Latest / Money And Wealth With John Hope Bryant / The New Rules of Investing: AI, Capitalism & Wealth Creation

Transcript

The New Rules of Investing: AI, Capitalism & Wealth Creation · Money And Wealth With John Hope Bryant

• 0:00
  Speaker 1: Welcome The Money and Wealth with John Hobryant, a production
• 0:03
  Speaker 1: of the Black Effect Podcast Network and iHeartRadio. Hey, Hey,
• 0:14
  Speaker 1: this is John Hope Bryant, and this is the Money
• 0:17
  Speaker 1: in Wealth podcast series on the Black Effect Network on iHeartRadio.
• 0:25
  Speaker 1: And as you well know, and thank you by the
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  Speaker 1: way for continuing to make this one of the top
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  Speaker 1: one percent of all podcasts in the world, and one
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  Speaker 1: of the top sixty podcasts for entrepreneurship and one of
• 0:44
  Speaker 1: the top two hundred and fifty on every condent in
• 0:47
  Speaker 1: the world, as we break down the mysteries of fans
• 0:52
  Speaker 1: and capitalism and free enterprise and the word I love
• 0:57
  Speaker 1: the most, entrepreneurship. And as you know, I have had
• 1:05
  Speaker 1: a habit of just talking directly to you myself because
• 1:10
  Speaker 1: I often don't want a translator between me and you.
• 1:15
  Speaker 1: And if I bring somebody on my program, you better
• 1:20
  Speaker 1: believe that they are best in class. As I say,
• 1:25
  Speaker 1: a relationship too plus to she'd equals six, eight or ten.
• 1:28
  Speaker 1: If you're not better together than what are you doing?
• 1:31
  Speaker 1: And such as the case today. There are two entrepreneurs
• 1:36
  Speaker 1: here with remarkably consistent stories which might come as some
• 1:46
  Speaker 1: surprise to my new friend and my guests. Let me
• 1:49
  Speaker 1: introduce you to somebody who he doesn't realize is going
• 1:54
  Speaker 1: to become a new friend. I like his vibe, I
• 1:57
  Speaker 1: like his intgy jenniic Melling, and I say that problems.
• 2:03
  Speaker 1: I want to make sure I get that is right.
• 2:06
  Speaker 1: It's very important I say his name right. He's Danish
• 2:09
  Speaker 1: and that's a Danish name, and there's are all kinds
• 2:13
  Speaker 1: of ways you can say it and screw it up,
• 2:15
  Speaker 1: but it's very important to me that I nail it
• 2:18
  Speaker 1: because it is a really cool name. Actually, he's the
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  Speaker 1: co founder and the co CEO of Public dot com.
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  Speaker 1: I actually have even had to ask him, so is
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  Speaker 1: it public.
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  Speaker 2: Or a public public?
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  Speaker 3: You know, it's not French.
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  Speaker 1: And Public is one of the fastest growing multi asset
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  Speaker 1: investment platforms in the United States. As I said, he's
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  Speaker 1: a Danish born entrepreneur who started and I love that
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  Speaker 1: part of the world to spend a good amount of
• 2:54
  Speaker 1: time in an order. Countries in Europe and the Danish
• 2:58
  Speaker 1: are just really cool people. And he started building websites
• 3:05
  Speaker 1: at age twelve. Sound familiar somebody else's story in suburban Copenhagen.
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  Speaker 3: Now I was before, by the way, way before you
• 3:16
  Speaker 3: could vibe code.
• 3:17
  Speaker 1: And he was doing at twelve in the suburbs. I
• 3:19
  Speaker 1: was doing it at ten in the inner city of Compton, California.
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  Speaker 2: His Copenhagen was Mark Compton.
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  Speaker 1: He joined Saxe Bank Saxo at age seventeen.
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  Speaker 2: So he made look like a rock star.
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  Speaker 1: For those who get a chance of watching this on
• 3:36
  Speaker 1: one of the platforms.
• 3:38
  Speaker 2: But if you're.
• 3:38
  Speaker 1: Listening to this on your radio or on your phone,
• 3:41
  Speaker 1: or in your car or jogging, let me give you
• 3:44
  Speaker 1: a visual. Let's say James Bond meets the Beach Boys
• 3:53
  Speaker 1: meets Double O seven on a beach, chilled out, that
• 3:58
  Speaker 1: happens to go into a board room, and if he's
• 4:02
  Speaker 1: working at a bank at seventeen, you absolutely know that
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  Speaker 1: looks didn't count. His brain is what they were interested in.
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  Speaker 1: And he went on to co found several fintech companies,
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  Speaker 1: including Tradable, which he sold for one hundred and twenty
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  Speaker 1: million dollars. Again another coincidence. I sold a company for
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  Speaker 1: one hundred and twenty one million dollars about the same
• 4:30
  Speaker 1: age when he did it, well the same timeframe in
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  Speaker 1: their career trajectory. And he did that before launching public
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  Speaker 1: in twenty nineteen. We co founded with Leif Abraham or Abram,
• 4:45
  Speaker 1: no Abraham.
• 4:46
  Speaker 2: They get the right Abram and.
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  Speaker 1: Public is an investment platform on a mission to make
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  Speaker 1: public markets work for all people. So he had me hello,
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  Speaker 1: That's why I wrote the book Capitalism for All All
• 5:00
  Speaker 1: is to and that's where I actually we met. I
• 5:03
  Speaker 1: was on the set of CNBC talking about the well
• 5:07
  Speaker 1: launching my now best selling book is the best Sellers
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  Speaker 1: as I saw you, Jenny as capitalis We're all inclusive
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  Speaker 1: economics in the future proofing of America. And he was
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  Speaker 1: there on CNBC. But those is the best business show
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  Speaker 1: in the world, I think on squad box talking about
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  Speaker 1: his great company and we were rooting each other on.
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  Speaker 1: So the Public offers commission free access to stocks, ETFs, options,
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  Speaker 1: crypto bonds, treasuries and alternative assets with fractional shares included,
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  Speaker 1: so people can start investing with almost nothing.
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  Speaker 2: I absolutely love it. And the platforms community is made
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  Speaker 2: up of.
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  Speaker 1: Hold on now for women and forty people of color.
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  Speaker 1: I may have to make you an honorary black man
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  Speaker 1: where this is over, which is a remarkable statistic for
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  Speaker 1: the industry that's historically dominated by wealthy white men. The
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  Speaker 1: companies raised over four hundred million dollars in venture funding
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  Speaker 1: from investors including Tiger Global and Will Smith's Dreamers VC
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  Speaker 1: Sale and others, and was valued at over two billion
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  Speaker 1: dollars as of twenty twenty one. Now this is an
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  Speaker 1: interesting antidote before we bring him in, speak for himself.
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  Speaker 1: So in twenty twenty one, when the company was worth
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  Speaker 1: about two billion.
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  Speaker 2: During the whole game, stop means stock chaos.
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  Speaker 1: While other companies restricted was restricting trades, Public took the
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  Speaker 1: opposite approach. They stopped participating in payments.
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  Speaker 2: For order flow. We'll explain what that means in the
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  Speaker 2: course of this conversation.
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  Speaker 1: Pfof the controversial practice where brokers is paid to route
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  Speaker 1: orders to market makers, creating a potential conflict of interest
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  Speaker 1: between the brokers and the customer. They Public introduced an
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  Speaker 1: optional model instead of doing that, and began routing orders
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  Speaker 1: directly to exchanges like Nasdaq and n y s SE.
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  Speaker 1: That's the values driven business decision that cost him revenue
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  Speaker 1: in the short term, but built enormous trust. So let
• 7:27
  Speaker 1: me but with no other So no further ado is
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  Speaker 1: they say, let me introduce my new friend and my
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  Speaker 1: brother and other mother soon, Danik Melling, that was.
• 7:40
  Speaker 3: A hell of an intro buddy. That was great.
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  Speaker 2: Welcome to the program.
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  Speaker 1: So I'm interested in your backstory and your your background also,
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  Speaker 1: But let me start with a hard hitting question, because people,
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  Speaker 1: you know, they don't understand investing. I mean, I've had
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  Speaker 1: young adults ask me questions like what's a stock? What's equity?
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  Speaker 1: And I was proud that they trusted me enough to
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  Speaker 1: admit that they didn't know what these things were. But
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  Speaker 1: I think we just assume people know all these terms
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  Speaker 1: and all this stuff that's in the Wall Street Journal
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  Speaker 1: and on CNBC in squad box, and really it's another language.
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  Speaker 1: You've got to become almost bilingued on it. But so
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  Speaker 1: why public exists? You said Americans either couldn't afford a
• 8:24
  Speaker 1: diversified portfolio or felt like the stock market wasn't for them.
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  Speaker 1: So which of those two problems is harder to solve?
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  Speaker 1: The access of psychology is my first question, and then
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  Speaker 1: I want to get into your backstory.
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  Speaker 3: Yeah, for sure, definitely I think it was the psychology.
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  Speaker 3: You're actually the right. We always looked at it as
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  Speaker 3: like this this like rational structural barrier, which was that
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  Speaker 3: in order to invest I think when we launched public,
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  Speaker 3: Google was like a two thousand share, Amazon a three
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  Speaker 3: thousand a share. Since then, they've done some stock splits,
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  Speaker 3: which is a way that the price pre kind of
• 8:59
  Speaker 3: comes down. But basically, in order to buy the top
• 9:02
  Speaker 3: ten fifteen stocks in the country, you needed to have
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  Speaker 3: like ten thousand dollars saved them. And so I just
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  Speaker 3: talked to a lot of people who are like, yeah,
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  Speaker 3: you know, something always got in the way of them
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  Speaker 3: saving up that amount of money travel you know, this,
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  Speaker 3: that and the other end. So it was very difficult
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  Speaker 3: to get started because that structural barrier sort of existed.
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  Speaker 3: And then the second part was this like psychological barrier
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  Speaker 3: of is the stock market for me? Right? If I
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  Speaker 3: am not a finance bro type person, you know, I
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  Speaker 3: have not historically seen a lot of people like me
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  Speaker 3: participating in these kinds of markets. Not a lot of
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  Speaker 3: success stories around I mean, all the success stories around finance. Frankly,
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  Speaker 3: all the stories around Wall Street have always been it's
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  Speaker 3: like to Touster and Palm, like Gordon Gecko or Wolf
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  Speaker 3: of Wall Street. They're all fantastic movies, almost two good movies.
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  Speaker 3: Because I think they've sort of alienated of a lot
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  Speaker 3: of people from what the stock market really I think
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  Speaker 3: should be, which is how Buffets always Warren't Buffets always
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  Speaker 3: thought about it, which is just is the greatest wealth
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  Speaker 3: creation engine in the history of mankind. But you know,
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  Speaker 3: two things can be true at the same time. The
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  Speaker 3: US stock market specifically, by the way, not the European one,
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  Speaker 3: not the Asian one. The US stock market, it's the
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  Speaker 3: greatest wealth creation engine in the history of mankind. And
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  Speaker 3: at the same time, there are niches of fringes around
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  Speaker 3: that market that have these like shady taitaster and prompt
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  Speaker 3: well for Wall Street type practice. Both of those things
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  Speaker 3: can be true at the same time, and I think
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  Speaker 3: culturally the latter just overshadow the format, Like there's not
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  Speaker 3: really a good story that you can make around how
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  Speaker 3: you stash money away you dog saverage into the stock
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  Speaker 3: market every month for ten years and then you make
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  Speaker 3: generational wealth. Like that's not an interesting Hollywood script. It
• 10:57
  Speaker 3: wasn't interesting Hollywood script. Was Gecko Boiler Room, you know,
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  Speaker 3: Margin Call, like all these great movies. And I think,
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  Speaker 3: as we know, you know, movies are able to, for
• 11:09
  Speaker 3: better our words, really shape kind of culture and how
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  Speaker 3: people perceive things, and so I think that that's actually
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  Speaker 3: quite a big, a big part of it. And so
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  Speaker 3: I think therefore that psychological barrier which much tougher the
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  Speaker 3: structure bearers. You know, we were able to find a smart,
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  Speaker 3: innovative solution, write some code so that you could buy
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  Speaker 3: these fractional shares. Were actually the first to offer that,
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  Speaker 3: which we're quite proud of, so that you could start
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  Speaker 3: buying as low as a dollar of that Amazon stock,
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  Speaker 3: even if it's trading at three thousand dollars a share.
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  Speaker 3: So basically, and the way we thought about that was like, okay,
• 11:44
  Speaker 3: think think about bigcoin. Think about if you had to
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  Speaker 3: buy one whole bitcoin to participate in that as an investment, right, Like,
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  Speaker 3: it would never have taken on the life that it's
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  Speaker 3: taken on, because very quickly you'd have to come up
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  Speaker 3: with a lot of money in order to participate in it.
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  Speaker 3: And so we were a little bit like, well, it's
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  Speaker 3: kind of silly that these companies have these things called
• 12:06
  Speaker 3: share prices that are set in a little bit of
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  Speaker 3: an arbitrary way, and that access the flaw or the
• 12:13
  Speaker 3: minimum amount that you can invest, and nobody could really
• 12:17
  Speaker 3: you know, there's no good answer all other that that's
• 12:20
  Speaker 3: just how it is. And I think whenever you get
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  Speaker 3: that answer as an entrepreneur, you know that you're likely
• 12:24
  Speaker 3: onto something and there's a problem to be solved.
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  Speaker 2: That's why you went to fractional shares as well, that's.
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  Speaker 3: Why we win exactly. And so so it enabled obviously
• 12:35
  Speaker 3: people to invest that couldn't be false. Instead of saving
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  Speaker 3: up ten thousand dollars, we had people who would just
• 12:42
  Speaker 3: invest ten dollars a day because the shares are so
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  Speaker 3: fractional shares are basically just you know, I guess the
• 12:51
  Speaker 3: simplest ways to explain it is when you buy into
• 12:54
  Speaker 3: a company, you can buy one share for like, let's
• 12:58
  Speaker 3: say five hundred dollars, all you can buy with fractional
• 13:02
  Speaker 3: heres zero point one shares for fifty dollars, and so
• 13:06
  Speaker 3: being able to trade less than one share was historically
• 13:09
  Speaker 3: not possible, and that was the initial feature that we
• 13:13
  Speaker 3: launched with hence the name public. It's sort of about
• 13:16
  Speaker 3: making the public markets truly available to the public. That
• 13:19
  Speaker 3: was where we kind of started from, and we've actually
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  Speaker 3: then gone on to do that with the bond market,
• 13:26
  Speaker 3: with the US Treasury market, corporate bonds, and so now
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  Speaker 3: we have this fully fractional trading platform which lowers the
• 13:35
  Speaker 3: minimums that you need to invest. But I also think
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  Speaker 3: it just lends people to build more balanced, diversified portfolios.
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  Speaker 3: Because if you imagine the thought experiment of say you
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  Speaker 3: had ten thousand dollars back in twenty nineteen, if you
• 13:49
  Speaker 3: wanted to buy Amazon and you had to buy full
• 13:52
  Speaker 3: shares and it's three thousand dollars a share you have
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  Speaker 3: to buy Amazon would be thirty sixty ninety percent of
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  Speaker 3: your portfolio. Can't be twenty, can't be fifty, can't be ten, right,
• 14:03
  Speaker 3: And so I always come back to some of these
• 14:08
  Speaker 3: pubfet quotes and Warren Buffett all said always said like,
• 14:11
  Speaker 3: if there's two things you should do, optimized Texas and
• 14:14
  Speaker 3: the versa by your portfolio. It was actually quite hot
• 14:18
  Speaker 3: for the average person to do beople fracsional ships right,
• 14:22
  Speaker 3: both of those things. And so we've spent a lot
• 14:25
  Speaker 3: of time innovating in this space to make sure that
• 14:28
  Speaker 3: that is that is sort of a premise that everyone
• 14:31
  Speaker 3: can actually go and execute on for themselves.
• 14:37
  Speaker 1: Why do you care so much, my man? I mean,
• 14:40
  Speaker 1: you could have just continued on your career after the bank,
• 14:46
  Speaker 1: and you sold, made a company and sold some sold it.
• 14:50
  Speaker 1: You could have went and got a yacht or done
• 14:51
  Speaker 1: what rich obnoxious people do and check out and live
• 14:55
  Speaker 1: in a bubble. But you, h You're just one thing
• 14:58
  Speaker 1: I noticed about you when I met you, and I'm
• 15:01
  Speaker 1: attracted to people who are just authentic like this. You
• 15:04
  Speaker 1: are just normal, and normal is pretty abnormal these days.
• 15:10
  Speaker 1: But as we were saying offline, I believe that a
• 15:15
  Speaker 1: good person who becomes very successful just becomes a very
• 15:22
  Speaker 1: successful good person, and a bad person or jerk who
• 15:28
  Speaker 1: becomes uber successful becomes just a really big jerk who
• 15:35
  Speaker 1: happens to be really like, very successful. But it's so
• 15:38
  Speaker 1: obvious that they just amplified who you are. And when
• 15:42
  Speaker 1: we met in the green room effectively at CNBC, you
• 15:46
  Speaker 1: didn't know me, I didn't know you. And we both
• 15:48
  Speaker 1: had handlers who would prefer to risk manage around us
• 15:52
  Speaker 1: by not letting us talk to anybody, And of course
• 15:54
  Speaker 1: both of us were nosy and curious, and so we
• 16:00
  Speaker 1: out of each other's business in a very positive way.
• 16:02
  Speaker 1: But I just found it. You're just so easy to approach.
• 16:05
  Speaker 1: You're very normal. Uh, you're very authentic. That has to
• 16:11
  Speaker 1: do my guess, is your with your backstory in Copenhagen.
• 16:14
  Speaker 2: Can you take us.
• 16:15
  Speaker 1: Into that world and and what was that experience that
• 16:19
  Speaker 1: gave you self esteem, confidence, confidence and comfort dealing with
• 16:22
  Speaker 1: diverse groups of people.
• 16:26
  Speaker 3: Well, thank you. I I mean, look, I had a
• 16:29
  Speaker 3: pretty also normal upbringing, like a little bit out inside
• 16:33
  Speaker 3: the city. I guess you could call suburbs today. My
• 16:36
  Speaker 3: dad was a plumber and my mom was a customer
• 16:38
  Speaker 3: service but I would say very hot working people. My
• 16:43
  Speaker 3: dad also he had his own plumbing company, so he
• 16:47
  Speaker 3: was an entrepreneur. It was not very big, it was
• 16:49
  Speaker 3: just him and a couple of other guys, but he
• 16:52
  Speaker 3: cared deeply about his craft. And I remember reading the
• 16:55
  Speaker 3: Steve jobs book. I think Steve Jobson's dad was a
• 16:58
  Speaker 3: carpenter and he had deeply about his craft, and he
• 17:02
  Speaker 3: was always this kind of guy to like make sure
• 17:05
  Speaker 3: that stuff looked as good as on the on the
• 17:07
  Speaker 3: inside as it did on the outside, even if nobody's
• 17:10
  Speaker 3: ever going to see it, Like that's that's totally my dad.
• 17:13
  Speaker 3: Like he actually I think he actually got a medal
• 17:16
  Speaker 3: from the Queen for being outstanding in his in his
• 17:19
  Speaker 3: in his field as part of education stuff like that.
• 17:22
  Speaker 3: So I always grew up with this notion of, on
• 17:27
  Speaker 3: the one hand, if you're going to do something, do
• 17:29
  Speaker 3: it really well, because life's just too short to be
• 17:33
  Speaker 3: doing something that you're not great at or you don't
• 17:36
  Speaker 3: love doing. And so I think that finding that Venn
• 17:39
  Speaker 3: diagram is really important. And then you know, my dad
• 17:43
  Speaker 3: also has a saying, which is like, we are who
• 17:45
  Speaker 3: we are, and and so why try to be anyone else?
• 17:50
  Speaker 2: Right?
• 17:50
  Speaker 3: And I think that's maybe a little bit more straight
• 17:54
  Speaker 3: to your question on authenticity. I do believe that in
• 17:57
  Speaker 3: the Nordic countries especially, this whole concept of having an
• 18:02
  Speaker 3: image as a person doesn't really exist to the way
• 18:05
  Speaker 3: that it does in America, which obviously is the home
• 18:08
  Speaker 3: of marketing and branding and everything else, and so that
• 18:14
  Speaker 3: that probably has something to do with it as well. Oh,
• 18:22
  Speaker 3: c J. Did we lose him again?
• 18:26
  Speaker 2: I think we did. But that was a great answer.
• 18:28
  Speaker 4: Though the world does not. The devil does not want
• 18:38
  Speaker 4: us to get together. It's amazing this never happened before.
• 18:43
  Speaker 3: No, h hang on, John, now I can't hear you.
• 18:47
  Speaker 3: You're kind of froze for a second.
• 18:48
  Speaker 2: And now.
• 18:52
  Speaker 1: The devil does not want you and me to get together.
• 18:57
  Speaker 3: I know, but now it's back to being my my damn.
• 19:02
  Speaker 5: Uh okay, now this this will probably hold.
• 19:17
  Speaker 4: The devil does not want you to connect, so so John,
• 19:21
  Speaker 4: the second one appeared, I'm gonna remove that one just
• 19:24
  Speaker 4: so you want hear to.
• 19:25
  Speaker 2: Echo, Yes, sir, this is crazy.
• 19:29
  Speaker 3: Yeah, this is uh. I'm also like it's a little
• 19:34
  Speaker 3: bit like it's my airpod's it's your connection.
• 19:38
  Speaker 1: You know, I've been this is my third season of
• 19:40
  Speaker 1: doing this, season three. This is I've done live TV
• 19:43
  Speaker 1: from here and broadcasts. This has never happened. It hasn't
• 19:46
  Speaker 1: happened once yet alone three times. So uh, you already
• 19:49
  Speaker 1: got a phone call. I gotta get my people and
• 19:51
  Speaker 1: my tech folks come up here and solve my internet.
• 19:53
  Speaker 2: And I got three I've got redundancies.
• 19:55
  Speaker 1: I've got I've got two Internet commercial Internet connections plus
• 19:59
  Speaker 1: starlink and uh uh so yeah, anyway, I don't and
• 20:04
  Speaker 1: I don't give up. So we will pick up right
• 20:07
  Speaker 1: right we left off. Hopefully this is this will we're
• 20:10
  Speaker 1: halfway through.
• 20:12
  Speaker 3: Adversity.
• 20:14
  Speaker 2: He did a good job answering the question. He completed
• 20:17
  Speaker 2: the question just so he completed the question. Did he
• 20:21
  Speaker 2: did well?
• 20:22
  Speaker 1: We were talking about your background you're you're completed about
• 20:25
  Speaker 1: your your dad.
• 20:27
  Speaker 3: I think I got to the end of it and
• 20:28
  Speaker 3: I think you're just FROs Yeah.
• 20:31
  Speaker 1: So, so your dad's story and Steve Jobs you mentioned
• 20:40
  Speaker 1: is an interesting that you mentioned that. Then my book
• 20:42
  Speaker 1: Capitalism for All I talk about Steve Jobs and the
• 20:46
  Speaker 1: fact that people don't know that he is the product
• 20:49
  Speaker 1: of a father who was Middle Eastern. He was Syrian,
• 20:55
  Speaker 1: I think Syrian Jordanian and the uh father of the
• 21:03
  Speaker 1: lady he had fallen in love with his father of
• 21:06
  Speaker 1: the of the mother of Steve John's mother, his birth
• 21:09
  Speaker 1: mother uh. The so the his grandfather did not want
• 21:14
  Speaker 1: the daughter Steve John's mother to be with the Jordanian
• 21:18
  Speaker 1: and put him up for aduction. And the first family
• 21:22
  Speaker 1: bounced out for whatever reason.
• 21:25
  Speaker 2: And it was his and it was his criteria that.
• 21:27
  Speaker 1: Had to be highly educated, wealthy white and that family
• 21:31
  Speaker 1: bounced out, the Booby Prize family. The backup plan was
• 21:35
  Speaker 1: his middle class family in the Silicon Valley Valley called
• 21:39
  Speaker 1: the Jobs family. And so he ended up there by accident,
• 21:45
  Speaker 1: if you will, and then met Wosney Act.
• 21:47
  Speaker 2: In the neighborhood and the rest was magic.
• 21:49
  Speaker 1: Of course, he was obsessed with design, and texture and
• 21:52
  Speaker 1: look and feel. The first tech leader who wanted it
• 21:55
  Speaker 1: to look good inside and out as your dad. So
• 22:00
  Speaker 1: but why do I say that because eighteen almost eighteen
• 22:03
  Speaker 1: twenty six percent, almost twenty percent of all GDP in
• 22:06
  Speaker 1: America is tied to immigrants, and you're an immigrant story.
• 22:11
  Speaker 2: Yeah, totally, no one, And so when did you come
• 22:18
  Speaker 2: to America?
• 22:19
  Speaker 3: I came in twenty seventeen, I believe I was actually
• 22:23
  Speaker 3: in London before and then speaking of immigration disasters, bricksit happened.
• 22:29
  Speaker 3: And when I was living in London and Brexit came in,
• 22:33
  Speaker 3: it was like wow, like nobody really believed that that
• 22:35
  Speaker 3: would be a thing in central London, which also, in hindsight,
• 22:39
  Speaker 3: was I guess a view into how how little sort
• 22:46
  Speaker 3: of understanding there was between urban and sort of more
• 22:51
  Speaker 3: rural kind of places in the UK at large, which
• 22:55
  Speaker 3: I think became a little bit of a canarrea in
• 22:58
  Speaker 3: the coal mine for the twenty twenty for the first time.
• 23:02
  Speaker 3: So Trump won the election over here, and then that's
• 23:04
  Speaker 3: repeated itself, I think in many other places around the world.
• 23:08
  Speaker 3: So looking back at it from that lens, it was
• 23:10
  Speaker 3: kind of interesting, But yeah, breaks it happened, and I
• 23:12
  Speaker 3: was like, hey, I don't actually know if I can
• 23:14
  Speaker 3: even be here as a European citizen, as a Danish person,
• 23:19
  Speaker 3: and so there was that push, but I think stronger
• 23:22
  Speaker 3: than that was probably the pole of America. The US.
• 23:26
  Speaker 3: I've always called it the champions League of finance, like
• 23:31
  Speaker 3: it is the biggest market. It is like it has
• 23:36
  Speaker 3: the stock market, has this like I mean, it has
• 23:39
  Speaker 3: the best track record far and away, and it is
• 23:42
  Speaker 3: truly this like massive wealth creation engine. And I remember
• 23:49
  Speaker 3: coming to New York and talking to people who was
• 23:51
  Speaker 3: not taking advantage of it, and I just found that
• 23:54
  Speaker 3: to be strange. And that's sort of how I started
• 23:56
  Speaker 3: asking more questions, just trying to stay curry is about
• 24:00
  Speaker 3: why people do something or why people don't do certain things.
• 24:05
  Speaker 3: And ultimately I just sat down scheduled fifty meetings over
• 24:09
  Speaker 3: zoom or Skype. I think maybe it wasn't even better there,
• 24:12
  Speaker 3: And then I just did fifty meetings with people my age,
• 24:16
  Speaker 3: from all walks of life and ask them are they investing?
• 24:20
  Speaker 3: Why aren't they investing?
• 24:21
  Speaker 1: You know?
• 24:22
  Speaker 3: And you learn a lot that way, and it honestly
• 24:26
  Speaker 3: like it took a week, and so I think a
• 24:29
  Speaker 3: lot of entrepreneurship gets left on the table because people
• 24:36
  Speaker 3: don't know where to start. And it's said how to
• 24:38
  Speaker 3: validate an idea? And I would say, it's actually simpler
• 24:42
  Speaker 3: then your thin It is just like, sit down. I
• 24:44
  Speaker 3: hired this one freelance that just like, help me find
• 24:47
  Speaker 3: a bunch of people. You go on socials and LinkedIn,
• 24:50
  Speaker 3: et cetera. You're off of people, I mean following. Most
• 24:53
  Speaker 3: people do the stuff for free just because you know,
• 24:57
  Speaker 3: they like to be heard, and everyone does and so.
• 25:01
  Speaker 3: And it was people who were like product managers and
• 25:03
  Speaker 3: tech companies, it was people who were working in services industry.
• 25:07
  Speaker 3: It was sort of from all walks of life. And yeah,
• 25:10
  Speaker 3: there was a very clear message that like, the stock
• 25:13
  Speaker 3: market seems complicated also and I don't understand it. Then
• 25:18
  Speaker 3: the people that didn't understand that, they were like, well,
• 25:20
  Speaker 3: I need to save up ten twenty thousand dollars to
• 25:22
  Speaker 3: build a portfolio I really want to build. That's why
• 25:24
  Speaker 3: this fractional idea kind of became very powerful. And I
• 25:29
  Speaker 3: think if you fast forward to today, the problems around
• 25:32
  Speaker 3: the stock market or adoption, I would say of the
• 25:34
  Speaker 3: stock market has always been access information and tools and time.
• 25:42
  Speaker 3: Maybe as the fourth one, but tools and time kind
• 25:45
  Speaker 3: of go hand in hand. And when we met on CC,
• 25:50
  Speaker 3: I was there to announce that we was sort of
• 25:54
  Speaker 3: the first and vision platform to bring AI agents into investing,
• 25:57
  Speaker 3: which I think is in many ways the sort of
• 26:03
  Speaker 3: the second chapter of this company, because the first chapter
• 26:07
  Speaker 3: was about ensuring everyone had access and that they could
• 26:13
  Speaker 3: buy any any stuck in any company that they wanted
• 26:16
  Speaker 3: without commission, free of charge, build any portfolio they wanted.
• 26:21
  Speaker 3: And so once you solve access, what comes after it's
• 26:25
  Speaker 3: essentially resources, which you could call tools, time, information, some
• 26:30
  Speaker 3: mixture of those three things. And it was always and
• 26:34
  Speaker 3: I knew that from the beginning of the company. I
• 26:36
  Speaker 3: just like it was always difficult to like, how do
• 26:38
  Speaker 3: you solve that right in the pre AI world, how
• 26:41
  Speaker 3: do you make it so that somebody who spends an
• 26:43
  Speaker 3: hour a week on their portfolio can can get anywhere
• 26:50
  Speaker 3: near to being as sophisticated as somebody who has a
• 26:53
  Speaker 3: family office and a bunch of professionals, you know, employed.
• 26:59
  Speaker 3: And throughout the journey the company, by the way, you
• 27:01
  Speaker 3: mentioned a couple of people that invested, there was also
• 27:07
  Speaker 3: a guy like Tig Passions, who I think we talked
• 27:10
  Speaker 3: a little bit about and so I was I was
• 27:15
  Speaker 3: lucky enough to get exposed to some of these super
• 27:17
  Speaker 3: successful people and just learn about how do they invest.
• 27:21
  Speaker 3: And then I was trying to be like, Okay, how
• 27:23
  Speaker 3: can we make ninety percent of that available, you know,
• 27:27
  Speaker 3: for ten percent of the cost, so to say to
• 27:30
  Speaker 3: everyone else. And so access was really the first just
• 27:33
  Speaker 3: like fractionalizing the entire stock market so everybody can buy
• 27:36
  Speaker 3: into it. And then AI, I think, is the next
• 27:38
  Speaker 3: chapter in ensuring that everybody has a support system around them,
• 27:42
  Speaker 3: that they have resources, tools, information readily available, that everybody
• 27:46
  Speaker 3: has a thought partner, because I think, contrary to public belief,
• 27:51
  Speaker 3: investing is I think, not something that should always just
• 27:53
  Speaker 3: be done in silos.
• 27:56
  Speaker 2: You know.
• 27:56
  Speaker 3: I think it's great to talk about this stuff and
• 28:00
  Speaker 3: to get ideas out of the opened and and and
• 28:02
  Speaker 3: really think about them from all different kinds of legs
• 28:07
  Speaker 3: and perspectives.
• 28:10
  Speaker 1: Something else I found interesting when we met, you volunteered
• 28:13
  Speaker 1: that one of your big backers initially was Dick Parsons.
• 28:15
  Speaker 1: You just volunteered that, and you owed a lot to
• 28:18
  Speaker 1: Dick Parsons. And a lot of people want to suggest
• 28:21
  Speaker 1: that they got there all by themselves or some version
• 28:24
  Speaker 1: of that, and uh and even rarer where they acknowledge
• 28:28
  Speaker 1: that the person who gave them a shot was a
• 28:32
  Speaker 1: major player on Wall Street and in business who just
• 28:35
  Speaker 1: happened to be black. But can you tell the audience
• 28:38
  Speaker 1: very quickly, God rest his soul the legacy of Dick Parsons.
• 28:42
  Speaker 1: And then I want to pivot to to because I
• 28:45
  Speaker 1: think that what I'm hearing you say is you want
• 28:47
  Speaker 1: to be a good capitalist, which is again what I'm
• 28:49
  Speaker 1: talking about in Capitalism for All, And you want to
• 28:51
  Speaker 1: prove that you can do well and do good at
• 28:53
  Speaker 1: the same time, you know, to be a jerk to
• 28:54
  Speaker 1: be successful, which is what I'm trying to also do
• 28:58
  Speaker 1: in my businesses. And how did that affect you in
• 29:01
  Speaker 1: twenty twenty one when the whole meaning.
• 29:07
  Speaker 3: So that actually goes back to make a little bit
• 29:09
  Speaker 3: so so so I didn't actually meet with him very
• 29:12
  Speaker 3: many times, but it was it was one of these
• 29:14
  Speaker 3: things where whenever you spend time with him, you just
• 29:19
  Speaker 3: you came away with a lot of enlightenment. And obviously
• 29:25
  Speaker 3: he just had a ton a ton of experience. And
• 29:29
  Speaker 3: I believe in this quote that history doesn't repeat, but
• 29:31
  Speaker 3: it rhymes and when COVID hit because of his health condition,
• 29:41
  Speaker 3: he had to I think get outside of the city.
• 29:46
  Speaker 3: And our business was going gain custers why we're doubling
• 29:49
  Speaker 3: the user base every month, and so we all had
• 29:51
  Speaker 3: to go remote. But we were also trying to kind
• 29:54
  Speaker 3: of co work together in different apartments and whatnot around
• 29:57
  Speaker 3: New York City, just because, like things will moving so
• 30:00
  Speaker 3: fast that a small bunch of us kind of needed
• 30:03
  Speaker 3: to to be together. And and I think we had
• 30:10
  Speaker 3: some instrumental calls with him where we kind of went
• 30:12
  Speaker 3: through He's like, hey, how can I be helpful in
• 30:16
  Speaker 3: any way, shape or arm. He had some space in
• 30:20
  Speaker 3: the city that we were able to also use at
• 30:22
  Speaker 3: various points in time. I don't even think we had
• 30:24
  Speaker 3: an office at that time actually, And and so he
• 30:31
  Speaker 3: was always just someone who genuinely wanted I mean, he
• 30:35
  Speaker 3: obviously invested in the company, but you got the sense
• 30:37
  Speaker 3: that he generally really wanted to be helpful and and
• 30:40
  Speaker 3: his investment in our company is not going to make
• 30:43
  Speaker 3: a financial difference to him really at that point in
• 30:46
  Speaker 3: his life, I think, but he really liked I think
• 30:51
  Speaker 3: the mission that we were on, and he wanted to
• 30:57
  Speaker 3: see guys like us who I think he believed what
• 31:02
  Speaker 3: what we both believe, which is that capitalism and moral
• 31:08
  Speaker 3: sort of and values and having good principles if you will,
• 31:15
  Speaker 3: don't have to be at arts with each other. And
• 31:18
  Speaker 3: it's funny for me because, like I'm coming, I grew
• 31:21
  Speaker 3: up in Denmark, and Denmark is sort of a place
• 31:24
  Speaker 3: that's not exactly known for capitalism, although we do have
• 31:27
  Speaker 3: a lot of I mean, we have one of the
• 31:29
  Speaker 3: largest comes in Europe, and nautistic Skype was like partially
• 31:33
  Speaker 3: founded by Danish guy Lego obviously is one of the
• 31:35
  Speaker 3: most successful companies of all. So it's like here I
• 31:40
  Speaker 3: here Swedish, so it's close. Okay, No, that was Finnish Finish,
• 31:45
  Speaker 3: so we can take create for that one. But there
• 31:46
  Speaker 3: was a lot of invention, I think, like c sharp
• 31:50
  Speaker 3: the programming language, you know, like a lot of early
• 31:53
  Speaker 3: contributions to the tcp IP protocol. So a lot of
• 31:56
  Speaker 3: good engineering, a lot of a lot of innovation. But
• 31:59
  Speaker 3: we can yeah, I think less about as a people
• 32:02
  Speaker 3: like capitalizing on the inventions, and it was more about
• 32:06
  Speaker 3: like proving that we could do it, and that's what's
• 32:08
  Speaker 3: kind of interesting. And then obviously very very kind of
• 32:11
  Speaker 3: values driven society. I was actually a little bit the
• 32:14
  Speaker 3: odd one out. I was a little bit the guy
• 32:16
  Speaker 3: who was like, I like capitalism. I have seen, especially
• 32:20
  Speaker 3: in America, what capitalism can do for the world, and
• 32:23
  Speaker 3: so I guess to some extent, I was always looking
• 32:26
  Speaker 3: for people who understood that you could marry those two
• 32:29
  Speaker 3: concepts and to your initial point, your opening point, that
• 32:34
  Speaker 3: you know, the summer sort of greater than the parts
• 32:38
  Speaker 3: if you do that right. And I think the Positis
• 32:40
  Speaker 3: was one of those people as well, and I think
• 32:42
  Speaker 3: that's maybe just how we also got attracted to each other.
• 32:46
  Speaker 3: But so he was very helpful back in twenty twenty,
• 32:49
  Speaker 3: twenty twenty one at those very early stages on a
• 32:54
  Speaker 3: number offications. And then in twenty twenty one, this whole
• 32:57
  Speaker 3: game Stop thing unraveled and there was this moment, okay,
• 33:02
  Speaker 3: I called it like a mass educational moment of how
• 33:05
  Speaker 3: the stock market works. So a lot of people was
• 33:08
  Speaker 3: buying this game Stop stock because there was a short
• 33:12
  Speaker 3: squeeze on it, which we can get into all the
• 33:15
  Speaker 3: technical details of, but basically, all of retail was buying
• 33:18
  Speaker 3: the stock, all of Wall Street was selling the stock.
• 33:22
  Speaker 3: They were short the stock, and so it was like
• 33:24
  Speaker 3: if enough people could buy it, you could squeeze out
• 33:26
  Speaker 3: the shorts. They had to cover their shorts, which means
• 33:29
  Speaker 3: that to buy back the stock, which means the stock
• 33:31
  Speaker 3: would go up even more. And this is sort of
• 33:33
  Speaker 3: a way that institutions have been battling against each other
• 33:36
  Speaker 3: on Wall Street for decades, and now retail was a
• 33:40
  Speaker 3: player at that table.
• 33:43
  Speaker 1: This is actually worth slowing down from it and rolling
• 33:46
  Speaker 1: back is a lesson. They's spend two minutes explaining and
• 33:49
  Speaker 1: unpacking shorts and what happened in this particular environment where
• 33:54
  Speaker 1: Main Street decided it was going to send one message
• 33:57
  Speaker 1: to Wall Street and took a top.
• 33:59
  Speaker 2: It really wasn't all that valuable to the moon totally.
• 34:02
  Speaker 3: And like they so basically as short as if you
• 34:06
  Speaker 3: believe a stock is going down and you don't own
• 34:09
  Speaker 3: the stock, how are you going to speculate and and
• 34:14
  Speaker 3: and put yourself in a position to gain from it
• 34:16
  Speaker 3: going down? Well you do that by instead of buying stock,
• 34:20
  Speaker 3: because then you'd belong the stock, as they call it,
• 34:22
  Speaker 3: you benefit from the stock going up, So instead you
• 34:25
  Speaker 3: borrow the stock and then you sell it. That is
• 34:29
  Speaker 3: what it means to go short. And in that situation.
• 34:33
  Speaker 3: You know, you're borrowing the stock and you have to
• 34:35
  Speaker 3: ultimately give the stock back to the person you borrowed
• 34:37
  Speaker 3: it from. But you're boring it and selling it in
• 34:41
  Speaker 3: the market, and so to close out your position, you
• 34:44
  Speaker 3: have to buy it back, like the inverse of being long.
• 34:48
  Speaker 3: And that's something that you know, hedge funds have been
• 34:51
  Speaker 3: doing forever and and again whenever. Whenever hedge funds do that,
• 34:58
  Speaker 3: there's this thing called short interest, which is as a
• 35:00
  Speaker 3: percentage of the market capitalization, let's say how many people
• 35:04
  Speaker 3: are short. In the case of Game Stop, it went
• 35:09
  Speaker 3: all the way up to and for technical reasons that
• 35:12
  Speaker 3: are probably too far fitch to explain on this, I
• 35:14
  Speaker 3: think it went actually over one hundred percent because I
• 35:16
  Speaker 3: had to do with the float and everything else, so
• 35:18
  Speaker 3: and the settlement times and stuff like that. So basically
• 35:22
  Speaker 3: like just to think about like a lot of like
• 35:24
  Speaker 3: the mall, the stock went up and got disconnected from
• 35:27
  Speaker 3: its fundamentals, meaning it's price earnings ratio for example. The
• 35:31
  Speaker 3: more people also wanted to be shot. But when you're short,
• 35:35
  Speaker 3: you can actually lose more than your initial investments. So
• 35:38
  Speaker 3: it's also very very riskin very very dangerous that's why
• 35:41
  Speaker 3: historically mostly it's something that institutional vestors have been participating in.
• 35:46
  Speaker 3: And so you had all these heads fronts being short
• 35:49
  Speaker 3: retail buying out the stock based on this speceis on Reddit,
• 35:51
  Speaker 3: which now has become very famous. Also a great movie
• 35:55
  Speaker 3: about that, and yeah, and so the more people were buying,
• 36:00
  Speaker 3: the more it squeezed the shorts because they would have
• 36:03
  Speaker 3: to buy the stock as well at some point to
• 36:05
  Speaker 3: cover the short because they have to get the stock
• 36:07
  Speaker 3: back to the person that they poured it from. And
• 36:10
  Speaker 3: so very exactly, honestly, that thing no point intended for
• 36:15
  Speaker 3: game stop, but like that thing became a game and
• 36:17
  Speaker 3: it's obviously completely discarnated for investing. And so I remember
• 36:21
  Speaker 3: the exactly no totally and I remember being like, man,
• 36:26
  Speaker 3: this is I also went on CBC or something, MSNBC
• 36:29
  Speaker 3: something that morning, and you know, I didn't honestly probaly
• 36:33
  Speaker 3: sleep for two weeks or everything was a little bit
• 36:34
  Speaker 3: of a blur, if I'm being honest, But it was
• 36:37
  Speaker 3: something where I was like, Wow, this is either gonna
• 36:39
  Speaker 3: be the biggest on ramp of new investors to the
• 36:43
  Speaker 3: stock market that I've ever seen, or by the way,
• 36:48
  Speaker 3: that was definitely the case. So the question is what
• 36:51
  Speaker 3: happens after? That was always a question in my mind, right, like, yeah,
• 36:53
  Speaker 3: this thing is gonna like like like any high risk
• 36:57
  Speaker 3: kind of poker game, it can turn out really bad,
• 37:00
  Speaker 3: few winners, there'll be a lot of losers. But what
• 37:03
  Speaker 3: happens after Because if everybody came in and they spend
• 37:07
  Speaker 3: ten bucks on this game stuffing and they lose that
• 37:09
  Speaker 3: ten box, do they have the wherewithal two be like, Okay,
• 37:16
  Speaker 3: that didn't work out, and now let me try the
• 37:17
  Speaker 3: more balancedobards of our portfolio strategy, which goes back to
• 37:22
  Speaker 3: again this duality of the stock market, which is, at
• 37:26
  Speaker 3: the same time this can be this crazy speculative, really
• 37:30
  Speaker 3: crazy thing, but it can also be a very fairly
• 37:34
  Speaker 3: stable sort of compounder of your wealth. Right, And we
• 37:40
  Speaker 3: had a big role to play, I thought, in that
• 37:42
  Speaker 3: moment to make sure that we notch people towards not
• 37:46
  Speaker 3: just having the journey of investing start and stop with
• 37:50
  Speaker 3: game stop. So how do you evolve them to stay
• 37:55
  Speaker 3: on the platform, to think differently about investing, and how
• 37:58
  Speaker 3: do you make sure that this became like an on
• 38:00
  Speaker 3: ramp for them to invest and then they and then
• 38:04
  Speaker 3: they stuck around and built something with large, much larger
• 38:07
  Speaker 3: amounts of capital that they could really actually compound follow
• 38:13
  Speaker 3: long haul. And as part of that, there was this
• 38:16
  Speaker 3: whole debate about payment for autoflow, because what happened in
• 38:20
  Speaker 3: the industry is like certain brokerages had to turn off
• 38:24
  Speaker 3: the buy button, which means that retail couldn't buy the
• 38:26
  Speaker 3: stock anymore, which means the shots kept work. It stopped working,
• 38:32
  Speaker 3: and it had been working pretty well objectively up up
• 38:36
  Speaker 3: until that point. And then people were wondering, well, why
• 38:40
  Speaker 3: did they take away the buy button and such? And
• 38:43
  Speaker 3: then this whole thing about payment for orderflow came into play,
• 38:46
  Speaker 3: which is basically how brokedes can get remunerated from marketmakers
• 38:50
  Speaker 3: in the stock market, and we saw an opportunity there
• 38:54
  Speaker 3: to and that was just like a default in the
• 38:56
  Speaker 3: industry that everybody, everybody was using payment for autoflow. Nobody,
• 39:00
  Speaker 3: I mean, very few people were sending orders to the
• 39:03
  Speaker 3: stock exchange. They were sending into the sophisticated market magus.
• 39:08
  Speaker 3: And there's a lot of debate about whether that was
• 39:10
  Speaker 3: better for the executions or worse. I think ultimately the
• 39:15
  Speaker 3: evidence shows that in some cases is better. In some
• 39:17
  Speaker 3: cases is worse at that moment, it was probably worse.
• 39:22
  Speaker 1: But the executions, by the way, is how your intention
• 39:25
  Speaker 1: to buy a stock ultimately ends up in the market
• 39:28
  Speaker 1: in the process.
• 39:30
  Speaker 2: How that happened is the execution.
• 39:31
  Speaker 3: So that's exactly yes, yes, yes, thanks for pointing out
• 39:34
  Speaker 3: out that's a good point. And so we took a
• 39:38
  Speaker 3: stance for like a better wording to say, we're going
• 39:41
  Speaker 3: to stop participating in payment for at that point, and
• 39:44
  Speaker 3: we're going to do some first principles research of what
• 39:49
  Speaker 3: is the right execution model and and and what we
• 39:52
  Speaker 3: stopped doing instead is like we routed all the orders
• 39:54
  Speaker 3: to exchange. Because most people, if you stop them on
• 39:57
  Speaker 3: the street, hey you buy a stock, which like where
• 40:00
  Speaker 3: there's your order, If you want to buy a stock,
• 40:01
  Speaker 3: where does your order go to get filled the stock exchange.
• 40:04
  Speaker 3: Of course, that was actually not the case in nine percent,
• 40:07
  Speaker 3: and so we were like, well, let's make that the
• 40:09
  Speaker 3: case again. And then since then we've we've evolved our
• 40:13
  Speaker 3: platform for people to have optionality of where they even want.
• 40:15
  Speaker 2: A route to.
• 40:16
  Speaker 3: So if people can keep routing to the exchanges and
• 40:20
  Speaker 3: then there's no payment for autofload, they can keep They
• 40:23
  Speaker 3: can also decide to rout the market makers if they
• 40:25
  Speaker 3: believe that that's better for their particular instance, And it
• 40:28
  Speaker 3: all depends a little bit ultimately, like what you're trading,
• 40:31
  Speaker 3: how often, et cetera. But I think it was a
• 40:34
  Speaker 3: good example of like there was no choice in the
• 40:37
  Speaker 3: industry again actually like there was a default model. This
• 40:40
  Speaker 3: is how it is, just just because and again that
• 40:44
  Speaker 3: that is always a good opportunity I think to take
• 40:46
  Speaker 3: a step back and be like, how should it be?
• 40:50
  Speaker 3: And you're right, we probably did sacrifice some short term
• 40:52
  Speaker 3: revenue with that decision, but I still see it as
• 40:55
  Speaker 3: a capitalist decision fundamentally, because I think I'll look back
• 40:58
  Speaker 3: at the data now and I can and you know,
• 41:00
  Speaker 3: there's not perfect attribution on it, but I can, I can,
• 41:03
  Speaker 3: I can sort of roughly gather that a lot of
• 41:05
  Speaker 3: people said, hey, you should go and try public because
• 41:10
  Speaker 3: they just have different ideas about how all this stuff
• 41:12
  Speaker 3: should work. And so we got a lot of credit
• 41:15
  Speaker 3: for it in other ways, and ultimately, ultimately we were
• 41:22
  Speaker 3: also able to, like I said, do a lot of
• 41:24
  Speaker 3: that research and lead the industry in that, I think,
• 41:27
  Speaker 3: and sort of uncover a little bit like, Okay, what
• 41:30
  Speaker 3: does execution quality look? Like across different times of day,
• 41:33
  Speaker 3: different tickers, et cetera, and what is actually the right
• 41:36
  Speaker 3: model And and that just came back in terms of
• 41:40
  Speaker 3: I guess lower customer acquisition costs as well. Ultimately it's
• 41:44
  Speaker 3: how you'd measure that, right And so even from a
• 41:47
  Speaker 3: pure rational data capitalist point of view, I think it
• 41:50
  Speaker 3: was the right decision. And our thesis was in the
• 41:54
  Speaker 3: moment to be clear that this was a good example
• 41:56
  Speaker 3: to do this thing that we're talking about, like like,
• 42:01
  Speaker 3: it's still a capitalist move, but it's a more long
• 42:04
  Speaker 3: term one versus a short term one. And I think
• 42:07
  Speaker 3: by the way, that's something that often goes gets misunderstood
• 42:12
  Speaker 3: is sometimes you look at things and you can think like, oh,
• 42:17
  Speaker 3: is this like a capitalist endeavor or is this like
• 42:20
  Speaker 3: a good hearted endeavor? And as we keep coming back to,
• 42:23
  Speaker 3: often it can be both. But the other dimension to
• 42:27
  Speaker 3: look at is what is the time horizon. There time
• 42:30
  Speaker 3: horizon is really, especially in the world of investing, it's everything,
• 42:33
  Speaker 3: And so something can appear like a non capitalist move
• 42:39
  Speaker 3: in the short term, but turn out to be a
• 42:41
  Speaker 3: very good capitalist move in the long term, and I
• 42:45
  Speaker 3: think that was the case for us in that moment
• 42:47
  Speaker 3: with paint and waterflow, and I think those are the Yeah,
• 42:52
  Speaker 3: that's that's that's that's a good framework that we often use.
• 42:55
  Speaker 3: Like there's so often a balance between short and long term.
• 42:59
  Speaker 3: And obviously you want to make your business thrive in
• 43:01
  Speaker 3: the short term. You know, you got to pay the
• 43:03
  Speaker 3: bills and you got to keep growing. But at the
• 43:05
  Speaker 3: same time, you don't want to squander the long term
• 43:08
  Speaker 3: opportunity because at least as entrepreneurs, that's what most people
• 43:11
  Speaker 3: that like, that's why we were not here to like, like,
• 43:15
  Speaker 3: you sign up for a very long journey, and you
• 43:17
  Speaker 3: sign up to hopefully make your dent in an industry
• 43:21
  Speaker 3: or even change the world over a decade, not over
• 43:24
  Speaker 3: the course of a year or a month like that
• 43:26
  Speaker 3: would be you know, that's not that's not having a dream,
• 43:30
  Speaker 3: that's just having an illusion, right and so and so
• 43:33
  Speaker 3: I really think that aspect of like time horizon perspective
• 43:39
  Speaker 3: is important with every with every decision made, by the
• 43:43
  Speaker 3: way I use it every day when I buy stocks, right,
• 43:46
  Speaker 3: you know, a stock that I believe is going to
• 43:48
  Speaker 3: be worth a lot of money in five ten years
• 43:51
  Speaker 3: goes down five percent because somebody somewhere decided to some
• 43:55
  Speaker 3: bank I decided to issue rating that in the short
• 43:57
  Speaker 3: term they don't believe as much in it. I all
• 44:00
  Speaker 3: personally not avestment advice, but I've always just seen that
• 44:02
  Speaker 3: as great buying opportunities. I think a lot of our
• 44:04
  Speaker 3: members on public do as well. And that's where this
• 44:08
  Speaker 3: dollar cost averaging idea comes in, where you can just
• 44:11
  Speaker 3: keep buying the dips on these companies that you believe
• 44:14
  Speaker 3: in a long term.
• 44:17
  Speaker 1: So a dip is when the company of the stock
• 44:20
  Speaker 1: value the stock price drops and everybody's or the market
• 44:25
  Speaker 1: drops and everybody's sort of if you're not confident, you're
• 44:29
  Speaker 1: jumping overboard if you will. And as Warren Buffett would say,
• 44:33
  Speaker 1: when people are afraid, be greedy.
• 44:34
  Speaker 2: When people are greedy, be great.
• 44:37
  Speaker 1: But if a company is good at three hundred bucks
• 44:41
  Speaker 1: a share and you believed in it, and nothing about
• 44:44
  Speaker 1: the company's fundamentals have changed, But because the markets and
• 44:48
  Speaker 1: sentiments or whatever and outside factors, now the stock prictice
• 44:52
  Speaker 1: prices one hundred and seventy five bucks or two hundred
• 44:55
  Speaker 1: bucks a share, would you want more of the same company.
• 44:58
  Speaker 3: That's a little bit what I call the Friday that
• 45:00
  Speaker 3: that's the closest thing we get to a black Friday
• 45:02
  Speaker 3: in the stock market, and and and to be clear,
• 45:05
  Speaker 3: not every dip is the same. I think yesterday you
• 45:07
  Speaker 3: saw Drawbox, Drew Houston was announcing that he's stepping down.
• 45:10
  Speaker 3: He's the founder of Drawbox, and he's gonna also step down.
• 45:15
  Speaker 3: Stock goes down a few percentage points, like okay, there's
• 45:17
  Speaker 3: a clear reason for why it goes down, But you
• 45:22
  Speaker 3: have these moments where there's like a reallocation in an
• 45:26
  Speaker 3: index bond happening, and therefore for no apparent reason, just
• 45:32
  Speaker 3: like the stock sells off. The product is the same
• 45:35
  Speaker 3: as yesterday, The team is the same as yesterday, the
• 45:37
  Speaker 3: market opportunity is the same as yesterday. Now it's just
• 45:41
  Speaker 3: five ten percent cheaper. And I think, and I think
• 45:46
  Speaker 3: I personally like the buffet quote of the greedy when
• 45:51
  Speaker 3: I was fearful too. But I will say that when
• 45:56
  Speaker 3: I talked to investors around it about it, many people
• 46:02
  Speaker 3: don't like it because they still feel that you need
• 46:04
  Speaker 3: a lot of like courage to execute on that quote,
• 46:09
  Speaker 3: Like it still feels like okay, but how can I
• 46:12
  Speaker 3: be the person who's greedy or not the field? Do
• 46:15
  Speaker 3: I have that in me? And so it doesn't really
• 46:17
  Speaker 3: help them get started as much as the simple test
• 46:21
  Speaker 3: of like listen on public we have an AI scanning
• 46:24
  Speaker 3: every stock in real time explaining you why stock is
• 46:26
  Speaker 3: up or down. If there's a stock that's down, like
• 46:30
  Speaker 3: I said, because the COO left, okay, maybe maybe don't
• 46:32
  Speaker 3: buy the stock. Maybe see how goes unless you really
• 46:34
  Speaker 3: like the new CEO better than the old CEO. But
• 46:37
  Speaker 3: if sometimes the stock will just go down as part
• 46:39
  Speaker 3: of called a broad index draw down, which is like
• 46:44
  Speaker 3: you know, bankers issuing short term analyst ratings, or it's
• 46:50
  Speaker 3: an index, is a think about it as like a
• 46:53
  Speaker 3: collection of a bunch of different stocks. So the S
• 46:58
  Speaker 3: and P five hundred exactly, it's a beast right on Spotify.
• 47:01
  Speaker 3: You call it a playlist, you know. Basically it's basically
• 47:04
  Speaker 3: just like so the five hundred are the considered like
• 47:08
  Speaker 3: the top five hundred companies on the on the US
• 47:14
  Speaker 3: stock market. The Nastak one hundred, which I would say
• 47:16
  Speaker 3: the second most famous, are the top one hundred companies
• 47:18
  Speaker 3: from the Nastacs Vargut change, which is mostly tech companies
• 47:22
  Speaker 3: but not always. And we've done actually some interesting innovations
• 47:27
  Speaker 3: here also with Aire where we've made it so that
• 47:33
  Speaker 3: you can basically just prompt inside public you can be like, hey,
• 47:37
  Speaker 3: I want to invest in the entire Nastaq one hundred index,
• 47:41
  Speaker 3: but only companies that don't get affected by tariffsple wow.
• 47:45
  Speaker 3: Really Then and then it builds a custom index for
• 47:48
  Speaker 3: you in ten seconds, shows you every pick, It explains
• 47:53
  Speaker 3: why it made every pick, It has a relevance to
• 47:55
  Speaker 3: score from sero to one hundred on every stock pick,
• 47:59
  Speaker 3: and it shows you a back test over the last
• 48:01
  Speaker 3: ten years how that collection would have performed, how the
• 48:04
  Speaker 3: basket were performed relative to the S and P five hundred,
• 48:07
  Speaker 3: which is considered the sort of benchmark in the market
• 48:10
  Speaker 3: right and that has been a super successful product. And
• 48:14
  Speaker 3: it's a little bit like the new way to build
• 48:16
  Speaker 3: an index fund in this era of AI, because it
• 48:20
  Speaker 3: just again gives control and choice back and transparency back
• 48:25
  Speaker 3: to the user, which is I think free principles that
• 48:28
  Speaker 3: have always been quite key to how we think about
• 48:31
  Speaker 3: building product at public. And there are so many cool examples.
• 48:34
  Speaker 3: By the way, you can browse examples other people made too,
• 48:36
  Speaker 3: which is like a really good time to spend your day,
• 48:39
  Speaker 3: very educational as well, to see. I mean, there's like
• 48:42
  Speaker 3: I think there's like twenty thirty fifty thousand of these.
• 48:46
  Speaker 3: We launched this like before Thanksgiving class years as like
• 48:48
  Speaker 3: half a year old, and there's all kinds of things.
• 48:52
  Speaker 3: There's there's by the way, there's one with immigrant CEOs
• 48:56
  Speaker 3: that's performing. So let me let me back all the
• 48:57
  Speaker 3: companies of immigrant CEOs that I just happened to, uh know,
• 49:02
  Speaker 3: performance extremely well. This one for software to service companies
• 49:06
  Speaker 3: that are over sold, you know, and a lot of
• 49:09
  Speaker 3: these kind of things and so and again this is
• 49:12
  Speaker 3: like a little bit how we think about a public
• 49:15
  Speaker 3: giving resources tools to people so that they can, in
• 49:18
  Speaker 3: a simple way, build a pretty sophisticated portfolio, because everybody
• 49:23
  Speaker 3: wants to end up with something pretty sophisticated, I think,
• 49:26
  Speaker 3: but historically has taken a lot of hard work to
• 49:30
  Speaker 3: get there, and I think software and especially AI just
• 49:36
  Speaker 3: makes that process much smoother and much simpler.
• 49:39
  Speaker 1: By the way, just tell how much I believe in you,
• 49:43
  Speaker 1: and I think I've ever done this. I just opened
• 49:45
  Speaker 1: an account on public awes. Okay, and so you inspired
• 49:52
  Speaker 1: me to to uh to open an account, and that's.
• 49:55
  Speaker 2: Hard to do.
• 49:57
  Speaker 3: It's called generated assets, by the way, I should have mentioned.
• 49:59
  Speaker 3: So look, look for generated assets when you hit the
• 50:02
  Speaker 3: trade button in public and you can just prompt whatever
• 50:04
  Speaker 3: you want. It's also honestly, you'll love it. It's quite
• 50:06
  Speaker 3: fun and it's quite impressive. How I mean, I could
• 50:09
  Speaker 3: talk for hours about this, but we basically in a
• 50:12
  Speaker 3: way that you have a stock analyst at a bank,
• 50:14
  Speaker 3: we have an an AI agent version of that. So
• 50:17
  Speaker 3: there's thousands of agents in like a swarm that go
• 50:20
  Speaker 3: out and analyze the whole market in ten twenty seconds
• 50:23
  Speaker 3: based on your prompt. And you know, and you can
• 50:26
  Speaker 3: keep re prompting as many times as you like. You
• 50:28
  Speaker 3: get a different baptist result every time. And then if
• 50:31
  Speaker 3: you want to invest, just hit the invest button and
• 50:34
  Speaker 3: it sits in your portfolio as like one position, just
• 50:38
  Speaker 3: like a just like an ETF WID. And that's the
• 50:42
  Speaker 3: that's the cool part.
• 50:43
  Speaker 1: This AI think that you announced when when we were
• 50:46
  Speaker 1: both together. Other folks are now following your lead. They're
• 50:49
  Speaker 1: now announcing it like it's a new thing. But you
• 50:50
  Speaker 1: were the first mover when I saw you, So kudos
• 50:53
  Speaker 1: to you on that. And you still have the human
• 50:56
  Speaker 1: condition there and still you have you still people still
• 50:58
  Speaker 1: make the decision, but you use it technology and power,
• 51:01
  Speaker 1: better decision making, and democratize for you know again, level
• 51:05
  Speaker 1: of the playing field here is what I'm seeing. Everything
• 51:08
  Speaker 1: I'm hearing you say as the level of the playing field.
• 51:10
  Speaker 2: Let's go. Two things jump out so far, and it's.
• 51:13
  Speaker 1: Been a great interview, very educational for people and very
• 51:17
  Speaker 1: inspirational for me. You mentioned you basically had a two
• 51:20
  Speaker 1: billion dollar company with no offices, working out of different
• 51:26
  Speaker 1: bedrooms and apartments in New York, going from from place
• 51:30
  Speaker 1: to place with your team members and me with investors
• 51:36
  Speaker 1: like Dick Parson, for whom they could have blew you
• 51:38
  Speaker 1: off but embraced you instead.
• 51:41
  Speaker 2: In the middle of a.
• 51:42
  Speaker 1: Market where people are going all loading into a meme
• 51:45
  Speaker 1: stock and being completely irrational and basically gambling on Wall Street,
• 51:49
  Speaker 1: and you're going in the opposite direction.
• 51:52
  Speaker 2: Somebody might have said.
• 51:54
  Speaker 1: You're crazy back then, but you were to me crazy
• 51:58
  Speaker 1: just like a good entrepreneur.
• 52:00
  Speaker 2: And it was that the most edgy position of.
• 52:04
  Speaker 1: Your company a two billion dollar market cap, four hundred
• 52:07
  Speaker 1: million dollars invested institutional investors, but you don't have an
• 52:10
  Speaker 1: institutional office, and you're going into the opposite direction of
• 52:13
  Speaker 1: payment from order flow, which is basically your own your
• 52:18
  Speaker 1: own road less traveled, or was there another moment that
• 52:21
  Speaker 1: is more distinctive. And when you're thinking about that, I
• 52:23
  Speaker 1: know you're smart. You can do two things at one time. Also,
• 52:26
  Speaker 1: tell me you said earlier that the US marketplace is
• 52:31
  Speaker 1: the US stock market is the jewel of the world,
• 52:34
  Speaker 1: and no other place in the world is like Northern
• 52:38
  Speaker 1: market is like the US market. And of course as
• 52:40
  Speaker 1: a market, there are other markets in the in the Europe.
• 52:44
  Speaker 1: So why and as we round out to the conclude this,
• 52:51
  Speaker 1: I want you to think about some real gems of
• 52:55
  Speaker 1: what you tell your younger self, advice that we could
• 52:58
  Speaker 1: share with the audience.
• 52:59
  Speaker 2: And then I've got a person one for you. But
• 53:00
  Speaker 2: let's go into the edgy moment.
• 53:03
  Speaker 3: Yeah. So, I mean at that time it was not
• 53:05
  Speaker 3: quite too bad, maybe half that, but still we were
• 53:08
  Speaker 3: like a like a million worth and and it was
• 53:12
  Speaker 3: it was an actually crazy time, both through COVID as
• 53:15
  Speaker 3: well as for this whole game stop SOAKA Now, that
• 53:21
  Speaker 3: definitely was one of the biggest moments where we were
• 53:24
  Speaker 3: also the most contrarian. I would say the second biggest
• 53:28
  Speaker 3: moment where we were very contrarian was right after CHATGT
• 53:32
  Speaker 3: came out early twenty twenty three, where you were like,
• 53:36
  Speaker 3: wait a minute, this could actually because the asymmetry in
• 53:41
  Speaker 3: the markets, it was never just feast, it was tools, resources, time.
• 53:48
  Speaker 3: A lot of people.
• 53:49
  Speaker 2: Explain what you mean by asymmetry to the audience.
• 53:52
  Speaker 3: Asymmetry meaning some people are having an advantage and some
• 53:55
  Speaker 3: people being at a disadvantage structurally. And that's ultimately what
• 53:58
  Speaker 3: we were trying to solve. And so the first way
• 54:00
  Speaker 3: you solve that is everyone can buy any stock at
• 54:03
  Speaker 3: the same cost at the same terms as a hedge
• 54:06
  Speaker 3: front or an institutional player. But do they have the
• 54:10
  Speaker 3: same tools, do they have the same resources? And I
• 54:12
  Speaker 3: think most importantly are they willing to put in the
• 54:15
  Speaker 3: same amount of time for every person? That answers usually no.
• 54:20
  Speaker 3: So many people have asked me over the years, what
• 54:22
  Speaker 3: does it take to be a great investor? And for years,
• 54:25
  Speaker 3: for decades in fact, my answer has always been the same,
• 54:29
  Speaker 3: same as as Kobe would say, if you want to
• 54:31
  Speaker 3: be the best, be the first person in the gym
• 54:34
  Speaker 3: and the last person out. Same as that's true if
• 54:37
  Speaker 3: you want to join the NBA, it's true if you
• 54:39
  Speaker 3: want to be greater investor in the stock market. With
• 54:42
  Speaker 3: AI in early twenty twenty three, I started to see like, okay,
• 54:47
  Speaker 3: this might not be true anymore. Now actually you have
• 54:52
  Speaker 3: all these It's a little bit like you have fifteen
• 54:56
  Speaker 3: analysts available, you're disposal, you're the boss. Put them to work,
• 55:01
  Speaker 3: have the research stuff. That's where we started with AI
• 55:04
  Speaker 3: research directly in the public app And so suddenly it
• 55:08
  Speaker 3: became less about just like the pure grind and more
• 55:10
  Speaker 3: about like thinking maybe more deeply also just like exactly right,
• 55:16
  Speaker 3: and like figuring out not not chasing the answer, but
• 55:21
  Speaker 3: trying to figure out what's the right question to even ask.
• 55:24
  Speaker 3: And so it changed the paradigm completely. And then fast
• 55:27
  Speaker 3: forward to today. You know AI can just to research.
• 55:32
  Speaker 3: It can help you execute your strategy. So if you're
• 55:34
  Speaker 3: not glued in front of the screen twenty four seven,
• 55:37
  Speaker 3: if you're not able to, next time in video goes
• 55:40
  Speaker 3: down five percent for no apparent reason and you're like, damn,
• 55:42
  Speaker 3: that would be good time to buy the stock. Well,
• 55:44
  Speaker 3: guess what you can tie into an agent. Hey, next
• 55:46
  Speaker 3: time a video is down five percent, just five hundred
• 55:49
  Speaker 3: dollars worth, right, and I don't need to be there.
• 55:52
  Speaker 3: You can also ask it to say, send me a
• 55:54
  Speaker 3: push notification and I'll approve it, or you can have
• 55:56
  Speaker 3: it do it fully like you have like you can
• 55:59
  Speaker 3: do it the way you want to do it. The
• 56:01
  Speaker 3: point is that not having resources, not having twenty analysts,
• 56:08
  Speaker 3: like like, all the excuses are now a little bit gone.
• 56:11
  Speaker 3: And so you don't need to spend eighty hours a
• 56:13
  Speaker 3: week analyzing stuff anymore. You can spend one hour and
• 56:18
  Speaker 3: if you do the right analysis, you're leveling the playing
• 56:21
  Speaker 3: field right exactly. And so I think that that notion
• 56:24
  Speaker 3: of time, how much time do you need to invest
• 56:28
  Speaker 3: in your education to be a good investor, I mean
• 56:31
  Speaker 3: that number has changed by a thousand x. And I
• 56:36
  Speaker 3: think that is the single most exciting thing about this
• 56:39
  Speaker 3: AI movement for me. And that's very much why I
• 56:43
  Speaker 3: say that a thing public place and point roll is
• 56:45
  Speaker 3: like and it's it's the second chapter for us. The
• 56:48
  Speaker 3: first was about enabling access. The second is about enabling
• 56:53
  Speaker 3: you know, analysis information and giving people the resources and
• 56:59
  Speaker 3: they need to those great portfolios and so yeah, so
• 57:03
  Speaker 3: I think that that was the second most contriveing because
• 57:07
  Speaker 3: in early twenty twenty three, a lot of people look
• 57:09
  Speaker 3: at the AI stuff and be like, it's never going
• 57:11
  Speaker 3: to work for finance. It hallucinates too much, YadA YadA, YadA.
• 57:13
  Speaker 3: By the way, it didn't work for finance and twenty
• 57:15
  Speaker 3: thirty three, let's be clear, but we believed that it
• 57:18
  Speaker 3: could play a really important role, and I think we
• 57:21
  Speaker 3: were able to see that portuitre for US before other people.
• 57:26
  Speaker 2: Do you think that a US market will continue to
• 57:28
  Speaker 2: be the jewel of the world.
• 57:32
  Speaker 3: Ultimately? Ultimately, yes, but I think where historically it's been
• 57:39
  Speaker 3: so clearly the jewel of the world. And you asked
• 57:42
  Speaker 3: why that is? For me, that comes back to capitalism
• 57:45
  Speaker 3: driving innovation. I mean, really, it's as simple as that.
• 57:50
  Speaker 3: Whereas I think in Europe there's been more a tendency
• 57:54
  Speaker 3: to regulate versus to innovate M and that doesn't that
• 57:59
  Speaker 3: just the lead to the same amount of growth. Quite frankly,
• 58:02
  Speaker 3: I think Europe now got the message in these last
• 58:05
  Speaker 3: couple of years, and they're investing heavily in defense, which
• 58:11
  Speaker 3: will have a lot of I think positive second order
• 58:16
  Speaker 3: effects fintech no in defense, so like defense, defense defense,
• 58:24
  Speaker 3: but basically like today, if you invest in defense as
• 58:29
  Speaker 3: a sovereign nation, you're essentially investing in technology, right Like
• 58:32
  Speaker 3: defense and technology at this point pretty much the same thing,
• 58:36
  Speaker 3: and so just generally, when you invest a lot of defense,
• 58:39
  Speaker 3: you build good technology, and the second order effects are
• 58:43
  Speaker 3: that also quite great for society, for entrepreneurs, et cetera.
• 58:46
  Speaker 3: And so I think so I think Europe will be
• 58:49
  Speaker 3: more competitive going forward. You've seen very recently the Korean
• 58:52
  Speaker 3: stock market absolutely exploding, and so I think US, over
• 58:58
  Speaker 3: a long period of time, will will still be I'm
• 59:01
  Speaker 3: still one hundred percent of believer that it will be
• 59:05
  Speaker 3: acround you and like the best economy and the best
• 59:08
  Speaker 3: stock market. But you're definitely seeing success stories elsewhere, I
• 59:12
  Speaker 3: mean career right now, I think Europe not so much
• 59:15
  Speaker 3: about it, but I think has actually it's National Magazin
• 59:19
  Speaker 3: that outperformed you as a little bit in the last
• 59:20
  Speaker 3: twelve eighteen months, I think by and Latch and so so. So. Yeah,
• 59:27
  Speaker 3: but but I still believe that the US also made
• 59:30
  Speaker 3: it just like the sense of that you can build
• 59:35
  Speaker 3: something from nothing here and get going. But it's very
• 59:38
  Speaker 3: important that we don't lose that. That's why I think
• 59:39
  Speaker 3: your book is so important. But it's very important. Like
• 59:41
  Speaker 3: if you if you ask me what the threats are
• 59:43
  Speaker 3: to this not being true, it's all the it's all
• 59:46
  Speaker 3: the same points that that you touch upon in in
• 59:49
  Speaker 3: your book, right. It's basically if we stop believing in
• 59:53
  Speaker 3: this idea that you are your own like like like
• 1:00:00
  Speaker 3: you are the you control your own destiny, you can
• 1:00:03
  Speaker 3: just do things in life, by the way, and all
• 1:00:05
  Speaker 3: this stuff is so much more true now what they
• 1:00:08
  Speaker 3: are than it ever was. I mean, it was so
• 1:00:10
  Speaker 3: much harder for me to build the first company in
• 1:00:15
  Speaker 3: London mhm, but also pre AI, pre even mobile really
• 1:00:20
  Speaker 3: you know, and then it was and then the first
• 1:00:24
  Speaker 3: version of public if you would, we built in the
• 1:00:26
  Speaker 3: mobile era that was easier, and now an AI era
• 1:00:29
  Speaker 3: is actually even easier, right, and it's faster and so
• 1:00:32
  Speaker 3: so zoom out, Like the last thirty years thirty forty
• 1:00:38
  Speaker 3: years have been incredible from from the Internet to mobile
• 1:00:40
  Speaker 3: to AI have been incredible for entrepreneurs. In fact, everyone
• 1:00:44
  Speaker 3: now can become an entrepreneur, and so a little bit
• 1:00:47
  Speaker 3: like how everyone can become an investor. And so I
• 1:00:50
  Speaker 3: just see barriers disappearing everywhere, yep. And I think and
• 1:00:55
  Speaker 3: I think that is the leading indicator that is sort
• 1:00:58
  Speaker 3: of the canari and the coal mine for or an
• 1:01:02
  Speaker 3: economy that is set up to just do really well,
• 1:01:06
  Speaker 3: but it requires that psychological factor that we talked about
• 1:01:10
  Speaker 3: at the outset to get that right as well. And
• 1:01:13
  Speaker 3: so you know, culture, psychology, how people think about themselves.
• 1:01:18
  Speaker 3: It's important not to take ownership of these things, and
• 1:01:23
  Speaker 3: they need to try new things, and they need to
• 1:01:26
  Speaker 3: be able to take a little bit of risk in
• 1:01:28
  Speaker 3: a calculated way, because it's not that the world of
• 1:01:32
  Speaker 3: AI I think will a share in this era where
• 1:01:34
  Speaker 3: we're all just going to be lazy and rich, I think,
• 1:01:37
  Speaker 3: but I think the opportunity is quite unbounded, and at
• 1:01:42
  Speaker 3: least that path with the opportunity that we've seen through
• 1:01:45
  Speaker 3: the shift to the internet and mobile et cetera.
• 1:01:47
  Speaker 1: M Jennic has mentioned this book it was just capitalism
• 1:01:53
  Speaker 1: for all. Did I sign this copy when for you
• 1:01:56
  Speaker 1: when I was with you, or was.
• 1:01:57
  Speaker 3: It no I need to sign copy.
• 1:01:58
  Speaker 2: I'm going to sign it.
• 1:02:00
  Speaker 1: I'm signing and singing to you today. So you as
• 1:02:04
  Speaker 1: we wrap this up, this has been, frankly, it's been
• 1:02:06
  Speaker 1: one of my best interviews ever because you you really
• 1:02:08
  Speaker 1: have educated the audience on investing, on an entrepreneurship mindset,
• 1:02:16
  Speaker 1: on working through problems, on never giving up on the
• 1:02:21
  Speaker 1: common touch, on the value of principles, uh, the value
• 1:02:25
  Speaker 1: of real values.
• 1:02:27
  Speaker 3: UH.
• 1:02:27
  Speaker 1: The you know, I think there's been so many uh
• 1:02:32
  Speaker 1: artificial intelligence the future not to be afraid of it.
• 1:02:35
  Speaker 2: So thank you for all of this.
• 1:02:37
  Speaker 1: UH. As we wrap this up on to ask just
• 1:02:39
  Speaker 1: a final question of you, as I'm listening to you,
• 1:02:44
  Speaker 1: and we could have a whole other session just on
• 1:02:46
  Speaker 1: artificial intelligence. I really believe that story is just beginning
• 1:02:50
  Speaker 1: and it's and and I think that people's jobs are
• 1:02:54
  Speaker 1: not going to be replaced by AI. It will temporarily,
• 1:02:56
  Speaker 1: by the way two years, but ultimately your job's being
• 1:02:59
  Speaker 1: replaced by somebody who can use AI. And I think
• 1:03:02
  Speaker 1: it's gonna be there's gonna be a bunch of jobs
• 1:03:04
  Speaker 1: in the back end.
• 1:03:04
  Speaker 2: It don't even exist right now. And entrepreneur opportunities.
• 1:03:07
  Speaker 1: As this old tech, uh, the old way of doing
• 1:03:11
  Speaker 1: things fades away, a new tech, new way is gonna
• 1:03:13
  Speaker 1: come up emerge.
• 1:03:14
  Speaker 2: Now.
• 1:03:15
  Speaker 1: You accidentally tripped on possibly a third huge big boom
• 1:03:20
  Speaker 1: for you and maybe you see it already. You've got
• 1:03:23
  Speaker 1: forty women I believe in forty five percent minorities on
• 1:03:27
  Speaker 1: your on your platform. If if my memory is serves
• 1:03:31
  Speaker 1: me correctly, that's out of sync with Wall Street but
• 1:03:33
  Speaker 1: in sync with the future. And my book talks about
• 1:03:37
  Speaker 1: the fact that third of the economy basically are women,
• 1:03:39
  Speaker 1: and forty percent of this country is black and brown,
• 1:03:42
  Speaker 1: and that number is increasing. And you got one hundred
• 1:03:44
  Speaker 1: trillion dollars of eighty eight three into one hundred three
• 1:03:46
  Speaker 1: and of generational wealth is going to transfer in the
• 1:03:49
  Speaker 1: next decade or so. And this is just all these shifts.
• 1:03:53
  Speaker 1: And ten thousand baby boomers are leaving the economy every
• 1:03:56
  Speaker 1: day every day, and so how do you replace them?
• 1:04:01
  Speaker 1: And how do we introduce them to free enterprise and capitalism.
• 1:04:04
  Speaker 1: We've got this Investor's Mindset partnership we have with NASDAC
• 1:04:08
  Speaker 1: Foundation Operation Hope, my philanthropy where we're going to teach
• 1:04:12
  Speaker 1: an entire generation about investing. And one of the things
• 1:04:14
  Speaker 1: I want to talk to you about offline is whether
• 1:04:16
  Speaker 1: we could do some of that with you. Is to
• 1:04:19
  Speaker 1: is to to prepare people to become investors and send
• 1:04:25
  Speaker 1: them the way of good capitalists like you and others
• 1:04:28
  Speaker 1: to do fractional investment in others. That's very exciting to
• 1:04:33
  Speaker 1: But we can come to that offline. How do you
• 1:04:36
  Speaker 1: see taking the never let a crisis go to waste,
• 1:04:41
  Speaker 1: So the world and is upside down, and it's all
• 1:04:47
  Speaker 1: this friction and all this tension, and you're you've constantly
• 1:04:49
  Speaker 1: stepped into that gap. When there's been a problem, you
• 1:04:52
  Speaker 1: leaned into it. Do you see the current challenges and
• 1:04:56
  Speaker 1: we don't need to listen and we know what they
• 1:04:58
  Speaker 1: all are, diversity as a problem, or do you see
• 1:05:03
  Speaker 1: the great unwhining in in in rebuilding as a market
• 1:05:10
  Speaker 1: opportunity for public?
• 1:05:12
  Speaker 3: Well, I was actually gonna say, I not to get
• 1:05:18
  Speaker 3: to philosophical, but like I've always problem equals opportunity for me,
• 1:05:24
  Speaker 3: I'm an entrepreneur by heart, and so I don't see
• 1:05:26
  Speaker 3: them as different things. And so therefore I see I
• 1:05:29
  Speaker 3: don't see more problems as a negative thing. I've never
• 1:05:32
  Speaker 3: I've never held that belief. In fact, I mean, ten
• 1:05:35
  Speaker 3: thousand years ago, our entire species had three problems, how
• 1:05:40
  Speaker 3: do I find shelter, make food, and avoid getting killed?
• 1:05:43
  Speaker 3: Right today we have literally that was the like the
• 1:05:49
  Speaker 3: total set of problems that existed for our entire species today,
• 1:05:53
  Speaker 3: obviously you couldn't count them. There are billions of problems everywhere.
• 1:05:57
  Speaker 3: As we built the society with like banking and and
• 1:06:00
  Speaker 3: and growth. Reaes and like everything shipping, and so for
• 1:06:05
  Speaker 3: me that's exciting, Like this this notion of like every
• 1:06:11
  Speaker 3: solution creates new problems. That's a cycle, and that cycle
• 1:06:15
  Speaker 3: can drive growth and innovation. And for me, that's what's
• 1:06:20
  Speaker 3: so critical because I think, ultimately, like what are we
• 1:06:23
  Speaker 3: all here to do? We could all just chill and
• 1:06:25
  Speaker 3: have fun and counter days and then and then one
• 1:06:28
  Speaker 3: day we'll we'll pass out and we will wake up.
• 1:06:31
  Speaker 3: But by the way, that's another steep jobs code, right,
• 1:06:34
  Speaker 3: Remembering that you're going to die soon is the most
• 1:06:37
  Speaker 3: It's the best thing that ever happened to him, he mentioned,
• 1:06:40
  Speaker 3: because it's like live your life with intent, you know,
• 1:06:45
  Speaker 3: think about what you want the intent of your life
• 1:06:47
  Speaker 3: to be. Like, I have a family, I've got kids,
• 1:06:50
  Speaker 3: so like they're a huge part of that, but another
• 1:06:52
  Speaker 3: part of it is building something that I believe is
• 1:06:56
  Speaker 3: missing in the world that can make a difference. And
• 1:07:00
  Speaker 3: obviously if I'm successful in that, it will also increase
• 1:07:03
  Speaker 3: the quality of my life because I am a catalyst
• 1:07:05
  Speaker 3: through through of course, then it will creeve the quality
• 1:07:08
  Speaker 3: of life of my kids. That will make me very
• 1:07:10
  Speaker 3: proud of myself, you know, just like think through all
• 1:07:14
  Speaker 3: those things for yourself. I think that's really really key.
• 1:07:18
  Speaker 3: The second thing I would say a lot of this
• 1:07:21
  Speaker 3: is about in America is about freedom, and America has
• 1:07:25
  Speaker 3: always been about freedom. As a European, you'll look at America,
• 1:07:29
  Speaker 3: you look at how in a dictionary and it reads freedom.
• 1:07:32
  Speaker 3: I think maybe people feel over the last decade that
• 1:07:38
  Speaker 3: or two that that that sense of freedom has disappeared,
• 1:07:42
  Speaker 3: and I think our little slice of that is helping
• 1:07:45
  Speaker 3: more people get to financial freedom. But critically, I think
• 1:07:50
  Speaker 3: freedom isn't a number. It's an identity shift. Yes, you know,
• 1:07:56
  Speaker 3: it's not really ever about hitting another it's like moving
• 1:07:59
  Speaker 3: people from someone who owly earns and spends to someone
• 1:08:02
  Speaker 3: who owns. Yeah, and you were talking a little bit
• 1:08:05
  Speaker 3: about initially like to have having talked to somebody and
• 1:08:08
  Speaker 3: having to even explain what a stock is.
• 1:08:11
  Speaker 2: Yeah.
• 1:08:11
  Speaker 3: I actually had to explain to my oldest son who's seven,
• 1:08:14
  Speaker 3: the other day what a stock is because it finally
• 1:08:16
  Speaker 3: time to understand what Daddy actually does for living, right,
• 1:08:20
  Speaker 3: And yeah, that was that was tough. I was like,
• 1:08:23
  Speaker 3: how do I explain this? You know, it's an equity
• 1:08:26
  Speaker 3: that you're like, no, you can't go down there. So
• 1:08:28
  Speaker 3: I was like, look around the room, what do you like?
• 1:08:30
  Speaker 3: And then he's like, oh, you know, I like to
• 1:08:33
  Speaker 3: s food over here. Okay, that came from hole, folks.
• 1:08:36
  Speaker 3: That's owned by this company called Amazon. You know, he
• 1:08:39
  Speaker 3: loves going to Target. Guess what Target has the stock?
• 1:08:42
  Speaker 3: You know, you playing roadblocks roadblots has the stock. And
• 1:08:45
  Speaker 3: so suddenly he's like, wait a minute. So people make
• 1:08:49
  Speaker 3: these things and then they increase in value. But if
• 1:08:54
  Speaker 3: I buy this weird thing you call a stock, I
• 1:08:57
  Speaker 3: can I can be part of making that thing. Yeah,
• 1:09:01
  Speaker 3: and yeah you can because you led your capital to
• 1:09:03
  Speaker 3: that company. So even if your ideas are not being executed,
• 1:09:06
  Speaker 3: which by the way, they can. I mean most companies
• 1:09:09
  Speaker 3: have shared the meetings obviously, and there's always ways to
• 1:09:12
  Speaker 3: get hurt. And so that that's ultimately how I ended
• 1:09:14
  Speaker 3: up explaining to him. And then one for one look
• 1:09:16
  Speaker 3: around the room, and I looked up every stock on
• 1:09:18
  Speaker 3: public and now he's got a little portfolio that he's tracking, right,
• 1:09:21
  Speaker 3: And so I think, you know, in that moment, like
• 1:09:26
  Speaker 3: his identity became more of somebody who's starting to think
• 1:09:32
  Speaker 3: like an owner, like like that was probably playing. I mean,
• 1:09:35
  Speaker 3: let's not get carried away he's still just seventh, but
• 1:09:39
  Speaker 3: maybe that's maybe that's planning the seat as much as
• 1:09:41
  Speaker 3: and sort of thing that is really really key, because
• 1:09:46
  Speaker 3: the more people you have owning, the more people you'll
• 1:09:48
  Speaker 3: have understanding. Owning something is the best forashing front of him,
• 1:09:50
  Speaker 3: for trying to understand it. The more people who have
• 1:09:52
  Speaker 3: understanding companies, the more people who understand business. They're for
• 1:09:57
  Speaker 3: politics and markets and then not being it will lead
• 1:10:00
  Speaker 3: to a place where we can all get a little
• 1:10:02
  Speaker 3: bit more on the same page.
• 1:10:04
  Speaker 1: That's right, And don't underestimate your seven year old son.
• 1:10:08
  Speaker 1: We've got a hope child savings account for every kid
• 1:10:11
  Speaker 1: in kindergarten at Atlanta Public schools, twelve thousand accounts, and
• 1:10:15
  Speaker 1: the studies have shown with fifty bucks in an account,
• 1:10:19
  Speaker 1: the kids connecting education with aspiration, and they're seventy five
• 1:10:22
  Speaker 1: or more likely to graduate from college. So that your
• 1:10:25
  Speaker 1: son's real lucky to have you as a dad asking
• 1:10:28
  Speaker 1: you that question at seven versus the person who asked me.
• 1:10:31
  Speaker 1: They were twenty seven thereabouts when they asked me that
• 1:10:35
  Speaker 1: question of what's the stock, and they can get ahead too,
• 1:10:37
  Speaker 1: but they're starting in a much much further behind. So
• 1:10:41
  Speaker 1: the sooner we get them, the better. I want to
• 1:10:44
  Speaker 1: thank you. This has been extraordinary.
• 1:10:47
  Speaker 3: And let me just say one thing that on the
• 1:10:49
  Speaker 3: last round, yeah, absolutely, the sooner the better, and the
• 1:10:52
  Speaker 3: compounding returns of the markets have showed that. But it's
• 1:10:55
  Speaker 3: never too late. That's another thing the market have showed.
• 1:10:58
  Speaker 3: I was me and a lot of and often this
• 1:11:02
  Speaker 3: belief that like, okay, remember when the market crashed in
• 1:11:04
  Speaker 3: a way, that's that's when you should have bought in.
• 1:11:06
  Speaker 3: Now it's too late. Furious laid up boom, same thing happens.
• 1:11:09
  Speaker 3: They got COVID boom, same thing happens, and you got tariffs.
• 1:11:12
  Speaker 3: You know it just last year. Boom happens. So don't
• 1:11:17
  Speaker 3: let that discourage your if you're listening and you're thinking
• 1:11:20
  Speaker 3: it's too late, Like there's always another opportunity because we
• 1:11:23
  Speaker 3: live in this world, but there's always more problems created,
• 1:11:25
  Speaker 3: always more things to bid to get solved. And also
• 1:11:30
  Speaker 3: so just like you know, just do it, Like the
• 1:11:33
  Speaker 3: Nigis logan is still undefeated.
• 1:11:35
  Speaker 1: One hundred percent and as frothy, as as heated as
• 1:11:39
  Speaker 1: as market is right now, there might be a market
• 1:11:42
  Speaker 1: correction coming down around the corner, and people should be
• 1:11:44
  Speaker 1: prepared to buy the dip if it does, and people say, well, well, John,
• 1:11:48
  Speaker 1: what if things go wrong and everything is destroyed as well?
• 1:11:51
  Speaker 1: If America get is destroyed, you don't worry about it.
• 1:11:54
  Speaker 1: The rest of the world's going with it. So if
• 1:11:58
  Speaker 1: we're all done anyway, So look, thank you very much.
• 1:12:03
  Speaker 1: I don't normally I don't know. I'm pretty objective when
• 1:12:06
  Speaker 1: I do these interviews, but I think the audience can
• 1:12:08
  Speaker 1: tell I really like you. I mean, heck, I'm opening
• 1:12:11
  Speaker 1: an account while I'm sitting here. I think you'll be
• 1:12:13
  Speaker 1: a ten B andellar company here soon. I think that
• 1:12:15
  Speaker 1: you're going to become a great, great celebrated entrepreneur with
• 1:12:19
  Speaker 1: real values. I think it will be immensely successful. And
• 1:12:22
  Speaker 1: I don't even need to say the butt. Normally i'd
• 1:12:25
  Speaker 1: say as long as you but you know, just don't
• 1:12:28
  Speaker 1: get in your own way. As long as you don't
• 1:12:29
  Speaker 1: get in your own way, I don't have to say
• 1:12:30
  Speaker 1: that to you. You've already learned that lesson, and you
• 1:12:32
  Speaker 1: got that from your mom and your dad in Copenhagen.
• 1:12:37
  Speaker 1: I'm gonna go ahead and make you an honorary black man,
• 1:12:40
  Speaker 1: is it.
• 1:12:40
  Speaker 2: I'm just giving you a pass.
• 1:12:43
  Speaker 1: Cool look he turn it. Pa. Thank you very much, Janic,
• 1:12:51
  Speaker 1: this has been fantastic and only promise me you'll come back.
• 1:12:55
  Speaker 3: I will sure.
• 1:12:57
  Speaker 1: This This is John O'Bryant. This is Money and Ealth
• 1:13:00
  Speaker 1: on the Black Effect Network on iHeartRadio.
• 1:13:03
  Speaker 2: And this has been a interview with the co founder
• 1:13:07
  Speaker 2: of Public.
• 1:13:12
  Speaker 1: Money and Wealth with John O'Brien is a production of
• 1:13:15
  Speaker 1: the Black Effect Podcast Network. For more podcasts from the
• 1:13:18
  Speaker 1: Black Effect Podcast Network, visit the iHeartRadio app, Apple Podcasts,
• 1:13:23
  Speaker 1: or wherever you listen to your favorite shows.