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Shein Buying Everlane Says A Lot About Modern Retail | Fast Five Shorts · Omni Talk Retail

• 0:00
  Everlane
• 0:00
  is
• 0:00
  being
• 0:01
  acquired
• 0:01
  by
• 0:01
  Sheehan
• 0:02
  in
• 0:02
  a
• 0:02
  deal
• 0:02
  valued
• 0:03
  at
• 0:03
  approximately
• 0:03
  $100
• 0:04
  million.
• 0:05
  According
• 0:05
  to
• 0:05
  Puck
• 0:06
  News,
• 0:06
  Sheehan
• 0:06
  is
• 0:06
  acquiring
• 0:07
  Everlane
• 0:08
  from
• 0:08
  its
• 0:08
  majority
• 0:09
  owner,
• 0:09
  El
• 0:10
  Katterden,
• 0:11
  in
• 0:11
  a
• 0:11
  deal
• 0:11
  valued
• 0:12
  at
• 0:12
  approximately
• 0:12
  $100
• 0:13
  million.
• 0:13
  As
• 0:13
  I
• 0:13
  said
• 0:14
  before,
• 0:14
  which
• 0:14
  is
• 0:14
  a
• 0:14
  steep
• 0:15
  discount
• 0:15
  from
• 0:15
  the
• 0:15
  valuations
• 0:16
  Everlane
• 0:17
  commanded
• 0:18
  at
• 0:18
  the
• 0:18
  peak
• 0:18
  of
• 0:18
  the
• 0:18
  DTC
• 0:19
  E
• 0:19
  Commerce
• 0:20
  boom,
• 0:20
  the
• 0:21
  deal
• 0:21
  was
• 0:21
  driven
• 0:21
  largely
• 0:22
  by
• 0:22
  financial
• 0:23
  distress.
• 0:23
  The
• 0:24
  irony
• 0:24
  of
• 0:24
  the
• 0:24
  transaction,
• 0:25
  however,
• 0:25
  is
• 0:25
  hard
• 0:25
  to
• 0:26
  overstate.
• 0:26
  Everlane
• 0:27
  was
• 0:27
  founded
• 0:27
  on
• 0:27
  the
• 0:28
  principles
• 0:28
  of
• 0:28
  sustainability
• 0:30
  and
• 0:30
  radical
• 0:30
  transparency,
• 0:31
  publishing
• 0:32
  its
• 0:32
  factory
• 0:33
  locations,
• 0:33
  markups
• 0:34
  and
• 0:34
  true
• 0:34
  cost
• 0:35
  of
• 0:35
  production.
• 0:36
  While
• 0:36
  Shein
• 0:37
  has
• 0:37
  been
• 0:38
  widely
• 0:38
  criticized
• 0:39
  as
• 0:39
  one
• 0:39
  of
• 0:39
  the
• 0:39
  fashion
• 0:40
  industry's
• 0:40
  largest
• 0:41
  environmental
• 0:42
  polluters.
• 0:43
  Kelly,
• 0:44
  as
• 0:45
  we
• 0:45
  step
• 0:45
  back
• 0:46
  and
• 0:46
  read
• 0:46
  through
• 0:47
  the
• 0:47
  tea
• 0:47
  leaves
• 0:47
  here,
• 0:47
  what
• 0:47
  should
• 0:48
  we
• 0:48
  all
• 0:48
  take
• 0:48
  away
• 0:48
  from
• 0:49
  Sheehan's
• 0:49
  acquisition
• 0:50
  of
• 0:50
  Everlane,
• 0:51
  if
• 0:51
  anything
• 0:51
  at
• 0:51
  all?
• 0:52
  Quite
• 0:52
  honestly,
• 0:54
  I
• 0:54
  think
• 0:55
  there's
• 0:55
  a
• 0:55
  lot
• 0:55
  to
• 0:55
  take
• 0:56
  away
• 0:56
  from
• 0:56
  this
• 0:56
  and
• 0:57
  I
• 0:57
  don't
• 0:57
  think
• 0:57
  we're
• 0:58
  going
• 0:58
  to
• 0:58
  know
• 0:58
  the
• 0:58
  answer
• 1:00
  right
• 1:00
  away.
• 1:00
  But
• 1:01
  I'm
• 1:01
  curious
• 1:01
  to
• 1:02
  wait
• 1:02
  and
• 1:02
  see.
• 1:03
  So
• 1:03
  there's,
• 1:03
  there's
• 1:04
  a
• 1:04
  takeaway
• 1:04
  for
• 1:04
  Sheen
• 1:05
  and
• 1:05
  a
• 1:05
  takeaway
• 1:05
  for
• 1:05
  Everlane.
• 1:06
  On
• 1:06
  the
• 1:06
  Sheehan
• 1:07
  side,
• 1:07
  it
• 1:07
  will
• 1:07
  be
• 1:08
  a
• 1:08
  bit
• 1:08
  of
• 1:08
  a
• 1:08
  wait
• 1:08
  and
• 1:08
  see,
• 1:09
  but
• 1:09
  I
• 1:09
  think
• 1:10
  this
• 1:10
  will
• 1:10
  be
• 1:10
  an
• 1:10
  interesting
• 1:12
  trial
• 1:12
  of,
• 1:13
  to
• 1:13
  your
• 1:13
  point,
• 1:14
  can
• 1:15
  you
• 1:15
  buy
• 1:17
  brand
• 1:18
  equity
• 1:18
  and
• 1:19
  in
• 1:19
  a
• 1:19
  brand
• 1:19
  position?
• 1:20
  So
• 1:20
  these
• 1:21
  are
• 1:21
  two
• 1:21
  very
• 1:22
  different
• 1:22
  value
• 1:22
  propositions
• 1:23
  from
• 1:24
  a
• 1:24
  sustainability,
• 1:25
  transparency,
• 1:25
  transparency.
• 1:27
  And
• 1:28
  I,
• 1:28
  I
• 1:28
  would
• 1:28
  question
• 1:29
  is
• 1:29
  this
• 1:30
  a
• 1:30
  play
• 1:30
  of
• 1:30
  Shein
• 1:31
  to
• 1:32
  kind
• 1:33
  of
• 1:33
  piggyback
• 1:33
  off
• 1:34
  of
• 1:34
  some
• 1:34
  of
• 1:34
  that
• 1:35
  better
• 1:37
  messaging
• 1:37
  around
• 1:38
  transparency
• 1:39
  and
• 1:39
  manufacturing?
• 1:40
  So
• 1:40
  I'm
• 1:41
  curious,
• 1:41
  as
• 1:41
  time
• 1:42
  goes
• 1:42
  on,
• 1:42
  does
• 1:42
  any
• 1:43
  of
• 1:43
  this
• 1:43
  rub
• 1:43
  off
• 1:43
  on
• 1:43
  Sheehan
• 1:44
  without
• 1:44
  having
• 1:44
  to
• 1:45
  do
• 1:45
  much
• 1:46
  at
• 1:46
  all?
• 1:47
  We'll,
• 1:48
  we'll
• 1:48
  see
• 1:48
  where
• 1:49
  that
• 1:49
  plays
• 1:49
  out.
• 1:50
  But
• 1:50
  on
• 1:51
  the
• 1:51
  Everlane
• 1:51
  side,
• 1:52
  I
• 1:52
  think
• 1:52
  this
• 1:53
  is
• 1:54
  reflective
• 1:54
  of
• 1:54
  something
• 1:55
  we're
• 1:55
  seeing
• 1:55
  across.
• 1:56
  A
• 1:56
  lot
• 1:56
  of
• 1:57
  similar
• 1:58
  companies
• 1:59
  like
• 1:59
  Everlane
• 2:00
  who
• 2:00
  were
• 2:01
  born
• 2:01
  in
• 2:01
  the
• 2:01
  DTC
• 2:02
  boom,
• 2:03
  had
• 2:03
  a
• 2:03
  lot
• 2:04
  of
• 2:04
  funding
• 2:04
  and
• 2:04
  backing
• 2:05
  as
• 2:05
  they,
• 2:06
  and
• 2:06
  you
• 2:06
  know,
• 2:06
  they're
• 2:06
  a
• 2:06
  very
• 2:07
  mission
• 2:07
  driven
• 2:07
  company.
• 2:08
  So
• 2:08
  you
• 2:08
  have
• 2:08
  Everlane,
• 2:09
  you
• 2:09
  have
• 2:10
  other
• 2:10
  models
• 2:12
  where
• 2:13
  as
• 2:13
  time
• 2:14
  goes
• 2:14
  on
• 2:14
  and
• 2:15
  that
• 2:15
  backing
• 2:16
  slows
• 2:16
  down,
• 2:17
  we
• 2:17
  realized
• 2:18
  that
• 2:19
  the
• 2:19
  brand
• 2:19
  message
• 2:20
  and
• 2:20
  what
• 2:20
  you
• 2:20
  stand
• 2:20
  for
• 2:21
  isn't
• 2:21
  going
• 2:22
  to
• 2:22
  be
• 2:22
  enough
• 2:22
  anymore.
• 2:23
  You
• 2:23
  need
• 2:23
  that
• 2:23
  kind
• 2:24
  of
• 2:24
  cost,
• 2:24
  economics
• 2:25
  and
• 2:26
  profitability
• 2:27
  to
• 2:28
  maintain
• 2:28
  the
• 2:28
  brand.
• 2:28
  And
• 2:29
  I
• 2:29
  think
• 2:29
  that's
• 2:29
  what
• 2:29
  Everlane's
• 2:30
  really
• 2:30
  struggled
• 2:31
  with.
• 2:31
  We
• 2:31
  see
• 2:33
  bottom
• 2:33
  line
• 2:33
  spin
• 2:34
  struggling
• 2:36
  and
• 2:36
  now
• 2:36
  that
• 2:36
  they
• 2:37
  don't
• 2:37
  have
• 2:37
  the
• 2:37
  same
• 2:37
  backing,
• 2:38
  how
• 2:38
  do
• 2:38
  I
• 2:39
  have
• 2:39
  a
• 2:39
  model
• 2:39
  that's
• 2:40
  sustainable?
• 2:40
  So
• 2:41
  I
• 2:41
  think
• 2:41
  we'll
• 2:41
  be
• 2:42
  seeing
• 2:42
  more
• 2:42
  of
• 2:42
  these
• 2:43
  like
• 2:44
  companies
• 2:45
  start
• 2:45
  to
• 2:45
  get
• 2:45
  acquired
• 2:46
  as
• 2:46
  people
• 2:47
  with
• 2:48
  more
• 2:48
  scale
• 2:48
  and
• 2:49
  more,
• 2:50
  you
• 2:50
  know,
• 2:50
  a
• 2:50
  better
• 2:51
  model
• 2:52
  are
• 2:52
  looking
• 2:53
  for
• 2:53
  ways
• 2:53
  to
• 2:53
  get
• 2:54
  into
• 2:54
  that
• 2:54
  DTC
• 2:55
  space
• 2:55
  in
• 2:55
  a
• 2:55
  new
• 2:56
  and
• 2:56
  different
• 2:56
  way.
• 2:56
  So
• 2:57
  I
• 2:57
  think
• 2:57
  this
• 2:57
  will
• 2:57
  be
• 2:58
  reflective
• 2:58
  of
• 2:58
  what
• 2:58
  we
• 2:59
  see
• 2:59
  happening
• 2:59
  with
• 2:59
  a
• 3:00
  lot
• 3:00
  of
• 3:00
  these
• 3:00
  companies.
• 3:01
  Wow.
• 3:02
  So
• 3:02
  that,
• 3:02
  that's
• 3:02
  really
• 3:02
  interesting,
• 3:03
  Kelly.
• 3:03
  So
• 3:03
  what
• 3:03
  you
• 3:04
  said
• 3:04
  something
• 3:04
  I
• 3:04
  hadn't
• 3:04
  thought
• 3:04
  about.
• 3:04
  So
• 3:05
  you,
• 3:05
  so
• 3:05
  you
• 3:05
  know,
• 3:05
  the
• 3:06
  question
• 3:06
  is,
• 3:06
  can
• 3:06
  you
• 3:06
  buy
• 3:07
  ethics?
• 3:07
  Basically
• 3:08
  that's
• 3:08
  what
• 3:08
  you're
• 3:09
  saying,
• 3:09
  can
• 3:09
  you
• 3:09
  buy
• 3:09
  ethics
• 3:10
  or
• 3:10
  can
• 3:10
  you
• 3:10
  buy
• 3:10
  a
• 3:11
  reputation?
• 3:11
  And
• 3:11
  so
• 3:12
  you
• 3:12
  think
• 3:12
  that's
• 3:12
  the
• 3:12
  prime
• 3:13
  motivator
• 3:13
  here
• 3:13
  for
• 3:14
  Shein?
• 3:16
  I
• 3:16
  think
• 3:16
  it's
• 3:16
  one
• 3:16
  of
• 3:16
  the
• 3:16
  motivators.
• 3:17
  There's
• 3:17
  also,
• 3:18
  you
• 3:18
  know,
• 3:19
  establishing
• 3:19
  more
• 3:19
  of
• 3:19
  a
• 3:20
  physical
• 3:20
  retail
• 3:20
  footprint.
• 3:22
  Everland's
• 3:22
  mostly
• 3:23
  D2C,
• 3:23
  but
• 3:23
  you
• 3:24
  know,
• 3:24
  I
• 3:24
  have
• 3:24
  a
• 3:24
  shop
• 3:25
  front
• 3:25
  here
• 3:25
  in
• 3:25
  D.C.
• 3:26
  that
• 3:26
  I
• 3:26
  go
• 3:26
  to.
• 3:28
  They
• 3:28
  have
• 3:28
  the
• 3:29
  high
• 3:29
  quality
• 3:29
  basics.
• 3:30
  So
• 3:30
  there's
• 3:30
  also
• 3:31
  a
• 3:32
  kind
• 3:33
  of
• 3:33
  a
• 3:33
  new
• 3:33
  customer
• 3:33
  base
• 3:34
  they
• 3:34
  can
• 3:34
  be
• 3:34
  getting
• 3:34
  at
• 3:34
  here.
• 3:35
  They
• 3:35
  have
• 3:35
  more
• 3:35
  of
• 3:36
  the
• 3:36
  true
• 3:36
  budget.
• 3:36
  Everlane's
• 3:37
  a
• 3:37
  bit
• 3:37
  of
• 3:38
  more
• 3:38
  of
• 3:38
  that
• 3:38
  stretch
• 3:38
  and
• 3:39
  do
• 3:39
  high
• 3:39
  quality
• 3:39
  basics.
• 3:40
  So
• 3:40
  I
• 3:40
  think
• 3:41
  there's
• 3:41
  a
• 3:41
  lot
• 3:41
  of
• 3:41
  angles
• 3:42
  for
• 3:42
  Sheehan
• 3:43
  with
• 3:43
  this
• 3:43
  acquisition.
• 3:44
  But
• 3:44
  the
• 3:45
  one
• 3:45
  I'm
• 3:45
  most
• 3:45
  curious
• 3:46
  to
• 3:46
  follow
• 3:47
  is
• 3:48
  can
• 3:48
  you
• 3:48
  buy
• 3:49
  ethics?
• 3:50
  Yeah,
• 3:50
  I
• 3:50
  wonder
• 3:51
  how,
• 3:51
  I
• 3:51
  wonder
• 3:51
  how
• 3:51
  radically
• 3:52
  Sheen
• 3:52
  could
• 3:52
  improve
• 3:52
  the
• 3:52
  cost
• 3:53
  of
• 3:53
  goods
• 3:53
  on
• 3:53
  Everlane
• 3:54
  too.
• 3:54
  Chad,
• 3:55
  what
• 3:55
  do
• 3:55
  you
• 3:55
  think
• 3:55
  here?
• 3:57
  Well,
• 3:57
  it's
• 3:57
  not
• 3:58
  an
• 3:58
  Amazon
• 3:58
  headline,
• 3:59
  so
• 3:59
  am
• 3:59
  I
• 3:59
  allowed
• 3:59
  to
• 4:00
  talk
• 4:00
  about
• 4:00
  it?
• 4:02
  No,
• 4:02
  no,
• 4:02
  forget
• 4:03
  it.
• 4:03
  We'll
• 4:03
  skip
• 4:03
  you.
• 4:03
  No,
• 4:03
  no,
• 4:04
  no,
• 4:04
  of
• 4:04
  course
• 4:04
  you
• 4:04
  are.
• 4:05
  Of
• 4:05
  course
• 4:05
  you
• 4:05
  are.
• 4:06
  No,
• 4:07
  listen,
• 4:08
  I,
• 4:08
  I,
• 4:08
  I
• 4:09
  agree
• 4:09
  that
• 4:09
  I
• 4:10
  think
• 4:10
  there
• 4:10
  are
• 4:10
  actually
• 4:11
  tremendous
• 4:11
  takeaways
• 4:12
  to
• 4:14
  this.
• 4:14
  Right.
• 4:14
  And
• 4:15
  so
• 4:15
  first,
• 4:16
  just
• 4:16
  in
• 4:16
  terms
• 4:16
  of
• 4:16
  like
• 4:17
  the
• 4:17
  companies
• 4:17
  involved,
• 4:18
  right.
• 4:18
  Like
• 4:18
  I,
• 4:19
  I
• 4:19
  do
• 4:19
  think
• 4:19
  that
• 4:20
  there
• 4:20
  is
• 4:20
  a
• 4:20
  degree
• 4:20
  of
• 4:21
  Shein
• 4:21
  trying
• 4:21
  to
• 4:22
  buy
• 4:22
  Everlane's
• 4:23
  legitimacy,
• 4:24
  like
• 4:24
  especially
• 4:25
  on
• 4:25
  the
• 4:25
  relatively
• 4:26
  cheap
• 4:26
  year
• 4:26
  too.
• 4:27
  Like
• 4:27
  acquiring
• 4:28
  a
• 4:28
  trusted
• 4:29
  western
• 4:30
  facing
• 4:30
  brand
• 4:31
  with
• 4:31
  cultural
• 4:32
  cachet
• 4:33
  like
• 4:33
  helps
• 4:33
  their
• 4:34
  image
• 4:34
  and
• 4:34
  reach.
• 4:35
  Right.
• 4:36
  But
• 4:37
  not
• 4:38
  even
• 4:38
  the
• 4:38
  angle
• 4:39
  to
• 4:39
  the
• 4:39
  story
• 4:39
  that
• 4:39
  I
• 4:40
  think
• 4:40
  is
• 4:40
  the
• 4:40
  most
• 4:40
  interesting.
• 4:41
  Right.
• 4:41
  Like
• 4:41
  what
• 4:42
  I
• 4:42
  choose
• 4:42
  to
• 4:42
  look
• 4:42
  at
• 4:43
  is
• 4:43
  that
• 4:43
  evidence
• 4:44
  here,
• 4:44
  especially
• 4:44
  in
• 4:45
  the
• 4:45
  DTC
• 4:45
  world,
• 4:46
  like
• 4:47
  brand
• 4:47
  positioning
• 4:48
  without
• 4:49
  operational
• 4:49
  advantage
• 4:50
  is
• 4:51
  brutally
• 4:52
  fragile.
• 4:53
  Right.
• 4:55
  You
• 4:55
  know,
• 4:55
  it,
• 4:56
  it
• 4:56
  starts
• 4:57
  to
• 4:57
  feel
• 4:57
  like
• 4:57
  kind
• 4:58
  of
• 4:58
  an
• 4:58
  end
• 4:58
  of
• 4:58
  an
• 4:58
  era.
• 4:59
  Like,
• 4:59
  like
• 5:00
  for
• 5:00
  years
• 5:00
  DTC
• 5:01
  brands
• 5:02
  believed
• 5:02
  that
• 5:03
  storytelling
• 5:04
  and
• 5:05
  brand
• 5:05
  values
• 5:06
  could
• 5:06
  create
• 5:06
  these
• 5:06
  really
• 5:07
  durable
• 5:08
  moats.
• 5:08
  But
• 5:10
  customer
• 5:10
  acquisition
• 5:11
  costs
• 5:12
  started
• 5:12
  to
• 5:12
  rise
• 5:13
  and
• 5:13
  loyalty
• 5:13
  weakened
• 5:14
  and
• 5:14
  optionality
• 5:15
  improved.
• 5:16
  Right.
• 5:16
  And
• 5:16
  like
• 5:17
  scale
• 5:17
  economics
• 5:18
  started
• 5:19
  to
• 5:19
  matter
• 5:19
  again.
• 5:20
  Right.
• 5:20
  Like
• 5:20
  I
• 5:21
  talk
• 5:21
  a
• 5:21
  lot
• 5:21
  in
• 5:21
  our
• 5:22
  business
• 5:22
  because
• 5:22
  we
• 5:23
  do
• 5:23
  a
• 5:23
  lot
• 5:23
  of
• 5:23
  consumer
• 5:24
  research
• 5:24
  within
• 5:24
  A
• 5:25
  and
• 5:25
  M
• 5:25
  about
• 5:25
  the
• 5:25
  difference
• 5:26
  between
• 5:27
  stated
• 5:27
  importance.
• 5:28
  So
• 5:28
  what
• 5:28
  consumers
• 5:30
  say
• 5:30
  is
• 5:30
  important
• 5:30
  to
• 5:31
  them
• 5:31
  when
• 5:31
  they're
• 5:31
  shopping
• 5:32
  and
• 5:32
  derived
• 5:32
  importance.
• 5:33
  So
• 5:33
  what's
• 5:33
  actually
• 5:34
  driving
• 5:34
  purchase
• 5:35
  choice?
• 5:35
  Like,
• 5:36
  Everly
• 5:36
  built
• 5:37
  a
• 5:38
  brand
• 5:38
  ethos
• 5:39
  and
• 5:39
  cultural
• 5:40
  relevance
• 5:40
  around
• 5:41
  things
• 5:41
  that
• 5:42
  consumers
• 5:43
  say
• 5:43
  are
• 5:43
  cool
• 5:43
  and
• 5:44
  they
• 5:44
  value.
• 5:46
  But
• 5:46
  Sheen
• 5:46
  mastered
• 5:47
  the
• 5:47
  things
• 5:47
  at
• 5:47
  scale
• 5:48
  that
• 5:48
  they
• 5:48
  actually
• 5:48
  value
• 5:49
  most.
• 5:49
  Right.
• 5:49
  Speed,
• 5:50
  cost,
• 5:50
  efficiency,
• 5:51
  novelty.
• 5:52
  Do
• 5:52
  consumers
• 5:53
  care
• 5:53
  about
• 5:54
  sustainability
• 5:55
  and
• 5:55
  ethics?
• 5:55
  Like,
• 5:55
  yes,
• 5:56
  I
• 5:56
  believe
• 5:56
  they
• 5:56
  do.
• 5:57
  But
• 5:57
  it's
• 5:57
  proving
• 5:58
  out
• 5:58
  to
• 5:58
  be
• 5:58
  a
• 5:58
  little
• 5:58
  bit
• 5:59
  more
• 5:59
  of
• 5:59
  a
• 5:59
  tie
• 6:00
  breaking
• 6:00
  vote
• 6:00
  than
• 6:01
  a
• 6:01
  primary
• 6:02
  purchase
• 6:02
  driver.
• 6:02
  Right.
• 6:03
  And
• 6:03
  so
• 6:04
  the
• 6:04
  fundamental
• 6:05
  issue
• 6:05
  is
• 6:05
  that
• 6:05
  everything
• 6:06
  couldn't
• 6:06
  scale
• 6:07
  its
• 6:07
  model
• 6:07
  profitably.
• 6:08
  And
• 6:08
  that's
• 6:08
  the
• 6:09
  uncomfortable
• 6:09
  truth.
• 6:10
  Right.
• 6:10
  Is
• 6:10
  that
• 6:11
  operational
• 6:12
  excellence
• 6:13
  will
• 6:13
  be
• 6:14
  aesthetic
• 6:15
  positioning,
• 6:16
  you
• 6:16
  know,
• 6:17
  every
• 6:17
  time.
• 6:17
  Unless
• 6:17
  you
• 6:18
  have
• 6:18
  a
• 6:18
  truly
• 6:18
  differentiated
• 6:20
  product
• 6:21
  or
• 6:21
  community
• 6:21
  in
• 6:22
  some
• 6:22
  way.
• 6:22
  That's,
• 6:23
  that's
• 6:23
  coming
• 6:23
  from
• 6:23
  a
• 6:23
  marketing
• 6:24
  guy.
• 6:24
  Right.
• 6:24
  And
• 6:25
  so,
• 6:25
  you
• 6:26
  know,
• 6:26
  Sheen
• 6:26
  has
• 6:26
  that
• 6:27
  platform
• 6:29
  and
• 6:29
  so,
• 6:30
  so,
• 6:30
  yeah,
• 6:30
  I
• 6:30
  believe
• 6:30
  it's
• 6:31
  terribly
• 6:32
  representative
• 6:33
  of,
• 6:34
  of,
• 6:34
  of
• 6:35
  kind
• 6:35
  of
• 6:35
  the
• 6:35
  era
• 6:35
  that
• 6:36
  we're
• 6:36
  at.
• 6:37
  Yeah.
• 6:37
  I
• 6:38
  mean,
• 6:38
  Chad,
• 6:38
  you've
• 6:38
  got
• 6:39
  me
• 6:39
  thinking,
• 6:39
  I'm
• 6:39
  gonna
• 6:39
  make
• 6:39
  a.
• 6:40
  You're
• 6:40
  Gen
• 6:40
  X.
• 6:41
  So
• 6:41
  am
• 6:41
  I.
• 6:41
  And
• 6:41
  I'm
• 6:42
  gonna
• 6:42
  make
• 6:42
  a
• 6:42
  reference,
• 6:42
  a
• 6:42
  Gen
• 6:43
  X
• 6:43
  reference.
• 6:43
  Because,
• 6:43
  like,
• 6:44
  you
• 6:44
  know,
• 6:44
  this
• 6:44
  is,
• 6:44
  this
• 6:45
  is
• 6:45
  making
• 6:45
  me
• 6:45
  feel
• 6:45
  like
• 6:45
  Troy
• 6:46
  from
• 6:46
  Reality
• 6:46
  Bites.
• 6:46
  You
• 6:47
  know,
• 6:47
  like,
• 6:47
  I'm
• 6:48
  just,
• 6:48
  I'm
• 6:48
  just
• 6:48
  jaded
• 6:49
  about
• 6:49
  this.
• 6:49
  You
• 6:49
  know,
• 6:49
  that's,
• 6:50
  that's
• 6:50
  what
• 6:50
  I
• 6:50
  come
• 6:50
  away
• 6:50
  with.
• 6:51
  I'm
• 6:51
  just
• 6:51
  jaded
• 6:51
  about
• 6:52
  it
• 6:52
  because,
• 6:52
  you
• 6:52
  know,
• 6:52
  to
• 6:52
  me,
• 6:53
  when
• 6:53
  I
• 6:53
  step
• 6:53
  back,
• 6:54
  you
• 6:54
  know,
• 6:54
  what
• 6:54
  our,
• 6:55
  what
• 6:55
  our,
• 6:55
  what
• 6:55
  our
• 6:56
  generation
• 6:56
  was,
• 6:57
  was
• 6:57
  known
• 6:57
  for
• 6:58
  at
• 6:58
  the
• 6:58
  time
• 6:58
  was
• 6:59
  it's
• 7:00
  always
• 7:00
  about
• 7:00
  money.
• 7:01
  No
• 7:01
  matter
• 7:01
  what.
• 7:02
  Everything
• 7:02
  always
• 7:03
  comes
• 7:03
  down
• 7:03
  to
• 7:03
  money.
• 7:04
  And
• 7:04
  the
• 7:04
  one
• 7:04
  thing
• 7:04
  I've
• 7:04
  learned,
• 7:05
  you
• 7:05
  know,
• 7:05
  talking
• 7:05
  to
• 7:05
  a
• 7:06
  lot
• 7:06
  of
• 7:06
  entrepreneurs
• 7:06
  in
• 7:07
  the
• 7:07
  eight
• 7:07
  years
• 7:07
  of
• 7:07
  doing
• 7:07
  this
• 7:08
  show,
• 7:09
  you
• 7:09
  can
• 7:09
  say
• 7:09
  you're
• 7:10
  setting
• 7:10
  out
• 7:10
  to
• 7:10
  change
• 7:10
  the
• 7:11
  world
• 7:11
  or
• 7:11
  solve
• 7:11
  a
• 7:12
  problem,
• 7:13
  but
• 7:13
  after
• 7:13
  eight
• 7:13
  years
• 7:13
  of
• 7:14
  doing
• 7:14
  this,
• 7:14
  the
• 7:14
  really
• 7:14
  successful
• 7:15
  ones
• 7:15
  that
• 7:15
  I've
• 7:15
  seen
• 7:16
  are
• 7:16
  the
• 7:16
  ones
• 7:16
  that
• 7:17
  have
• 7:17
  their
• 7:17
  eye
• 7:17
  on
• 7:17
  the
• 7:17
  prize
• 7:18
  operationally
• 7:18
  and
• 7:19
  are.
• 7:19
  They're
• 7:20
  always
• 7:20
  focused
• 7:21
  because
• 7:21
  you
• 7:21
  can
• 7:21
  hear
• 7:21
  it
• 7:21
  in
• 7:22
  the
• 7:22
  way
• 7:22
  they
• 7:22
  talk
• 7:22
  about
• 7:22
  their
• 7:23
  business.
• 7:23
  They're
• 7:23
  always
• 7:24
  focused
• 7:24
  on
• 7:24
  the
• 7:24
  payoff,
• 7:25
  despite
• 7:25
  what
• 7:26
  they're
• 7:26
  telling
• 7:26
  to
• 7:27
  the
• 7:27
  media
• 7:27
  and
• 7:27
  how
• 7:27
  they're
• 7:28
  trying
• 7:28
  to
• 7:28
  brand
• 7:28
  themselves.
• 7:29
  The
• 7:29
  payout
• 7:29
  is
• 7:29
  what
• 7:30
  matters.
• 7:30
  And
• 7:30
  they're
• 7:31
  laser
• 7:31
  focused.
• 7:32
  I
• 7:32
  hate
• 7:32
  to
• 7:32
  say
• 7:32
  it.
• 7:33
  This
• 7:33
  is
• 7:33
  Troy,
• 7:34
  Troy
• 7:34
  speaking
• 7:34
  Reality
• 7:35
  Bytes.
• 7:36
  They're
• 7:36
  laser
• 7:37
  focused
• 7:37
  most
• 7:37
  of
• 7:37
  the
• 7:37
  time
• 7:37
  on
• 7:38
  making
• 7:38
  themselves
• 7:38
  rich.
• 7:38
  And
• 7:39
  that's
• 7:39
  ultimately
• 7:39
  what
• 7:40
  ends
• 7:40
  up
• 7:40
  paying
• 7:40
  off.