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The Brutal Truth About Raising Your First Investment Fund With VC Karl Bracken Of Ocampo Capital · Omni Talk Retail

• 0:00
  Foreign.
• 0:08
  This
• 0:08
  podcast
• 0:09
  on
• 0:09
  invest
• 0:09
  your
• 0:09
  perspectives
• 0:10
  on
• 0:10
  retail
• 0:10
  and
• 0:11
  the
• 0:11
  consumer
• 0:11
  is
• 0:11
  brought
• 0:11
  to
• 0:12
  you
• 0:12
  by
• 0:12
  the
• 0:12
  Omnitalk
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  Retail
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  Podcast
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  Network.
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  Ranked
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  in
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  the
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  top
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  10%
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  100
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  business
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  on
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  The
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  Omnitalk
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  that
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  we
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  hope
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  makes
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  you
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  feel
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  a
• 0:23
  little
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  smarter,
• 0:24
  but
• 0:24
  most
• 0:24
  importantly,
• 0:25
  a
• 0:25
  little
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  happier
• 0:25
  each
• 0:26
  week,
• 0:26
  too.
• 0:27
  And
• 0:27
  today's
• 0:27
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• 0:27
  is
• 0:27
  just
• 0:28
  one
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  of
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  you
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  here
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  at
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  Omnitalk
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  Retail
• 0:31
  alongside
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  our
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  Daily
• 0:32
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  which
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  brings
• 0:33
  you
• 0:33
  a
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  curated
• 0:33
  selection
• 0:34
  of
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  the
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  most
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  important
• 0:34
  retail
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  headlines
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  every
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  morning,
• 0:36
  and
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  our
• 0:36
  signature
• 0:37
  podcast,
• 0:37
  the
• 0:37
  Retail
• 0:38
  Fast
• 0:38
  five,
• 0:38
  that
• 0:38
  breaks
• 0:39
  down
• 0:39
  each
• 0:39
  week.
• 0:40
  The
• 0:40
  top
• 0:40
  five
• 0:40
  headlines
• 0:41
  making
• 0:41
  waves
• 0:41
  in
• 0:41
  the
• 0:42
  world
• 0:42
  of
• 0:42
  omnichannel
• 0:43
  retailing.
• 0:43
  And
• 0:43
  that
• 0:43
  comes
• 0:43
  your
• 0:44
  way
• 0:44
  every
• 0:44
  Wednesday
• 0:45
  afternoon.
• 0:45
  Hello,
• 0:46
  everyone.
• 0:46
  I
• 0:46
  am
• 0:47
  one
• 0:47
  of
• 0:47
  your
• 0:47
  co
• 0:47
  hosts
• 0:47
  for
• 0:47
  today's
• 0:48
  interview,
• 0:48
  Chris
• 0:48
  Walton.
• 0:49
  And
• 0:49
  I'm
• 0:50
  Anne
• 0:50
  Mazinga.
• 0:51
  And
• 0:51
  we
• 0:51
  are
• 0:51
  bringing
• 0:51
  back
• 0:52
  one
• 0:52
  of
• 0:52
  our
• 0:52
  favorite
• 0:53
  guests
• 0:53
  and
• 0:54
  and
• 0:54
  people,
• 0:54
  Carl
• 0:55
  Bracken,
• 0:55
  the
• 0:56
  CEO
• 0:56
  and
• 0:56
  founder
• 0:57
  of
• 0:57
  Ocampo
• 0:58
  Capital.
• 0:58
  Carl
• 0:59
  is
• 0:59
  here
• 0:59
  to
• 0:59
  discuss
• 1:00
  what
• 1:00
  it
• 1:00
  takes
• 1:00
  to
• 1:00
  close
• 1:01
  an
• 1:01
  investment
• 1:01
  round
• 1:02
  to
• 1:02
  share
• 1:02
  his
• 1:03
  perspective
• 1:03
  on
• 1:04
  all
• 1:04
  the
• 1:04
  turmoil
• 1:05
  happening
• 1:05
  in
• 1:05
  the
• 1:05
  market
• 1:06
  and
• 1:06
  if
• 1:07
  we
• 1:07
  play
• 1:07
  our
• 1:07
  cards
• 1:07
  right,
• 1:08
  and
• 1:08
  hopefully
• 1:08
  we
• 1:09
  can
• 1:09
  even
• 1:09
  get
• 1:09
  him
• 1:10
  to
• 1:10
  talk
• 1:10
  about
• 1:10
  some
• 1:10
  of
• 1:11
  the
• 1:11
  investments
• 1:11
  on
• 1:12
  which
• 1:12
  he
• 1:12
  is
• 1:12
  particularly
• 1:13
  keen.
• 1:13
  So,
• 1:14
  Carl,
• 1:14
  without
• 1:14
  further
• 1:14
  ado,
• 1:15
  thank
• 1:15
  you
• 1:15
  for
• 1:15
  joining
• 1:16
  us
• 1:16
  and
• 1:16
  welcome
• 1:17
  back
• 1:17
  to
• 1:17
  omnitalk.
• 1:18
  Thanks
• 1:19
  as
• 1:19
  always
• 1:19
  for
• 1:19
  having
• 1:19
  me,
• 1:19
  guys.
• 1:20
  It's
• 1:20
  always
• 1:21
  awesome
• 1:21
  to
• 1:21
  be
• 1:21
  here
• 1:21
  with
• 1:21
  you.
• 1:23
  Well,
• 1:23
  Carl,
• 1:23
  we
• 1:24
  have
• 1:24
  interviewed
• 1:24
  you
• 1:25
  before
• 1:25
  and
• 1:25
  know
• 1:25
  you
• 1:26
  well,
• 1:26
  as
• 1:26
  Chris
• 1:26
  mentioned
• 1:27
  in
• 1:27
  the
• 1:27
  intro,
• 1:27
  but
• 1:27
  if
• 1:28
  you
• 1:28
  wouldn't
• 1:28
  mind
• 1:28
  just
• 1:29
  giving
• 1:29
  a
• 1:29
  quick
• 1:30
  background
• 1:31
  on
• 1:31
  you
• 1:32
  and
• 1:32
  what
• 1:32
  Ocampo
• 1:33
  Capital
• 1:33
  specializes
• 1:34
  in
• 1:34
  from
• 1:35
  a
• 1:35
  VC
• 1:35
  standpoint.
• 1:36
  Yeah,
• 1:36
  for
• 1:36
  sure.
• 1:37
  So
• 1:38
  my
• 1:38
  background
• 1:39
  is
• 1:39
  I
• 1:39
  actually
• 1:40
  started
• 1:40
  my
• 1:40
  career
• 1:40
  in
• 1:41
  finance
• 1:41
  at
• 1:41
  JP
• 1:41
  Morgan.
• 1:42
  I
• 1:43
  worked
• 1:43
  in
• 1:43
  the
• 1:43
  Venture
• 1:43
  Capital
• 1:44
  Group
• 1:44
  in
• 1:44
  San
• 1:44
  Francisco
• 1:45
  during
• 1:45
  the
• 1:45
  dot
• 1:45
  com
• 1:46
  bubble
• 1:46
  and
• 1:47
  pretty
• 1:47
  quickly
• 1:47
  realized,
• 1:48
  like,
• 1:48
  I
• 1:48
  needed
• 1:49
  to
• 1:49
  get
• 1:49
  some
• 1:50
  operating
• 1:50
  experience
• 1:50
  if
• 1:51
  I
• 1:51
  was
• 1:51
  going
• 1:51
  to
• 1:51
  be
• 1:51
  legitimate
• 1:52
  doing
• 1:52
  that.
• 1:52
  I
• 1:53
  was
• 1:53
  definitely
• 1:53
  not
• 1:53
  then.
• 1:55
  So
• 1:55
  I
• 1:55
  went
• 1:55
  back
• 1:55
  and
• 1:56
  got
• 1:57
  my
• 1:57
  mba,
• 1:58
  actually
• 1:58
  at
• 1:58
  Kellogg.
• 2:00
  I
• 2:00
  was
• 2:00
  in
• 2:00
  the
• 2:00
  same
• 2:00
  class
• 2:01
  with
• 2:01
  the
• 2:02
  incoming
• 2:02
  CEO
• 2:03
  for
• 2:03
  Target,
• 2:04
  Michael
• 2:04
  Fidelki.
• 2:05
  We
• 2:06
  were
• 2:06
  classmates.
• 2:07
  Yep.
• 2:07
  And
• 2:07
  started
• 2:08
  as
• 2:08
  interns
• 2:09
  at
• 2:09
  Target
• 2:09
  on
• 2:09
  the
• 2:09
  same
• 2:09
  day
• 2:10
  in
• 2:11
  June
• 2:11
  23,
• 2:12
  2003.
• 2:14
  Wow.
• 2:14
  You
• 2:14
  remember
• 2:14
  the
• 2:14
  date.
• 2:15
  That's
• 2:15
  great.
• 2:15
  I
• 2:15
  do,
• 2:15
  I
• 2:16
  do.
• 2:17
  So,
• 2:17
  yeah.
• 2:17
  So
• 2:18
  came
• 2:18
  to
• 2:18
  target
• 2:19
  after
• 2:19
  my
• 2:20
  MBA
• 2:21
  and
• 2:22
  was
• 2:22
  there
• 2:22
  from
• 2:23
  2003
• 2:23
  till
• 2:23
  2019.
• 2:25
  I
• 2:25
  started
• 2:25
  my
• 2:26
  career
• 2:26
  in
• 2:26
  merchandising,
• 2:27
  where
• 2:27
  I
• 2:27
  met
• 2:28
  you
• 2:28
  guys
• 2:29
  and
• 2:30
  was
• 2:30
  in
• 2:30
  merchandising
• 2:31
  for
• 2:31
  about
• 2:31
  eight
• 2:31
  years.
• 2:32
  And
• 2:32
  then
• 2:33
  from
• 2:33
  there
• 2:33
  went
• 2:34
  and
• 2:34
  led
• 2:34
  the
• 2:34
  inventory
• 2:35
  management
• 2:35
  function
• 2:36
  and
• 2:36
  then
• 2:36
  led
• 2:36
  the
• 2:37
  supply
• 2:37
  chain
• 2:37
  transformation.
• 2:39
  And
• 2:39
  then
• 2:40
  after
• 2:40
  that,
• 2:40
  I
• 2:41
  left
• 2:41
  Target.
• 2:42
  I
• 2:42
  became
• 2:42
  CEO
• 2:43
  of
• 2:43
  a
• 2:43
  beauty
• 2:44
  manufacturer
• 2:44
  for
• 2:45
  a
• 2:45
  short
• 2:45
  period
• 2:45
  of
• 2:45
  time.
• 2:45
  And
• 2:45
  then
• 2:46
  I
• 2:46
  was
• 2:46
  chief
• 2:46
  merchant
• 2:47
  and
• 2:47
  chief
• 2:47
  supply
• 2:47
  chain
• 2:47
  officer
• 2:48
  at
• 2:49
  Guitar
• 2:49
  center
• 2:49
  for
• 2:49
  about
• 2:49
  three
• 2:50
  and
• 2:50
  a
• 2:50
  half
• 2:50
  years.
• 2:51
  Kind
• 2:52
  of
• 2:52
  in
• 2:52
  the
• 2:52
  meantime,
• 2:52
  while
• 2:53
  I
• 2:53
  was,
• 2:53
  you
• 2:54
  know,
• 2:54
  kind
• 2:54
  of
• 2:54
  going
• 2:54
  through
• 2:55
  my,
• 2:55
  my
• 2:55
  career,
• 2:56
  something
• 2:57
  just
• 2:57
  kept
• 2:57
  hitting
• 2:57
  me.
• 2:58
  And
• 2:58
  particularly
• 2:58
  in
• 2:58
  my
• 2:59
  days
• 2:59
  at
• 2:59
  Target,
• 2:59
  which
• 3:00
  you
• 3:00
  guys
• 3:00
  will
• 3:00
  appreciate
• 3:01
  is
• 3:01
  there
• 3:01
  are
• 3:01
  all
• 3:02
  these,
• 3:02
  you
• 3:02
  know,
• 3:02
  young
• 3:02
  companies
• 3:03
  would
• 3:03
  come
• 3:03
  in
• 3:03
  with
• 3:03
  great
• 3:04
  product
• 3:04
  ideas
• 3:05
  and
• 3:05
  they
• 3:05
  would
• 3:06
  come
• 3:06
  into
• 3:06
  Target,
• 3:06
  they
• 3:07
  would
• 3:07
  sell
• 3:07
  that,
• 3:08
  you
• 3:08
  know,
• 3:08
  sell
• 3:09
  their
• 3:09
  ideas
• 3:09
  to
• 3:09
  Target,
• 3:09
  Target
• 3:10
  would,
• 3:10
  would
• 3:10
  like
• 3:11
  them,
• 3:11
  and
• 3:11
  Target
• 3:11
  would
• 3:12
  award
• 3:12
  the
• 3:12
  business
• 3:12
  and
• 3:12
  give
• 3:13
  them
• 3:13
  a
• 3:13
  purchase
• 3:13
  order.
• 3:14
  And
• 3:14
  what
• 3:14
  would
• 3:14
  happen
• 3:15
  is
• 3:15
  these
• 3:15
  companies
• 3:15
  would
• 3:16
  leave
• 3:16
  high
• 3:16
  fiving
• 3:17
  and
• 3:17
  then
• 3:18
  they'd
• 3:18
  come
• 3:18
  back
• 3:18
  a
• 3:18
  couple
• 3:19
  months
• 3:19
  later
• 3:19
  and
• 3:20
  say,
• 3:20
  we
• 3:20
  can't
• 3:20
  fill
• 3:20
  the
• 3:20
  purchase
• 3:21
  order.
• 3:22
  And
• 3:22
  the
• 3:22
  reason
• 3:22
  they
• 3:23
  couldn't,
• 3:23
  generally
• 3:23
  speaking,
• 3:24
  was
• 3:24
  either
• 3:24
  because
• 3:25
  they
• 3:25
  didn't
• 3:25
  have
• 3:25
  the
• 3:25
  funds
• 3:26
  to,
• 3:26
  to
• 3:27
  make
• 3:27
  the
• 3:27
  inventory,
• 3:28
  or
• 3:28
  they
• 3:29
  couldn't
• 3:30
  operate
• 3:30
  at
• 3:31
  scale
• 3:31
  and
• 3:31
  grow
• 3:32
  that
• 3:32
  fast.
• 3:32
  And
• 3:32
  so
• 3:32
  what
• 3:33
  would
• 3:33
  generally
• 3:33
  happen
• 3:34
  is
• 3:34
  Target
• 3:35
  would
• 3:35
  pull
• 3:35
  the
• 3:35
  purchase
• 3:36
  order
• 3:36
  and
• 3:36
  the
• 3:36
  company
• 3:36
  would
• 3:37
  be
• 3:38
  left
• 3:39
  to
• 3:39
  go
• 3:39
  bankrupt
• 3:40
  or
• 3:40
  kind
• 3:40
  of
• 3:41
  go
• 3:41
  away.
• 3:42
  And
• 3:42
  so
• 3:42
  it
• 3:43
  kind
• 3:43
  of
• 3:43
  struck
• 3:43
  me
• 3:44
  and
• 3:44
  I
• 3:44
  just
• 3:44
  kept
• 3:44
  thinking
• 3:45
  this
• 3:45
  over
• 3:45
  and
• 3:45
  over
• 3:45
  again
• 3:46
  at
• 3:46
  Target,
• 3:46
  which
• 3:47
  was,
• 3:47
  you
• 3:47
  know,
• 3:48
  what
• 3:48
  if
• 3:48
  this
• 3:48
  company
• 3:49
  had
• 3:49
  a.
• 3:50
  Somebody
• 3:50
  investing
• 3:50
  in
• 3:50
  it
• 3:51
  and
• 3:51
  someone
• 3:51
  to
• 3:51
  help
• 3:52
  them
• 3:52
  operate,
• 3:52
  like,
• 3:52
  couldn't
• 3:53
  have
• 3:53
  ended
• 3:53
  better.
• 3:54
  Like
• 3:54
  they
• 3:54
  had
• 3:54
  the
• 3:55
  product,
• 3:55
  you
• 3:56
  know.
• 3:56
  And
• 3:56
  so
• 3:57
  about
• 3:58
  six
• 3:58
  or
• 3:59
  seven
• 3:59
  years
• 3:59
  ago,
• 3:59
  I
• 3:59
  started
• 4:00
  investing
• 4:01
  just
• 4:01
  angel
• 4:02
  investments
• 4:02
  in
• 4:03
  companies
• 4:03
  with
• 4:04
  this
• 4:04
  is
• 4:04
  kind
• 4:04
  of
• 4:04
  my
• 4:04
  idea,
• 4:05
  and
• 4:06
  helped
• 4:06
  them
• 4:07
  operationally.
• 4:07
  And
• 4:07
  the
• 4:08
  idea
• 4:08
  was
• 4:08
  hopefully
• 4:08
  they
• 4:09
  would
• 4:09
  grow.
• 4:09
  And,
• 4:10
  and
• 4:10
  so
• 4:10
  it
• 4:10
  was
• 4:10
  working
• 4:10
  pretty
• 4:11
  well.
• 4:11
  So
• 4:11
  I
• 4:11
  decided
• 4:12
  about
• 4:12
  two
• 4:12
  years
• 4:12
  ago
• 4:13
  to
• 4:14
  found
• 4:14
  Ocampo
• 4:15
  Capital
• 4:15
  and
• 4:18
  announced
• 4:18
  that
• 4:18
  I
• 4:18
  was
• 4:18
  going
• 4:19
  to
• 4:19
  launch
• 4:19
  my
• 4:19
  first
• 4:19
  fund
• 4:19
  about
• 4:20
  a
• 4:20
  year
• 4:20
  and
• 4:20
  a
• 4:20
  half
• 4:20
  ago
• 4:21
  and
• 4:21
  closed
• 4:22
  my
• 4:22
  first
• 4:22
  fund
• 4:23
  about
• 4:24
  what,
• 4:25
  six
• 4:25
  months
• 4:25
  ago?
• 4:26
  A
• 4:26
  little
• 4:26
  less
• 4:26
  than
• 4:26
  six
• 4:26
  months
• 4:26
  ago.
• 4:27
  So
• 4:29
  that's
• 4:29
  it.
• 4:30
  What
• 4:30
  do
• 4:30
  we
• 4:30
  specialize
• 4:31
  in?
• 4:32
  We're
• 4:32
  early
• 4:32
  stage
• 4:33
  consumer
• 4:33
  investors.
• 4:34
  So
• 4:35
  I
• 4:35
  invest
• 4:36
  in
• 4:36
  businesses
• 4:37
  and
• 4:37
  repeat
• 4:37
  purchase
• 4:38
  categories.
• 4:38
  So
• 4:39
  think
• 4:39
  like
• 4:40
  beauty,
• 4:41
  personal
• 4:41
  care,
• 4:42
  health
• 4:43
  and
• 4:43
  wellness,
• 4:44
  baby
• 4:44
  pet,
• 4:45
  food
• 4:45
  and
• 4:46
  beverage,
• 4:46
  things
• 4:46
  like
• 4:46
  that.
• 4:47
  And
• 4:48
  yeah,
• 4:49
  invest
• 4:49
  in
• 4:49
  them
• 4:49
  and
• 4:50
  help
• 4:50
  them
• 4:50
  try
• 4:50
  to
• 4:51
  grow
• 4:51
  faster.
• 4:53
  Wow.
• 4:53
  So
• 4:53
  you,
• 4:54
  I
• 4:54
  mean,
• 4:54
  true
• 4:54
  entrepreneurial
• 4:55
  story.
• 4:55
  And
• 4:55
  jumped
• 4:56
  feet
• 4:56
  first
• 4:56
  into
• 4:57
  VC
• 4:57
  after
• 4:58
  dabbling
• 4:58
  it
• 4:58
  as
• 4:58
  an
• 4:58
  angel
• 4:59
  investor
• 4:59
  and
• 4:59
  having
• 4:59
  years
• 5:00
  and
• 5:00
  years
• 5:00
  of
• 5:00
  experience
• 5:00
  on
• 5:01
  the
• 5:01
  operator
• 5:01
  side
• 5:01
  too.
• 5:03
  It
• 5:03
  was
• 5:03
  scary.
• 5:05
  Yeah.
• 5:06
  I
• 5:06
  mean,
• 5:06
  I'm
• 5:06
  happy
• 5:07
  to
• 5:07
  talk
• 5:07
  about
• 5:07
  what
• 5:07
  it
• 5:07
  was
• 5:08
  like,
• 5:08
  you
• 5:08
  know,
• 5:09
  raising
• 5:09
  a
• 5:10
  fund.
• 5:10
  It
• 5:10
  was,
• 5:10
  it
• 5:10
  was
• 5:10
  not
• 5:10
  for
• 5:11
  the
• 5:11
  faint
• 5:11
  of
• 5:11
  heart,
• 5:11
  that's
• 5:11
  for
• 5:11
  sure.
• 5:12
  Well,
• 5:12
  that's
• 5:12
  that's
• 5:13
  actually
• 5:13
  what
• 5:13
  I
• 5:13
  was
• 5:13
  going
• 5:13
  to
• 5:13
  ask
• 5:13
  you
• 5:13
  next,
• 5:14
  Carl.
• 5:14
  I'm
• 5:14
  curious,
• 5:14
  like,
• 5:15
  what?
• 5:15
  So
• 5:16
  first
• 5:16
  of
• 5:16
  all,
• 5:16
  I
• 5:16
  mean,
• 5:16
  I
• 5:17
  think
• 5:17
  Ann
• 5:17
  and
• 5:17
  I
• 5:17
  have
• 5:17
  to
• 5:17
  give
• 5:18
  you
• 5:18
  huge
• 5:18
  congrats
• 5:19
  on
• 5:19
  closing
• 5:19
  a
• 5:19
  fund
• 5:20
  like
• 5:20
  that.
• 5:20
  That
• 5:20
  in
• 5:21
  and
• 5:21
  of
• 5:21
  itself
• 5:21
  is
• 5:22
  not
• 5:22
  easy.
• 5:23
  And
• 5:23
  I
• 5:23
  want
• 5:23
  to
• 5:23
  actually,
• 5:24
  I
• 5:24
  want
• 5:24
  you
• 5:24
  to
• 5:24
  explain
• 5:25
  why
• 5:25
  that's
• 5:25
  not
• 5:25
  easy.
• 5:26
  And
• 5:26
  also,
• 5:26
  what
• 5:27
  does
• 5:27
  that
• 5:27
  process
• 5:27
  even
• 5:28
  look
• 5:28
  like
• 5:28
  from
• 5:28
  start
• 5:28
  to
• 5:29
  finish?
• 5:29
  Because,
• 5:29
  you
• 5:29
  know,
• 5:29
  Ann
• 5:29
  and
• 5:30
  I
• 5:30
  have
• 5:30
  never
• 5:30
  really
• 5:31
  been
• 5:31
  through
• 5:31
  that
• 5:32
  on
• 5:32
  either
• 5:32
  side
• 5:32
  of
• 5:33
  things.
• 5:34
  Yeah,
• 5:35
  well,
• 5:35
  the
• 5:35
  process
• 5:36
  began
• 5:36
  with
• 5:37
  me
• 5:37
  waking
• 5:37
  up
• 5:37
  one
• 5:37
  morning
• 5:38
  at
• 5:38
  like
• 5:38
  three
• 5:38
  in
• 5:38
  the
• 5:38
  morning
• 5:39
  and
• 5:39
  being
• 5:39
  like,
• 5:39
  well,
• 5:40
  I've
• 5:40
  always
• 5:40
  wanted
• 5:40
  to
• 5:40
  do
• 5:40
  this.
• 5:41
  What
• 5:41
  does
• 5:41
  keep
• 5:41
  me
• 5:41
  from
• 5:42
  doing
• 5:42
  it
• 5:42
  and
• 5:43
  realizing
• 5:43
  what
• 5:43
  was
• 5:43
  keeping
• 5:44
  me
• 5:44
  from
• 5:44
  doing
• 5:44
  it
• 5:44
  was
• 5:45
  fear
• 5:45
  of
• 5:45
  failure
• 5:46
  and
• 5:46
  going
• 5:46
  out,
• 5:47
  you
• 5:47
  know,
• 5:47
  to
• 5:47
  say
• 5:47
  I
• 5:47
  was
• 5:47
  going
• 5:47
  to
• 5:48
  raise
• 5:48
  a
• 5:48
  fund.
• 5:49
  And
• 5:49
  so
• 5:49
  literally
• 5:49
  what
• 5:50
  I
• 5:50
  did
• 5:50
  was
• 5:50
  that
• 5:50
  morning
• 5:51
  I
• 5:51
  got
• 5:51
  up,
• 5:51
  I'm
• 5:51
  like,
• 5:52
  this
• 5:52
  is
• 5:52
  stupid.
• 5:52
  This
• 5:53
  is
• 5:53
  like,
• 5:53
  if
• 5:53
  I'm
• 5:53
  going
• 5:53
  to
• 5:54
  do
• 5:54
  this,
• 5:54
  now
• 5:54
  is
• 5:54
  the
• 5:54
  time
• 5:55
  for
• 5:55
  me
• 5:55
  to
• 5:55
  do
• 5:55
  this.
• 5:56
  And
• 5:56
  so
• 5:56
  I
• 5:57
  literally
• 5:58
  called
• 5:59
  up
• 5:59
  a
• 5:59
  web
• 6:00
  designer
• 6:00
  and
• 6:00
  had
• 6:00
  them
• 6:00
  build
• 6:01
  my
• 6:01
  website.
• 6:02
  And
• 6:02
  then
• 6:02
  I
• 6:03
  announced
• 6:03
  on
• 6:03
  LinkedIn
• 6:04
  that
• 6:04
  I
• 6:04
  was
• 6:04
  doing
• 6:05
  this
• 6:05
  as
• 6:05
  a
• 6:05
  way
• 6:05
  to
• 6:05
  keep
• 6:06
  myself
• 6:06
  from
• 6:06
  like
• 6:06
  chickening
• 6:07
  out.
• 6:08
  And
• 6:09
  so
• 6:09
  that
• 6:09
  was
• 6:09
  it.
• 6:10
  So
• 6:10
  I
• 6:10
  announced.
• 6:10
  Good
• 6:11
  mechanism.
• 6:11
  Good
• 6:11
  mechanism,
• 6:12
  yeah.
• 6:13
  And
• 6:13
  so
• 6:13
  I
• 6:13
  announced
• 6:13
  it.
• 6:14
  Now,
• 6:15
  you
• 6:15
  know,
• 6:15
  what
• 6:15
  I
• 6:16
  would
• 6:16
  say
• 6:16
  is
• 6:17
  the
• 6:18
  reason
• 6:18
  why
• 6:18
  it's
• 6:19
  so
• 6:19
  hard
• 6:19
  to
• 6:19
  raise
• 6:19
  a
• 6:20
  venture
• 6:20
  fund,
• 6:20
  and
• 6:20
  particularly
• 6:21
  a
• 6:21
  first
• 6:21
  one,
• 6:22
  is
• 6:23
  your
• 6:23
  investors
• 6:24
  are
• 6:24
  betting
• 6:25
  their
• 6:25
  hard
• 6:25
  earned
• 6:26
  money
• 6:26
  on,
• 6:27
  on
• 6:28
  you
• 6:28
  personally.
• 6:28
  You
• 6:29
  don't
• 6:29
  have
• 6:29
  a
• 6:29
  track
• 6:29
  record,
• 6:29
  you
• 6:30
  don't
• 6:30
  have,
• 6:30
  you
• 6:30
  know,
• 6:30
  anything
• 6:31
  other
• 6:31
  than
• 6:31
  that.
• 6:31
  And
• 6:32
  so,
• 6:32
  you
• 6:32
  know,
• 6:32
  the
• 6:33
  people
• 6:33
  that
• 6:33
  invested
• 6:33
  my
• 6:34
  in
• 6:34
  my
• 6:34
  fund
• 6:35
  thankfully
• 6:36
  believe
• 6:36
  that
• 6:36
  I
• 6:37
  could,
• 6:38
  you
• 6:38
  know,
• 6:38
  help
• 6:39
  get
• 6:39
  them
• 6:39
  good
• 6:39
  returns
• 6:40
  by
• 6:40
  finding
• 6:40
  good
• 6:40
  companies
• 6:41
  and
• 6:41
  investing
• 6:41
  in
• 6:42
  them.
• 6:42
  And
• 6:42
  so
• 6:42
  that
• 6:43
  was
• 6:43
  kind
• 6:43
  of
• 6:43
  the
• 6:43
  start
• 6:43
  of
• 6:44
  it.
• 6:44
  It's
• 6:45
  really
• 6:45
  hard
• 6:45
  going
• 6:45
  out
• 6:46
  and
• 6:46
  pitching,
• 6:47
  you
• 6:47
  know,
• 6:47
  your
• 6:47
  idea
• 6:48
  to
• 6:48
  potential
• 6:48
  investors
• 6:49
  and
• 6:49
  having
• 6:50
  them,
• 6:50
  you
• 6:50
  know,
• 6:50
  nine
• 6:51
  times
• 6:51
  out
• 6:51
  of
• 6:51
  10
• 6:51
  or
• 6:52
  five
• 6:52
  times
• 6:52
  out
• 6:52
  of
• 6:52
  10
• 6:52
  or
• 6:52
  whatever
• 6:53
  it
• 6:53
  be,
• 6:53
  maybe
• 6:54
  like
• 6:54
  giving
• 6:54
  you
• 6:54
  a
• 6:55
  thumbs
• 6:55
  down.
• 6:56
  So,
• 6:57
  you
• 6:57
  know,
• 6:57
  that
• 6:57
  was
• 6:58
  sort
• 6:58
  of,
• 6:58
  that
• 6:58
  was
• 6:58
  the,
• 6:58
  you
• 6:59
  know,
• 6:59
  the
• 6:59
  fundraising
• 7:00
  part.
• 7:00
  The
• 7:00
  way
• 7:00
  fundraising
• 7:01
  works
• 7:01
  in
• 7:01
  a
• 7:02
  venture
• 7:02
  invest
• 7:03
  investment
• 7:03
  is
• 7:04
  you
• 7:04
  have
• 7:05
  a
• 7:05
  series
• 7:05
  of
• 7:05
  closes.
• 7:06
  So
• 7:06
  you'll
• 7:06
  raise
• 7:07
  a
• 7:07
  certain
• 7:07
  amount
• 7:07
  of
• 7:07
  money
• 7:07
  and
• 7:07
  then
• 7:08
  you'll
• 7:08
  have
• 7:08
  your
• 7:08
  first
• 7:08
  close
• 7:08
  and
• 7:09
  then
• 7:09
  raise
• 7:09
  some
• 7:09
  more
• 7:09
  money,
• 7:09
  have
• 7:10
  a
• 7:10
  second
• 7:10
  close.
• 7:11
  That
• 7:12
  whole
• 7:12
  process
• 7:12
  for
• 7:13
  me
• 7:13
  was
• 7:13
  about
• 7:14
  15
• 7:14
  months
• 7:15
  or
• 7:15
  so,
• 7:16
  and
• 7:16
  then
• 7:17
  you
• 7:17
  have
• 7:17
  a
• 7:18
  final
• 7:18
  close.
• 7:19
  And,
• 7:19
  and
• 7:19
  after
• 7:19
  you
• 7:20
  have
• 7:20
  your
• 7:20
  final
• 7:20
  close,
• 7:20
  that
• 7:20
  means
• 7:21
  your
• 7:21
  fund
• 7:21
  is
• 7:22
  locked
• 7:22
  in
• 7:22
  and
• 7:23
  everyone
• 7:23
  knows
• 7:23
  what
• 7:24
  percent
• 7:24
  of
• 7:25
  the
• 7:25
  fund
• 7:26
  they
• 7:26
  account
• 7:26
  for
• 7:27
  and
• 7:27
  what
• 7:27
  percent
• 7:27
  of
• 7:28
  the
• 7:28
  companies
• 7:28
  that
• 7:29
  you
• 7:29
  invest
• 7:29
  in,
• 7:29
  they
• 7:29
  will
• 7:29
  account
• 7:30
  for.
• 7:31
  So
• 7:31
  yeah,
• 7:31
  I
• 7:31
  mean,
• 7:32
  it's
• 7:32
  just
• 7:32
  a
• 7:32
  lot
• 7:32
  of
• 7:33
  pounding
• 7:34
  the
• 7:34
  pavement
• 7:35
  and
• 7:36
  kind
• 7:37
  of
• 7:37
  hopefully
• 7:38
  getting
• 7:38
  people
• 7:38
  to
• 7:39
  agree
• 7:39
  with
• 7:39
  your
• 7:39
  vision.
• 7:40
  So
• 7:41
  yeah,
• 7:41
  that
• 7:41
  was
• 7:41
  it.
• 7:42
  So,
• 7:42
  Carl,
• 7:43
  I'm
• 7:43
  curious.
• 7:43
  One
• 7:43
  of
• 7:43
  my
• 7:44
  favorite
• 7:44
  expressions
• 7:44
  personally
• 7:45
  is
• 7:45
  experience
• 7:45
  isn't
• 7:46
  something
• 7:46
  you
• 7:46
  have
• 7:46
  until
• 7:46
  after
• 7:47
  you
• 7:47
  need
• 7:47
  it.
• 7:48
  So
• 7:48
  having
• 7:48
  gone
• 7:48
  through
• 7:49
  that
• 7:49
  15
• 7:50
  months,
• 7:50
  what
• 7:51
  is
• 7:51
  something
• 7:51
  that
• 7:51
  you
• 7:51
  look
• 7:51
  back
• 7:52
  on
• 7:52
  now
• 7:52
  and
• 7:52
  you're
• 7:52
  like,
• 7:52
  man,
• 7:53
  I
• 7:53
  wish
• 7:53
  I
• 7:53
  knew
• 7:54
  that
• 7:54
  the
• 7:54
  first
• 7:54
  time
• 7:54
  and
• 7:55
  I'm
• 7:55
  going
• 7:55
  to
• 7:55
  leverage
• 7:56
  that
• 7:56
  the
• 7:56
  second
• 7:56
  time
• 7:56
  around.
• 7:58
  That's
• 7:59
  a
• 7:59
  good
• 7:59
  question.
• 7:59
  I
• 8:00
  would
• 8:00
  say,
• 8:00
  you
• 8:00
  know,
• 8:01
  one
• 8:01
  of
• 8:01
  the
• 8:01
  things
• 8:01
  is
• 8:03
  I'm
• 8:03
  constantly
• 8:04
  learning
• 8:04
  and
• 8:04
  refining
• 8:05
  my
• 8:05
  investment
• 8:05
  thesis.
• 8:06
  And
• 8:06
  so
• 8:06
  there
• 8:07
  are
• 8:07
  certain
• 8:07
  things
• 8:07
  about
• 8:08
  my
• 8:08
  investment
• 8:08
  thesis
• 8:09
  early
• 8:10
  on
• 8:10
  that
• 8:11
  I
• 8:11
  think
• 8:11
  were
• 8:12
  approximately
• 8:13
  okay,
• 8:13
  but
• 8:13
  are
• 8:13
  like
• 8:14
  much
• 8:14
  more
• 8:14
  defined
• 8:14
  now.
• 8:15
  And
• 8:15
  so,
• 8:16
  so
• 8:16
  that's
• 8:16
  the
• 8:16
  first
• 8:17
  piece,
• 8:17
  I
• 8:17
  would
• 8:17
  say
• 8:17
  the
• 8:17
  second
• 8:18
  piece
• 8:18
  is
• 8:19
  knowing
• 8:20
  where
• 8:20
  your
• 8:20
  sphere
• 8:21
  of
• 8:21
  competency
• 8:21
  ends
• 8:22
  and
• 8:22
  knowing
• 8:22
  how
• 8:22
  to
• 8:23
  surround
• 8:23
  yourself
• 8:23
  with
• 8:23
  people
• 8:24
  that
• 8:24
  are,
• 8:24
  that
• 8:24
  they
• 8:25
  can,
• 8:25
  and
• 8:26
  you
• 8:26
  know,
• 8:26
  service
• 8:27
  providers
• 8:27
  that
• 8:27
  can
• 8:27
  fill
• 8:28
  the
• 8:28
  gaps.
• 8:28
  So,
• 8:29
  you
• 8:29
  know,
• 8:29
  I
• 8:29
  went
• 8:30
  into
• 8:30
  this
• 8:30
  thinking
• 8:30
  like
• 8:30
  I'm
• 8:31
  going
• 8:31
  to
• 8:31
  do
• 8:31
  the
• 8:31
  whole
• 8:31
  thing
• 8:31
  myself.
• 8:32
  I'm
• 8:32
  going
• 8:32
  to
• 8:32
  do
• 8:32
  the
• 8:32
  accounting
• 8:33
  myself.
• 8:33
  I'm
• 8:33
  going
• 8:33
  to
• 8:33
  do,
• 8:34
  you
• 8:34
  know,
• 8:34
  and
• 8:34
  in
• 8:34
  retrospect,
• 8:35
  that
• 8:35
  was
• 8:35
  insane.
• 8:36
  And
• 8:36
  so,
• 8:37
  you
• 8:37
  know,
• 8:38
  I
• 8:38
  had
• 8:38
  a
• 8:39
  neighbor
• 8:39
  when
• 8:40
  I
• 8:40
  lived
• 8:40
  in
• 8:40
  Minneapolis
• 8:40
  across
• 8:41
  the
• 8:41
  street
• 8:41
  and,
• 8:42
  and
• 8:42
  he
• 8:42
  would
• 8:42
  see
• 8:42
  me,
• 8:43
  you
• 8:43
  know,
• 8:43
  mowing
• 8:43
  my
• 8:43
  lawn
• 8:43
  and
• 8:44
  like
• 8:44
  trying
• 8:44
  to
• 8:44
  fix
• 8:44
  things
• 8:45
  in
• 8:45
  the,
• 8:45
  in
• 8:45
  the
• 8:45
  eaves
• 8:46
  of
• 8:46
  my
• 8:46
  house
• 8:46
  and
• 8:46
  stuff.
• 8:46
  And
• 8:47
  he'd
• 8:47
  say,
• 8:47
  he
• 8:47
  would
• 8:47
  always
• 8:47
  shout
• 8:48
  across
• 8:48
  the
• 8:48
  street,
• 8:49
  outsource
• 8:50
  all
• 8:50
  non
• 8:50
  core
• 8:50
  functions.
• 8:51
  And,
• 8:52
  and
• 8:53
  I
• 8:53
  would
• 8:53
  say
• 8:53
  that
• 8:54
  is
• 8:54
  totally
• 8:54
  true.
• 8:54
  As
• 8:55
  I
• 8:55
  think
• 8:55
  about,
• 8:55
  you
• 8:56
  know,
• 8:56
  my
• 8:56
  experience
• 8:57
  here,
• 8:57
  like
• 8:57
  I
• 8:57
  have
• 8:57
  a
• 8:57
  fund
• 8:58
  administrator,
• 8:58
  they,
• 8:59
  they
• 8:59
  are
• 8:59
  managing
• 9:00
  how,
• 9:00
  you
• 9:01
  know,
• 9:01
  all
• 9:01
  the
• 9:01
  documentation
• 9:02
  and
• 9:02
  everything
• 9:02
  gets
• 9:03
  to
• 9:03
  my
• 9:03
  investors.
• 9:04
  Like
• 9:04
  I
• 9:04
  should
• 9:04
  not
• 9:04
  be
• 9:05
  doing
• 9:05
  that,
• 9:06
  my
• 9:06
  accountant,
• 9:07
  I
• 9:07
  should
• 9:08
  not
• 9:08
  be
• 9:08
  doing
• 9:08
  the
• 9:08
  accounting,
• 9:09
  you
• 9:09
  know,
• 9:09
  things
• 9:09
  like
• 9:09
  that.
• 9:09
  And
• 9:09
  that's,
• 9:10
  that's
• 9:10
  made
• 9:10
  it
• 9:11
  a
• 9:11
  lot
• 9:11
  more
• 9:11
  efficient
• 9:12
  so
• 9:12
  I
• 9:12
  can
• 9:12
  focus
• 9:12
  on
• 9:12
  the
• 9:13
  things
• 9:13
  where
• 9:13
  hopefully
• 9:13
  I
• 9:13
  can
• 9:13
  add
• 9:14
  the
• 9:14
  most
• 9:14
  value.
• 9:16
  Well,
• 9:16
  Carl,
• 9:17
  I'm
• 9:17
  curious
• 9:17
  what
• 9:18
  the
• 9:18
  landscape
• 9:18
  looks
• 9:19
  like
• 9:19
  right
• 9:19
  now.
• 9:20
  What.
• 9:20
  It
• 9:21
  seems
• 9:21
  like
• 9:21
  the
• 9:21
  investor
• 9:22
  climate
• 9:22
  is
• 9:23
  a
• 9:23
  little
• 9:23
  challenged
• 9:24
  there.
• 9:24
  I
• 9:25
  mean,
• 9:25
  are
• 9:25
  there
• 9:25
  a
• 9:25
  lot
• 9:26
  of
• 9:26
  companies
• 9:26
  that
• 9:26
  are
• 9:26
  closing
• 9:27
  funds?
• 9:28
  You
• 9:28
  did
• 9:28
  that
• 9:28
  in
• 9:28
  15
• 9:29
  months.
• 9:29
  That's
• 9:29
  pretty
• 9:29
  impressive.
• 9:30
  But
• 9:30
  how
• 9:31
  would
• 9:31
  you
• 9:31
  kind
• 9:31
  of
• 9:31
  sum
• 9:32
  up
• 9:32
  a
• 9:32
  state
• 9:32
  of,
• 9:32
  the
• 9:33
  state
• 9:33
  of
• 9:33
  the
• 9:33
  market
• 9:33
  right
• 9:34
  now?
• 9:34
  Yeah,
• 9:35
  I
• 9:35
  would
• 9:35
  say
• 9:35
  there's,
• 9:36
  there's
• 9:37
  two
• 9:37
  pieces
• 9:38
  to
• 9:38
  this.
• 9:38
  There
• 9:38
  is
• 9:40
  if
• 9:40
  you're
• 9:40
  an
• 9:40
  AI
• 9:40
  business
• 9:41
  and
• 9:41
  then
• 9:41
  there's
• 9:42
  if
• 9:42
  you're
• 9:42
  everything
• 9:42
  else.
• 9:43
  So
• 9:43
  if
• 9:44
  you're
• 9:44
  an
• 9:44
  AI
• 9:45
  business,
• 9:45
  it's
• 9:45
  like
• 9:46
  it's
• 9:46
  go,
• 9:47
  go.
• 9:47
  You
• 9:47
  know.
• 9:48
  Yeah,
• 9:48
  Y2K
• 9:49
  all
• 9:49
  over
• 9:50
  again.
• 9:50
  You
• 9:51
  know,
• 9:51
  I
• 9:52
  would
• 9:52
  argue
• 9:52
  that
• 9:52
  it's
• 9:53
  in
• 9:53
  a
• 9:53
  pretty
• 9:53
  big
• 9:53
  bubble,
• 9:54
  but
• 9:55
  you
• 9:55
  know,
• 9:56
  that's
• 9:56
  getting
• 9:57
  funded
• 9:58
  right
• 9:58
  now.
• 9:58
  If
• 9:58
  you're
• 9:58
  an
• 9:58
  AI
• 9:59
  business
• 9:59
  is
• 9:59
  not
• 9:59
  that
• 10:00
  hard.
• 10:00
  No
• 10:00
  wonder.
• 10:01
  So
• 10:01
  many
• 10:01
  companies
• 10:02
  that
• 10:02
  are,
• 10:02
  you
• 10:02
  know,
• 10:02
  like
• 10:04
  serving
• 10:04
  burgers
• 10:05
  or
• 10:05
  putting
• 10:05
  AI
• 10:06
  on
• 10:06
  the
• 10:06
  end
• 10:06
  of
• 10:06
  their
• 10:06
  company
• 10:08
  so
• 10:08
  they
• 10:09
  can
• 10:09
  get
• 10:09
  a
• 10:09
  hire
• 10:10
  AI.
• 10:10
  That's
• 10:10
  a
• 10:10
  great
• 10:10
  one.
• 10:12
  Yeah,
• 10:13
  we
• 10:13
  interviewed
• 10:13
  somebody
• 10:14
  and
• 10:14
  he
• 10:14
  was
• 10:14
  like,
• 10:14
  you
• 10:14
  could
• 10:14
  be
• 10:15
  bread
• 10:15
  AI
• 10:15
  right
• 10:16
  now
• 10:16
  and
• 10:16
  somebody
• 10:17
  would
• 10:17
  give
• 10:17
  you
• 10:17
  money
• 10:17
  at
• 10:18
  this
• 10:18
  point
• 10:18
  in
• 10:18
  time.
• 10:18
  That's
• 10:18
  right.
• 10:18
  That's
• 10:19
  right.
• 10:19
  They
• 10:19
  said
• 10:19
  that.
• 10:19
  Yeah,
• 10:20
  it
• 10:20
  is
• 10:20
  true.
• 10:20
  Yeah.
• 10:21
  I
• 10:21
  mean,
• 10:21
  maybe
• 10:21
  you
• 10:21
  guys
• 10:22
  should
• 10:22
  think
• 10:22
  about
• 10:22
  Omnitalk
• 10:23
  AI
• 10:24
  or
• 10:24
  something.
• 10:24
  I
• 10:24
  don't
• 10:24
  know.
• 10:26
  Believe
• 10:26
  me,
• 10:26
  it's
• 10:26
  been
• 10:27
  discussed,
• 10:27
  Carl,
• 10:28
  it's
• 10:28
  been
• 10:28
  discussed.
• 10:31
  So
• 10:31
  that's
• 10:31
  one,
• 10:31
  that's
• 10:32
  one
• 10:32
  side
• 10:32
  of
• 10:32
  it.
• 10:33
  And
• 10:33
  that's
• 10:33
  actually
• 10:33
  about
• 10:34
  40,
• 10:34
  40
• 10:35
  plus
• 10:35
  percent
• 10:36
  of
• 10:36
  venture
• 10:36
  dollars
• 10:37
  are
• 10:37
  going
• 10:37
  to
• 10:37
  AI
• 10:38
  companies
• 10:38
  right
• 10:38
  now.
• 10:39
  And
• 10:39
  it's,
• 10:40
  I
• 10:40
  would
• 10:40
  say,
• 10:41
  pretty
• 10:41
  bubblicious.
• 10:42
  On
• 10:42
  the
• 10:42
  other
• 10:42
  hand
• 10:43
  is
• 10:43
  everything
• 10:43
  else.
• 10:44
  And
• 10:45
  when
• 10:45
  you
• 10:45
  look
• 10:45
  at
• 10:45
  everything
• 10:46
  else,
• 10:46
  it
• 10:46
  is,
• 10:47
  it
• 10:47
  is
• 10:48
  challenging
• 10:48
  funding
• 10:48
  environment.
• 10:50
  And
• 10:51
  in
• 10:51
  consumer,
• 10:52
  it's
• 10:52
  about
• 10:52
  as
• 10:53
  challenging
• 10:53
  as
• 10:53
  it
• 10:53
  is
• 10:53
  in
• 10:54
  any,
• 10:54
  in
• 10:54
  any
• 10:55
  possible
• 10:55
  area.
• 10:56
  Now
• 10:56
  why
• 10:57
  is
• 10:57
  this?
• 10:58
  There's
• 10:58
  a
• 10:58
  couple
• 10:58
  reasons
• 10:59
  for
• 10:59
  this.
• 10:59
  So
• 11:00
  first
• 11:00
  is
• 11:00
  any
• 11:01
  legacy
• 11:02
  venture
• 11:02
  fund
• 11:03
  that
• 11:03
  has
• 11:03
  raised
• 11:04
  funds
• 11:05
  is
• 11:05
  trying
• 11:05
  to
• 11:06
  raise
• 11:06
  another
• 11:07
  fund
• 11:07
  now.
• 11:07
  And
• 11:08
  they're
• 11:08
  having
• 11:08
  a
• 11:08
  very
• 11:08
  hard
• 11:08
  time
• 11:09
  doing
• 11:09
  it
• 11:09
  because
• 11:09
  of
• 11:10
  the
• 11:10
  IPO
• 11:10
  market.
• 11:11
  There
• 11:11
  have
• 11:11
  been
• 11:11
  so
• 11:11
  few
• 11:11
  companies
• 11:12
  going
• 11:12
  public
• 11:13
  that
• 11:13
  they
• 11:14
  aren't
• 11:14
  having
• 11:14
  any
• 11:14
  liquidity
• 11:15
  events.
• 11:15
  And
• 11:16
  because
• 11:16
  of
• 11:16
  that
• 11:16
  they
• 11:16
  can't
• 11:17
  return
• 11:17
  money
• 11:17
  to
• 11:17
  their
• 11:17
  investors.
• 11:18
  And
• 11:18
  so
• 11:19
  that
• 11:19
  has
• 11:19
  made
• 11:19
  it
• 11:19
  really,
• 11:20
  really
• 11:20
  hard
• 11:20
  for
• 11:21
  any
• 11:21
  venture
• 11:22
  fund
• 11:22
  to
• 11:22
  fundraise.
• 11:24
  The
• 11:24
  second
• 11:24
  thing
• 11:24
  I
• 11:24
  would
• 11:25
  say
• 11:25
  is
• 11:26
  there
• 11:26
  were
• 11:26
  a
• 11:26
  bunch
• 11:27
  of
• 11:27
  kind
• 11:27
  of
• 11:27
  generalist
• 11:28
  venture
• 11:28
  capital
• 11:28
  firms
• 11:29
  that
• 11:29
  had
• 11:29
  invested
• 11:29
  in
• 11:30
  consumer
• 11:30
  a
• 11:30
  number
• 11:30
  of
• 11:30
  years
• 11:31
  ago.
• 11:31
  So
• 11:31
  think
• 11:32
  of
• 11:32
  like
• 11:32
  Amazon
• 11:33
  aggregators,
• 11:34
  there
• 11:34
  was
• 11:34
  a
• 11:34
  big
• 11:34
  push
• 11:34
  to
• 11:35
  invest
• 11:35
  in
• 11:35
  that
• 11:35
  or
• 11:36
  influencer
• 11:37
  LED
• 11:37
  brands,
• 11:38
  those
• 11:38
  kinds
• 11:38
  of
• 11:38
  things.
• 11:39
  And
• 11:39
  a
• 11:39
  lot
• 11:39
  of
• 11:40
  those
• 11:40
  guys
• 11:40
  got
• 11:40
  burned
• 11:40
  pretty
• 11:41
  badly
• 11:41
  on
• 11:41
  their
• 11:41
  investments.
• 11:42
  And
• 11:42
  so
• 11:43
  that's
• 11:43
  caused
• 11:43
  some
• 11:44
  of
• 11:44
  the
• 11:44
  venture
• 11:45
  investors
• 11:45
  to
• 11:45
  just
• 11:46
  kind
• 11:46
  of
• 11:46
  walk
• 11:46
  away
• 11:46
  from
• 11:47
  consumer
• 11:48
  entirely.
• 11:49
  And
• 11:50
  then
• 11:50
  like
• 11:50
  I
• 11:51
  said,
• 11:51
  you
• 11:51
  know,
• 11:51
  there's
• 11:52
  so
• 11:52
  much
• 11:52
  money
• 11:52
  going
• 11:52
  to
• 11:53
  AI
• 11:53
  that
• 11:53
  it's
• 11:53
  like
• 11:53
  crowding
• 11:54
  out
• 11:55
  investment
• 11:55
  in
• 11:56
  other
• 11:56
  categories.
• 11:56
  So
• 11:57
  you
• 11:57
  know,
• 11:57
  with
• 11:57
  all
• 11:57
  that
• 11:58
  said,
• 11:58
  it's
• 11:58
  like
• 11:58
  it's
• 11:58
  a
• 11:59
  very
• 11:59
  challenging
• 12:00
  time
• 12:00
  to
• 12:00
  fundraise
• 12:01
  as
• 12:01
  a,
• 12:02
  as
• 12:02
  a
• 12:02
  venture
• 12:02
  fund
• 12:02
  because
• 12:03
  so
• 12:03
  few
• 12:03
  venture
• 12:04
  funds
• 12:04
  are,
• 12:04
  are
• 12:05
  able
• 12:05
  to
• 12:05
  raise
• 12:06
  and
• 12:07
  it's.
• 12:07
  And
• 12:07
  because
• 12:07
  of
• 12:07
  that
• 12:08
  it's
• 12:08
  also
• 12:08
  very
• 12:08
  hard
• 12:08
  to
• 12:08
  fundraise
• 12:09
  if
• 12:09
  You're
• 12:09
  a
• 12:09
  company
• 12:09
  looking
• 12:10
  to
• 12:10
  fundraise
• 12:11
  if
• 12:11
  you're,
• 12:12
  you
• 12:12
  know,
• 12:12
  there
• 12:12
  were
• 12:13
  30,000
• 12:13
  consumer
• 12:14
  brands
• 12:14
  founded
• 12:15
  last
• 12:15
  year.
• 12:16
  Many,
• 12:16
  if
• 12:16
  not
• 12:17
  most
• 12:17
  of
• 12:17
  them
• 12:17
  are
• 12:17
  looking
• 12:18
  for
• 12:18
  some
• 12:18
  sort
• 12:19
  of
• 12:19
  venture
• 12:19
  capital
• 12:20
  or
• 12:20
  some
• 12:20
  sort
• 12:20
  of
• 12:20
  investment
• 12:21
  and
• 12:23
  they
• 12:23
  can't
• 12:23
  get
• 12:23
  it
• 12:23
  because
• 12:23
  there's
• 12:24
  so
• 12:24
  few
• 12:25
  companies
• 12:25
  investing.
• 12:26
  So
• 12:26
  the
• 12:27
  consumer
• 12:27
  venture
• 12:28
  dollars
• 12:28
  are
• 12:28
  down
• 12:29
  as
• 12:30
  a,
• 12:30
  in
• 12:31
  total
• 12:31
  down
• 12:32
  almost
• 12:32
  90%
• 12:33
  from
• 12:33
  where
• 12:33
  they
• 12:33
  were
• 12:33
  three
• 12:34
  years
• 12:34
  ago.
• 12:35
  So
• 12:35
  it's,
• 12:35
  it's
• 12:36
  down.
• 12:36
  Yeah,
• 12:37
  it's
• 12:37
  down
• 12:37
  pretty
• 12:38
  dramatically.
• 12:39
  Carl,
• 12:40
  just
• 12:40
  a
• 12:40
  quick
• 12:41
  question,
• 12:41
  like
• 12:41
  what
• 12:41
  does
• 12:41
  that
• 12:42
  mean
• 12:42
  then
• 12:42
  for
• 12:43
  these
• 12:43
  consumer
• 12:44
  brands
• 12:44
  or
• 12:44
  is
• 12:45
  it
• 12:45
  looking
• 12:45
  at
• 12:45
  like
• 12:46
  shutting
• 12:46
  down
• 12:47
  like
• 12:47
  it
• 12:47
  was
• 12:47
  when
• 12:47
  it
• 12:48
  went
• 12:48
  the
• 12:48
  whole
• 12:48
  reason
• 12:49
  behind
• 12:49
  why
• 12:49
  you
• 12:49
  started
• 12:49
  your
• 12:50
  fund?
• 12:50
  Like
• 12:50
  what
• 12:50
  does
• 12:51
  that
• 12:51
  mean
• 12:51
  for
• 12:51
  the
• 12:51
  landscape
• 12:52
  then,
• 12:52
  then?
• 12:53
  Yeah,
• 12:53
  it
• 12:53
  means
• 12:53
  for
• 12:54
  a
• 12:54
  lot
• 12:54
  of
• 12:54
  them,
• 12:54
  they
• 12:54
  have
• 12:55
  to
• 12:55
  really
• 12:56
  refine
• 12:57
  their,
• 12:57
  their
• 12:57
  business
• 12:58
  model
• 12:58
  and
• 12:58
  make
• 12:58
  sure
• 12:58
  that
• 12:59
  it
• 12:59
  is
• 12:59
  on
• 13:00
  point
• 13:00
  and
• 13:00
  efficient
• 13:01
  as
• 13:01
  a
• 13:01
  business
• 13:02
  model.
• 13:02
  And
• 13:02
  that's,
• 13:02
  that's
• 13:03
  a
• 13:03
  big.
• 13:04
  Yeah,
• 13:04
  run
• 13:04
  lean,
• 13:05
  you
• 13:05
  know,
• 13:06
  go
• 13:06
  slow
• 13:07
  to
• 13:07
  go
• 13:07
  fast,
• 13:07
  that
• 13:07
  kind
• 13:07
  of
• 13:08
  thing.
• 13:08
  I
• 13:08
  mean
• 13:08
  and,
• 13:08
  and
• 13:08
  I
• 13:09
  pray
• 13:09
  I
• 13:09
  preach
• 13:10
  that
• 13:10
  to
• 13:10
  every
• 13:10
  company
• 13:10
  in
• 13:10
  my
• 13:10
  portfolio
• 13:11
  too
• 13:11
  is.
• 13:11
  Oh,
• 13:12
  you
• 13:12
  know,
• 13:12
  it's,
• 13:12
  it's.
• 13:13
  Go
• 13:13
  slow
• 13:13
  to
• 13:13
  go
• 13:13
  fast
• 13:14
  is
• 13:14
  a
• 13:14
  good
• 13:14
  way
• 13:14
  to
• 13:14
  be
• 13:15
  operating
• 13:15
  in
• 13:15
  any
• 13:15
  environment,
• 13:16
  particularly
• 13:16
  now.
• 13:17
  But
• 13:17
  you
• 13:18
  know,
• 13:18
  on
• 13:18
  the,
• 13:18
  on
• 13:18
  the
• 13:19
  positive
• 13:19
  side,
• 13:20
  if
• 13:20
  you
• 13:20
  look
• 13:20
  back
• 13:21
  on
• 13:21
  some
• 13:21
  of
• 13:21
  the
• 13:21
  biggest
• 13:22
  consumer
• 13:22
  brands
• 13:22
  there
• 13:23
  are
• 13:23
  in
• 13:23
  the,
• 13:23
  in
• 13:24
  the
• 13:24
  world,
• 13:25
  there's
• 13:26
  a
• 13:26
  huge
• 13:26
  percentage
• 13:26
  of
• 13:27
  them
• 13:27
  that
• 13:27
  were
• 13:27
  founded
• 13:27
  during
• 13:27
  major
• 13:28
  economic
• 13:28
  downturns
• 13:30
  and
• 13:30
  very
• 13:31
  tight
• 13:31
  funding
• 13:31
  environments.
• 13:32
  And
• 13:33
  I
• 13:33
  think
• 13:34
  one
• 13:34
  of
• 13:34
  the
• 13:34
  major
• 13:35
  reasons
• 13:35
  why
• 13:36
  is
• 13:36
  because
• 13:36
  they
• 13:37
  had
• 13:37
  to
• 13:37
  have
• 13:37
  a
• 13:37
  really
• 13:37
  awesome
• 13:38
  business
• 13:38
  model.
• 13:39
  And
• 13:39
  so
• 13:40
  if
• 13:40
  you
• 13:40
  can,
• 13:40
  and
• 13:41
  if
• 13:41
  you
• 13:41
  can
• 13:41
  make
• 13:42
  it
• 13:42
  through
• 13:42
  the
• 13:42
  lean
• 13:43
  years,
• 13:43
  you're
• 13:43
  going
• 13:44
  to
• 13:44
  be
• 13:44
  just
• 13:44
  propelled
• 13:45
  forward
• 13:45
  faster
• 13:45
  in
• 13:45
  the,
• 13:46
  in
• 13:46
  the
• 13:46
  big
• 13:46
  year.
• 13:46
  So
• 13:47
  you
• 13:47
  know,
• 13:47
  think
• 13:47
  about
• 13:47
  like
• 13:48
  Coca
• 13:48
  Cola,
• 13:48
  Procter
• 13:49
  and
• 13:49
  Gamble,
• 13:50
  Microsoft,
• 13:51
  like
• 13:51
  there's
• 13:51
  so
• 13:52
  many
• 13:52
  companies
• 13:52
  you
• 13:52
  could
• 13:52
  call
• 13:53
  out
• 13:53
  as
• 13:54
  companies
• 13:54
  that
• 13:54
  were
• 13:54
  founded
• 13:55
  during
• 13:55
  pretty
• 13:55
  tough
• 13:55
  economic
• 13:56
  environments.
• 13:57
  So,
• 13:57
  so
• 13:58
  that's
• 13:58
  that.
• 13:58
  I
• 13:58
  mean,
• 13:58
  just,
• 13:58
  you
• 13:59
  know,
• 13:59
  one
• 13:59
  last
• 13:59
  point
• 13:59
  I'll
• 13:59
  make
• 14:00
  here
• 14:00
  is
• 14:00
  just
• 14:00
  to
• 14:00
  give
• 14:00
  you
• 14:00
  a
• 14:00
  sense
• 14:01
  for
• 14:01
  how
• 14:01
  tough
• 14:01
  it
• 14:01
  was.
• 14:02
  My
• 14:02
  small
• 14:03
  fund
• 14:03
  actually
• 14:03
  accounts
• 14:04
  for
• 14:05
  6%
• 14:06
  of
• 14:06
  all
• 14:07
  US
• 14:07
  consumer
• 14:08
  venture
• 14:08
  capital
• 14:09
  dollars
• 14:09
  raised
• 14:09
  by
• 14:09
  first
• 14:10
  time
• 14:10
  investors
• 14:10
  in
• 14:10
  the
• 14:10
  United
• 14:11
  States
• 14:11
  this
• 14:11
  year.
• 14:12
  What?
• 14:12
  Yeah.
• 14:13
  Jesus.
• 14:14
  Yeah,
• 14:14
  that's
• 14:15
  how
• 14:15
  tight
• 14:15
  it
• 14:15
  is.
• 14:17
  And
• 14:17
  congrats
• 14:17
  again,
• 14:18
  my
• 14:18
  friend.
• 14:18
  Yes,
• 14:19
  that's
• 14:19
  a
• 14:19
  pretty
• 14:19
  awesome
• 14:20
  statistic
• 14:20
  drop
• 14:20
  too.
• 14:21
  It's
• 14:22
  a
• 14:22
  good
• 14:22
  stat,
• 14:22
  but
• 14:23
  I
• 14:23
  think
• 14:23
  it
• 14:23
  says
• 14:23
  more
• 14:24
  about
• 14:24
  how
• 14:24
  tough
• 14:24
  the
• 14:25
  environment
• 14:25
  is
• 14:26
  unless
• 14:26
  huge
• 14:27
  my
• 14:27
  fund
• 14:27
  is.
• 14:27
  So
• 14:28
  anyway,
• 14:28
  Right.
• 14:29
  Well
• 14:29
  then
• 14:30
  it
• 14:30
  also
• 14:30
  tells
• 14:31
  you
• 14:33
  potentially,
• 14:33
  which
• 14:33
  we'll
• 14:34
  talk
• 14:34
  about
• 14:34
  more,
• 14:34
  gives
• 14:34
  some
• 14:35
  insight
• 14:35
  into
• 14:35
  your
• 14:35
  investment
• 14:36
  thesis
• 14:36
  and
• 14:36
  why
• 14:36
  people
• 14:37
  are
• 14:37
  interested
• 14:37
  in
• 14:37
  you
• 14:37
  too.
• 14:38
  All
• 14:38
  right,
• 14:39
  so
• 14:39
  let's
• 14:39
  shift
• 14:39
  gears
• 14:39
  a
• 14:39
  little
• 14:39
  bit.
• 14:40
  We
• 14:40
  want
• 14:40
  to
• 14:40
  have
• 14:40
  a
• 14:40
  little
• 14:40
  fun
• 14:40
  here
• 14:41
  with
• 14:41
  you.
• 14:42
  I'm
• 14:42
  going
• 14:42
  to
• 14:42
  do
• 14:42
  something
• 14:42
  and,
• 14:43
  and
• 14:43
  I've
• 14:43
  tried
• 14:44
  it
• 14:44
  a
• 14:44
  couple
• 14:44
  of
• 14:44
  times
• 14:44
  with
• 14:44
  different
• 14:44
  folks.
• 14:45
  Going
• 14:45
  to
• 14:45
  try
• 14:45
  with
• 14:45
  you.
• 14:45
  So
• 14:46
  one
• 14:46
  of
• 14:46
  the
• 14:46
  things
• 14:46
  I
• 14:46
  always
• 14:47
  think
• 14:47
  about
• 14:47
  when
• 14:47
  running
• 14:48
  an
• 14:48
  investment
• 14:48
  fund,
• 14:48
  and
• 14:49
  honestly,
• 14:49
  it
• 14:49
  is
• 14:49
  probably
• 14:50
  the
• 14:50
  number
• 14:50
  one
• 14:50
  reason
• 14:50
  I
• 14:51
  personally
• 14:51
  would
• 14:51
  never
• 14:51
  do
• 14:52
  it,
• 14:52
  is
• 14:52
  that
• 14:52
  you,
• 14:52
  you
• 14:53
  have
• 14:53
  to
• 14:53
  handle
• 14:53
  other
• 14:53
  people's
• 14:54
  money.
• 14:54
  And
• 14:55
  so
• 14:55
  I
• 14:56
  can
• 14:56
  imagine,
• 14:56
  I
• 14:57
  can
• 14:57
  imagine
• 14:57
  you
• 14:58
  are
• 14:58
  fielding
• 14:58
  all
• 14:59
  types
• 14:59
  of
• 14:59
  calls
• 14:59
  from
• 14:59
  people
• 15:00
  about
• 15:00
  all
• 15:01
  sorts
• 15:01
  of
• 15:01
  topics.
• 15:02
  So
• 15:02
  Ann
• 15:02
  and
• 15:02
  I
• 15:02
  are
• 15:03
  going
• 15:03
  to
• 15:03
  pretend
• 15:03
  that
• 15:04
  we
• 15:04
  are
• 15:04
  each
• 15:04
  one
• 15:04
  of
• 15:05
  your
• 15:05
  investors
• 15:06
  and
• 15:06
  ask
• 15:06
  you
• 15:06
  what
• 15:07
  is
• 15:07
  on
• 15:07
  our
• 15:07
  minds.
• 15:08
  Are
• 15:08
  you
• 15:08
  ready
• 15:08
  to
• 15:08
  play
• 15:09
  this
• 15:09
  game?
• 15:09
  All
• 15:10
  right,
• 15:10
  bring
• 15:10
  it
• 15:10
  on.
• 15:10
  Hopefully
• 15:11
  I've
• 15:11
  heard
• 15:11
  these
• 15:11
  before.
• 15:12
  I
• 15:13
  imagine
• 15:13
  you
• 15:13
  have.
• 15:14
  I
• 15:14
  imagine
• 15:14
  you
• 15:14
  have.
• 15:14
  Because
• 15:14
  when
• 15:15
  people,
• 15:15
  when
• 15:15
  it's
• 15:15
  about
• 15:15
  people's
• 15:16
  money,
• 15:16
  they
• 15:16
  get
• 15:16
  really
• 15:16
  serious
• 15:17
  really
• 15:17
  quickly.
• 15:17
  So.
• 15:18
  All
• 15:18
  right,
• 15:18
  first
• 15:18
  one,
• 15:19
  first
• 15:19
  one,
• 15:19
  the
• 15:19
  topic
• 15:20
  du
• 15:20
  jour.
• 15:21
  Tariffs.
• 15:22
  What's
• 15:22
  my
• 15:22
  exposure
• 15:23
  on
• 15:23
  tariffs,
• 15:23
  Carl,
• 15:24
  if
• 15:24
  I'm
• 15:24
  investing
• 15:24
  in
• 15:25
  your
• 15:25
  fund.
• 15:26
  Yeah.
• 15:27
  So
• 15:28
  we
• 15:28
  went
• 15:28
  through
• 15:29
  a
• 15:29
  really
• 15:30
  detailed
• 15:30
  analysis
• 15:31
  of
• 15:31
  where
• 15:31
  we
• 15:31
  might
• 15:32
  have
• 15:32
  tariff
• 15:32
  exposure
• 15:33
  earlier
• 15:33
  this
• 15:34
  spring.
• 15:36
  And
• 15:36
  thankfully,
• 15:37
  since
• 15:38
  all
• 15:38
  of
• 15:38
  our,
• 15:39
  almost
• 15:39
  all
• 15:39
  of
• 15:39
  our
• 15:39
  businesses
• 15:40
  are
• 15:40
  produced
• 15:42
  in
• 15:42
  the
• 15:42
  United
• 15:42
  States,
• 15:43
  our
• 15:43
  tariff
• 15:43
  exposure
• 15:44
  is
• 15:44
  actually
• 15:44
  pretty
• 15:45
  limited.
• 15:46
  So
• 15:47
  we
• 15:47
  have
• 15:47
  some
• 15:48
  packaging
• 15:48
  exposure.
• 15:49
  You
• 15:49
  know,
• 15:49
  packaging
• 15:50
  being
• 15:50
  made
• 15:50
  in
• 15:50
  China
• 15:50
  that
• 15:51
  for
• 15:51
  our
• 15:51
  products,
• 15:52
  like,
• 15:52
  there's
• 15:52
  a
• 15:53
  little
• 15:53
  bit
• 15:53
  of
• 15:53
  exposure
• 15:53
  there.
• 15:54
  We
• 15:54
  have
• 15:54
  a
• 15:54
  couple
• 15:54
  products
• 15:55
  that
• 15:56
  are
• 15:56
  manufactured
• 15:56
  overseas,
• 15:58
  and
• 15:58
  those
• 15:58
  products
• 15:59
  we
• 15:59
  have
• 15:59
  tried
• 16:00
  to
• 16:00
  move
• 16:00
  the
• 16:01
  manufacturing
• 16:01
  location,
• 16:03
  and
• 16:03
  in
• 16:03
  most
• 16:04
  cases
• 16:04
  that's
• 16:04
  been
• 16:04
  like,
• 16:05
  pretty
• 16:05
  effective.
• 16:06
  But
• 16:07
  at
• 16:07
  this
• 16:07
  point,
• 16:07
  I
• 16:07
  would
• 16:08
  say
• 16:08
  our
• 16:08
  exposure
• 16:08
  is
• 16:08
  relatively
• 16:10
  limited.
• 16:10
  Now,
• 16:12
  if
• 16:12
  we
• 16:12
  had
• 16:12
  been
• 16:13
  investing
• 16:13
  in
• 16:14
  businesses
• 16:14
  like
• 16:15
  long
• 16:15
  lead
• 16:16
  time
• 16:16
  apparel
• 16:16
  that's
• 16:17
  produced
• 16:17
  overseas,
• 16:18
  or,
• 16:18
  you
• 16:19
  know,
• 16:19
  other
• 16:19
  consumer
• 16:20
  categories
• 16:20
  that,
• 16:20
  you
• 16:20
  know,
• 16:21
  I
• 16:21
  don't
• 16:21
  know,
• 16:22
  sporting
• 16:23
  goods
• 16:23
  or
• 16:23
  things
• 16:23
  like
• 16:23
  that
• 16:23
  that
• 16:24
  are
• 16:24
  largely
• 16:24
  made
• 16:24
  overseas,
• 16:25
  that
• 16:25
  would
• 16:25
  be
• 16:26
  a
• 16:26
  much
• 16:26
  scarier
• 16:27
  proposition.
• 16:28
  Thankfully,
• 16:28
  we
• 16:29
  don't
• 16:29
  have
• 16:29
  much
• 16:29
  of
• 16:29
  that
• 16:29
  in
• 16:30
  our
• 16:30
  portfolio.
• 16:32
  Okay,
• 16:32
  what
• 16:33
  about
• 16:33
  AI?
• 16:34
  Everybody's
• 16:34
  talking
• 16:35
  about
• 16:35
  it.
• 16:35
  How
• 16:35
  carried
• 16:36
  away
• 16:36
  with
• 16:36
  it
• 16:36
  should
• 16:37
  we
• 16:37
  get?
• 16:38
  Yeah,
• 16:39
  okay.
• 16:39
  So
• 16:39
  I'd
• 16:39
  say
• 16:39
  I
• 16:40
  think
• 16:40
  it
• 16:40
  depends
• 16:40
  on
• 16:40
  what
• 16:40
  you
• 16:40
  mean
• 16:41
  by
• 16:41
  that.
• 16:41
  So
• 16:41
  if,
• 16:42
  if
• 16:42
  you're
• 16:42
  talking
• 16:43
  about
• 16:44
  direct
• 16:44
  investments
• 16:45
  in
• 16:45
  AI
• 16:45
  companies,
• 16:47
  You
• 16:47
  know,
• 16:47
  I,
• 16:47
  like
• 16:48
  I
• 16:48
  kind
• 16:48
  of
• 16:48
  alluded
• 16:48
  to
• 16:49
  before,
• 16:49
  I'm,
• 16:49
  I'm
• 16:49
  haunted
• 16:50
  by
• 16:50
  my
• 16:50
  experience
• 16:51
  working
• 16:51
  in
• 16:51
  venture
• 16:52
  capital
• 16:52
  in
• 16:52
  San
• 16:52
  Francisco
• 16:53
  during
• 16:53
  the
• 16:53
  dot
• 16:53
  com
• 16:53
  bubble.
• 16:54
  Yeah,
• 16:55
  it
• 16:55
  was,
• 16:55
  you
• 16:55
  know,
• 16:56
  back
• 16:56
  then,
• 16:56
  every
• 16:57
  company
• 16:57
  was
• 16:57
  changing
• 16:58
  their
• 16:58
  name
• 16:58
  to
• 16:59
  look
• 16:59
  like
• 16:59
  an
• 16:59
  e
• 16:59
  commerce
• 16:59
  company,
• 17:00
  even
• 17:00
  if
• 17:00
  they
• 17:00
  weren't.
• 17:01
  And
• 17:01
  the
• 17:01
  reason
• 17:01
  why
• 17:01
  they're
• 17:02
  doing
• 17:02
  that
• 17:02
  was
• 17:02
  because
• 17:03
  the
• 17:03
  Valuations
• 17:04
  were
• 17:04
  higher
• 17:04
  and
• 17:05
  you
• 17:05
  know,
• 17:05
  it
• 17:05
  was,
• 17:05
  it
• 17:06
  was
• 17:06
  kind
• 17:06
  of
• 17:06
  a
• 17:06
  popularity
• 17:07
  contest.
• 17:08
  But
• 17:09
  you
• 17:09
  know,
• 17:09
  I
• 17:10
  would
• 17:10
  say
• 17:10
  in
• 17:10
  2001,
• 17:11
  2000,
• 17:12
  2002,
• 17:13
  that
• 17:13
  time
• 17:13
  frame,
• 17:13
  everyone
• 17:14
  knew
• 17:14
  E
• 17:14
  commerce
• 17:15
  was
• 17:15
  going
• 17:15
  to
• 17:15
  be
• 17:15
  big.
• 17:16
  What
• 17:16
  they
• 17:16
  didn't
• 17:16
  know
• 17:17
  was
• 17:17
  who
• 17:17
  the
• 17:17
  winners
• 17:18
  and
• 17:18
  the
• 17:18
  losers
• 17:18
  were
• 17:18
  going
• 17:18
  to
• 17:19
  be.
• 17:19
  You
• 17:19
  know,
• 17:19
  was,
• 17:19
  it
• 17:20
  was,
• 17:20
  you
• 17:20
  know,
• 17:21
  think
• 17:21
  about
• 17:21
  it
• 17:21
  like
• 17:21
  Amazon.com
• 17:22
  was
• 17:22
  a
• 17:23
  book
• 17:23
  seller.
• 17:24
  Did
• 17:24
  they
• 17:24
  have
• 17:24
  any
• 17:24
  right
• 17:24
  to
• 17:25
  win
• 17:25
  more
• 17:25
  than
• 17:25
  pets.com
• 17:26
  did
• 17:27
  at
• 17:27
  that
• 17:27
  time?
• 17:28
  On
• 17:28
  the
• 17:28
  surface,
• 17:28
  maybe
• 17:29
  not,
• 17:29
  you
• 17:29
  know,
• 17:30
  and
• 17:31
  so
• 17:31
  that,
• 17:32
  that
• 17:32
  was,
• 17:33
  you
• 17:33
  know,
• 17:33
  so,
• 17:34
  so
• 17:34
  because
• 17:34
  of
• 17:34
  that
• 17:35
  really
• 17:35
  no
• 17:35
  one
• 17:36
  knew
• 17:36
  who
• 17:36
  the
• 17:36
  winners
• 17:36
  and
• 17:36
  the
• 17:37
  losers
• 17:37
  were
• 17:37
  going
• 17:37
  to
• 17:37
  be.
• 17:38
  I
• 17:38
  would
• 17:38
  say
• 17:38
  the
• 17:38
  same
• 17:38
  thing
• 17:39
  with
• 17:39
  AI
• 17:39
  now,
• 17:39
  like,
• 17:40
  I
• 17:40
  am
• 17:40
  not
• 17:40
  an
• 17:40
  expert
• 17:41
  on
• 17:41
  AI
• 17:41
  and
• 17:42
  that's
• 17:42
  actually
• 17:42
  the
• 17:42
  main
• 17:43
  reason
• 17:43
  why
• 17:43
  I
• 17:43
  don't
• 17:44
  invest
• 17:44
  in
• 17:44
  it,
• 17:44
  because
• 17:44
  I
• 17:44
  don't
• 17:45
  have
• 17:45
  a
• 17:45
  right
• 17:45
  to
• 17:45
  win.
• 17:45
  But
• 17:46
  just
• 17:46
  as
• 17:46
  an
• 17:46
  outsider
• 17:47
  looking
• 17:47
  in
• 17:47
  at
• 17:47
  it,
• 17:48
  to
• 17:48
  me,
• 17:48
  I
• 17:48
  think
• 17:49
  that
• 17:49
  the
• 17:49
  biggest
• 17:49
  challenge
• 17:49
  with
• 17:50
  AI
• 17:51
  is
• 17:51
  you
• 17:51
  don't
• 17:51
  know
• 17:51
  who
• 17:51
  the
• 17:52
  winners
• 17:52
  or
• 17:52
  losers
• 17:52
  are
• 17:52
  going
• 17:52
  to
• 17:52
  be.
• 17:53
  Like
• 17:53
  everyone
• 17:53
  knows
• 17:54
  AI
• 17:54
  is
• 17:54
  going
• 17:55
  to
• 17:55
  be
• 17:55
  a
• 17:55
  big
• 17:55
  thing,
• 17:55
  there's
• 17:55
  no
• 17:55
  question
• 17:56
  about
• 17:56
  it.
• 17:57
  But
• 17:58
  I
• 17:58
  don't
• 17:59
  know
• 17:59
  if
• 17:59
  XAI
• 18:00
  or
• 18:00
  anthropic
• 18:01
  or
• 18:03
  whatever,
• 18:03
  OpenAI
• 18:04
  or
• 18:04
  whatever
• 18:04
  is
• 18:04
  going
• 18:05
  to
• 18:05
  be
• 18:05
  the
• 18:05
  winner
• 18:05
  or
• 18:05
  something
• 18:06
  that
• 18:06
  hasn't
• 18:06
  even
• 18:06
  happened
• 18:07
  yet.
• 18:08
  If
• 18:08
  you
• 18:08
  think
• 18:08
  about
• 18:08
  how
• 18:08
  fast
• 18:09
  it's
• 18:09
  iterating
• 18:10
  and
• 18:11
  you're
• 18:11
  thinking
• 18:11
  about
• 18:11
  a
• 18:11
  long
• 18:12
  term
• 18:12
  investment
• 18:13
  cycle
• 18:13
  like
• 18:13
  a
• 18:14
  venture
• 18:14
  investment,
• 18:15
  how
• 18:15
  do
• 18:15
  you
• 18:15
  know
• 18:16
  which
• 18:17
  LLM
• 18:18
  model
• 18:18
  is
• 18:18
  going
• 18:18
  to
• 18:18
  be
• 18:19
  the
• 18:19
  best
• 18:19
  at
• 18:20
  version
• 18:21
  15
• 18:21
  versus
• 18:22
  version
• 18:22
  3?
• 18:23
  I
• 18:23
  have
• 18:23
  no
• 18:23
  idea,
• 18:24
  you
• 18:24
  know,
• 18:24
  so
• 18:24
  I
• 18:25
  have
• 18:25
  no
• 18:25
  right
• 18:25
  to
• 18:25
  win
• 18:26
  in
• 18:26
  this
• 18:26
  space.
• 18:26
  I
• 18:27
  know
• 18:27
  very
• 18:27
  little
• 18:27
  about
• 18:28
  it.
• 18:28
  So
• 18:28
  from
• 18:28
  the
• 18:28
  standpoint
• 18:29
  of
• 18:29
  investing,
• 18:29
  I
• 18:30
  stay
• 18:30
  away
• 18:30
  from
• 18:30
  it.
• 18:31
  Now
• 18:32
  on
• 18:32
  the
• 18:32
  other
• 18:32
  hand,
• 18:33
  when
• 18:33
  you
• 18:33
  think
• 18:33
  about,
• 18:36
  you
• 18:36
  know,
• 18:36
  the
• 18:37
  impact
• 18:37
  that
• 18:37
  AI
• 18:38
  companies
• 18:38
  can
• 18:38
  have
• 18:38
  on
• 18:38
  your
• 18:39
  portfolio,
• 18:40
  like
• 18:40
  that's
• 18:40
  pretty
• 18:41
  important
• 18:41
  to
• 18:41
  know
• 18:42
  because
• 18:42
  you
• 18:43
  are
• 18:43
  holding
• 18:43
  these
• 18:43
  companies
• 18:44
  for
• 18:44
  a
• 18:44
  long
• 18:44
  period
• 18:44
  of
• 18:44
  time.
• 18:45
  And
• 18:45
  you
• 18:45
  know,
• 18:46
  I
• 18:46
  don't
• 18:47
  know
• 18:47
  what,
• 18:47
  how
• 18:47
  AI
• 18:48
  is
• 18:48
  going
• 18:48
  to
• 18:48
  continue
• 18:48
  to
• 18:49
  evolve,
• 18:49
  but
• 18:50
  I
• 18:50
  do
• 18:51
  have
• 18:51
  a
• 18:51
  feeling
• 18:51
  that
• 18:51
  10
• 18:52
  years
• 18:52
  from
• 18:52
  now
• 18:53
  consumer
• 18:53
  products
• 18:54
  are
• 18:54
  still
• 18:54
  going
• 18:54
  to
• 18:54
  be
• 18:54
  purchased
• 18:55
  by
• 18:55
  people.
• 18:56
  And
• 18:56
  so
• 18:58
  where
• 18:58
  AI
• 18:58
  can
• 18:59
  help
• 18:59
  you,
• 19:00
  that's
• 19:00
  really
• 19:00
  good
• 19:00
  to
• 19:01
  know.
• 19:01
  Where
• 19:01
  AI
• 19:02
  could
• 19:02
  potentially
• 19:02
  disrupt
• 19:03
  you,
• 19:03
  that's
• 19:03
  also
• 19:03
  good
• 19:04
  to
• 19:04
  know.
• 19:04
  And
• 19:05
  so
• 19:05
  I
• 19:05
  try
• 19:05
  to
• 19:05
  stay
• 19:07
  away
• 19:07
  from
• 19:07
  categories
• 19:08
  where
• 19:08
  I
• 19:08
  think
• 19:08
  AI
• 19:09
  can
• 19:10
  quickly
• 19:10
  disrupt
• 19:11
  the
• 19:11
  businesses,
• 19:13
  but
• 19:13
  stay
• 19:14
  very
• 19:14
  close
• 19:14
  and
• 19:14
  where
• 19:15
  AI
• 19:15
  can
• 19:15
  help
• 19:15
  either
• 19:16
  my
• 19:16
  fund
• 19:16
  or
• 19:16
  the
• 19:16
  businesses
• 19:17
  propel
• 19:18
  faster.
• 19:18
  So
• 19:19
  yeah,
• 19:20
  AI
• 19:20
  is
• 19:20
  a
• 19:21
  huge
• 19:21
  topic.
• 19:22
  Hopefully
• 19:22
  that
• 19:22
  answers
• 19:22
  your
• 19:23
  question,
• 19:24
  Carl,
• 19:24
  what's.
• 19:24
  An
• 19:24
  example
• 19:25
  of
• 19:25
  a
• 19:25
  consumer
• 19:27
  business
• 19:28
  that
• 19:28
  could
• 19:28
  be
• 19:28
  disrupted
• 19:29
  by
• 19:29
  AI
• 19:29
  in
• 19:30
  the
• 19:30
  Space
• 19:30
  that
• 19:30
  you're
• 19:30
  generally
• 19:31
  treading
• 19:31
  within.
• 19:32
  Yeah,
• 19:33
  let's
• 19:33
  see
• 19:34
  here.
• 19:35
  I'll
• 19:36
  mention
• 19:36
  a
• 19:36
  couple
• 19:36
  of
• 19:36
  areas.
• 19:37
  Like
• 19:37
  one,
• 19:37
  one
• 19:38
  would
• 19:38
  be
• 19:38
  like
• 19:39
  consumer
• 19:39
  businesses
• 19:40
  that
• 19:40
  are
• 19:40
  based
• 19:40
  on
• 19:42
  some
• 19:42
  sort
• 19:42
  of
• 19:43
  a
• 19:43
  technology
• 19:43
  infrastructure
• 19:44
  or
• 19:44
  tie
• 19:44
  into
• 19:45
  some
• 19:45
  sort
• 19:45
  of
• 19:45
  a
• 19:45
  technology
• 19:46
  that
• 19:46
  could
• 19:46
  be
• 19:46
  disrupted.
• 19:48
  You
• 19:48
  know,
• 19:49
  I
• 19:49
  think
• 19:49
  about
• 19:50
  like,
• 19:51
  like
• 19:51
  electronics
• 19:52
  products
• 19:52
  or
• 19:52
  something
• 19:52
  that
• 19:53
  could,
• 19:53
  that
• 19:53
  are
• 19:53
  like
• 19:54
  IoT
• 19:54
  products
• 19:55
  that
• 19:55
  like,
• 19:55
  that
• 19:55
  could
• 19:55
  be
• 19:56
  a
• 19:56
  challenge.
• 19:56
  Or
• 19:57
  you
• 19:57
  think
• 19:57
  about
• 19:57
  like,
• 19:59
  like
• 19:59
  products
• 20:00
  that
• 20:00
  are
• 20:00
  based
• 20:01
  on
• 20:01
  a,
• 20:01
  like
• 20:02
  biotech
• 20:03
  underlying,
• 20:04
  you
• 20:04
  know,
• 20:06
  sort
• 20:06
  of
• 20:07
  research
• 20:08
  that
• 20:08
  could
• 20:08
  be
• 20:08
  disrupted
• 20:09
  by
• 20:09
  new
• 20:09
  research.
• 20:09
  That's
• 20:10
  better.
• 20:11
  Those
• 20:11
  are
• 20:11
  the
• 20:11
  types
• 20:11
  of
• 20:12
  things
• 20:12
  that
• 20:12
  I
• 20:12
  think
• 20:12
  are
• 20:12
  potentially
• 20:14
  disrupting.
• 20:15
  Yeah,
• 20:16
  things
• 20:16
  like
• 20:17
  that.
• 20:17
  Got
• 20:18
  it,
• 20:18
  Got
• 20:18
  it.
• 20:18
  All
• 20:18
  right,
• 20:18
  so
• 20:18
  next
• 20:19
  one.
• 20:19
  So,
• 20:19
  so.
• 20:20
  Man,
• 20:20
  Carl,
• 20:21
  I'm
• 20:21
  just,
• 20:21
  I'm
• 20:21
  just
• 20:22
  really
• 20:22
  threatened
• 20:22
  about
• 20:22
  this
• 20:23
  consumer.
• 20:23
  You
• 20:23
  know,
• 20:23
  the
• 20:23
  consumer
• 20:24
  confidence
• 20:24
  continues
• 20:25
  to
• 20:25
  seem
• 20:25
  like
• 20:25
  it's
• 20:26
  on
• 20:26
  the
• 20:26
  decline.
• 20:26
  It
• 20:26
  seems
• 20:27
  like
• 20:27
  it's
• 20:27
  declining
• 20:27
  every
• 20:27
  single
• 20:28
  week.
• 20:28
  What,
• 20:29
  what's
• 20:29
  the
• 20:29
  outlook
• 20:30
  on
• 20:30
  that?
• 20:30
  Like
• 20:30
  how
• 20:30
  concerned
• 20:31
  should
• 20:31
  I
• 20:31
  be
• 20:31
  about
• 20:31
  the
• 20:31
  state
• 20:32
  of
• 20:32
  the
• 20:32
  consumer
• 20:32
  right
• 20:32
  now
• 20:33
  in
• 20:33
  my
• 20:33
  investments?
• 20:34
  Yeah,
• 20:36
  so
• 20:36
  there's,
• 20:37
  there's
• 20:38
  two
• 20:38
  answers
• 20:38
  that
• 20:38
  I
• 20:39
  would
• 20:39
  give
• 20:39
  you
• 20:39
  to
• 20:39
  this.
• 20:39
  So
• 20:39
  the
• 20:40
  first
• 20:40
  one
• 20:40
  is,
• 20:40
  you
• 20:40
  know,
• 20:41
  the
• 20:41
  short
• 20:41
  term
• 20:41
  answer
• 20:42
  and
• 20:42
  then
• 20:42
  the
• 20:43
  second
• 20:43
  one
• 20:43
  is
• 20:43
  a
• 20:43
  long
• 20:43
  term
• 20:43
  answer.
• 20:44
  The
• 20:44
  short
• 20:44
  term
• 20:44
  answer
• 20:45
  I
• 20:45
  would
• 20:45
  say
• 20:45
  is
• 20:46
  not
• 20:46
  as
• 20:47
  relevant
• 20:47
  for
• 20:48
  what
• 20:48
  I'm
• 20:49
  doing
• 20:49
  because
• 20:50
  if
• 20:50
  there's,
• 20:50
  if
• 20:51
  we're
• 20:51
  in
• 20:51
  a
• 20:51
  technical
• 20:51
  recession
• 20:52
  today
• 20:52
  or
• 20:52
  technical
• 20:53
  recession,
• 20:53
  you
• 20:54
  know,
• 20:54
  the
• 20:54
  next
• 20:54
  three
• 20:54
  months
• 20:54
  or
• 20:55
  whatever,
• 20:56
  that's
• 20:56
  not
• 20:57
  really
• 20:57
  going
• 20:57
  to
• 20:57
  impact
• 20:58
  what
• 20:59
  I
• 20:59
  think
• 20:59
  the
• 20:59
  outlook
• 21:00
  is
• 21:00
  seven
• 21:00
  to
• 21:01
  ten
• 21:01
  years
• 21:01
  from
• 21:01
  now
• 21:01
  for
• 21:01
  my,
• 21:02
  for
• 21:02
  my
• 21:02
  companies
• 21:03
  I've
• 21:03
  invested
• 21:03
  in.
• 21:04
  But
• 21:05
  on
• 21:05
  the
• 21:05
  other
• 21:05
  hand,
• 21:06
  you
• 21:07
  know,
• 21:08
  when
• 21:08
  you
• 21:08
  think
• 21:08
  about,
• 21:10
  you
• 21:10
  know,
• 21:10
  short
• 21:10
  term
• 21:11
  trends,
• 21:11
  like
• 21:11
  do
• 21:11
  I
• 21:12
  think
• 21:12
  the
• 21:12
  consumer
• 21:13
  potentially
• 21:14
  is
• 21:14
  under
• 21:14
  some
• 21:14
  stress?
• 21:15
  Yes,
• 21:15
  I
• 21:15
  think
• 21:16
  consumer
• 21:16
  is
• 21:17
  kind
• 21:17
  of
• 21:17
  bifurcated
• 21:18
  between
• 21:18
  the,
• 21:19
  you
• 21:19
  know,
• 21:19
  high
• 21:20
  upper
• 21:20
  end,
• 21:20
  the
• 21:21
  higher
• 21:21
  income
• 21:21
  and
• 21:22
  lower
• 21:22
  income
• 21:22
  consumer.
• 21:24
  You
• 21:24
  know,
• 21:24
  you
• 21:24
  see
• 21:25
  credit
• 21:25
  card
• 21:26
  balances
• 21:27
  increasing
• 21:27
  and
• 21:28
  revolving
• 21:28
  credit
• 21:29
  card
• 21:29
  debt
• 21:29
  increasing.
• 21:29
  That
• 21:30
  didn't
• 21:31
  end
• 21:31
  well
• 21:31
  in
• 21:31
  2008.
• 21:32
  That's
• 21:33
  a
• 21:33
  little
• 21:33
  scary.
• 21:34
  So,
• 21:35
  you
• 21:35
  know,
• 21:35
  there
• 21:35
  are
• 21:35
  some
• 21:35
  indicators
• 21:36
  that
• 21:36
  the
• 21:36
  consumer
• 21:36
  is
• 21:37
  not
• 21:37
  as
• 21:37
  strong
• 21:37
  as
• 21:38
  they
• 21:38
  were,
• 21:38
  but
• 21:38
  they
• 21:38
  do
• 21:39
  tend
• 21:39
  to,
• 21:40
  you
• 21:40
  know,
• 21:40
  they
• 21:40
  seem
• 21:41
  like
• 21:41
  they're
• 21:41
  still
• 21:41
  spending.
• 21:41
  I
• 21:42
  think
• 21:42
  it's
• 21:42
  just
• 21:42
  who's
• 21:43
  winning
• 21:43
  and
• 21:43
  who's
• 21:43
  losing.
• 21:44
  I
• 21:44
  mean,
• 21:44
  look
• 21:44
  at,
• 21:45
  you
• 21:45
  know,
• 21:45
  Walmart.
• 21:46
  Walmart
• 21:47
  is
• 21:47
  reported
• 21:48
  good
• 21:48
  earnings,
• 21:48
  you
• 21:48
  know,
• 21:48
  so
• 21:49
  there's,
• 21:49
  you
• 21:49
  know,
• 21:49
  it's,
• 21:50
  there's
• 21:50
  consumers
• 21:50
  are
• 21:51
  still
• 21:51
  spending.
• 21:51
  I
• 21:51
  think
• 21:51
  it's
• 21:52
  just,
• 21:52
  it's
• 21:52
  shifting
• 21:52
  around.
• 21:53
  But
• 21:53
  for
• 21:53
  me,
• 21:54
  longer
• 21:54
  term
• 21:54
  it's
• 21:55
  about,
• 21:56
  you
• 21:56
  know,
• 21:56
  what
• 21:56
  is
• 21:57
  the
• 21:57
  state
• 21:57
  of
• 21:57
  the,
• 21:57
  the
• 21:58
  broader
• 21:58
  macro
• 21:59
  environment
• 21:59
  seven
• 22:00
  to
• 22:00
  ten
• 22:00
  years
• 22:00
  from
• 22:00
  now.
• 22:01
  And
• 22:02
  I,
• 22:02
  I
• 22:02
  can't
• 22:03
  really
• 22:03
  get
• 22:03
  too
• 22:03
  caught
• 22:04
  up
• 22:04
  in
• 22:04
  the
• 22:04
  short
• 22:04
  term
• 22:04
  consumer
• 22:06
  interaction
• 22:07
  because
• 22:07
  that
• 22:07
  may
• 22:08
  or
• 22:08
  may
• 22:08
  not
• 22:08
  be,
• 22:09
  you
• 22:09
  know,
• 22:09
  correlated
• 22:10
  with,
• 22:10
  with
• 22:10
  what
• 22:10
  I
• 22:10
  think
• 22:10
  is
• 22:11
  going
• 22:11
  to
• 22:11
  happen
• 22:11
  at
• 22:11
  my
• 22:11
  companies.
• 22:13
  Well,
• 22:13
  Carl,
• 22:13
  what
• 22:14
  should
• 22:14
  we
• 22:14
  be
• 22:14
  betting
• 22:14
  on
• 22:14
  then?
• 22:15
  I
• 22:15
  think
• 22:15
  especially,
• 22:15
  that's
• 22:16
  especially
• 22:16
  interesting
• 22:16
  to
• 22:16
  me
• 22:17
  as
• 22:17
  you're
• 22:17
  talking
• 22:18
  about,
• 22:18
  you
• 22:19
  know,
• 22:20
  health
• 22:20
  and
• 22:20
  beauty
• 22:20
  and
• 22:21
  wellness
• 22:22
  and
• 22:22
  pets
• 22:23
  and
• 22:23
  you
• 22:23
  know,
• 22:24
  consumer
• 22:24
  products
• 22:25
  like
• 22:25
  that
• 22:25
  that
• 22:25
  we're
• 22:26
  using
• 22:26
  day
• 22:26
  in
• 22:26
  and
• 22:26
  day
• 22:27
  out.
• 22:27
  What's
• 22:27
  going
• 22:27
  to
• 22:27
  change
• 22:28
  about
• 22:28
  that?
• 22:28
  Or
• 22:28
  what
• 22:28
  would
• 22:28
  you
• 22:28
  be
• 22:29
  placing
• 22:29
  your
• 22:29
  bets
• 22:29
  on?
• 22:30
  Yeah,
• 22:31
  that's
• 22:31
  an
• 22:31
  awesome
• 22:32
  question.
• 22:32
  And
• 22:32
  what
• 22:32
  I
• 22:32
  would
• 22:33
  tell
• 22:33
  you
• 22:33
  is
• 22:33
  it
• 22:33
  was
• 22:34
  back
• 22:34
  to
• 22:34
  your
• 22:35
  earlier
• 22:35
  question
• 22:35
  about,
• 22:35
  you
• 22:36
  know,
• 22:36
  things
• 22:36
  that
• 22:36
  I
• 22:36
  learned
• 22:37
  over
• 22:37
  the
• 22:37
  course
• 22:38
  of
• 22:38
  doing
• 22:38
  this.
• 22:39
  You
• 22:39
  know,
• 22:40
  one
• 22:40
  of
• 22:40
  the
• 22:40
  biggest
• 22:40
  AHAs
• 22:41
  I
• 22:41
  had
• 22:41
  was
• 22:42
  like
• 22:42
  the
• 22:42
  way
• 22:43
  to
• 22:43
  translate
• 22:44
  a
• 22:44
  merchant
• 22:44
  mindset
• 22:45
  as
• 22:45
  a
• 22:45
  former
• 22:45
  merchant
• 22:46
  and
• 22:46
  the
• 22:46
  timelines
• 22:47
  that
• 22:47
  you
• 22:47
  think
• 22:47
  about
• 22:47
  there
• 22:48
  to
• 22:48
  the
• 22:48
  timelines
• 22:49
  you
• 22:49
  think
• 22:49
  about
• 22:49
  as
• 22:49
  a
• 22:50
  venture
• 22:50
  investor.
• 22:50
  And
• 22:51
  so,
• 22:51
  you
• 22:51
  know,
• 22:52
  you
• 22:52
  know,
• 22:52
  with,
• 22:52
  as
• 22:52
  a
• 22:53
  merchant,
• 22:53
  as
• 22:53
  you
• 22:54
  guys
• 22:54
  know,
• 22:54
  you're
• 22:54
  thinking
• 22:55
  like
• 22:55
  one
• 22:55
  to
• 22:55
  two
• 22:55
  years
• 22:55
  out.
• 22:56
  You
• 22:56
  know,
• 22:56
  you're
• 22:56
  thinking
• 22:57
  like,
• 22:57
  what
• 22:57
  can
• 22:57
  I
• 22:57
  bring
• 22:57
  into
• 22:58
  my
• 22:58
  assortment
• 22:58
  that'll
• 22:58
  do
• 22:58
  well
• 22:59
  over
• 22:59
  the
• 22:59
  next
• 23:00
  12
• 23:00
  month
• 23:00
  cycle
• 23:01
  or
• 23:01
  you
• 23:01
  know,
• 23:01
  two
• 23:02
  years
• 23:03
  as
• 23:03
  a
• 23:03
  venture
• 23:03
  investor,
• 23:04
  if
• 23:04
  you
• 23:04
  think
• 23:04
  that
• 23:04
  way,
• 23:05
  you're
• 23:05
  thinking
• 23:05
  too
• 23:05
  short
• 23:05
  term.
• 23:06
  You
• 23:06
  need
• 23:06
  to
• 23:07
  be
• 23:07
  thinking
• 23:07
  like
• 23:08
  much
• 23:08
  longer
• 23:09
  and
• 23:09
  you
• 23:09
  need
• 23:09
  to
• 23:10
  be
• 23:10
  thinking
• 23:10
  about
• 23:10
  what
• 23:10
  are
• 23:10
  trends
• 23:11
  that
• 23:11
  are
• 23:11
  going
• 23:11
  to
• 23:11
  last
• 23:12
  for
• 23:13
  the
• 23:13
  next
• 23:13
  decade
• 23:13
  or
• 23:14
  two
• 23:14
  decades
• 23:14
  or
• 23:14
  three
• 23:14
  decades.
• 23:15
  And
• 23:16
  so
• 23:16
  when
• 23:16
  I
• 23:16
  think
• 23:16
  about
• 23:16
  that,
• 23:18
  you
• 23:18
  know,
• 23:18
  you
• 23:18
  think
• 23:19
  about
• 23:19
  what's
• 23:19
  changing
• 23:20
  more
• 23:20
  macro
• 23:21
  in
• 23:21
  the
• 23:21
  world.
• 23:21
  You
• 23:22
  think
• 23:22
  about
• 23:22
  what
• 23:22
  are
• 23:22
  the,
• 23:23
  you
• 23:23
  know,
• 23:23
  what
• 23:23
  are
• 23:24
  new
• 23:24
  generations
• 23:25
  caring
• 23:26
  about,
• 23:26
  what
• 23:26
  are
• 23:26
  they
• 23:26
  interested
• 23:27
  in?
• 23:27
  And
• 23:27
  so
• 23:27
  when
• 23:28
  I
• 23:28
  think
• 23:28
  about
• 23:28
  some
• 23:28
  of
• 23:29
  the,
• 23:29
  how
• 23:29
  the
• 23:30
  consequences
• 23:30
  of
• 23:31
  that
• 23:31
  and
• 23:31
  some
• 23:31
  of
• 23:31
  the
• 23:31
  areas
• 23:31
  that
• 23:32
  I'm
• 23:32
  investing
• 23:32
  in,
• 23:33
  it's
• 23:33
  things
• 23:33
  like,
• 23:34
  you
• 23:34
  know,
• 23:34
  consumers
• 23:35
  are
• 23:35
  taking
• 23:35
  health
• 23:36
  into
• 23:36
  their
• 23:36
  own
• 23:36
  hands
• 23:37
  a
• 23:37
  lot
• 23:37
  more
• 23:37
  than
• 23:37
  they
• 23:37
  were
• 23:37
  before.
• 23:38
  Now
• 23:39
  why
• 23:39
  are
• 23:39
  they
• 23:39
  doing
• 23:39
  this?
• 23:40
  I
• 23:40
  think
• 23:40
  there's,
• 23:40
  there's
• 23:41
  several
• 23:41
  reasons.
• 23:42
  One
• 23:42
  is
• 23:42
  it's
• 23:43
  hard
• 23:43
  to
• 23:43
  get
• 23:43
  a
• 23:43
  doctor
• 23:43
  appointment.
• 23:45
  Secondly
• 23:46
  is
• 23:46
  they
• 23:46
  may
• 23:46
  or
• 23:46
  may
• 23:46
  not
• 23:46
  trust
• 23:47
  their
• 23:47
  trust
• 23:47
  doctors
• 23:48
  or
• 23:48
  trust
• 23:48
  the
• 23:48
  established
• 23:49
  medical
• 23:49
  community
• 23:50
  as
• 23:50
  much
• 23:50
  as
• 23:50
  they
• 23:50
  used
• 23:50
  to.
• 23:51
  Third
• 23:51
  is
• 23:52
  it's
• 23:53
  gotten
• 23:53
  super
• 23:53
  expensive,
• 23:55
  you
• 23:55
  know,
• 23:55
  to,
• 23:56
  to,
• 23:56
  to
• 23:57
  participate
• 23:57
  in
• 23:58
  them
• 23:58
  in
• 23:58
  the
• 23:58
  medical
• 23:58
  field
• 23:59
  in
• 23:59
  any
• 23:59
  way,
• 23:59
  shape
• 23:59
  or
• 23:59
  form.
• 24:00
  And
• 24:00
  then
• 24:00
  fourth
• 24:01
  is
• 24:01
  they
• 24:01
  have
• 24:01
  a,
• 24:01
  you
• 24:02
  know,
• 24:02
  a
• 24:02
  device
• 24:02
  in
• 24:02
  their
• 24:03
  hands
• 24:03
  that
• 24:03
  make
• 24:03
  them
• 24:03
  feel
• 24:04
  smart
• 24:04
  about,
• 24:05
  you
• 24:05
  know,
• 24:06
  what
• 24:06
  they,
• 24:06
  how
• 24:07
  they
• 24:07
  should
• 24:07
  be
• 24:07
  taking
• 24:08
  their,
• 24:08
  you
• 24:08
  know,
• 24:09
  health
• 24:09
  into
• 24:09
  their
• 24:09
  own
• 24:09
  hands.
• 24:10
  Right,
• 24:11
  wrong
• 24:11
  or
• 24:11
  different
• 24:11
  that's
• 24:12
  happening.
• 24:12
  And
• 24:12
  so,
• 24:13
  you
• 24:13
  know,
• 24:13
  underneath,
• 24:14
  so
• 24:14
  that
• 24:14
  is
• 24:15
  a
• 24:15
  trend
• 24:15
  and
• 24:15
  That's
• 24:16
  a
• 24:16
  trend
• 24:16
  that
• 24:16
  will
• 24:16
  continue.
• 24:16
  I
• 24:17
  mean,
• 24:17
  I,
• 24:17
  I'm
• 24:17
  confident
• 24:18
  that's
• 24:18
  going
• 24:18
  to
• 24:18
  be
• 24:18
  a
• 24:18
  trend
• 24:19
  for
• 24:19
  the
• 24:19
  next
• 24:20
  decade
• 24:20
  or
• 24:20
  two
• 24:20
  decades.
• 24:21
  I
• 24:21
  don't
• 24:21
  see,
• 24:22
  you
• 24:22
  know,
• 24:22
  all
• 24:22
  of
• 24:22
  a
• 24:22
  sudden,
• 24:23
  you
• 24:23
  know,
• 24:23
  there
• 24:23
  being
• 24:23
  big,
• 24:24
  you
• 24:24
  know,
• 24:24
  decreases
• 24:25
  in
• 24:25
  health
• 24:25
  care
• 24:25
  costs
• 24:26
  or
• 24:26
  things
• 24:26
  like
• 24:26
  that.
• 24:27
  And
• 24:27
  so
• 24:28
  because
• 24:28
  of
• 24:28
  that,
• 24:29
  you
• 24:30
  know,
• 24:30
  I'm
• 24:30
  looking
• 24:30
  at
• 24:31
  things
• 24:31
  underneath
• 24:31
  there,
• 24:32
  such
• 24:32
  as,
• 24:32
  like
• 24:33
  gut
• 24:33
  health,
• 24:34
  women's
• 24:35
  health.
• 24:35
  You
• 24:36
  know,
• 24:36
  I
• 24:36
  think
• 24:36
  the
• 24:36
  gut
• 24:36
  microbiome
• 24:37
  is
• 24:37
  something
• 24:37
  that
• 24:37
  is,
• 24:38
  that
• 24:38
  is
• 24:38
  here
• 24:38
  to
• 24:38
  say
• 24:38
  and
• 24:39
  will
• 24:39
  be
• 24:39
  for
• 24:39
  a
• 24:39
  long
• 24:39
  time.
• 24:40
  You
• 24:41
  know,
• 24:41
  women's
• 24:41
  health,
• 24:41
  other
• 24:42
  areas
• 24:42
  that
• 24:42
  are,
• 24:43
  you
• 24:43
  know,
• 24:43
  health
• 24:44
  related,
• 24:45
  you
• 24:45
  know,
• 24:45
  products
• 24:45
  that
• 24:46
  they
• 24:46
  could
• 24:46
  benefit
• 24:47
  people
• 24:47
  outside
• 24:48
  of
• 24:48
  their
• 24:48
  doctor
• 24:49
  appointments.
• 24:50
  So
• 24:50
  that's
• 24:50
  one
• 24:50
  area.
• 24:51
  Other
• 24:51
  areas
• 24:52
  I'm
• 24:52
  looking
• 24:52
  at
• 24:53
  things
• 24:53
  like
• 24:54
  antiquated
• 24:55
  models.
• 24:56
  Like,
• 24:56
  think
• 24:56
  of
• 24:56
  consumer
• 24:57
  products
• 24:57
  that
• 24:57
  have
• 24:58
  been
• 24:58
  around
• 24:58
  for
• 24:58
  a
• 24:59
  long,
• 24:59
  long
• 24:59
  time,
• 24:59
  have
• 25:00
  not
• 25:00
  been
• 25:00
  improved
• 25:01
  upon
• 25:01
  or
• 25:02
  revised
• 25:02
  upon
• 25:03
  in
• 25:03
  like
• 25:04
  decades
• 25:04
  or
• 25:04
  even
• 25:05
  a
• 25:05
  century.
• 25:06
  Those
• 25:06
  are
• 25:07
  areas
• 25:07
  that
• 25:07
  are
• 25:07
  ripe
• 25:07
  for
• 25:09
  invention.
• 25:09
  And
• 25:10
  so
• 25:11
  that's
• 25:11
  one
• 25:11
  area
• 25:11
  to
• 25:11
  look.
• 25:12
  And
• 25:12
  if
• 25:12
  you
• 25:12
  see
• 25:12
  something
• 25:12
  that
• 25:13
  has,
• 25:13
  that's
• 25:14
  been
• 25:14
  iterated
• 25:14
  on
• 25:14
  a
• 25:15
  million
• 25:15
  times
• 25:15
  over
• 25:15
  the
• 25:15
  past,
• 25:16
  you
• 25:16
  know,
• 25:16
  three
• 25:16
  years,
• 25:17
  there
• 25:17
  may
• 25:18
  be
• 25:18
  less
• 25:18
  to
• 25:18
  squeeze
• 25:19
  out
• 25:19
  there,
• 25:19
  but
• 25:19
  in
• 25:19
  some
• 25:19
  of
• 25:19
  these
• 25:20
  other
• 25:20
  categories,
• 25:20
  there
• 25:21
  could
• 25:21
  be
• 25:21
  more.
• 25:22
  The
• 25:22
  third
• 25:22
  area
• 25:23
  is
• 25:23
  the
• 25:23
  environment.
• 25:24
  You
• 25:24
  know,
• 25:24
  I
• 25:24
  think
• 25:24
  that
• 25:25
  the
• 25:25
  environment
• 25:25
  is
• 25:26
  for,
• 25:27
  you
• 25:27
  know,
• 25:28
  for
• 25:29
  younger
• 25:29
  generations
• 25:29
  particularly,
• 25:30
  but
• 25:30
  for
• 25:30
  everyone
• 25:30
  is
• 25:31
  becoming
• 25:31
  a
• 25:31
  bigger
• 25:31
  and
• 25:31
  bigger
• 25:32
  determinant
• 25:32
  of
• 25:32
  what
• 25:33
  they're
• 25:33
  buying.
• 25:33
  And
• 25:33
  so
• 25:34
  that's,
• 25:34
  that's
• 25:34
  something
• 25:34
  I
• 25:35
  think
• 25:35
  about.
• 25:35
  And
• 25:36
  then
• 25:36
  fourth
• 25:36
  one
• 25:36
  is
• 25:37
  pet
• 25:37
  as
• 25:38
  humans.
• 25:38
  So,
• 25:39
  you
• 25:39
  know,
• 25:39
  treating
• 25:40
  your,
• 25:40
  your
• 25:40
  kids
• 25:41
  like
• 25:41
  the
• 25:42
  same
• 25:42
  way
• 25:42
  you
• 25:42
  treat
• 25:42
  your
• 25:42
  pets
• 25:43
  or
• 25:43
  treat
• 25:43
  your
• 25:43
  pets
• 25:43
  even
• 25:43
  better
• 25:43
  than
• 25:44
  your
• 25:44
  kids,
• 25:44
  like
• 25:45
  that
• 25:45
  is
• 25:45
  a
• 25:45
  trend.
• 25:46
  And
• 25:47
  I
• 25:47
  think
• 25:47
  that's
• 25:47
  going
• 25:47
  to
• 25:47
  continue
• 25:48
  to.
• 25:48
  You
• 25:48
  look
• 25:48
  at
• 25:48
  how
• 25:49
  long
• 25:49
  that
• 25:49
  trend
• 25:50
  has
• 25:50
  been
• 25:50
  been
• 25:50
  or
• 25:51
  that
• 25:51
  that
• 25:51
  pendulum
• 25:51
  has
• 25:52
  been
• 25:52
  swinging.
• 25:52
  It's
• 25:52
  like
• 25:53
  the
• 25:53
  past
• 25:53
  50
• 25:53
  years,
• 25:54
  you
• 25:54
  know.
• 25:54
  So
• 25:55
  will
• 25:55
  that
• 25:55
  continue?
• 25:55
  I
• 25:56
  think
• 25:56
  it
• 25:56
  probably
• 25:56
  will
• 25:56
  for
• 25:57
  the
• 25:57
  next
• 25:57
  10
• 25:57
  to
• 25:57
  20.
• 25:57
  So
• 25:58
  anyway,
• 25:58
  those
• 25:58
  are
• 25:59
  just
• 25:59
  a
• 25:59
  few
• 25:59
  examples,
• 26:00
  but
• 26:00
  those
• 26:00
  are
• 26:00
  the
• 26:00
  kinds
• 26:00
  of
• 26:00
  areas
• 26:01
  I
• 26:01
  look
• 26:01
  at.
• 26:02
  My
• 26:02
  wife
• 26:02
  would
• 26:02
  definitely
• 26:03
  agree
• 26:03
  with
• 26:03
  that
• 26:03
  last
• 26:03
  one
• 26:04
  in
• 26:04
  terms
• 26:04
  of
• 26:04
  the
• 26:04
  pendulum
• 26:05
  continue
• 26:05
  to
• 26:05
  swing
• 26:06
  in
• 26:06
  that
• 26:06
  direction.
• 26:06
  All
• 26:07
  right,
• 26:07
  well,
• 26:07
  Carl,
• 26:07
  I'm
• 26:07
  going
• 26:07
  to
• 26:07
  put
• 26:08
  your
• 26:08
  feet
• 26:08
  to
• 26:08
  the
• 26:08
  fire
• 26:08
  here
• 26:09
  then,
• 26:09
  you
• 26:09
  know,
• 26:10
  you
• 26:10
  know,
• 26:10
  as
• 26:10
  we
• 26:11
  start
• 26:11
  to
• 26:11
  close
• 26:11
  things
• 26:11
  up.
• 26:11
  But
• 26:13
  where
• 26:13
  have.
• 26:13
  Let's
• 26:14
  put
• 26:14
  your
• 26:14
  money
• 26:14
  where
• 26:14
  your
• 26:14
  mouth
• 26:14
  is.
• 26:15
  Let's
• 26:15
  put
• 26:15
  your
• 26:15
  feet
• 26:15
  to
• 26:15
  the
• 26:15
  fire.
• 26:16
  What
• 26:16
  are,
• 26:16
  what
• 26:16
  are
• 26:17
  this,
• 26:17
  what
• 26:17
  are
• 26:17
  some
• 26:17
  of
• 26:17
  the
• 26:18
  companies
• 26:18
  you've
• 26:18
  actually
• 26:18
  bet
• 26:19
  on?
• 26:20
  Okay,
• 26:21
  well,
• 26:21
  maybe
• 26:21
  I
• 26:21
  should
• 26:22
  just
• 26:22
  break
• 26:22
  it
• 26:22
  down
• 26:22
  by
• 26:22
  the
• 26:22
  same
• 26:23
  sort
• 26:23
  of
• 26:23
  like
• 26:23
  categories
• 26:24
  that
• 26:24
  you
• 26:24
  shared
• 26:24
  shared
• 26:25
  with
• 26:25
  you.
• 26:25
  So
• 26:25
  if
• 26:26
  yeah,
• 26:26
  so
• 26:26
  if
• 26:26
  you
• 26:26
  start
• 26:26
  with
• 26:27
  like
• 26:27
  taking
• 26:27
  health
• 26:27
  into
• 26:28
  your
• 26:28
  own
• 26:28
  hands,
• 26:29
  you
• 26:29
  know,
• 26:30
  I
• 26:30
  have
• 26:30
  several
• 26:31
  companies
• 26:31
  in
• 26:31
  the
• 26:31
  portfolio
• 26:32
  that
• 26:32
  were
• 26:33
  founded
• 26:33
  by
• 26:33
  PhD
• 26:34
  chemists
• 26:34
  and
• 26:34
  PhD
• 26:35
  biologists
• 26:36
  and
• 26:36
  have
• 26:37
  patents
• 26:38
  on,
• 26:39
  on
• 26:39
  research
• 26:40
  they've
• 26:40
  been
• 26:40
  doing
• 26:40
  that,
• 26:41
  that
• 26:41
  are
• 26:42
  now
• 26:42
  bringing
• 26:42
  products
• 26:42
  to
• 26:43
  market.
• 26:43
  So
• 26:43
  for
• 26:43
  instance,
• 26:45
  there's
• 26:45
  a
• 26:45
  company
• 26:45
  called
• 26:46
  ZBiotics
• 26:46
  that
• 26:47
  we've
• 26:47
  invested
• 26:47
  in.
• 26:48
  ZBiotics
• 26:49
  was
• 26:50
  founded
• 26:50
  by
• 26:50
  a
• 26:51
  PhD
• 26:51
  in
• 26:51
  microbiology
• 26:52
  and
• 26:52
  immunology.
• 26:54
  And
• 26:54
  they
• 26:55
  have
• 26:55
  created
• 26:56
  the
• 26:56
  first
• 26:57
  genetically
• 26:57
  engineered
• 26:58
  probiotics
• 26:59
  to
• 26:59
  solve
• 27:00
  certain
• 27:01
  like
• 27:01
  states
• 27:02
  that
• 27:02
  you're
• 27:02
  in.
• 27:03
  So
• 27:03
  it's
• 27:03
  deep
• 27:03
  tech
• 27:04
  being
• 27:04
  applied
• 27:05
  to
• 27:06
  new
• 27:06
  categories.
• 27:06
  So
• 27:07
  for
• 27:07
  instance,
• 27:07
  their
• 27:07
  first
• 27:08
  product
• 27:08
  cures
• 27:08
  hangovers.
• 27:09
  It
• 27:09
  breaks
• 27:10
  down
• 27:10
  the
• 27:10
  byproduct
• 27:10
  of
• 27:11
  alcohol
• 27:11
  that
• 27:11
  causes
• 27:12
  hangovers.
• 27:13
  Their
• 27:13
  second
• 27:13
  product
• 27:14
  is
• 27:15
  it
• 27:15
  actually
• 27:16
  takes
• 27:17
  sucrose
• 27:18
  in
• 27:18
  your
• 27:18
  stomach
• 27:19
  and
• 27:19
  converts
• 27:19
  it
• 27:19
  to
• 27:19
  leavened
• 27:20
  fiber.
• 27:21
  So
• 27:21
  imagine
• 27:21
  what
• 27:22
  that
• 27:22
  does.
• 27:22
  You
• 27:22
  know,
• 27:23
  you
• 27:23
  no
• 27:23
  longer
• 27:23
  have
• 27:23
  spikes
• 27:24
  in
• 27:24
  glucose.
• 27:24
  If
• 27:25
  you
• 27:25
  are,
• 27:25
  if
• 27:25
  you're
• 27:25
  wearing
• 27:26
  a
• 27:26
  CGM
• 27:27
  continuous
• 27:28
  glucose
• 27:28
  monitor,
• 27:29
  it
• 27:29
  basically
• 27:30
  flatlines
• 27:30
  your
• 27:30
  glucose.
• 27:32
  So,
• 27:32
  you
• 27:32
  know,
• 27:32
  that's
• 27:33
  one
• 27:33
  company
• 27:33
  that
• 27:34
  is
• 27:34
  really
• 27:35
  interesting.
• 27:36
  Second
• 27:36
  company
• 27:37
  is
• 27:37
  Persephone
• 27:38
  Biosciences.
• 27:39
  They're
• 27:39
  coming
• 27:39
  out
• 27:39
  with
• 27:39
  their
• 27:39
  first
• 27:40
  product
• 27:40
  actually
• 27:41
  on
• 27:41
  September
• 27:41
  9th.
• 27:42
  And
• 27:43
  what
• 27:43
  they
• 27:43
  are
• 27:43
  is
• 27:43
  they
• 27:43
  were
• 27:44
  founded
• 27:44
  by
• 27:44
  two
• 27:44
  chemists,
• 27:45
  one
• 27:45
  from
• 27:45
  Caltech,
• 27:46
  one
• 27:46
  from
• 27:46
  Berkeley,
• 27:47
  and
• 27:48
  they
• 27:48
  have
• 27:49
  been
• 27:49
  studying
• 27:49
  the
• 27:49
  gut
• 27:49
  microbiome
• 27:50
  like
• 27:50
  I
• 27:50
  mentioned,
• 27:51
  for
• 27:51
  the
• 27:51
  past
• 27:51
  eight
• 27:51
  years.
• 27:53
  And
• 27:53
  originally
• 27:53
  we're
• 27:54
  going
• 27:54
  to
• 27:54
  be
• 27:54
  launching
• 27:55
  a,
• 27:56
  like
• 27:56
  an
• 27:56
  oncology
• 27:57
  drug
• 27:57
  and
• 27:57
  they're
• 27:58
  still
• 27:58
  going
• 27:58
  down
• 27:58
  that
• 27:58
  path,
• 27:59
  but
• 27:59
  they've
• 27:59
  realized
• 28:00
  that
• 28:00
  that
• 28:00
  same
• 28:00
  platform
• 28:01
  can
• 28:01
  be
• 28:01
  used
• 28:01
  for
• 28:02
  consumer.
• 28:03
  So
• 28:03
  their
• 28:03
  first
• 28:04
  consumer
• 28:04
  product
• 28:04
  is
• 28:05
  actually
• 28:05
  a
• 28:05
  powder
• 28:06
  you
• 28:06
  can
• 28:06
  add
• 28:06
  to
• 28:06
  baby
• 28:07
  formula
• 28:07
  and
• 28:08
  it'll
• 28:08
  actually
• 28:08
  revert
• 28:09
  a
• 28:09
  baby's
• 28:09
  gut
• 28:09
  microbiome
• 28:10
  to
• 28:10
  what
• 28:10
  it
• 28:10
  should
• 28:10
  have
• 28:10
  been
• 28:11
  at
• 28:11
  childbirth.
• 28:12
  So
• 28:12
  if
• 28:12
  you
• 28:12
  think
• 28:13
  about
• 28:13
  it,
• 28:13
  90%
• 28:13
  of
• 28:14
  babies
• 28:14
  are
• 28:14
  born
• 28:14
  with
• 28:15
  compromised
• 28:16
  gut
• 28:16
  microbiomes.
• 28:17
  And
• 28:18
  the
• 28:18
  reasons
• 28:18
  why
• 28:19
  are
• 28:20
  there's
• 28:20
  several.
• 28:21
  One
• 28:21
  is
• 28:22
  being
• 28:22
  born
• 28:22
  via
• 28:23
  C
• 28:23
  section,
• 28:24
  another
• 28:24
  one
• 28:24
  is
• 28:26
  mom
• 28:26
  taking
• 28:27
  antibiotics
• 28:27
  before
• 28:28
  childbirth.
• 28:30
  So
• 28:30
  things
• 28:30
  like
• 28:30
  that.
• 28:30
  And
• 28:31
  so
• 28:31
  their
• 28:31
  research,
• 28:32
  they
• 28:32
  actually,
• 28:32
  the
• 28:32
  research
• 28:33
  has
• 28:33
  been
• 28:33
  published
• 28:34
  in
• 28:34
  peer
• 28:34
  reviewed
• 28:35
  journals,
• 28:36
  but
• 28:36
  their
• 28:36
  research
• 28:37
  actually
• 28:37
  shows
• 28:38
  that
• 28:38
  that
• 28:39
  is
• 28:39
  the
• 28:39
  case.
• 28:39
  And,
• 28:40
  and
• 28:40
  their
• 28:41
  product
• 28:41
  actually
• 28:41
  solves
• 28:41
  it.
• 28:42
  And
• 28:42
  so
• 28:42
  think
• 28:42
  about
• 28:43
  that'll
• 28:43
  reduce
• 28:44
  the
• 28:44
  likelihood
• 28:44
  of
• 28:45
  babies
• 28:46
  getting
• 28:47
  like
• 28:47
  food
• 28:47
  allergies
• 28:48
  or
• 28:48
  eczema
• 28:49
  or
• 28:49
  some
• 28:49
  other
• 28:49
  things.
• 28:50
  So
• 28:51
  anyway,
• 28:51
  so
• 28:51
  that's
• 28:51
  a,
• 28:52
  that's
• 28:52
  really
• 28:52
  compelling.
• 28:53
  That's
• 28:53
  coming
• 28:53
  out
• 28:53
  on
• 28:53
  September
• 28:54
  9th.
• 28:55
  A
• 28:55
  third
• 28:55
  company
• 28:56
  is
• 28:56
  Volley
• 28:56
  Wellness.
• 28:57
  So
• 28:57
  that's
• 28:57
  a
• 28:57
  functional
• 28:58
  beverage
• 28:58
  brand
• 28:58
  which
• 28:59
  tastes
• 29:00
  better,
• 29:00
  is
• 29:00
  derived
• 29:01
  from
• 29:01
  clean
• 29:01
  superfood
• 29:02
  ingredients,
• 29:04
  helps
• 29:04
  athletes,
• 29:05
  you
• 29:05
  know,
• 29:05
  with
• 29:05
  hydration,
• 29:06
  energy,
• 29:06
  that
• 29:07
  kind
• 29:07
  of
• 29:07
  stuff.
• 29:08
  Really,
• 29:09
  it's
• 29:09
  a
• 29:09
  Very
• 29:09
  competitive
• 29:10
  space.
• 29:10
  But
• 29:10
  their
• 29:11
  products
• 29:11
  are
• 29:11
  amazing
• 29:11
  and
• 29:12
  they
• 29:12
  have
• 29:12
  differentiated
• 29:13
  ingredients
• 29:13
  in
• 29:13
  their
• 29:13
  products.
• 29:14
  So
• 29:14
  that's
• 29:15
  on
• 29:15
  that
• 29:15
  first
• 29:15
  sort
• 29:15
  of
• 29:15
  like,
• 29:16
  you
• 29:16
  know,
• 29:16
  science
• 29:17
  level
• 29:19
  set
• 29:19
  of
• 29:19
  products.
• 29:21
  The
• 29:21
  second
• 29:21
  one
• 29:22
  is
• 29:22
  kind
• 29:23
  of
• 29:23
  improving
• 29:23
  upon
• 29:23
  this
• 29:24
  antiquated
• 29:25
  model.
• 29:25
  Thing
• 29:26
  is
• 29:28
  we
• 29:28
  have
• 29:28
  a
• 29:28
  company
• 29:28
  called
• 29:29
  Zea,
• 29:29
  which
• 29:29
  actually
• 29:30
  is
• 29:30
  launched
• 29:30
  in
• 29:30
  Target.
• 29:31
  And
• 29:32
  what
• 29:32
  that
• 29:33
  does
• 29:33
  is
• 29:33
  it's
• 29:33
  a
• 29:34
  air
• 29:34
  diffuser
• 29:35
  that
• 29:35
  is
• 29:35
  aromatherapeutic
• 29:36
  and
• 29:37
  actually
• 29:37
  good
• 29:38
  for
• 29:38
  the
• 29:38
  environment.
• 29:40
  It
• 29:40
  doesn't
• 29:41
  use
• 29:41
  heat
• 29:41
  and
• 29:41
  it
• 29:42
  doesn't
• 29:43
  emit
• 29:43
  toxins.
• 29:45
  It
• 29:45
  actually
• 29:46
  is
• 29:46
  better
• 29:46
  for
• 29:47
  you
• 29:48
  and
• 29:48
  it's
• 29:48
  a,
• 29:48
  it's
• 29:49
  a
• 29:49
  diffuser
• 29:50
  system
• 29:50
  that
• 29:51
  you
• 29:51
  buy
• 29:51
  and
• 29:51
  it'll,
• 29:52
  It'll,
• 29:53
  you
• 29:53
  know,
• 29:54
  help
• 29:54
  make
• 29:54
  you
• 29:54
  feel
• 29:54
  better.
• 29:55
  So
• 29:55
  that's
• 29:55
  the
• 29:55
  second
• 29:56
  one.
• 29:57
  Yeah.
• 29:58
  Third,
• 29:58
  the
• 29:59
  environment.
• 29:59
  A
• 29:59
  couple
• 29:59
  of
• 30:00
  companies
• 30:00
  under
• 30:00
  there.
• 30:01
  I'm
• 30:02
  just
• 30:02
  rattling
• 30:02
  things
• 30:02
  off.
• 30:02
  Is
• 30:02
  this
• 30:03
  okay?
• 30:03
  Keep
• 30:03
  going.
• 30:04
  It's
• 30:04
  amazing.
• 30:05
  I
• 30:05
  love
• 30:05
  this.
• 30:05
  It's
• 30:06
  cool
• 30:06
  to
• 30:06
  hear
• 30:06
  about
• 30:06
  new
• 30:06
  companies.
• 30:07
  Yeah,
• 30:07
  this
• 30:07
  is
• 30:07
  great.
• 30:07
  Keep
• 30:08
  going,
• 30:08
  man.
• 30:08
  You're
• 30:08
  on
• 30:08
  a
• 30:09
  roll.
• 30:09
  We'll
• 30:09
  keep
• 30:09
  rocking
• 30:10
  then.
• 30:10
  Just
• 30:10
  tell
• 30:10
  me
• 30:10
  to
• 30:11
  shut
• 30:11
  up
• 30:11
  whenever
• 30:11
  you
• 30:11
  want.
• 30:12
  Oh,
• 30:12
  no.
• 30:13
  Like
• 30:13
  the
• 30:14
  environment.
• 30:14
  So
• 30:14
  companies
• 30:14
  that
• 30:15
  are.
• 30:15
  That
• 30:15
  are
• 30:15
  kind
• 30:15
  of
• 30:15
  tied
• 30:16
  into
• 30:16
  the
• 30:16
  environment.
• 30:16
  So
• 30:18
  one
• 30:18
  is
• 30:18
  a
• 30:18
  shampoo
• 30:19
  and
• 30:19
  conditioner
• 30:20
  company.
• 30:21
  The
• 30:21
  shampoo
• 30:22
  and
• 30:22
  conditioner
• 30:22
  is
• 30:23
  actually
• 30:23
  powder.
• 30:24
  You
• 30:25
  told
• 30:25
  us
• 30:25
  about
• 30:25
  this
• 30:26
  one.
• 30:26
  I
• 30:26
  love
• 30:26
  this
• 30:26
  company.
• 30:27
  Yeah,
• 30:28
  I've
• 30:28
  been
• 30:28
  obsessed
• 30:28
  since
• 30:28
  you
• 30:29
  told
• 30:29
  us
• 30:29
  last
• 30:29
  time,
• 30:29
  Carl.
• 30:30
  Yeah,
• 30:30
  they're
• 30:30
  starting
• 30:31
  to
• 30:31
  scale
• 30:31
  now.
• 30:32
  They're
• 30:32
  in
• 30:32
  salons
• 30:33
  and
• 30:33
  they're
• 30:34
  getting
• 30:34
  into
• 30:34
  retail.
• 30:35
  Yeah.
• 30:35
  So
• 30:35
  rub
• 30:36
  it
• 30:36
  under
• 30:36
  powder.
• 30:37
  That's
• 30:38
  salon
• 30:39
  grade.
• 30:39
  You
• 30:39
  rub
• 30:39
  it
• 30:39
  under
• 30:39
  water,
• 30:40
  it
• 30:40
  reconstitutes
• 30:40
  in
• 30:41
  a
• 30:41
  shampoo
• 30:41
  and
• 30:41
  conditioner.
• 30:42
  And
• 30:42
  so
• 30:43
  they're.
• 30:44
  Yeah,
• 30:44
  they
• 30:44
  just
• 30:44
  won
• 30:44
  their
• 30:45
  second
• 30:45
  Marie
• 30:45
  Claire
• 30:45
  award.
• 30:46
  So
• 30:47
  they're,
• 30:47
  they're
• 30:47
  doing
• 30:47
  really
• 30:48
  well.
• 30:48
  What's
• 30:49
  it
• 30:49
  called
• 30:49
  again,
• 30:49
  Carl?
• 30:49
  I
• 30:50
  don't
• 30:50
  know
• 30:50
  if
• 30:50
  you
• 30:50
  said
• 30:50
  it
• 30:50
  before.
• 30:51
  Yeah,
• 30:51
  small
• 30:51
  wonder.
• 30:52
  Small
• 30:52
  wonder.
• 30:52
  Okay.
• 30:53
  Yeah,
• 30:53
  yeah.
• 30:54
  Another
• 30:55
  company
• 30:55
  is
• 30:55
  Shameless
• 30:56
  Pets.
• 30:56
  I
• 30:56
  think
• 30:56
  I
• 30:56
  may
• 30:56
  have
• 30:56
  mentioned
• 30:57
  this
• 30:57
  one
• 30:57
  to
• 30:57
  you
• 30:57
  guys
• 30:57
  before
• 30:58
  too.
• 30:58
  But
• 30:59
  that's
• 31:00
  basically.
• 31:00
  It's
• 31:00
  a
• 31:01
  pet
• 31:01
  treat
• 31:01
  company
• 31:02
  that's
• 31:02
  made
• 31:02
  with
• 31:02
  upcycled
• 31:03
  ingredients.
• 31:04
  So
• 31:05
  ingredients
• 31:05
  that
• 31:06
  would
• 31:06
  otherwise
• 31:06
  be
• 31:06
  food
• 31:06
  waste
• 31:07
  getting
• 31:07
  reconstituted
• 31:09
  as,
• 31:10
  as
• 31:10
  food.
• 31:11
  So
• 31:11
  it's
• 31:11
  better
• 31:11
  for
• 31:12
  the
• 31:12
  environment
• 31:13
  and
• 31:14
  they've
• 31:14
  saved
• 31:14
  millions
• 31:15
  of
• 31:15
  pounds
• 31:15
  of
• 31:15
  food
• 31:15
  that
• 31:16
  would
• 31:16
  otherwise
• 31:16
  be
• 31:16
  waste
• 31:17
  and
• 31:19
  they're
• 31:19
  off
• 31:19
  to
• 31:19
  the
• 31:20
  races.
• 31:20
  That
• 31:20
  company
• 31:20
  is
• 31:20
  doing
• 31:21
  really,
• 31:21
  really
• 31:21
  well.
• 31:23
  Another
• 31:23
  one
• 31:23
  is
• 31:25
  that
• 31:25
  I
• 31:25
  would
• 31:25
  say
• 31:25
  is
• 31:26
  sort
• 31:26
  of
• 31:27
  the
• 31:27
  last
• 31:27
  company
• 31:28
  I'd
• 31:28
  mentioned
• 31:28
  is
• 31:28
  Coherent
• 31:29
  Commerce.
• 31:30
  And
• 31:30
  what
• 31:31
  they
• 31:31
  are
• 31:31
  is
• 31:32
  they
• 31:32
  are
• 31:33
  a
• 31:33
  platform
• 31:33
  that
• 31:34
  can
• 31:34
  actually,
• 31:35
  that
• 31:35
  interfaces
• 31:36
  with
• 31:36
  early
• 31:37
  adopter
• 31:37
  grocery
• 31:38
  stores.
• 31:38
  And
• 31:39
  they
• 31:39
  can
• 31:39
  take
• 31:39
  the
• 31:40
  companies
• 31:40
  that
• 31:40
  they're
• 31:41
  putting
• 31:41
  on
• 31:41
  their
• 31:41
  shelves
• 31:42
  in
• 31:42
  these
• 31:42
  early
• 31:42
  adopter
• 31:42
  grocery
• 31:43
  stores
• 31:43
  and
• 31:43
  they
• 31:43
  can
• 31:44
  with
• 31:44
  pretty
• 31:45
  high
• 31:45
  certainty
• 31:45
  tell
• 31:45
  which
• 31:46
  of
• 31:46
  the
• 31:46
  brands
• 31:46
  are
• 31:46
  likely
• 31:46
  to
• 31:47
  scale
• 31:47
  fastest
• 31:47
  in
• 31:47
  retail.
• 31:48
  So
• 31:49
  imagine
• 31:49
  if
• 31:49
  you're
• 31:49
  a
• 31:50
  merchant,
• 31:51
  like
• 31:51
  how
• 31:51
  much
• 31:51
  would
• 31:51
  you
• 31:51
  have
• 31:52
  liked
• 31:52
  to
• 31:52
  know
• 31:52
  that
• 31:52
  when
• 31:53
  you're
• 31:53
  thinking
• 31:53
  about
• 31:53
  your
• 31:54
  next
• 31:54
  plantogram
• 31:54
  revision
• 31:55
  or
• 31:55
  transition.
• 31:56
  And
• 31:56
  for
• 31:57
  me
• 31:57
  I've
• 31:57
  actually
• 31:57
  invested
• 31:58
  in
• 31:58
  another
• 31:58
  company
• 31:58
  in
• 31:59
  my
• 31:59
  portfolio,
• 31:59
  Kokata,
• 32:00
  which
• 32:00
  is
• 32:00
  a
• 32:00
  better
• 32:01
  for
• 32:01
  you
• 32:02
  snacking
• 32:03
  brand
• 32:04
  because
• 32:04
  of
• 32:04
  the
• 32:04
  information
• 32:05
  that
• 32:05
  I
• 32:05
  got
• 32:05
  from
• 32:06
  the
• 32:06
  Cohere
• 32:06
  commerce
• 32:07
  platform.
• 32:07
  So
• 32:08
  it's,
• 32:09
  it's
• 32:09
  been
• 32:09
  that,
• 32:10
  that's
• 32:10
  pretty
• 32:10
  awesome
• 32:10
  too
• 32:11
  as
• 32:11
  far
• 32:11
  as
• 32:11
  like,
• 32:11
  you
• 32:12
  know,
• 32:12
  sort
• 32:12
  of
• 32:12
  the
• 32:12
  intel
• 32:13
  inside
• 32:13
  of
• 32:13
  what's
• 32:13
  happening
• 32:14
  in,
• 32:15
  in
• 32:15
  early
• 32:15
  stage
• 32:16
  grocery.
• 32:16
  So
• 32:17
  yeah,
• 32:17
  so
• 32:18
  that's
• 32:19
  it.
• 32:19
  Well
• 32:19
  that,
• 32:19
  that,
• 32:20
  that
• 32:20
  last
• 32:20
  one's
• 32:21
  a
• 32:21
  little,
• 32:21
  that
• 32:21
  last
• 32:21
  one's
• 32:21
  a
• 32:21
  little
• 32:22
  bit
• 32:22
  of
• 32:22
  a
• 32:22
  different
• 32:22
  flavor
• 32:22
  than
• 32:23
  the
• 32:23
  other
• 32:23
  ones
• 32:23
  that
• 32:23
  you
• 32:23
  mentioned.
• 32:24
  So
• 32:24
  what
• 32:24
  gave
• 32:24
  you
• 32:24
  the
• 32:25
  confidence
• 32:25
  to
• 32:25
  go
• 32:26
  in,
• 32:26
  that's
• 32:27
  more
• 32:27
  of
• 32:27
  a
• 32:27
  tech
• 32:28
  play.
• 32:28
  What
• 32:28
  gave
• 32:28
  you
• 32:28
  the
• 32:28
  confidence
• 32:29
  to
• 32:30
  go
• 32:30
  in
• 32:30
  that
• 32:30
  direction
• 32:31
  on
• 32:31
  that
• 32:31
  relative
• 32:31
  to
• 32:32
  the
• 32:32
  where,
• 32:32
  where
• 32:32
  it
• 32:33
  seems
• 32:33
  like
• 32:33
  you're
• 32:33
  spending
• 32:33
  more
• 32:34
  of
• 32:34
  the,
• 32:34
  of
• 32:34
  your
• 32:34
  investment
• 32:35
  time?
• 32:36
  Yeah.
• 32:36
  So
• 32:36
  having
• 32:36
  been
• 32:37
  a
• 32:37
  merchant
• 32:37
  myself
• 32:38
  in
• 32:38
  food
• 32:38
  and
• 32:38
  beverage
• 32:39
  at
• 32:39
  Target,
• 32:40
  I,
• 32:41
  I
• 32:41
  had
• 32:42
  a
• 32:42
  pretty
• 32:42
  good
• 32:42
  sense
• 32:42
  for
• 32:44
  basically
• 32:44
  which
• 32:45
  questions
• 32:45
  to
• 32:45
  ask
• 32:45
  there
• 32:46
  and
• 32:47
  how
• 32:47
  to
• 32:47
  help
• 32:47
  them.
• 32:47
  Like
• 32:48
  this
• 32:48
  is
• 32:48
  one
• 32:48
  where
• 32:48
  I'm
• 32:49
  able
• 32:49
  to
• 32:49
  help
• 32:49
  them
• 32:49
  a
• 32:50
  lot
• 32:50
  with
• 32:50
  sort
• 32:50
  of
• 32:50
  their
• 32:50
  ability
• 32:51
  to
• 32:51
  scale
• 32:51
  because
• 32:52
  of
• 32:52
  my
• 32:52
  background
• 32:53
  and
• 32:54
  think
• 32:54
  particularly
• 32:55
  like
• 32:55
  what's
• 32:55
  on
• 32:55
  their
• 32:55
  roadmap
• 32:56
  also,
• 32:57
  you
• 32:57
  know,
• 32:57
  that's
• 32:57
  one
• 32:58
  where
• 32:58
  the
• 32:59
  information
• 32:59
  is
• 32:59
  so
• 33:00
  valuable
• 33:01
  and
• 33:01
  so
• 33:01
  obvious
• 33:02
  for
• 33:02
  you
• 33:02
  know,
• 33:02
  for
• 33:03
  merchandising
• 33:03
  teams
• 33:04
  or
• 33:04
  for,
• 33:04
  you
• 33:04
  know,
• 33:05
  investors.
• 33:07
  My
• 33:07
  thought
• 33:07
  was
• 33:07
  like
• 33:07
  I
• 33:08
  could,
• 33:08
  I
• 33:08
  could
• 33:08
  help
• 33:08
  them
• 33:09
  propel
• 33:09
  forward
• 33:10
  because
• 33:10
  I
• 33:11
  know
• 33:11
  the
• 33:11
  categories
• 33:11
  well
• 33:12
  that
• 33:12
  they're
• 33:12
  getting
• 33:12
  into.
• 33:12
  Even
• 33:13
  though
• 33:13
  the
• 33:13
  underlying
• 33:13
  technology,
• 33:14
  I
• 33:14
  have
• 33:14
  to
• 33:14
  trust
• 33:14
  them
• 33:14
  on
• 33:15
  that.
• 33:15
  So
• 33:16
  yeah,
• 33:17
  there
• 33:17
  are
• 33:17
  two
• 33:17
  data
• 33:18
  scientists
• 33:18
  that
• 33:19
  founded
• 33:19
  that
• 33:19
  company.
• 33:20
  One
• 33:21
  was
• 33:21
  a,
• 33:22
  he
• 33:22
  actually
• 33:23
  was
• 33:23
  a
• 33:23
  Michelin
• 33:24
  two
• 33:24
  star
• 33:24
  chef
• 33:26
  and
• 33:26
  then
• 33:26
  taught
• 33:27
  himself
• 33:27
  data
• 33:27
  science
• 33:27
  and
• 33:28
  ended
• 33:28
  up
• 33:28
  being
• 33:29
  the
• 33:29
  founder
• 33:29
  of
• 33:29
  Wynn
• 33:30
  Casino
• 33:30
  and
• 33:31
  Resorts
• 33:31
  data
• 33:31
  science
• 33:32
  team.
• 33:33
  So
• 33:33
  he
• 33:33
  ran
• 33:33
  all
• 33:34
  the
• 33:34
  data
• 33:34
  science
• 33:34
  for
• 33:34
  Wynn
• 33:35
  Casino.
• 33:36
  Casinos.
• 33:36
  Yeah.
• 33:37
  And
• 33:38
  I
• 33:39
  mean
• 33:39
  obviously
• 33:39
  you
• 33:40
  know,
• 33:40
  incredibly
• 33:40
  smart.
• 33:41
  So
• 33:42
  what
• 33:42
  a
• 33:42
  rat
• 33:42
  after
• 33:43
  becoming
• 33:43
  a.
• 33:43
  Two
• 33:43
  star
• 33:44
  chef
• 33:44
  too.
• 33:45
  Exactly,
• 33:46
  exactly.
• 33:47
  Yeah.
• 33:47
  Pretty
• 33:48
  amazing.
• 33:49
  Well
• 33:49
  Carl,
• 33:51
  I
• 33:51
  don't
• 33:51
  want
• 33:51
  to
• 33:51
  end
• 33:52
  this
• 33:52
  conversation
• 33:52
  because
• 33:53
  I
• 33:53
  feel
• 33:53
  like
• 33:53
  every
• 33:54
  time
• 33:54
  we
• 33:54
  ask
• 33:54
  you
• 33:54
  a
• 33:55
  question
• 33:55
  I
• 33:55
  get
• 33:55
  deeper
• 33:56
  and
• 33:56
  deeper
• 33:56
  into
• 33:57
  this.
• 33:57
  But,
• 33:58
  but
• 33:58
  in
• 33:59
  the
• 33:59
  interest
• 33:59
  of
• 33:59
  time,
• 34:00
  let's
• 34:01
  get
• 34:01
  you
• 34:01
  out
• 34:01
  of
• 34:01
  here
• 34:01
  on
• 34:02
  this
• 34:02
  question.
• 34:02
  The
• 34:03
  VC
• 34:03
  game,
• 34:04
  it's
• 34:04
  a
• 34:04
  long
• 34:04
  game.
• 34:05
  You
• 34:06
  have
• 34:06
  to
• 34:06
  be
• 34:06
  a
• 34:06
  long
• 34:06
  term,
• 34:07
  you
• 34:07
  have
• 34:08
  to
• 34:08
  have
• 34:08
  a
• 34:08
  long
• 34:08
  term
• 34:08
  investment
• 34:09
  horizon
• 34:10
  to
• 34:10
  be
• 34:10
  Successful.
• 34:10
  So
• 34:11
  what
• 34:11
  would
• 34:11
  you
• 34:11
  say
• 34:11
  is
• 34:12
  next?
• 34:12
  What
• 34:12
  aren't
• 34:13
  we
• 34:13
  talking
• 34:13
  about
• 34:14
  that
• 34:14
  maybe
• 34:14
  we
• 34:14
  should
• 34:15
  be.
• 34:16
  Yeah,
• 34:16
  I
• 34:16
  would
• 34:16
  say
• 34:17
  what's
• 34:17
  next?
• 34:18
  What's
• 34:18
  next
• 34:18
  for
• 34:19
  me
• 34:19
  is
• 34:19
  helping
• 34:20
  these
• 34:20
  companies
• 34:20
  grow
• 34:20
  fast.
• 34:21
  Like
• 34:21
  the
• 34:21
  companies
• 34:21
  I've
• 34:21
  invested
• 34:22
  in.
• 34:22
  How
• 34:22
  do
• 34:22
  I
• 34:22
  help
• 34:23
  them
• 34:23
  as
• 34:23
  best
• 34:23
  as
• 34:24
  I
• 34:24
  can
• 34:24
  be
• 34:24
  successful?
• 34:26
  And
• 34:26
  that's
• 34:26
  something
• 34:27
  that
• 34:27
  hopefully
• 34:27
  is
• 34:27
  a
• 34:28
  differentiator
• 34:28
  for
• 34:29
  how
• 34:29
  I
• 34:29
  operate
• 34:30
  my
• 34:30
  fund.
• 34:31
  So
• 34:31
  that's
• 34:32
  the
• 34:32
  first
• 34:32
  thing
• 34:32
  that's
• 34:32
  next
• 34:33
  for
• 34:33
  me.
• 34:34
  Continuing
• 34:34
  to
• 34:34
  look
• 34:35
  at
• 34:35
  emerging
• 34:36
  companies
• 34:36
  and
• 34:36
  continuing
• 34:37
  to
• 34:37
  look
• 34:37
  at
• 34:37
  emerging
• 34:39
  sort
• 34:39
  of
• 34:39
  trends
• 34:40
  as
• 34:41
  things
• 34:41
  for
• 34:41
  me
• 34:42
  to
• 34:42
  consider
• 34:42
  investing
• 34:43
  in.
• 34:43
  And
• 34:44
  we're
• 34:45
  about
• 34:45
  50%
• 34:45
  invested
• 34:46
  in
• 34:46
  the
• 34:46
  fund,
• 34:46
  so
• 34:46
  I
• 34:46
  still
• 34:47
  have
• 34:47
  quite
• 34:48
  a
• 34:48
  ways
• 34:48
  to
• 34:48
  go
• 34:48
  and
• 34:49
  so
• 34:50
  definitely
• 34:50
  open
• 34:51
  to
• 34:52
  reassessing
• 34:53
  and
• 34:53
  constantly
• 34:53
  learning
• 34:54
  about
• 34:54
  what's
• 34:54
  new
• 34:55
  out
• 34:55
  there.
• 34:56
  I
• 34:56
  will
• 34:56
  say
• 34:56
  this,
• 34:57
  like
• 34:57
  I
• 34:57
  mentioned
• 34:57
  early
• 34:58
  on,
• 34:58
  I
• 34:58
  don't
• 34:58
  really
• 34:58
  care
• 34:58
  that
• 34:59
  much
• 34:59
  about
• 34:59
  short
• 34:59
  term
• 34:59
  fads.
• 35:00
  I
• 35:00
  care
• 35:00
  a
• 35:00
  lot
• 35:01
  more
• 35:01
  about,
• 35:01
  you
• 35:02
  know,
• 35:02
  things
• 35:02
  that
• 35:02
  will
• 35:03
  continue
• 35:03
  forward
• 35:03
  as
• 35:04
  trends
• 35:04
  for
• 35:04
  a
• 35:04
  long
• 35:04
  period
• 35:05
  of
• 35:05
  time.
• 35:05
  And
• 35:05
  so
• 35:06
  that's,
• 35:07
  that
• 35:07
  is
• 35:07
  something
• 35:07
  I
• 35:08
  think
• 35:08
  about.
• 35:08
  But
• 35:09
  you
• 35:09
  know,
• 35:09
  just
• 35:10
  like
• 35:10
  you
• 35:10
  guys,
• 35:10
  I'm.
• 35:11
  I
• 35:11
  want
• 35:11
  to
• 35:11
  be
• 35:11
  kind
• 35:11
  of
• 35:11
  a
• 35:12
  constant
• 35:12
  learner
• 35:13
  and
• 35:13
  so
• 35:14
  definitely
• 35:14
  open
• 35:14
  to
• 35:15
  seeing
• 35:15
  different
• 35:16
  businesses
• 35:16
  and
• 35:16
  seeing,
• 35:17
  you
• 35:17
  know,
• 35:18
  ways
• 35:18
  that
• 35:18
  I
• 35:18
  could
• 35:18
  maybe
• 35:19
  help
• 35:19
  them.
• 35:19
  So
• 35:20
  that's,
• 35:20
  that's
• 35:20
  what's.
• 35:21
  Yeah.
• 35:22
  Carl,
• 35:22
  how
• 35:22
  much
• 35:23
  do
• 35:23
  the
• 35:23
  people
• 35:24
  and
• 35:24
  their
• 35:25
  personalities
• 35:26
  or
• 35:26
  pedigree
• 35:26
  come
• 35:27
  into
• 35:27
  play
• 35:27
  there?
• 35:27
  Because
• 35:28
  I
• 35:28
  have
• 35:28
  to
• 35:28
  imagine
• 35:28
  like
• 35:29
  when
• 35:29
  you're
• 35:29
  thinking
• 35:30
  long
• 35:30
  term,
• 35:30
  it's
• 35:30
  not
• 35:31
  necessarily
• 35:31
  about
• 35:32
  what
• 35:32
  the
• 35:32
  product
• 35:33
  is
• 35:33
  today,
• 35:33
  but
• 35:34
  where
• 35:34
  it
• 35:34
  could
• 35:34
  go
• 35:34
  and
• 35:35
  maybe
• 35:36
  the
• 35:36
  team's
• 35:36
  ability
• 35:37
  to
• 35:37
  iterate
• 35:38
  or
• 35:39
  be
• 35:39
  more
• 35:39
  agile
• 35:40
  as
• 35:40
  times
• 35:40
  are
• 35:41
  changing.
• 35:42
  How
• 35:42
  do
• 35:43
  you
• 35:43
  kind
• 35:43
  of
• 35:43
  set
• 35:43
  up
• 35:44
  a
• 35:44
  rubric
• 35:45
  for
• 35:45
  that
• 35:45
  and
• 35:45
  how
• 35:45
  much
• 35:46
  does
• 35:46
  that
• 35:46
  weigh
• 35:46
  into
• 35:46
  some
• 35:47
  of
• 35:47
  your
• 35:47
  decisions
• 35:47
  when
• 35:48
  you're
• 35:48
  thinking
• 35:48
  about
• 35:48
  investment?
• 35:49
  I
• 35:49
  would
• 35:50
  tell
• 35:50
  you
• 35:50
  that
• 35:51
  the
• 35:51
  most
• 35:51
  important
• 35:52
  thing
• 35:52
  I
• 35:52
  look
• 35:52
  at
• 35:52
  is
• 35:53
  the
• 35:53
  founding
• 35:54
  team,
• 35:54
  the
• 35:55
  leadership
• 35:55
  team,
• 35:56
  the.
• 35:56
  And
• 35:56
  that
• 35:57
  has
• 35:57
  gotten
• 35:57
  since
• 35:57
  our
• 35:58
  last
• 35:58
  time
• 35:58
  speaking.
• 35:58
  That's
• 35:59
  actually
• 35:59
  become
• 35:59
  a
• 35:59
  bigger
• 36:00
  focus
• 36:00
  for
• 36:00
  me
• 36:00
  and
• 36:01
  sort
• 36:01
  of
• 36:01
  the
• 36:01
  epiphany
• 36:02
  for
• 36:02
  me
• 36:02
  on
• 36:02
  that
• 36:03
  is
• 36:03
  if
• 36:04
  you
• 36:04
  have
• 36:04
  a,
• 36:05
  like
• 36:05
  an
• 36:06
  A
• 36:06
  plus
• 36:06
  business
• 36:06
  plan
• 36:07
  with
• 36:07
  a,
• 36:08
  like
• 36:08
  a
• 36:08
  B
• 36:08
  minus
• 36:09
  leadership
• 36:09
  team,
• 36:10
  every
• 36:11
  young
• 36:11
  business
• 36:11
  is
• 36:11
  going
• 36:12
  to
• 36:12
  have
• 36:12
  to
• 36:12
  pivot.
• 36:12
  It's
• 36:12
  like
• 36:13
  it
• 36:13
  is
• 36:13
  a
• 36:13
  requirement.
• 36:14
  Like
• 36:14
  there's
• 36:14
  no
• 36:14
  such
• 36:14
  thing
• 36:15
  as
• 36:15
  a
• 36:15
  young
• 36:15
  business
• 36:15
  that
• 36:16
  doesn't
• 36:16
  have
• 36:16
  to
• 36:16
  pivot.
• 36:16
  And
• 36:17
  so
• 36:17
  you
• 36:17
  may
• 36:17
  have
• 36:17
  what
• 36:18
  seems
• 36:18
  like
• 36:18
  an
• 36:18
  A
• 36:18
  plus
• 36:18
  business
• 36:19
  model,
• 36:19
  but
• 36:19
  it's
• 36:20
  going
• 36:20
  to
• 36:20
  have
• 36:20
  to
• 36:20
  pivot
• 36:21
  and
• 36:21
  it
• 36:21
  will
• 36:21
  not
• 36:21
  be
• 36:21
  an
• 36:22
  A
• 36:22
  plus
• 36:22
  business
• 36:22
  model.
• 36:23
  So
• 36:23
  if
• 36:23
  you
• 36:23
  have
• 36:23
  like
• 36:23
  a
• 36:24
  mediocre
• 36:25
  leadership
• 36:25
  team,
• 36:25
  they're
• 36:25
  not
• 36:26
  going
• 36:26
  to
• 36:26
  know
• 36:26
  how
• 36:26
  to
• 36:26
  Pivot
• 36:27
  to
• 36:27
  make
• 36:27
  the
• 36:27
  business
• 36:27
  as
• 36:27
  successful
• 36:28
  as
• 36:28
  they
• 36:28
  can.
• 36:29
  Now,
• 36:29
  on
• 36:29
  the
• 36:29
  other
• 36:29
  hand,
• 36:29
  if
• 36:29
  you
• 36:30
  have
• 36:30
  a
• 36:30
  B
• 36:30
  plus
• 36:30
  business
• 36:30
  model,
• 36:31
  but
• 36:31
  like
• 36:31
  an
• 36:31
  off
• 36:31
  the
• 36:32
  charts
• 36:32
  awesome
• 36:32
  A
• 36:33
  plus
• 36:33
  team,
• 36:33
  that
• 36:34
  A
• 36:34
  plus
• 36:34
  team
• 36:34
  will
• 36:34
  find
• 36:35
  ways
• 36:35
  to
• 36:35
  iterate
• 36:35
  and
• 36:35
  iterate
• 36:36
  and
• 36:36
  iterate
• 36:36
  to
• 36:36
  make
• 36:36
  that
• 36:37
  business
• 36:37
  as
• 36:37
  good
• 36:37
  as
• 36:37
  they
• 36:37
  possibly
• 36:38
  can.
• 36:38
  And
• 36:38
  so
• 36:39
  the
• 36:39
  leadership
• 36:40
  team
• 36:40
  matters
• 36:41
  a
• 36:41
  ton.
• 36:41
  And
• 36:42
  so
• 36:42
  I,
• 36:42
  you
• 36:43
  know,
• 36:43
  honestly,
• 36:43
  while
• 36:44
  I
• 36:44
  mentioned
• 36:44
  a
• 36:44
  couple
• 36:44
  companies
• 36:45
  that
• 36:45
  had
• 36:45
  really
• 36:45
  strong
• 36:46
  pedigrees,
• 36:47
  the
• 36:48
  actual,
• 36:48
  like,
• 36:48
  you
• 36:48
  know,
• 36:49
  educational
• 36:49
  pedigree
• 36:50
  and
• 36:50
  stuff
• 36:50
  like
• 36:50
  that,
• 36:50
  I
• 36:50
  don't,
• 36:51
  I
• 36:51
  don't
• 36:51
  focus
• 36:51
  on
• 36:51
  that
• 36:52
  as
• 36:52
  much.
• 36:52
  I
• 36:52
  focus
• 36:53
  more
• 36:53
  on,
• 36:54
  you
• 36:54
  know,
• 36:54
  experiences
• 36:55
  they've
• 36:55
  had
• 36:55
  and
• 36:56
  skill
• 36:56
  sets
• 36:57
  that
• 36:57
  they
• 36:57
  have
• 36:57
  that
• 36:57
  would
• 36:58
  make
• 36:58
  them
• 36:58
  likely
• 36:58
  to
• 36:59
  be
• 36:59
  successful.
• 37:00
  You
• 37:01
  know,
• 37:01
  if
• 37:01
  they,
• 37:01
  if
• 37:01
  they
• 37:01
  have
• 37:01
  a
• 37:02
  great,
• 37:02
  you
• 37:02
  know,
• 37:02
  academic
• 37:03
  background
• 37:03
  too,
• 37:04
  all
• 37:04
  the
• 37:04
  better.
• 37:04
  But,
• 37:05
  but
• 37:05
  it's,
• 37:06
  it's
• 37:06
  less
• 37:06
  like,
• 37:07
  do
• 37:07
  you
• 37:07
  check
• 37:07
  the
• 37:07
  boxes
• 37:08
  on,
• 37:08
  you
• 37:08
  know,
• 37:09
  my
• 37:09
  list
• 37:09
  of
• 37:09
  things
• 37:10
  as
• 37:10
  a
• 37:10
  leader
• 37:10
  and
• 37:10
  more
• 37:11
  about,
• 37:11
  like,
• 37:12
  you
• 37:12
  know,
• 37:12
  what
• 37:12
  is,
• 37:13
  how.
• 37:13
  What
• 37:13
  is
• 37:13
  their
• 37:14
  intuition?
• 37:14
  How
• 37:14
  do
• 37:15
  they
• 37:15
  think
• 37:15
  about
• 37:15
  problem
• 37:16
  solving
• 37:16
  and
• 37:16
  that.
• 37:16
  You
• 37:17
  can
• 37:17
  only
• 37:17
  get
• 37:17
  that
• 37:17
  through
• 37:18
  lots
• 37:18
  of
• 37:19
  interaction
• 37:19
  with
• 37:19
  them
• 37:19
  and
• 37:20
  lots
• 37:20
  of,
• 37:20
  you
• 37:20
  know,
• 37:21
  conversations
• 37:21
  to,
• 37:21
  you
• 37:22
  know,
• 37:22
  as
• 37:22
  part
• 37:22
  of
• 37:22
  the
• 37:22
  due
• 37:22
  diligence
• 37:23
  process.
• 37:23
  But,
• 37:23
  yeah,
• 37:23
  it's
• 37:24
  a
• 37:24
  big
• 37:24
  part
• 37:24
  of
• 37:24
  it
• 37:24
  for
• 37:24
  sure.
• 37:25
  Awesome.
• 37:26
  Carl,
• 37:26
  how
• 37:26
  important
• 37:27
  is
• 37:27
  assessing
• 37:27
  frugality
• 37:28
  in.
• 37:29
  As
• 37:29
  you're
• 37:29
  evaluating
• 37:30
  these.
• 37:31
  That
• 37:31
  is
• 37:31
  it.
• 37:32
  Yeah,
• 37:32
  I'm
• 37:32
  curious,
• 37:33
  like,
• 37:33
  what's
• 37:33
  your
• 37:33
  take
• 37:34
  on
• 37:34
  that?
• 37:35
  That's
• 37:36
  one
• 37:36
  of
• 37:36
  the
• 37:36
  hardest
• 37:36
  things
• 37:36
  to
• 37:37
  assess.
• 37:37
  But
• 37:38
  that's
• 37:38
  also,
• 37:39
  yeah,
• 37:39
  it's
• 37:40
  also
• 37:40
  one
• 37:40
  of
• 37:40
  the
• 37:40
  things
• 37:41
  that
• 37:41
  can
• 37:41
  make
• 37:41
  or
• 37:41
  break
• 37:42
  a
• 37:42
  company,
• 37:42
  and
• 37:42
  it's
• 37:42
  one
• 37:43
  of
• 37:43
  the
• 37:43
  things
• 37:43
  that
• 37:43
  I
• 37:43
  can
• 37:43
  hopefully
• 37:44
  help
• 37:44
  them
• 37:44
  with.
• 37:45
  But
• 37:46
  yes,
• 37:48
  I
• 37:48
  would
• 37:48
  always
• 37:49
  side
• 37:49
  on
• 37:49
  a
• 37:50
  business
• 37:50
  that
• 37:50
  is,
• 37:50
  that
• 37:51
  is
• 37:51
  making
• 37:51
  frugal,
• 37:52
  smart
• 37:53
  investments.
• 37:55
  You're
• 37:55
  never
• 37:55
  gonna
• 37:55
  be
• 37:55
  able
• 37:55
  to
• 37:56
  save
• 37:56
  your
• 37:56
  way
• 37:56
  to
• 37:56
  success
• 37:56
  with
• 37:57
  a,
• 37:57
  you
• 37:57
  know,
• 37:57
  a
• 37:57
  young
• 37:58
  business
• 37:58
  at
• 37:58
  all,
• 37:59
  but
• 38:00
  you
• 38:00
  are,
• 38:01
  you
• 38:02
  know,
• 38:02
  that
• 38:02
  said,
• 38:02
  you
• 38:03
  can
• 38:03
  absolutely
• 38:04
  succeed,
• 38:05
  you
• 38:05
  know,
• 38:06
  if
• 38:06
  you're
• 38:06
  making,
• 38:06
  like,
• 38:07
  smart,
• 38:07
  small
• 38:08
  bets
• 38:08
  and
• 38:08
  not
• 38:09
  spending
• 38:10
  money
• 38:10
  as
• 38:10
  fast
• 38:10
  as
• 38:10
  you're
• 38:11
  bringing
• 38:11
  in
• 38:11
  from
• 38:11
  investors.
• 38:12
  So
• 38:12
  that,
• 38:12
  that
• 38:12
  is
• 38:12
  just
• 38:13
  super
• 38:13
  crucial.
• 38:13
  So,
• 38:15
  yeah,
• 38:15
  I
• 38:15
  mean,
• 38:15
  that
• 38:15
  is
• 38:16
  one
• 38:16
  where
• 38:16
  it's
• 38:16
  like,
• 38:16
  you
• 38:17
  partly
• 38:17
  know,
• 38:18
  as
• 38:18
  you're
• 38:18
  investing
• 38:18
  in
• 38:18
  these
• 38:19
  companies,
• 38:19
  they
• 38:20
  don't
• 38:20
  have
• 38:20
  much
• 38:20
  of
• 38:20
  a
• 38:20
  track
• 38:20
  record,
• 38:21
  so
• 38:21
  it's
• 38:21
  a
• 38:21
  little
• 38:21
  hard
• 38:21
  to
• 38:22
  tell.
• 38:22
  But
• 38:23
  it's,
• 38:23
  it's,
• 38:23
  you
• 38:24
  know,
• 38:24
  taking
• 38:24
  the
• 38:24
  track
• 38:25
  record
• 38:25
  that
• 38:25
  you
• 38:25
  can
• 38:25
  see
• 38:26
  and
• 38:26
  ask
• 38:26
  them
• 38:26
  the
• 38:27
  right
• 38:27
  questions
• 38:27
  and
• 38:27
  then
• 38:27
  doing
• 38:28
  everything
• 38:28
  you
• 38:28
  can
• 38:29
  to,
• 38:30
  to
• 38:30
  help
• 38:30
  them
• 38:30
  kind
• 38:31
  of
• 38:31
  get
• 38:31
  to
• 38:31
  that
• 38:31
  point.
• 38:31
  Because
• 38:32
  frugality
• 38:32
  can
• 38:32
  be
• 38:33
  learned
• 38:33
  too.
• 38:33
  You
• 38:33
  know,
• 38:33
  it
• 38:34
  isn't
• 38:34
  like
• 38:34
  you're
• 38:34
  born
• 38:34
  either
• 38:35
  frugal
• 38:35
  or
• 38:35
  not
• 38:35
  frugal,
• 38:36
  so.
• 38:36
  Right,
• 38:37
  yeah.
• 38:37
  So
• 38:37
  it's
• 38:37
  a
• 38:37
  lot
• 38:37
  of
• 38:38
  that.
• 38:38
  Yeah.
• 38:38
  You
• 38:39
  need
• 38:39
  to
• 38:39
  know
• 38:39
  what
• 38:39
  steps
• 38:39
  to
• 38:39
  take.
• 38:40
  Right?
• 38:40
  Yeah,
• 38:40
  exactly.
• 38:41
  Said
• 38:41
  something
• 38:41
  similar.
• 38:41
  She
• 38:42
  said
• 38:42
  she
• 38:42
  looks
• 38:42
  very
• 38:42
  hard
• 38:42
  at
• 38:42
  the
• 38:43
  income.
• 38:43
  When
• 38:43
  she
• 38:43
  was
• 38:43
  on
• 38:43
  the
• 38:44
  program
• 38:44
  last.
• 38:45
  She
• 38:45
  looks
• 38:45
  very
• 38:45
  hard
• 38:46
  at
• 38:46
  the
• 38:46
  income
• 38:46
  to
• 38:47
  see,
• 38:47
  like,
• 38:47
  what
• 38:47
  are
• 38:47
  the
• 38:48
  signs
• 38:48
  of
• 38:48
  frugality
• 38:49
  being
• 38:49
  shown
• 38:50
  by
• 38:50
  the
• 38:50
  way
• 38:50
  the
• 38:51
  business
• 38:51
  is
• 38:51
  actually
• 38:51
  moving
• 38:52
  to?
• 38:52
  I
• 38:52
  imagine
• 38:52
  you're
• 38:53
  looking
• 38:53
  at
• 38:53
  that
• 38:53
  as
• 38:53
  well.
• 38:54
  Yeah,
• 38:54
  I
• 38:54
  mean,
• 38:54
  I
• 38:54
  look
• 38:55
  at
• 38:55
  cash
• 38:55
  burn
• 38:55
  a
• 38:56
  lot,
• 38:56
  and,
• 38:57
  you
• 38:57
  know,
• 38:57
  cash
• 38:57
  burn
• 38:57
  is
• 38:58
  a
• 38:58
  sign
• 38:58
  of,
• 38:58
  you
• 38:58
  know,
• 38:58
  frugality
• 38:59
  or
• 38:59
  not.
• 39:00
  Yeah.
• 39:00
  And
• 39:00
  so.
• 39:00
  And
• 39:01
  where
• 39:01
  are
• 39:01
  they?
• 39:02
  You
• 39:02
  know,
• 39:03
  where
• 39:03
  is
• 39:03
  the
• 39:03
  cash
• 39:04
  being
• 39:04
  spent?
• 39:04
  You
• 39:04
  know,
• 39:04
  if
• 39:05
  it's
• 39:05
  being
• 39:05
  spent,
• 39:05
  what's
• 39:06
  driving
• 39:06
  the
• 39:06
  burn?
• 39:06
  Yeah,
• 39:07
  yeah,
• 39:07
  exactly.
• 39:08
  That's
• 39:08
  really,
• 39:08
  really
• 39:09
  important,
• 39:09
  you
• 39:09
  know,
• 39:09
  so
• 39:10
  you
• 39:10
  look
• 39:10
  at
• 39:10
  that,
• 39:10
  and
• 39:11
  you
• 39:11
  can
• 39:11
  get
• 39:12
  a
• 39:12
  reasonable
• 39:12
  sense
• 39:13
  of.
• 39:13
  Of
• 39:13
  are
• 39:14
  they
• 39:14
  investing
• 39:14
  in
• 39:14
  the
• 39:14
  right
• 39:14
  places?
• 39:16
  Are
• 39:16
  they
• 39:16
  trying
• 39:16
  to
• 39:16
  conserve
• 39:17
  cash
• 39:17
  in
• 39:18
  areas
• 39:18
  where
• 39:18
  you,
• 39:19
  like,
• 39:19
  you
• 39:19
  know,
• 39:20
  and
• 39:20
  one
• 39:20
  CFO
• 39:21
  once
• 39:21
  told
• 39:21
  me,
• 39:21
  like,
• 39:22
  save
• 39:22
  money
• 39:23
  where
• 39:23
  it
• 39:23
  doesn't
• 39:23
  matter,
• 39:23
  you
• 39:24
  know,
• 39:24
  and,
• 39:24
  like,
• 39:25
  that's
• 39:25
  right.
• 39:25
  Like,
• 39:25
  if
• 39:26
  they're,
• 39:26
  if
• 39:26
  they're
• 39:26
  spending
• 39:26
  money
• 39:27
  on
• 39:27
  stuff
• 39:27
  that
• 39:27
  doesn't
• 39:27
  matter,
• 39:28
  like,
• 39:28
  you
• 39:28
  know,
• 39:28
  big
• 39:29
  Christmas
• 39:29
  party,
• 39:29
  big
• 39:30
  holiday
• 39:30
  parties,
• 39:30
  whatever,
• 39:31
  like,
• 39:31
  not.
• 39:31
  Not
• 39:31
  smart.
• 39:32
  That's.
• 39:32
  There's
• 39:33
  no
• 39:33
  positive,
• 39:33
  you
• 39:33
  know,
• 39:34
  ROI
• 39:35
  on
• 39:35
  that.
• 39:36
  Right,
• 39:36
  right,
• 39:37
  right.
• 39:37
  Yeah.
• 39:37
  No
• 39:37
  fun.
• 39:38
  No
• 39:38
  fun.
• 39:38
  No,
• 39:38
  I'm
• 39:38
  just
• 39:39
  kidding.
• 39:39
  Not
• 39:40
  that.
• 39:40
  Not
• 39:40
  that.
• 39:42
  All
• 39:42
  right,
• 39:42
  man.
• 39:42
  Well,
• 39:42
  well,
• 39:43
  Carl,
• 39:43
  thanks
• 39:43
  for
• 39:43
  being
• 39:43
  with
• 39:44
  us.
• 39:44
  This
• 39:44
  is
• 39:44
  awesome.
• 39:44
  I,
• 39:45
  I,
• 39:45
  We.
• 39:45
  We
• 39:46
  just
• 39:46
  absolutely
• 39:46
  love
• 39:47
  talking
• 39:47
  to
• 39:47
  you.
• 39:47
  It's
• 39:48
  so
• 39:48
  great
• 39:48
  to
• 39:48
  get
• 39:48
  your
• 39:48
  perspective
• 39:49
  on
• 39:49
  everything.
• 39:50
  And
• 39:51
  again,
• 39:51
  congrats
• 39:51
  on
• 39:52
  closing
• 39:52
  the
• 39:52
  fun.
• 39:52
  For
• 39:53
  everyone
• 39:53
  out
• 39:53
  there
• 39:53
  listening.
• 39:55
  For
• 39:56
  everyone
• 39:56
  out
• 39:56
  there
• 39:56
  listening,
• 39:56
  what's
• 39:57
  the
• 39:57
  best
• 39:57
  way
• 39:57
  for
• 39:57
  them
• 39:57
  to
• 39:58
  get
• 39:58
  in
• 39:58
  touch
• 39:58
  with
• 39:58
  you
• 39:59
  if
• 39:59
  they
• 40:00
  want
• 40:00
  to?
• 40:00
  You
• 40:01
  know,
• 40:01
  for
• 40:01
  all
• 40:01
  kinds
• 40:01
  of
• 40:02
  reasons,
• 40:02
  I
• 40:02
  guess.
• 40:02
  Based
• 40:02
  on
• 40:03
  the
• 40:03
  conversation
• 40:03
  we
• 40:03
  had
• 40:04
  in
• 40:04
  this
• 40:04
  podcast,
• 40:04
  what's
• 40:04
  the
• 40:04
  best
• 40:04
  way
• 40:05
  for
• 40:05
  them
• 40:05
  to
• 40:05
  do
• 40:05
  that?
• 40:06
  Yeah,
• 40:07
  I'm
• 40:07
  on
• 40:07
  LinkedIn.
• 40:07
  Feel
• 40:08
  free
• 40:08
  to
• 40:08
  reach
• 40:08
  me
• 40:08
  there.
• 40:09
  And
• 40:10
  then
• 40:10
  also,
• 40:11
  info
• 40:12
  campocapital.com
• 40:13
  they
• 40:13
  can
• 40:14
  reach
• 40:14
  me
• 40:15
  through.
• 40:15
  Through
• 40:15
  that
• 40:16
  email
• 40:16
  handle.
• 40:17
  And,
• 40:18
  yeah,
• 40:18
  I'm
• 40:18
  not
• 40:18
  a
• 40:19
  huge
• 40:19
  social
• 40:20
  media
• 40:20
  guy,
• 40:20
  but
• 40:20
  those,
• 40:21
  you
• 40:21
  know,
• 40:21
  those
• 40:21
  are
• 40:21
  two
• 40:21
  good
• 40:22
  ways
• 40:22
  to
• 40:22
  get
• 40:22
  a
• 40:22
  hold
• 40:22
  of
• 40:22
  me,
• 40:22
  for
• 40:22
  sure.
• 40:24
  You
• 40:24
  do
• 40:24
  it
• 40:25
  just
• 40:25
  enough
• 40:25
  to
• 40:25
  be
• 40:25
  dangerous,
• 40:26
  though.
• 40:26
  You
• 40:26
  do
• 40:26
  it
• 40:26
  just
• 40:26
  enough
• 40:26
  to
• 40:27
  be
• 40:27
  dangerous.
• 40:27
  All
• 40:28
  right,
• 40:28
  well,
• 40:28
  that
• 40:28
  wraps
• 40:28
  us
• 40:28
  up.
• 40:29
  Thanks
• 40:29
  again
• 40:30
  to
• 40:30
  Carl
• 40:30
  Bracken,
• 40:30
  founder
• 40:31
  and
• 40:31
  CEO
• 40:31
  of
• 40:31
  the
• 40:31
  new
• 40:32
  venture
• 40:32
  capital
• 40:32
  firm
• 40:33
  Ocampo
• 40:33
  Capital.
• 40:33
  Although
• 40:34
  it's
• 40:34
  not
• 40:34
  so
• 40:34
  new
• 40:34
  anymore,
• 40:35
  really.
• 40:36
  Thanks
• 40:36
  to
• 40:36
  him
• 40:36
  for
• 40:37
  sitting
• 40:37
  down
• 40:37
  with
• 40:37
  us
• 40:37
  today.
• 40:37
  And
• 40:38
  thanks,
• 40:38
  everyone
• 40:38
  out
• 40:38
  there
• 40:38
  for
• 40:39
  listening
• 40:39
  to
• 40:40
  this
• 40:40
  next
• 40:40
  episode
• 40:41
  of
• 40:41
  our
• 40:41
  ongoing
• 40:42
  series
• 40:42
  on
• 40:42
  VC
• 40:43
  perspectives
• 40:43
  across
• 40:44
  retail
• 40:44
  and
• 40:44
  the
• 40:45
  consumer
• 40:45
  goods
• 40:46
  industry.
• 40:46
  Please
• 40:46
  let
• 40:47
  us
• 40:47
  know
• 40:47
  what
• 40:47
  you
• 40:47
  thought
• 40:47
  of
• 40:47
  our
• 40:47
  interview
• 40:48
  with
• 40:48
  Carl
• 40:48
  on
• 40:48
  social
• 40:48
  media.
• 40:49
  And
• 40:49
  as
• 40:49
  always,
• 40:50
  on
• 40:50
  behalf
• 40:50
  of
• 40:50
  all
• 40:50
  of
• 40:51
  us
• 40:51
  here
• 40:51
  at
• 40:51
  omnitalk,
• 40:52
  be
• 40:52
  careful
• 40:52
  out
• 40:52
  there.