463 James Dyson built a $499 Toothbrush And Has No Idea How Many He’ll Sell | The Pirate Street Journal

0:00Thanks for pressing play and welcome to this very special episode of the Pirate Street Journal. My name is Christopher Lochhead and yes, I am also the host of Follow Your Different. And what you're about to hear is something that I've been dreaming of for quite some time and we got a lot of feedback that people wanted us to do it, so we're doing it. And so what the it is, is a regular look at kind of relevant business news through the category design lens. it's predicated on the crazy idea that the Wall Street Journal doesn't know how business works. And as outrageous as that sounds, it's true in the context of most business press is focused on companies, maybe products and technologies, but almost never market categories.

0:49And so what the Pirate Street Journal is, is we take three important business topics of the day. And Eddie, Bree, and I look at those topics through the category design lens and share them with you and in and out in 30 minutes. It's the Pirate Street Journal. It's a very different look at business, and I sure hope you enjoy it. And we're going to be releasing PSJs on a regular basis for the foreseeable future and drop our regular follow your difference that are either one-on-one with me or a conversation with a legendary guest. So without any further ado, this is the Pirate Street Journal on Folly or Different.

1:25Hey ho, let's go.

1:43topic one james dyson just launched a 499 toothbrush and he admits he has no idea how many he'll sell topic two tesla launched the cyber cab without a live stream the stock dropped almost 6 % and the robo-taxi numbers underneath went the other way. And topic three, college football kickers used to be the forgotten guys on the roster. They started comparing paychecks in a group chat and now the top one makes$600 ,000. We are recording on Friday, September 11th. Hey ho, let's go. Topic one, James Dyson sold the world a$400 hair dryer. Now he wants you to spend$499 on a toothbrush. It's called the camera jet.

2:23Six years in development, a tiny camera in the brush head takes 28 images a second, finds the gaps between your teeth, and sends a jet of mouthwash in to floss them while you brush. It costs about$100 more than the top Sonicare or Oral-B, and it lands in Sephora, Best Buy, and Amazon this month with Costco later this fall. Only about 30 % of American adults floss every day. A third never floss at all. Oral care is a giant, crowded category owned by a handful of companies. When the journal asked Dyson how big the market is, he said, I had no idea of the market size and I've got no idea how many will sell.

3:02We don't really structure things on a business plan. This is a 79-year-old who owns 100 % of a company that did about$8.3 billion in revenue last year. He went into debt building more than 5 ,000 vacuum prototypes. He also walked away from an electric car and a washing machine. Every consultant on the planet would have stopped the toothbrush at the market sizing slide, but Dyson shipped it anyway. So Christopher, the camera jet is the next Dyson hairdryer. Well, first of all, I don't know much about hairdryers for obvious reasons. Okay, look, this is genius. Dyson is a hero. He is a legend. And for him to say that to the Wall Street Journal, I just love it.

3:44This is the purest form of category designer is Dyson, right? What does he know? He sees a missing. He sees a giant problem. We don't floss. And he says, you know, bring most things in life. You can learn from three movies. The Big Lebowski, Spinal Tap, and The Usual Suspects. And in the Big Lebowski, the dude himself says, this aggression will not stand, man. And every legendary category designer sees a problem from a different or new perspective that hadn't been thought about or seen before. And when they start thinking about said problem, they stand there and they say, this aggression will not stand, man.

4:35And they get busy. And you know what? if he had been some traditional, overly educated, overly consultantized professional CEO, they would have done all these market studies and they would have done all this stuff. He knows he's creating a different future and he's being blatant about it. And he's, I love, he's so piratey, right? He doesn't give a shit. We don't know how many of these things we're going to sell. We spent, what it was, eight years building this damn thing. And we have no idea. Why? Because we saw something that no one else did. And mark my words, this will work. They will sell millions of this thing.

5:15Millions. I want one. Can we buy one now? And so this will be a giant category and prediction. And I'm not the consumer guy. Eduardo is. Here's my prediction. In 10 years from now, Dyson will have a disproportionate amount of the profit in the toothbrush category, and they will dominate in the mega ding dong, ultra high end toothpaste category. Well, if you're going to get one, I sure are going to get one as well. I'm sure Kristen will get one. I can't wait. I hate flossing. You floss when you have shit in your teeth. It's terrible. This is a good one because I think the toothbrush category and as you said, Dyson, James Dyson, a great example of category design and the risk that it takes and the courage you need to do this.

6:08And let me go deep into the oral care category because I know too much about this stuff, right? Remember, this is a category where the vast majority of units of toothbrushes are given away for free. Okay? This is not a normal category, right? If you go to the dentist twice a year, what do they give you? They give you a free toothbrush. So you can very easily never spend any money on brushing your teeth. Everybody says they brush their teeth. I question the data, but everybody says they do, right? And I know this will work because I've seen Jim Keltz do this at Gillette when he was the CEO there and Michelle Stacey was running Oral-B and all the folks that were there, is that if you remember the Crest Spin Brush, this was a little mermaid-y, race-card-y thing that P &G came out with.

7:01It was a battery that targeted kids. And it was cheap. It sold a bazillion. And what Jim Kiltz got really mad at his executive team and said, because remember, the little mermaid toothbrush thing was a battery-powered one, right? He goes, so you're telling me we have the number one brand in power toothbrushes and the number one battery brand and somebody else came up with a battery toothbrush are what are we doing here yes are we insane and it was a function of silence and this this is why category design is such a an unfair advantage right when you have the category design lens you see categories everywhere when you have a product lens when you have a company lens you don't necessarily see the obvious dots.

7:49Which is what happened and, you know, incentives drive outcomes and, you know, the Duracell guy was incented on driving Duracell sales and not Oral-B sales and vice versa and there you go, right? Somebody else comes up with a category. Now, here's the part that becomes really, really powerful is that Michelle Stacey brings in Cambridge and the team comes in and they look at a new category and you'll love this, Christopher and Bree, is that they designed a power manual toothbrush. So what does that mean? It looks like a regular toothbrush. It has a battery in it. It's for adults. It's not racing cars and mermaids and this and that.

8:25You push a little button and it vibrates and you brush your teeth with it. And the battery is not replaceable. So when the battery runs out, you have to throw out the toothbrush, right? Now, remember, it resembles a toothbrush that you get for free. Do you know what they charge for it? $7. Right now, an ORB,$100,$200 right here. So what they understood was the Keurig gap is that when you have Starbucks up here and folders down there, it creates a vacuum for something in the middle, the missing, as Christopher would say, right? And that what Oral-B designed was a manual toothbrush that had the power benefit, but you tossed.

9:02If you lost it, no big deal, seven bucks or whatever else it was. And so people thought this was the stupidest thing that you could ever have done. No one's going to pay seven bucks for something that you get for free. And by the way, why isn't the battery replaceable? This is what the Duracell people said. Hello. By the way, on why would people pay for something they get for free? That's what everybody asked until Evian started putting water in bottles. Absolutely. Absolutely. Right? And so you had this kind of confluence of a minor miracle that this actually emerged because of the corporate incentives of like the Duracell guys like, I would like to sell more Duracells.

9:36What in the heck? Make it replaceable. And the Oral-B, Michelle stated credit to her, said, no, no, no. when the battery dies is about three months, which is about the same time that you should replace the brush head because the softer the brush head gets, the less effective it is at cleaning your teeth, the harder your brush and the more erosion that you get. It's bad for your teeth. So it was a total genius design around the super consumer. And guess what? If you don't believe in super consumers, you look in oral care. They are the people with manual toothbrushes, with power toothbrushes, with floss, with water pickers, with everything imaginable under the sun.

10:12That's why this$4.99 thing is obviously going to sell, right? And so you have this whole dynamic. And the reason why it's going to sell, it's not just an artifact of pricing or category design. It is about what Michelle Stacey understood as the quest of the super consumer was that it's not just I want my breath to smell good. It's not just I want my teeth to be white. All those things are important. Is that the super consumer believes in three words. This was the POV. Whole mouth health. They believe that brushing your teeth is not a function of stinky breath or not stinky breath, yellow teeth and white teeth.

10:49No, no, no. It was about health. You wanted your whole mouth to be healthy. And because in particular, it was backed by science, medical science says that if you get gingivitis in your mouth, you can get heart disease because the bacteria from there enters a bloodstream and can do all sorts of damages. So you better believe that a super consumer that believes in whole mouth health believes that whole mouth health leads to whole body health. And therefore, it's not$4.99 that I would spend on my mouth. It's$4.99 as an investment in my heart and everything else that's going in here. And the more we kind of dig into what goes on in your mouth, the more you realize, A, not a very clean place.

11:26And B, there's a ripple effect. What happens in your mouth, it's going to cascade to the rest of your body. So number one, we've seen it before in cowboy design. What happens in your mouth doesn't stay in your mouth? Not like Vegas. Not like Vegas. There's the headline, Bree. Your mouth, not like Vegas. But kudos to James Dyson. It's going to be great. I hope that other people have the guts to do this. And by the way, AI in your mouth, when it comes to brushing your teeth, genius. Well, of course that's what's going to happen. And guess what? There will be a generation of these things that will then be internet connected.

12:03and he will give you a discount for the ability to harness your intellectual capital, aka the data about your brushing and your mouth, so that they can use that data to improve their products over time and maybe even sell that data back to various pharma companies and other healthcare providers. The total orthodontist ecosystem is going to love this because if you have a camera in your mouth and you can measure gaps, it's going to measure your teeth are moving. It's time to get adult braces. What's he doing? He's doing the exact same strategy that Tesla did to get to where they are with the robo taxis, right?

12:43So Waymo's got all these cars out there, but they don't have Teslas. So when Tesla goes into the driverless cab market, right, they have an uncomparable, unbeatable intellectual capital advantage, which then gets converted and monetized through AI. Uncompetitionable, as pirate Mary Catherine Johnson would say. Mary Catherine, that's an uncompetitionable move, right? And so what's going on? He is going to have us buy these million dollar toothbrushes. Over time, they will be internet and AI connected. that will create intellectual capital. That will create a whole new set of flywheels, both for his business, and he will be sitting on data that he will be able to sell to everybody else in the healthcare space who cares about this stuff.

13:36It's absolute genius. It's exactly how Tesla is going to crush Waymo with the taxis, because they have the data advantage because all the Teslas that they have are tracking everything that happens and that goes into the taxis. And that's a very good analogy for what Dyson is doing. And it must be stated, how old is Dyson himself? Is he 80? 79. 79 years old. Legendary. And pirates, you can get your Dyson toothbrush today. However, already out of stock everywhere sold. Ironically, topic two, Tesla Cyber Cab. Tesla finally launched the Cyber Cab. Two seats, no steering wheel, no pedals, and almost nobody got to watch it happen.

14:20The company that turned product launches into rock concerts didn't stream this one. A few hundred employees and guests took the first rides in Austin, and the presentation went up on YouTube after the fact. Public rides opened the next afternoon in part of Austin for part of the day. Round-the-clock service is in the next month or so. Investors wanted a bigger show. Tesla stock fell 5.9 % on Friday, erasing Thursday's gains. That same Thursday, federal safety regulators opened an audit into how Tesla self-certified the car. The regulator estimates Tesla has built about 1 ,000 cybercabs. Only 45 are registered in Texas.

15:00Meanwhile, the operating numbers moved the other way. Tesla's unsupervised robo-taxis just passed 1 million miles, up from about 380 ,000 miles in July. Driverless Teslas in Austin went from 54 at the end of June to 128 now. And Tesla opened applications for customers to run their own cyber cab fleets on a car it says will eventually sell for under$30 ,000. So Eddie, did Tesla just trade the hype machine for the unglamorous work of running a taxi company? You know, it's funny. you're seeing maybe one of the greatest if not the greatest category design in history do it again, right? Vehicles to electric vehicles to autonomous vehicles you know, V, EV, AV and what you get here are there's a couple of things that are going on that are not going to be obvious to the normal person out there because obviously, you know, the stock fell 6 % the day after so clearly Wall Street doesn't understand it, right?

15:58It's come back up since then but nobody kind of gets it But the first part is... The stupidity of people never ceases to amaze me. Please continue, doctor. The magic triangle. Let's go through the magic triangle, right? So you have the product design itself, right? It is a two-seater. People are like, the heck, why aren't you making it for four? Well, 90 % of cab rides and rideshare rides are less than two people. Or two people are less, rather. So it is designing the majority of the market. And so what this is actually happening is not just an AV as a category. This is first principles. If you could design the product for cyber caps, for not driving, for riding, what would it actually look like?

16:45Right? So people look at it like it's a two-seater. There's no steering wheels. There's no pedals. And there's no mirrors. And, you know, they just see it as like, well, it's just deleting costs and this and that. Some of that is true. It's deleting costs. but it is actually a fundamental design for the super consumer. And you have the product is going to be, it's bigger, you have more leg space. And here's the beauty of it, is what happens when you are riding in a car versus driving a car? Different benefits emerge, different trade-offs emerge. And here's my thing, this is an introvert's dream.

17:16You know, Pirate Christopher and Pirate Bree have seen this firsthand. When it comes around three, four o 'clock, I run out of words, I don't talk. If we go out to dinner, I don't talk, right? And that's what I like when I get my hair cut. I will pick somebody who cuts my hair less well for somebody that I don't have to talk to and make small talk with. That's an important thing for me. And as you can imagine, if I pick a ride share, that would be the number one thing that I would choose is a quiet ride and this and that. And now here's the important part is that there's a lot of focus on the price.

17:45It is cheaper than a Waymo, than an Uber because of the lower cost of goods, because it is designed for cost efficiency, right? $20 ,000 to$30 ,000 in cost, but the price per mile is a fraction of what you would normally pay so a couple things on that but it on the introvert's dream it is not just the the lower price it is the psychic price of having to get into a car for an introvert some of you may not understand this with somebody else that you do not know that may like different music than you that may like the temperature slightly different than you that may have a different odor than you and the like it may have a different anything that you want there, right?

18:24But just the idea of I get to be by myself in my own thoughts. You can imagine what can happen. I feel more comfortable having a confidential phone call. I might do a talk with somebody that you don't really want to have in front of other people. There's any number of use cases that you could do that is designed in this whole thing. Now, that's the product side. The company side is the really radical part, is that it is a breakthrough in manufacturing. And this is what Elon really shines at, right? It is called break by wire. What does that mean? There are no physical parts that cause when you depress the paddle to break, it does not lead to a physical thing that leads to a physical thing that leads to a physical thing when the break stops.

19:03It is all digital. So guess what? No brake fluid required, no unnecessary parts. The best part is no part is what he always says. The second thing is that it is what's called the unboxed manufacturing process. This is the first breakthrough in manufacturing. You could argue Toyota, Kaizen, and that's an improvement on the existing Model T line that Henry Ford built out. But the assembly line concept as a category was linear. It went from here, went forward. You add it along the way. You need a certain amount of physical space. The unboxed are parallel sets of processes that come back together and you snap the car together in Legos.

19:41Now, I am not a manufacturing expert. I don't fully understand it. Here's what I know. I can measure numbers. Best in class manufacturing is Toyota. They turn out a car every 30 to 60 seconds. Model Y is designed to be simpler, 34 to 40 seconds. The cyber cab manufacturing process takes 10 seconds per cab. They think they can get it down to five seconds per cab. And this is where, you know, every second counts. They're just literally going to be farting out these cabs. They're going to be farting it out. Faster than you can fart will be the cyber cab that comes out. That's the new, that's a category design slogan right there for their brand.

20:17We build these things faster than you can fart. And this is what's really important, is that they have removed the log jam to scale. Because here's what's going to happen as a user, is what you want is a good price, and it's going to be way lower. You want a great experience. It's going to be a way different experience, not the normal normal. And thirdly, you don't want to wait. And what do you need for a low wait time? You need lots and lots of these cyber cabs, which they're going to be able to do, which gets us to the third component of the magic triangle. This is why it's a masterclass. The category design itself.

20:45Because what do you need when you have lots and lots of cyber cabs? You need cleaning stations. You need wireless charging, which they have, which nobody else has. You need to be able to service the cabs so that you get them clean, charged, and ready to go. And they are the only company that I know of that is doing this. And guess what? I forgot to even mention, you know, the Elon ecosystem. Guess what the cyber cab is going to have? Starlink. If you want broadband speeds while you're going, now you have it. And Bree knows full well the value of Starlink. So you imagine, I can watch a movie in a cyber cab on the huge screen.

21:23That changes the dynamics of a two-hour road trip. I can watch a two-hour movie. There's no difference there, right? And think about the revenue streams. This is where people don't think about the ecosystem. Think about the revenue streams associated with this. The other interesting part you mentioned is Musk is a genius at building category ecosystems, right? So figuring out what you want to build as core and figuring out what you want to, in a sense, outsource to deliver the total solution to customers, right? So he's been painting a picture for a long time about people being able to have fleets of these things and a whole new set of services and cleaning companies, etc., etc.

22:07So there is just like Apple has won in large part with an ecosystem. Google won in large part with an ecosystem. Microsoft absolutely won. Oracle, et cetera, et cetera. Because here's what happens. When you do it all, one person cares about your future. When tens of thousands of people do it all, a lot of people care about your future. You just hit on the most legendary category. this out legendary category designers build a new solar system they make themselves the sun and then they create an ecosystem of planets and moons and the like that's exactly what he's doing here and that means that the success of the tech the robo taxi will be shared by many and that means many will want it to continue to be successful well this gets to the heart you just said the new category that he's creating he's not the only one but he's mainstreamed it is capital-raising design.

23:05It's exactly what you just said. What is the number one reason why these EV companies are failing? They run out of capital. They cannot get the escape velocity on their unit volume to get the cost of goods down. Rivian has a capital-raising problem. They will not survive unless they can raise enormous amounts of capital and they can get the scale. What Elon is doing with the cybercabs, he's made it a B2B2C business because guess what he did? It's exactly as Christopher said. if you would like to apply to own a fleet of these cyber cabs, please do so. And guess what has happened? Tens of thousands of people have applied, including Chamath Palahapitiya from the All-In.

23:45Like, think about it. What would you rather have, a McDonald's franchise or this? You know, it's - I'd love to be a Tesla RoboTax franchise owner. A hundred percent. You know, when we do our pirate riding retreats on the Big Island, that drive from the airport to, you know, where we are. You're not going to make me give up the blue minivan, are you? We're going to augment. I love your blue minivan. It's so sexy. The way the engine purrs. Hey, Brie, isn't it amazing when you get in the blue minivan? But there's no doubt that there is going to be loads of small businesses that are going to pony at the Capitol that Tesla does not have to raise to build these things out.

24:22and all they do is sell the software and sell the infrastructure and the ecosystem. It's a beautiful thing to watch. There's one thing you said there that gets missed. You can argue two things. A, Musk's real superpower is fundraising. B, I think the data shows he's the greatest fundraiser in the history of entrepreneurship, right? And that's because he is able to paint a picture for radically different futures in ways that people with buckets of cashola are willing to do that. Some people call this the Elon premium, right? And so if you want to be an entrepreneur, job number one is we never run out of cash.

25:05Job number two is we have a lot of cash, right? It needs to be a superpower. Topic three, the kickers. For decades, the college football kicker has been an afterthought. Practices alone, plays a handful of snaps. For years, a lot of them weren't even on a scholarship. Then they started texting. A lot of these guys have known each other since they were about 15, from the same kicking camps and private coaches. Now they're using a group chat and Instagram DMs to share exactly what everyone gets paid. The average starting kicker or punter in a Power 4 conference is making$225 ,000 this season. Specialist pay is up about 61%, the second biggest jump of any position in the sport.

25:49The top paid kicker in the country makes$600 ,000, and last Saturday, a Western Michigan kicker scored all 12 of his team's points and came within a Hail Mary of upsetting No. 16 Michigan. One kicker started at$40 ,000. When his school made him an offer, he told them he knew what a kicker at another school was getting and his stats were better. He signed men for$225 ,000. No agent. His dad's line, they basically self-created their own market. The position with the least status on the field just built the most transparent pay market in the sport out of a group chat. So Christopher, is this a quirky sports story or a preview of what happens to every Overlook specialist in business the moment pay stops being a secret?

26:35This is the ghost of Christmas future, right? One of the things we teach people in the academy all the time, what's the value of your value? And what do we know? the vast majority of people we ever come into contact with who have ever been through the category design academy with us even people who are very wealthy very successful with insane track records incredibly respected executives entrepreneurs and leaders undervalue the value of their value and so um it's all how you frame things right and so if the kicker is the donkey in the corner who doesn't practice with the team. And he's the skinny little dude who couldn't make it as a quarterback or as a running back or as an, I don't know what back.

27:24Right. And he's just this donkey off on the side, weird, emotional, because if he screws up, he, you know, it's a, it's a high stakes game, right? A little bit like pitchers, but, but a lot more, uh, sort of, uh, off on the corner, off in the corner. Right. That's how they were viewed. Well, anybody who's a football fan knows that's insane. You know, as a 49ers fan, I won't speak the name of the person, but we had a very bad kicker and bad things happen. And then management decided to keep him. And then at the beginning of last season, he fucked up royally in the first game. He's not our kicker anymore.

28:01And the new guy we have is legendary. And actually he kicked a couple of spectacular field goals in the opener in Melbourne. Oh, by the way, if you're not a 49ers fan, you might not, you might've missed this, but there was something highly irritating that American broadcasters were doing about this football game in Melbourne, Australia. Somebody must've told these fuckers, Hey, you need to say Melbourne, which is how most of us pronounce it. Something like Melbourne, Melbourne, something like that. You have to pronounce it the way the Aussies do. So you have these announcers with American accents saying Melbourne.

28:42They're like, la, la, la, la, la, American accent, American accent. And here we are in Melbourne. Every time they did it, like, are you nuts? As a matter of fact, that might even be considered racialist. Are you making fun? Are you cultural appropriation of the pronunciation of Melbourne? Anyway, every time they would say Melbourne, I just go, fucking A, it's Melbourne. You're not Australian. Just say Melbourne, Australia. But I digress. understand the value of your value. And this shows, you know, everybody says, oh, it's so hard to create in your category. You know, only in companies, you can do your category.

29:19No, a bunch of teenagers said, hey, this aggression will not stand, Bree. We are undervalued and we are going to fix that. And we did. That's called category design. That's called reframing, naming, and claiming. and that's called knowing the value of your value and standing for it until you get it. And that is why these teenagers who are now multimillionaires as a result of this, if they play a couple years, right, are teaching everybody how to do this going forward. We all have to take responsibility for our outcomes and the value that they produce and getting paid for the value of our value.

30:00Well, a great example of relationship capital leading to financial capital, right? You have enough trust to share information about how much you make, and it leads to everybody making more money. It was a great example of this. And it is one of these things that, I mean, Bree, we talked about this beforehand, is Gen Z is not very private about many things when you look at what people will post on social media, pictures and words and all that kind of stuff. However, money is still a touchy topic that people won't talk about as much. And so it'll be interesting to see if the kicker story is a harbinger of things to come, where the next gen is actually more open.

30:35Because certainly, I think that all that you get, the less willing people tend to be to talk about money. Now, there are some exceptions in the business world. If you are a publicly traded company, there's what's called the proxy statement, where the top five highest paid people in the company, they show you what the compensation is. Salary, bonus, benefits, stock ownership, stock options, and all that kind of stuff. And I would know some executives who'd be like, a little self-conscious to see that. But I would argue that the best categories of industry that I've seen, where you have kind of the greatest influx of talent, compensation is pretty open and transparent.

31:13Everybody knows in consulting what the next level get, what people get, this and that. You may not know the annual bonus, but you can understand and predictably forecast, if I make it in the up or out system, I will make this to that, to that, to that, right? And so you start out at six figures. If you make it all the way to a senior partner, you might make one to$5 million plus or whatever. Law firms, very transparent. Investment banks, pretty transparent. Silicon Valley, stock ownership, I imagine pretty transparent about what the top holders have and kind of what they make with it. And I would argue it's a net positive thing.

31:47The transition from nobody knows to now everybody knows, that can be a little rocky with it, right? And so you want to be careful and cautious about that. But I would argue that we should talk more about money, not less. And we will see what kind of what happens and that even better, you know, this teenager dynamic is really the nexus point of where it should be. As we wrote Creator Capitalist, like we actually want people to talk more about how much they make early on as possible so that young people can actually have the facts as they choose careers and say, oh, I thought I wanted to be this.

32:21Oh, and lo and behold, that doesn't pay as well as I thought. Maybe I should rethink this because here's my favorite weird data point is that if you think about who are the best paid medical doctors, people rattle off the top five and they'll say, oh, okay, orthopedic surgeon, neurosurgeon, plastic surgeon, cardiologist. That's all correct. And there's one in the top five that is not like the other. It's called orthodontist. Now, you're going to have some doctors that are going to say, hey, those dentist people, There aren't real doctors or whatever else. But from a compensation perspective, they absolutely are.

32:55You can make over a million bucks, one and a half million dollars more if you own multiple practices. And guess what happens? Nobody knows this about orthodontists. Is that, do you know how many days a week they work? Three, maybe three and a half. They do not have to work a lot of hours to earn the amount of money that they do. That is not true of a surgeon who has to be in surgery for 10 hours a day or whatever else it is. And guess what? There's no call. You don't have weekend time because they're generally speaking aren't ortho emergencies. It's a pretty good lifestyle. From a business perspective, the margins are higher.

33:27You don't have a lot of malpractice insurance because it's kind of like, you know, it's your teeth. Like, you know, the risk profile for the patients, not that high. It is not a life or death situation. It is a lot less stressful for a lot less work for the same, if not more amount of money for something that is fairly standardized. And I'm not saying that you should be an orthodontist or not, But I am saying that the younger that people know that there is a difference, and maybe I love neurosurgery, but if you are more kind of motivated by the money, you might want to know that, ooh, the stakes are a little bit lower from a stress perspective of, you know, hey, the operation was a success, but the patient died.

34:06That generally doesn't happen in orthodontia, right? And so I do think the kicker example is a good one for people to kind of know and for the world to kind of make the market more efficient so that young people can say, hmm, I might go in this direction and that. And that means I do or do not have to drop six figures on college. And if I choose to drop six figures on college, I do choose to study this or that, what classes matter and what do not. It just allows more information for people to make more efficient and effective life choices for themselves without the burdens that come from the veil of ignorance when you don't know this kind of stuff.

34:43I have a buddy who's an orthodontist. He works two days a week. He said to me, he said, I was really good in school. This was easy for me. And he said, listen, I'll just admit it. I just want to do the least to get the most. that this is the greatest career I could have. The guy makes a zillion bucks a year and he travels and has fun and he's in a rock band. He's a part-time professional and a full-time, I'm having fun for the rest of my life guy. We'll see you next week, Pirates.