What Stock Would Warren Buffett Buy If He Started Over In 2024?

24:21I don't know if it's that strong, but I'm a huge fan. The stock, it's a good brand. I agree. I think the risks are too high, though. I think Dana is... Do you think if someone left, you said that on your second point, it was like anyone can run it. Do you think someone can run it as good as him? I do think you get the benefit of the founder-led company when you have Dana there. And you would lose that if he left. So I do think it'll continue to run, but I don't think you'd get that X factor back of what Dana brings to the table. And what Vince McMahon brought to the table until he was... How old is Vince McMahon?

25:00He's like 80 or something like that. The guy ran the league for like 50 years or something. And he was a character. He was a character on the show. In the show. And I think Dana is a character in the show. I think Dana's the most popular UFC fighter. Right? Well, Connor, but like, I think he could run this thing for like 30 more years. Maybe. I think maybe. I think that I think that running this type of league is harder than any other league. Maybe F1 actually would be really challenging because they kind of seem like divas. But the UFC, I think, dealing with these types of fighters. Have you ever hung out with a professional fighter or up-and-coming professional fighters?

25:35I've been around a handful of them. They're insane. They're insane. They're hard to work with. They're nuts. And it would be very challenging. And also, the lawsuit that they have. So to put that in perspective, you said that they pay their fighters 14%. How much does the NFL pay their... The NFL and NBA are about 50%. The collective bargaining, that's what they negotiated. And right now, you made a case that they're a monopoly. That's the exact case that the lawsuit is trying to bake, which is that the UFC is a monopoly, and that you guys, you have to allow us to do collective bargaining. And I have looked into it a little bit, but it seems like they've got a great case, and that could meaningfully change the economics.

26:14It could. It could. that is i i would put that as the number one risk to shift the economics dude there's some guys like they'll say in the post fight uh interviews they're like i'm the champion now eight months ago i was driving uber and and they're like and i'm still driving an uber because i don't get paid well like to put this in perspective there's this guy named francis nagano i think he's from cameroon he's like the uh the american dream he came over here with nothing i think he worked in like a mine you know like a blood diamond type of mine like crazy stuff he's now champion do you know how much money he was he was a world champion in the heavyweight division of the ufc he looked like an animal when you think of a heavyweight champion this is what you want this guy to look like look like beautiful story great guy do you know how much he was getting paid per fight i feel like it was like 500k or something it was about 600 000 that's how much this guy was getting paid to fight the scariest people on earth it's insane a mid-level engineer at google that makes more than that.

27:08It's insane, right? The baddest man on the planet. Yeah, it's insane. It's insane. And so that needs to change, I think, for there to be true longevity for the sport. And if that changes, there's actually going to be bad stuff for the business, or at least it'll be less good. But great presentation. I'm a fan of UFC. I think that was a great presentation. All right, your turn. All right, now it's my turn. So look, we said the disclosure already that this really, we don't know anything. so I'm actually gonna not even focus too much on the numbers I'm gonna focus on the story and I just want to put this disclosure up front now before I get into this I want to tell you a few other companies that I looked at I looked at Rivian I looked at 23andMe that's a total shit show I looked at Container Store because maybe that's the next meme stop and of course I looked at HubSpot because I own HubSpot and I'm trying to do a little pump and dump scheme I'm kidding I'm kidding I'm not going to talk about that now I was trying to think about this and I was like should we do like a Wolf of Wall Street pitch you know how he's pitching penny stocks where he's like, hi, John, the reason I'm calling is I've got this new patent technology that has huge upside potential and little downside potential.

28:12Is this something where I could maybe get in on the ground floor? Yeah. And then I realized I'm not going to do that. I'm just going to tell you, I'm just going to base all of everything that I'm doing here on what do I think is cool and interesting. And so what do I think is cool and interesting? Look, if you want to make great money, you invest in Amazon. It's a slow, predictable, it's going to be, I think it's a great company. But that's not interesting to me. We all know that. Same with everything Elon's doing. At this point, he's the man. I can't invest in Tesla. I can't invest in anything he's ever done.

28:39That's dorky. Plus, look at him. I don't want to invest in that. Yeah, I like how you use the pre-plastic surgery Elon one there. Nice. There's a point. I've got a point here. And then I looked at Bill Gates and I looked at this guy. He's like, you know, Microsoft, also great company. I like the CEO. They're doing great things. But we've been there, done that. I think it all makes money, but it's a little bit boring. It's not for this podcast. So what is interesting? Look at this guy. Do you know who that is? That is the LVMH guy, right? The LVMH guy. We're going to call him Escargo because I don't know how to pronounce his name.

29:09What's his name? Bernard. Bernard. How do you say his last name? Bernard Arnold. Yeah, we're going to call him Escargo. Bernard Arnold, as we call him here on MFM. The slug-eating, suit-wearing, beautiful Frenchman. That's what we're going to call this guy. So he's great. So LVMH, here's what they do. This isn't my company, but this is the person I got inspired by. So they own 100 plus luxury brands. Dior, Fendi, Sephora, Tiffany's, Hublot. They own luxury brands. And the reason why this guy got into the luxury business... And I found three quotes by him. You use Warren Buffett as your rule setter for how you're going to pitch a stock.

29:50I'm going to use this guy. He used to own a construction company. And then he got super into luxury businesses. And I'm going to explain three quotes as to why he said that. So he said, in luxury business, you have to build on heritage. And so have you ever heard that phrase, Lindy? So Lindy is a popular phrase that's floating around on the Twitter circles. It basically just means the time of which something has existed is directly correlated to the time that it will continue to exist. So something that's been around for a long time will likely be around for a long time. Something that's brand new and hasn't been around for a long time can go away easier.

30:19And so in order to build a luxury brand, what attracted this guy? He's like, I need something that's been around for a long time, and that means it's going to last a long time. He also said luxury goods are the only area in which it's possible to make luxury margins. Okay? High margins. So I've got to find a company that can last a long time because it's been around for a long time. It has high margins. And then the final thing he says is affordable luxury. Those two words, they don't even go together. Meaning, I've got to find a company that sells a product that is expensive and exclusive. Now, what fits that bill, Sean?

30:49Originally, I thought of James Bond. James Bond, like that's like the definition of cool guy and exclusive and like you dream wanting to be him but it's going to be impossible to attain and so the product that and the brand that i almost chose was what's something that james bond is synonymous for do you know what that car is uh the aston martin i believe that is an aston martin and so aston martin that kind of that kind of that kind of got me interested and aston martin has a strong brand but they have a shit multiple They've got a decent product, but it's actually one of the least valuable car companies in the world.

31:23I believe right now it's only trading at like$2 billion. So it's not that big of a business. Now, Aston Martin, it's been around for a long time. I think it's going to continue being around for a long time. I think a lot of young men dream of having an Aston Martin. Their margin is shit. So it's been losing money. So that kind of gets it out of the way. I can't do that. And in terms of like being exclusive and expensive, it is expensive, but because not that many people want an Aston Martin compared to all the other cars, I wouldn't exactly say that it's that exclusive. So Asa Martin, not good enough.

31:52So what is good enough? So I found a company that has been around for a very long time. It's got huge margins. In fact, it's got the best margins in its industry. It's very expensive. And it's so exclusive that even if you wanted to buy it, in many cases, you cannot. Do I have your interest? You have me interested. You had my attention and now you have my interest. Okay, so you probably don't know who this person is. Do you? I do not. All right. This man, he's no longer around, but he was born in the early 1900s. His name is Enzo. Enzo started out as a race car driver. And he drove, I actually believe he might have drove for Aston Martin at one point, but he also drove for Fiat, an Italian car company.

32:37And he was so into race car driving that he goes, these Fiats, they ain't cutting it for me. I have to make my own car. And I'm going to make the best car. He goes, I'm basically just going to make an engine and I'm going to put wheels on it. And aerodynamics be damned. That's what you say if you have a shit engine. I'm only going to focus on the engine. And he was obsessed with making an engine. And eventually, other people got obsessed with his engines. And so in the first year, he made a car for himself. In the second year, he sold two cars. In the third year, he sold only about eight cars.

33:04And he kept slowly growing. And eventually, that company became Ferrari. So Ferrari is my company. And you're going to like Enzo Ferrari. Enzo Ferrari, he's a crazy person. He's sort of like Conor McGregor, that quote that we have from Conor McGregor. He goes, I'm like Vincent Van Gogh. I've lost my mind in this game. Enzo Ferrari is like that. He's got this great quote where he goes, a great mania to which one must sacrifice everything without reticence, without hesitation. So he's one of these guys who has totally bought into his brand, sort of like Dana White, where he lives and breathes the shit.

33:36He was known as being kind of a shit dad, kind of a shit husband. And all he cared about was Ferrari making it great. So let me give you a little bit high-level facts about Ferrari. In 2023, the revenue grew 17 % to about$6.5 billion. They're very profitable. Their net profit last year was$1.3 billion. Now, here's an interesting stat. So Honda last year sold something like 1.2 million cars. Ferrari only sold 13 ,000 cars. Their market cap... Now, when I started working on this, their market cap was a lot lower. They released some really big news on Friday, and their market skyrocketed and they are now worth$72 billion.

34:16That makes them roughly this eighth or seventh largest car company in the world. And they're still growing at around 23 % a year. Unfortunately, their PE ratio is crazy high. It's like 54. So 54 times earning, which is like one of the highest. But check out this. Look at the highest or the most valuable car companies in the world. Number one, Tesla. Number two, Toyota. And then Porsche, Mercedes. and then you go down to Ferrari,$68 billion. I think on Friday, it was like$75 billion. So they're more valuable than BMW, more valuable than Volkswagen, more valuable than Honda. And they only make something like 13 ,000 cars a year.

34:53Isn't that insane? That's crazy. So here's my case as to why this is an interesting company. I'm going to try and talk a little bit about the numbers, but again, that's not our specialty. So I'm going to try and stay a little bit away from it. But they are a cash cow. They are the cash cow of the industry. In fact, Ferrari makes more profit per unit. For every unit they sell, they make more profit than any other car maker in the business. Some car makers, in fact, like GM, they actually lose money and they hope to make money through their other models or through selling parts or fixing the cars.

35:22Ferrari makes a profit on everything they make. Last year, or sorry, in 2021, they made over$100 ,000 per unit sold. The second place company that profited the second most was Tesla at$6 ,700. And then it's saying... Wow. So whatever, 15x more profit per car than the second place person. But it gets even crazier. So in order to make the same amount of profit that Ferrari makes per car, Ford has to sell 900 cars. And you think, Ford, that's just a middle line car. Okay, what about Mercedes? Mercedes has to sell 67. BMW also has to sell 67. They make the most profit of any other luxury carmaker in the business.

36:02and then make more profit per unit sold than any other car in the industry. Now here's where it gets even crazier. You don't choose Ferrari. Ferrari chooses you. So do you know about this with Ferrari, about their waitlist? I did not know this. All right. So here's how it works. And there's a lot of mystery around this. Like they don't even openly say like exactly how it works. But let's say you want to buy a base Ferrari, like the cheaper models. A lot of times you can just go in and buy it. But if you want to buy the more expensive one, what they do is they have got a waitlist. And they look at the waitlist.

36:37And in order to buy the fancier ones, oftentimes, you have to buy three to four of the base models. And so Jay Leno... You know how Jay Leno is a big car nerd? Yep. He openly says, he goes, I refuse to buy a Ferrari because of how elitist they are. You have to... They're not... Well, he's like, obviously, they're not the every guy, every man car. But you can't even buy one if you want one. And once you buy one, if you're able to acquire one, you have to sign paperwork that says that you're not going to put any stupid parts on it. You can't repaint it certain colors. So there's this lawsuit that just ended recently where this famous celebrity painted his Ferrari pink and they sued him.

37:15And he had to pay them$350 ,000 because he posted it on Instagram. And they said that that hurt their reputation. Justin Bieber did the same thing. Justin Bieber bought a car and he did three or four things that were crazy. The first thing is he just left the car at a hotel parking lot for a few weeks or something while he traveled. Another thing that he did was I think he took the Ferrari badge off of it. Some people de-badged their car to be cool. And so they banned him. Justin Bieber can no longer buy a Ferrari if he wants to. Another thing is... Bummer for the Biebs. Bummer for the Biebs. And this is very similar to the Rolex and luxury watch industry.

37:54So do you know that if you buy a Rolex and they find out that you buy it at retail and you flip it for above retail, oftentimes the dealer will never sell you a Rolex again? Ferrari does the exact same thing. So if you flip a Ferrari and you don't tell them and ask for their permission, you get in trouble. So it's a big deal and they ban you. And so they have so much demand that they literally ban people from buying a$500 ,000 item. Is that insane or what? I mean, that's like truly pinnacle of exclusive and elite. like people are dying to have this product. Nothing makes me want to get in more than a wall preventing me from getting in.

38:29And they do a great job of creating that wall. Hey, quick message here, because you know that feeling when you send a wire and it actually works? No friction? Well, I've used Mercury for years now, and let me tell you, it just works. And that's why I use it for not one, not two, but eight of my companies. From credit cards to invoices, I have everything in one place. There's no janky dashboard. I'm never told, please visit a local bank branch. None of that tomfoolery. And a few months ago, I landed a big client. And the first thing I did, I sent them a clean, branded invoice. Boom, deal closed, cash in the door.

39:01That's the kind of banking experience I want. And that's why I use Mercury. So if you're running a startup and you want banking that feels like it's built in this century, well, go to Mercury.com and get started in minutes. Mercury is a financial technology company, not a bank. Bank services are provided through Choice Financial Group, Column 8, and Evolve Bank & Trust members, FDIC. And their brand is incredibly hard to kill. So if you Google, what are the most expensive cars ever sold at auction? A recent one is a... I forget. It's a GTO 250. I forget which year it is. But it was an$80 million car.

39:3511 of the top 15 most expensive cars ever sold are Ferrari. In fact, people love Ferrari so much that there's a theme park, obviously, in Dubai just for Ferrari. They make something... So this company... What did I say? $7 billion a year in revenue? Something like that. 6 billion. 6 billion? 500 million of that comes from merch. So a pretty substantial amount just comes from people buying Ferrari hats. And this is even crazier. So for every Ferrari sold, something like 65 % is being sold to someone who already owns a Ferrari and has bought one from a dealer. Meaning their LTV is massive. They've done a bunch of really crazy, crazy things to keep their brand strong.

40:21So they have this bounty program. So they basically have just created a bunch of snitches. So if you're in the streets and you see someone has painted their Ferrari a certain color, has put a modification on it, like a part that Ferrari doesn't approve of, if you report that to Ferrari, you get an allowance. You get a little bit of money. They pay you to report that people are breaking the rules. They have a new bounty system. It's insane. Now, I talked about the Lindy effect. So here's the exact definition. The future life expectancy of some non-perishable things like technology or an idea is proportional to their current age.

40:54Thus, the Linney effect proposes the longer a period of something has survived to exist, or the longer something has existed, the longer its remaining life expectancy. So Ferrari has been around. It's going to be, I believe they were launched in the 50s or so. They're going to be around, I think, for an extended period of time. I think Ferrari is a very hard brand to kill. If you put Ferrari on a Rolex, someone's going to pay extra to buy that Rolex. If you put Ferrari on anything, someone's going to want to pay more money to have that item. And that's not the same case with a Honda. It's often, I mean, there's like a handful of car companies that are able to pull that off.

41:30Or there's a handful of any type of companies. I just went to the website and put a$600 baseball cap into my cart. But I need to have a cool down period before I click buy, just because I think, I don't know if you're selling me the stock, but you're definitely selling me some Ferrari merch today. Was the hat really$600? Yeah, it's a$600 hat. The cheapest hat is like$180. that's insane that's absolutely insane like i went to a kid's i went to a friend's house the other day and their kid had like a ferrari coat that he was wearing because he like he like you know and he has like ferrari toys and they they sell so much of this stuff it's insane is it was it really a 600 hat what makes it so good does it does it does the hat drive the entire story you just told me made it so good it's an insane brand and have you have you ever been in a ferrari uh i have been in a fur yes i've been i've been in a ferrari they're definitely cool my takeaway is that they're a fucking pain in the ass to own everyone stares at you so they've um the that ferrari red was actually formerly the um it was the national racing color of italy and ferrari enzo ferrari was like oh we'll just use that and then eventually they got so popular they patented uh or they trademarked that red so that red is only for ferrari but if you're in one of those cars, you get stared at like crazy, which is one of the reasons why people love driving it.

42:50I hated driving it for that reason. And they're loud and they are kind of rough. They're fucking race cars. It's a race car. And so if you like driving Ferrari, you're going to love it. My opinion was this is a pain in the ass to drive. But I get it. I get the appeal. Ferrari is badass. But their PE ratio is insane. So I don't know how much value is left to be had here. But they are growing consistently. So if you look at their last... If you look at their last... I think they went public in 2018. It's grown on average roughly 30 % a year, their stock price. So it's been a pretty consistent growth.

43:30Enzo Ferrari, when he died, he sold a lot of the business to Fiat. And then Fiat spun it off. And they built... They took it public on its own. And so it's been very consistent since it's gone public. He had a great return. Recently, they signed a deal with Lewis Hamilton, who's like the LeBron James of like F1 racing. And their price skyrocketed because also their earnings, they're like, dude, we're killing it. So they make something like, I believe their EBITDA margin is 35%. So no car company has that big of a margin. I mean, that's like ridiculous. You got to do the smart rich guy thing, which is you say, Ferrari is not a car company.

44:07It is a luxury brand and it's priced incorrectly. They're pricing it like a car company, but it's actually a luxury brand. That's what all the stock pickers do. They're like, Tesla is not a car company. That was my argument. And then I looked at what the P-E ratios of some of the other luxury brands were. You need to be like, it's actually an AI chip company, I guess, based on this P-E multiple. Well, my original point, I was like, this is a luxury company. And then I looked at what some of the numbers were for some of the other luxury companies. I was like, well, this is bad timing. If we would have done this two or three weeks ago, it would have made a little bit more sense.

44:44But they just released earnings on Friday, and so they crushed it. But there is a bunch of downsides. So P.E. ratio is insane. It's at an all-time high right now. I think it's, what did I say, 55 times earning? That's insane. That's a lot. Another question. When you were a kid, did you have car posters on your wall or a folder, like a binder that had a car on it? I did not. I had a life-size poster of The Rock. Okay. Well, you didn't do the pro move and prove my point. But many young kids when we were young did. You go to that book fair and you buy like a Ferrari eraser or you'd buy like a Porsche Lamborghini folder or whatever.

45:22We cared about that when we were kids. And so it was very aspirational. Do you know that young people nowadays are barely even getting driver's licenses? Yeah. It's like a loser move, right? It's like a loser move to have a driver's license. And so oftentimes, I wonder, are young kids even going to care about this? And then finally, EU regulations. So Ferrari is based in Europe. The EU is cracking down. So for a lot of cars, they have to be hybrid. I think the ruling is by like 2030. I think all cars have to be have some type of hybrid component. I don't think it's going to kill Ferrari because they're already making hybrids.

45:57And a large percentage of the cars, something like 25 % are already hybrids. So I think they're going to be fine. but that is a risk. Now, beyond the stock, I just want to talk about a couple lessons here. Ferrari is an amazing company to aspire to build. At least if you wanted to build a luxury product, a great company. The first thing, they're fucking missionaries. They're not mercenaries. A lot of times we talk about, we use that word arbitrage. If Enzo Ferrari heard that word arbitrage, he would take off his leather glove and smack you in the face. He would ask you about passion. That's what he cares about.

46:30And it's paid off. He's built a brand that is one of the most valuable brands known by billions of people in the world that they aspire to attain. And it's all about him being a missionary. He's truly bought in. The people who work there are bought in. They built a brand that's aspirational. Now, in order to do that, in order to build one of those brands, you have to do something really hard. Something you and I struggle with. Something I think every entrepreneur struggles with, which is you have to say no to so many great opportunities. these. And that's really hard. So someone could have said, Hey, Enzo, what about like a$50 ,000 car that like everyone likes?

47:05Like we would just we crush it. Like the average man would buy this and they all want it. We'd kill it. He said, uh-uh. How do they say no in Italy? He would say no. I don't know how they say it, but I bet it's just no. That's what he would say. And they didn't, and they refused to do that. But that's been very hard for them to do, I'd imagine, because there's so much opportunity, but that's just a real lesson for a builder. However, the last lesson is if you can say no for that long and you do build a really good luxury brand, it can pay off so much. I had no idea getting into this. I would have thought that Ferrari was worth like 10 billion.

47:39I didn't realize it was the seventh largest car company in the world, only selling 10, 13 ,000 units. That's insane compared to another company like Honda or Toyota that's selling a million plus units. So anyway, that's my pitch for Ferrari. Good job. Let's give it up. let's give it up um that's kind of insane and by the way i feel like your point about italians not just enzo not doing arbitrage have you ever met an italian running an arbitrage like is there is there an italian affiliate marketer on earth i don't i don't think i've ever seen one it just seems so beneath them as it should be they're the they are the luxury brand of ethnicities also yeah dude you want like an old lady in the back like so i grew up in an all italian neighborhood by the way i grew up inst louis for some reasonst louis has a large amount of italians i was the only non-italian at my grade school we used to learn italian in grade school they used to teach it just we have to go to mass three days a week and one of those days was in italian but you didn't know the italian word for no i wasn't a good student but i could tell you that i could tell you the our father at italian and and the best part was like everyone would have their old grandma like in the back of the house like rolling up these raviolis i want to hear you speak some italian let's go don't put me on the spot bro i you just said i could tell you the our father in Italian.

48:54Okay, tell me. No, I don't even want to say it. I'm so bad. Dude, I got a thick tongue, just like our boy Bernard. I got a tongue like a slug. It's a thick tongue. I can't roll my R's. It's disgusting. The back of your teeth just battered. Dude, my first girlfriend in grade school, her name was Philomena. Like, I was all in. I was all in on the Italians. I feel like American Italian people, like Italian people who live in America are just, they give it the wrong rep, really. It's sort of like this is like Tex-Mex or whatever. It's like too Americanized Italian, Italians. Oh man. It's just, yeah.

49:29I want like a really, I want a skinny Italian with like wearing skinny, skinny tight jeans, smoking a cig constantly drinking an espresso with a buzz cut. I don't want like these gabagool, like, you know what I mean? Well, that's not the type of Italian. I don't want Tony Soprano, right? Like the Italian grandmother who's still like, you know, smokes the cigarettes. And a lot of great car companies are Italian, you know, Lamborghini And he's also Italian. And I believe the story, by the way, do you know the story of Lamborghini? He invented the Lamborghini because Ferrari wouldn't sell him a car.

50:01Oh, revenge? And he was making tractors. Lamborghini was a tractor maker. And Ferrari wouldn't sell him a car, so he made his own. And so they've been assholes from day one. And that's why it's such a great brand. You definitely sold me on how cool Ferrari is as a business. I don't think you sold me on the stock, just because it's at an all-time high and$70 billion. It's at an all-time high. It also sounds like they're not trying to grow fast. That's part of the shtick. It's like sell only a limited number of these at insane margins. And so I think that's maybe one of the downsides. But very cool story.

50:37And also more like MFM, more of inspiring for how to build a business. But hold on. Don't discount me. Listen, I actually don't know how stocks works. I'm a dummy. How does a stock work? I don't know. Let's go back to the basics. But if it's growing 20 % a year, and if we think that it could continue doing that. But you're saying the stock price is growing 20 % a year, not the business is growing. No, revenue. Revenue. Revenue is growing 20 % a year. If revenue is consistent, doesn't that other shit follow? It does. It does. It does. But you didn't talk about that. So, you know. It was on the slide, bro.

51:17I can only go based on what you told us, right? The business is growing. It's good. You started the pitch with, for my stock analysis, we're not going to be talking about numbers. Which was just a masterful... Isn't that what you said Warren Buffett said? Brands or some bullshit? Yeah, something like that. I do think that that's the best way. If you didn't prepare for your speech in school, you're just like, you know what? You rip up. I'm not going to read off those prepared notes. I'm just going to speak from the heart. It's like you're ripping a blank piece of paper up and throwing it away. Dude, I did prepare.

51:56I prepared a long time for this. I just really took Buff Daddy's words to heart, and I looked at the brand. Fair enough. All right. It is kind of an interesting dichotomy here. We did just pitch the two exact opposite things, right? Yeah, exactly. Yeah, the highest of high fashion and luxury and sort of the lowest form of human behavior, getting in your underwear and fighting in front of other people for their entertainment. We give you the full spectrum here on MFM, right? So let me think about it. Okay, so if I had to put my own money, if I had to put$100 ,000, let's say, into either Ferrari or TKO, I think I would go Ferrari.

52:39I think I would go Ferrari, but I think TKO has significantly higher upside. significantly. So I don't know how you want to gauge the winner on that one. If I had to put my money in either, I would put it in either. It's my takeaway from Stockapalooza. Oh, emphasis on the if I had to, which I don't have to. Which I will not. Yeah, which I'm not in that position. And by the way, I don't know if it showed, but I definitely worked backwards from, I looked at the stock and I was like, actually what happened was I saw that they merged And I was like, these companies have no competitors. This is a true monopoly.

53:17And in tech, people from the Peter Thiel school of thought really value a monopoly. And it's so hard to build a monopoly. There are so few businesses that are truly a monopoly. We talked about even DuckDuckGo eating into Google's market share last time. But Google, Facebook, these are one of the few monopolies that exist. And I was like, huh, it's funny that this TKO thing is actually a monopoly. But I don't know how good of a business it is. I don't know if that's going to grow, but if you're Warren Buffett and you're looking for something with a sustainable competitive advantage, that would be it.

53:49And so that's where I started. And to be truthful, I didn't even consider any other stocks. I started with that. Then I texted Sam, hey, we should do a stock picking episode because I already have one picked. All right. I'll give you my vote. There. We have it. Unanimous decision. You win. Oh, I got the vote too? Oh, amazing. Well, guys, I don't know if I'm supposed to do an acceptance speech now or if I should just say I'm not surprised. But that's where I stand as far as Docapalooza. I hope you guys liked it. Go to the YouTube comments and vote in the comments who won, Sam or Sean. Put it in the comments.

54:25We will tally them up and name the official winner after we do that. And if you got any joy from this or if there was a time that you were pulling your hair out and being like, these fucking idiots don't know anything about this stuff. whatever that spectrum is if you got a little emotion click subscribe and we'll owe you one alright that's the pod I feel like I can rule the world I know I can be what I want to I put my all in it like no days off on the road less travel never looking back

54:59hey let's take a quick break because there's a quote that I love I want to read you it's that we shape our tools and thereafter, they shape us. And as an entrepreneur, if you're using a bank that was built in the 90s, you're operating like you're in the 90s. And trust me, I've been there. Clunky portals, random holds on your money, $50 wire fees, and then being told, please visit your local branch. Well, that's why I switched to a different type of banking solution, Mercury. It turns your financial chores into a smooth workflow. You can do wires, invoices, cards, reimbursements, two clicks, and I'm done.

55:30If you're already using Mercury, respect. If you're still using one of the old big banks, I got questions for you. So go visit mercury.com and give it a test drive. Mercury is a financial technology company, not a bank. Banking services are provided through Choice Financial Group, Column A, and Evolve Bank and Trust members FDIC.