From Venezuela to Venture Capital: Alicia Castillo Holley's

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Hello, everybody.
Thanks for joining us for

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another episode of Arthur's
Roundtable.

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Super grateful to the Family
Office Insights community for

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participating in these and
sharing with others who are just

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getting started, as you know,
with this podcast.

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And we're just super grateful
again for everybody

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participating.
And we're happy to welcome

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Alicia Castillo.
Did I pronounce it Castillo?

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Holly, I just see that now,
right, for joining us today.

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She's just fresh off or in the
middle of the JP Morgan

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Healthcare Conference out in San
Francisco.

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And so maybe we'll enjoy some of
the insights from that as well.

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So Alicia, please, thank you for
doing this and welcome to the

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podcast.
Thank you for inviting me.

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It's such a pleasure to be here
and so grateful to be able to be

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here, especially after the JP
Morgan and before Dallas.

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I'm recovering the tree.
Yeah.

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So let's start a little bit with
the how your journey began.

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That's OK.
Sure, I have a very unusual

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journey, which is now become
very popular because I grew up

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in Venezuela in a little town
and actually I'm from at Iowa

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State where the trend that I was
born, but I love Venezuela.

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Mona, 14 years ago, my parents
are not Venezuelans.

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They let their home countries
because of wars, their parents

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left their home countries
because of words.

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And then I migrated and my kids
continue to migrate.

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So we are grand family with a
lot of wings and not a lot of

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groups or groups come
everywhere.

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I began my professional career
as a scientist, my cancer, both

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socialist, the romantic type
that we forgot they're wanting

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the 60s that you have to share
knowledge.

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They're both educators.
So it's Ukraine knowledge.

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You share knowledge, Education
is the future, money doesn't

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matter.
So that gives me a very unique

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lens to be an investor, which is
why not went from science, went

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to work or corporation through
the hands of one of my students.

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Then I discover entrepreneurship
late.

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I went to boxing and that opened
a world for me.

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I realized we don't have to pick
who wins and who loses.

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We just have to make the pie
larger.

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And I did 10 minutes and then so
many people investing in that

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and me and I discovered venture
capital.

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I'm involved with venture
capital.

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I know how it works.
I made my money in venture

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capital and he doesn't work
right now and and then later on

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many countries.
I moved myself to sewer company

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in 2012.
Joints and healing jobs now have

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an investment flow and now I
have a fund and family office

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and I'm very interested in using
venture capital for progress and

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making it work for family
offices, founders, sewers and

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society at large.
Super interesting.

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So what was the first
entrepreneurial endeavor look

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like for you?
So it's kind of interesting my,

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my first entrepreneur I
endeavour was when I was in

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college.
So I was in college, my parents

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didn't think you have to give
your kids allowances.

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You're going to figure it out.
So I, I was a research assistant

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since I was 12.
I presented my first research

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paper at 15 and I didn't get
paid.

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It was all the prestige and I
figured out, well, I need money.

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You know, I work 40 minutes to
get to the lab.

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It would be good to be I'm not
even thinking about a car or a

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bike.
It would be able to be able to

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pay for the bus.
So that's how I started

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thinking, hey, you know, we do
need money.

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It's it's, it's not the world
doesn't work without money.

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It's good to go and pick up your
potato, but you don't need that.

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So my first entrepreneurial
venture was making a cake out of

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seven, which never went bad.
And I would sell the pieces to

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the professors and because I
didn't have the money, I would

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pre sell it for the next week.
And without yes, I had no clue

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what I was doing.
I didn't know anything about

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finance.
We never talked about assets and

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liability to something about,
you know, I learned that word

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when I was in my third.
And, and people forget there are

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worlds, there are societies that
live and exist and are healthy

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and are happy and they don't
need to follow the, the

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liabilities and all of that.
And, and they exist.

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So that was my first one.
And, and you know, even even I

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was a professor at the
university and our salaries were

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not big, but I have to figure I
had, I ended up buying a car

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that was 16 years old.
I know how to fix cars, but but

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at some point is it there has to
be a better way.

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It was, I was not suffering
because everybody was the same.

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It's a little time, but I, I,
you know, it was frustrating.

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You know, it's like, how come,
how come I can't have this

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stuff?
So I, I always think, you know,

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money is an illusion.
That's one of my things.

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We don't need money.
We need things and we just

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wanted to pay for it.
That open self a wide range of

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opportunities in
entrepreneurship, but also in

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venture capital, because I
always ask my key question for

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founders is if you need
something, if I can give you

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something and it's not money,
what do you need from me?

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And if the answer is money,
that's not even investor for me,

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that's not even founder for me.
They answered this is what I

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need.
And then we work together to see

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how you reduce the needs of
funding so you can increase your

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logical and that's how I make my
money, not value to investment,

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but how do we really make money
on our investment?

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And part of it is capital, but
part of it is a whole bunch of

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other things.
So give us a couple of examples

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of how somebody's answered that
question that caused you to say,

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OK, I'll give you the money and
that.

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OK.
So I have two examples that are

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really, really interesting.
And in the first time, in the

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first example, we made 50 times
our investment breaking lots.

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So that example was very close
to me because there were two

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scientists and I was a scientist
and they print organs and

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because I'm a scientist, I work
in science, Internet attrition,

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I dismissed the companies.
They can't do that.

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And they kept bugging me.
And then one day I said I'm

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going to go to the lab and I saw
what they were doing and I was

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blown away.
And so I look at the number.

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I have a Peach in finance that I
got later.

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So I looked at the numbers and
said the reason why you can't

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raise funds is that your
valuation is too high.

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So you've been raising funds for
a year.

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If you've gotten to half of it,
I dismissed you because I didn't

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really know the technology.
So I'm going to bring you.

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I was a leading investor in that
second round.

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I'm going to bring you, but
let's do something.

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Drop your your cap.
It was a convertible mode.

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Drove your car from 12 million
to 8 million and call everybody

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and say we're going to close
this running two weeks and close

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it because you can't be racing
around for a year.

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You'll be a Nancy.
It doesn't work.

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So they did that.
They close them out.

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Everybody else read because they
got the balance of the money to

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stay in business, right?
But but no, they were, they were

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investors that have passed but
had an interest.

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Why?
See.

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So they hadn't hadn't invested,
but if they drop the valuation

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and they're going to write a
check, I got it, OK.

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But you know it, it goes back to
values and principles.

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On their own, the founder, these
two founders went back to all

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the investors that had invested
at a 12 million account and they

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said, hey, we have better deals,
better terms and we think it's

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just fair that everybody comes
on the same terms because you

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help us at the beginning.
So that that make me feel very

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good about that.
Yeah, that's a good signal.

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Yeah, within three months they
raise another million at 12

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million.
But this is what happened.

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I used to work for a pharma in
part of A and when I look at

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that, I said you're trying to
solve a problem that is way up

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there.
You know it's going to take you

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20 years to solve that problem.
They started with lung and the

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use of the smoke used has
declined.

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So lung cancer is in decline.
Throat cancer is going up

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because we do vaping and
pancreatic cancer is up.

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And so, so I said you're missing
the point because you're

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building towards a market that
is decreasing.

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So you need to change that.
But the most important thing

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that I told them was your market
is on the patients.

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Your market is pharma because
the people that are developing

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the molecules for the future
need to test it in cells and in

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organs.
Nobody can test it in organs.

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So the way we test it is if we
put an organ in a mice and we

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try in a mice, but we're not
miles.

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We're miles but we're not.
So it doesn't work.

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So if we can test so passionate
about this because it might, you

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know, science and investment and
I said if you can provide the

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research department of a pharma
company with their way of

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testing this in tissue before
you continue doing the

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formulation, you just unleash
the ton of volume because it's

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not what you reduce the time.
But researchers are expensive.

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We spend millions of dollars and
billions of dollars researching

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something.
And then if you can reduce that

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one year, you just save a ton of
working capital.

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So they didn't know how to do
it.

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This is a company that the, the
creature, the gafer was human

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tissue and the ink was your,
your, your DNA, my DNA.

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So it was personal before people
were talking about personalized.

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Now you see that, you know, and
I'm going to explain this

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because it's the way I think.
And I think this is what we need

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to add in venture capital.
This is the missing piece.

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So they say, how do we sell
that?

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And they say, well, nobody knows
because you're doing something

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that is very unique.
But I do know that the price has

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nothing to do with the cost.
The price has a lot to do with

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the van.
So we're gonna price it very,

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very high.
You have the same printers.

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We're gonna price it very, very
high.

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And if it's too expensive, they
will tell me.

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But if if not too expensive,
they won't, they'll just buy it.

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So we price the the with their
printers for labs, they were

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pricing at 30,000.
We price it at half a million.

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They just to test we got an
order for 10.

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Yeah.
So now the company doesn't need

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$5,000,000 to raise.
Now the value of the company

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increases if risks are.
Giving less of the equity away

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for right.
And that's the way we.

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Work more equity, yeah.
You have more equity for the

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founders.
We have more equity for us.

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Our multiple is higher.
So I don't do ban investment the

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billions of dollars because we
have 4 Unicons in our in our

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portfolio.
We have one Unicorn.

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Now in public.
Once you reach that, you're not

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going to make a big multiple.
You make some money, but it's

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more bragging, right?
So I'm so big and you know when

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you're talking, you can't really
probe that much.

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So our focus is very different.
How do we reduce the risk?

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How do we reduce the need of
capital and how we can add 1 so

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that company was sold 13 months
later for 400 and years?

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Wow.
Creates a ton of value because

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researchers need that.
So they were able to demonstrate

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to pharma that they could test
something on human tissue and.

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So no, they sold the printers
and the papers and the ink to

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pharma.
They just sold it.

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They just sold it the the
printer.

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They sold it $42 million each
printer.

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And they would create what
pharma needed so pharma could

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test it.
Because that's the other thing.

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When you're testing a product
that's confidential, you don't

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want people to know that you're
testing it.

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Yeah.
And you need to just need to

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improve it.
So there's a lot of love and

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hate relationship with pharma.
I work for Bayer and I work for

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Sivakali and I have AI, have a
lot of vibration for them.

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I get better because pharma
exists.

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It has a lot of side effects.
But the reality is that if

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pharma didn't exist, if we have
not been investing in pharma,

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most of ours would be dead.
That's a reality.

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So we need to, we need to
continue progressing science.

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Science only progresses where
we're skeptical, but but so

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that's, that's the other thing
have continual value.

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So that's what they did.
They provided, they provided A

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00:12:56,680 --> 00:12:59,360
mechanism for pharma so they can
test it.

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And the beauty of this
particular technology is that

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nobody loses.
We need more pharma using it.

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So it was just a virtuous circle
and everybody benefits.

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So we we do, we evaluate
something that we call the

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00:13:13,920 --> 00:13:17,440
multiplier effect.
So instead of using an impact,

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00:13:17,680 --> 00:13:21,800
we look at who else benefits and
we we tend to invest in

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companies that create a massive
amount of wealth not only for

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00:13:25,720 --> 00:13:30,000
us, but for society.
So in the case you don't have to

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00:13:30,000 --> 00:13:34,640
say who it was unless you want
to, but who was the natural exit

238
00:13:34,640 --> 00:13:36,800
for them?
So who what was the profile of

239
00:13:36,800 --> 00:13:38,760
the company that was willing to
pay?

240
00:13:38,760 --> 00:13:41,760
Was it a pharmaceutical company
that paid $400 million exit?

241
00:13:43,040 --> 00:13:46,760
That's what I'm interested.
It was a company that was doing

242
00:13:46,960 --> 00:13:50,000
printing for materials and they
wanted to go into biotics.

243
00:13:50,520 --> 00:13:53,240
Yeah, perfect.
Completely different synergy

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00:13:53,240 --> 00:13:55,360
over synergy over synergy over
synergy.

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00:13:55,960 --> 00:14:00,120
You know, it would have been an
idea acquirer, but we did we It

246
00:14:00,120 --> 00:14:03,920
was not HP.
Yeah, right.

247
00:14:04,000 --> 00:14:07,000
So we, so an idea in life
sciences in many of our

248
00:14:07,000 --> 00:14:10,000
companies.
I, I prefer acquisitions,

249
00:14:10,000 --> 00:14:12,360
strategic acquisitions than IPOs
myself.

250
00:14:12,840 --> 00:14:16,280
But when, when you think about
the marketing, when you only

251
00:14:16,280 --> 00:14:21,600
have the economics macro view
you, you try to feel who has the

252
00:14:21,600 --> 00:14:24,720
capacity to increase
manufacturing for this

253
00:14:24,720 --> 00:14:28,120
particular product and who has
the congressional venue and

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00:14:28,680 --> 00:14:32,200
we're talking to family offices.
That is the biggest tragedy in

255
00:14:32,200 --> 00:14:34,120
venture capital.
In venture capital, I'm

256
00:14:34,120 --> 00:14:40,080
investing 13 BCS and I have a
ton of non financial

257
00:14:40,080 --> 00:14:43,920
contribution that I can make,
but I like I don't obviously I

258
00:14:43,920 --> 00:14:45,680
don't know make that like that's
not my area.

259
00:14:45,680 --> 00:14:47,360
That's science.
I know a lot about engineering,

260
00:14:47,360 --> 00:14:49,760
I know a lot about space, I know
a lot about energy.

261
00:14:50,120 --> 00:14:54,840
So in those areas it is just
simply stupid for me to just

262
00:14:54,880 --> 00:14:57,880
give them a check.
And that is the big tragedy of

263
00:14:57,880 --> 00:14:59,800
venture problem.
Now that's what that's what I

264
00:14:59,800 --> 00:15:03,360
want to change because finally
Alquist is have the

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00:15:03,360 --> 00:15:09,240
infrastructure to manufacture or
to deliver or to package or to

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00:15:09,240 --> 00:15:12,360
sell.
And they try to get into venture

267
00:15:12,360 --> 00:15:15,560
capital without understanding
venture capital, which is very,

268
00:15:15,560 --> 00:15:18,080
very unique.
And the way they go through

269
00:15:18,080 --> 00:15:21,640
venture capital is blindly like
we invest in the stock market,

270
00:15:22,040 --> 00:15:23,840
in the stock market we pick
winners.

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00:15:24,600 --> 00:15:29,440
The way venture capital works is
making winners, Co creating that

272
00:15:29,960 --> 00:15:34,800
and what is good for you might
not be good for Anne or Peter or

273
00:15:35,200 --> 00:15:38,960
I don't know.
It's very unique to find that

274
00:15:39,120 --> 00:15:41,560
age.
You need to find how you Co

275
00:15:41,560 --> 00:15:46,360
create that wealth and that is
that is what is missing and

276
00:15:46,360 --> 00:15:47,640
that's what I want to be working
on.

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00:15:48,560 --> 00:15:55,000
So would you agree that the
typical venture capital

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00:15:55,480 --> 00:16:00,440
operating model is flush 90% of
the companies give them a lot of

279
00:16:00,440 --> 00:16:03,040
money until they fail and
demonstrate that they're not

280
00:16:03,040 --> 00:16:09,960
unicorns and then Superfund the
5% that are likely and that the

281
00:16:09,960 --> 00:16:14,760
trouble has been that many of
the companies that they kept on

282
00:16:14,760 --> 00:16:18,720
pouring capital into didn't have
a path to success.

283
00:16:18,760 --> 00:16:21,360
They only thought that cash
would solve the problem.

284
00:16:21,520 --> 00:16:24,680
So I'm sorry to be so humble.
Yeah, no, there are many

285
00:16:24,680 --> 00:16:28,040
questions about it.
And again, it is useful to me to

286
00:16:28,040 --> 00:16:30,240
get back to my roots to
understand that money is an

287
00:16:30,240 --> 00:16:31,680
emotion.
OK.

288
00:16:32,040 --> 00:16:34,840
So it's not money.
What do we need?

289
00:16:35,120 --> 00:16:37,640
Do we need, do we need an
expertise in fees?

290
00:16:38,320 --> 00:16:40,480
Do we need?
So for example, we don't need a

291
00:16:40,480 --> 00:16:46,160
consultant to be working with us
10 hours a day, but we have a

292
00:16:46,160 --> 00:16:48,920
way to measure that.
We need a consultant to tell us

293
00:16:48,920 --> 00:16:52,080
stop doing that so we don't
waste a year in working capital.

294
00:16:52,920 --> 00:16:55,600
And and so, so that, that that
is the concept.

295
00:16:55,960 --> 00:16:58,040
I think people have the best
intentions.

296
00:16:58,840 --> 00:17:02,960
Ensure Capital was actually
formed in Boston to overcome the

297
00:17:02,960 --> 00:17:05,960
problem of lack of jobs.
That's what it was.

298
00:17:06,200 --> 00:17:08,760
So there was a banker, professor
from MIT, professor from

299
00:17:08,760 --> 00:17:11,599
Harvard, and they went through
the richest families and they

300
00:17:11,599 --> 00:17:14,800
said we want $1,000,000 and we
want to create new jobs.

301
00:17:14,920 --> 00:17:16,359
And we don't know how we're
going to do that.

302
00:17:16,640 --> 00:17:19,119
And we're going to take 30%, but
we're not going to put any

303
00:17:19,119 --> 00:17:21,520
money.
And they convened seven families

304
00:17:21,560 --> 00:17:24,200
and that's how they started.
And the first investment was

305
00:17:24,200 --> 00:17:29,400
debt and they became a super
Unicorn.

306
00:17:29,440 --> 00:17:32,480
We didn't call it Unicorn that
time, but now everybody started

307
00:17:32,480 --> 00:17:35,080
doing that because they think
people they think it's easier.

308
00:17:35,600 --> 00:17:41,160
So what happens with venture
capital is that there's a lot of

309
00:17:42,320 --> 00:17:46,920
misunderstanding. 65% of VCs are
not going to return the money

310
00:17:47,080 --> 00:17:50,880
that they receive. 65%.
I know because I'm an investor

311
00:17:50,880 --> 00:17:53,640
in some of them.
And I know that is that stupid

312
00:17:53,640 --> 00:17:58,200
thing.
Me too and I have an investment

313
00:17:58,200 --> 00:17:59,480
club.
We're in the top 8%.

314
00:17:59,480 --> 00:18:02,880
We still lose money, but we make
more money then we lose money

315
00:18:02,960 --> 00:18:06,200
and then now what happens is a
lot of people are thinking, oh,

316
00:18:06,200 --> 00:18:08,240
this the problem is that you
don't have liquidity.

317
00:18:08,240 --> 00:18:11,360
Well, you don't have liquidity
selling internally, but it's all

318
00:18:11,360 --> 00:18:14,720
a graph.
So I wrote an article on

319
00:18:14,720 --> 00:18:17,760
LinkedIn about what I call the
circularity of capital, which is

320
00:18:17,760 --> 00:18:22,400
a new financial concept.
So if I have especially in AI,

321
00:18:22,720 --> 00:18:26,680
if I have an AI company that
needs to get money.

322
00:18:26,680 --> 00:18:30,720
So some of the big companies
that would benefit from that

323
00:18:30,720 --> 00:18:32,760
would invest in that the
corporate receipts that they

324
00:18:32,760 --> 00:18:36,160
would put a billion dollars, but
I put a billion dollars.

325
00:18:36,480 --> 00:18:40,680
But you, you sign a contract
that you will buy $5 billion or

326
00:18:40,680 --> 00:18:45,120
$10 billion marketing from me or
I put a billion dollars, but I

327
00:18:45,120 --> 00:18:48,600
am your supplier.
And if you buy $10 billion chips

328
00:18:48,600 --> 00:18:54,040
for me or I got.
So what has happened in AI is

329
00:18:54,040 --> 00:18:57,680
that for individual investors,
there's no money to be made

330
00:18:58,000 --> 00:19:02,680
because the money was made on
the transactions and, and people

331
00:19:02,680 --> 00:19:06,280
need to step up, especially the
people that cooperated

332
00:19:06,880 --> 00:19:10,280
businesses that I understand the
business people need to step up

333
00:19:10,280 --> 00:19:15,560
and say, OK, how does this work?
And then the second layer is you

334
00:19:15,560 --> 00:19:19,120
make money in venture capital
with the equity part.

335
00:19:19,320 --> 00:19:23,520
So you need to figure out who
benefits from what you have

336
00:19:24,080 --> 00:19:25,320
because it's completely
different.

337
00:19:25,320 --> 00:19:28,880
There's a synergy that has not
been discovered and that and

338
00:19:28,880 --> 00:19:33,280
that is also missing.
But as long as we keep the

339
00:19:33,280 --> 00:19:36,560
limited partners limited, we
won't be able to make that

340
00:19:36,560 --> 00:19:39,480
connection.
So like by now we have, I have a

341
00:19:39,480 --> 00:19:42,920
club and I have a fun and I
merge them because the club is

342
00:19:42,920 --> 00:19:45,000
more efficient and I like that
model better.

343
00:19:45,000 --> 00:19:47,960
It's not for everyone, but it's
much more efficient.

344
00:19:47,960 --> 00:19:52,000
You don't need, think about it,
if you make 50 times your

345
00:19:52,000 --> 00:19:54,400
investment and you put
$1,000,000, you just make $50

346
00:19:54,400 --> 00:19:57,640
million, but also you help
everybody.

347
00:19:58,360 --> 00:20:01,840
So the patients have better
systems, health care system

348
00:20:01,840 --> 00:20:05,200
doesn't waste time, but nobody
lost in that transaction.

349
00:20:05,520 --> 00:20:09,400
And we need more family emphasis
to get together and say how can

350
00:20:09,400 --> 00:20:14,160
we add our piece of the fossil
so whatever it is that we have.

351
00:20:14,760 --> 00:20:18,760
With whatever it is that they
need can come together and they

352
00:20:18,760 --> 00:20:22,440
don't have to spend the money
for example, to build a cling

353
00:20:22,440 --> 00:20:25,400
lab or they're going to have to
spend one or two years to find a

354
00:20:25,400 --> 00:20:27,800
consultant that can open doors
for them.

355
00:20:27,960 --> 00:20:31,840
We have that we just added
protein Dahari system Co open

356
00:20:31,840 --> 00:20:35,920
innovations in 2012.
I don't know if you still have

357
00:20:35,920 --> 00:20:37,920
it.
And what they said is that if

358
00:20:37,920 --> 00:20:41,840
you have a new idea or product,
we'll have to define it.

359
00:20:42,120 --> 00:20:45,320
We'll help you sell it, we'll
help you produce it, We'll have

360
00:20:45,320 --> 00:20:48,600
you distribute it and we'll take
a portion.

361
00:20:49,280 --> 00:20:52,120
And I remember I talked to what
I found and, you know, directed

362
00:20:52,120 --> 00:20:54,520
consumers is not my area, but I
remember talking to some

363
00:20:54,520 --> 00:20:56,560
founders that we don't want to
give up equity.

364
00:20:56,560 --> 00:20:59,120
And I'm like, it's so stupid.
You're giving up equity and then

365
00:20:59,120 --> 00:21:02,680
you have to work overtime and
you don't know what you do.

366
00:21:03,240 --> 00:21:05,240
Just pair with them.
That's a good thing.

367
00:21:05,680 --> 00:21:08,320
And so I think that's good.
And then corporate receives have

368
00:21:08,320 --> 00:21:12,760
their own challenges because
it's very political and, and,

369
00:21:12,760 --> 00:21:14,880
and.
You can't, yeah.

370
00:21:14,960 --> 00:21:17,040
Yeah.
I mean I went, I went to, I went

371
00:21:17,160 --> 00:21:21,360
to to I'm not going to name the
company, but because my area is

372
00:21:21,360 --> 00:21:24,360
life sciences and energy, one of
them wanted to get into that

373
00:21:24,360 --> 00:21:27,080
area and say could you please
advise us and fold.

374
00:21:27,080 --> 00:21:30,080
The incentives were one to
investing and I said, you know,

375
00:21:30,120 --> 00:21:34,880
you have been the incentives
wrong because if I save you from

376
00:21:34,880 --> 00:21:39,520
wasting $10 million, that is
good for you, but there's no way

377
00:21:39,600 --> 00:21:42,360
that I can benefit from that and
you can benefit from that.

378
00:21:42,360 --> 00:21:45,680
So the people that you're
attracting are the people that

379
00:21:45,680 --> 00:21:48,840
without knowing are more
inclined to continue investing

380
00:21:48,840 --> 00:21:50,960
and to say, oh, we invested this
video, this video.

381
00:21:50,960 --> 00:21:54,600
So we need to be aware of that
investment, in my opinion.

382
00:21:55,560 --> 00:21:58,840
So can you help us understand
the difference?

383
00:21:58,840 --> 00:22:00,840
The fund structure is pretty
clear.

384
00:22:01,200 --> 00:22:04,360
How does the club differ?
Is it like Angel list

385
00:22:04,360 --> 00:22:06,560
syndication club?
No, no.

386
00:22:06,640 --> 00:22:09,960
And, and you know, I have, I
have a little bit of trouble

387
00:22:09,960 --> 00:22:12,920
explaining that because people
are so used to, to the model.

388
00:22:13,000 --> 00:22:15,880
So I spent probably 7 years
creating a model because that's

389
00:22:15,880 --> 00:22:17,840
what I do.
And it's like, oh, I don't like

390
00:22:17,840 --> 00:22:19,000
it.
Let me see if I can fix it.

391
00:22:19,600 --> 00:22:23,800
And by the way, I'm working on
model philanthropy for profit.

392
00:22:23,800 --> 00:22:27,520
So anybody wants to come and
join, get critics ideas?

393
00:22:27,720 --> 00:22:31,000
I have a figure right now.
But so I tell you what we did

394
00:22:31,000 --> 00:22:33,040
with that book.
So I've been investing for a

395
00:22:33,040 --> 00:22:34,760
long time.
I had a good track record.

396
00:22:34,880 --> 00:22:36,640
A lot of my friends wanted to
invest with me.

397
00:22:36,800 --> 00:22:39,400
I don't like his feelings.
I'm a people's person.

398
00:22:39,560 --> 00:22:41,800
I want to see who you are.
Do you have kids?

399
00:22:42,120 --> 00:22:45,600
You like horses?
Because at the end of the day,

400
00:22:45,600 --> 00:22:47,600
where people and that's what's
important for me.

401
00:22:47,760 --> 00:22:49,760
You know, mine comes and goes,
people stay.

402
00:22:50,600 --> 00:22:53,640
So after a certain period of
time, I was at Tan Hill, which

403
00:22:53,640 --> 00:22:55,320
is a great group.
I was on the board, I was a

404
00:22:55,320 --> 00:22:58,160
courtier of life sciences.
It was overwhelming.

405
00:22:58,520 --> 00:23:01,080
So I said I am going to pick one
company.

406
00:23:01,080 --> 00:23:03,680
Of all the companies that I see,
I'm going to pick one company

407
00:23:03,680 --> 00:23:07,480
per month and I will do a due
diligence and I'll show you how

408
00:23:07,480 --> 00:23:09,840
you do that and you can come and
invest with me and if you don't

409
00:23:09,840 --> 00:23:12,560
want, you don't have to.
So I created a club and that's

410
00:23:12,560 --> 00:23:16,360
what the club does.
So the club is a membership base

411
00:23:16,840 --> 00:23:20,440
organization and every
investment is a class.

412
00:23:20,520 --> 00:23:23,040
That's very typical in
California, but it doesn't exist

413
00:23:23,040 --> 00:23:25,400
in other states.
So other states have what it's

414
00:23:25,400 --> 00:23:28,200
called Series Island.
California doesn't recognize

415
00:23:28,200 --> 00:23:31,480
Series LLC, maybe well in the
future, but it doesn't, but it

416
00:23:31,480 --> 00:23:34,560
recognizes classes.
So every investment that we make

417
00:23:34,560 --> 00:23:37,440
is a class.
And then the members, you can

418
00:23:37,440 --> 00:23:40,280
choose how much they want to
put, if they want to base, if

419
00:23:40,280 --> 00:23:41,440
they don't want to invest, I
don't care.

420
00:23:41,440 --> 00:23:42,600
I'm going to invest in all of
that.

421
00:23:43,000 --> 00:23:44,760
So essentially I did it for
myself.

422
00:23:45,000 --> 00:23:47,200
It's going well.
And now I have a little family

423
00:23:47,200 --> 00:23:50,920
office with my my two kids.
We do that for ourselves and

424
00:23:50,920 --> 00:23:53,200
then the members can come and if
they want to invest, they can

425
00:23:53,200 --> 00:23:55,400
invest.
And if they don't want them and

426
00:23:55,400 --> 00:24:00,320
the way we know if we separate
that into what needs to be paid.

427
00:24:01,000 --> 00:24:05,040
So the membership of the club
provides information for people

428
00:24:05,040 --> 00:24:08,800
that want to explore investing.
We have one new member, I'm

429
00:24:08,800 --> 00:24:10,720
sorry, one new company per
month.

430
00:24:10,720 --> 00:24:14,240
We review between 50 and 100 and
up to two follow on.

431
00:24:14,240 --> 00:24:17,960
So for example, we have two
follow ONS this this month and

432
00:24:17,960 --> 00:24:21,560
one of them is open to everyone,
but the other one is in insider

433
00:24:21,720 --> 00:24:22,960
round.
So the companies that they

434
00:24:22,960 --> 00:24:26,880
continue to grow, they can
usually have insiders rounds

435
00:24:26,880 --> 00:24:29,840
only because this is only for
the people that invested before.

436
00:24:30,560 --> 00:24:34,200
But so we have a club that
provides information if people

437
00:24:34,200 --> 00:24:36,840
want to and then that's a cost
because that team has to be

438
00:24:36,840 --> 00:24:39,920
paid.
And if people want to come and

439
00:24:39,920 --> 00:24:44,160
join, then we have an investment
vehicle on investment vehicle

440
00:24:44,160 --> 00:24:47,360
for the whole club.
And every, every member has a

441
00:24:47,360 --> 00:24:49,280
participation in that particular
class.

442
00:24:50,040 --> 00:24:53,360
And then that gets really to 20,
but we return the 2%.

443
00:24:53,520 --> 00:24:58,280
But that team is the team that
follows up and calls them and we

444
00:24:58,280 --> 00:25:01,440
help the founders collect.
We help them if we don't invest

445
00:25:01,440 --> 00:25:05,400
because probably 20% of the
companies that we invest in are

446
00:25:05,400 --> 00:25:07,640
companies we declined two or
three years before.

447
00:25:07,880 --> 00:25:10,920
And we help them sit.
Take a look at this, go and talk

448
00:25:10,920 --> 00:25:13,040
to this person.
I have a network of receipts

449
00:25:13,040 --> 00:25:15,800
that are super cool and Angel
investors and family offices.

450
00:25:15,960 --> 00:25:18,600
But if they want to invest with
us, they have you're going to

451
00:25:18,600 --> 00:25:23,080
have to what happens is not not
without knowing that.

452
00:25:23,080 --> 00:25:27,080
I didn't know that what happens
is any member can buy or sell

453
00:25:27,080 --> 00:25:30,000
from any other member.
So we have our own secondaries

454
00:25:30,000 --> 00:25:33,240
that completely transparent.
And you know what, I really want

455
00:25:33,240 --> 00:25:37,040
more people to use this model,
even if they work with me or or

456
00:25:37,040 --> 00:25:40,440
not, because this is the future
of venture capital.

457
00:25:40,640 --> 00:25:44,000
This is don't work.
You have to live in 10 days, in

458
00:25:44,000 --> 00:25:45,920
10 years.
It's a lot of stress.

459
00:25:46,120 --> 00:25:48,440
The GP is like a sandwich.
Yeah.

460
00:25:48,560 --> 00:25:50,920
So you have to provide this
information for them.

461
00:25:51,200 --> 00:25:54,000
You don't have the time to to
really support.

462
00:25:54,000 --> 00:25:56,120
You're on the board, but the
board is we don't take more

463
00:25:56,120 --> 00:25:58,160
position.
Board is controlling.

464
00:25:58,480 --> 00:26:01,960
We're more in, hey, that's hell.
If you're on the board, you have

465
00:26:01,960 --> 00:26:05,480
to fire the whole team, but you
have to fire the CFO.

466
00:26:05,720 --> 00:26:08,120
You can't talk to the to the
CEO.

467
00:26:08,120 --> 00:26:14,040
We have to replace the CEO.
So is it fair to compare the

468
00:26:14,040 --> 00:26:20,760
class structure for the club as
if it's an SPV that is often

469
00:26:20,760 --> 00:26:26,120
used where I'm an LP in the SPV
and that I can sell my LP

470
00:26:26,120 --> 00:26:28,840
actress to another LP in the
SPV?

471
00:26:29,040 --> 00:26:33,360
Is that a fair comparison?
Like if I wanted liquidity as a

472
00:26:33,360 --> 00:26:37,400
secondary for example.
That that is a fair compression

473
00:26:37,400 --> 00:26:38,840
as long as somebody else wants
to buy it.

474
00:26:40,240 --> 00:26:42,200
Right.
And in your case it's the same.

475
00:26:42,200 --> 00:26:46,000
You have to be.
Right, there still has to be a

476
00:26:46,000 --> 00:26:51,640
willing environment, right And
the and the club is go ahead.

477
00:26:51,640 --> 00:26:52,760
It's a little delayed.
My fault.

478
00:26:52,760 --> 00:26:55,200
Go ahead.
No, no, the the so.

479
00:26:55,240 --> 00:26:57,520
So you have to be in the other,
otherwise you can't do it.

480
00:26:57,640 --> 00:27:00,360
You have to be a member of the
club to able to transact.

481
00:27:00,840 --> 00:27:04,240
But like last year, we have we
have a credit investors, we have

482
00:27:04,240 --> 00:27:06,280
family office.
Last year we had a family

483
00:27:06,280 --> 00:27:07,680
office.
It's a friend of mine that I've

484
00:27:07,680 --> 00:27:11,080
known for years kept saying, you
know, I need to organize my

485
00:27:11,080 --> 00:27:12,080
state.
I'll go and invest.

486
00:27:12,080 --> 00:27:14,720
I don't really mind.
These are great companies.

487
00:27:14,720 --> 00:27:18,960
They're going to get funded.
We don't do precinct and and you

488
00:27:18,960 --> 00:27:21,440
know, we're just grateful to be
able to do this.

489
00:27:21,440 --> 00:27:25,080
And eventually he said, I'm
ready, ready to join.

490
00:27:25,080 --> 00:27:26,360
And I'm like, you always say
that.

491
00:27:26,360 --> 00:27:29,760
No, no, no, I am.
But he said it was really funny

492
00:27:29,800 --> 00:27:32,160
because I said you need to we
need to know your customers.

493
00:27:32,160 --> 00:27:35,600
So there's steps that we need to
take because it's we don't want

494
00:27:35,600 --> 00:27:38,280
toxic people in the cloud.
So not, not everybody comes to

495
00:27:38,280 --> 00:27:44,800
John, but yeah, yeah, it's
becoming shorter.

496
00:27:45,240 --> 00:27:49,520
And and so, yeah.
And so he's doing on the tears

497
00:27:49,520 --> 00:27:53,800
and somebody said I want to call
these companies and I'm like,

498
00:27:53,800 --> 00:27:55,200
what is it?
Yes, yes, yes.

499
00:27:55,640 --> 00:27:57,400
So our information is on the
web.

500
00:27:57,520 --> 00:28:02,440
Actually, we just published our
last year's results and it's all

501
00:28:02,440 --> 00:28:04,760
on the web.
So you know who we invested.

502
00:28:04,760 --> 00:28:11,000
We have an active LinkedIn page
and the top four or five, we put

503
00:28:11,000 --> 00:28:13,400
it on LinkedIn even though we
only pick one because these are

504
00:28:13,400 --> 00:28:15,360
great companies, more people
should know about them.

505
00:28:16,320 --> 00:28:18,760
But we don't.
We don't provide investment

506
00:28:18,760 --> 00:28:20,480
clubs.
We provide information on the

507
00:28:20,480 --> 00:28:21,920
club.
People make their own decision.

508
00:28:22,320 --> 00:28:25,680
But what happened was that this
guy drew it and said I want to

509
00:28:25,680 --> 00:28:27,440
buy this and this is how much I
want to pay.

510
00:28:27,440 --> 00:28:29,760
And I said you don't even know
how much there was.

511
00:28:29,760 --> 00:28:32,120
I said no, I don't have to.
This is what?

512
00:28:32,640 --> 00:28:36,920
So we put it on, we send it to
our membership by Wednesday.

513
00:28:37,080 --> 00:28:40,280
He didn't, he didn't buy the 4th
1, which is going to be calling

514
00:28:40,280 --> 00:28:43,320
Unicorn, but by Wednesday he
joined Tuesday.

515
00:28:43,320 --> 00:28:46,120
By Wednesday he had to make
investments and I and I'm like,

516
00:28:46,280 --> 00:28:48,600
wow.
And then our members are happy

517
00:28:48,600 --> 00:28:52,520
because they could sell 5% of
just had a conversation already

518
00:28:52,520 --> 00:28:55,080
and one of our members said I
tried this product.

519
00:28:55,080 --> 00:28:57,960
I want to buy it.
I know if she's a member, she

520
00:28:58,000 --> 00:29:01,320
said, and she said it's Madison
Reed, which is a super cool.

521
00:29:01,680 --> 00:29:04,080
We have two consumer products
only.

522
00:29:04,520 --> 00:29:07,200
And she said, I saw who who
wants to sell.

523
00:29:07,200 --> 00:29:09,560
So I was talking to another
member today and I said, oh,

524
00:29:09,640 --> 00:29:12,120
this person wants to say, oh, I
want to, I want to sell half of

525
00:29:12,120 --> 00:29:14,360
it.
So it's just more con video.

526
00:29:14,360 --> 00:29:17,680
It's it's the way I think
investment clubs should work

527
00:29:17,680 --> 00:29:21,320
instead of saying I'm going to
take some from you and and it's

528
00:29:21,320 --> 00:29:23,480
also natural.
It's more fun.

529
00:29:23,560 --> 00:29:28,480
So to be a member of the club
you obviously have to know the

530
00:29:28,480 --> 00:29:31,680
person has to be a good fit.
No toxic people.

531
00:29:32,920 --> 00:29:37,360
Do you make a commitment of how
much money you're likely to put

532
00:29:37,360 --> 00:29:39,880
into something?
You pay a fee?

533
00:29:40,040 --> 00:29:41,440
What is it?
How's that work?

534
00:29:42,800 --> 00:29:45,840
So that this is going to be a
podcast about my, my life.

535
00:29:45,840 --> 00:29:49,920
So I I'm like, Oh my God.
So we could talk about whatever

536
00:29:49,920 --> 00:29:52,800
you want.
No, I just say it's I, I blush

537
00:29:52,800 --> 00:29:55,560
because I'm so passionate about
the, the function of the club

538
00:29:55,560 --> 00:29:58,360
and I want more people to do
that instead of doing the VC.

539
00:29:58,360 --> 00:30:03,360
But the way we the way we have
it is to be a member of the

540
00:30:03,360 --> 00:30:08,280
club, you pay an annual fee that
allows us to do all the work

541
00:30:08,280 --> 00:30:12,440
that we need to do without
having to put pressure on the

542
00:30:12,440 --> 00:30:16,880
team or the company or they or
the club to to make investments.

543
00:30:17,800 --> 00:30:19,720
So there's two different
decisions.

544
00:30:19,880 --> 00:30:23,320
Non conflicted, yeah.
Non conflicted.

545
00:30:23,320 --> 00:30:28,360
SO we at the moment this year is
$5000 for accredited investors,

546
00:30:28,560 --> 00:30:32,680
$25,000 family offices.
Family offices have two extra

547
00:30:32,760 --> 00:30:35,480
services than our credit
investors.

548
00:30:35,640 --> 00:30:39,040
It has to be an accredited
investor and you have to talk to

549
00:30:39,040 --> 00:30:43,400
us and, and we interview you and
then we see if it's a good fit

550
00:30:43,400 --> 00:30:46,040
for you as well.
Because venture capital is

551
00:30:46,040 --> 00:30:48,440
risky.
So people need to know that if

552
00:30:48,440 --> 00:30:51,240
you don't have money to lose,
you shouldn't do venture

553
00:30:51,240 --> 00:30:53,720
capital.
But but I and I have some

554
00:30:53,760 --> 00:30:57,120
educational women.
So you know, it's around 5%, two

555
00:30:57,120 --> 00:31:01,840
to 5% of your of your asset base
should be invested in and on

556
00:31:02,040 --> 00:31:08,120
risky things that founders, VCs
or direct investment.

557
00:31:08,520 --> 00:31:11,320
But The thing is that if you
invest blindly, you're not going

558
00:31:11,320 --> 00:31:14,520
to get results because that
works in the stock market.

559
00:31:14,840 --> 00:31:16,920
But these people need help and
you need to help them.

560
00:31:17,040 --> 00:31:18,400
So only investing things that
you can.

561
00:31:19,000 --> 00:31:24,200
So that takes care of that part.
If people want to invest, we

562
00:31:24,200 --> 00:31:28,080
charge 2% annually from January
to November.

563
00:31:28,080 --> 00:31:31,160
We don't park December because,
but we charge it annually and

564
00:31:31,160 --> 00:31:35,840
that takes care of the post
investment team, but also the

565
00:31:35,840 --> 00:31:38,360
team just at the financial and
the CFO and all of that.

566
00:31:38,440 --> 00:31:42,240
So that's how we separate them.
So the people that invest should

567
00:31:42,240 --> 00:31:46,400
pay for the follow up and in
most of the Angel groups in in

568
00:31:46,400 --> 00:31:49,480
the crowdfunding, which are good
platforms, you don't have the

569
00:31:49,480 --> 00:31:52,120
follow up and you don't have the
capacity to interact with the

570
00:31:52,120 --> 00:31:54,040
founder.
So that that is the problem.

571
00:31:54,640 --> 00:31:58,760
So that's the way we have
structured that we try to manage

572
00:31:59,240 --> 00:32:03,120
membership months is generating
and the rest of the year we

573
00:32:03,120 --> 00:32:05,480
focus on supporting our
companies.

574
00:32:05,560 --> 00:32:07,080
We make money supporting
companies.

575
00:32:07,080 --> 00:32:10,000
We don't make money on seats,
CVS, you never know how much

576
00:32:10,000 --> 00:32:12,080
money is going in.
And I've done a couple of

577
00:32:12,080 --> 00:32:16,760
winners about that and you know,
I keep thinking how can we

578
00:32:16,760 --> 00:32:20,200
continue to improve, but the way
we did it is we have one deal

579
00:32:20,280 --> 00:32:24,480
only one per month and that we
percent, we do a deep due

580
00:32:24,480 --> 00:32:28,400
diligence, 59 variables making
chunks that are manageable.

581
00:32:28,960 --> 00:32:31,720
We have a newsletter that was I
travel all the time.

582
00:32:31,720 --> 00:32:34,040
So I have a very global
perspective of the financial

583
00:32:34,040 --> 00:32:37,760
markets and by analyzing the
companies that they call, we can

584
00:32:37,760 --> 00:32:40,360
see we we have something that we
call the bones of the sea.

585
00:32:40,640 --> 00:32:43,600
So we have a newsletter that
allows our investors, our

586
00:32:43,600 --> 00:32:47,360
members to have an overview of
where the market is going.

587
00:32:47,920 --> 00:32:50,960
Are the forces of science, for
example, life science is very

588
00:32:50,960 --> 00:32:53,920
important for all of us.
Not a lot of money is going

589
00:32:53,920 --> 00:32:54,920
there.
Where's the money going?

590
00:32:54,920 --> 00:32:58,120
The money is going to the
support infrastructure for AI,

591
00:32:58,120 --> 00:33:01,840
which is energy, transportation,
some computing space, mobility.

592
00:33:01,840 --> 00:33:04,800
So, so we need to understand
that because now we need to be

593
00:33:04,800 --> 00:33:07,640
more patient with that.
And then we have one deal a

594
00:33:07,640 --> 00:33:10,880
month and we do a due diligence.
We put it on the portal.

595
00:33:10,880 --> 00:33:13,240
We spent three of months we're
doing that.

596
00:33:13,240 --> 00:33:16,920
We only transfer the funds when
the company when the round is

597
00:33:16,920 --> 00:33:19,320
80% full.
So that's the way things you

598
00:33:19,320 --> 00:33:22,200
don't get work.
And we have one meeting at a

599
00:33:22,240 --> 00:33:25,520
month only that is one hour.
So it's 40 minutes with the

600
00:33:25,520 --> 00:33:27,840
founders or the CEO.
Sometimes the CEO's are not

601
00:33:27,920 --> 00:33:30,960
founders and in 20 minutes homes
ourselves, we'll talk about

602
00:33:30,960 --> 00:33:35,240
everything that I mean, there's
still, I have a joke somebody

603
00:33:35,720 --> 00:33:38,200
when somebody joins this, I have
a stupid question.

604
00:33:38,200 --> 00:33:40,640
Is it there's no stupid
question, stupid people.

605
00:33:41,200 --> 00:33:43,360
So if not, no one just says that
anymore.

606
00:33:43,720 --> 00:33:47,280
And that's the way we work.
And then we have follow ONS.

607
00:33:47,560 --> 00:33:53,240
We have health is one of our top
companies is I think every

608
00:33:53,240 --> 00:33:57,680
single man should invest in that
is a diagnostic tool for

609
00:33:57,680 --> 00:33:59,840
excellence.
Now they work very, very hard

610
00:34:00,520 --> 00:34:06,960
and Avenda, Avenda Health and
they do prostate gas.

611
00:34:07,000 --> 00:34:09,760
We have 7 companies in our
portfolio that we want to

612
00:34:09,760 --> 00:34:15,440
connect with family artists that
have hospitals and and all over

613
00:34:15,440 --> 00:34:20,639
the world because those are very
interesting diagnostic tools

614
00:34:20,639 --> 00:34:22,880
that can be providing very
easily.

615
00:34:23,880 --> 00:34:25,159
I think the health is one of
them.

616
00:34:25,159 --> 00:34:28,120
Which of any adventures that's
telemeters, they start selling

617
00:34:28,120 --> 00:34:32,560
to dogs and they work with them.
Heart tissue.

618
00:34:32,560 --> 00:34:36,560
We have WAVY diagnostic is a
paper that most parents of

619
00:34:36,560 --> 00:34:39,440
toddlers to see if there's
liquid in the ear canal.

620
00:34:40,199 --> 00:34:43,840
I had my son when he was a kid.
He had an earache.

621
00:34:43,840 --> 00:34:45,440
I had to take him to the
hospital.

622
00:34:45,920 --> 00:34:48,080
I didn't have anybody to take my
daughter.

623
00:34:48,080 --> 00:34:51,440
So we spent six hours.
We did all the I have the, I

624
00:34:51,440 --> 00:34:57,000
have the whole multiplier impact
80,000,009 visits in the US,

625
00:34:57,080 --> 00:35:00,720
there's 80,000,009 visits for
toddlers that have an earache.

626
00:35:01,120 --> 00:35:03,480
Yeah.
And and I, with my kids too,

627
00:35:03,480 --> 00:35:05,960
they had earaches.
They would recommend putting

628
00:35:05,960 --> 00:35:08,240
tubes in the drain, all that
business, right.

629
00:35:08,400 --> 00:35:12,400
But what you're saying is you
waste so much time doing some

630
00:35:13,200 --> 00:35:16,600
because the only methodology was
to go to the doctor and then go

631
00:35:16,600 --> 00:35:18,960
to the hospital.
And then you spent, you know,

632
00:35:18,960 --> 00:35:22,320
two days all in.
And, you know, arguably that

633
00:35:22,320 --> 00:35:23,680
could have be done more
efficiently.

634
00:35:24,480 --> 00:35:28,040
Well, this is a piece of paper
and the piece of paper called

635
00:35:28,040 --> 00:35:29,880
Sense.
You can buy them, it's called

636
00:35:29,880 --> 00:35:32,600
WAVY diagnostic.
You can buy them at Amazon and

637
00:35:32,600 --> 00:35:36,560
you can use it and it's 98%
efficacy versus 93%.

638
00:35:36,840 --> 00:35:40,240
The hospital also has trainers.
You don't want to have a toilet

639
00:35:40,240 --> 00:35:42,560
running around agreement with
bank because they do know how to

640
00:35:42,560 --> 00:35:46,560
say that they are in pain in an
emergency. 1,000,000 people are.

641
00:35:46,800 --> 00:35:53,000
So we evaluated the whole, the
whole map, the hospital space

642
00:35:53,000 --> 00:35:58,560
like $3000, the patients between
600 and 27106 hours of pain.

643
00:35:59,320 --> 00:36:01,400
Everybody's upset at the
emergency room.

644
00:36:01,600 --> 00:36:05,400
The nurses have to be trained
costing dollars per quarter to

645
00:36:05,400 --> 00:36:07,280
train that nurse.
The parents go home.

646
00:36:07,320 --> 00:36:09,400
I didn't, I was, I was a single
mom.

647
00:36:09,640 --> 00:36:12,000
I was alone.
I was doing my MBA and we were

648
00:36:12,000 --> 00:36:15,760
Boston.
And the whole thing was and it

649
00:36:15,760 --> 00:36:19,960
was nothing but most, most of
the you're painting toddlers 2

650
00:36:19,960 --> 00:36:21,880
to five years, of course, at
night because you put

651
00:36:21,880 --> 00:36:26,000
depression, but it's growth.
But my father-in-law was an anti

652
00:36:26,000 --> 00:36:28,640
doctor.
And if you have meningitis,

653
00:36:29,240 --> 00:36:32,640
that's them here, it can cause
permanent brain damage.

654
00:36:32,960 --> 00:36:36,680
So it's a parent after.
And then I think what happens to

655
00:36:36,680 --> 00:36:39,840
the poor people that have to
take two jobs and they have to

656
00:36:39,840 --> 00:36:42,880
take the kids and then and then
they have to go back home and

657
00:36:42,880 --> 00:36:45,440
then have to go and work.
So it's one of these things

658
00:36:45,440 --> 00:36:49,920
that.
Potentially the benefit is

659
00:36:49,960 --> 00:36:53,840
exponential, yeah.
It's, it's a multiplier impact.

660
00:36:54,120 --> 00:36:56,080
So we have that we're we're
looking at Link.

661
00:36:56,680 --> 00:36:59,560
Link has an insider's round
which is at a meeting this

662
00:36:59,560 --> 00:37:02,200
morning.
I cannot talk about the details,

663
00:37:02,560 --> 00:37:05,160
but we are able to go into LINK,
Yeah.

664
00:37:05,160 --> 00:37:08,440
And you can do Link role and
they're going they have

665
00:37:08,440 --> 00:37:12,760
announced some very interesting
advances and there's they have

666
00:37:12,760 --> 00:37:15,480
an insider respond.
The only way to get in is to do

667
00:37:15,480 --> 00:37:17,920
that in before.
So the way we work as a group,

668
00:37:17,920 --> 00:37:22,800
which I think it's is a powerful
trial is that few people would

669
00:37:22,800 --> 00:37:25,760
make the protect the risk of
putting a little bit of money in

670
00:37:25,760 --> 00:37:27,680
the company.
We getting the company, we help

671
00:37:27,680 --> 00:37:31,600
the company as the company
continues to grow, the value of

672
00:37:31,600 --> 00:37:34,320
the company continues to grow,
but we can put in more money.

673
00:37:34,640 --> 00:37:39,560
So some people benefit later
because somebody invested before

674
00:37:39,600 --> 00:37:44,160
and what has happened, I didn't
structure it that way, but what

675
00:37:44,160 --> 00:37:49,200
has happened, We have the power
of a community supporting this

676
00:37:49,400 --> 00:37:52,800
for the benefit of everybody,
not only us because we invest,

677
00:37:52,800 --> 00:37:55,040
but other people also invest.
Eventually.

678
00:37:55,040 --> 00:37:58,240
What I would like to do is I'd
like to do a whole investment

679
00:37:58,240 --> 00:38:02,760
club where we could truly
support the companies and maybe

680
00:38:02,760 --> 00:38:06,640
also have the option of getting
their return out because we sell

681
00:38:06,640 --> 00:38:08,640
that.
But because we maintain that

682
00:38:09,240 --> 00:38:12,440
only family offices can do that.
A corporation cannot do that.

683
00:38:12,520 --> 00:38:16,600
Only found guests can do.
And it applies to, it applies to

684
00:38:16,680 --> 00:38:19,040
climate water.
Water is a big thing.

685
00:38:19,080 --> 00:38:20,520
We should be investing more in
water.

686
00:38:20,520 --> 00:38:23,920
So it applies to everything.
But anyway, very fast about that

687
00:38:23,920 --> 00:38:27,200
very very active learner as
well.

688
00:38:28,680 --> 00:38:33,360
So what is?
Is there a carry for the club on

689
00:38:33,360 --> 00:38:34,960
the upside?
Yeah.

690
00:38:35,000 --> 00:38:41,200
Yes, yes, they from a tax
perspective, the membership is

691
00:38:41,200 --> 00:38:43,960
an expense for people, so people
can write it down as an

692
00:38:43,960 --> 00:38:47,520
expensive as as.
Immediate deduction, yeah.

693
00:38:48,160 --> 00:38:48,640
Isn't it?
Yeah.

694
00:38:48,960 --> 00:38:53,360
And then they carry, we charge a
carry every year and then we

695
00:38:53,360 --> 00:38:56,200
return, sorry, we charge 2%
every year.

696
00:38:56,200 --> 00:38:59,560
We return that and then we have
we take 20% of carry.

697
00:39:00,000 --> 00:39:02,560
Yeah.
And yeah, pretty normal.

698
00:39:03,240 --> 00:39:05,680
Yeah.
When we compare that, so when we

699
00:39:05,680 --> 00:39:07,320
compare, I'm an engineer by
train.

700
00:39:07,320 --> 00:39:09,960
So when we compare that, we
compare the flow, the flow of

701
00:39:09,960 --> 00:39:13,520
capital, the cash flow, what
happens is if you're an investor

702
00:39:13,520 --> 00:39:17,240
in the VC like I am too, and I
like emerging fund managers.

703
00:39:17,240 --> 00:39:19,360
I don't like the big ones.
I, I, you know, they don't care

704
00:39:19,360 --> 00:39:21,800
about me.
But the, the, there's emerging

705
00:39:21,800 --> 00:39:23,720
funds, there's some super, super
cool 1.

706
00:39:23,720 --> 00:39:25,960
And I'm, I'm in two of them
actually the club investing in

707
00:39:25,960 --> 00:39:28,600
one.
But when you invest in a fund,

708
00:39:29,120 --> 00:39:34,120
the fund charges 2% of the
capital committed whether you

709
00:39:34,120 --> 00:39:36,280
invest or not.
And they do that for 10 years.

710
00:39:36,720 --> 00:39:42,080
So after that, you already spend
20% of your capital supporting

711
00:39:42,080 --> 00:39:46,160
the infrastructure.
And then on top of that, if you

712
00:39:46,160 --> 00:39:50,080
know SPVS, which a lot of people
are doing SPVS, the the key

713
00:39:50,080 --> 00:39:54,560
question on any SPV that people
need to ask is how much of wine

714
00:39:54,560 --> 00:39:57,160
money is going to the company
because this is what happens

715
00:39:57,160 --> 00:39:58,760
with it.
We have 6 SPVS.

716
00:39:58,920 --> 00:40:01,240
We don't do SPVS anymore, but
this is what happened.

717
00:40:01,440 --> 00:40:04,720
You structure the SPV.
You have to pay the management

718
00:40:04,720 --> 00:40:07,640
of the SPD which is 5 to 18,000.
It depends.

719
00:40:07,640 --> 00:40:10,200
Yeah, depending on.
What you so that is the cost

720
00:40:10,480 --> 00:40:13,800
that is that's the card on Angel
VS Sidecar whatever.

721
00:40:14,400 --> 00:40:17,600
You also have to change the
management pay the management of

722
00:40:17,600 --> 00:40:20,720
that.
So here are the two things that

723
00:40:20,720 --> 00:40:28,520
we that we sold for.
Although our intention, I feel

724
00:40:28,520 --> 00:40:30,960
about our intention before we
didn't, we didn't start because

725
00:40:30,960 --> 00:40:33,080
we wanted to do that.
I just wanted people to have

726
00:40:33,080 --> 00:40:35,200
access to better deals so they
could be better Angel.

727
00:40:35,320 --> 00:40:37,000
That's how that's what I want to
do.

728
00:40:37,080 --> 00:40:38,920
So in their communities, they
could be better Angel.

729
00:40:39,160 --> 00:40:43,760
But if that's shifted, of
course, if you're fun, if you

730
00:40:43,760 --> 00:40:47,600
invest in a fun, what happens if
we did, we did the and I'm

731
00:40:47,600 --> 00:40:53,400
having excel sheet.
What happens is if you if you

732
00:40:53,400 --> 00:40:58,120
put $5,000,000 in fund the
average, it would put 400,000 in

733
00:40:58,120 --> 00:41:01,920
a in a company because the most
goes to and and you would put

734
00:41:01,920 --> 00:41:04,920
20% and you put 4 million into a
company.

735
00:41:04,960 --> 00:41:07,360
That's it.
If the only million goes to to

736
00:41:07,360 --> 00:41:12,400
pay down, if you put the same
amount of money through a club,

737
00:41:13,160 --> 00:41:16,120
our club, if somebody else has
the idea of do a club that would

738
00:41:16,120 --> 00:41:20,080
be fantastic.
You only only put the money, the

739
00:41:20,080 --> 00:41:22,680
2% on the company you're
investing.

740
00:41:24,560 --> 00:41:29,960
If you add that to the $25,000,
the amount of money that you can

741
00:41:29,960 --> 00:41:34,320
put in in the same 10 companies
is 443,000.

742
00:41:36,000 --> 00:41:37,720
When more money goes to the
company.

743
00:41:38,080 --> 00:41:41,520
Now it is true that more more
money is going to get lost.

744
00:41:41,560 --> 00:41:45,200
It's a company goes bad.
But in the bad change scenario.

745
00:41:45,600 --> 00:41:51,200
In the bad change scenario,
limited corner makes 43% more

746
00:41:51,200 --> 00:41:55,640
money in the signal Signal
scenarios with a cloud versus a

747
00:41:55,640 --> 00:41:58,800
fund.
No, that's super easy math.

748
00:41:59,120 --> 00:42:03,000
More money gets you might lose
more money, but you'll also make

749
00:42:03,000 --> 00:42:05,280
more on a winner.
Yes.

750
00:42:05,640 --> 00:42:09,680
And if you put any other top
percent on the top, so as we did

751
00:42:09,680 --> 00:42:13,840
the calculation, the top percent
you make 20% more.

752
00:42:14,000 --> 00:42:17,320
So you lose less in, in the
worst case scenario.

753
00:42:17,760 --> 00:42:21,480
That is AVC, that is AVC.
There's two other advantages

754
00:42:21,480 --> 00:42:25,440
which is you can influence the
outcome and you cannot do that

755
00:42:25,440 --> 00:42:28,200
at AVC.
I know you cannot.

756
00:42:28,640 --> 00:42:32,840
And there's some limitation at
AVC and it's the GPS.

757
00:42:32,840 --> 00:42:35,680
I don't think the GPS are doing
it because they're bad.

758
00:42:35,840 --> 00:42:37,800
That's just the structure that
we have that's.

759
00:42:37,800 --> 00:42:40,280
Just the model, yeah.
Yeah, that's true.

760
00:42:40,720 --> 00:42:42,840
Now, if you go to an SPD, this
is what happens.

761
00:42:42,840 --> 00:42:47,440
If you go to an SPD, the money
what gets invested in between 60

762
00:42:47,440 --> 00:42:50,640
and 70%.
So let's say that I put 100,000,

763
00:42:51,200 --> 00:42:54,720
I'm going to put in it.
But let's say I put 100,000, and

764
00:42:54,720 --> 00:42:58,240
let's say the company does well,
and then 100,000 gets multiplied

765
00:42:58,240 --> 00:43:02,400
by five.
So if I put 100,000, it gets

766
00:43:02,400 --> 00:43:05,360
multiplied by five, then I make
500,000.

767
00:43:06,360 --> 00:43:10,680
But if it's 70,000 by 5 it's
less, right?

768
00:43:11,120 --> 00:43:14,320
Exactly.
And and VC has become AC

769
00:43:14,320 --> 00:43:20,480
structure industry and then
people can't, there's no real

770
00:43:20,480 --> 00:43:24,280
incentive because you don't need
to have an exit to make money

771
00:43:24,280 --> 00:43:26,520
receipt.
And that is a problem that I

772
00:43:26,520 --> 00:43:28,880
have with VCs now and that's
what I want to change.

773
00:43:29,680 --> 00:43:36,880
So I'm a New Yorker and so I
grew up surrounded by hedge fund

774
00:43:36,880 --> 00:43:43,640
guys and girls, mostly guys.
And privately they would all say

775
00:43:44,280 --> 00:43:48,600
hedge funds aren't a business
model, it's a compensation

776
00:43:48,600 --> 00:43:50,200
scheme.
Same thing, right?

777
00:43:51,080 --> 00:43:56,000
Yeah.
Because the only, the only hedge

778
00:43:56,120 --> 00:44:00,480
fund that I know of, and there's
probably more that went public

779
00:44:00,480 --> 00:44:05,120
was man in the UK.
And so it monetized its future

780
00:44:05,120 --> 00:44:07,160
value by going to the public
markets.

781
00:44:07,440 --> 00:44:11,040
But for the most part, a hedge
fund manager in New York is just

782
00:44:11,040 --> 00:44:15,640
printing money every year.
And then when he closes up shop,

783
00:44:15,640 --> 00:44:18,560
he doesn't sell the hedge fund.
He gives the money back and he

784
00:44:18,560 --> 00:44:21,200
goes and forms a family office
with all the money that he made.

785
00:44:21,480 --> 00:44:25,120
And you don't need to put a
multiple on something that you

786
00:44:25,120 --> 00:44:28,000
just give the money back, right?
Because you were printing money

787
00:44:28,000 --> 00:44:30,960
all the way along.
And again, I'm not passing

788
00:44:30,960 --> 00:44:35,400
judgement, but it really is.
Now, if you're Stevie Cohen and

789
00:44:35,400 --> 00:44:41,320
you're doing 43% and you're
getting, you know, 3 and 60, you

790
00:44:41,320 --> 00:44:43,720
know, the economics, you make a
lot of money, right?

791
00:44:43,720 --> 00:44:45,480
And make a lot of money for your
investors.

792
00:44:45,480 --> 00:44:48,360
So was it worth it?
I don't know, right?

793
00:44:48,880 --> 00:44:50,240
It was definitely worth it for
students.

794
00:44:50,240 --> 00:44:51,560
You know, I have a patient in
finance.

795
00:44:51,600 --> 00:44:53,120
I was studying.
Yeah, yeah.

796
00:44:53,240 --> 00:44:56,520
And, and I, I think people have
the best intentions, but we need

797
00:44:56,520 --> 00:45:01,840
to align the incentives because
otherwise it's too easy to get

798
00:45:01,840 --> 00:45:06,560
sidetracked and it's too easy to
to go and have, you know, you

799
00:45:06,560 --> 00:45:10,320
have to show that you have to
spend money on.

800
00:45:11,160 --> 00:45:13,640
So you have to do the hair,
which I don't.

801
00:45:13,920 --> 00:45:19,120
And but, but, but there's so
much pressure to I call it the

802
00:45:19,120 --> 00:45:21,480
Hollywood wolves.
There's so much pressure to

803
00:45:21,480 --> 00:45:25,800
impress by looking and by having
to I've been in.

804
00:45:26,240 --> 00:45:30,320
If we look, no fine returns the
capital.

805
00:45:30,760 --> 00:45:33,160
It's in paper.
I wrote an article about.

806
00:45:33,640 --> 00:45:35,800
It's on paper.
The stats are there.

807
00:45:36,200 --> 00:45:38,480
Yeah, the stats are there.
Yeah.

808
00:45:38,760 --> 00:45:41,400
And so.
This is fascinating.

809
00:45:42,360 --> 00:45:45,000
I know we got off the track, but
doesn't matter.

810
00:45:45,000 --> 00:45:46,520
It's our track.
We can do whatever we want.

811
00:45:46,640 --> 00:45:51,760
Tell us what's in it for what's
in the future for you short

812
00:45:51,760 --> 00:45:52,760
term.
What what?

813
00:45:53,040 --> 00:45:55,480
What are you excited about?
Aside from the companies that

814
00:45:55,480 --> 00:45:58,440
mentioned, I'm super appreciate
you mentioning them on the

815
00:45:58,440 --> 00:46:00,920
record here.
Oh, look at our website, you're

816
00:46:00,920 --> 00:46:02,960
working that cloud.
Look at all this, all the

817
00:46:02,960 --> 00:46:05,520
companies that are there, if
you, there's some that have

818
00:46:05,520 --> 00:46:08,320
exited and they have been merged
with another ones, if there's a

819
00:46:08,320 --> 00:46:10,320
company that you can help, they
just know.

820
00:46:10,320 --> 00:46:12,400
We'll put it in touch.
We're in these together.

821
00:46:12,680 --> 00:46:15,320
We need to create more for
everybody together.

822
00:46:16,280 --> 00:46:23,560
What excites me is, well, the
what assess me is I feel that I

823
00:46:24,640 --> 00:46:27,600
was able to combine socialism
and capitalism.

824
00:46:28,280 --> 00:46:29,880
There's a lot of ignorance about
that.

825
00:46:29,880 --> 00:46:34,560
Socialism is about being kind
and being compassionate to those

826
00:46:35,000 --> 00:46:37,880
who don't have the same
opportunities that we do.

827
00:46:38,800 --> 00:46:41,000
Interleave society as a whole.
It's not communism.

828
00:46:41,000 --> 00:46:43,920
Communism is something else.
People mix it here because I

829
00:46:43,920 --> 00:46:48,280
think the good and bad socialist
I I've not lived in a common, I

830
00:46:48,280 --> 00:46:50,920
lived in our country.
I'm not lived in a communist

831
00:46:50,920 --> 00:46:54,880
country.
I have visited, but I have lived

832
00:46:54,960 --> 00:46:58,240
in good socialist countries,
embed socialist countries.

833
00:46:58,240 --> 00:47:03,680
So in on the name of socialism,
you're very, very unproductive.

834
00:47:04,600 --> 00:47:05,920
And that's where capital comes
in.

835
00:47:05,920 --> 00:47:10,440
So capital is about numbers and
processes and progress that we

836
00:47:10,440 --> 00:47:14,280
can measure.
Virtualism is about kindness and

837
00:47:14,280 --> 00:47:18,200
emotion that we cannot measure.
And I think, I think both are

838
00:47:18,200 --> 00:47:21,320
the same, are the same coin.
We need both.

839
00:47:21,760 --> 00:47:25,120
But because they're looking
towards the outset, they cannot

840
00:47:25,120 --> 00:47:28,440
see each other.
I am very passionate about

841
00:47:28,440 --> 00:47:32,200
finding ways that we can work
together.

842
00:47:32,520 --> 00:47:37,760
We're so polarized.
AI only helps you support your

843
00:47:37,760 --> 00:47:43,000
theories.
AI is not meant for us to look

844
00:47:43,320 --> 00:47:46,240
at a different angle.
It's not even if we tell them.

845
00:47:46,240 --> 00:47:47,520
Timmy and I would like to do
that.

846
00:47:47,520 --> 00:47:51,200
We have to prompt it.
And I think AI is puzzling about

847
00:47:51,200 --> 00:47:53,280
the vision and I'm very sad
about that.

848
00:47:53,480 --> 00:47:58,440
I think we need to, as society,
we need to lift progress for

849
00:47:58,440 --> 00:48:02,120
everybody, not just us.
I my heart breaks.

850
00:48:02,120 --> 00:48:04,600
I'm from Venezuela.
I have a nonprofit that seems

851
00:48:04,600 --> 00:48:07,560
food and medicine.
My heart breaks when I see the

852
00:48:07,560 --> 00:48:10,280
people that were born there were
absolutely amazing people,

853
00:48:10,320 --> 00:48:14,360
adorable people, and they have
no way of progressing.

854
00:48:14,480 --> 00:48:17,360
But the same thing happens in
Iran now, the same thing happens

855
00:48:17,840 --> 00:48:20,800
has happened in Syria, The same
thing happens in North Korea,

856
00:48:20,960 --> 00:48:23,440
Afghanistan.
So I feel what I'm doing is

857
00:48:23,440 --> 00:48:28,600
helping a lot of founders have a
better, nicer way and investors.

858
00:48:29,360 --> 00:48:32,880
And I think the next step for me
is figure out how we can expand

859
00:48:32,880 --> 00:48:39,000
that so as the world progresses,
we can be better as a world.

860
00:48:40,080 --> 00:48:44,000
So I'm a hard yeah say say that
again.

861
00:48:44,560 --> 00:48:50,360
And I have not proved that.
So I'm a hardcore capitalist and

862
00:48:50,440 --> 00:48:53,720
we're all a product of our
environment and our experiences.

863
00:48:56,160 --> 00:49:00,480
I'd like to know if you don't
mind sharing where you live?

864
00:49:00,480 --> 00:49:03,600
That was a good socialist
experience.

865
00:49:04,920 --> 00:49:09,880
Oh, Denmark in Sweden and I'm
going to I'm Australian too.

866
00:49:09,880 --> 00:49:14,640
I did many years in Australia.
It's, it's the Sweden is a good

867
00:49:14,640 --> 00:49:19,840
example and it's a consideration
that we have and it has some

868
00:49:19,840 --> 00:49:22,920
challenges.
I mean, it's not foolproof, but

869
00:49:22,920 --> 00:49:26,880
it's a consideration that if
somebody, if somebody needs to

870
00:49:26,880 --> 00:49:29,080
support society would keep the
support.

871
00:49:29,320 --> 00:49:32,440
So what happens in a lot of
developing countries is the

872
00:49:32,440 --> 00:49:34,240
government doesn't support the
people because the people

873
00:49:34,240 --> 00:49:37,160
support themselves.
But you have a tribe, and

874
00:49:37,160 --> 00:49:40,000
because you have a tribe, you
have less mental health issues

875
00:49:40,120 --> 00:49:43,200
because you are really, really
important.

876
00:49:43,920 --> 00:49:47,680
Yeah, and look what happened.
I don't know if you watched any

877
00:49:47,680 --> 00:49:50,080
on the Blue Zone where the
people lived the longest.

878
00:49:50,440 --> 00:49:53,280
It was not just that they had
good food.

879
00:49:53,520 --> 00:49:56,360
They had community, right.
And it happened to be in Greece.

880
00:49:56,360 --> 00:49:59,680
I'm Greek.
I was born here, but my parents

881
00:49:59,680 --> 00:50:00,880
were born here.
I was born here.

882
00:50:00,880 --> 00:50:03,000
So I still have an appreciation
of MyHeritage.

883
00:50:03,000 --> 00:50:06,000
I just, I was just in Greece and
Italy.

884
00:50:06,000 --> 00:50:08,800
It's just a magnificent,
wonderful culture.

885
00:50:09,400 --> 00:50:13,200
The arguably one of the reasons
why people live so long in these

886
00:50:13,200 --> 00:50:16,480
Blue zones was not just that
they had indigenous food that

887
00:50:16,480 --> 00:50:19,720
was pure and didn't have any of
the junk in it, but they also

888
00:50:19,720 --> 00:50:23,240
had this sense of community that
everybody was helping everybody.

889
00:50:23,240 --> 00:50:26,080
Somebody needed something.
It just happened, right?

890
00:50:26,400 --> 00:50:29,520
So I think there's there's a lot
to be said for the energy of

891
00:50:29,520 --> 00:50:32,960
that, right?
But The thing is that if we do

892
00:50:32,960 --> 00:50:35,560
too much of that, then we don't
progress because people get

893
00:50:35,560 --> 00:50:37,360
lazy.
They get lazy.

894
00:50:38,840 --> 00:50:41,640
I don't know.
I don't know what the answer is.

895
00:50:41,640 --> 00:50:44,240
So I just don't know what the
answer is.

896
00:50:44,360 --> 00:50:47,240
I'm just very fortunate to have
been able to leave it both at

897
00:50:47,240 --> 00:50:49,760
the right time.
I, I worked very hard, very,

898
00:50:49,760 --> 00:50:52,960
very hard in Venezuela and I
lost all my money before jobs.

899
00:50:53,960 --> 00:50:57,840
The recent jobs got elected is
that 60% of the money in the

900
00:50:57,840 --> 00:51:02,640
bank, 60% disappear.
And that was because people

901
00:51:02,640 --> 00:51:06,920
stole.
So that's why people move to

902
00:51:06,920 --> 00:51:09,240
somebody that I'm going to
protect you, they need to be

903
00:51:09,240 --> 00:51:11,640
protected because there's no way
they protect themselves.

904
00:51:11,640 --> 00:51:16,120
So they got into another
problem, but that we need to

905
00:51:16,120 --> 00:51:22,320
understand that impact.
You know, you can cut it if you

906
00:51:22,320 --> 00:51:26,960
want to, but I'm certainly not
with the values of America.

907
00:51:28,440 --> 00:51:30,600
You know you work hard.
Totally.

908
00:51:30,640 --> 00:51:32,120
You are.
You are.

909
00:51:32,240 --> 00:51:38,440
You're the most the most
generous society that I've ever

910
00:51:38,440 --> 00:51:41,120
lived is the Americans.
And I lived in America many

911
00:51:41,120 --> 00:51:44,200
times because I come in and I
go, I did not want to raise my

912
00:51:44,200 --> 00:51:47,000
kids here.
That's really interesting.

913
00:51:47,560 --> 00:51:51,360
Too much pressure on external
locus of control, too little

914
00:51:51,360 --> 00:51:52,720
pressure about what's important
for you.

915
00:51:53,320 --> 00:51:56,240
I remember I used to walk with
my kids to the football games.

916
00:51:56,240 --> 00:51:59,640
I used to have them and somebody
says, oh, not my bouquet.

917
00:51:59,920 --> 00:52:03,400
What is a, you know, physical
abuse or something like that?

918
00:52:03,400 --> 00:52:05,120
I said it's honey.
And what are you talking about?

919
00:52:05,200 --> 00:52:07,440
So I did and I was very scared
of drugs.

920
00:52:07,440 --> 00:52:09,720
I didn't grow up with drugs.
We didn't have drugs where I

921
00:52:09,720 --> 00:52:11,760
grew up.
We just didn't, it was not

922
00:52:11,760 --> 00:52:13,440
there.
So I never took drugs.

923
00:52:13,440 --> 00:52:15,960
But it's not because I'm super
special.

924
00:52:15,960 --> 00:52:18,360
It's just they're not there
probably with, I don't know.

925
00:52:18,880 --> 00:52:27,840
But the, the, the essence of the
Americans would do whatever it

926
00:52:27,840 --> 00:52:31,000
took to help somebody else.
Now what happened?

927
00:52:32,400 --> 00:52:34,880
They started feeling that they
were taken advantage and the

928
00:52:34,880 --> 00:52:37,320
other people felt that they had
the obligation.

929
00:52:37,360 --> 00:52:41,440
Now we have the crash of bounds.
I go to Berlin a lot and people

930
00:52:41,440 --> 00:52:43,280
in Berlin keep asking it what
happened.

931
00:52:43,280 --> 00:52:46,840
Everyone knows, everyone knows.
I don't care.

932
00:52:46,840 --> 00:52:48,760
I don't know.
It's too hard, too complicated.

933
00:52:49,920 --> 00:52:53,680
But the fact that we, this is a
place.

934
00:52:54,000 --> 00:52:56,280
I live here because my
intellectual property is

935
00:52:56,280 --> 00:52:58,960
respected and it's not my
investment.

936
00:52:59,520 --> 00:53:03,520
You have a person, that
Rochester thing, and someone

937
00:53:03,520 --> 00:53:06,320
comes to coffee, they give the
credits.

938
00:53:07,040 --> 00:53:08,600
That doesn't happen anywhere
else.

939
00:53:09,160 --> 00:53:12,120
That only happens in America.
That respect for intellectual

940
00:53:12,120 --> 00:53:15,040
property is another report.
It's true.

941
00:53:15,480 --> 00:53:19,240
I think that's absolutely true.
In fact, one of the reasons why

942
00:53:19,680 --> 00:53:24,320
on some level we've been able to
prosper as we have in a short

943
00:53:24,320 --> 00:53:26,240
250 years.
Can you imagine?

944
00:53:26,240 --> 00:53:31,680
It's just a blip, right is
because we have rule of law that

945
00:53:31,680 --> 00:53:35,120
ain't perfect, but works pretty
good, right?

946
00:53:35,600 --> 00:53:41,040
And I, I was just watching an
episode of Lex Friedman where

947
00:53:41,040 --> 00:53:47,240
Paul Rosalie had visited an
uncontacted tribe in the Amazon.

948
00:53:47,240 --> 00:53:51,800
And it was really an interesting
discussion because they're

949
00:53:52,520 --> 00:53:57,840
completely in the wilderness and
been living their life for maybe

950
00:53:57,840 --> 00:53:59,680
thousands and thousands of
years.

951
00:54:00,200 --> 00:54:02,400
And they have no idea what's
going on in the rest of the

952
00:54:02,400 --> 00:54:04,520
world.
And all they care about is to be

953
00:54:04,520 --> 00:54:06,520
left alone and make sure they
have enough to eat.

954
00:54:06,720 --> 00:54:09,720
So it's back to fight or flight
food.

955
00:54:09,840 --> 00:54:12,000
You get up in the morning, all
you have to think about is what

956
00:54:12,000 --> 00:54:14,960
I'm going to eat and that some
is not going to eat me, right?

957
00:54:20,400 --> 00:54:25,440
Plague, right?
That's right.

958
00:54:25,440 --> 00:54:26,600
You play.
That's right.

959
00:54:26,760 --> 00:54:29,000
Yeah.
It's a fascinating episode.

960
00:54:29,000 --> 00:54:32,120
I don't know if you followed
Paul Rosalie, but he's but he's

961
00:54:32,120 --> 00:54:37,040
secured 20,000 acres of the
Amazon now and is on a mission

962
00:54:37,040 --> 00:54:41,640
to do almost 300,000.
So fascinating experience that

963
00:54:41,640 --> 00:54:44,160
he talks about.
I'll take a look at that.

964
00:54:44,160 --> 00:54:46,760
But I have, I have an anecdote
for you.

965
00:54:46,840 --> 00:54:50,400
When I was when I was in
college, I had saved about money

966
00:54:50,400 --> 00:54:54,240
because because I knew, I knew
early on that money gave me

967
00:54:54,240 --> 00:54:56,200
choices.
So I worked very hard.

968
00:54:56,880 --> 00:55:01,480
Yeah, yeah, yeah.
And, and so, so I, I left my

969
00:55:01,480 --> 00:55:03,280
parents home, but I always saved
money.

970
00:55:03,280 --> 00:55:06,840
And then I got to a point where
I could buy a car.

971
00:55:07,440 --> 00:55:09,880
Somebody told me there's this
land in the Allison.

972
00:55:10,360 --> 00:55:12,320
And I went and I sold it and I
bought it.

973
00:55:13,520 --> 00:55:17,600
And in the Amazon, they, they
don't have a concept of

974
00:55:17,600 --> 00:55:20,960
property.
So I remember talking to them, I

975
00:55:20,960 --> 00:55:22,960
had a watch, you know, it's just
a watch.

976
00:55:22,960 --> 00:55:26,480
I remember talking to them and
somebody asked me for a watch.

977
00:55:26,480 --> 00:55:29,760
So I gave them the watch and,
and then I need to go because I

978
00:55:29,760 --> 00:55:33,280
was going on a bus and, and the
bus was leaving and I was trying

979
00:55:33,280 --> 00:55:37,400
to get the, the, the watch back
and I think it's mine.

980
00:55:37,520 --> 00:55:39,080
And, and then there was a
priest.

981
00:55:39,080 --> 00:55:42,280
I was walking around there, he
was getting food or something.

982
00:55:42,760 --> 00:55:46,560
And he said they don't have a
concept of property and their,

983
00:55:46,840 --> 00:55:49,080
their Spanish was inducted.
And I said, how do I, how do I

984
00:55:49,080 --> 00:55:50,400
do this?
Just tell them that you need,

985
00:55:50,640 --> 00:55:53,000
you need to see the hour.
And they gave it to me.

986
00:55:53,800 --> 00:55:59,480
So ownership was defined by need
to use think what have the

987
00:55:59,480 --> 00:56:03,680
social implications of that?
Now I gave many years in

988
00:56:03,680 --> 00:56:10,080
Australia and the Aboriginals
don't have the notion of life

989
00:56:11,160 --> 00:56:14,000
your spirit.
And there's a great book called

990
00:56:14,000 --> 00:56:16,840
Sand Talks about talking about
Aboriginals.

991
00:56:17,080 --> 00:56:20,920
But because we move like you
move, I move because we lost

992
00:56:21,080 --> 00:56:26,160
that connection with our roots.
But Sand Talk, it's a very

993
00:56:26,160 --> 00:56:31,840
interesting book that talks
about how natives see themselves

994
00:56:32,400 --> 00:56:35,880
embedded into the earth and it's
it's so fascinating.

995
00:56:37,160 --> 00:56:40,000
That's really interesting.
So back, back to this just for

996
00:56:40,000 --> 00:56:44,360
one second, the, the way that
Paul Rosalie has been able to

997
00:56:44,360 --> 00:56:49,640
buy these, this land up is 1 the
people who would come in and

998
00:56:49,640 --> 00:56:54,240
figured out how to buy it from
the indigenous people because

999
00:56:55,280 --> 00:56:57,880
there still is issue with title,
right?

1000
00:56:57,920 --> 00:57:02,000
And so, and but they bought it
with the intention of logging

1001
00:57:02,000 --> 00:57:05,640
it.
So they did the heavy lifting,

1002
00:57:05,640 --> 00:57:09,400
the loggers of finding a way to
buy it and he would rush in and

1003
00:57:09,400 --> 00:57:13,120
buy it from them and say, OK,
now you're going to make more

1004
00:57:13,120 --> 00:57:15,120
money with me.
You're going to become part of

1005
00:57:15,120 --> 00:57:19,440
our organization and we're going
to keep this land open.

1006
00:57:19,840 --> 00:57:23,240
And so he would go in and come
cause the indigenous people were

1007
00:57:23,240 --> 00:57:25,400
the people who were gonna do the
logging 'cause that's how they

1008
00:57:25,400 --> 00:57:27,680
were gonna make money.
Cause in their view, they might

1009
00:57:27,760 --> 00:57:31,840
own this 10,000 acres, but it
was of no value to them, right?

1010
00:57:31,840 --> 00:57:34,640
They didn't understand.
But all of a sudden, yeah, the

1011
00:57:34,640 --> 00:57:38,120
loggers came in and said, OK,
you can make money, but you have

1012
00:57:38,120 --> 00:57:40,080
to log it.
And he came in right behind him

1013
00:57:40,080 --> 00:57:42,720
and said, don't log it.
I want to make you more money.

1014
00:57:42,760 --> 00:57:45,240
And you're going to become a
Ranger to find me more property

1015
00:57:45,440 --> 00:57:47,480
and you can talk to other
indigenous tribes.

1016
00:57:47,880 --> 00:57:52,000
And so he's, he's really done an
amazing job of leveraging a very

1017
00:57:52,000 --> 00:57:54,240
difficult situation.
So anyway, I'm it's.

1018
00:57:54,280 --> 00:57:56,960
You're still getting younger.
I'm sorry.

1019
00:57:57,840 --> 00:58:00,960
What yourself then you're just
goes through?

1020
00:58:01,080 --> 00:58:05,880
I'm I'm in at the I'm about to
buy a big piece of property out

1021
00:58:05,880 --> 00:58:09,640
here in Utah and keep it as open
space.

1022
00:58:09,640 --> 00:58:11,480
So nothing, nobody can do
anything with it.

1023
00:58:11,480 --> 00:58:15,440
So I'm on the run that band way.
I'm interested.

1024
00:58:15,440 --> 00:58:17,080
I don't because I think that's
what we need.

1025
00:58:17,400 --> 00:58:22,520
I think that's what we need.
And I think no matter, no matter

1026
00:58:22,520 --> 00:58:26,760
which tendency to go, you end up
realizing you need both.

1027
00:58:27,680 --> 00:58:29,840
It's stupid fighting winning
both.

1028
00:58:30,800 --> 00:58:33,880
So, you know, some people, I'm a
New Yorker, right?

1029
00:58:34,240 --> 00:58:36,600
And some people outside of New
York, when they come in to

1030
00:58:36,600 --> 00:58:42,160
visit, they misinterpret the
energy of New Yorkers because

1031
00:58:42,160 --> 00:58:45,600
they would stop a German family
would stop a New Yorker on the

1032
00:58:45,600 --> 00:58:48,720
street and the German families
walking for stride.

1033
00:58:48,920 --> 00:58:51,320
And they don't understand you
can't do that, New York, because

1034
00:58:51,320 --> 00:58:52,520
people are going to pass you,
right?

1035
00:58:52,520 --> 00:58:56,400
They'd stop and ask somebody for
directions and they would, hi,

1036
00:58:56,400 --> 00:58:58,520
how are you?
What's going on?

1037
00:58:59,040 --> 00:59:01,840
And New York would say, where do
you need to go?

1038
00:59:01,920 --> 00:59:04,800
I'll get you there.
And they would immediately say,

1039
00:59:04,920 --> 00:59:07,360
go here, here and here, boom,
boom.

1040
00:59:07,360 --> 00:59:08,720
And then they would keep on
moving.

1041
00:59:09,000 --> 00:59:12,800
Well, that was in New Yorkers.
They're the most generous people

1042
00:59:12,800 --> 00:59:14,960
around, right?
They just don't want screw

1043
00:59:14,960 --> 00:59:17,560
around wasting time.
I don't need all the nice.

1044
00:59:17,560 --> 00:59:20,480
He's just tell me what you need
and I'll give it to you, right?

1045
00:59:21,440 --> 00:59:26,000
It's kind of the same contrast
about when you do business in

1046
00:59:26,000 --> 00:59:30,720
Silicon Valley, everybody wants
to help everybody, OK?

1047
00:59:30,720 --> 00:59:35,240
I mean, generally speaking,
right, They they're open to

1048
00:59:35,240 --> 00:59:37,480
helping.
When you sit down into a meeting

1049
00:59:37,480 --> 00:59:39,680
in New York City, there's none
of this.

1050
00:59:39,680 --> 00:59:41,800
Oh, how was your weekend?
How is it?

1051
00:59:41,960 --> 00:59:44,560
No, it's like, what do you want?
OK, I'll give it to you.

1052
00:59:44,560 --> 00:59:45,640
What do you want?
No way.

1053
00:59:45,640 --> 00:59:47,240
No how.
Let's move on, right?

1054
00:59:47,680 --> 00:59:49,960
It's the completely different
environment, right?

1055
00:59:50,680 --> 00:59:53,560
Yeah, yeah, yeah.
But, you know, I, I wasn't in

1056
00:59:53,560 --> 00:59:56,760
love with that because I said,
you know, it's so efficient.

1057
00:59:57,680 --> 00:59:59,760
It's very efficient.
Very efficient.

1058
00:59:59,760 --> 01:00:01,960
So quantalism, it's about
efficiency and production.

1059
01:00:01,960 --> 01:00:04,760
We need that, otherwise we
can't, we can't function.

1060
01:00:04,800 --> 01:00:07,680
Yeah, Yeah, yeah.
No, I, I think I need to involve

1061
01:00:07,680 --> 01:00:08,320
bridges.
Yeah.

1062
01:00:08,320 --> 01:00:09,080
You just.
And.

1063
01:00:09,080 --> 01:00:11,720
And your accent came out a
little bit.

1064
01:00:12,320 --> 01:00:17,000
I have been a lot in Utah, but
every year I go and spend a week

1065
01:00:17,000 --> 01:00:18,960
in, you know, I love the energy.
Yeah.

1066
01:00:19,840 --> 01:00:21,120
I got everywhere.
I got to try.

1067
01:00:21,240 --> 01:00:22,280
I go to Stewart Valley.
Yeah.

1068
01:00:24,000 --> 01:00:25,160
So wonderful.
How can I help?

1069
01:00:25,240 --> 01:00:28,040
How can I make your life better?
It's a very, very generous

1070
01:00:28,040 --> 01:00:32,160
question.
And you just did so you don't

1071
01:00:32,160 --> 01:00:34,560
have to do anything more.
And I, I didn't know what to

1072
01:00:34,560 --> 01:00:36,800
expect, to tell you the truth.
And the audience can hear that

1073
01:00:36,800 --> 01:00:38,920
out loud.
But I'm super happy we've done

1074
01:00:38,920 --> 01:00:40,760
this.
It was been enriching for me and

1075
01:00:40,760 --> 01:00:42,160
I'm sure for the audience as
well.

1076
01:00:42,440 --> 01:00:44,640
So Alicia, thank you for doing.
Yeah.

1077
01:00:45,600 --> 01:00:47,920
Thank you for entertaining for
the time.

1078
01:00:48,280 --> 01:00:50,560
You know, life is too short to
have my time.

1079
01:00:50,640 --> 01:00:55,160
And let's do more peace and love
and and and let's say.

1080
01:00:55,760 --> 01:00:58,400
It took me a while, but it's all
about loving kindness.

1081
01:00:58,440 --> 01:01:00,200
I figured it out.
It does.

1082
01:01:00,400 --> 01:01:01,280
It does.
It took me too.

1083
01:01:01,600 --> 01:01:06,400
Yeah, it took me until the 60s
to realize the secret sauce is

1084
01:01:06,400 --> 01:01:08,640
fine as a hub.
Yeah, for sure.

1085
01:01:09,200 --> 01:01:12,440
Thank you.
Normally I would stop and talk

1086
01:01:12,440 --> 01:01:13,760
to you after, but I've got to
run.

1087
01:01:14,040 --> 01:01:16,400
But I will talk again line if
that's OK.

1088
01:01:17,200 --> 01:01:19,240
OK, Alright.
Thank you everybody for joining

1089
01:01:19,240 --> 01:01:20,560
us today.
Hey Kalisha.

1090
01:01:21,000 --> 01:01:21,280
Bye.