The Warren Buffett Way of Thinking About Your Content

0:00All right. So today we are going to talk about the Warren Buffett way of thinking about your content. So those of you that can see the video, Warren Buffett is a little blurry. He's over there, right? So Warren Buffett, known as the Oracle of Omaha, and he's just the master compounder along with his partner, Charlie Munger over there. And when I was doing the interview with Alex Ramosi a couple of weeks ago, we got around to talking about the holding company, but there's something that we talked about where I'm like, man, this actually applies to content creation as well. So the conversation went like this.

0:27So I was like, well, he was talking about the deal box around kind of the companies that they focus on, which is more service-based companies now, right? And so Warren Buffett does this thing where he only focuses on investing within his circle of competence. So you think about baseball, he's not going to swing until he sees a pitch that's perfect for him. Then he's going to swing and he's going to aim for the home run, right? And that's just how Warren Buffett plays the game of investing. Now, when you think about your deal box or your circle of competence, that actually applies to the content that you create as well.

0:55And so what I mean by that is, let's say Neil likes writing, okay? And let's say I like podcasting, for example, I'm just making things up right now. If Neil enjoys writing and he gets energy from writing, that's what he should focus on, not just what everyone else is producing. Right. And so that got me thinking, it's like, well, what type of content do I genuinely enjoy producing that actually does well? And for me, it actually is podcasting, right? So I look at my YouTube channel and in the last couple of years, it just, the videos don't do as well as they used to. Right. And I'm like, oh, maybe I got put in like this penalty box with YouTube.

1:26And then I I put the Hormozy interview up there for two hours and granted he's a trending topic. That video just crushed everything else. Right. And then today my Layla Hormozy video just came out and that's like a one hour interview and it's crushing everything else. And my point of saying all that is clearly one, I think this content I'm putting out is better too. I'm really enjoying what I'm doing. And that's why if you're doing content that you enjoy doing and it's pretty good, it's just going to outperform everything else. So I just think if you're going to produce content, You got to think about your content box and what resonates with you.

1:57And maybe in the beginning, you don't have a content box. You're trying to figure it out, but that's all it is. Neil? Well, if you don't have a content box, experiment and you will quickly figure out the type of content that you're passionate about, that you love, and that you want to produce more of. But the bigger thing that Eric is trying to emphasize here is if you look at Warren Buffett and everything he does when he invests, he sticks to what he understands and what he knows. The moment you get away from what you don't understand, what you know, you lose your competitive edge and you have a higher chance of failure and not succeeding.

2:26So what you need to do with your content is you focus on not just what you love, but what also you're good at. And you also have to think about what you know that's different than others. So for example, I have an edge on marketing because I've been doing it for a long time. So I may have some insights that others may not have. And are you hearing the construction noise, Eric, by the way? Guys, just so everyone knows, Neil's only talking louder. We can't hear it, but there's hardcore construction happening, which is why Neil increased his volume. That's why I'm smiling. So yeah, I'm using the software called Crisp.

2:58I have nothing to do with them, but it's blocking out the construction noise. And if you were here, there's a sledgehammer going, multiple sledgehammers and is extremely loud. But either way, I talk about marketing because I know marketing and I have an edge there. On the flip side, my last name is Patel and there's a lot of doctors that have the last name Patel, but you don't see me giving medical advice because I don't have advantage on that and there's nothing unique I can offer. Plus, I'm not a doctor. So a lot of my information on medical advice would be just off. If you stick to what you know, what you love, what you're good at, and what you know better than most people, that's where you're going to have an edge.

3:33And that's the kind of content that's going to do well versus creating all the similar type of content that's all regarded to like everyone else. I think also what's helpful, Neil, is behind the scenes, right? Like when we talk about this stuff, it's like you understand marketing software really well. Now you really understand the agency world really well. So you're just going to keep doing it, right? Yes. Yeah. I understand the agency world so well that now we're spending so much time just acquiring other agencies. We hired the head of Americas at Dentsu. He used to do all the M &A and he now works for us and he's been working with us for a bit.

4:08We're about to do one deal that should close in two, three months. And we'll probably do another deal that will close within three months as well. And then next year we'll try to do at least four or five deals. it's going to be a pain to integrate, but we have so many leaders in different countries. I'm really hoping we can do 10 deals next year with at least a million in EBITDA each deal, hopefully a lot more than that, but hopefully we can buy at least call it 20 plus million in EBITDA next year. So look, mile wide, inch deep, right? Instead, you would rather go mile deep, inch wide. And I think we've learned that the hard way over the years.

4:41So my focus is, okay, there's the agency side of things. But also the reason my content box happens to be the podcast interviewing piece is because I've done over 500 podcast interviews. And so I understand that well, plus you combine that with my experiences around the marketing and business world, that just makes a lot of sense. So I should do more of that. And Neil's been blogging for a very long time and he continues to blog and that's what works for him. So we're not saying you should copy us or anything. I'm just trying to say, figure out what works for you, but stick to it, try to stick to it for a period of time and it should work.

5:12So that is it for today. This applies both to content, business, and investing. Hope you enjoyed it and five stars, please. And we'll see you tomorrow.