137: Trying To Build The Next Trillion-Dollar Company w/ Ilya Pozin

25:41But weirdly enough, we partnered with Walmart in a way to like help distribute different types of things. And so like, you know, it's just, it's a hard problem to solve. You're the guy obviously to solve this problem. So like, what's the timeline and how can people begin to expect, you know, it's just, it's so exciting to think that everyone in this country is going to have a, if they want a free TV in their living room. First of all, we had no idea of all the different things that needed to be involved in order to run this business where we're we're a hardware company we're a software company we're an ad tech company we're a logistics company we're building you know video conferencing so you can you know uh talk to people on on the tv we're building a music entertainment experience so you can listen to you know music where we're going down this whole rabbit hole in ai which is we'll reveal the stuff we're doing a bit later and like we're just so many kind of spokes to this because what we realized is, you know, we have an opportunity to be the one and all device in someone's home.

26:37The TV is by nature at the center of the family, at the center of the living room. And it doesn't have to be just a TV. If the components inside of it and the processor and everything are fast enough, if you have a second screen to be able to do other things that doesn't disrupt your TV viewing, it's kind of like the dashboard to your car, right? Like the top top screen's your windshield, but bottom is the dashboard. It's helping you with navigation and music and kind of telling you where to go. That's what our, you know, what our second screen also does. It helps, you know, like when you're watching sports, we show you in-game stats, things like that.

27:09Right. And, and we have this opportunity to really be a platform. Right. And, and that's really what we're building because our goal is to get people to use it as much as possible every single day. Right. For as long as possible during the life of, of the TV with them, right? So we could deliver as much ad revenue during that time as possible. And like you said, because we want to optimize the ads and make sure people are getting relevant advertising and advertisers are happy, right? We ask all these questions up front so that it matches, you know, to kind of who the consumer is. So that's kind of the pathway of this device.

27:44And, you know, initially we proved out the business model, you know, with a few thousand units. Then we went out and raised an A round and used that to bring even more units to show like, okay, hey, does this model stick now that you're kind of growing your distribution footprint? In parallel, our waitlist continued to grow. We've spent$0 on marketing to date. A lot of people call us, hey, do you want us to help you find customers? We don't have any problems finding customers. There's way more demand than so. I mean, it's a free$1 ,000 TV, right? People want this thing. Because we have data of who's on the wait list, we get to kind of shut down some of these hypotheses that early theories people have that, hey, it's going to be low income.

28:27It's not. We over-index on income and education by 3%, 4%. We literally, we look like America. It literally is distributed geographically like the US. They're not rural or urban. It literally matches the US. So I actually think we have an opportunity to take a really big chunk of the 40 million TVs that are purchased every year in this country. I think we have a really, a big opportunity to take a big chunk of that market. And all it took was us to, you know, prove the initial, prove the scale. And now we're about to, you know, I can't share some of the details on, you know, financing and things like that, but we are, we are growing this business in a very, very big way in the very near future.

29:06That's, that's so awesome. And just, again, And super excited for you all here. Something I want to kind of double click on is you said earlier you have 100 employees at this business. So what are some like key ingredients that you focus on when creating a winning culture at telly? Considering that you guys are all remote, right? No one's coming to the office. We're not, you know, high fiving each other when we get something done. We're not having lunch together. So how do you make that winning culture at such a remote first business? Yeah, good question. So first we get A players, right, at the top.

29:35So our executive team are the best of the best in every category, best at data, best at hardware, best at software, best in ad tech, best in logistics. Who do we actually have to run a whole logistics side of the business here, right? So we get best of the best up top and that attracts, you know, kind of best of the best down the funnel. And we don't take B players. We just don't. I always tell the story. We ended up hiring actually as a consultant, this guy who built the Amazon Fire TV remote. and we're like, oh, we hit jackpot. This guy's great. He gave us a quote of 18 months to build a remote control.

30:10We're like, what is, like that makes no sense whatsoever. We fired him literally in two days, right? And we built the remote in a few weeks, right? There's just gotta like be smart about it. And we're bringing a lot of these software lean startup principles to the hardware world, which is used to moving incredibly slow. And because we're all really software people at the helm, we're asking and challenging a lot of the kind of status quo. And we're kind of breaking down those norms. And, and we have some people that came from the TV industry and they're all blown away at like, like, we're just kind of bending every, every rule and things like that to like, just move a lot faster and quicker and smarter than a traditional hardware company would.

30:48We're not, honestly, our DNA is we're not a hardware company, right? We built one unit. We have no intention of building other models, right? When you look at a Vizio for Samsung, the problem is you look at their engineering makeup, they've got 20, 30, 40 different models they have to support because people own TVs for a long time. And every year they keep releasing new models and there's different forks of different builds. It's so much to support. Imagine if you have a team that's focused on one and making that one product really good. So kind of like Tesla, we put out the hardware, we use software updates every month to make it better and better.

31:23not just fix bugs, but actually add major features, right? And then from a culture perspective, we're all remote. So how do you fix that? Every quarter, we have a management offsite. So we all kind of fly into one area around town. And then every year, we have a whole company offsite. We bring everyone in together and it's working, right? We have regular meetings, not too many meetings. Because, you know, meetings always, you know, people get kind of bogged down in meetings. But we have, you know, the right kind of cadences and the right operating culture that really makes this thing run so smooth and efficiently.

31:54It just, it works. Well, your whole career has been about anticipating where the market is headed. So with telly, you're betting on the future of free. How can businesses and other entrepreneurs and innovators prepare for this shift? And in your view, what else is out there that you see that is ripe for disruption? Ads are making a hell of a position, especially in TV and in streaming, right? You've got platforms like Amazon and Netflix that said, we're never going to do advertising. And now you've got ads on Netflix and you're paying a subscription. You've got Amazon Prime. There are now ad breaks all over the platform.

32:34So people think ads are bad. And it's funny because when you look at even Hulu back in the day when they offered an ad-free tier for$3 more, most people didn't take it. People like ads. I think especially Americans, they're very accustomed to advertising. So I think as long as the ads are good, right, if they're relevant, they're fine. It's not a bad thing. And everyone loves free. It doesn't matter what income bracket you're in. Like you go to a big event full of like C-level executives and someone's spinning the wheel to give you free AirPods. That's where everyone's lined up to. They're skipping lunch, right?

33:07That's where they're lined up. So I think those business models are going to be there. I think personally, when I look for just categories and companies that are kind of ripe for disruption, I think to me, it's commoditization is a big one, right? So something that's been stagnant or more or less the same for a very long time, right? Where we're naturally like innovation halts, prices drop. I think that's definitely an area where things will be disrupted. I'm not even going to say AI because obviously that's disrupting everything. I think every business that has started before AI, right? that now either they better hurry up and adopt AI like ASAP, or they're going to get lapped by companies that enter their category, but are AI at the foundation and enabled.

33:53They're just going to get destroyed. I mean, I think that's obvious, but that's a no-brainer kind of category where just things are changing so freaking fast. Now, before we ask Ilya our next question, Robert, we've all seen what's happening in the markets right now. Stocks are stretched, valuations are at levels we've sometimes only seen before major drawdowns, and a handful of these mega cap AI names are basically carrying the S &P 500. Yeah, exactly. Margin debt is climbing, speculative trading is back, and markets are priced as if everything goes perfectly. AI delivers, rates get cut, and geopolitics stay smooth.

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35:50Again, that is 929-545-6473. You'll give our friends at Masterworks a call to skip the wait list. And as always, past performance is not indicative of future returns. Investing involves risk. You can find important Regulation A disclosures at masterworks.com forward slash CD. Go check it out and start building real diversification in your portfolio today. All right, Robert, back to our interview with Ilya Posen. I'm curious from your perspective. And, you know, when you say like you're building a hardware, you're not a hardware company, but you do have hardware, right? I'd argue like Apple is a hardware company, right?

36:25Like, but they kind of do both, right? They've got software as well. So like, since your product is hardware and AI is more like a software thing, like, and obviously, you know, you don't have to share anything too in depth here. But how do you think about sort of the overlap and not just for your company, but just AI and hardware in general, right? Like Siri sucks. Siri's terrible. And they've not figured out that overlap yet. It's like, how do you guys think about like that overlap? And is it an assistant? Like, what do you guys think about all that? Yeah, I mean, first of all, just to kind of go back on the whole hardware comment, when investors told me hardware is hard, I just, it just didn't sit well with me.

36:58Like, I just called such bullshit on that because you look at every major company that's a trillion dollar company or, you know, hundreds of billion dollar company, they're all in hardware, right? Google's in hardware, Apple's in hardware, Microsoft's in hardware, Tesla's in hardware. To avoid a whole category of hardware, I think it's just naive and they're missing the opportunity. Maybe it's not a unicorn, but they're missing opportunities to build some of the world's largest companies. And that's what we're doing here with Tele. We're not trying to build a five,$10 billion company. I think we have an opportunity to be a trillion dollar company.

37:29We're building the iPhone for the home. We're a platform, right? Our business model works. We're kind of disrupting the whole product. And I think we have so many hours in front of the consumer every single day at scale. I think there's a, you know, kind of a big, big opportunity to do that. I think being a TV that has a built-in microphone, which TVs don't have, right? They might have it in the remote, but they don't have a far-field mic. A really good speaker, a second screen, a camera. If you can imagine, like this whole, when we started Tele, AI didn't exist. And all of a sudden, we found ourselves to be in this position to potentially build the AI device for the home because we have all the components already in place, right?

38:10So I think while others are kind of adding on an AI layer to their existing device, or you've got like an Amazon Alexa or whatever, or a Google device that's kind of there on the side, we're in front of the whole family in the living room at the center for so many hours a day. I think we have an opportunity to really kind of nail that category. Obviously, OpenAI is building kind of an AI device. So there's some people that are kind of approaching AI as an add-on to an existing device, and others are going kind of completely independently with a new piece of hardware. You'll see what we're putting out soon, but I think it will blow people away.

38:46Oh, I'm eager to check that out. I also think that convergence is really interesting, right? because like with open AI, I think the way, well, actually even taking a step back, wasn't there a company that had like a pin or something you'd wear and you were like using it with your hand and they would like, like, I respect it. Don't think I'd ever use it. So it's like finding that like weird happy medium though between like AI and hardware where it doesn't seem so seamless, but it also is like right there in your body. Like it's interesting. And I think to your point, you guys are, you know, smack dab in the middle of it with the best opportunity ahead.

39:16Let's wrap this up. So many of our listeners are early in their entrepreneurial journey. Maybe some of our listeners too, though, they could, you know, you never know who's going to be listening right now. But with that being said, what advice would you give to someone who has a big disruptive idea, but feels intimidated by the size of the industry they're up against? Maybe even you can talk about some shortcomings that have taught you lessons along the way. But I'm sure that you had to do some some mental gymnastics about, wait a second, am I going to compete with the Samsungs, the LGs and the Vizios of the world?

39:46Whoa, this is really big, right? So how did you, how did you do that? Like walk us through your framework there. Yeah. So first of all, I think building something, having an idea these days is worth way more than an idea back in the day because you have such more supportive AI and everything else. Right. But for me, I think what you realize is building an idea that is brand new and you have to completely change behavior and introduce a product that's never been used. That's insanely difficult. Right. So I'm always a fan of coming up with something that improves an existing category, making it 75, 80 % the same, but really focusing on that 20, 25 % to differentiate and differentiate not only the product, but also the business model in a big way.

40:30I think that's where you can win without trying to convince people into using this brand new, like, hey, here's a mirror that you can work out in front of. I mean, that's a brand new kind of category, if you will, right? That's hard. So like Tesla is a good example of like, they launched a car company that was so futuristic, focused on the autonomous driving autopilot, obviously being electric. They weren't the first to do electric, you know, but, but they had a much bigger vision, but at the end of the day, grandma that's never driven a Tesla could get into it and drive. Right. It's, it doesn't, you don't need, there's no learning curve.

41:03Same thing happened to me with Pluto. Right. I fought the team from day one. Hey, don't change the design. Right. People know what a TV guide looks like. Don't try to get all creative. If we need instructions on how to use this streaming service, we fucked up, right? We need this thing to work out the gate with no tooltips, no help, no instructions. So long story short, I'm a big fan of doing something that is mostly familiar, kind of 75, 80 % already exist and focus on the rest. Because building something that an entire new category is very, very difficult. Yeah, this really is just an incredible interview, Ilya.

41:40it brings me to something, a message that I share all the time with my listeners and the Rich Habits listeners, is that to get very, very wealthy building a company around a product doesn't mean you need to create a new category, a new product. You just need to iterate on things that already exist and make them better and modernize them. I think that is one of the best things anyone could do in their creative process. Take something that's been around forever and improve upon it. So it's great to hear that from you. and you know your track record of seeing around the corners and then building these category defining companies is so inspiring and i know our audience is going to get a ton of value from your story so where can people learn more about what you have going on at telly keep up with your work and just really follow along on this journey i really appreciate that so i'm on ilia never sleeps on twitter or x whatever whatever you want to call it ilya and then never sleeps for another time.

42:37That's a great story behind that handle. And then of course, tele.com, the most important one, T-E-L-L-Y.com. Sign up, get on our wait list. The TVs are coming and they're coming fast. They are. They are. My gosh, man. Thank you so much for joining us on this week's episode of the Rich Habits Podcast. I learned a ton. This has been insane. So again, thank you so much. And to our audience, if you learned something from this episode, please consider sharing it with a friend, go check out Ilya, go follow him on Instagram and on X at Ilya never sleeps, go sign up for your telly, get yourself on the wait list there.

43:11And Ilya, thanks so much, man. Yeah. Thanks so much for having me. Wow. What a really, really cool conversation. I feel as if my biggest takeaway or two from this is like one, a lot what you both talked about when it comes to like, if you want to have success in business, don't reinvent the wheel, just like optimize 10 to 20 percent of something that already exists so you're not like teaching people how to you know form a new habit or buy a new product like a mirror that you work out in front of or something and then the second thing that's interesting to me about this was how he sort of really prioritizes that company culture right i feel like that would be really hard to do if you are someone who has a completely remote business but it's it's good to see that he's doing that obviously it's working He says he's been able to attract top tier A-plus talent to Telly.

43:58So I love this interview. This was awesome. Yeah, me too. The biggest takeaways for me were tenacity because, you know, sometimes he mentioned, I think, 97 no's before he got a yes to raise capital. That's crazy. And I've been down the road many times of raising capital. And you just have to really have the tenacity to keep going and have the conviction. So I love that. But I also like what you brought up. And that was all about the team and the culture. And because of his success with Pluto TV, he was able to lure in top talent for telly. And I think that is just really great because, you know, I talk about all the time you talk about all the time.

44:37But it really is cool to see someone living that dream of building something and creating this big magical company that people believe in that turns into these billion and multi-billion dollar, trillion dollar companies down the road. And Austin, you talk about it all the time where it was started by someone. And this is that example to the T that here's this guy who saw a problem. He fixed the problem. He went against the grain. And here we are today with Telly. So what a great interview. I couldn't agree more, Robert. The name of our podcast is called Rich Habits for a reason. Because the behavior we have with our money is the most important aspect when it comes to building wealth.

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46:49With that being said, let's now jump into our Q &A section of this episode. As a quick reminder, if you have a question for the podcast, be sure to DM us on Instagram at rich habits podcast or email us at rich habits podcast at gmail.com. So our first question comes from Dan C via email. Dan says, I jumped into the markets at your suggestion. I got some QQQ, VOO, and Tesla, and I'm happy to report a$35 ,000 gain since May. After losing a dear friend who was only 61 at the time with$5 million in the bank, I've decided to sell and walk away from my small business at the age of 56. My question is, how do you pick a broker to sell your business?

47:33One broker wants to charge me 12 % commission, but he's not that friendly. Another broker wants to charge 10%, but kind of overbearing. Another broker at 8%, but just seems too good to be true. Should I go with a broker? Should I try and sell my business myself? Any wisdom that you all can offer would be super helpful. Robert, you've bought and sold businesses in the past. Why don't you share your perspective on what Dan C should do here with his business? Yeah, I like the fact that he's thinking about getting out because all the money in the world doesn't matter if you don't have the quality of life and the health.

48:06So I can really appreciate that. And I think you have a lot of options. You can try to go it alone, get it out there, post it in some group chats, get it out locally, get some signs up for sale by owner. You know, maybe you want to put it on Nextdoor or Facebook or whatever you want to do to get the word out. But also there's nothing wrong with using a business broker as long as you find one that is in your niche. because sometimes people just hire a local broker that may specialize in restaurants, but you're trying to sell an electrical contractor business and they just don't have the database of people that buy those kinds of businesses.

48:44So be careful there. Make sure they're specific to your field of business. And I think that'll help a lot. And I wouldn't worry as much about an 8 % commission, a 10 % or a 12%. I would pick somebody that you feel is gonna do the best job and earn their money. and then negotiate the fee. I do that all the time when I'm selling something or when I'm buying something, I wanna make sure that I'm negotiating the fee with these agents so they get paid decently, but they're not making more on the sale than I might be making because not all sales are created equally. So I think you're on the right track.

49:21I love what you're looking to do. Check out Biz Buy Sell. They do really, really well. There's a lot of good agents, but just make sure the agent in question that you decide to go with is specific to your field of business that you're trying to sell. Love that perspective. Additionally, if I were you, I would do more research into Cody Sanchez, who is an online personality that is all about boring businesses. And assuming you do have a business that's maybe serviced or product-based, something that is exitable, it seems like you do. And then I don't know this about Cody, but maybe she offers some sort of like marketplace, right?

49:57I know she's got a couple hundred thousand email subscribers. Maybe there's a world where you can buy an ad in her email list and say, hey, I'm selling my business. Here are the numbers. Let me know if you're interested. It's like, you know, now with the, you know, what's his name? Brandon, Investment Joy, very, very similar situation. I think he's got a million subs on YouTube. He owns like four or five boring businesses and he has a community of people that are always looking to do stuff like him, aka buy an existing business. So I think there's now more ways than just like these marketplaces, the biz buy sells, the loop nets, the Facebook stuff that allows us to tap into niche communities of people that are hyper-focused on acquiring and running businesses like this.

50:37So I would start with obviously what Robert had shared. I would take that advice, but also look more into Cody Sanchez, see what she's doing, Brandon from InvestmentJoy, see if there's a world to maybe help him help you sell your business, right? There's a ton of different levers you can pull there. So wishing you all the best, Dan. Yeah. And I want to add to one other thing that I didn't think about. Dan, if you're interested, I can also link you up with a good friend of mine, John Anderson. He's part of the Rich Habits Network as well. And he does a lot of business brokering and franchise brokering.

51:05So there might be a world where he could guide you in the right direction as well. So DM me if you can, or email me and we can take a look and see if I can help you there. Our next question comes from Instagram. Ronin C. has this question. Ronin says, Hey Austin and Robert, I've been listening to the podcast religiously for the past couple of weeks. It's been vastly helpful and has changed my perspective on money. I recently opened my Roth IRA and a brokerage account on public.com. I make about$40 ,000 a year. I plan to start a side hustle at some point to add some income on top of that. For perspective, I'm 19 years old.

51:41I'm still living at home, so my expenses are very low. My question is, should I work toward maxing out my Roth IRA before contributing anything else to a brokerage account, as well as if I plan to house hack in the next couple years, do I start putting money aside for that and stop contributing to my Roth IRA? How do I approach this? Ronan, congrats, man. $19 ,000,$40 ,000, you got all this money, you're investing. Like, if I were only like you, geez Louise. it's so crazy just for a second robert to think about how many people are in their teens and 20s that listen to this show and are just leaps and bounds in front of the average american when it comes to investing and income and all the cool things that we talk about here so congratulations we're really excited for you man here's what i would do i would go back and listen to the episode it's very recent one it says how to 70x your money that whole episode lays out the power of compound interest, especially if you invest that money in your 20s, right?

52:38Every dollar invested in your 20s via a Roth IRA or any other investment vehicle for that matter that's earning 10, 11, 12 % per year is worth$70 in retirement. And so with that understanding, the last thing I'm doing is not investing when I'm your age, right? What did I mean by that? I would literally make it my mission every year at 19, 20, 21, all throughout my 20s to at least max out my Roth IRA at$7 ,000 a year. Like bare minimum, that's the goal. And if I do not achieve that goal, I didn't achieve it because I'm putting more money aside and a high yield savings for a house hack, or I'm putting money aside here for some business my friend wants to start.

53:20I didn't achieve it because you didn't make the money to achieve it. So I guess what I'm saying is, please, please, please max out the Roth IRA, that is bare minimum, step one at your age. And so when it comes to money above that, sure, if you want to go put$20 ,000,$40 ,000,$60 ,000 in a high yield savings account to go use that as a down payment to go house hack, I love it. Just make sure it doesn't come at the expense of a Roth IRA contribution in a maxed out Roth IRA. Same thing with a brokerage account. Roth IRA always comes first. VOO, QQQ, build that base, set yourself up to be a millionaire in retirement, and then go do the fun, sexy stuff.

53:55Yeah, I love all of that, Austin. That's a great take. You guys have heard us for years now. We want you to build the base. And so, you know, Ronan is doing a really good job of that with the$40 ,000. The only thing I would add is you said one to three years you want to get this property. I would narrow that down. If it's one to two years, yes, dump everything that you don't put into the Roth into the high yield savings account. But if it's going to be two to three years, maybe longer, I would say split some of that up, get some of it invested outside of the Roth in a bridge account, get the Roth maxed out like Austin alluded to, because we don't want to be sitting on money too long.

54:34And that's why we kind of feel like if it's one to two years, it's safe to get it into the high yield savings because you're going to make four or 5%. But if it's over two years into three and maybe four years, you're going to be missing some upside in the markets. So make sure you consider that when thinking about your timeline of what to do with this money. But I love what you're doing. And that is one of the best parts of what we get to do every single day with the Rich Habits podcast and Rich Habits Network is to teach people that the younger you are and the quicker your mindset is shifted to being an investor and not a consumer, which is what most people are in their 20s and 30s and their teens, the better off you're going to be because you're letting compounding do its job to help you build more wealth than any of your friends and family at your age.

55:21So our final question comes from Henry K. Henry says, Hi, Robert and Austin. My name is Henry, and I've been listening to you both for quite a while. And I remember last year, Robert had mentioned that he'd been buying some silver because he believed it was undervalued. After doing some research myself and applying my background and some technical analysis, I also did what Robert did. I bought some silver because as I thought it was undervalued. This was April 2024. My average cost on all of my silver is about$28 per share against the SLV ETF, the silver ETF there. It's currently trading around $40 a share.

55:57The position has been doing very well. I believe silver still has some room to run. Maybe it goes closer to$45 or$50 per share. My question for Robert is, would you recommend taking some partial profits, holding and continuing to add to this position as it hopefully grows over time? Or how should I manage this position any differently, given that it currently makes up a quarter of my Roth IRA? Thank you so much, Henry. Robert, take it away. So this is a tough one. Do I think you should continue to add to your position and let it run? Absolutely. I believe there's a world we're going to see$65 to$75 an ounce silver in the next two years.

56:39Same with gold. I think there's still a lot of upside in gold and silver, but given the fact that it's 25 % of your total portfolio weighting, that's high to me. So there is a world where you could take some profits, but the problem in this instance is the same thing I I have the problem with like Palantir and NVIDIA for myself is that I believe they still have a lot of legs. So it's hard to worry about the weighting without feeling like you're giving up upside. So in this predicament, I would say, and it's not practical as it should be, but I would say, keep going, keep adding to the position.

57:14Don't take profits yet because I think you're leaving too much upside on the table in the next 18 to 24 months. By taking profits now just because of the weighting as it relates to your total portfolio? So I'm going to go a little bit more of a conservative answer there. I like to encourage people to have the core satellite portfolio strategy, which means 65 to 85 % of your portfolio is invested into the index funds and ETFs we talk about, VOO, QQQ, things like that. And the other 15 to 35 % of your portfolio is invested into these satellite holdings, which essentially could be thought of as a way to diversify your portfolio a little bit.

57:53That could be some cryptocurrencies, some precious metals, some real estate, some single stocks, anything that is not the index funds and ETFs. Now at 23%, you are smack dab in the middle of that 15 to 35 % portfolio weighting, assuming you don't have any other part of your portfolio diversified into this satellite holding sort of portion, right? So if that's the case, cool, rock and roll. You've got a quarter of your portfolio, you're within that framework, you check the box all as well. But if you're telling me only 40 or 50 % of your portfolios and index funds and ETFs, and the other 50 % is in maybe silver, some other precious metals, other real estate, other things like, in my opinion, at that point, you're not following that core satellite structure, and you could be overexposed to a pullback.

58:37It's just a little tricky there. So if that was the case, I would kind of reimagine what a portfolio, a Roth IRA, in your instance, could look like with silver inside of it. Maybe it means a smaller silver position, maybe it means a smaller, I don't know, crypto or real estate position, right? But if you want to keep the silver position at 23%, that's fine. Just make sure that that is your entire satellite, you know, kind of section of your portfolio. The last thing I want to do is cut a winner short. But on the same token, I also don't want to have overexposure to things that aren't these long-term winners that are the index funds and ETFs we talk about.

59:12Yeah, I think you do probably a better job at that, Austin, than anyone I've ever met. And I have been around finance for 35 years, longer than you've been alive. And I will commend you that you're really good at continually rebalancing and auditing your portfolios to make sure that your weighting stays in line with your kind of thesis for where the markets are going and your risk tolerance. So I commend you on that. And I think that's a great takeaway relative to how heavily weighted he is just in one thing. And that being. And Doug. Here we have the Lemu Emu in its natural habitat, helping people customize their car insurance and save hundreds with Liberty Mutual.

59:58Fascinating. It's accompanied by his natural ally, Doug. Uh, Lemu, is that guy with the binoculars watching us? Cut the camera. They see us. Only pay for what you need at LibertyMutual.com. Liberty, Liberty, Liberty, Liberty. Savings vary. Underwritten by Liberty Mutual Insurance Company and affiliates. Excludes Massachusetts. Silver. Everyone, thank you so much for tuning in to this week's episode of the Rich Habits Podcast. If you learned something from our incredible interview with Ilya Pozen, if you learned something from our questions here, anything, please consider leaving us a five-star review, leaving us a comment on Spotify, sharing the episode with a friend.

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