From Rock Bottom to $60M in One Year w/ Andrew Bachman 💵 EP125

0:05Ladies and gentlemen, welcome to a special edition of the Money Mondays here in Miami, Florida. We are at the Move Studio. Normally, as you guys know, I do this in an RV motorhome, traveling around the country, but we're in Miami. I'm at the Move, and I have a back-to-back-to-back-to-back podcast, starting off with our first special guest. This gentleman has built up a business that has done hundreds of millions of dollars in revenue, and as you guys know, we cover three core topics, how to make money, how to invest money, how to donate to charity. So we're going to start off with our first guest.

0:35He's going to give his quick two-minute bio, so we get straight to the money. My name's Andrew Bachman. I grew up in Wayland, Massachusetts. My parents were physicians. I had sisters that are 10 years older than me. Spent a lot of time by myself growing up. I'd be in the woods, you know, walking around, playing with, you know, trying to keep myself busy. And I had a lot of confidence as a young, young, young boy when I was alone. And I always thought I was going to do something great in this world. I thought I was going to be an athlete. I thought I was going to be a famous actor or something like that.

1:04When I got to public school, it hit me in the face that that was not necessarily gonna happen for me I was very small I was a hundred and three pound wrestler in high school so I was always a runt in high school I didn't get laid till I was 18 years old and I wasn't popular but you know I always loved I loved fighting with the bigger kids and always going to the parties and mixing it up but it was high school and middle school was not a safe time for me and I remember junior year of high school being in the locker room after wrestling practice and a kid comes in this is the year 2000 kid comes in mark zuckerberg didn't exist for six years basically at that point uh so people weren't using the word entrepreneurship and a kid comes into the locker room all excited because he just got into this college called babson college and goes i just got into the number one school in the world for entrepreneurship and i looked at him i said what the hell is that like a lung disease and he said no entrepreneurship arthur blank went to my college he got fired from his job uh wrote went to the coffee shop and wrote a business plan for the Home Depot on a napkin and started the Home Depot.

2:08Now he's a billionaire. He owns the Atlanta Falcons. And I said, oh, that's what I'm going to do. I somehow took a gap year. I applied to Babson. I got in. And freshman year, literally day one, that would have been the fall of 2002. I was in London. I got there August of 2001. 9-11 happened the next month. I finished my semester there. I got into Babson. I came home the next fall. I started at Babson. And I drive into campus, and I'm driving a Ford Explorer wearing Abercrombie and Fitch, thinking that's as bling-bling as the world got, because that's all I knew. And that's when I saw a bunch of Arab kids and international kids flying around campus in Ferraris, living at the Ritz-Carlton.

2:49And, you know, a kid invited, you know, and I get all excited. I get invited out to a nightclub in Boston. I show up. I didn't know you needed$20 to pay cover charge, so I had to sneak into the nightclub and when I got downstairs it was called Aria back in the day in Boston. I see these kids buying crystal on black cards and this wrestler competitive rush came over me and from that moment on I just started trying to start and build businesses and I failed thousands of times, ended up partnering with a really smart kid out of my college dorm room, made a million dollars from college we subsequently made a bill had did a billion dollars in sales in the affiliate marketing space I got into a bunch of trouble learned my lesson for about five six years of my life and started working with a Harvard neuroscientist who was trying to sell the Department of Advanced Research Projects technology the US military has a branch called DARPA it stands for the Department of Advanced Research Projects if you go to DARPA and they literally spend a trillion dollars a year to make sure that you know we have the safest most technology advanced military in the world and if you go to them and say hey i've got this bracelet when a soldier wears it their brain's going to be 60 more effective under stress um they'll smile and say okay how much you want you know and you say 10 billion dollars and they'll cut you a check because they print the money and they got the budget uh and i was doing that all up until covid um i wasn't making a lot of money doing it but i was really into it this this doctor again i completely fast forwarded because he only gave me two minutes and I'm probably at five.

4:26But this doctor, I needed something to believe in at this time where I'd gone through a really dark stage of my life. I skipped a whole part, but I was this small guy in high school. I put on muscle and become a multimillionaire. In my 20s, I'm living in Boston, driving Ferraris. Everybody knows me. I'm backing everyone's restaurant and everyone's ventures, doing all the summit series, all your tours. I was kind of a black sheep in that whole entrepreneurship networking world, and then boom, my ego gets crushed because I lose all my money. I'm on the front page of the newspaper at about 30 years old.

4:57And so after about five years of darkness, I meet this neuroscientist who figured, who gave me the principles that I now live my life by physically, intellectually, emotionally, socially, spiritually, sexually, and occupationally. And so I'm working with him, not making a lot of money, but doing something really interesting for the US military. And then boom, pandemic happens. Pandemic happens. And I'm sitting at home from my kitchen table. And a female friend of mine who knew me when I was my young high flyer, multimillionaire self in my 20s calls me up and says, I need your help. I've got$100 to my name.

5:35I'm some Jewish ladies nanny in LA doing her grocery shopping. I'm stressed out about getting Coronavirus. So I made an OnlyFans, but I can't figure it out. I said, what the hell is that? I logged in. I said, Oh, you're trying to thirst trap pictures at scale. You've got no marketing logic this platform's robust in the sense that it can facilitate transactions but it doesn't do a great job of taking a creator with a blindfold on and saying do steps one through ten you're going to make a bag of money made her a quarter of a million dollars in a month she's in a month she starts to run around la she had been the personal assistant for big people like ruby rose hi my name's t well vicky bad baby she starts saying hey don't trust your only fans business to nightclub promoters and rappers there's these jewish guys in boston they don't simp look at my numbers and so I start getting this influx of clients I made close to 60 million dollars with one client in year one one client and I've in and what and it kind of got out who I was and I was not sure if this was kosher or something like I should be publicly doing and then it was suggested to me that if I built a brand that felt like traditional Hollywood, like CAA, UTA, William Morris.

6:46Now, don't forget, this is during COVID, so actors and writers are not getting a lot of work. So I build a brand called Creators Inc. And basically, all these big A-list celebrities who are now joining these exclusive paywall sites are coming to me because my company feels like what they're familiar with, traditional Hollywood. And I build this billion-dollar company called Creators Inc. that is specifically works. we monetize mainly from these paywall sites like OnlyFans, but I'm very much trying to branch out into products much like stuff you're interested in. And I'm in the music industry, I have a studio in Los Angeles, and I don't know shit about music, but I just know people get excited when rappers come to the house and people want to be part of Creators Inc.

7:32So I can talk a lot about how I used to have huge margins as a boutique small guy under the radar and I didn't have a name I was just Andy but I knew I was the biggest in the space and I came to LA one day and I tried to sign this girl and she looked at me goes who the hell are you like I'm with Unruly and I go oh shit I need a brand right and that's the moment I started building Creators Inc and now I'm pretty sure we're by far the most dominant name in the space. So you're only fans of the primary focus but are there other paywalls you're working on not really everybody else is competing for crumbs you've got the passes you've got the fan fan fixes the wide apps the ultraviolet they're all kind of like competing for the non nude girls that want to make the bag but they're like worried they're not going to get a high-value man if they have only fans or they don't want to be associated with the stigma they're all competing for really tiny crumbs and you know i think in i want to say october 2021 only fans came out and said hey we have to go non-nude because they were going to lose their processors um and all the content creators quickly scattered to signing up for like all these like alt shit versions like uh fan centro fans and fansly whatever and i think they all got on these platforms and realized there was no customers, there was no money, and those sites were janky and not prepared for the rush.

9:00Then I think the voice of these liberal creators like, you know, the sex workers, which traditionally large banks don't mess with because they make too much money off Main Street, grocery stores, gas stations, they don't touch taboo. They said, crap, we're on the wrong side of this. And they opened it up. And I think OnlyFans, again, I'm not speaking fact here, so don't quote me, but I think OnlyFans went from having to process with kind of like European Mauritius, Isle of Man, Gibraltar. They got Wall Street technology and then it opened back up and then they just went like this. So there's word that they're trying to sell for around$8 billion.

9:39Is that a real life thing? That's the word on the street. I don't have specific proof. I've had conversations. I It would definitely keep them private. I think there's some personal reasons that the founders might be considering a liquidity event. But if you want my... I mean,$8 billion, anyone should be considering a liquidity event, right? Even if it's... That's a big gamble to take. Here's the thing. I always think about when it comes to exits. So let's say they keep it going, right? And are they hoping to get to$10 to$12 to$14 to$16 to$20? At some point, there's a cap. No one's going to buy them for$20 billion or$40 billion at some point because there's a few dozen companies or private equity groups that would pay that for anything.

10:18They don't have the capital for it. So would you gamble in Las Vegas $8 billion to make$12 or$16 or$20? You're talking about the owner's gambling? You're talking about the next guy who buys it. The owner's gambling. You have$8 billion in front of you. Here's the thing. If I owned the platform 100 % of it, I think I do take$8 billion in the end. And I'll tell you why. Because I don't know how someone can even bet on a five time like i don't even know how someone comes and pays five billion for it and i'll tell you why i say that let's just say it's doing a billion dollars a year what are the odds in the next five years that like ai or regulations don't disrupt it they're not zero i'm not saying that's likely but the odds aren't zero right there's ai influencers there's ai agencies i get ads for the only fans agencies of like ai girls i'm like things can change yeah we don't know that's going to change but it can change yeah so it's a big gamble either way but again for me like i started this business with basically zero dollars from a laptop squatting in my parents house on cape cod um so if my business went away tomorrow you know i've said this to you before i'm smiling you know and like i look at only fans that i mean all-time history i think revenue per employee it's like the best company ever right they've got 40 employees nvidia it's like they've got 40 employees i'm a parasite of only fans i have 800 employees i have 40 employees in my card stores exactly doing one one thousandth of the revenue that these guys are doing yeah and uh like you said i'm doing one one thousandth the revenue and um you know i don't even know if i could sell my company i have an incredible company from a financial and p &l perspective but i just think that if somebody were going to come cut me a big enough check for me to say here's the keys to creators inc i'm done i'm going to walk away i just don't know how much collateral i have to give them back for them to be excited besides the relationships i have with my clients and creators so what we're talking about guys is when it comes to private equity groups or larger companies that are looking to acquire if they're going to go buy someone's company like andy's for example they have to make a decision are they going to buy it and have him walk away meaning that they can just assume it to their company let's say like a caa like a big agency were to buy it they have team staff executives that may be able to run his business from an agency perspective two are they going to give him what's called golden handcuffs are they going to lock him in for one years two years three years or longer by only buying 80 and leaving 20 for him and his team so they have another bite at the apple sometimes the bite at the apple the 20 can be bigger than the 80 depending on how much they scale the business but also they'd have to pay him millions of dollars a year or whatever the number is to keep the golden handcuffs?

13:00Or three, are they going to buy it and disassemble it and sell it off for parts? Meaning they're going to merge it into their parent company, take one division or add divisions onto it. That's what someone has to decide when they're going to look at buying something. Some of them are just buying it for the revenue, which is the fourth bonus option. They're just buying it for the revenue and they're going to make money because their stock's going to go up. Quick example, you see some of these acquisitions that happen out there or you see somebody like Spotify give$150 million to Joe Rogan. And people are like, how could they pay$150 million?

13:31Well, Spotify stock went up a billion dollars that day. So it was free. Sometimes you see companies get bought for$640 million. You're like, how did RX bar or protein bar get bought for$640 million? Well, their stock went up$2 billion when they bought it. So it's free. So sometimes when you're thinking about acquisitions, which is what we're going back and forth about, there has to be a determining factor for the parent company or for the private equity group on what they want to happen if they buy it. All right. On the make money side of things, you've gone through these different roller coasters of your life.

14:02You built this company to doing hundreds of millions of dollars and then it stops. Whether you sell it or you keep it going and have someone as a CEO come take over. Is there a next? Is there something that the make money part? Does the drive ever go away when you start to make a lot of money after you've been broke before? Could you just stop and go sit on an island today? If I handed you a billion dollars, would you just stop? I used to really like golf a lot. I loved golf. I never grew up with golf. And after I sold my first company, I joined a couple of country clubs outside of Boston. I started to gamble with all these guys.

14:33And my slice would go like this. And I'll never forget this billionaire from Boston. His name is Patrick Lyons. He was actually a nightclub entrepreneur, but he made a lot of money. He says to me on the first year at Pinebrook Country Club, one of my first days of learning how to play golf, he goes, How about a$5 game of Wolf? Somehow this fucking guy beat me for$3 ,600 in a single round of golf. I didn't say a word. I went home. I did my research. I flew to Boca Raton. I hired Dave Pels, who was Mickelson's short game coach. I did nothing but chip and putt for a week straight. I went back north, and I ate their lunch.

15:06I took 20 shots off my game. They were pissed. All these guys up there. I really like golf. I don't know about sitting on an island. Could you just play golf for the rest of your life if someone gave you$1 ,000? You know, I think you go through phases. And I think the grass is always greener. I think once you completely retire, like imagine, you know, you work really hard for, again, I can't put this on you because you're a unicorn. But I'm just saying, say you had a$5 billion liquidity event and you took a couple years off and you're just, you know, focusing on health and all the other stuff, meditation.

15:41You said, like, I'm going to take a beat on capitalism because I make more money and interest for my$5 billion than I can in my entrepreneurial ventures. I think guys like us, you're at the gym and you see these guys coming in and they're on the phone and they're all stressed out and they're in the trenches. I think we would miss that. We would get terrible FOMO. So I think you got to go through phases. I think you can ebb and flow. I will say this, after I sold my first company, I played golf. I flew my friends around on a jet and we played core Crenshaw courses all over the country for a year straight.

16:14And then I did a reverse merger and took a company public in the supplement space because I was like, all right, like, you know, enough of this. But so like, I think you, you yin and yang a little bit. I, I definitely know this, like the last five years has definitely beat me up a lot. I really, I take care of my health. You know, I only eat a certain way. I don't drink alcohol. I don't drug. I have very few, I don't have vices really. I don't chase women. I don't gamble. I have a cold plunge in all my homes. I'm in that thing. First thing when I wake up, But my cortisol level has definitely spiked.

16:49I don't sleep well because I go to bed playing chess on all the things that I'm trying to fix rather than sleeping. So you've gotta look into that. And I wanna live a long, healthy life because I thought about the other day, if I died tomorrow, I really wouldn't have regrets. But I'm always, all of my pain and stress is about more money. And I don't need more money. You and I have had this conversation. I have a very low burn. I did the math the other day. I was like, I could live my lifestyle for the next 250 years. But yet, I'm just constantly worried about my next competitor catching me or one of my accounting executives fucking me over.

17:33I guess it's just part of the journey. You've got to check yourself. I have a solution. So for eight years of running the agency, Elevator Studio, I was everything. I couldn't leave the office because I had to write Kylie Jenner's caption. I had to go drop off Fashion Nova dress at Kim's house. I had to go to Tyga and bring him 50 or some brand DraftKings or Postmates. I feel like I had to do every, literally drive to their houses, write their captions, copy and paste it. I did the wire transfer. I wrote the, I thought I had to do everything. In 2019, I finally hired a CEO. 30 years in the TV game, almost 60 years old.

18:13You and I was thinking, if I'm going to do this, I want to go to where the puck is going. I want to hire someone above my pay grade. We were doing$18 million at the time. And I thought, am I really going to give someone equity for the first time? No one had a piece of elevator studio. I never raised a dollar. Am I going to pay this guy this much money to do it? We went from$18 million to$60 million. Guess what? The captions were written just fine. The clothes got dropped off, just fine. The company ran, just fine. and I thought in my mind and my ego like no I have to write the caption I have to put the emoji right here I have to go drop the dress off for the relationship I thought I had to do everything and none of it was true it was all in my mind it was all in my ego and by doing it two things happened I got to break the shackles to leave the office my stress levels went down because I wasn't dealing with 3 ,500 influencers and texting and calling and trying to get a w9 as you know trying to get W9 from an influencer, right?

19:11Trying to interact with all these people. And everything changed. I started my charity. I started the mastermind. I started speaking in a hundred events. I started doing the things that I wanted to do that brought in more business to the company. And now, six years later, I don't know any of my clients. I don't know most of the staff. I don't know most of the operations. My CEO does. And I'm still on group chats when I want to be. But it's allowed me from a mind perspective and a stress perspective to go do other things and not worry about the minutia of the day-to-day and i'm sure you're going to say great but how was how was the p &l performance once you stepped away it crushed it everything changed so much better we literally went from 18 million to 60 million one year well that's incredible i i i will tell you and not to play the contrarian but i've delegated almost all of those things but i just feel like before I would make that move, I just, I, you know, when it's your baby and like every dollar you spend is out of your pocket, you know, because it's a P and L game, right?

20:11When you have the equity. So, um, I just don't know. I have not yet found the person that I would just say like, here, the keys drive this car, uh, only because I, my, my business is highly competitive. There's no IP in the space. We all compete on commissions and that's why I had to kind of build brand and go so hard on that. Yeah. I, for four months I was torn. Like I had, and I had to convince him, he had to leave Dr. Phil for me. Dr. Phil's a much more established brand. He had to gamble on a kid that's an agency, as you know, it's just, my business is based off of month-to-month contracts.

20:44I had no annual contracts. I still have no annual contracts. Oracle, BET Television, all these big brands, DraftKings, Postmates, Lyft, none of them are more than one month at a time. None of them. But they've all been with me for six years, eight years, 10 years, et cetera. and for four months I was torn with that emotion I had to do it and by the way I agree with you with the staff of vice president accounting I felt like that is some not someone that could take over the CEO that I went and got someone that was greater than me with 30 years more experience than me in a different vertical I would have preferred if he was in my vertical I thought but because he was in TV and he ran Fox and Sony for all these years he invented rallying television He was the CEO for Beena Murray.

21:26So he created real world, simple life with Paris Hilton, keep up with the Kardashians, et cetera. So I don't know that I have someone else in mind, the same way you're thinking, like, who would I have to do that? But I will tell you that that literally changed everything. And also, I now implement that in every investment. I won't invest in a company unless I have a CEO. I call them a quarterback. So let's say Andy pitched me right now, hey, let's start a table company together. and we're going to put in a million dollars each. If he said, hey, actually, you don't have to put the million dollars.

21:58I'll put in two million dollars. You put in zero. Let's start it. I would say no. Even though he's an amazing operator, he's going to put up all the money. Unless we have a CEO to run it, I'm not in. Because we both know what it takes to actually run the thing, that we would both be part-time running it. It's very funny you say that. I don't look at investments anymore. I look for operators. Absolutely. because the table is is interchangeable meaning if we find a good operator if andy's like hey i got this girl she's got 18 years experience and all she's ever done is this this and this and this and she loves furniture fantastic but if also he said oh no she likes to just sell lamps great the person can sell whatever it takes if they are ride or die he knows someone that's a ride or die that that person's a crusher i would rather invest in that than the thing i used to say like You have to hit so many lotteries to win when you invest in someone privately.

22:55Number one, is their idea a good idea and forward thinking? Number two, do they know how to run a profitable business? And number three, something we just talked about over there, is even if it does hit, are their intentions good? Are they going to pay you or are they going to fuck you? Which is why I don't have a great track record when I'm like, as an angel. I stick to public markets just because of liquidity and research, and I like that playing field a little bit better. There's less variables. But yeah, like you said, I look for operators. I'm doing something silly in Miami. I shouldn't even say it's silly.

23:31I think it's kind of cool. I'm investing in a brick-and-mortar juice bar. In Los Angeles, I have a big content house, and that has a gym, a sauna, a cold plunge, music studio, fridge full of drinks. All of our creators gather there. They can come 24-7. Aubrey O'Day needed to do an interview for the Diddy trial. She codes in at 5 a.m. while I'm in Miami. She's in L.A. She's using my room to, you know. It's a living, breathing thing. I was going to do the same thing in Miami, but I didn't quite have the trusted operators I do in L.A., so I'm going to open up a juice bar concept and call it Creators Inc.

24:05Juice Kitchen or Creators Juice Content Kitchen. It's still a work in progress. but I had this idea for a long time I just found an operator Colombian girl who ran a similar business with her mom but wasn't good at marketing is there 9 to 5 wants to be there 9 to 5 finally I find the operator and now I can do this project because you and I are not going to stand there and do that of course not okay so we talked a bit about the make money side and some exit stuff let's talk about investing side you have so many options right you work with all these influencers some of them have influencer brands.

24:41Some of them have deals. Some of them have clothing brands or restaurants or nightclubs. But then you can do real estate, stock market, cryptocurrency, NFTs, Bitcoin here, stocks, derivatives, funds. When you have so many options and get bombarded by so many different things, how do you choose what you invest your time, money into? Well, I'm going to dumb this down because I represent and I guide and I communicate with a lot of 20 to 25 year old young content creators who are getting money for the first time they haven't been through too many cycles of paying their taxes they don't even think about how they apply that right so when you and i are betting like i'm showing i'm showing you my day trading and you're rolling your eyes because you're like okay dumbass you're taking 100 of the risk but you're gonna own 40 in taxes like you know what i mean like these kids don't even have that sure in their brain yet so what i tell everybody is this when your dollar sits in your bank account earning zero you're actually losing money because as time goes on, there's something called inflation.

25:38Things get more expensive. So what are your choices? You can park your money in a high yield savings account and make four and a half percent, or you can put it in the stock market in index funds like the S &P 500, and you will probably make twice what that high yield savings account pays you, but over the long term. In the short term, six months from now, you could get hammered. But in the long run, if you're long term minded, that's probably your best bet plus long-term capital gains. Now that's a very vanilla, boring answer. But like I said, I think for a large audience listening to this, that might hit the most.

26:13Now when it comes to a hot take, right now in my portfolio, I am getting everything out that I think could possibly be susceptible to AI that is not positioned properly for that. and I'm going all in on gold standard stuff that I think AI is going to flush. I think we are in the stone ages right now. Gary Vee had a good hot take. He said the first television commercials were radio ads because that was the technology everybody knew. People only knew the radio. So the very first TV commercial was a guy sitting there reading a radio spot. That is where we're at on ChatGPT. If your friends are sending you outputs on ChatGPT that are still this long, That is not kosher.

26:59That is not pee. They're not even thinking like, hey, ChatGPD, can you make this digestible for Dan? He's important. He doesn't have a lot of time. We're still there. And I think there's a huge opening in the marketplace. I wish I were the man I was five years ago right now. That's why I cold plunge. I cold plunge because I'm too lazy to meditate. And three-minute cold plunge gets my brain where like 20 minutes a day of meditation does. But I am going to try to push myself to be so, so, so forward. I'm going to do everything I can to learn right now, like hyper learn everything I can about AI in the marketplace and position.

27:42Because I got lucky. I got to make some money in the last five years. And I have real fear. I'm driven by fear more than joy. I worry like in the AI world, it's really going to be a world of haves and have nots. like making money right now is so crucial important i don't mean to fear monger but it just feels like yeah and obviously like you know the tractor didn't kill the world it created more opportunity um but i just concern i get concerned like i look at my friends who are lawyers and i'm like you know how inefficient you people are you know how freaking inefficient you are like if i just had one conversation with somebody i could solve this in five minutes but like six months later because you're going to forget about an email and two weeks later and you know what i mean like ai is solving that so quickly as someone was starting a ai for lawyers they raised some ungodly amount 500 million or a billion for their seed round because people realize like most of the things that happens with lawyers is just regurgitated the same thing that's why it's all based off trials from the past trial law is how most are decide who can figure out trial law better than ChatGPT, right?

28:54Rather than an assistant that pays 400 bucks an hour to go research old cases, ChatGPT is going to figure that out in 10 seconds soon. Okay, you mentioned something about the S &P 500. So I wanted to clarify what he just meant. Over the last 92 years, the S &P 500 has returned 11.1 % on average. The reason I know this is part of my speech. So I'd love that you said that. You cannot get a financial manager or planner that's going to beat the S &P 500's average over the last 92 years. There are financial planners that can sometimes make you 20, 30 percent, sometimes lose you 10 percent, et cetera.

29:27But 11 percent average for 92 years in a row through recessions, depressions and all the things that it's gone through is staggering. Last year was 24.6 percent. Think about that for a second. If you could just put your money into the top 500 companies on the planet and let them work for you, it's really compelling for you guys to research the S &P 500. And guess what? It is super simple. You do not need some big fancy financial planner to do it for you. So it could be a 22-year-old influencer creator that's all of a sudden making hundreds of thousands. They can now put money into something that's returning 11 % on average.

30:00Can it lose one year? Of course. Can it lose for a month? Of course. But investing to me is things that I don't want to sell. I want to invest in things that I don't want to sell. Otherwise, you're trading. So when you're doing a fix and flip, that is not an investment to me. That is a trade. When you're doing a lot of these type of deals that you're looking for, like buying and selling really quickly or looking at Bitcoin at$100K, sell it for$104, buy it back in$96, et cetera, you're trading. You're not investing. I invest in Bitcoin when it was$300 and I still invest when it's$100 ,000 because I'm thinking it's going to be worth millions.

30:30I invest into things that I don't plan to sell. How often do you rebalance? I don't. Well, look, at one point in future, GE and Daimler Chrysler were the cat's meows before Tesla. right like at some point in time like i think you've got to at least say like okay every three or six months i have to look at my portfolio because you can't take anything for granted like these big companies that we know of as like remember toys r us as a kid remember like where they at right like that was their fault well whatever toys russ should still be crushing right now because they should have been an event space think about what you would have spent for your birthday parties there ever content creation who do you put that on the leadership right the leadership for sure so same with blockbuster video i just think it's important you know every quarter to to take a look at rebalancing or just you know making sure that you know your long-term bets are still your long-term bets like i just think like it's something like i believe in like semi-active management the things that if something were to have a major shift right like let's say tesla had a new competitor that just was crushing them or elon musk resigns i would just sell all Tesla.