Sam Parr

and credentials are less important I would think

Shaan Puri

and credentials are way less important and back then you know let's say you were a student in the eighties and you wanted to work in film someday well when you were in school you really had no shot you could go be an intern somewhere maybe hold up you know you're holding the lamp you know in the in the back and you're holding the light and that's like all you would be qualified to do today let's say you wanna be good at creating films or content or music or whatever you could literally be publishing on youtube on tiktok on instagram on spotify you can be publishing everywhere and actually like you could be in the market you can be the day

Sam Parr

you have the idea to do it you could be published that night

Shaan Puri

you could be 14 years old and be you could be the best in the world at doing twitch streams or whatever it is right like and so what and and the number one dream of young kids is to be a content creator it's the number one aspirational profession which you could judge and say that's stupid or whatever you want the dream is the dream that means there's a lot of demand for people who wanna learn this why don't I go to mister beast why don't I go to jimmy and say hey why don't you create with your brand a university that is the modern day like content creation skill stack so it's all the things you need to know right videography photography script writing editing sound production you know music production all all the creative arts basically but do them in a way where it's like a 2 year program it's like a like a business school so it's 2 years and it's all project based so you go there and you have access to all the equipment which you normally can't afford as a young person like the best cameras the best recording studios the best editors terminals all that stuff animators and then there's people who have different disciplines 1 guy wants to be an animator 1 guy wants to be an editor the other person wants to be a talent whatever it is and you work together on projects you create content you actually put it out on the networks and you get judged based on the number of projects you create the quality of the projects you create you're getting real feedback along the way and then you have mentors or teachers like a mr beast or like others who are gonna like drop in and basically teach you some of the fundamentals of maybe storytelling or different things that actually you need to do and I think you if you did this I mean just the math of this stuff is pretty crazy right like you get 5,000 or 10000 people coming to your school and it's you know 25 k a year for 2 years that that's that one batch of kids 10,000 people in a in a in a class if they're paying 25 k a year for 2 years that's 500,000,000 in revenue

Sam Parr

what stopped you from doing this you seem pretty hyped up on it and it seems like a very logical thing

Shaan Puri

well I had the idea of like 4 days ago so you know that's probably

Sam Parr

no new idea you've been talking about

Shaan Puri

you no specifically the media thing like I've always been interested like what would you do if you're doing a new school I always thought of it in terms of entrepreneurship but I actually think a more like trade school style school is better yeah

Sam Parr

for sure

Shaan Puri

for sure because you can only you know teaching entrepreneurship is hard because a there's not a class for business really business school doesn't teach you business it teaches you management like what you think of as harvard business school is actually a you know middle management to senior management training program right that's what that is so I think a when you actually learn a skill and learn a trade that's good the skill of business takes a lot of time and it's not one skill it's like 15 it's a bundle of like 15 skills you gotta know a little bit about strategy and negotiation and marketing and building and managing all these things so I think this trade school style is much better there's an interesting example of this by the way do you know what full sail university is

Sam Parr

yes so I'm looking up itt tech but I'm also looking at full sail I know a few people that went to full sail and they had great things to say

Shaan Puri

yeah so full sail is kind of at it's at that scale so 25,000 undergrads it's $26,000 a year it's a private for profit college so you just do the math by the way 25,000 undergrads 26,000 a year so that's that's like the annual revenue let's let's do some public math because big numbers are an exception that's $600,000,000 $650,000,000 a year of revenue that they're generating from like a 4 year cohort my friend

Sam Parr

chris have you heard of the company linode

Shaan Puri

yeah yeah

Sam Parr

he bootstrapped and sold it for I don't know like $800,000,000 he's he's from nashville and I knew him when I was younger and he went to full sail and he would and he's that's kinda how I learned about full sail but they have like if you look at

Shaan Puri

you know jason citron the founder of discord he's one of the alums

Sam Parr

yeah and so I think they do more than just like I knew it as that's where you'd go to get like a like a if you were to become a music engineer

Shaan Puri

yeah so it was like game design was 1 that's why jason went there because he wanted to build video games they have music and then they have the dan patrick school of of sports broadcasting

Sam Parr

so he won't be like that much

Shaan Puri

a tv broadcaster they had their own little program a degree a sportscaster degree program but how

Sam Parr

does it work since it's not a normal it's a for profit university does dan patrick actually get paid to use his name or did he didn't donate

Shaan Puri

a licensing a royalty that's crazy

Sam Parr

that's great

Shaan Puri

that's what I'm saying for like if you're if you're jimmy you're mister beast like why are you selling chocolate like we should do this and we just need to find like an operator and do do it with a physical campus and like do the whole thing right make the whole thing happen and there's like an an enormous talent economy that needs to be made not just for people who themselves wanna be a famous youtuber but every single company has to create content content is marketing and so any company that needs you know go look at every every corporation from you know like nestle down to your you know nearby eyebrow waxing place they're all got an instagram they all got a tiktok they're all posting content on there and so every company needs media creation talents and nobody teaches you that it's today it's something you learn on your own outside of school using your own social media as a testing ground and I think that's a little bit crazy given the value of this thing and so I think you know it's the type of thing that could be built and be a you know multibillion dollar business within 3 or 4 years easily you know getting 5,000 or 10000 people to to enroll is not hard for for something like this because it has tangible value too like when you walk out not only will you have these hard skills on you know actual content creation all the all the bucket of content creation skills but like you're highly employable so whether you become a creator or you're or you go get a job like you're highly employable with a a set of skills especially if you make it elite like don't make it university of phoenix make it more like harvard where it's like oh where do the talented people go right what's it like juilliard it's like make it more like juilliard right so this is where the most talented people go and build that reputation I think that's the key to get this right

Sam Parr

this is an incredibly compelling pitch thank you I wanna know what the downsides are which I don't even know if you know at the moment because you're 72 hours into this accreditation career transition

Shaan Puri

accreditation can matter so if you want accreditation you can do that

Sam Parr

does that matter does accreditation matter I guess it I guess it does for optics right

Shaan Puri

no it matters for for to funding so if you

Sam Parr

got it

Shaan Puri

so how do you get funding from the government how do your students get loans if you're an unaccredited school students can't get loans they gotta pay for it out of pocket

Sam Parr

understood

Shaan Puri

and and so you want accreditation so that you're eligible for loans which would let students go there you know who don't already have the money + you know it's much easier to spend money the government gives you when you're 20 18 20 years old so you know you wanna be eligible for that but you can you can get accredited or you could buy a school with existing accreditation so that's not a blocker it's just like a thing you gotta do the hard part is actually running it and like doing it well and like actually providing quality education right you don't wanna be university of phoenix so you gotta have some soul you gotta have some some energy you gotta have the entrepreneurial energy why so why am I not personally doing this because I personally am not gonna be the guy running this I wanna kinda make it happen and find an operator who wants to create something like this and I can connect all the dots of how do we get the capital because this takes a lot of capital you know like joe lonsdale started a school in austin I don't know how much he how much that cost but I think it's like a I wouldn't be surprised if that's like a 50,000,000 to a $100,000,000 project of like infrastructure

Sam Parr

university of university of austin austin university that's crazy I mean yeah that's pretty wild and if you look at like

Shaan Puri

so billionaires have put 200,000,000 into funding that that school so yeah it's you know it's it's a big capex lift to to do it when you have a physical campus and I wouldn't do it remote I would do it legit I would do it with a physical campus and I would just try to make it like awesome and it's the same thing like we talked about the baton thing it's a 50 year play like you wanna build prestige and legacy like a harvard or a stanford where it's the reputation the reputation and the brand is the value you want the best people to pay top dollar to come to this thing and get the best education then you want all the companies you wanna hire to value the label that you have so to do that you have to assume you're gonna be you you wanna do something that peaks you know like 50 years later in terms of brand prestige

Sam Parr

yeah that's like an interesting thing by the way so there's like been a lot of times where people will sign up to for a university and the goal is that after 10 or 15 years the brand name has elevated so you bought the price before it was full you know it's just like investing in a stock and then there's other times when a a university well

Shaan Puri

it's 30 under 30

Sam Parr

yeah where a a university will have a protest or something will happen and it hurts the brand and you're like for example let's say you graduated from columbia you're like shit like it's a controversial place right now is my I bought this brand is that now worth less than what I was anticipating and so there's this weird that that is like an interesting way to look at building a university brand I'm like I have to increase the value for you know so I can I can justify the people buying they actually bought it when it was cheaper as opposed to what it is worth in 20 years

Shaan Puri

dude did you see bill ackman did a presentation about harvard did you did you see this

Sam Parr

no what what he said oh my god

Shaan Puri

alright well I know we're supposed to wrap up but this is honestly incredible jim grant asked me to give a talk on harvard buy sell or hold in the same way you would do with a stock I think the the harvard motto or slogan is veritas and the the title is veritas?

Sam Parr

Because you

Shaan Puri

know he's on this like anti harvard crusade right now

Sam Parr

what's a veritas mean forever truth I think truth

Shaan Puri

oh and so he breaks it down like it's a company yeah the business of harvard college is private education to students and then he has like a graph it's like enrollment has been flat over the last 20 years faculty growth has been modest you know growing at half a% but administration growth has grown by 40% in 20 years so he's like basically like oh you're not growing students but you're growing your admin your opex on the back end right and analyzing it like a business

Sam Parr

this is amazing

Shaan Puri

and the cost has grown basically the cost has doubled in 20 years

Sam Parr

he says you're growing by increasing prices not by increasing the number of customers served

Shaan Puri

exactly and then it talk and so he he breaks down the p and l he breaks down where's the revenue stream so how much is coming from donations versus tuition how much of your faculty has diverse viewpoints I mean really obviously his agenda in this whole thing was to basically be like harvard has gone too woke and the administration has gone like rogue and you're you're ruining the the brand and the mission of harvard

Sam Parr

he said the the the operating margin would be a negative 40% without distributions from its endowment

Shaan Puri

yeah and he says in 16/43 that's how old harvard is in 16/43 harvard's first mission was set up simply as veritas or truth and he's got this old screenshot of like a hand drawn logo of the shield and then he reads like the the sick the the laws liberties and orders of harvard college and it's like this handwritten document about you know the the goal was to encourage harvard students to seek wisdom and he's basically saying like you know then then he shows how the mission charter has changed so in 2020 it was instead of about seeking truth it was like it removed a bunch of references to the 16 50 charter and basically left it as more of like a dei style mission

Sam Parr

yeah and

Shaan Puri

he's like you know paying attention to that so you know he's like what you know what happened to new ideas what happened to the truth and then he goes and and he just breaks down like fact also like even in the faculty growth he's like cool is it growth in computer science teachers or is it growth in african american studies which you know he basically shows that african american studies grew like crazy compared to economics or computer science but then he's looking at the number of degrees that people are getting and that's not growing so he's like you're not meet your supply is not meeting the demand of the consumer you're just your supply is growing arbitrarily not not to match not to match demand like I think there was only what was it like there was one degree recipient in 2023 in african american studies and 57 faculty

Sam Parr

this is wild and do you know and and here I I if you go down all the way to the last slide his verdict he says is harvard a buy sell or hold and his verdict as of now is harvard is a hold it still has many positive attributes it has a strong brand 400 year operating history $51,000,000,000 endowment and huge real estate but it has many challenges the quality of the education has deteriorated there's so many competitors many talented people aren't going to traditional universities they've misallocated resources and the endowment has been a chronic underperformer this is a very interesting way to look at many many many different decisions in life that are beyond just money

Shaan Puri

how awesome is this

Sam Parr

this is the greatest this is this is a fantastic way to think

Shaan Puri

yeah this is so cool

Sam Parr

is this all decisions I think I should every big decision I have in life I I need to put together a powerpoint like this we did this with our child's name by the way we put three names in a powerpoint and like sarah presented them and like argued like in her favor which name we were going to choose

Shaan Puri

hold on hold on what what is that what is even in the slot what do you say like what

Sam Parr

so the way that we make decisions in our house oftentimes it's like one person will present 3 options and then the other person can select the one option that they want and so if it's like

Shaan Puri

cheesecake factory chipotle or

Sam Parr

frozen dinner so it's like if I'm selecting the 3 I will select 3 that I'm at least okay with and then she could select the one that is of most interest to her for baby names it was like she was like you I wanna select a 3 and then you could select the 1 and so she made a powerpoint and it explained here's the three names here's the background of the name and I had like parameters I was like I want something somewhat traditional I prefer it being the bible because everyone in my family was named for someone in the bible whatever and she's like alright here's the 3 that I like I'm cool with all of them here's the background of each name here's what it means here's famous people named that here's where it ranks on the popularity list here's what

Shaan Puri

trying to persuade you towards 1 or it's a completely neutral like pros and cons of each

Sam Parr

in that case it was a neutral but yeah oftentimes there there is an underlying persuasion bit but the if you're the person who selects the 3 you should select 3 things that you're you like you should because that's like what you could do is you could select 3 things that I that you like and then I as the final decision maker will select something and you're happy no matter what it's a great way to make decisions I think and so she did this big presentation on 3 different names and I selected the winner and that's how we got our baby's name

Shaan Puri

last podcast you said every month we sit down at the end of the month at our table and we review the month's budget financial decisions key financial decisions that were made we discuss unresolved issues that might be lingering I'm kinda into the parr corporation parr corp is probably one of my favorite corporations to learn from and I think the way you run your marriage like a business partnership is both effective and hilarious

Sam Parr

we do we did that

Shaan Puri

great combo

Sam Parr

before we got married we did that by the way we said you know this is going great like we really love each other we like each other I it it appears as though like marriage is in the cards you know we said it was like 6 months into dating write down where you wanna be in 10 years like what do you wanna do like let's how do you wanna raise a family where do you wanna live and we like made sure that like our wants and our interests like we're like alright like we disagree here but like that's okay I'm malleable there but here's like a deal breaker what do you feel about that so for hers it was like I wanna raise children in the new york area so I can be around my family that's a deal breaker and I was like no that's cool I could I could I could fuck with that and so yeah we do this type of stuff it feels cold I don't even like talking about it because people think because like it feels cold but dude this shit works these type of like discussions where it's like alright now is the.

Sam Parr

To discuss this you have the floor right that stuff is so effective I think

Shaan Puri

yeah yeah it always is great be be before you guys go to bed you just shake hands instead of kiss it's just nice like to to just keep everything you know on the up and up and as calculated as can be that's why

Sam Parr

I hate talking about it because people think that everything's like systematic it's like no like there's like 2 hours a month where like this is set aside to like have these like relatively formal discussions but it's freaking awesome I think that I I think if you like have a lot of kid don't people do like family meetings I know I saw it in like tv shows growing up but it's not a thing

Shaan Puri

yeah family meetings are a thing I think you guys just really take it to that next level you guys are the mckinsey of family meetings right like vows dot pdf before your wedding you had it all set up it's good it's I like it

Sam Parr

it works I suggest everyone at least try it it definitely works I think

Shaan Puri

alright I think that's I think that's a killer episode to be honest

Sam Parr

I feel hyped up

Shaan Puri

I I have energy perfectly honest with a with a hard h that was a great episode

Sam Parr

alright that's it that's the part