The Pokémon Expert: THIS Makes More Money Than Stocks, Crypto, & Real Estate - Combined!

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19:02Timothy Chmielewski:Yeah, Jeremy.com. When did you buy that? I bought that in 1990. No, maybe 2000, around 2000. How much did you pay for it? I paid$7 ,000. That's got to be worth like a lot of money.

19:14Jeremy Padawer:I feel like it could be worth like a million bucks.

19:16Timothy Chmielewski:It's worth a lot. To the right person. I get offers all the time. In fact, this week I got an unsolicited offer and it was around$100 ,000. And by the way, that's not me reaching out. That's not me marketing it. But I have zero interest in selling that. I mean, I'm so tied to it. And I love having Jeremy at Jeremy.com as an email address. I love having access to people because they want to reach out to me. And also, I like making other Jeremy's jealous. It's kind of fun. One other concept of domain names is that I also, you know, I would be engaged with what's the world around me. So in 2000, I went to my first Comic-Con with Mattel, who was my first employer in the toy business.

19:54Timothy Chmielewski:And I was like, Comic-Con? I was like, such an interesting name. I wonder what other cons have ever been bought. So I basically bought like 100 names with Khan after it against everything. And like one was, I think one was like Women Khan, which I sold to Arnold Schwarzenegger's ex-wife. I don't remember her name. Kennedy, something Kennedy. But anyways, I, yeah, I had all of these names based on the experiences that I would have every day. And every year I get offers and I just sell names off.

20:25Jeremy Padawer:Was there any domain name that you wanted to buy that you couldn't?

20:28Timothy Chmielewski:So yes, there is one x.com. So there's only been three one letter.com domain names ever released. Okay, one was x.com one was q.com, which turned into quest communications. They're a big consulting firm. And one was z.com. z.com was owned by a guy named Eric Z gast just a dude who sold it. I don't know how much he sold it for. I had reached out to him before I didn't have the money. the other x.com was held by a guy with a nice last name walker and when i reached out to him it was just before i had done the deal on act.com so i didn't really have money and he asked i asked him i said would you sell x.com and he said yeah i will sell it for ten thousand dollars i'll give you 48 hours to get me the money and i said interesting and then i did what you do when you're in your 20s, 24, 25.

21:24Timothy Chmielewski:I did nothing. I just goofed off. I hung out. I played video games. I went to school, got back to him, 47th and a half hour. And he was like, he's like, look, I'll give you 30 more minutes. That's it. I've got another buyer. And I said, okay, I'm going to get back to you. I didn't believe him. You know, people say that all the time. And I got back to him and he said, yeah, I've sold it. And I said, look, tomorrow I'm going to come back to you and I'm going to come with more than$10 ,000. And then I reached out to my dad and I reached out to other people who, by the way, had a little bit more money now.

22:00Timothy Chmielewski:And I figured 10 grand wouldn't put anybody out. And he was like, look, I'll help sponsor you on this. I don't know what it means. I reached back out and I said, look, I said, I will offer you, Rob, $1 ,000 and I'm going to offer the person that bought it 20 % more than they paid for it in one day. It's a hell of a return. And he said, okay. He goes, look, if you make the deal happen, let me give you the person's name. It's Elon Musk. And he gave me the guy's email address. Of course, I didn't know who he was. He was 28 years old. And I reached out to Elon Musk and I said, how would you like to make$2 ,000 in one day?

22:42Timothy Chmielewski:SellingX.com. And he wrote back one word answer, no capital letters. And that was it. That was the end of my ex.com story.

22:51Jeremy Padawer:Did you ever try to email him back and offer more?

22:54Timothy Chmielewski:No, because I think once someone tells you that they're not open to making, you know, 20 % on their investment in one day, you do a little bit of research. And I did my research after that. I was like, who is Elon Musk? And I looked it up and he had just sold a company. And I realized that, first of all, we were not in the same peer group. This guy had made a ton of money and I was a law student. But secondly, he was pretty definitive. And, you know, look, when someone tells you no with all capital letters, it's especially no. You know, so I was just like, I will accept no for an answer this time.

23:29Timothy Chmielewski:And I was on to the next. But please keep in mind, it was the Wild West. So in the Wild West, there's always the next opportunity. So it was I was on to the next one. It was the entire world. It was an entire dictionary that was wide open for people to buy stuff and then redirect traffic because each of them had enormous amounts of eyeballs. I would just like to tell you one off story about the value of these names and why these names had so much value. So I don't know if you've ever heard of the concept of or the term mesothelioma. OK, it's a terrible thing. Like if you get mesothelioma, you're not in good shape.

24:04Timothy Chmielewski:It's a cancer. It's related to asbestos. And it used to be that they would put a lot of asbestos in people's homes and other things, work spaces, et cetera. So mesothelioma.com, which I can barely even pronounce, it's got so many syllables, was available for sale, and I passed on it. What do you think that domain name might be worth? Just thinking out loud. Well, I'll tell you, okay? In the late 90s, early 2000s, lawyers were paying$50 per individual that they could come to their site, which is a crazy amount of money. It's unheard of today, but they were collecting a class of defendants or plaintiffs for the Mesotheloma deals.

24:47Timothy Chmielewski:And so at$50 a hit, Mesotheloma.com was getting roughly, I don't know, 150, 200 people a day typing it in, direct traffic navigation. So let's just take the lower number of 100. 100 times 50 is$5 ,000 a day if you could get 100 % of your people to go through. But if you just put a banner up, it says click here to go to the loss firm and you get half of that, you're literally dealing with$2 ,500 a day. $2 ,500 a day times 365 days a year is approaching a million dollars. Okay. A million dollars times whatever multiple you want to apply to it is the value of the name. So mesothelioma.com, at least in the late 90s, early 2000s, was a$5 to$7 million domain name.

25:35Timothy Chmielewski:This was widely available at the time. All of these names, it was fair game. You could pick them up for pennies on the dollar.

25:41Jeremy Padawer:How did you go from that then to building a career in collectibles and toys?

25:45Timothy Chmielewski:Yeah, so I didn't think that the internet was sustainable, okay? Because I didn't necessarily have the vision, okay? I knew that I had had a lot of fun and I had made some money. But then in the back of my mind, I was like, okay, I have to go get a real job now. And let me go get a real job so I can understand what it's like to work with other people. Because what I had done to that point was work by myself. And I didn't know how to manage anybody. I didn't know how to necessarily relate to other people professionally. And I wanted to. I wanted to make an impact on other people too, not just do creative individual endeavors.

26:22Timothy Chmielewski:And so at that point in time, I went to Vanderbilt for business school. And when I was at Vanderbilt, one of the companies that came through was Mattel Recruiting. And when they came through to recruit, I went and basically said, look, not only do I love toys and collectibles, but I've been in this whole internet space for the last three or four years. and let me show you what I've done. And I got a job, which was amazing. And that's been 25 years in the toy business as a result. How old were you when you got the job at Mattel? I was 26.

27:01Jeremy Padawer:How could you justify working a W-2 when you've probably already made hundreds of thousands of dollars by an earlier age, just flipping domain names? Wouldn't you see the entrepreneurial spirit in yourself to question whether or not a nine to five is worth it?

27:15Timothy Chmielewski:Yes, but not in 2000, not in 2000, 2001. It was a different era. I mean, really keep in mind, nothing disruptive had ever occurred before. I mean, I guess the industrial revolution, I guess there were periods of time where there were seismic changes in business, but there was nothing quite as life changing as this. At the same time, when I was entering into Mattel, there was also a bubble that had recently popped. And so I watched the internet and all these jobs go away. I watched all these giant billion dollar companies become, you know,$10 million companies. And it just was a little discouraging to me.

27:54Timothy Chmielewski:So I thought, you know what, I'm going to follow a life of passion. And I love collectibles. I love toys. Why not give it a shot? And you're right the first year at Mattel I made roughly one tenth of the money that I had made my last year as an entrepreneur But I thought that gravy train might be ending And the important thing for life Is not to treat it as this linear progression where every year has to be better than the year prior Because when you do that you will be sorely disappointed You've got to give yourself an opportunity to grow. You've got to give yourself an opportunity to step back to go forward And that was that moment for me.

28:31Timothy Chmielewski:That was one of those moments for me. Were there signs that there was a bubble?

28:59Jeremy Padawer:Learn more at windows.com slash student offer. While supplies last, ends June 30th. Terms at aka.ms slash college pc.

29:06Timothy Chmielewski:Yeah, I think calling 23-year-olds and offering them a half a million dollars for a domain name that they paid$1 ,000 for was a sign of a bubble. But the bigger signs of the bubble was the fact that these businesses were not based on any historical valuations that had been established. You know, when you have Amazon trading at thousands and thousands of times earnings and often based on no earnings whatsoever, it was a sea change. And keep in mind, Amazon worked and turned out to this monster of a company. But for every Amazon, there were 50 other companies that didn't work, that didn't make it, that didn't pass the muster.

29:48Timothy Chmielewski:So when you base so much of the trading volume on these things that you're taking along on, things blow up after a while. It just wasn't ready yet. Now, of course, looking back, all we see are the success stories. We see Facebook and we see the fact that Amazon and Yahoo and all, well, Yahoo was a minute and gone. But you see all of these that worked, but you don't remember all the ones that did not. So how did your career progress after Mattel? Yeah, so I was at Mattel for a few years, about three years. And I got a call from another toy company called Jax Pacific. And Jax just happened to have the WWE license.

30:31Timothy Chmielewski:And I was such a big fan of action figures and the adult collector. And I was doing a lot at Mattel with Hot Wheels and SpongeBob and all these other brands. but I had the opportunity to lead a division at 29 years old, which I thought sounded really cool. And I thought, man, it's WWE. I love wrestling. I grew up in the South, man. Regional wrestling was the king of the South. Like you'd go see Jerry Lawler and all these guys come to town and it would blow your mind. They were the celebrities, the only ones that were there. If you're in Columbus, Mississippi, or, you know, if you're in Memphis, Tennessee, you know, that is the top of the top.

31:07Timothy Chmielewski:The others are not coming to town. So when I had that opportunity to work on WWE, for me, it was an absolute yes. And I had the opportunity to build out that division. So we went from being a fairly small group to about eight or nine X after about seven years that I had on that action figure business. We brought in Pokemon in 2005, 2006 from Hasbro. we grew the wwe business from being uh almost off the shelf after the attitude era like the late 90s was really good for wrestling the early 2000s was really not and uh dragon ball z and all these other brands and it just allowed me to also like learn what it was like to lead a bunch of people early in my life it turned out to be spectacular um i will tell you one wwe story that changed everything for me um and that was an interaction that i had with vince mcmahon when I was 29 years old, who, by the way, is a fascinating character in real life, especially when you're 29.

32:08Timothy Chmielewski:WWE was almost off the shelf, okay? WWE was literally being taken off the shelf because the Attitude Era, everything was treated like it was kids' toys, okay? Everything today we see in the world with collectibles, at the time it was kids' toys. But there was a sea change. And Walmart had told us, like, if you don't do more business soon, you're going to be off the shelf. So I sat down and I thought, what do I want? What would I like to buy? Let's stop making product just for kids. What do I want? And I thought, I know what I want. I want to celebrate the entire history of wrestling. So one of the things that I did early was create something called Classic Superstars, which celebrated 30 years of pro wrestling and all the characters that Vince McMahon no longer had on TV because his mindset was, if it's not on TV, they're a competitor.

32:56Timothy Chmielewski:So I sat down with Mr. McMahon. And I said, hey, Vince, you know, we have an opportunity, you know, to bring back this world of wrestling, but not for kids, for collectors. And he said, OK, you know, OK, tell me more. Tell me more. And I told him, I was like, I think that we can turn this into a serious toy brand if we reach out to collectors through the best of 70s, 80s and 90s, celebrating all of your alumni the way they do in the NFL, Major League Baseball, and other major sports. And he was cool with it. He was actually like, okay, his biggest issue was, what do we do with these contracts?

33:32Timothy Chmielewski:Because if I sign all these pro wrestlers and like Andre the Giant and Hulk Hogan and all of these luminaries, what happens if WWE later wants to establish an alumni group? And I said, we can solve that by as soon as you sign them, we lose the rights to the deal entirely. you get the rights and but we get the rights to the toys he was like okay so the first assortment we put out had ultimate warrior bret hart guys that he was actively in a lawsuit with uh but he was still okay because it was the right thing for the business so wrestling is an interesting genre and it is its own universe i can tell you it's huge we we turn it into the largest action figure brand in the world bigger than star wars or anything else at that time what was the best business advice you've been told?

34:21Timothy Chmielewski:The best business advice I've been told, okay, I remember, it was by a guy that we had just acquired their pet business. And at that time, I didn't know anything about pets. I just knew it was kind of like making products for kids or collectors, because dogs and cats are parts of families, but humans make the purchase decision. So I was like, okay, I think I can understand how to do this. And I said to him, I said, you know, I don't know anything about this category. And he goes, mate, he goes, it doesn't matter what you know. He goes, all that matters is that you know people that know stuff. He goes, know how to leverage them, know how to leverage what they do best.

34:59Timothy Chmielewski:He said, and you'll always be fine. And I was like, oh my God. Cause especially coming from that entrepreneurial background, like my mindset was like, if you can't do it yourself, how are you going to get this done? and he was telling me, no, no, no, leverage the strength of the room. And that was a game changer for me. And I really embraced that after that. I heard him loud and clear.

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36:54Jeremy Padawer:And how did you discover Squishmallows? Okay.

36:58Timothy Chmielewski:Well, that was a group decision, but I'll tell you. So in 2012, we started a new company called Wicked Cool Toys. Okay. This was after me being an executive in companies for 12, 13 years after Mattel and after Jackson. Wicked Cool Toys was a really fun, wild west, purely entrepreneurial opportunity. Every single year, we would barely make it. We'd have one thing that would get us to the next year, but we would grow. So one year we brought back Cabbage Patch Kids. One year we brought back Teddy Ruxpin. One year we brought out the very first Girl Scout activity oven where you could make your own Girl Scout cookies at home.

37:35Timothy Chmielewski:So every single year, we had something that would get us to the next year, allow us to really hype it up and get retail excited. And then in around 2016, I get a phone call from Pokemon and they were like, Hey, Jeremy, we really appreciated the way you managed our business at Jack's. Uh, they had,

37:55Jeremy Padawer:they had gone to another toy company in the interim and they said, um, do you want to pitch

38:00Timothy Chmielewski:for the global rights to Pokemon? And I said, yeah, because I knew that we were not big. We were surviving year to year. And by the way, it's not fun to have so much on the line. At the time, my partners, Thomas and Michael, we all had it out. We all had it all on the line. And anyways, net result is I said, yes, but we're too small. I was like, we will lose if you're gauging us in our size because we were going up against nothing but billion dollar companies. So it was us versus three other billion dollar companies. We were 30, 40 million dollars and not profitable. So we pitched it. And everybody went into that room and told Pokemon all the wonderful things they could do for Pokemon.

38:43Timothy Chmielewski:And I went in the room and basically understood this is the most strategic brand and the most well-managed brand that I've ever seen. How can I truly add value when all of these people here add so much value already? So I told them all the things that we wouldn't do. We would never ask of them. That's part of reading the room. That's part of leveraging other people's strengths and recognizing that they exist. So after saying that, I knew the room felt like it melted. It felt like people were like, oh, interesting. You know what? That is a difference between this little company and these big companies.

39:15Timothy Chmielewski:So the net result is I get a phone call three weeks later. My buddy Colin, Jeremy, you guys didn't get it. You had the best pitch. You won the pitch. You're too small. And I said, listen, I was like, we need this. I was like, before we get off the phone, I was like, tell the powers that be that we will give 3 % of the company and I will give up my personal board seat to Pokemon in order to make this deal happen. and he listened and he was like, let me get back to you. And he calls me back a few minutes later. He goes, look, come meet our CFO, our chief legal officer, do the pitch again. And I did.

39:52Timothy Chmielewski:And they were like, you know what? This is good. We'll take the 3%. We'll take a board seat. You save your own board seat. We don't want you off the board. We don't want you to leave. What are you doing? But we need to buy a share, a partnership share so that we can capitalize you to launch Pokemon globally. That was right before Pokemon Go. They had made one other acquisition. It was Niantic. And then we were the second partnership. And I can tell you it was a game changer. When I tell you game changer, I mean, it was the difference of us potentially going bankrupt or every year trying to get the next one and immediately being one of the most important toy companies in the world.

40:34Timothy Chmielewski:And it was such a shocking moment for me. And of course we agreed. And it was signed off. And about three or four years later, so 2019, we sold to a private equity called Allegheny Capital. They were an insurance company with a big capital arm. And they had already acquired several years before a company called Jazzwares, which was an incredibly well-run company. And we were like, ooh, that's interesting. They had a really smart CEO, Judd and Laura, brilliant people. And I was like, interesting. You know what? I think we could make this work. So we retained a share. so I retained a partnership, sold some, put cash in the bank, and about two months later, we're looking at opportunities, and very smart team.

41:18Timothy Chmielewski:We're all sitting together, and we're looking at Squishmallows, and we're like, you know what? Let's go for it. I realize it's a very long answer, but the truth of the matter is, life is not so simple anyway. Did Squishmallows want to sell?

41:32Jeremy Padawer:How did you go about that?

41:33Timothy Chmielewski:I will have to give credit to Judd. And also, there's two Judds, Krosky and Zabursky. These two guys are quite genius. And they came across it. And we all had the opportunity to sit down and discuss it. But it was just blowing up. The brand was blowing up. It was still small. It was still a 30th of what it is today. But it was interesting because it was owned by a company that does amusement plush. Now, when you think about amusement plush, you probably think about going to an amusement park and these kind of cheap, thin, really thin, you know, fabric, not highest quality. But these guys were trying some new things and they had created a brand called Squishmallows and they had it in amusement and they also had it at Walgreens and it was blowing up at Walgreens.

42:23Timothy Chmielewski:Squishmallows was killing it at Walgreens. And I think that when you're in the amusement business, your mindset is more like, okay, what's the hot thing this year? Let's keep going. Whereas when you're in the more traditional brand building business, your mindset is, how can we turn this into an ever agree brand that lasts for decades? So we were looking at it under different lenses and therefore there was a value creation opportunity Okay, when two people are looking at the same thing, they could both be exactly right But their mindset their lens that they're looking at it through changes the entire dynamic of the situation So for us, we were like interesting.

43:02Timothy Chmielewski:It's killing it at walgreens. Why wouldn't it kill it everywhere? Let's buy it and then study it. We had to move quickly, right? Right. Whenever you identify value creation, you've got to move fast. So we moved quickly. We bought it. I wrote a check. Everyone wrote a check, which, by the way, absolutely tore me in half to get a check and to write a check within that two month period. That's hard. How much was it? Well, I don't know if I can disclose the amount that Squishmallows was bought for, but I can tell you that we grew it literally 20, 30 times. And today it's a a multi-billion dollar global franchise.

43:37Timothy Chmielewski:And we sold last year three units per second every second of the year. 100 million units last year. Since the deal, we've sold over 500 million units. And by the way, everyone did well. This is not a situation where the person that originally owned Squishmallows, you know, stepped away hurting. He was part of the team, and he also did an excellent job. This is really a great story where everyone won. My favorite kind of business story. Macy loves Squishmallows.

44:06Jeremy Padawer:Really? Loves them. Unfortunately, every time we go to Costco, she wants to buy one. And I say, we already have like six of them. But this one's cute. We don't have this one. She even set up a Squishmallow Christmas tree. Okay. It's dedicated to Squishmallows instead of ornaments, like the little tiny ones. She loves them. That's amazing.

44:26Timothy Chmielewski:Thank you for that. No, I feel like I'm living a bit of an out-of-body experience because I hope what you guys have recognized so far is this was not a silver spoon situation. This was a scratch and claw and take risks and try things. This was a forget the linear nature of life and do things completely off the rail. Like, for instance, you know, paying for school or going to law school and then going to business school and paying for it or doing things on student loans for domain names or starting a business after you're already a successful executive and putting everything on the line. Like every step of the way was risk.

45:07Timothy Chmielewski:There's no doubt. But I was lucky because I loved it. I was passionate about it. I love the subject matter. And that's the reason why I tell people it's so important to have a passion for the things that they do You go to work every day. It makes you smarter. It makes you more insightful And so for me being 29 years old and sitting with Vince McMahon It felt much more comfortable for me And it allowed me to communicate to him in a way that was rational Because I loved it and he got it. He understood I did when did you meet warren buffett? Okay, this is this a whole nother story so So in 2022, I'm in my bed.

45:47Timothy Chmielewski:It's early and I get a text. Of course, you know, I'm a fun loving person. I get a lot of silly texts and I get a text. Hey, congratulations. Your new boss is Warren Buffett. I was like, it's 6 a.m. Just leave me alone. Let me sleep another 30 minutes for God's sakes. Yeah. And I get another text from another person who's not very funny. Yo, I heard about Warren Buffett. I'm like, what is going on? Okay. Now, keep in mind when you sell a company, but you retain a part of something new, your control is not necessarily at the highest level. I mean, that's one of the reasons why entrepreneurs decide to bail on companies that they're part of.

46:26Timothy Chmielewski:They just, they bail because they, they used to be in extreme control and now they lack control. That's never good. Well, in this case, it turned out to be great because I found out later that day that Allegheny, the company, the private equity firm that bought us 100 % of its assets to Berkshire Hathaway after a dinner between Warren Buffett and their CEO. And a napkin was passed across the table with a number that the guy accepted, which is awesome. It's like so awesome. Like Warren Buffett is the greatest business person of all time because he's so real. Like again, passion, right? This is a guy that would study stuff when he was a kid in the back room, like looking at these books that nobody else would make any sense of, but he did.

47:12Timothy Chmielewski:So yeah, it was wild. I had no control over that. I had no awareness of it. And once Allegheny was purchased, I will say that the team at Jazzwares did a great job at communicating to Berkshire Hathaway how important we were part of the Allegheny family and how critical it would be for us to be part of the Berkshire Hathaway family.

47:32Jeremy Padawer:Have you ever spoken to Warren Buffett?

47:34Timothy Chmielewski:Yes. Every year at the shareholders meeting. There's an annual shareholders meeting. There's like 40, 50 ,000 people that come in. Now, granted, these are not long conversations. And there's a group of us. There's about five or six people on the leadership team. And we all gather around. And Warren Buffett goes from group to group. Now, keep in mind, if you've never been to the Berkshire Hathaway annual shareholders meeting, it is part of it is like this giant warehouse okay that is like comic-con but for only berkshire hathaway owned companies because they own 60 companies and each stall is a different group of entrepreneurs or or organizations like fruit of the loom or seize candy or jazz wares where we're communicating with with consumers and also uh selling things like it's a for-profit thing We're selling like squishmallows or limited edition Warren Buffett squishmallows.

48:26Timothy Chmielewski:And each year Warren comes around and talks to each one of us. And so, yes, pictures of Warren. But like emails are kind of like this. And every time it's really exciting. Like, yes, this is it. Like, we're going to be pros. And it's like from the desk of Warren Buffett, you're like, oh, let's open this baby. Let's go. And you open it up and it's like, hi, can you please send squishmallows to Becky quick? and you're like, oh, that's not the strategic email that I was looking for. That's okay, I'll take it. This is good enough. Because you are, you're there. You're with the Oracle. You're with the greatest of all time.

49:00Timothy Chmielewski:Where's Becky? Oh, Becky Quicks, an MSNBC anchor. And every year she covers the Berkshire Hathaway event. So, yeah.

49:09Jeremy Padawer:Gosh, you'll get emails from me. Hey, send out from the desk of Graham Stephan. Send these squishmallows to Macy. Yeah, squishmallows.

49:16Timothy Chmielewski:You know what's interesting? My wife gave you what I would say is probably the greatest compliment, Graham. She said to me after, because we had the opportunity to spend some time together. And she said to me after you left the house, she goes, he reminds me of a young Warren Buffett.

49:29Jeremy Padawer:Oh, God. Don't say that. I'm telling you. Don't say that. That's just the worst possible thing you could have said. It was true. Earmuffs. I'm not making up.

49:38Timothy Chmielewski:She said that. Now, keep in mind, she's a physician. So it's not like she knows one business person from the next. But she got that vibe. And I was like, yeah. I was like, he's a visionary guy. He's a visionary guy.

49:48Jeremy Padawer:Pretty accurate, wouldn't you say so? No. I would tend to agree. What's the most valuable lesson you've learned from Warren Buffett?

49:54Timothy Chmielewski:Oh, the most valuable lesson from Warren Buffett is just to be in the moment. I mean, again, the way he acquired that particular company, clearly they did incredible amount of homework. But he's also always in the moment. Like if you watch his annual speech, it's like a six hour Q &A. he's folksy he's humble he's brilliant but that brilliance is delivered within all of the reality of what else makes him so great and so accessible and so yeah for me it was like here is one of the three richest people in the world and he could be like your uncle or cousin or just like this other guy that you meet when you're getting your hair cut like I love that I love it when people don't stand on all of their accomplishments and try to tower over you.

50:45Timothy Chmielewski:And he is the opposite of that. He is truly the GOAT. So in the simplest of ways, explain to me what it is now that you do for work. Oh, okay. Yeah, so today I'm the chief brand officer at Jazzwares. And basically chief brand officer means that I'm focused primarily on things like building new business, bringing new business in, licensing, marketing, brand, work deeply in the sales organization, work deeply in the legal organization, all the stuff that I would say is not the nuts and bolts of accounting finance operations. That would be roughly what I do. And today we are the global partner for Pokemon still, Hello Kitty, Fortnite, Roblox.

51:27Timothy Chmielewski:We're still the makers of Squishmallow because we own it and we create new brands every single year. We do deals with all the major studios, Disney, Warner Brothers, Universal, et cetera. And it's always a hunt. I'm on a constant scavenger hunt, whether it's meeting with inventors, whether it's meeting with licensing partners, whether it's meeting with my own team that may come up with something cool. I am on a lifelong scavenger hunt looking for the next big toy. What do you think of La Boo Boo's? I mean, it's amazing. It's amazing. Okay. I'm going to step back and say it is an indicator of where the market is right now.

52:04Timothy Chmielewski:Okay. 25 years ago, when I started at Mattel, the adult collector was the fourth or fifth largest category of consumer. The largest would have been like six to 11 year olds and then preschoolers and then zero to two. And then once you go all the way down the path, you would find these adults, which everyone considered nerds. And I was the king of the nerds. And I was communicating on He-Man.org and all the other websites that were out there to communicate with the consumer. And today, the adult collector is the number one consumer group. Number one, they left every other person. And it's due to, you could call it COVID or anything else.

52:42Timothy Chmielewski:It doesn't matter. Adults are much more in tune with their imagination. They're much more in tune with their fandom. And they're in tune with the secondary market value of collectibles in a way that they used to not be. Because collectibles have had a really amazing return on investment year after year. And so, Labubu, I would say, is a great indicator that adult collectors, men, women, etc., are all engaged in both the primary and secondary market for toys and collectibles.

53:13Jeremy Padawer:How much of that, though, is just wanting something to show off? Because that seems to me that nobody actually likes Labubus, but they just buy them to be able to show off that they own one and that they're a part of a group that owns Labubus.

53:27Timothy Chmielewski:Well, in defense of Labubu, what I would say is there's a community. Every one of these collectible categories has a community. And these communities tend to be pretty big. The interesting thing about Labubu is that they're also kind of a fashion accessory. So people are not only using it to say, hey, look, I'm part of this community or, hey, look, I've got something rare and valuable. It's also to say, hey, look, I'm fashionable. Now, that's an interesting twist. And that's really cool. And that, to me, is a great indicator of what you can do next, which is the idea of a toy person entering into every category imaginable where we add limited edition nature, where we add rarity and scarcity and apply the economics that we understand works.

54:11Timothy Chmielewski:for collectability and the currency of collectability in every category you can think of from drinking wear to iPhone cases to everything else because that's where we are today.

54:20Jeremy Padawer:You know what's interesting is I honestly have always hated LaBuboos. I think that they're so dumb. I don't think they look cool. I think that like the idea of having that as a fashion accessory is... It's weird. It's weird. It's lame. When I say it's weird, it's lame. That's my personal opinion. I'm not saying that in an objective way. That's just not my taste.

54:39Timothy Chmielewski:It's fair.

54:40Jeremy Padawer:So that's a better way of putting it. It's not my taste. But I will say, now that I'm thinking about it, if Pokemon came out with blind boxes where you opened one up and then you could just get around. That's a pack of Pokemon cards. Yeah, but I'm talking about a stuffed animal. That's easier to display in your room if I wanted to put it up on a shelf than would be a Pokemon card. And I think that would actually be kind of cool. If you could try to get the shiny Charizard or the shiny Pikachu,

55:07Timothy Chmielewski:I would actually, honestly, I would probably go out and buy it. All right. So see, that's interesting, right? So he turned himself in literally 30 seconds into someone that understands why this category exists. Now, I'm going to tell you something that may or may not make sense. But the hat you're wearing right now, the ice coffee hour hat, there are collectible caps. There are collectible caps that are worth thousands and thousands of dollars, right? It's a fashion accessory, okay? They used to be purely for utility. when my dad's dad was a child. The only reason why you would wear that hat is to protect yourself from the sun.

55:43Timothy Chmielewski:So every single generation comes with it all new cultural norms. And this is a new norm. This is just a new norm. Wearable fashion accessories is a new norm. They used to look like toys, but now they're collectibles. It's fascinating. Humans are interesting. We're amazing creatures, but we're always evolving. Do you think the boo-boos are going to be going down in value? I don't want to predict another company because I would say that they're a competitor and I don't want to predict that they're going to go down in value. You're supposed to say, yes, they're going to crash in value.

56:14Jeremy Padawer:I can't.

56:15Timothy Chmielewski:I can't say it. I mean, I will say this. It all comes down to how well they're managing the system of collectability because scarcity is everything in collectibles. If you do not have scarcity and you'd manage your scarcity wrong, your collectability and your secondary market value goes down. And that is the death of a collectible.

56:36Jeremy Padawer:So what determines value of a collectible? Is it literally scarcity? Is it anything else? Like, I feel like it's hype. That's the main thing. For example, Graham was telling me, how did La Boo Boo's even come about? It was a Korean pop star, right? A K-pop star who did a series where she said, these are the things I can't live without. She's like, and it's La Boo Boo. And what's so cool about the La Boo Boo is that there are these blind boxes and you have no idea what's inside. Maybe you get the rare one. And then she talked about it. And I believe Kim Kardashian then got one. And then it just blew up in the United States.

57:12Jeremy Padawer:And then everybody started getting libuboos. And then you started getting all the press that people were waiting in line at Pop Mart. And I remember even here in Vegas, there was like a Pop Mart that opened. It was a big deal, like a really big deal that this store opened up and people were lining up the day before just to get the chance to get a libubo. And I'm thinking that can't be sustained. That usually, from what I see, goes away after a few months when everyone purchased it. It's hard to sustain that sort of momentum.

57:40Timothy Chmielewski:These things tend to evolve, okay? So what happens is all that momentum tends to evolve into something else, which isn't necessarily makes it the hottest thing in the world. But hopefully you build a consumer base that's large enough to where there's a long-term community that's created. And every single year, you're selling to a group of people who are diehards. and uh it doesn't it doesn't make up for that biggest pop but i will tell you this pokemon in 1999 it was that moment pokemon was did it like like billions of dollars right out of the gate in north america and by the time i got it the time we i was the master toy partner at my old company it was small we couldn't you know there were years where we weren't doing a lot of volume and so and over time it's the best managed brand in the world and they have developed what has turned out to be the most valuable piece of IP ever created by humans.

58:35Timothy Chmielewski:So like it is normal to have that initial burst followed by a period of time where people are like, yeah, I told you it's over, followed by a long period of time where either you're managing it well or you're not. And so the story of Labubu and everything like it is told only in time. So I really believe it comes down to how well managed it is.

58:57Jeremy Padawer:How do you verify authenticity and making sure you're not getting a fake?

59:02Timothy Chmielewski:Oof. It just depends on the category, okay? And the good news about these archival services is it does help if you buy something that's already been pre-archived and has been put in a case and has been added to a database. At the very least, it helps you mentally go, okay, this was real enough for an expert. Um, but that's tough because the more valuable something is, the more people are going to be seeking to steal that, that value for themselves. So, um, the good news is, uh, especially today when there's only, you know, the, we talked about the, the upper deck exquisite cards that had come out.

59:47Timothy Chmielewski:There's only one of those Jordan-Kobe cards of that era. You know where it is. If a second one pops up, it's not real, right? So like super high-end collecting, at least you have that. But yeah, wherever you have something of value, there's gonna be somebody that's gonna try to fake it.

1:00:06Jeremy Padawer:What's to stop somebody though from taking a PSA slab, replicating it perfectly, putting the same number at the top and saying, well, this is a first edition Charizard. Right. And it's a PSA 10 and you just copy the number of another card and you seal it and it looks visually the same.

1:00:24Timothy Chmielewski:Yes.

1:00:24Jeremy Padawer:How would you know?

1:00:25Timothy Chmielewski:There's a registry.

1:00:27Jeremy Padawer:Yeah, but it would copy the same thing on the registry.

1:00:30Timothy Chmielewski:Yes. But the good news about that registry is that individuals who buy these cards have accounts on the registry. They go in and they say, this is my card. This is my card. This is my card. And and you have hundreds of cards in your own. in your own collection and world. And if somebody else were to say, hey, I have that particular card, you as a collector should go to the registry and see if it matches that particular person who says that they're selling it. And if it doesn't,

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1:02:00Timothy Chmielewski:They should not be selling that card until they've put it under their own name, under their own name in the registry. I'm just, look, it's not perfect.

1:02:08Jeremy Padawer:Yeah.

1:02:08Timothy Chmielewski:By any stretch of the imagination, but it is a layer of protection.

1:02:11Jeremy Padawer:Why do so many collectors lose money on things that they gamble or speculate on? You know, my dad got a Teddy Rexpin. Yes. And it never went up in value. What is that? It's an old, like, toy, and he kept it sealed, and it was like a talking toy and you put batteries in the back of it. And he bought one from me and I remember playing with it and then he bought one that he never opened and it's still unopened and we still have it. But you could go on eBay and you find these things for dirt cheap, also just unopened. They never went up in value. Or Beanie Babies, another one that just spiked and people were putting their retirement in Beanie Babies and then lost all of their money.

1:02:49Well, look, it comes down to this

1:02:52Timothy Chmielewski:and this is what I tell people. study and follow your passions so that you learn so much about a category that you can protect yourself from yourself. I mean, really. So how do you enter into a new category? To me, when I enter a new category, I want to learn what the most valuable items in that category are, the most anything's ever sold for. So for instance, in cards, I want to know about the 52 mantle or the Honus Wagner. I want to know about the Pikachu Illustrator card. I want to know about all that stuff. And then I want to work my way down a path of something that I know a lot about. So if I'm a big basketball fan, I want to focus on basketball.

1:03:31Timothy Chmielewski:And if I'm a big Jordan fan, I want to focus on Jordan and continue to narrow my base of what I can collect from down to something that I feel like I can learn and know more than most people that are buying and selling. It's just like a stock in that regard. If you know more about the companies that you're investing in, you tend to do better. If you have more insight, you tend to do better. So what I recommend is don't chase something just because other people are doing it. Don't go after and say, oh, this is hot. I'm going after it. Learn, study, focus on your passions. It's very much like managing a career.

1:04:04Timothy Chmielewski:And frankly speaking, collectibles can be a great way to diversify your portfolio. Realistically, what

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1:07:01Jeremy Padawer:So stop overpaying for phone service. Click the link down below in the description to get started today and download the Helium Mobile app for iOS or Android. Enjoy. Realistically, what percentage of someone's portfolio should be in collectibles if they're interested in it?

1:07:15Timothy Chmielewski:Yeah, I mean, like, look, if it is your life's passion, 10 to 15 percent, put it in collectibles, put money into the stock market, put money into real estate, put money into bonds and put money into other things, 10 to 15%.

1:07:33Jeremy Padawer:Is that where you're at about?

1:07:35Timothy Chmielewski:I'd say more like five.

1:07:36Jeremy Padawer:Oh, okay. So it's a relatively small portion for you. Yeah. I saw this tweet. This was kind of going viral. It says four years of ownership. He paid$320 ,000, took it from 1 ,200 to 17 ,000 miles, and he sold it for 315 ,000. So to own this car here, it cost him$5 ,000 over the course of a few years. That's amazing. And then everyone started responding to this tweet with their exact, with their similar, you know, that's how I saw you respond. I was like, I know for first one, dude, I think you were the second one. I saw that when it had a few thousand views on it. And I'm like, I'm going to share my story.

1:08:17Jeremy Padawer:And I got a million views. And so Graham shared his story with everyone else chimed in. So I want to say that was this guy here. And so everyone was showing their examples of buying a really expensive car, $300 ,000,$400 ,000,$500 ,000, driving it, adding miles to it, and then all of a sudden, just a couple years later, it's worth the exact same amount. So effectively, it could be cheaper to be driving a Bugatti or a Lamborghini Aventador than a Honda Civic. Technically, I lost more money on my Tesla Model 3 than my Ford GT. That's interesting. Oh, wow. Yeah. Ford GT. So the Ford GT made me money.

1:08:56Jeremy Padawer:the Tesla lost me money. So that's, Graham and I were having this discussion recently where I was saying that if you live in abundance and you spend more money, you go to more events, you buy more luxury things, that it, oddly enough, through some weird way that life takes you, will end up making more money for you. And I kind of think that if you buy a 4GT, maybe you go to a 4GT meetup and you meet somebody, you do a deal with them, or you just hold on to a very, you know, exclusive asset. and then these exclusive assets, they get destroyed. As long as you maintain them, they go up in value over time.

1:09:30Jeremy Padawer:Whereas like the more expensive, if you live very frugally, then I do think that, you know, what you put out, it kind of comes back to you. I want to give you an example. Go ahead. That's very interesting. I bought the 2010 Tesla Roadster in yellow with Carl. We had Carl on the podcast. I lost money on the Tesla Roadster. I paid$130 for it and it's worth less because Elon did his thing and the desire for Tesla just went down. But it was through that Tesla that we met because I put up a thing like, hey, any buyers here? Just reach out. You reached out. We kept in touch. Now we have you on the podcast.

1:10:07Jeremy Padawer:It was through you that you put us in touch with Rick Caruso.

1:10:10Timothy Chmielewski:Yes.

1:10:11Jeremy Padawer:I really want to help Rick get elected with whatever he decides to run for. I want to fully back and help his campaign. Like, it's just that one purchase, even though on paper it might have lost me money, probably ended up as a net benefit overall when you account for all these little ancillary things that have come from that Tesla. Yeah, and you've also, you spoke about it. You've made videos about it. People bring it up. You get to show it off. Like there, I think that when you live like a wealthy person, then wealth and abundance and opportunity kind of starts coming to you. There's also risks associated with that.

1:10:45Jeremy Padawer:For sure. Like he lost money, like objectively, if you just isolate it on his Roadster. But also it's that same behavior that led to him buying the Ford GT, which is another luxury good, which he ended up making money. Jack's looking for an excuse to spend a little more money right now.

1:10:59Timothy Chmielewski:I would say do it. But I would also say do it on something you know a lot about. And here's the truth, okay? You don't have to be stinking rich to take some of those risks, okay? But you don't want to put all your eggs in one basket. So let's just say you have a 401k and you've got$150 ,000. and with that$150 ,000, you could theoretically cash it out and go get this car that you're planning on potentially breaking even on and making great relationships over. There's also a chance that that won't happen. The problem with it not happening is it is the only chance. It is the only opportunity. And so that's where it starts to get a little bit hazy.

1:11:40Timothy Chmielewski:Now, I say that and I was buying domain names on student loans. So like, okay, you know, I just felt like I knew something and other people didn't know. So I think it really comes down to what's the asymmetry of information? How much more do you know than everybody else about something? If you feel like you've got incredible insights, you're not following the crowd, you're ahead of the crowd, then yeah, go for it. Try it. If you feel like you're behind, don't, don't, don't follow your way into taking the singular risk that could ruin you.

1:12:09Jeremy Padawer:How, but how do you spot something that other people don't see? it just seems like you have an eye and you say this is going to be valuable like we were talking the other day and you gave me these great ideas of things that i never really thought about you're like oh yeah you know 10x in 10 years would be a good return and you could do like these little things here like i was even looking at uh sealed playstation ones like the original playstation and everything is on ebay and just like all these weird things from my childhood it? Like, how do you know it's going to be worth money and what's not?

1:12:42Jeremy Padawer:Analogies.

1:12:43Timothy Chmielewski:Okay. They're always good to use. So when I was a kid, there were baseball cards that, that you can, that are now$50 million that were$15 ,000. Okay. But I watched that go from 15 ,000 to a hundred to a million to 10 million to 50 million. And you start seeing these things happen in other categories, emerging categories of collectability. And you go, oh, I can kind of connect the dots here. so what's the most valuable thing that's ever what's the most valuable magazine that's ever come out what's the most valuable record album that's ever come out and there are other indicators i look for like are they being graded is there someone that's archiving grading and then and then publishing the population reports of these graded assets like there are ways to get ahead of these categories and to me i love being ahead i love it it's my favorite thing but again remember I'm on a treasure hunt, on a lifelong treasure hunt, because that's my job.

1:13:38Jeremy Padawer:That's so interesting. It just got me thinking of like the first, what do you call it, Discover Magazine or whatever, first Time Magazine. What about the first ever McDonald's menu? Fine. I'm buying that. You can probably find that pretty cheaply. I've been trying to find the original Playboy with Marilyn Monroe on the cover. I found a good one on Facebook. I'm just saying. How much is it? I think it was like$2 ,000,$3 ,000. That actually, honestly, is not that expensive. Not graded, but it doesn't seem like they come up in perfect condition. It's very unusual to find a graded above like a five or a six.

1:14:11Timothy Chmielewski:And by the way, he sold so many copies of that first edition. But you can imagine these magazines are not in great condition. They're used, Jack. You would know all about that. So these mint magazines are pretty spectacularly rare. Now, of course, if you have the collector mentality, today it makes more sense. But in 1960, who was thinking about that?

1:14:37Jeremy Padawer:To me, it seems like it goes on a curve of it's really popular and then it dies down. And you've got to get it when it's died down. But how do you tell when it's going to be going back up? Like the Beanie Baby example, you would think that it should be going back up and that people would now look back at like the princess diana beanie baby and buy that one it still seems like

1:15:00Timothy Chmielewski:there's not any demand for that yeah interesting interesting there is a community there is a community of collectors for beanie babies and if you look on ebay and you list by sold auctions and you go from high to low you'll find there's beanie babies they're still selling today and in the tens of thousands of dollars range the community is just not as big as you might have remembered in the 1990s because the late 90s was just such a huge rush. But actually, Ty does a great business even today. They just don't position it as much as a collectible, as a toy. Today, they're more positioned towards toys.

1:15:35Timothy Chmielewski:But some of those older Beanie Babies, they're still a community that actively buys and sells. And interestingly enough, maybe that is an opportunity to find what is the most valuable, what is the rarest, like Funko Pop or, you know, any of these categories, you know, you might find that the most valuable one is 30 grand. And if you find that, it's an interesting opportunity if you draw the analogy to other collectible items that have sold for$50 million.

1:16:00Jeremy Padawer:I just think we were talking original Disney props and I think any, anything nightmare before Christmas haunted mansion, uh, old Disney, I think is going to do incredibly well. It's hard to find movie props i was looking at uh i think it was heritage auctions where they were doing a lot of the old movie props and it's hard to find something like an original lightsaber you know

1:16:22Timothy Chmielewski:something like this would be incredible be amazing and actually one just sold in the millions of dollars um there was these ruby red slippers right from the wizard of us and something that we were talking about earlier and i was covering that like because on my own instagram i'm just a big collector nerd and I love it. But I was covering it and I was like, this is a million five with three days left. It was kind of amazing. The pair of shoes were a million five. I think they sold ultimately for over$25 million,$25 million for, for Ruby red slippers. Was it 32? It was 32

1:16:56Jeremy Padawer:million,$500 ,000 plus there are probably buyer's fees on top of that.

1:17:01Timothy Chmielewski:That's what it was. It was 32 with the buyer's fees. So$32 million. That's serious money. But what's the analogy? The analogy is, well, there's plenty of movie props over time that are, maybe that's the grail, but aren't there other things that are just right under that or maybe close to the same level that have sold for hundreds of thousands or thousands of dollars and people don't necessarily know what they're holding or they go to an auction house that's not very well trafficked? Like there's all kinds of opportunities out there right now when it comes to movie props and number a billion. Do we know who bought that?

1:17:36Timothy Chmielewski:I don't.

1:17:38Jeremy Padawer:Very curious. How much money do you think you have to have to spend$30 million on red shoes from The Wizard of Oz? A billion. I would say you have to be at least multi-billionaire.

1:17:49Timothy Chmielewski:Yeah. Yeah. I mean, you know, there is another thing that's happening right now. There are syndicates of investors that are working together. Oh, interesting. To establish a large pool like they do when it comes to like, you know, these funds that you can invest in. Oh, like a fractional ownership. Yes, but like fractional ownership, like there are really great fractional companies like Rally out there that buy an asset. But I'm talking about funds that are owned much the way you would invest in a fund where there's like three or four hundred people that have put money in to own companies fractionally.

1:18:22Timothy Chmielewski:Where the objective is to buy this and to sell it in a very specific window of time. And those exist right now. In fact, one of my my buddy Shine and Mr. Wonderful from Shark Tank has recently created one of those funds. And it's a it's a closed fund. There's only like several people in it, but they've already put like 50 million dollars into buying high end trading cards. What did he just buy? He just spent$12 million on the card. It was a basketball card.

1:18:50Jeremy Padawer:Was it Ryan Williamson or something?

1:18:52Timothy Chmielewski:That's right. They bought a Jordan Kobe Upper Deck Exquisite card. Signed. Signed by both. And those exquisite cards were very unusual because it was a time where the card market wasn't at its very top. It really kind of bottomed out. And this was a very new concept to card collecting. If you remember, you know, well, you don't remember, but I remember back in the 1980s, there was a huge boom in cards, but everything was oversupplied and there was no rarity. So you couldn't get like a one of 10 or a one of one. But Upper Deck and some of these other companies in the in the mid to late 90s started really utilizing that.

1:19:30Timothy Chmielewski:And in utilizing that, they created a monster. Okay. And that's the entire basis of card collecting today is this chase, this lotto, this collectible system. and yeah, Alperdack Exquisite. They've really done a lot of investing in that category.

1:19:46Jeremy Padawer:What is working in collectibles, been a collector yourself, taught you about the way that the human psychology works?

1:19:55Timothy Chmielewski:I think that we want to be parts of communities. I think that we want to show off our fandom. I think it's only so fun to make money with a home or a stock. How much more fun is it to do it in something that you love, that you can have a part of, that you can hold in your hands, it's tangible, that you can put in a frame or you can show off to your kids. It's a whole thing. It's such a buzz to have that feeling. And yeah, I think that that's what's driving a lot of it, both on one hand, community and fandom. On the other hand, just being able to have a tangible piece of something that means so much to you.

1:20:30Jeremy Padawer:Do you think everyone is a collector of something? Or do you think that true minimalism also exists?

1:20:37Timothy Chmielewski:It definitely exists. I think there are people that think all of this is quite silly, but they're fewer and further than they used to be. Like, again, 25 years ago, my first Comic-Con, we sold this He-Man statue at Mattel, okay? It was one of the, it was the, may have been the first limited edition Comic-Con item. Maybe I'm wrong, but I believe it was. and we opened up at 9 a.m. and I heard in the background like this fighting and people stomping and I was like, oh, that's so weird. We were in this small little 20 by 20 booth. There was like six of us from Mattel and then I heard it getting closer and closer and closer and everybody's running towards us.

1:21:13Timothy Chmielewski:I see these people running towards us. I'm like, where are they going? They're running to us because it was a limited edition He-Man statue. He-Man hadn't been out since 1983 and it was this autographed statue by the Four Horsemen. It was really cool. and then I heard this lady go my knee and I was like oh my god my career is over before it starts and so they saw this lady laying down these other collectors are literally running her over I'm like I'm dead it's over I was like this was a great this was a great shot I'm gonna go back and buy more domain names and I ran over to her and she's laying down oh my knee my knee ow ow ow and I said hey um I was like I don't know I can't help your knee but I can get you a free statue if you want it.

1:21:56Timothy Chmielewski:And she goes, Oh, free statue. She stood right up. She was immediately healed. It was amazing. I felt like I had the gift of like spirituality. And, and she walked over and she grabbed a statue for free. She walked off. I was like, I was like, she's a genius. It's like, that woman is way smarter than me. But yeah, no, but there was a great sign that collectors and this concept of creating value is massively valuable. By the way, not everybody that's collecting is collecting because they love the subject matter. Some people are collecting because it just makes money, you know, and that is a, that's to me a legitimate reason to collect.

1:22:33Timothy Chmielewski:What do you think about scalpers in the industry? If you have real demand, you don't need scalpers. Um, but that's the only time they come around. Scalpers don't want to show up unless there's real demand. So unfortunately you get this like compounding effect where you've got this real demand and then you've got scalpers on top of it. And so sometimes it's hard to gauge what the real value would be if they didn't exist. But yeah, I know scalpers make an enormous impact. Like, I remember a few years ago, Pokemon was selling this Pikachu that they had done with an artist. It was very, very cool.

1:23:09Timothy Chmielewski:It was a couple thousand dollars. and the amount of scalping bids, it must have outweighed everything else so tremendously because the next time they had a drop like that, there were like three different mechanisms you had to jump through. I think that you have to control for it. You don't want scalpers to make up too much of a percentage of the consumer pool, but it's, you know, they help the demand, that's for sure.

1:23:32Jeremy Padawer:How come some things just naturally do really well, like baseball cards and other things? For example, soccer is a much larger sport globally, but soccer cards aren't very popular. The same thing goes, I feel like, for football. Football's very popular here in America. Basketball. Basketball's massive here, but I feel like people don't care as much about football, definitely. Soccer, definitely. And basketball cards, maybe less than baseball when baseball seems like such a unique and not very popular sport relative to the others.

1:24:02Timothy Chmielewski:I think that that's a controversial take. Really? Yeah, yeah. I think basketball right now is rushing it. Yeah, basketball cards I could see. But football and soccer. Football's a good product, okay? Soccer recently has been one of those value creation tools that I'm talking about. So a 2004 Mega Cracks Lionel Messi, okay? You could get a PSA 10 for like$30 ,000 six years ago. Today, that card sells for over a million dollars. Maybe a million, two, a million, three.

1:24:31Jeremy Padawer:So you think it could be on the come up, soccer?

1:24:34Timothy Chmielewski:It's 100 % on the come up. and and what's happened right now a few cards have kind of run away from the pack and peles always tend to do really well um but no now soccer cards are on fire it's just yeah

1:24:47Jeremy Padawer:that's what jason oppenheim said i can actually look into that he bought the messy card and then he said he lost money because had he just held on to it he would have made even more no doubt

1:24:58Timothy Chmielewski:oh absolutely that card has gone up six seven times in the last couple years and even wnba okay so i will tell you this the last thing in the last three months that i dropped some money on was asia wilson 2018 written house rookie cards psa 10 she is the goat she is the goat okay four mvps three defensive players of the year three championships all of that is going in her favor that card's gonna go way up in value caitlin clark that'd be a good one it's interesting though because caitlin clark is a mover of eyeballs people want to see her she's also incredible she doesn't have an mvp she doesn't have a defensive player of the year she doesn't have a championship she will she will she will i'll give you that i think that it could be cheap

1:25:46Jeremy Padawer:right now the card no yes what i hear you what happens if if someone like messy yeah has a public scandal does does a no-no what happens to the value of the cards it depends okay so oj simpson

1:26:00Timothy Chmielewski:had a public scandal and his rookie card in top condition is very valuable okay and and frankly speaking he's kind of gauged for what he did on the field when it comes to collectibles with that said it's not nearly the value that it could have been i really do think that oj would have been celebrated differently more people would have celebrated him if he had not had a double match allegedly. Thank you. So Messi, here's the thing. When you're at the end of your career and you do something naughty, your statistical career is already spoken for. You've already won your championships. There's a time, a period of time where it depends on how long that naughtiness sticks with you.

1:26:42Timothy Chmielewski:If you've said something mean and people's feelings are hurt, it sticks with you less time than if you somebody yeah so but it also depends on when it happens like people that get in big trouble their third year oh my god it's such a huge risk see another

1:26:57Jeremy Padawer:thing is when i was a kid the only real thing i collected was baseball cards i had tons of them yes the one person i decided the first card i ever got was an alex rodriguez card and then i was like i'm gonna only collect alex rodriguez cards and so now i have like sure i have like thousands of baseball cards now but the one card that i have like over 50 of is just a bunch of a rod and then he did steroids or it came out that he had done steroids yes and then i think that it really negatively affected the alex roger's card value because a rod now you can get his rookie card and it's not that expensive for how elite of a player he was throughout his entire career that's an opportunity it is an opportunity but i that's true but i also feel like it would have probably happened by now he's been retired for quite a long time well i'll tell you this i just bought

1:27:43Timothy Chmielewski:uh one of barry bond's like key cards it's like a tops traded card if i'm remembering our tiffany card or something like that psa 10 not too many of them that card's rocketing in value right now

1:27:56Jeremy Padawer:but he's also like cemented in history because he has he's the home run leader right and a rod doesn't like he of his time was elite like as a fielder as a hitter just as like performance wise incredible but i feel like he doesn't have one thing that makes him stand out like barry does

1:28:12Timothy Chmielewski:with the home runs i think that that is so well said and i think that that's going to be a challenge for him to establish the kind of valuations that he would have had but he does have a diehard fan base and he does people are like you know rabid for a rod like for instance like jeter and griffey who never got caught up in anything their their valuations are soaring so to what you're saying

1:28:33Jeremy Padawer:And Jeter's rookie card's worth way more than A-Rod's. Way more. Yeah. What do you think of serial killer memorabilia? Because I've seen some John Wayne Gacy art. Okay. And they're selling for pretty decent prices. And I remember when the Jeffrey Dahmer show came on Netflix, people were buying Jeffrey Dahmer memorabilia. And those seem to be quite collectible. What are your thoughts on some dark history collectibles?

1:29:02Timothy Chmielewski:there's value absolutely um it's not my genre okay i will just say that but it does have all the elements that make someone interested okay horror genre is big okay and frankly speaking like we're the global partner for five nights at freddy's at jazzwares and and that product line is blowing up okay and it's horror genre what you're talking about is real okay that's very Very different, but it hits the same cords in your brain. You're scared. You're like, oh, I can't believe that happened. The person is known. Interestingly, whenever you find someone that's known, there's always a community of people that not necessarily celebrate, but are aware of what they did and think about it.

1:29:45Timothy Chmielewski:And yes, there's value.

1:29:47Jeremy Padawer:I remember even seeing that someone was sneaking up to a house that Jeffrey Dahmer either lived at or, uh, you know, M worded someone at, and they were stealing dirt and they were stealing dirt to pack and sell it. It was like, this was the dirt at his house. Or this was his fork. This was his spoon. This was his, uh, lamp. And people were going and like stealing these items or trying to keep them, to be able to resell them. And they're selling. But it's quite interesting to have, feel like you have a piece of history behind that story.

1:30:29Timothy Chmielewski:I think that that's exactly it. I think that in time, look, as someone who doesn't have the urge to harm another person, you still want to watch Breaking Bad. You still want to watch these things occur, it doesn't mean that you have it in you. And I think the further you get away from a bad actin, it becomes more tolerable because it feels like content versus reality. And so I do think that these things require time for people to kind of reprocess before they have value. So if someone goes and does something terrible, I don't think there's any value to it. I think it becomes later. And, and, and even for me, it's so dark.

1:31:15Timothy Chmielewski:Like I stay away from it, but it doesn't mean that it's not a collectible category because I, I know how humans, like we're talking about Breaking Bad, right? Breaking Bad is, is not the celebration of heroic acts, but the, the items on Breaking Bad, some of those items could sell for a ton of money, uh, because it is maybe potentially the greatest show in the history of television.

1:31:37Jeremy Padawer:So I was thinking of, I had heard of Kurt Cobain house. The Seattle house. Yes. Was sold in 1997 by his widow, Courtney Love, for$3 million to a Seattle businessman. I think that his property or famous people's properties as well could go up in value. And we were actually talking to RJ Mitty from Breaking Bad about the Breaking Bad house that's in Arizona or New Mexico. It's in New Mexico. And imagine if you buy that house and then list it on Airbnb. And then huge fans of Breaking Bad could pay a premium price to stay in the Breaking Bad house. Same thing goes for other celebrity houses like Kurt Cobain.

1:32:18Jeremy Padawer:His guitar recently went for sale. Famous houses. You have a few artifacts in there or something if they're like very secured. And then you list it on Airbnb. You could probably make a pretty good return.

1:32:27Timothy Chmielewski:Oh, I have no doubt. If you market it well. Well, especially today because content drives so much and there are so many people that make money on content. I mean, think about just the folks alone, someone who is a rock and roll genre, uh, influencer goes and stays at one of these places and then covers it. Um, and then they have an entire community that's interested and wants to have a similar experience and, you know, humans were pack animals in some ways. And so therefore, yeah, that's a huge business opportunity. Absolutely. I fully endorse it as an opportunity.

1:33:02Jeremy Padawer:I think the same thing goes for heroic CEOs like Elon Musk's early work or something that he printed out and signed like an application to something. The Steve Jobs, they keep auctioning off random papers that were signed. One of them, I think, went to auction and I think it sold for millions of dollars. And it was someone mailed in asking for his autograph. and then he sent a paperback, sorry, I don't give autographs, signed and then he signed his name there.

1:33:33Timothy Chmielewski:One of my favorite collectibles of all time because it's so dry. The wit is so dry. Sorry, I don't sign autographs and then he signs it. Brilliant. And by the way, right away, it's context matters. So if he had just signed a blank piece of paper and sent it, it would probably been worth one 50th of sorry, I don't sign autographs. Yeah. That's genius.

1:33:54Jeremy Padawer:Jason Oppenheim also recently bought math done on a piece of paper by Albert Einstein.

1:33:59Timothy Chmielewski:What?

1:34:00Jeremy Padawer:He said it was$50 ,000. And I thought, that's actually a pretty good price. That seems like a steal. It was a whole math equation. And then what he did is he scanned it and then blew it up as art in his office. But he has the original. That's wild.

1:34:14Timothy Chmielewski:And you don't think of that. You think of an artist or you think of lyrics for someone who's making an album, but you don't think of a mathematician's equation on a piece of paper. That's rad because in the toy business, we talk about play patterns and those play patterns driving consumer purchase. In this world, it's like, is it in context exactly the thing that they're known for? And being that it's what they're known for, hugely interesting.

1:34:44Jeremy Padawer:He's always early, I've noticed, to picking up these things. And then every time he does, give it a few years and it's 10X in value. So I think something like that will be worth$500 ,000 in 10 years from now.

1:34:56Timothy Chmielewski:And that's always been my collecting philosophy. Okay, when I'm collecting something that I absolutely love because I'm a big fan, I don't think necessarily in this manner. But if I'm collecting into categories that I think are emerging and I'm in it to learn all about the category and benefit, my objective is a 10X return in 10 years. I think that that's a very high level objective to try to accomplish something like that. Doing that in business would be incredible. But in collectibles, when you're taking risks on new categories and you're drawing these analogous thoughts and you're saying oh well you know what psa just started grading magazines for instance you go oh okay maybe there's something there maybe there's an opportunity what's the grail so let me go find out

1:35:35Jeremy Padawer:what about nfts it seems like they had such a come up with like bored apes and crypto punks and then they just crashed i have a theory but first let me let me demonstrate something to you Okay.

1:35:48Timothy Chmielewski:Let me demonstrate something to you. I'm going to grab. Well, okay. I'll start. I'm excited to see what you brought. I don't, I don't want to grab something there because that actually has value. So here's what I'm going to do. I'm going to demonstrate something to you by, do you have, do you have an inanimate object for me? Glasses. Glasses. Thank you. Okay. Here we go. Let's just say these are the most valuable glasses in the world because they were owned by Benjamin Franklin. Okay. These were Benjamin Franklin's glasses. They're not. But because of that, they're incredibly rare. They're scarce.

1:36:17Timothy Chmielewski:and everything else, okay? And over in this hand, I have something invisible. It's an NFT. It's a digital asset. There's no specific value with the digital asset. It's invisible. Now, the only reason why this has value is because it was owned by Benjamin Franklin. These glasses otherwise would cost in materials several dollars, okay? The only difference between this invisible thing And these glasses is$2 in terms of the actual cost of goods, maybe$10 in the cost of making it. So when you think of an invisible asset like a domain name, okay, the domain name has utility because people go see what's there and then you can, but the domain name like a digital asset, if it's got utility, if it has the right utility, and that was the theory of NFTs, if it has the right utility, it could have real value.

1:37:11Timothy Chmielewski:If it unlocks something, an experience or a club or a community, the problem with NFTs, the real problem with NFTs is that the first couple ones that came out like, you know, punks or board apes, you know, crypto kitties, crypto kitties, like those came out and there were not many communities. so they were one of 10 ,000 or one of 5 ,000 and people yeah i'm gonna i want to be part of this community and went up in value the problem was within six months there were 10 ,000 communities and six months later there were millions of communities and it's all about scarcity and so everything just crashed because the world of consumers could not keep up with the available product.

1:37:56Timothy Chmielewski:And so the interesting thing is, and I have a belief that 25 years from now, Bored Ape, Punks, they'll have value. The other zillion of them, they'll be very far and few between on the ones that actually have any value. It's just, they were first, they started the craze, there was something about them that really created this insanity that occurred after. So, yeah, I'm not so caught up in the idea of an invisible asset having no value because you can't see it. When I think Franklin's glasses could be worth millions of dollars and inherently they're worth five.

1:38:35Jeremy Padawer:What are your thoughts on the art market? It just seems like artwork in general is less desirable now for certain buyers, for younger buyers, because they can't relate to it.

1:38:45Timothy Chmielewski:I think the art market is fascinating because they're kingmakers in that market. okay there are people that are so talented they make you cry their product is so good and you can

1:38:59Jeremy Padawer:go on tiktok and you can scroll oh my gosh some of those i've gotten close to buying oh because they're so incredible and i follow some artists on instagram i love their work yeah there's this

1:39:09Timothy Chmielewski:guy dylan eakin he's a he's an ultra realistic creator of pencil art i bought several of his originals. Unfortunately, they burned in the fire as well. That's okay. He is interesting because he's created a community of millions of people that are following him because of his talents. And there are many artists like that that are being followed because of their talents. With that said, the kingmaker community of the traditional art community is different. You have gallery owners and you have a system of people that say, let's make this one popular next. and they market the heck out of it and they often accomplish exactly what they're setting out to accomplish.

1:39:48Timothy Chmielewski:I don't know art as well as I know traditional collectibles, but I don't trust it the same way because I do see that king making stuff, at least in sports. Hey, listen, A-Rod took some stuff, allegedly, but he was also one of the greatest of all time. I see that statistically. I love the TikTok art community because these people are establishing very organically a following, that's the art that I would want to invest in. I would want to invest in that art. That's the art of the future. It's a democratization of art. And that's why I like it.

1:40:22Jeremy Padawer:So you mentioned you lost 99.9 % of your collectibles in the Palisades Fire. I'm curious, what are some of your favorite collectibles

1:40:28Timothy Chmielewski:that you still retain? Oh, well, I had two safety deposit boxes. And in one, I had some incredibly valuable cards. And in the other, I had a Harry Potter book, which I'll show you guys. But I also, before I left the day of the fire, I did take a few things. I took a stack of letters that I wrote as a kid. I took a bunch of LeBron rookie cards that I had sitting on my desk that I just happened to be looking at. A bunch of LeBron rookie cards? I do have a bunch of LeBron rookie cards. Just a bunch of them. It's sitting on your desk. Just a handful of them.

1:41:01Jeremy Padawer:That's correct.

1:41:02Timothy Chmielewski:Yeah, actually, that does sound a little out of touch. No, no, no, it's hilarious.

1:41:06Jeremy Padawer:Did you leave a bunch of other cards? Well, yes.

1:41:10Timothy Chmielewski:baseball cards so i'll tell you what i left so not only did i leave some amazing things but i left things that are currently skyrocketing in value like i had an uncut base set um giant sheet on my wall that recently sold for 250 000 i had five sheets oh okay wow uh i had um the entire first edition PSA 10 Pokemon set from 1999. That set I paid less than$120 ,000 for in 2020. Today, that set just passed a million dollars in value. The only card that I had in my safety deposit box was the Charizard PSA 10, which is the most valuable card in the set, which is the reason why it was in the box. But darn, I wish I had had the rest of those holos in that box too.

1:42:01Timothy Chmielewski:I lost a lot of stuff in that fire and like I said I I tracked a lot of it in terms of insurance value but unfortunately a lot of it also went way up and I couldn't catch it so it's okay by the way honestly it fits perfectly with my concept of life is not linear so I have no problem having a lot less stuff now than I did before and I feel like I did my job I know what I know my responsibilities towards my family. I fulfilled them. I just didn't get it 100 % right. So I step back. I say, I'll take my B+. I don't need an A-plus in everything in life. Let's go get an A-plus next time.

1:42:39Jeremy Padawer:And so what do you still have? Some of your favorite items.

1:42:42Timothy Chmielewski:Yeah, I have a 1981 Poppy Hulk Hogan PSA 10 rookie card. There's only two of them in the world that are in perfect condition. I think that is one day a million dollar item. I have Andre the Giant's rookie card PSA 10. I have seven of LeBron James 2003 first edition PSA 10. So there's only 130. I have a BGS 10. There's only three. Let's see. I have the Ishihara card. I have Jack Nicklaus rookie card from 1973. It's a PSA 10 as well. It's in perfect condition. I have my Harry Potter book, which is a remarkable story in and of itself. and I have all my letters that I wrote as a kid. So yeah, I lost 99.9 % if I were looking at it in terms of units of the stuff that I had.

1:43:30Timothy Chmielewski:But value. But value, you know, I lost most of the value but I still had some serious value in those boxes.

1:43:37Jeremy Padawer:What are your thoughts on collecting a PSA 10?

1:43:39Timothy Chmielewski:Yeah.

1:43:40Jeremy Padawer:Or a whole bunch of PSA 9s? Just from what I've seen, that 10 sells for significantly more. You might have a PSA 10 that sells for$100 ,000, but the nine is 20.

1:43:52Timothy Chmielewski:First of all, I love that question because people rarely think of it that way. But here's the way collecting tends to work, okay? The higher the grade, the more rare it tends to be. It's just unusual, especially with older product. Newer product may work a little bit differently because it's about scarcity, but older product where it was like organic collectibles. When the 10 runs away, the nines, it's like a rubber band. The nines tend to follow. Okay. For a moment, you could have a 20X differential that doesn't usually stick, but the 10 usually runs first. Then the nine tends to run. And then the eight tends to follow it like a rubber band.

1:44:31Timothy Chmielewski:And that's so interesting about collectibles in that way. And that's the aspiration of it all. Because the person that's buying the 10 is often someone that can afford it. But the person buying the nine, maybe they can't afford the 10 or they're taking measured risks, but that's aspirational to them. They buy the nine and that's the way collecting works. So yes, if you can find an enormous delta between the nine and the 10, the nine is not necessarily a bad position to take. It also depends on the population report. So if there's three tens and there's 4 ,000 nines and there's a big delta, there's a reason for that delta.

1:45:10Timothy Chmielewski:If there's three 10s and there's 10 nines, interesting. And that's like the idea behind the 2004 Mega Cracks Lionel Messi rookie card. There's only a few 10s, there's only a few nines, and then there's some 8s. I bought an 8 recently.

1:45:27Jeremy Padawer:And what about the different grading companies? Because I've heard that there is a pretty large variance between like, is it like BGS and PSA and then other ones?

1:45:36Timothy Chmielewski:Like how as a collector should you navigate the different grading companies? So if you don't know any, if you don't know any better, if you're getting started, stick with the granddaddy of them all for me as PSA. Okay. But the more you know, the more playing with all the grading companies makes sense. Right. Because the truth of the matter is getting a high graded PSA card is very, very difficult. And so here's the way I play it. I collect almost only PSAs. I will buy a BGS if it's a nine and a half or a 10, especially if there's very few. and I see there's a value opportunity because I see that the PSA is significantly more valuable than the BGS.

1:46:14Timothy Chmielewski:Sorry, yeah. And then there's other companies like CGC and CGC has been incredible in comic books and they're entering into other categories now like print magazines. And CGC is a fine company and if you've got bulk cards, you know, it sometimes makes sense to go through CGC as an opportunity as well.

1:46:35Jeremy Padawer:Would you say money makes you happy? Yes. And to what extent? Like when do you feel like money made you happy first?

1:46:43Timothy Chmielewski:Money makes me happy because it's a tool that allows me to explore the things that I'm passionate about. And the more money that I have, the more I can explore those passions. And it's not necessarily experiences because remember, I'm very driven by stuff, collectibles and things like that. And every one of those categories is another community that opens up other people I get to talk to. too. So money for me as a tool makes me very happy. The concept of money for money's sake is less interesting.

1:47:12Jeremy Padawer:Would you say quality of life for you, if you're reporting money and happiness on their own axis, would you say it's like linear growth? Or would you say, how does that chart look?

1:47:24Timothy Chmielewski:Well, I will say, and I've heard people say that money doesn't make you happier. okay and i i think that that's true for some people but it depends on the utility if they're just piling money and that's what they're doing with that money i don't i personally wouldn't take a great deal of enjoyment out of that like okay so what you're gonna die let's just like me we're all gonna die you know so the pile of money that you have is as a marker is only of some import the utility of that money that's what's interesting to me so if you're a philanthropist wow, it allows you to do incredible things. If you're someone who loves different communities of people and you're a Ferrari enthusiast and you want to spend time in Italy and it can give you access to amazing people, yeah, do it.

1:48:11Timothy Chmielewski:But I can see that it really depends on how you spend it. I think that the way you spend money is the function on how much you enjoy it.

1:48:19Jeremy Padawer:But is there an amount of money that once you continue to acquire money past that amount, It doesn't have that same, it doesn't bring the same amount of happiness. Is there an amount or have you not hit that yet? Or do you think that doesn't exist?

1:48:32Timothy Chmielewski:I think it depends what your interests are. So if you've got$10 million, you shouldn't go buy a private jet. Okay. If your desire is to fly around in a private jet all the time, don't do it with$10 million. It will suck away too much of your money and potentially all of your money in time. If you've got a hundred million dollars, don't buy a spec building in New York City because it could go bankrupt. It could knock you completely out, you know? So yeah, it just depends on what your utility is. And that's just the truth. Like for me, my interests are much lower level than that. Like I want to help change the culture of collecting.

1:49:13Timothy Chmielewski:I want people to connect with one another over collectability. there's so much division in this world right now okay we divide over everything divide over race and and and culture and religion and gender and all these other things but you can bring them together when you're talking about fandom and when you're talking about a collectible asset or a car stuff like that i realize that doesn't hit with everybody but i'm telling you that collector mentality you forget every other divide republican democrat all that you forget it all oh you love that? I love that. Let's talk about it. That's my goal in this world.

1:49:48Timothy Chmielewski:That's where I bring the most value. So yeah, look, there is an amount of money that was probably demotivating. Probably. Like what happens if you have all the money in the world? What's the point of collecting anything, right? Unless it's just community stuff, the 10 times return shouldn't mean anything to you anymore. So I get it. Like I just have not reached that mental level myself. So you mentioned you

1:50:11Jeremy Padawer:have about 5 % of your portfolio in collectibles. You said some people can go up to 10, 15 % and that wouldn't be too irresponsible. I'm curious, the other money that you have, where are you investing? Thinking about refreshing the carpet in your home? Now's the time to do it. For a limited time at the Home Depot, get 10 % off installed carpet projects on trusted brands like LifeProof, LifeProof with PetProof Technology, Home Decorators Collection, and Traffic Master. Plus, with installation starting at just 49 cents per square foot, upgrading your space is more affordable than ever at The Home Depot.

1:50:45Jeremy Padawer:Offer valid June 11th, 2026 through June 28th, 2026. Exclusions apply for licenses. See homedepot.com slash license numbers. Zootopia 2 has come home to Disney+. Let's go! Get ready for a new case. We're gonna crack this case and prove we're the greatest partners of all time! New friends. You are... Gary Destiny. And your last name? The snake. Dream team. New habitats. Zootopia has a secret reptile population.

1:51:13Timothy Chmielewski:You can watch the record-breaking phenomenon at home. You're clearly working at it. Zootopia 2, now available on Disney Plus Rated PG. Real estate, stocks, mutual funds. I have a financial advisor. I let them do a lot of the stuff themselves because, you know, how much time does one have in the day? What else? Companies. So I've invested in about 17 companies in the last six years. The challenge with seed round funding is that most of the time you lose. But like, I've got a couple big winners. Like one of the ones that I'm an A round investor, early round investor is Whatnot. And Whatnot is a, essentially it's like live selling and they're the leader in live selling.

1:52:03Timothy Chmielewski:And when I told people about that six years ago, they were like, eh. But now it's like a household name amongst at least younger people. Like if I talk to people my age, they're like, I have no idea what you're talking about. But yeah, I think Whatnot could be a$100 billion company one day. And if that's the case, then that's a pretty good asset to have.

1:52:24Jeremy Padawer:So I've always wondered, people that are like financially savvy, like I imagine you are, when they have a good amount of money and they have a financial advisor, Do you like check in on your quarterly reports? Like, do you ask, hey, what percent return am I getting per year on what you're investing?

1:52:39Timothy Chmielewski:It's funny. I'm pretty trusting. We've been working together for a long time. And we started working together, I think, when he was early in his career, too. And so when I say I have a financial advisor, I mean, he's probably got 25 other clients. But for me, that's totally acceptable. uh i in fact i i really love working with people over time because i can call anytime and say look this is concerning to me and immediately you know michael replies to me and we have a open dialogue i i have been the one that's made the big mistakes over time there's a giant pullback and i'm like take it out let's get out let's get out and he's like look are you sure you want to do this I'm like, yes, I lose every single time I lose.

1:53:26So I just go like, you're not as good at that, Jeremy.

1:53:30Timothy Chmielewski:Let's let this other person who's better at that than you. The other thing that I have now is age and experience. And I'm not as afraid as I used to be, okay? The stock market can be scary, okay? It can pull back. It can pull back 30%. It can pull back 20%. But then you look all the way back 100 years And you've got a 7 % and 8 % return, annualized return. And it's much more comforting. And trust me, as long as we live in a society that does embrace capitalism, which there's been moments where I've been scared about that recently, because there can be very good humanistic capitalism. It's not just all bad sharks running around biting each other.

1:54:13Timothy Chmielewski:But as long as we embrace capitalism, companies will continue to grow at a very large rapid rate. And the stock market and 401k are things not to be afraid of over time. But don't be like me and pull stuff out when you're scared. That's the reason why relying on somebody else, it's just way more important than what exactly the return that they're getting every year.

1:54:34Jeremy Padawer:Do you think you've gotten a better return from buying collectibles than your financial advisor has gotten you from investing your money?

1:54:41Timothy Chmielewski:Yes, because that category was so much less explored. Okay, so collectibles as an asset have exploded in value in the last 25 years, but mostly because the stock market's been around. Like, people kind of know there's a system to it, you know? Warren Buffett was early and he kind of figured out the system. And of course, he was like early, like collectibles are today. Yeah, so yes, because it was an emerging market.

1:55:11Jeremy Padawer:Then do you think that it would make sense for you if you have like a competitive advantage to increase your portfolio percentage from 5 % up to 15, maybe 20 % if this is something that you're skilled in? Yes, it would.

1:55:22Timothy Chmielewski:But I never did. I never did. And I guess I'd say early on when I was younger, I probably had more of my percentage in a portfolio. But I feel like as a responsible adult who's trying to teach other people to make long-term good decisions, I kind of have to walk and talk similarly. I don't like to say things that I don't believe. And I feel like there's a lot of that in this world. So yeah, no, that's about it. That's all I will do. I do believe I have insight and I do believe, but remember, if I'm talking about emerging categories, you don't have to invest a lot in emerging categories. Those are the ones that are explosive growth.

1:56:05Timothy Chmielewski:So, you know, like one of the thoughts that I constantly have is when is it the right time to invest in a new category, a new brand? Okay. So I love brands that are like 15 to 20 years old where the consumer group were younger. So like Harry Potter is a great example of that. So when the book series was launched 25 years ago, those kids were between 7 and 15 years old. Today, those kids are 32 to 40. When do you think they have access to capital to start investing? In the last 10 years. What do you think's happened to the value of the book? Blown up in terms of the rarity. So how do you extend that?

1:56:48Timothy Chmielewski:Twilight, Hunger Games, all the other stuff that came 10 years later. I promise you, in my mind, those are the types of things that chase it. That's where the next set of values come from.

1:57:01Jeremy Padawer:So give us a prediction of what you think is gonna be the most valuable 10 years from now. Could be different categories, could be maybe just five things that you have your eye on.

1:57:09Timothy Chmielewski:So one thing that I absolutely have my eye on is the original Apple One computer. There's only about 50 in existence and they sell right now for$500 ,000 to$700 ,000. I believe one day those are a$100 million asset. and and what will drive that is the masses of people that will go into buying sealed electronic equipment like what you're seeing is you're seeing the early iphones blow up in value now the four those are like 50 to 100 000 now yeah absolutely i i absolutely had one of those i had paid like three grand for it it went up to like 60 70 grand like but like i'll give you one here's here's one the original oculus okay so glasses like right now we're at the very early stages of putting on things that change your ability to communicate with the world through what you can see okay oculus was first you can buy a sealed oculus first edition for hundreds of dollars right now i promise you most of those were opened yeah one day that's going to be incredibly valuable in my opinion so that's an example of something i look at early electronics and then once the masses jump in.

1:58:24Timothy Chmielewski:What does that do to the grails? And the grail of that category is the Apple one. And that thing should be worth a hundred million dollars in my lifetime. So that means that right now it's 600 ,000 and I'd say 30 year time horizon, a hundred million dollars easily. So why don't you buy one? I've thought a lot about it. I really have. And I might. Yeah. It's, it's, it's an asset that I would like to own. I have cash. It's something that I would very, I'm very much interested.

1:58:51Jeremy Padawer:would you buy it with somebody like a 50 50 or would you rather just not partner with anybody

1:58:58Timothy Chmielewski:it depends on the dynamics of what the agreement is so i personally i'd like to own it outright because then i have complete control and if my horizon is 30 years then i don't think anybody wants to be in that game with me no one wants to tie up their capital for 30 years with me I mean, come on. However, if on another scenario, someone came to me and said, hey, there's 10 of us, we're interested in buying this. It's 10 years, we're going to lock this up, we're going to have an agreement just like you would have with any company, where there's an operating agreement, and there's an agreement exactly what happens.

1:59:31Timothy Chmielewski:It's placed in a vault, a third party place, none of us can touch it. There's going to be an intermediary that is engaged with it. It's interesting. The end of 10 years, is it going to be 100 million? No. but is it going to be five six million i think so in my opinion yeah so speaking of the iphone

1:59:49Jeremy Padawer:what i found interesting is that i was looking on ebay and the original iphone's 50 to 100 grand and i was looking and i said well the 3g yes the second one is only a few thousand dollars so smart

2:00:02Timothy Chmielewski:so it's a better deal just to get that right dude you're making me emotional because that's exactly the way to think. That's exactly right. Yes. A hundred percent. And by the way, that's what's, that's what happened to Mickey Mantle's rookie card. So that, that PSA 10, 1952 rookie card blows up in value. And now you look all the way down the chain, 1952 to all the way to 1969. If you can find a PSA 10, those things are very valuable.

2:00:26Jeremy Padawer:And how do you know they're not resealed? That was my biggest concern because I saw quite a few and sometimes the seals look a little different and sometimes the seals were perfect on like the really nice ones that came with the bag and the receipt and all that stuff but then there was another one without the bag and the receipt where it just looks a little frailed on the edges you don't know if people just go and open it up

2:00:49Timothy Chmielewski:take the phone out whatever and then reseal the thing you can't know for certain however there's a registration you can see if the phone has ever been registered so apple all the way back to their very initial phone. They still keep a database, a registration database. So you type in that code before you buy it. And if it shows that nobody ever registered the phone, then you have a real possibility that that is a never opened package. At least it puts you in a better position. The condition of the box, you know, the knowing something about the way the wrap is supposed to fit uh there's the good news is we're in the internet era uh and and today especially with the ai you can immediately access all the data that you need to see what the wrap is supposed to look like so that to me is the combination okay serial number does it work what does the packaging look like all right i think i'm gonna buy it do it i think that's a good uh good purchase

2:01:49Jeremy Padawer:that'd be a cool thing to display yeah i think so too i noticed you brought some collectibles

2:01:55Timothy Chmielewski:here yes what did you bring i brought a bag of goodies okay let's let's see what you got so we're going to start with we're going to start with a grail item okay now this is a case all right and this case is holding the most valuable modern work of publishing and i know that because when When I purchased it for$200 ,000 in 2020, this book was the most ever paid for modern work. Okay? And I'm going to open it up on this side, I think.

2:02:35Jeremy Padawer:On this side, I think.

2:02:40Timothy Chmielewski:And what it is, is that this is a pristine Harry Potter first print first edition book. This book today is at least a half a million dollars in my opinion. Maybe a lot more. One sold, there's only, keep in mind, there were 500 first edition first print Harry Potter books because the author was unknown. and she was also not wealthy. She had to publish this on, you know, nickels and dimes that she put together. So there were only 500. 300 of these were sent to libraries and they were used and read and smashed and printed and stamped. And another 200 ended up in private hands, but most of those were read.

2:03:27Timothy Chmielewski:This is a very unusual case of a book that is in pristine condition. And this book, I believe one day, is going to have exponential value. Interestingly, Warner Brothers is about to release a 10-year storyline reintroducing Harry Potter to this generation. I think that this is a masterpiece. And I think that one day, I believe one day I'll sell this for 10-plus

2:03:56Jeremy Padawer:million dollars would this be more valuable jk rowling signs it or would that make it less valuable that now it's like defamed almost it's like she's drawn on it i know well here's the

2:04:08Timothy Chmielewski:thing it it's possible that it would be more valuable but at some point in time when you hit a certain level of rarity and condition when there's like nothing out there that matches it you kind of hit the maximum potential value. And so even handling it might actually reduce the condition of the book. But you know what? If she wants to sign this book, I would say yes. Even though I think the book right now would sell for potentially north of$500 ,000 and maybe even closer to the million dollar level. There just hasn't been anything of this condition sell since that 2021 book sold for$4.75. So yes, this is an incredible piece.

2:04:54Timothy Chmielewski:And in my mind, another thing that makes this piece so amazing is the fact that it survived time when nobody would have ever seen this being a collectible of any kind. And then it became the most published book outside of the Bible. How did you get this? So I watched it. Remember, aspiration. So I haven't always had money And I think I've demonstrated that today very well. But I watch auctions and I become a PhD in things. And one of the things I became a PhD in was my interest in Harry Potter specifically. And I watched this book come for sale like eight years ago, nine years ago on Heritage Auctions.

2:05:31Timothy Chmielewski:It had an opening expected price of$20 ,000. It ended up selling for$85 ,000. And I thought, man, that would be amazing to own. I know it's going to go up. And a couple of years later, I bought it for$200 ,000 from the owner that had picked it up. Yep. That is the Potter book. Now, one last note about this Potter book. The reason why this has value is because the community is enormous. The book made an enormous, indelible mark on hundreds of millions of people, sold untold number of books. And it's just so rare and scarce and the condition is so high. With that said, I will also tell you that there are plenty of other examples of books that are 10 to 15 years old that have also made indelible marks on children that when they're 30 to 5 to 40 years old, they'll see it as something that has grail-worthy value.

2:06:27Timothy Chmielewski:Percy Jackson.

2:06:28Jeremy Padawer:There you go. I was thinking an original Dr. Seuss, Lord of the Rings.

2:06:33Timothy Chmielewski:I know those books are pretty valuable. Well, and by the way, that's the other thing too. When you do have a runner like this, it can lead to other books, even more historical books, increasing in value as well. So the one thing that this doesn't have is a grade. And I do believe that that's a business opportunity. There's nobody that's grading books. I think this is a 10. I think there's only one 10 in the world. And when someone starts grading books, give me a call because I'll bring this in.

2:07:02Jeremy Padawer:How do they grade books? Is that because there's too many pages and they'd have to open up every page to find like, oh, on page 94, there's like a pencil mark?

2:07:10Timothy Chmielewski:Well, you know, it's interesting because they don't necessarily do that with comic books, right? It's more about the cover and the color of the pages. But like, yes, the bigger issue is that there's no standard size. So comic books tend to have a standard size. Trading cards have a standard size. So books come in all sizes. And so it does make it a little bit less efficient from a business standpoint. So this is the beauty of being a business person and being a collector, because I understand why this doesn't exist, but I see the business opportunity.

2:07:39Jeremy Padawer:You know what I think is going to happen with collectible cards is that we're going to start to use AI. And within a PSA 10, you're going to have a rank of who has the best PSA 10. And of the PSA 10s, you're going to say, this guy has the number one PSA 10 of all the PSA 10s. And that card is truly one of one.

2:08:00Timothy Chmielewski:That is so smart. I've actually had a similar conversation with Logan about that concept because there are AI grading companies. And when I said Logan is I said, no, Logan, don't bust a card out of a PSA 10. But there could be a ranking based on third party AI. The only challenge with that is that sometimes the cases get dinged. And so just because a case isn't perfect shouldn't cause the card inside to have less value.

2:08:30Jeremy Padawer:They'd have to crack the case, but recase it and video the entire thing to show you proof that it was taken out and recased as the exact same card.

2:08:40Timothy Chmielewski:Then it would need to be the grading company that originally graded it that had the AI technology. Yes. And that is very interesting. I think that that could be a differentiator of one of the large grading companies. Very, very interesting. Love the business idea. Great. What else did you bring? The next thing I brought is, so I told you that when I was a kid, I wrote a thousand, well, I didn't say it this way. So I told you when I was a kid, I wrote a bunch of letters. And in fact, I wrote a thousand letters. And I wrote a thousand letters to the most important people of the 20th century. And I had lived in the middle of nowhere.

2:09:21Timothy Chmielewski:I mean, I lived in eight different states growing up and, you know, we'd go from state to state, Tennessee, Mississippi, Georgia, Virginia. I could keep going, North Carolina. And I just felt disconnected and I wanted to be successful and I wanted to have this very interesting, colorful life. And I just knew that there were people that had had very colorful lives and what did they do? so I sent a thousand letters out and I asked these people I said what what's your what's your greatest accomplishment and I received over 150 responses luckily all the binders I grabbed those before the fire and so like if I open this up what you'll see is often the date is 1992 because that's when I was a senior or a junior in high school and I would write So Lee Iacocca, that's Billy Joel.

2:10:16Timothy Chmielewski:Actually, that was the year he was getting divorced from Christy Brinkley. Desi Arnaz, which is the son of Lucy and Desi Arnaz. This is Mother Teresa. So Mother Teresa wrote me from Calcutta, India, a kid writing from Memphis, Tennessee. How did you even find her messaging address? Well, I found it because in the library at the time, you could actually look up addresses of known people. And so I spent some time putting together these addresses and I put together a thousand addresses. Keep in mind, there may be a little OCD stuff going on here. I fully admit it and embrace it. But I just want you to know that having a little OCD can actually be a very good thing in life.

2:11:01Timothy Chmielewski:So yeah, I reached out to her.

2:11:02Jeremy Padawer:And Billy Joel just like wrote back to you. Yeah, he did. I think she was using ChachiPT.

2:11:08Timothy Chmielewski:Yeah, I see the hyphen there, see? Do you see the hyphen? Yeah, you got to stay away from hyphens. Who other people do that? Let's see. So Steve Allen was the first host of The Tonight Show. These are like really thoughtful messages. Colin Powell, look at that. Yeah, in fact, I'll read one to you guys. Colin Powell. Let's see, that's Clarence Thomas. It was his first year. This is Jim Baker. Jim Baker was an evangelist who was super famous, and he was in jail for doing some pretty naughty stuff. And he wrote me this long letter from jail. Wow. this is an interesting one. This guy's name's Max Schmeling.

2:11:44Max Schmeling was a Nazi, okay?

2:11:49Timothy Chmielewski:Max Schmeling was also the heavyweight champion of the world that beat Joe Lewis in the 1930s for the heavyweight championship when Adolf Hitler was trying to prove that they were by far the number one race. Then there was a second fight. Joe Lewis knocked out Max Schmeling in one round, just knocked him off his feet. And Hitler sent this man off to Siberia essentially for the rest of his life. So I wrote to him. Because not because he was a Nazi, I have no interest in that, but because he was left after achieving this miraculous thing and he was never really part of the party. So as a kid, I found that fascinating.

2:12:30Timothy Chmielewski:And Max Schmeling actually wrote me back. So all in German. this is jerry lewis um this i can't see from up here jimmy stewart so jimmy stewart was in the 1940s one of the most famous people in the world um he was in many many movies and he was also a world war ii hero um elizabeth taylor and her letter was all about her work uh with aids this is mr rogers wow so mr rogers sent me a handwritten note and in his handwritten note to a kid um he explained what his greatest accomplishments were so it keeps going casey casem who was a very famous talk radio host at the time this is roy disney this so walt disney gets all the credit for disney but also there was roy And Roy Disney talked about how much it was important that he was involved with American history and art and bringing animation as a form of art.

2:13:37Timothy Chmielewski:Pretty remarkable that, again, he took the time to write me back.

2:13:43Timothy Chmielewski:I liked business. Vidal Sassoon. Art Buchwald, who at the time was one of the greatest humorists of the era. And he was a remarkable writer.

2:14:01Timothy Chmielewski:I can't see what that one is upside down. Oh, Edward James Olmos. Edward James Olmos was an incredible actor.

2:14:14Timothy Chmielewski:Let's see. This is Mike Wallace, who was one of the original 60 Minutes cast members and an incredible news person. Dan Quayle, the vice president of the United States to Bush.

2:14:31Timothy Chmielewski:This was Jerry West, who is the logo in the NBA. And it kept going and going. Bob Mathias was one of our very first Olympic decathlete gold medalists. And so on and so forth, binder after binder. And so I'll read one to you that, you know, particularly touched me and then I'll turn it around and show you who it is.

2:15:03Timothy Chmielewski:I don't have to put my glasses on because I am 52 years old. It's kind of a shocking thing to say. Okay. Aspire and hard work to achieve your aspirations. Appreciate that in our open society, no doors are closed to people willing to spend the hours of effort needed to make dreams come true and leave tracks, just as others have been way pavers for your good fortune. so you should aid those who will follow in your way think of your children and grandchildren to come and do your part to make society as good as you would want it to be for them ruth bader ginsburg wow and this was her first year on the bench and she took time to write something that eloquent to a young person who was trying to figure his life out pretty powerful so you can see how attached i am to this stuff and i'm so glad i grabbed this because i had you know minutes to grab stuff and it's a fascinating thing you know you probably have been people have probably said to you like well if you had 15 minutes to grab stuff what would you grab i didn't know that i had 15 minutes um that's a whole nother story but i knew everybody else was leaving uh city of california of los angeles has a lot to answer to uh let's just say

2:16:22Jeremy Padawer:What's the status right now on the fire? Rebuilding the Palisades? Yeah. Well, I started an ADU project earlier in the year and I'm still with the city. It's awful. It's awful.

2:16:34Timothy Chmielewski:It's horrible. I know. I think what people need to understand about local leadership is that your party identification is irrelevant. The most important thing about local leadership is are you able to operate and are you honest? Are you an honest broker who can operate and know how to lead people? That is the critical element of local leadership. Whether you believe certain lofty things about what happens in different parts of the world is all games personship. It's all BS. It doesn't mean anything when you're talking about hiring police and fire people and public libraries and places to study and affordable housing and all of those other things.

2:17:18Timothy Chmielewski:It means nothing. It's so disturbing to me that everyone is so focused on national politics when local communities are falling apart. And so Los Angeles is a great example of that. Los Angeles is a disaster when it comes to operational leadership. And you saw that because they let cities burn down during a fire that was relatively routine and could have been put out six days before because it was left smoldering. This only happens because the state of California and the city of Los Angeles at 30 year lows for their fire and police department number of human beings that are actually staffed and hired.

2:18:02Timothy Chmielewski:This is a state that believes in climate change. Okay. I'm not offering a position on my belief, but guess what? Whether I believed in it or not, I sure the heck would have a much larger percentage of my team focused on it. okay the lowest percentage the lowest numbers in 30 years and you say you believe in climate change it's not what you say it's what you do and that's true in leadership that's true in managing businesses it's true in communicating to people about buying collectibles it's what you do it's the reason why when i say five percent of my portfolio i lock it down because i i don't want to be a false communicator i want it to be real and uh god i feel like we're surrounded by people who are just, they just really want to show you how good they are, but then they act exactly the opposite.

2:18:54Jeremy Padawer:Why are you choosing to stay and rebuild other than leave?

2:18:59Timothy Chmielewski:I moved so much as a child, and I've never felt so connected to a community like I've felt in the Palisades. I also feel a great deal of responsibility towards Altadena because that was an affordable area of living where people who were teachers and people who were preschool teachers and people who had good jobs, but they lived in proximity to Los Angeles they could afford a place to live. Like, it's a shame. And it's amazing that one of the most affluent and then one of the most, like, really great examples of a working community that's really turned an area into a beautiful area, they both burned down.

2:19:37Timothy Chmielewski:So it just goes to show you, the ineptitude runs deep. There is no favoritism when you're operating something poorly. The last thing that drives me nuts is you've got Gavin Newsom that keeps touting the fact that California is the fourth largest economic force in the world. But we also have the largest deficit of any state in the history of the United States after he originally inherited the largest surplus of any state in the history of the United States. We've got to stop measuring things on their size. We have to start measuring things on whether they are actually operating well. Okay. And again, remember, I'm keeping it local because why would I give commentary on what's happening at the national level or the global level when I believe we need people to operate locally who really want to be there and make it better?

2:20:27Timothy Chmielewski:So that's my mindset there. If you could own one item. That's a hard transition, yes.

2:20:34Jeremy Padawer:If you could own one item throughout the course of history, no price involved, what would it be?

2:20:38Timothy Chmielewski:that's that's that's really good if i could own one item in the course of history no selling it just having it i think because i have been so conditioned to love cards and trading cards i would want to have the psa8 honus wagner t206 card um i know it's it's already 50 million dollars so i'd know by owning it i've just had an incredible boon to my own personal net worth I also have a ticket to go anywhere I want and have a conversation with anybody I want because I can just put that card there and be like, let's talk. And it's part of baseball history. It's part of the lore. Do you know who originally, not originally, but like, do you really push the valuation of that card up?

2:21:26Timothy Chmielewski:No. Wayne Gretzky. Oh, I actually did hear about that. Wayne Gretzky bought that card for a couple hundred thousand dollars. It's always interesting. but I'll tell you another analogous time to that but yeah Wayne Gretzky bought that card for a couple hundred thousand sold it for eight hundred thousand and brought so much attention to the entire thing actually interestingly enough in comic books uh I would love to own an action comics one in the highest grade Nick Cage bought one for 150 ,000 in 1997 it was stolen from his home. He got a insurance payout from his insurer, Chubb. In 2011, it was recovered.

2:22:10Timothy Chmielewski:Chubb now owned it, sold it for over$2 million. Cage already got his payout, so he didn't get a dime of it. And he was actually okay with that. I mean, it is what it is. He got his payout. He didn't stick to it. Today, it's 10 plus million. In my lifetime, it's 100 million. So the only reason why I would choose the Wagner is that it's incrementally more valuable but the action comics one is awesome awesome in the highest condition what would you have I mean like if we're talking collectibles

2:22:44Jeremy Padawer:it would be the same card yeah the t206 it's awesome yeah because just growing up as a kid like that was that was actually so my house burned down as well in the Ventura fires sorry it's all yeah I mean that was back in 2017 the Thomas fire and the only thing that I saved were my baseball cards. So they were very important to me. So I still have them, which is sick. There's the A-Rod cards? A-Rod cards. I mean, I have more than just Alex Rodriguez. Like I have thousands and thousands of baseball cards. He was just the one where like, I would go to a card shop and I'd be like, all right, show me all of your A-Rods.

2:23:14Jeremy Padawer:And I go, I don't have this one yet. I'll get this one.

2:23:16Timothy Chmielewski:Oh man.

2:23:16Jeremy Padawer:But I still have my baseball cards. So I would probably say like the Honus Wagner. Yeah. Oh, that's awesome. That'd be cool.

2:23:21Timothy Chmielewski:That's awesome. What about you?

2:23:22Jeremy Padawer:I'd probably do an old car, probably a Ferrari 250, GTO, McLaren F1. I'd pick one of them. those? Or a Ferrari F40?

2:23:32Timothy Chmielewski:Well, it was an SLS Mercedes set the record for the highest price ever paid for a vehicle. It sold for$150 million about three years ago. And yeah, like, think about it. Again, in your lifetime, you go back 30 years and the highest price paid ever for a car was maybe one twentieth of that. I don't know exactly, but I'm guessing it was barely a million dollars. so it is incredible what happens with these collectible values and a store of value they're an amazing store of value um so yeah i want to show you something that i think is really unique

2:24:05Jeremy Padawer:because you got me thinking of collectibles something i've been unknowingly collecting for the last few years every time one gets sent i keep it every single i'm gonna bring it okay you've seen it you've seen i think i know what you're talking about interesting it got you know back to normal i see i see well i'm glad i'm glad i'm glad that it feels that way yeah because i'm

2:24:29Timothy Chmielewski:looking forward to that how much longer do you think i mean it's about two and a half years yeah

2:24:33Jeremy Padawer:yeah yeah at least so i think i think jimmy is going to be the next walt disney okay and this he sent to i believe it was 50 or 75 influencers for the launch of feastables brilliant and absolutely This was the original one that he sent that started all the Feastables. Actually, I haven't opened it since then. But I took the chocolates out. Okay. So there's still no chocolates. But there's some stuff underneath here. But besides the chocolate, everything is still in here. That's so cool. And I just thought initially, these are such high quality that there's no way I could throw it away. So I kept it.

2:25:14Timothy Chmielewski:That is so smart. Because if 50 went out, I guarantee you 40 of them are. are now in a dumpster.

2:25:21Jeremy Padawer:Probably 45, 46. Maybe. But every time he sends me a Feastfuls box, I keep them. Here's another one. Oh, my God. And that means that the scarcity is very high. Yeah. Whoa. Look at this. It's just... Oh, this one still has the chocolate inside with, you know, a little letter. That's awesome. This is interesting. uh yeah there was also one one i don't have unfortunately it was his which would be the most valuable it's when he launched these nuts yes and he had to take that back because he didn't own the trademark or something that that one i remember not being in such a crazy package and me not keeping that but i think in hindsight uh because this one is the peanut butter version so this is probably after these knots is this one uh june 30th 2025 i would still eat it though

2:26:22Timothy Chmielewski:i don't you know you know originally packaged goods foods yeah don't worry about the the spoil by date it's actually a category of collectibles so like you can find people that will have older by the way some people have enormous repositories and you know what happens to some of that stuff that's used in movies and film because it's like this fascinating take on the time. That's awesome. I completely agree with you that maybe nobody defines this era more than Mr. Beast. So to have something that he sent 50 of that may only have 10 or 20 in the world still remaining. Right. It's spectacular.

2:27:07Jeremy Padawer:It's really heavy to the point where I feel like I missed stuff that was in the book. I feel it. just just pick it up jack it's like oh my god there's something in there yes there's something in there why don't you look that would be yeah i actually i don't know what's in here i must have just grabbed the chocolates from the top let's see what's in here oh oh it's a s'mores kit that is really well done that's what you put the marshmallows on yeah this this was completely unopened i don't even know what's in here maybe like graham crackers probably oh yeah probably that and marshmallows brilliant yeah yeah wow it's feet it's feastables graham crackers look at that and this one's not even broken oh my god those don't exist wow s'mores fuel feast but he labeled everything brilliant all right i'm gonna be very gentle oh yeah and then there's marshmallows down there oh gosh i'm just gonna put this down here so it doesn't crap that's incredible oh man yeah that's why it's so heavy okay it's the uh it's the canister

2:28:23Timothy Chmielewski:that you put the fuel in to create your... Yeah, that's amazing. And then this is the little announcement. Yeah.

2:28:36Jeremy Padawer:So. Would this be more valuable if he signed it?

2:28:40Timothy Chmielewski:Yes.

2:28:41Jeremy Padawer:It would?

2:28:41Timothy Chmielewski:Yes. Okay. Yes, it would be more valuable if he signed it because if there are 20 of them still and three of them are signed and you keep this one in extraordinary condition, I have no doubt that it will be of great value creation. Also, you know what? I don't think I've, maybe I've just never researched it, but I don't know how prolific of a signer he is.

2:29:05Jeremy Padawer:Yeah, he signed a lot of shirts. Oh, he did, yeah. For live streams. He signed white a lot of shirts. Oh, okay. He signed, I think it was a dollar bill from me. I see. Oh, I like that. That's great. But I have, probably of those, I have six or seven boxes. boxes every time he does a launch i've kept them i have a hello i have a halloween box i have two other boxes in there um yeah i keep them all i even have a briefcase i want to one of the mr beast uh briefcases unbelievable keep all your own stuff too i don't really i know i don't share

2:29:41Timothy Chmielewski:okay it's good to say i mean it's the warren buffett of our time yeah i know we're gonna want you're gonna want to keep his stuff you know what's interesting i'll never get to know that The only time you'll become Warren Buffett is when you're the 95-year-old guy that's spouting off incredibly valuable pieces of information still. So you've got to plan on longevity, but there's not going to be any 115-year-old sitting in the audience. That's the interesting thing about life. And that's a beautiful thing that I think older people have a responsibility to younger people to remind them. That everybody that right now is an icon, you're the next icon.

2:30:14Timothy Chmielewski:Like, you're the next icon. Like, of course, it's very clear when you're in your 50s that that's the case. It's much harder to see that in your 30s because you're working so hard to make it, to make it happen. In your 20s, it's really hard, you know? I think it's just the reality. But there's a really special decade. Your 50s is a very special decade. You also brought some other stuff. Let's see what you got there. All right. So the last two things that I brought are really to talk about emerging markets of collectibles. Okay. So this is the highest graded ever, and I think it's CGC, first magazine that Hulk Hogan ever appears in.

2:30:56Okay.

2:30:56Timothy Chmielewski:So this is a wrestling magazine from the late 70s, I believe. And I think he was at Madison Square Garden, and this was the first magazine that he had ever appeared in. Now, the fact that it's his first appearance, but he doesn't show up on the cover is consequential. It reduces value. But I thought it was so awesome that this was representative of that. Now, magazines, there are zillions of magazines, just like trading cards. But unlike trading cards, nobody thought of them in a collectible mail. So to find them in high condition is very unusual. And so what I would say is like the Time magazine that you were talking about earlier, look for important sports figures, look for important political figures, high grade, almost a slam dunk.

2:31:48Timothy Chmielewski:Important figures of actors, actresses, scientists that are known, Albert Einstein, unbelievable opportunity. PSA has also started grading these. While comic books have had a 30-year history of grading and trading cards, magazines are new. How much is that worth? A couple thousand dollars, maybe more. I paid$7 ,000 for an Andre the Giant highest graded one because he is the cover. I think if this were Hulk Hogan's first cover, it probably would be worth a little bit more. But I just, you know, I liked it a lot. So I had to buy it. So this is a new area of grading. This is an area where there's been tens and tens of millions, hundreds of millions, actually billions of units sold.

2:32:37Timothy Chmielewski:There's a standard size, and that works in collectibles very well. And it's records, LPs. So people are now grading LPs and cassettes. Okay. This is VMG. They're one of the graders. but also Steve Aoki has also launched one as well, AMG. These are two really good grading services that are out there. They're small still and high grade albums and records could have enormous value. No LP has ever sold for a million dollars. There has been an LP. I believe it was some sort of Beatles LP. I don't remember which one it was but it sold for$600 ,000,$700 ,000. It was signed. It may have been super limited edition.

2:33:20Timothy Chmielewski:but there hasn't been the watershed moment yet here. I do believe that now there are people like AMG and this particular grading service that there's going to be some real serious opportunities in LPs. And so this one's cool because it's Mickey Mantle, and Mickey Mantle's a great collectible in trading cards, so why wouldn't he also make a great collectible in period pieces that are related to this particular category? And then, of course, because of all... And then, of course, because of all my years in wrestling, I had to get the Hulk Hogan album as well. But yeah, no, this is an all-new area of collectability.

2:34:03Timothy Chmielewski:Now, what happens in this area? Okay. Much like these other areas of collectibles, a grail will run. It will sell for a certain price. That price will escalate significantly over time. And then other things will follow. People will be interested in various fandoms. They'll be interested in various things and valuations increase in time. And that's generally the way it works. So for me, looking at brands that are 15 to 20 years old that were meaningful to younger people or looking at new areas where they're certainly cataloging and slabbing and grading, those are two fantastic areas to participate without putting as much money in with a much larger upside opportunity.

2:34:46Timothy Chmielewski:It's like investing in an A-round company versus investing in something that's already traded for 30 years.

2:34:53Jeremy Padawer:That's so cool. I think it's going to be some YouTube stuff 15 years from now. That's where you could get in early. I think it's with YouTube memorabilia. I think you're exactly right. Like a PewDiePie 10 million subscriber diamond play button. I think someone put that on eBay a while ago. They founded it in the trash. They threw it away. They found it on eBay. they bought it and someone has it that's outrageous i think it might be jack sucks at life this is youtube channel name i think he might own he bought it i believe so brilliant yeah it's

2:35:26Timothy Chmielewski:that's valuable right now and i think pewdiepie was the first to 10 million i don't know if he's the first to 100 yeah first to 100 okay well maybe it was ray william johnson ray william johnson yeah i believe maybe smosh or smosh it's one of them that's probably but if you could get one of those. Ugh. Do the play buttons go all the way back to the origin of YouTube? Do they always do that or did that come about at a certain time?

2:35:49Jeremy Padawer:I think that they came up at a certain time. Interesting. Yeah. I think. I could be wrong. Yeah, you get the original play buttons. But I don't know. With channels, it's tougher. But I think like a Mr. Beast or a PewDiePie stands out above all the rest. Absolute grail items. Absolute grail items. Cool. Well, thank you. Is there anything else you... I think that's it. Thank you so much, Jeremy, for coming on the podcast. guys, I'm really curious. If you're going to try to convince us to buy something because you think it's going to go up in value, please just comment it down below. If there's some item that you think is undervalued, some collectible thing, it's got me thinking.

2:36:24Jeremy Padawer:Makes me want to buy some Beatles memorabilia. That sounds good. Or like artists that are blowing up right now. Could be opportunity there. Yeah, I agree. And also I want to invite you. So I have a group. It's called The Index. It's a lot of high level entrepreneurs and business owners. We're having a meetup here in Las Vegas pretty soon. So if you want to join that, you're more than welcome to come as a guest. And if you want to apply, by the way, we have a link down below in the description. You could put in your info and we usually just pick like one or two people at a time. Cool. I'm in. Cool.

2:36:53Jeremy Padawer:Sounds good. Awesome. Thank you guys so much for watching. Thanks for coming on the show. Till next time. Till next time. It's freaking amazing. Thank you. Thanks. Cool.

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