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1:17

hello and welcome everyone i'm patrick or shaughnessy

1:20

and this isn't just like the best this

1:22

, is an open and of exploration of markets

1:24

ideas stories and strategies that

1:27

will you better invest your time and

1:29

your money to invest like the best is part

1:31

of the colossus family of podcasts and

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you can access all podcasts including

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edited transcripts show notes and

1:37

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1:44

he is the ceo of

1:46

assisi asset management all

1:48

opinions expressed sweatsuits or and protesters

1:51

are suddenly their own opinions and do not reflect

1:53

the opinion of us embassy asset management

1:56

has cast for informational purposes only

1:59

and should not be with

1:59

as a basis for investment decisions clients

2:02

efficiency as a management may maintain positions

2:05

and the securities discuss and or

2:09

my guess today is robbie gupta ravi

2:12

spent a decade in private equity at kkr

2:14

before joining insofar as their first cfl

2:17

and see our he , them

2:19

through a critical moment in their history and returned

2:21

to investing to the as nineteen as

2:23

a partner at coil our discussion

2:25

gets the of what it means build and build

2:28

and businesses and we talk a lot about

2:30

the side of the journey which to get

2:32

overlooked was enjoy this great conversations

2:35

with robbie gupta

2:38

there were to begin the conversation i think

2:40

our favorite idea the united soccer at all the time

2:42

is this beautiful elegant sense

2:45

keep the main thing the main thing people

2:47

have heard this before i'm sure that people

2:49

like the idea it's surface level

2:51

i want to spend the first part of his conversation

2:54

really convincing people that this is an idea

2:57

worth holding dear and taking

2:59

seriously ib firstly latest

3:01

like the not keep the maintain the main

3:03

thing so many times i get even town

3:06

and have regretted that every time it seems like one of those

3:08

buses you can only learn by a first hand experience

3:11

or is your best to really ram this point home so

3:13

give me your opening salvo on

3:16

this beautiful idea and why you dig

3:18

it says years

3:19

i believe it with all of my heart

3:21

bursting there some cool are some

3:23

bad i got from john i'm

3:26

it is not focus or

3:28

prior decision until it's cheap for the

3:31

, thing i keep the main the main things

3:33

people say they believe it or that they have well

3:35

what's the main thing in the other side with no

3:38

violated and so for

3:41

me this lesson for burn through

3:43

p learned through work

3:45

against the car and us having five

3:48

goals that we tell the company that we want to

3:50

work on everyone be so happy

3:52

because we have five goals and everyone has

3:55

one of the goal of the fuels the every single person

3:57

in organization and the david

3:59

that the goals that are going to work on

4:02

is great there was energized than

4:04

three months later day that you go and presents

4:07

have it on the side goals the terrible because

4:09

you make no progress or middleweight progress

4:11

on them or even worse really

4:14

good progress on to have been the don't matter

4:16

and no progress on the one that us and

4:18

so the lesson for me is

4:21

simply to

4:22

then you don't do that

4:24

you don't get done the most important

4:26

thing and as a result was of

4:28

happening as you value activity

4:30

over progress on the keys that

4:34

i realize now that he's just

4:36

simply the pain of actually going

4:38

through at first and having a hard conversation with

4:40

someone i understand that is important

4:43

for you not most important

4:45

thing that really give a business and we will get

4:47

that but we will get to that

4:49

after we finish this thing that has to

4:51

be done i would go so far

4:53

as a battered keeping the main thing the main

4:55

thing is the source of what is good in my

4:57

life professionally and personally

5:00

where did you first encounter the

5:02

idea are gonna use a lot about this but

5:04

like was your first lesson or exposure

5:07

the concept

5:08

of really jumping into brain

5:11

is reaching how you measure lights

5:13

bike waitresses examples

5:15

of really fits with me is this book

5:17

that i would recommend everyone reads an

5:20

escape as people dot live the lives

5:22

they want for the same reason that companies

5:24

fail which is that be on

5:27

a short term at the expense of the long term they

5:30

don't actually have their a long term goal

5:32

in mind and as a result

5:34

the kind of like just do that thing in front of them

5:37

there are some that book

5:39

i would see the first thing that happened was i

5:42

never asked myself the question of how we measure

5:44

like okey question but

5:46

i don't know he was pretty important to think about what

5:48

will you look back on and say major

5:51

success or happy for whatever there's

5:53

always a reminder that's probably the main

5:55

thing making sure that you have an idea

5:58

of how you're gonna look back and i realized

6:00

for me was he's gonna be like was my

6:03

family and close friends say about the

6:05

end of the day it will be like what do you

6:07

say our hearts about

6:10

three small definition of family and close

6:12

friends what i realized with that

6:14

was like okay that means a lot more time with a lot

6:16

to work

6:17

a lot more time but a lot you where people

6:19

was a b c and i thought

6:21

about else is the supply i

6:24

think applies the most

6:26

everything saddam and the place where it's probably

6:28

came in was most real to be as

6:31

i sort of appliances that

6:34

i'm doing personally or professionally the

6:37

amusing anecdotes or book was waitresses

6:39

and sharing that people try to feed their

6:41

allies and they have this idea most

6:44

people have a you know you

6:46

all worked really hard when my kids are you

6:49

wonder a older and actually know what's going

6:51

on then i'll have made enough money and

6:53

i'll hang out with them that the

6:55

i was very some was regional but they don't want to hang

6:57

out that the combination of

6:59

one you were hanging out of the earlier that

7:02

you need another thing that they wanted and

7:04

he brings up as example you can

7:06

stay at work at six thirty as

7:09

you can show tangible progress for your

7:11

next five minutes is made you close the sale

7:13

maybe you have a conversation you can

7:15

see some benefit of what you're doing if

7:17

you go maybe you go to bath that

7:20

kind of and that time you

7:22

don't see any tangible benefits of gov

7:25

the buyer the sale that you do

7:27

from six thirty seven fifteen gesture

7:29

of fans all over twenty years my you're not gonna give

7:31

a shit where's your to downsize everyday

7:34

you're going to remember and your home and or a huge

7:36

the thing to look back and i think about

7:38

them with obvious there's a real knowledge

7:41

of i don't want to do that thing that's right

7:43

thing front of the i want to do the important thing that

7:46

i just try now i'll do it all the time

7:48

well but i try to

7:49

think about everything under is very

7:51

interesting to me that the thing popped to mind

7:53

is definitely a personal saying of how

7:56

you your life by your family and your friends

7:58

rbc that be impacted what you do in business

8:01

in in investing in all of these things but is profoundly

8:03

impersonal thanks how do you

8:05

think about the conflict of spurs you into business

8:08

the person who's a great job of this

8:11

cost of that you're keeping them to wherever the

8:13

main thing is in business extreme

8:15

focus extreme energy investment

8:18

all those things of that the tinsley

8:20

jeopardizing this isn't personal

8:22

side to the coattails all the time

8:24

dot printer that makes enormous personal

8:26

sacrifice the do the thing

8:28

you're recommending which is keep that one thing

8:31

intense focus how do you think about that toddler

8:34

the thing ends up

8:36

a keep it up conflict you and i always

8:38

wondered and shoots his this big and of conflict

8:41

for she honors use the families are i

8:43

know that i

8:45

would if i were it's not that conflicts but i

8:47

am going to choose that i know that a that clearly so

8:50

maybe to make this real there have been times

8:52

where attorney my weight has said you

8:54

are going to do your phone you are

8:56

not engaged to energy i'm

8:59

telling you that now and today could

9:01

get a sense of my way would you do this

9:03

she said i feel bad for you to see

9:05

like you're pretty stressed about work and

9:08

your hoosiers the i don't know in

9:10

tomorrow numbers you timer on a feeling

9:12

that you're just that that your life

9:15

not you're selling you now

9:17

asked me to tell you is that it's okay

9:19

because of back the next day we

9:21

went for a walk and i told her a on his article

9:24

it's all muslims to the okay it's the

9:26

i'm going to try and fix this thank you

9:28

i do not on it were to phone i

9:30

wanna spend with you in our kids that

9:33

years or done if i can do it over the

9:35

next six months if i cannot fix this

9:37

i want you to tell me and you have my word off i

9:40

can't manage do you me

9:42

this overs not door to see you're not making your

9:44

i watch there's a really

9:47

good moment for us you know

9:49

is a priority if i did not able to manage

9:51

to tell me i'm going to make the decision it

9:55

of course you are an average it but i think that

9:57

clear really is actually help what's also help one

9:59

okay on the day thing with family of them

10:01

going better number one that

10:04

one way i try to think about that would i would tell

10:06

you that is i think the unlock your that's kind of

10:08

interesting is focused at work

10:10

actually helps you on more efficient there

10:12

are some times that you're spending time on should

10:15

does it matter you're spending time going

10:17

through everything rather than actually

10:19

the one thing that you have to go huge build

10:22

businesses in one of the i think

10:24

this is true particularly for starts

10:26

that's all the time are talking

10:28

about things that have nothing to do with whether or not

10:31

they'll be begun successful the honey

10:33

bee we should worry about scaling dysfunction

10:35

oh no we don't product

10:37

very well right now like who cares

10:40

doing it matters actually fixing go

10:42

to market nothing else matters for women

10:45

going to about this other issue

10:46

norman our should on our product

10:48

is back

10:49

we need to fix that nothing else matters

10:52

don't spend time on that will be with your

10:54

family do is open it be sicker

10:56

gonna be away on a

10:59

so i think the hasek clarifying my

11:01

as you can actually helps on time is of

11:03

example you know talk about these written

11:05

the culture i wrote the whole

11:07

point is don't have too many things

11:09

you can bet you uncultured you're

11:12

working late answering people's questions

11:14

on your engagement survey better

11:16

on cultural things that you don't even terrible

11:19

we find a way you totally athena

11:22

you can solve that by say i actually don't

11:24

care about them not company doesn't about the

11:26

a company only cares about this and

11:28

if not nudists will respond you're

11:31

super clear like my says a pretty simple people

11:33

just want to be told and if

11:35

you didn't have the courage to tell them the that

11:37

know yourself law to tell them what you're about

11:40

what companies about they do actually

11:42

could be more efficient on that thing it through

11:44

the i believe a lot

11:46

can you tell from your own experience bigoted

11:48

and skirt helping me that business

11:50

what the most painful episode

11:53

of an acting this philosophy was

11:56

and what it felt like

11:57

when i started we were losing

11:59

all the or every order but

12:01

we rise lines of is our last

12:03

i wish it two billion dollars be

12:05

have been named peter forms their fortunes number

12:08

one most promising start up in

12:10

twenty fifteen to the outside

12:12

world we were crushed in our

12:14

way to a lot of it's you inside the

12:16

building we were trust women

12:18

facts are due economic

12:21

or business wasn't work for of a

12:23

lot of money on every worker and you'll

12:25

to be as yes i know that you're not a growing your way

12:27

i was losing money every water and

12:29

so the answer of that an existential

12:32

risk of people know

12:34

the internal or external really

12:37

are to life get everyone

12:40

focus on one thing without

12:42

scaring people and also

12:44

when they don't have that same

12:46

basic knowledge of like we have an existential

12:48

risk it's all the time

12:51

if you are a high flying company everything

12:53

is working your business maybe you have the luxury

12:55

work nonsense is a hard time

12:58

then of getting the whole company focused

13:01

on if we'd all six urged economics

13:03

we don't have a business as more that was incredibly

13:05

incredibly difficult but it was usually

13:08

part of it was the only reason that we survived

13:10

was the company seen

13:12

focus on one thing and other thing this crazy

13:15

but i'll tell you did you

13:17

as people who were it is the from

13:20

twenty fourteen to twenty eight hundred

13:22

twenty fifteen or whatever then

13:24

you more people that i would say their favorite

13:27

either the company will actually probably six unity

13:29

cox sure you read this

13:31

article that breed molson wrote about what she

13:33

meant was working extra there's

13:35

this incredible think that she wrote which

13:38

is her favorite time the

13:40

a t i was having a lot of stability

13:43

that you get with a good at that moment when but

13:45

the only thing that matters is it's ability of the eight

13:47

yards and i think that which provides

13:49

her people shared purpose and i was

13:51

interesting on that is ironically enough

13:53

it's hard to sell some hundred only one thing

13:56

because you have to deal with the fact that the

13:58

business somebody elses cares about

13:59

that the me

14:01

by everyone working on one thing

14:03

bills like my small relationships he

14:05

goes fry it's extremely clarified

14:08

if you do make progress on that think i'm like oh

14:10

yeah we like gossip the ducks and

14:13

so that was very hard and then another times

14:15

was very hard was when we were having weekly

14:17

you're bi weekly executive team meeting which

14:19

is our dps at a bus and it was archers

14:22

it's and aren't the was

14:24

a pretty crappy be in a lotta

14:26

times because a really crappy beating a of

14:28

people would skip including the airport finally

14:31

government wise the have this year

14:33

it's so bad

14:36

i realize if we realized that the reason

14:38

that bad was because the bastard executioner

14:40

different for what's the meeting was supposed to be people

14:43

that were counted the markets and interested in meeting

14:45

this is that it isn't it and for all the

14:47

decisions are oftentimes made by

14:49

a smaller group that i'm using before though

14:52

he was really hard to go until

14:54

someone actually the real

14:57

that that this meeting as bad as because we

14:59

have given the on expectation for what it is

15:02

this meeting is not a decision making me that the

15:04

decision getting happens with these for people

15:06

the fourth that it actually

15:09

decision making body is not holding think

15:11

we're going to now call it the se les

15:13

illinois as it stands for but does

15:15

seem makes the decisions this is the information

15:18

dissemination thought and occasionally

15:20

lawmakers

15:21

it's not

15:23

that conversation he

15:25

was way better afterwards that everyone

15:27

you okay cool what have you to make

15:29

i'm gonna into that sort of like

15:31

the thing is true whether or not he there

15:33

is the most important thing whether or not

15:35

and said no intercept whether or not

15:38

you with a theme that is the

15:40

most important thing that guy get done and

15:42

i think that sometimes people to up

15:44

as the conversation is that everything is

15:47

similarly important that they

15:49

ignore reality but you see previous

15:52

in brazil break it

15:54

whatever reality is just tell people

15:56

and know it yourself this

15:58

is why

15:59

so important

16:02

you're not

16:03

keeping the name is the main thing your alliance

16:05

yourself durbin

16:08

something there in one been vetted more

16:10

and more and that all the rest you're choosing

16:12

not to admit it doesn't make a doctor

16:14

hope found the so far to into

16:16

a career as an investor were you're

16:20

not just working on one company got

16:22

a portfolio of them of wage of

16:24

them has a focus and you can help them with

16:26

that's that's one way to apply the idea but

16:28

switch this context force a little bit into

16:30

the world of investing is it in

16:32

strategy is it in where does it

16:35

most so far for you at square applying

16:37

this idea there

16:38

while it is as everyone

16:40

knows the venture dabbled in the our

16:42

law distribution business so there

16:45

will be in the course of a

16:47

fifteen twenty year career

16:50

oh a handful of investments

16:52

if you're lucky that are worth more that every

16:54

other investment that you make on behalf of your

16:56

team or partners the i think

16:58

remember the idea

17:01

of our you bake the

17:03

like think that you will do for the l

17:05

keys of the fun well aren't

17:07

really driven if you're working in venture capital

17:09

by a few companies the bar

17:12

for making a great investment is effectively

17:14

is this company going to be one of most important

17:16

copies of the next

17:18

the years

17:19

nothing to do with the availability of

17:21

that company for taking my were

17:24

would be nothing to do the only thing as

17:26

do with is whether or not it will be they

17:29

wanted important companies like one example

17:31

to this that i think was pretty helpful for

17:33

me was when i first started as

17:35

files also demonstrates that

17:37

are useful like all one

17:39

of the water twitter current research i

17:42

said what in the first you met on a comment on a baby get

17:44

best than just get a single you

17:46

look at he laughed and said i think that's a pretty

17:48

dumb strategies and i said you

17:50

be and he said you joining

17:52

sequester the next

17:54

google they

17:55

don't care that you joined sequoia

17:58

the doesn't mean that that law

18:01

is a you find of was fitted into your time

18:03

for any there's nothing do with

18:05

the way the world is actually gonna work was more like

18:08

these different estimates of the first few

18:10

as you try to demonstrate your we

18:13

would need for me that i guess i

18:15

write is not my don't look at the top of everything

18:18

think it only take one investment

18:20

this year with this year would you

18:22

tell your best friend that they should go work at this

18:24

company it's a lot since the for on a

18:26

price with their entire for you would

18:29

use that you're given more to subject next

18:31

ten years as all the things that i think on

18:33

hyper it is something that you're

18:36

to look back on not as feel good that you wrote

18:38

a check ultimately

18:40

you're that has a chance to

18:42

really make a difference this is practically

18:44

the way that i thought about the other thing is i

18:46

saw this room for use by our partners

18:49

i literally have blocks on a challenger

18:52

hours long that are can see that

18:54

say most important that

18:56

is literally what they pay the ideas

18:58

during a thing that is the most important right now that

19:00

i've been reading something that be

19:02

trying to meet with a founder quitter

19:05

think of a chance to be important that

19:07

might be working on a company that you

19:09

already have invested in that has a chance to be

19:11

great that he leaves room

19:14

for you to decide that in the moment

19:16

the lobby to tell the amazon version

19:19

of this idea team

19:22

lead i think it's fourteen leadership principles

19:24

forties a lot what you think about those and out

19:26

he think this might be an interesting example of keeping

19:29

the main thing the main

19:30

amazon enroll in iraq gap

19:32

is today presumably or three trillion dollars

19:35

on any feedback on them and it's not super

19:37

bonhams kind of your to get i guess but

19:40

i would say that i amazon

19:42

culture is largely based on one thing

19:45

i'm working beta an awesome or obsession

19:48

that is what he does would die

19:50

articles for i think the rest of them

19:52

are cool they are nice the the are to

19:54

have a lot of you're not the made you

19:56

don't want a bigger would be customers se and

19:59

i think the reason that that is so

20:01

important on your

20:03

own company is what is that version for you as

20:05

a lot of people have the fourteen of them or whatever

20:08

that number is a lot of people have that in their comfort

20:10

it actually not hard to right seven

20:13

or ten or fifteen manage the principal

20:16

it is extraordinarily difficult to see

20:18

the one that would keep no matter

20:20

what what is that one that you keep

20:22

no matter what and pesos to do it no

20:25

way to see something other than customers

20:27

such a thing that thing to agree

20:30

do myself and try to tell

20:32

why care about what is that one

20:36

that all the way through before

20:38

you now the other ones because as you think what

20:40

happens after his people there

20:43

are so busy trying to the

20:45

people in the company that are make

20:48

the big difference the actually

20:50

just treat the people on the company who can

20:53

be obsessed with the one thing and

20:55

will make huge difference your

20:57

effort on those people on the people that are

20:59

self left it in that wanna be there and that are

21:01

making huge difference i told

21:03

him what you're really about

21:05

the my interview last week was literally

21:07

like

21:08

the only i hope you get ten liters

21:11

don't know what am i

21:13

can't tell you to quickly when can

21:15

go users to things that really does not to

21:18

read performance nursing and

21:20

honestly didn't matter if you don't perform

21:23

you're not going to be your very well what happened

21:25

when people are selling somebody on joining

21:27

something using performances

21:29

of honest thing

21:30

he's using it as a single

21:33

that's the thing so crazy that a few

21:35

to me

21:35

the to performance culture nobody's

21:38

going to be around is not funny pulling their weight that's

21:41

the thing i think that you can you get select

21:43

one thing would you really stand

21:45

for and he finds out that signal

21:47

to all of these people who that's what they

21:49

care about you but it's actually a very simple

21:51

to a bunch of other people great go

21:54

getters the matter

21:56

the you know you got a good one there's this interesting

21:58

investing thing you know don't one basket

22:00

and and there's a counterpoint which is a put him on one

22:03

basket just watched the basket very closely

22:05

and it seems like that latter one which is give

22:07

you get a good one then you take

22:09

it seriously ill will take you far that

22:12

demands we asked and board next question is

22:14

are you you've got a good main thing to

22:17

begin with what you good mean things sharing

22:19

common one of the attributes

22:21

i love that i think that

22:23

if you go back to this embrace reality

22:25

thing in your brutally honest about how your

22:27

business he doing on two dimensions

22:29

you can figure out into the have a good neat thing

22:32

ultimately what you should able to

22:34

do with your business should either have excellent

22:36

metrics and they can be input or output excellent

22:39

metrics and over the

22:41

best people in the world that wanna come

22:43

worker you've gotta be able to look at

22:45

one of those things that gotta this in

22:48

order for you read you happen to be the main

22:50

thing i do you have a but

22:52

it you don't have that what

22:54

evidence are you looking at to suggest

22:56

is your main thing is great about

22:59

eighty polarizing figure the is

23:01

you know like the idea of the company

23:03

i have that's okay as long as somebody

23:05

who's that than the world does one how i

23:08

don't have to have your difference between nine

23:10

to say nice things about this will permit

23:12

but their value their value acid breakthroughs

23:15

was it me think

23:17

the very clear of what they

23:19

stood for if you don't wanna work

23:22

that way totally cool used to work

23:24

the greenery communicative of

23:27

this is the style of company that we want to help

23:30

the what i'm gonna light is your main thing

23:32

good footman to use your bag

23:34

that was an amazing episode a big

23:37

deficit i was tired after it's affecting

23:40

us some version of is either

23:42

pestilence or it's shit i think

23:45

most people try to live in the middle and

23:47

maybe excuses are reasons

23:49

this is something that is will tell you will

23:51

think one of the mistakes that mistakes and

23:54

many people have on the last couple years

23:56

when you're making decisions that between growth

23:59

and in men are profitability

24:01

they're like numerous you were a do ours respect

24:03

for how much did you invest in how much did you

24:06

grow increasing it there's

24:08

been something that's been decided a long

24:10

time ago that actually pretty good which the rule

24:13

before that's a pretty good

24:15

thing and maybe should be done because

24:17

you're sixty probably shouldn't be will cook

24:20

and you think about it oh gosh

24:22

we need help yourselves into law of a standard

24:24

in the last couple of years the

24:27

how businesses should perform the

24:29

trail we didn't learn something new that meant

24:31

that that was no longer relevant we

24:33

all did so sweet you're

24:36

know if we would have held ourselves to the standard

24:38

of yes you know mobile number capital

24:40

was super cool sociable me

24:42

invested is this a good trade and

24:44

and so risky differently because they metric

24:46

that we should trust is it's victory

24:48

it brings up another dimension this for me i

24:51

tried have to read the least until he locked

24:53

into them but i'm starting to believe

24:56

that things work tend

24:58

to work like shockingly quickly

25:00

move is new product in a launches give

25:03

gonna work like it often works immediately

25:05

and in really ramps from there and i'm wondering

25:07

if that same i've jersey agree

25:10

that in general but also whether or not that's

25:12

a litmus test potentially a good mean saying

25:14

is that good mean things for example

25:16

your one on your personal family and friends my guess

25:19

is decorated and orderliness that worked

25:21

instantly so do you think about that

25:23

as like another dimension of this that

25:25

the feedback loop for stuff that's

25:27

good is actually really sure i

25:30

love that either working extremely are

25:32

not working at all i think one of the things

25:35

that sort of interesting is these companies

25:37

that turn out to the amazing there

25:39

ice cream in early on

25:41

their laws modest then

25:44

there's like oh my god these stories

25:46

of people salvadorans right daughter servers

25:49

are overseas these crazy things

25:51

and so i was like that as a litmus

25:53

test and i think that it should be obvious

25:56

if is a good one and

25:59

i think that's a good well

26:01

as fast as to whether something is a good main

26:03

thing

26:04

you've written a lot recently in the past

26:06

year and i've really enjoyed reading all the writing

26:08

and i'd love to just kind of pull on some of the ideas you've written

26:10

about as covered these different on

26:13

this notion of meeting being the main saying the

26:15

one that really comes to mind is this notion of joy

26:18

the competitiveness is kind of interesting

26:21

the by to and i want to think about it talk

26:23

about that concept of joy and competitiveness

26:25

inside of a culture i guess what sites

26:27

and how that's related to focus

26:30

one is interesting in that i

26:33

made person that guess that helped define

26:35

the culture it's quite alright months or partnerships

26:37

but not the only one and think

26:39

our culture is around performance and cheaper

26:42

working about like our culture at home and

26:44

our culture at home i beat it

26:46

around joined the marines are families

26:49

of culture and we are

26:51

a family that cares a lot about people

26:53

smiling and laughing and i think that result

26:56

of business but we also carolina

26:58

though that i think it's repeated

27:00

our entire families went into the example

27:03

that i try to get there that

27:05

i believe and i think it relates to focus we

27:07

all have like ten value visit our family

27:10

we don't have and words i was misled the culture

27:12

get to you're not one but

27:14

it into a like okay these are

27:16

the things that i that up in

27:18

our think so the reason i think that that

27:21

is interesting as initially

27:23

think willing to defend even when over

27:25

does what that means that are cameras there are

27:27

times where one of my children flips

27:29

over the hard after aboard the because

27:32

he said he lost

27:34

of course i'm like no there when you can't do

27:36

that

27:37

i don't like a little proud to the he really

27:39

cares as you like tears at all of

27:41

his soul and i thought of other what

27:43

should be used for the little what now and get the worst

27:45

thing about him is very over bit better but

27:47

fine i'll do it in my

27:49

point that for companies as think about their cultures

27:52

take one day bet you things and be

27:54

ready to defend them when someone goes

27:56

crazy someone does it too much

27:59

yeah

27:59

make your engagement survey if

28:02

you insist on having one of those only

28:04

about those are you doing on those two topics

28:06

rather than all the up there's a bunch of companies

28:08

matter where they will

28:10

send out the gate and surveyed the culture

28:13

and they get it back in they do

28:15

on life balance a

28:18

rep the board and as like that we were on

28:20

this is a beautiful reflect off and

28:22

, you ask her okay cool do

28:25

you care about work life balance ring

28:27

as they with thirty people other companies are never

28:29

ensure that no actually not like i think

28:31

we can run the idea of what

28:33

am i to be propelled engagements your be to see how we're

28:35

doing our and then why phone said

28:37

oh but don't you don't put

28:39

on what care about any tell people actually

28:42

i know be really honest we're for the

28:44

on his for a long time because the main thing

28:46

we have to do with this were willing to deal with that

28:48

is gonna be that consensus the made

28:50

it even your culture should be focused your

28:53

business should be focused of years but

28:55

we care about years with a never with that it off

28:57

and her culture should be focused to and

29:00

both about have a main thing

29:02

do you think this section the conversation

29:04

and question that so

29:06

powerful is keep shrinking

29:08

down the the you think matter

29:11

to one in any aspect is just a thought

29:13

exercise it gets really interesting i'm

29:15

reminded of this exercise joseph campbell

29:17

who was the guy behind the whole hero's thanks

29:19

where he would have people category

29:22

like seven stones they would stand the edge of cave

29:24

and your be the ceremony where you had to imbue

29:26

each stone with like something the matter to you

29:29

your , your home your

29:31

whatever prized possessions and then

29:33

you had to ritualistically them

29:36

in the order into the caves and

29:38

to you just had one last i was

29:40

crazy news like you knew for damn sure

29:43

he had the stack ranking done right and it's the

29:45

getting is you said it's painful so

29:47

painful take from the first part of the conversation everyone

29:49

can ask this question about so many things

29:51

so many life and i think it's a really interesting exercise

29:54

but now there are some sub components of i to explore

29:57

so there's leadership own a comeback to

29:59

be a you're on top of a good main

30:01

thing but before he even get to that i think

30:03

you need some sort of poor motivation

30:06

aligned with person that installs the

30:08

goal the main thing that runs pretty

30:10

deep and i think this is a good excuse to

30:12

talk about what you've learned through

30:14

sequoia i'm especially interested in recounting

30:17

your first conversation my for it's about

30:20

tuck even just as an example a little bit about

30:22

your own motivation your family backgrounds joy

30:25

the topic of motivation is important me where

30:27

to begin you could tell us what you think

30:29

about this how you assess how deep motivation

30:32

runs

30:33

new and i was recently

30:35

they enjoy talk to each other's people like

30:37

learning new things splurge to do things as you

30:39

get older is fun and

30:42

this is something i would say i've learned more

30:44

recently like last few years as opposed to something

30:47

i've always believed or something so

30:49

when i was interviewing actually for

30:51

is the cart might insists on

30:53

the owners on square and you didn't

30:55

they're so this is now seven

30:58

years ago yeah

31:00

and minutes of like are you smart questions

31:03

which is what are you still with an interview and

31:05

then the next post as requests what

31:07

is your relationship like with your parents i

31:09

remember being like oh my god it's

31:12

also the thing is like you prepare for

31:14

a lot going to do as yours he

31:16

had never considered you're

31:19

not an honestly i much prefer the answer that

31:21

sir he was what conversation is

31:23

that some of the and

31:26

we've just an hour to have going through like deep

31:28

south of truly starting at the beginning

31:30

what are your parents like what is your brother

31:32

lives talking about you to the topic

31:35

the topic about each of them all these seats

31:37

will be there source i

31:40

really didn't know what to make up honestly percent the

31:43

fire at the of it i felt very much

31:45

like me i said because i never before

31:47

i disagree even though i thought so

31:50

, i might did

31:52

you just ask be those questions you know

31:54

two years later use as meters questions

31:56

are asked them every piece of the last not

31:58

everyone

31:59

the

31:59

why he's like what i think

32:02

that the only thing that indoors like

32:04

the intrinsic motivation and i

32:06

think understand the sources that is

32:08

critical why did it matter if you

32:10

see what is the thing that's the that

32:12

keeps you going and i would

32:14

say that i kind of has bought the there is

32:16

idea what is thing

32:18

that drives you forward and it's not

32:21

always like a nice buyer

32:23

is interesting and i was a are very successful

32:25

people a lotta times it's like jones

32:28

in some form we talked about some that

32:30

it's few years but i think to

32:32

that that you can predict whether somebody

32:35

will keep going what will make them

32:37

to go is pretty darn

32:39

you go and pretty tough but i started

32:41

i have my full religion on that

32:43

maybe just as an example can you explain

32:46

your own motivation even if it is

32:48

negative

32:49

the one aspect of it is

32:51

my came here when

32:54

you start spiders all the in my grandmother

32:56

five children my grandfather

32:58

was injured and yeah i'm like whatever

33:01

but not paid that much and

33:03

i guess you i decided it was live

33:05

like that he came to america

33:07

did he said he left my grandmother and

33:09

if i had kids there have you

33:11

to think about like ninety fifty seven

33:14

since it was pretty different like means

33:16

you know they didn't see him

33:18

the ever dated talk to him ever

33:20

are people in his family

33:23

feel that my dad is better disguise gone

33:25

he's like gone created a new family

33:27

in the us is never coming back mr

33:29

real fear of that amongst the people that

33:31

he cared about ninety six he comes

33:33

back and brings back my grandmother and her youngest

33:35

daughter lives that were boys their fight added

33:38

that time

33:39

the in february or not

33:41

than the damage on eight

33:44

they don't have a get the boy weekends or ninety

33:46

two he treats his i see one component

33:48

to the motivation is obligation man

33:51

like did on forty thirty five

33:53

his diapers is always than

33:55

he does all this just so

33:58

all the rest of us can have

33:59

robert

34:01

i think nothing of interest is that chance

34:04

the age my dad was when he left

34:06

my grandpa he left his the same age as my youngest

34:08

son would be my youngest son now

34:11

he's the best had his brothers love them so

34:13

much i can imagine leaving them

34:15

for anything what opportunity for somebody

34:17

i've never met would i don't you just not

34:19

perfectly atrophy discuss atrophy discuss me know there

34:22

was something pretty crazy that was done and

34:25

is an obligation of and yards or whatever that that

34:27

i think is true and honest

34:30

look at inadequacy like

34:32

i watch trouble have you

34:34

that you have

34:36

what is use you dot loudly going you

34:38

something think about people good for you sir

34:40

that's been my brother listen

34:43

this my older brothers wonderful

34:45

three years older than me he's had always been

34:47

in his own his nice but you'd than

34:49

me so many things wrong he

34:52

was so like a whole and everytime

34:54

i go into a classroom iran better

34:57

even earlier such as how

34:59

different it was viewed more serious than i was

35:01

he was better in class and i was all

35:03

the time the teachers like and better every

35:06

time and i think there's a

35:08

reason i do this because everyone likes

35:10

my brother better growing up that baseball

35:12

i love my room he likes somehow still

35:14

manages to care of be so bitchy to

35:16

use disney the with an annoyingly

35:18

nice to meet even when he was my big brother to get beat

35:21

me up it's not his fault at all

35:23

he's awesome i'm very but

35:25

constantly having somebody better than us

35:27

something and people like i think

35:29

that's something that makes me pretty competitive

35:32

the end i don't know healthier now

35:34

but it is

35:35

the actual has this phrase chips on shoulders

35:37

by chips in pockets kind ,

35:39

interesting but a chip on his shoulder

35:42

which allowed some civil war whereas sort of badge

35:44

of honor whatever the thing my be like

35:46

you described i'm struggling between

35:48

the virtuous and the vicious intrinsic

35:51

motivators were fear and they

35:53

seem very very powerful motivators but powerful

35:55

don't know it's to soundscan unhealthy i'm

35:57

curious what the range of motivator you've

35:59

seen maybe with founder he bar to answer

36:01

dish with other exceptional people and have you

36:03

seen ones are more i'll call them virtuous

36:06

and what might those things be

36:08

i haven't

36:09

heard of something that i think

36:12

is enduring that is super

36:14

the your and as it doesn't exist

36:18

between true patrick is the i see the

36:20

to find a hard to predict or somebody will way

36:22

out over time you're trying to predict

36:25

how a demon or a motivator

36:27

shows itself in what

36:29

the what cases are that over a longer time

36:32

you think it's pretty hard to predict what's

36:34

interesting is you're probably looking for

36:36

like an extreme there in

36:38

one way or another and you're sort of hoping

36:40

that will be harnessed in harnessed way that positive

36:43

or that's but i don't think

36:45

it's that easy to know in

36:48

the event of investing i think sometimes

36:50

the more did you have your health

36:52

but on motivator side he really

36:55

was you invest in someone to as a

36:57

deep motivation to do something the less you know

36:59

exactly how it's and it's for now the maybe

37:01

the red prince i've seen a hardship once

37:03

now of is that seats

37:05

they are you up grows rather than like thirteen

37:08

investments generally

37:10

yeah a little bit more evidence of our they

37:12

don't win the executives or how they don't

37:14

certain things

37:16

are you think sometimes they don't know what

37:18

you are looking for some of that extreme what

37:20

about them art obsessing this out

37:23

in conversations starting with me

37:25

what you learn from mike martz again

37:27

but also just in developing the skill set on

37:29

your own what is great look like

37:31

in terms of the ability to out someone's

37:34

core motivators to noses herbert

37:36

time

37:37

i actually liked the investing

37:39

because for maybe different reasons and

37:41

some other people like i like it because the competition

37:43

other almost the integrity of the game

37:45

that you and i are talking about it so

37:48

hard it is objective

37:50

as to whether or not you're good at

37:52

the gym or that kind of thing but

37:55

when i really like about we do is

37:57

do is my duty to don't the people are

37:59

not fund investor and i would

38:01

never the i'd i want

38:03

to spend time with the people that are building

38:06

a and a lot of and all the time

38:08

with them early on so i say

38:10

the first thing is you actually have to

38:12

care about getting to know this person's independent

38:14

whether or not with us only

38:16

reason you care is so that you

38:18

can decide whether or not give them

38:21

rashid honey bee or pretty good

38:23

at figuring that out do you actually want

38:26

to know this and this for

38:28

your demo that could share with people

38:30

later or whatever so i

38:32

think the first thing is like a genuine curiosity

38:35

caring about it because otherwise it on the person

38:37

wants to open up your even and all the book

38:40

is going to be tommy tommy somebody else i walked

38:43

if we are going to together for a long time it

38:45

is valuable to be dressed to get those around me

38:48

to go first and goes to tactic of like actually

38:50

being willing to tell somebody cylinder own stuff

38:52

below and i think off as people was

38:55

don't have that negative is unique

38:58

or they think the media will rob

39:00

somebody the wrong way and you go want to make it okay

39:02

for whatever this the second

39:04

thing is doing in a different

39:06

setting then is normal process

39:09

people from somebody is pretty different than going

39:11

for a walk then it first

39:13

and i think is way than any other form

39:16

one thing that alfred mental the what i thought

39:18

was super helpful even a of

39:20

times people don't like looking people in the eye

39:22

when they're doing certain things when they're

39:24

talking and giving somebody the chance

39:27

for they don't have to do that all time is actually

39:29

pretty as you think about going deep

39:31

with somebody like figuring ways with

39:33

us not the norm wouldn't incredible observation

39:36

of like humans and i thought that

39:38

was kind of an interesting one the

39:40

thirty the willingness to ask our comfortable

39:42

asking one of the reasons i ask michael

39:45

moore is like asking those questions related

39:47

you think that can do that because you're

39:49

a foreign journalists your extraordinarily

39:52

successful your fifty five

39:54

and you're a nice as

39:57

a christian there's nothing to

39:59

do with any that way that he was

40:01

genuine curiosity people want to talk

40:03

about themselves if you

40:05

actually care

40:06

it hard to as somebody question it's hard to

40:08

ask somebody something when they tell you something seats

40:10

can't that's how to see where it can dance

40:12

or can you do a good

40:14

or to ask people about some of these things

40:16

and sometimes it doesn't go exactly the way you'd

40:18

expect but when it does you're

40:20

like oh shit you're get

40:22

something

40:23

it dot about focus and

40:25

motivation an evaluation

40:28

of a core idea and speed what

40:30

do we haven't talked about as the leadership on

40:32

top of all of this that takes

40:35

and how to be a great leader in this is maybe the see you

40:37

have the most experienced having run into the garden

40:40

i think having talked observe thought about

40:42

ringleaders a lot and like what you've

40:44

written something and is that i recommend everyone go check

40:46

out which is a post will use for this

40:49

concept of being demanding and supportive

40:51

of people that you're leading and

40:54

again i sort of of the to this apart i think

40:56

as far as some examples for sports that we could talk about

40:59

the to begin to give us the idea itself

41:01

why did he two words hair

41:03

so well for well defined leadership

41:05

effect

41:06

adam branch actually said this one

41:08

time which most yourself parents you supposed

41:10

people think of parents as you're either

41:13

is a spectrum between being highly demanding

41:16

and highly supporters other kids

41:18

fish where you are in the sector and he you like

41:20

that all wrong the restaurants are

41:22

not if you don't offer you

41:24

said i remember if the i just heard don't think

41:26

that's going to make big difference in my likely

41:28

oh my god i love that and i used it

41:31

over and over and over again since and the reason

41:33

i think it's so cool as i think that reframes

41:35

tradeoffs and not it's more

41:37

like in the moment what did you doing the

41:39

concept is quite simple which is the best leaders

41:43

such extraordinarily high

41:45

level of performance the for so long

41:48

as they're there for you very

41:51

real by in each

41:53

moment there for treating the level of

41:55

tough but support of realized

41:59

that

41:59

the value such as a leader

42:02

dot that they are extremely

42:05

willing a little tell

42:07

someone that they're not performing there

42:10

are extraordinarily honest about those

42:12

things inappropriate they are

42:14

sometimes very difficult because

42:16

they is that so much when

42:19

chips are down there are there they

42:22

are absolutely their fleet the

42:24

reason i it so athletic a pint everywhere

42:26

as one of things were like you said for not having that

42:28

and police this is romcom like

42:31

this is the right way to we don't

42:33

actually think it's going to

42:35

, wrong from from death eaters

42:38

really both as an added

42:40

rights i will get deep fried

42:42

example that people would bring up for demanding

42:45

is was that oh my god what

42:47

a hard ass he runs books

42:49

about how we just need focus and getting

42:51

started amp it up and all these things

42:54

okay cool of yours truly didn't we all

42:56

agree that the crew that rises

42:58

him from company to company is pretty consistent

43:01

my presumption that those

43:03

people feel like he thought them got

43:06

your back and they find the right for him to

43:08

have their back and it's probably something that a your

43:10

he stream private i

43:12

earn the respect of francs loot i find

43:14

the support of i salute the know my like

43:17

okay cool so i looked at the

43:19

group ominous he would always

43:21

start every season of coaching the

43:23

spurs i guess you're referring

43:25

him dumped it apart in the first

43:27

that this every year go

43:30

see that there's like these clips of during

43:32

the game similar feelings tim duncan

43:35

you don't didn't bleed red pop that his career

43:37

basement via go

43:40

and watch to dot his retirement ceremony

43:42

of was with her father did says adoption watch

43:45

how much she they're not and went through lot

43:47

during period is obvious was absolutely

43:49

there he would have been his friend even don't get left

43:52

and gonzo orlando and if he entered

43:54

every season the book every

43:57

shouting at a penalty the end of

43:59

everything

44:00

the thirty exit interview with and with

44:03

you for letting the country

44:04

emphasis on the word coach

44:06

one thing that's been pretty cool as then

44:09

when people have been very tough on me

44:12

leadership why later in life

44:14

reagan later and working with them i finish

44:16

them for making different that's the reason

44:19

that i think this guy tied together of like

44:21

sport is so valuable the i think

44:23

the key to happiness is earn success

44:26

the dumping i one time or was ever

44:28

harder brooks used to run the american enterprise

44:30

institute on success the

44:32

result from be not because for can

44:34

get the trophy each is because you aren't

44:36

bit of the feeling that comes along with the robots

44:39

a thing that happens dimensional the people

44:41

is you create opportunities for the tavern

44:44

success the create opportunities

44:46

for them to you're happy and you'll be earning that

44:48

happiness absolutely

44:51

so cool we talked about job you've

44:53

got i love coach k i

44:55

admire those case results am

44:57

i that's transition value

45:00

the psychology possible you're

45:02

tell the story about how

45:04

represented player for about winning a

45:06

player in college basketball history pretty player

45:09

from suit

45:10

gonna story and coach k was just

45:13

so hard on why don't you know

45:15

finding exactly what would motivate

45:17

say in the demanding way being like leadership

45:20

dirt a lot about how we'd be do the long

45:22

history to maximum so he would say things

45:24

like that great deal with average that

45:28

that playing just the notion of figuring

45:30

out exactly what would motivate and being a

45:32

real hard ass on so

45:34

valuable but the now twenty later

45:37

the right the worms and she where

45:40

you live

45:41

that to be is amazing leadership

45:43

i do your works every i think the best with figure

45:46

out where to titles and they figure out when you

45:48

need a really tough demanding i believe

45:50

and then it bigger out the time they

45:52

have to be there for like broken

45:55

we had about a lot of things and

45:57

i'm glad we got them all done before talkie

45:59

companies he said performance

46:02

and team or white matter at square my

46:04

guess is that the same things now extend

46:07

down into the companies that you want to support

46:09

i'd lost it is here since moved from

46:11

being an executive running of a big business

46:14

into an investor seats how

46:16

you've developed this you sequoia

46:18

i probably has answers to this as a party

46:20

line of sequoia unable to your those two what

46:23

is it than the you're looking foreign companies

46:25

like if ultimately performance is one of the to

46:28

they gotta be great big companies so what

46:30

have you learned so far about dinner find the attributes

46:32

of these things and obviously we've laid the groundwork

46:34

they should be focused as you a good main thing there should

46:37

be evidence for that you know there should be motivation

46:39

and so good leadership but when

46:41

you go company to company what is your process

46:43

how are you using all of these ideas

46:46

to actually evaluate

46:48

the i think the first thing people are

46:50

different there are people who will

46:53

impose clouds that is where investors

46:55

you are incredible at picking through

46:57

different business models did you lot of

46:59

like writing about them they think about

47:01

the future and because sort of predict

47:04

it in a that's pretty amazing that

47:06

is a complement to a set

47:08

of people and any kind of look for

47:11

people that are building the future the ambition

47:13

and they are thesis driven like that i

47:15

don't know what to do that's the thing that i

47:18

try to do is i try to spend time with people

47:20

that will in sirens and have them tell

47:22

about the future the get built in out that evaluate

47:25

whether i believe the a different

47:27

process because it's not and hours and

47:29

hours breeding a

47:31

beautiful document the in i don't

47:33

chase is much more try to find

47:35

people who i think have some

47:37

we did you get an extreme point

47:39

of your ideally at that and what i

47:41

try to look for okay however

47:44

in so i try to look for companies that are early

47:46

and habitable the combination

47:49

of world the i think about like straight

47:51

into meeting god this they're vicious increase

47:53

the of the internet cool

47:55

most probably believe it's inevitable

47:58

that g the of the internet go

48:00

out okay everyone associated with

48:02

a magnet for dollars a question of or early

48:04

in that are the could be able to execute nurse

48:07

one thing i look at a lot and on

48:09

the office for him that's fair i invested

48:11

in since like two companies i'm very happy

48:13

that we get to be part of both then

48:16

i believe in my heart believe that their early

48:18

and an ab

48:19

they don't it becomes that will they execute on

48:22

it and party seems you want a back and it's do

48:24

you do all these things but those are two things

48:26

i look for which is there at the beginning of

48:28

a very long term trend

48:30

that that that trend is happening

48:32

with or without them and the question is whether they're

48:34

leading a clustering in that for it

48:36

you believe that it's hard to for something

48:38

i don't think there's management teams they

48:40

could have by been successful and

48:43

ninety ninety ninety that online grocery

48:45

was inevitable you don't think

48:47

that i think that you needed the smartphone

48:50

in take it and assured him

48:52

in i'm glad birch that it is because

48:54

came along and cash into the trap

48:57

was the way i try to do it which

48:59

your voice i think you're runs

49:01

as two separate residences think what is inevitable

49:03

and he does lead in it's own

49:06

actually get actually and i think a of what

49:08

the teams in such why is going

49:10

to happen now the next

49:12

thing i try to look for his

49:15

his cabinet for me as somebody understands

49:17

their business in religious my

49:20

we invested in fair the thing

49:22

that i love with the just absolute

49:24

militaristic detail every

49:27

number that was the debt you ask the question about

49:29

number thousand the deathly to bring it all

49:31

the way down

49:32

you know about passenger

49:34

these are so high quality just is understand

49:37

exactly why these things are happening

49:39

in i love that if

49:41

somebody really knows why something's happening

49:44

like three levels of detail input

49:47

the habit for the spend

49:49

the remaining that matters i think

49:51

that you only know about that if you care

49:53

about the taught and i think you've decided

49:55

that as important as your and everything that the

49:58

i think about is pretty referee

49:59

not something that will matter future

50:02

the thing but also your things like

50:04

that i was impressed by beyond the matron also

50:06

was sergey grits is

50:08

like most jason was away

50:11

from them

50:12

he doesn't even recognize that it's weird

50:14

that you had four years with no remedy when he

50:16

kept going and people are telling him to open

50:18

source it and doing all the things that i

50:20

don't understand question of why you got your health

50:23

that very different than the way most

50:25

people are

50:26

the everything else are you haven't

50:28

been very humbling dot the car

50:31

as like oh and you know i know is that the looking for

50:33

and always works that

50:36

is very true sequoia

50:39

or just in general i think it is you're not

50:41

constantly learning as you will because

50:45

there isn't by dot playbook but that's

50:47

what i kind of tried you never saw i

50:49

look for i like this metric

50:52

i try to figure out for how i feel dispersed

50:54

called me and thirty

50:56

it really try to think about the way will feel

50:58

the phone rings is this sounder

51:01

am i excited to talk to them am i

51:03

like off by talking to them

51:05

and i figured i believe that the stature of the

51:08

we both care about a how do a little

51:10

button just as i got that a monster

51:12

then take all these ideas these

51:14

amazing ideas viewers and turn them

51:17

back on square itself to help

51:19

understand how they in

51:21

a from that's obviously historically been one

51:23

of the best how demanding and support

51:26

of manifest there what partner

51:28

meeting looks and feels like what

51:30

the apprenticeship model looks and feels

51:32

like maybe you can bring some of these to

51:34

life with your day job and

51:36

from that i think people really interested

51:39

the first thing i say about subway as

51:41

i think sequoia as a

51:43

pretty strongly believe yesterday

51:45

doesn't

51:46

the statements that people hear about the place

51:49

are true and that only

51:51

as good as our next investment that's very

51:53

real sense of what it feels like

51:56

in die

51:57

that he the question becomes why why

51:59

is it like

51:59

the

52:00

while that the case

52:02

the word to come to mind with the light

52:05

teamwork and be better than you found

52:08

those are things that were soon as he describes

52:10

the great culture that say are

52:12

the things the reason performances

52:14

first

52:15

there is no role

52:17

without

52:18

all the elements apprenticeship all the elements

52:20

of culture all of them

52:23

are designed with this idea is

52:25

better work

52:26

you'd better be in the most important company

52:28

them tomorrow

52:30

they weren't i've done everything was

52:33

one i think that's interesting as declared

52:35

if you do and you are the first person

52:37

that's ok to founder you're the

52:39

one a subway or works on edge will necessarily

52:42

be involved with the country there's a conversation

52:44

with advantage that could like

52:46

work with and the answers were york

52:48

with all of us

52:49

i like wow they recognize that earth like

52:52

planets you will never with which one of will

52:54

be my member the that

52:56

always the bridal them but whichever one you

52:59

it doesn't matter he got like oh yeah johnny

53:02

or jane he source it and therefore either

53:04

retire jimmy are you don't get any of us because they

53:06

get differentiated the purpose

53:08

of this is to make sure that you get the best

53:11

thing

53:11

remember that tweet a while back

53:14

the that articulation of venture capitalist of

53:17

value probably was disguised rock improved

53:19

odds i love the

53:21

our job is to increase your of

53:23

being a legendary company

53:25

what do you think will help you get there among got

53:27

law be years then i use

53:29

this analogy before of it and he is true

53:31

i think that the aspiration person quiet not

53:34

to be like a golf

53:35

everyone had their bowl add up their scores you

53:37

will be games just recently rational to

53:40

either we when are we need that

53:42

the that the of demanding

53:44

and supportive

53:45

often times on one side of the spectrum

53:47

where the other i don't think it's always both

53:50

we will be an apartment being and it is a

53:52

real discussion

53:54

the tough sometimes his

53:56

contact

53:57

very written culture people will say

53:59

thing

53:59

the

54:00

there were not a very good never

54:02

i don't know how to help you make the decision

54:04

here that i don't have a lot of my

54:06

questions answered they really

54:09

painful can be here amongst the small group of course

54:11

pretty small in the investments the

54:13

growth theme partner discussions ten or people

54:16

the people you know respect

54:19

and you care about their pity but someone says library

54:21

never miss tough

54:23

the allowed

54:24

the will happen where someone was a really

54:26

think this is a really important company and we

54:28

really need to invest in someone say like i'd just

54:30

don't understand what you're saying that the

54:33

hundred excellency

54:34

the demanding side of it

54:36

you do need to bring your a game to the partners

54:38

it is not a rubber stamp

54:40

it's a thing were

54:42

everyone has dial the in

54:44

will do none of this later my guide and you did you

54:46

should do it i need to support him side

54:49

of that happening in august of this is complex

54:51

it's been complex abiding coded maps of work

54:53

through it what is that happens

54:55

a lot of time to be the

54:58

sidebar afterwards oh

55:00

effectively communicating that you believe

55:02

in the person that the

55:04

reason that you said would you said about the

55:06

company it was about the analysis

55:09

a woman about them and directness his

55:11

kindness and what can i do to help you

55:14

can do this reference with you on this analysis

55:16

think we did this way down do it with you

55:19

there's a lot of that the album

55:21

they pointed at he if necessary

55:22

the demanding nature is very

55:25

yeah it's a set of people who put a lot of pressure

55:27

on themselves to do that the

55:30

last thing though on the leave

55:32

a better than you done a good good he didn't

55:34

get forward looking fit because otherwise it's pretty

55:36

intimidating to go somewhere

55:39

can eating at him how made aware

55:42

the need reading and sequoia had

55:44

success that i had nothing to do with from

55:46

the past the years is

55:48

intimidating to think about leaving the better

55:50

than you found it there

55:51

the empowering to because it's a recognition

55:54

of

55:54

if we just keep doing the same thing we're not

55:56

going be better for you i have an aspiration

55:58

to say the same we have naspers

55:59

try

56:00

right the i

56:03

my birthday wasn't in a good like with their

56:05

jim was there a dog was there up

56:07

with their these are people that have done

56:09

a lot of stuff i personally found

56:12

to be the better than you down be positive because it's

56:14

like or cool there's an expectation

56:16

that will try new things and will change it up one

56:19

of the day that you and i talked about it i think

56:21

that in my best when i'm the

56:24

i guess i'll little loose on the i that's what i'm not

56:26

looking over the dense every time i make a mistake

56:28

wondering if i'm going to get bitch

56:30

it took me a little while

56:32

having a large and six people that allowed to like

56:34

get to a place where they wanna

56:36

right

56:38

certain way that the objected

56:40

what it is

56:41

the number one thing that i would say

56:44

for someone is trying to figure out what it

56:46

means to work at sequoia or a

56:48

place that has had good success you want them busy

56:50

says

56:51

there's real respect for the

56:54

that you're already that they're taking is an awesome

56:56

so hard against

56:58

all is all about the

57:01

really need a bad shots are

57:03

you need to not be and

57:04

one of my favorite thing about sequoia a

57:06

the fact that people that have been there are twenty five or

57:09

grind

57:10

there are all in her you're all and i really

57:12

like that of the founders because the

57:14

idea of well we have to make decision

57:16

by don't know when i'll be able to talk to person

57:19

that

57:20

the founders didn't they're killing herself

57:23

the idea of i want to know who that

57:25

is person's away from the beacon

57:27

they're hard to reach now matching

57:29

than letting respecting that is a big

57:31

part of what

57:32

i about forty square

57:34

i don't mean to be just that it's perfect there's

57:37

a lot but you to play on began probably during

57:39

over there were times where we had too

57:41

much demanding and not enough support

57:43

as you've run around each

57:45

a lot of the

57:46

these expression let the body and

57:48

all of this that happens

57:50

it happened better when you're in person

57:52

yeah in my opinion a little bit odd have doubts

57:55

i think that the apprenticeship was harmless

57:57

the beginning with people started

57:59

the

57:59

do you them how do you get talk yourself

58:02

one thing that was really hard

58:04

guy was i have done some other stuff

58:07

in my career i came from being the leader

58:09

in the car

58:10

then elements of being rookie

58:12

the yard

58:13

there was not later a pair of shoes that

58:15

just fit all the sun

58:18

how did the performance or any place the very much

58:20

a performance at this place place

58:23

though the past when i say yes your matter

58:25

that sounds good except for when

58:27

you're yesterday supporting this doesn't

58:30

that's actually my shit

58:32

that hard

58:33

i don't mean to suggest that is all

58:35

they say if you work at a restaurant was there anymore

58:38

i think so far as it requires the opposite

58:40

for me and my gets the place where once you're

58:42

enclosed you would definitely want to invest

58:45

we did it's amazing breakdown of rolex

58:48

the other day which is crazy

58:50

reuters a non profit the biggest

58:52

watch friend the world and it's a

58:54

family controlled nonprofits sounding

58:57

in that you know five and

58:59

the first knows breaking down at privileged

59:01

access or knowledge about it he had been one of

59:03

the few people that went to the for different

59:05

locations where they make everything's vertically integrated

59:07

like and gold foundry the

59:10

wild story and he said something which

59:12

stands out which is the only only

59:14

companies you ever encountered the

59:16

as you get to know it more you like it better restaurant

59:19

if you really go back to the kitchen watch republican

59:21

like it lasted the best this comes out

59:23

or whatever the front facing of something

59:26

is almost always the best version of it i think

59:28

the apprentice molly's where the rubber meets the road

59:30

and i'm really curious what that is like

59:33

if you to get that concept

59:35

like apprentice sounds great but what

59:37

does it actually mean and do that well

59:40

because that seems like would drives people

59:42

driven industry so much success

59:44

or failure when you're bringing even very talented

59:47

rookies into the team

59:49

the way requires willingness to play both

59:51

roles

59:52

the mentor and the apprentice

59:54

and other kind of change day by day saw give

59:56

you an example that at least comes to mind for me

59:58

or like about

59:59

a girl had a thirty year operator in the

1:00:02

president a dm rare in my opinion

1:00:04

is probably the best or a exact

1:00:07

in the valley and one of the top

1:00:09

ceo candidates for any enterprise

1:00:11

company that whatever

1:00:13

the

1:00:14

there's a lot that people can learn from com

1:00:16

life

1:00:17

even people that had had tremendous success

1:00:20

in investing

1:00:21

they can learn a lot from somebody who run

1:00:24

companies whose lead sweet thousand people

1:00:26

who and

1:00:27

the orders every time every

1:00:30

coral did some in and gonna be like

1:00:32

work on the residents operator

1:00:35

and i will teach you all a bunch of stuff

1:00:38

that is about operate

1:00:39

the now be very valuable role a bunch of people

1:00:41

get apprentice under people

1:00:44

would have to apprentice him and be

1:00:46

willing to apprentice on her of even though the treated

1:00:48

investments there's breathtakingly successful

1:00:52

the owning a car allows to say

1:00:54

i don't know how to do some of the things that

1:00:56

you all have done

1:00:57

i haven't done that before

1:00:58

yeah to be willing be

1:01:01

a rookie

1:01:01

the game how do you determine

1:01:04

this part of an analysis that determines whether

1:01:07

we should invest in this company crawled

1:01:09

along writing memos you didn't love reading

1:01:11

and forty right now the well beat him up

1:01:13

the said he had to learn how to be a good writer

1:01:16

and prose the cold calling

1:01:18

companies resources think about

1:01:20

how many errors people they're probably worried

1:01:22

when use money than sales or

1:01:24

then i always thought that was cool because

1:01:26

you did all of the that

1:01:28

he is apprentice a

1:01:31

nurse people were on the hall of fame and you dusting

1:01:33

side no are apprenticing

1:01:35

under him

1:01:36

the reason i thought that was of the cool

1:01:38

articulation as i think most people think

1:01:40

of mentor an apprentice or whatever as

1:01:43

very the group and up

1:01:45

there is the apprentice and it's

1:01:47

time to be the guru and it's tough to be the apprentice

1:01:50

that if you are willing to do both

1:01:52

with her same as you can learn and and there's things

1:01:54

that you teach pretty magical

1:01:57

that is fucking hard

1:01:59

really i do admit that you have

1:02:01

to apprentice under some the my i work in an

1:02:03

investment actually disagree

1:02:05

the as amiga

1:02:07

and that ego was stamped out

1:02:09

over some period of time

1:02:11

the new before was great they're cool

1:02:13

but it's different than what we do here and do to

1:02:15

learn

1:02:16

i talked about

1:02:18

he taught me a lot of stuff because patient with

1:02:20

me it also required for

1:02:22

me eat or wise being

1:02:24

a wonderful partner and say nice things to learn from you

1:02:27

get so much more gg lifelong learning

1:02:29

is really good

1:02:30

it means that you're constantly monitor

1:02:33

i do think that as a hallmark of the

1:02:35

places like we haven't done much we

1:02:37

gotta go and do it better that means we gotta learn

1:02:40

new you talk especially given what

1:02:42

markets are light been summer here and twenty twenty

1:02:45

two about what all feels like

1:02:47

now we had this discussion seven months

1:02:49

ago or something would have been very very

1:02:51

different environment lots companies were flying

1:02:53

high prices were crazy exits

1:02:56

are crazy gas was slowing or

1:02:58

certain like the opposite environment now things are

1:03:00

very different what is this your lights to

1:03:02

you environment wise and

1:03:04

what are you spelling sounders

1:03:06

a you work with an ones that you're considering

1:03:09

working with about how their behavior

1:03:11

needs to be adjusted given the market there

1:03:13

were

1:03:14

a correction dot a look i don't

1:03:16

think it's to what it was that

1:03:18

he were a lot closer to normal now than

1:03:20

we were then is

1:03:22

isaac where isaac where

1:03:25

is if we are good is this

1:03:27

job the fact that it's hard

1:03:29

or should be a positive

1:03:31

gardening either we deserve to be

1:03:33

good at this or we don't and harder

1:03:35

game like good let's let let's

1:03:39

forget , i think our soldiers afford

1:03:41

a stealing of always sheila like you're one step

1:03:43

away from out of business are one

1:03:45

step away from feeling people came before

1:03:47

you very prevalent you paranoia

1:03:50

prevalent you for her yes that she was harder

1:03:52

you know what separates muzzle i think

1:03:54

that accompanies was very interesting better that

1:03:57

comics your sneakers different by company

1:03:59

but standing up his is the previous

1:04:01

one communicating that i hope

1:04:04

i didn't do the job as could have year

1:04:06

recognizing that this market

1:04:08

was great but i mean by that is

1:04:10

that our business plans of the company

1:04:12

that i work with be done a better

1:04:15

job of saying the wave

1:04:18

at this business also for the value

1:04:20

is on slows the proxy

1:04:23

for that is going to be are gross margins

1:04:25

the efficiency of that gross margin growth is this

1:04:28

just because the market preview doesn't mean

1:04:30

are financials to beat you and thank

1:04:32

goodness law the company to done well anyway but

1:04:34

i think i was as good as i should have been on that

1:04:36

and on the nose is here i business then

1:04:39

i start with down i talked to the marina

1:04:41

certain that is a point

1:04:44

of view then i don't

1:04:46

start with that the what credibility do i have to

1:04:48

get the point of my have now but i have

1:04:50

so i wish i said more of this or months

1:04:52

cool now i firmly

1:04:55

that like the bill parcells you

1:04:57

are with your records as you are investors

1:05:00

are going to judge us on our financial interests

1:05:03

the judges our finances a great input

1:05:05

message should show up as excellent

1:05:07

financial his family members but soon

1:05:10

as you show up as excellent financial matters a

1:05:12

boring things like sequential operating

1:05:15

leverage is boring things like

1:05:17

really doing on river for each

1:05:19

and boring things like dollar

1:05:21

retention been consistent and strong

1:05:23

i really believe ultimately that

1:05:26

is are going to be judged on their the

1:05:29

further that we get away from

1:05:31

the morning or lines what sorts

1:05:33

that is probably like the conversation that

1:05:35

is going on i think

1:05:37

that amazing founders often get

1:05:39

of words but he also i think the more

1:05:41

important thing africa's making sure

1:05:44

my will be that it's not about the intestines later

1:05:46

about them having a business

1:05:49

i think is an accurate way to decide

1:05:51

whether a business is a great business or i

1:05:53

like will be even if you know as a good indicator

1:05:56

as to whether or not integrate business it's

1:05:58

not about picking somebody else happen

1:06:00

the by actually having durable

1:06:02

business the big word that i would probably

1:06:05

use a lot know his durability different environment

1:06:07

is durable this is the durable reality specially

1:06:10

to build a business that is durable

1:06:12

as measured by its nitrous i linger

1:06:14

ask you this what is a great product

1:06:17

mean to you or did the dimensions of great

1:06:19

as it pertains to the product itself the

1:06:21

humidity can wonder attention is the

1:06:23

thing that i think is the best care

1:06:26

of just like so interesting how much i'm hearing the same

1:06:28

way to go on club do some

1:06:30

the rebuilding of do they come back and

1:06:32

do they use or more author has played

1:06:35

he gave me one that gets the

1:06:37

other things around metrics for

1:06:39

whether something is a truly great products

1:06:42

will be i think morality people

1:06:44

talk about a lot but it's not like a real around

1:06:47

now you're forcing people

1:06:49

want to talk about

1:06:50

why break without be compensated

1:06:53

for doing that they've got here

1:06:55

a softer things are almost more of

1:06:57

what i look for i think of a great product know see

1:06:59

something you see all that

1:07:02

you hear about it that makes you not be able

1:07:04

to sleep after which is rather my gosh that's

1:07:07

the reason i went to work in secret was because of my

1:07:09

wife because i asked for what

1:07:12

do you recommend the card she said i don't

1:07:14

know how they make money reanalysis when said

1:07:17

but if you wanted to move the first thing first would

1:07:19

use it as to car deliver to the new house

1:07:22

i mean come on who says that i would move

1:07:25

on like this product was available they're like

1:07:27

well you're liberal i

1:07:29

think the example would be something

1:07:31

there oh my gosh how somebody

1:07:33

say that and i think on every

1:07:36

company that has a great product

1:07:38

that i never there's been some staff

1:07:40

for some statements are some fisher

1:07:43

said

1:07:44

whoa i did not know

1:07:46

that that was something that somebody could say

1:07:48

about products

1:07:50

oh editor is this emotional our than

1:07:52

that i think is pretty unique comes

1:07:54

up a great products

1:07:57

the very start or conversation i think the very first

1:07:59

he said was the litmus test

1:08:01

around focus his pain if you're not

1:08:03

feeling some pain then

1:08:05

you're probably not really doing this exercise

1:08:07

right and there's a wonderful story that i think i'd

1:08:09

love to start wind down with around

1:08:12

his to cart mention it a few times that you know economics

1:08:14

being lopsided and outta whack when you joined

1:08:17

then specifically the episode of the two thousand

1:08:19

sixteen and he was a board of directors meeting

1:08:22

and just what that felt like and what you did

1:08:24

to turn things around

1:08:26

these agree business but it's also

1:08:29

good example of where we open the conversation

1:08:31

with which is we will just call this episode

1:08:33

so or something is amiss very basic

1:08:35

not flourish just bogus keep narrowing

1:08:38

the fall guests tell us that story is a thing

1:08:40

it's a great example of how powerful that can

1:08:42

be in a business

1:08:43

do anything about september twenty eight twenty

1:08:45

fifteen the first board meeting was november

1:08:48

ten twenty fifty me data like

1:08:50

burned in brain we presented

1:08:52

the financial services temper

1:08:54

the the first i saw that was

1:08:57

right around halloween then i saw

1:08:59

them i recall a the controller afterwards

1:09:02

hey you know these around would you mind will

1:09:04

be ending of and he buys

1:09:06

the runway come on his have ordered the financial

1:09:09

the controller that what you mean are

1:09:11

they say we're losing forty dollars on water

1:09:13

they say we're burning talk on dollars monthly thing

1:09:16

the unless you're a cast obviously

1:09:18

this can't be

1:09:19

nato hong kong know that's right

1:09:22

the first part of the story just fear

1:09:24

of course i'm like oh god this

1:09:26

i work what i gone and the

1:09:28

real honest answers you think about is back

1:09:31

and weaving bet viewers december financial

1:09:34

in alabama i was with your retreated

1:09:36

timbers maybe timbers can call your

1:09:38

ass don't think either anyway

1:09:41

i think that my first visit was at the state which

1:09:44

you engines and the board

1:09:46

meeting was us presented yeah

1:09:48

honestly i sort of hoping that that were beating the

1:09:50

one where the board explains why

1:09:53

was overly concerned am

1:09:55

i was gonna be fine the guy yeah

1:09:57

i know maybe you're okay maybe a lot

1:09:59

amateur but i guess maybe there's experience

1:10:01

that how that tells me that is gonna be

1:10:03

fought met a guy on the board

1:10:05

said this is extraordinarily alarming

1:10:08

scary gotten worse than it was before

1:10:10

the are you from

1:10:12

that

1:10:13

the only good thing that came from not was

1:10:16

we had anything we are

1:10:18

obvious thing where we didn't fix

1:10:20

this

1:10:21

the dinners and gonna be broke

1:10:23

and it will never again what

1:10:25

weekend at that point way

1:10:28

the company there's only one thing that matters it's

1:10:30

to make money on your than

1:10:33

what it means whatever that the growth whatever

1:10:35

that does you all the other metrics that we care

1:10:37

about it with you and other than like

1:10:39

integrity eat as a counter the truth is

1:10:41

we will never have been eating it's not done with integrity

1:10:44

but originals of the what the

1:10:47

reason i was such was fun experience for be what

1:10:49

a person works amazing

1:10:51

by

1:10:52

i learned so much about leadership during

1:10:54

that years we are

1:10:56

a lot of good as computers a team of years

1:10:58

we gotta go to put a lot of was also the

1:11:01

the right questions and it's been creativity

1:11:04

there's this tyler cowen article someone sent me the

1:11:06

other day which suited so short

1:11:08

just elevate ambition was the best

1:11:10

things you could use a reader as to tell people

1:11:12

they give you more demanding ,

1:11:15

telling cheek we should fix this and

1:11:17

be like what ideas you have to fix this

1:11:20

your the constraints of that the idea

1:11:22

that came up when we get that were so

1:11:24

good i have two sons right now thinking

1:11:26

about some of the idea that he came up with on

1:11:29

like realizes that we sit beside every

1:11:31

delivery that the moment we figured out that every bit

1:11:33

of was worth twenty percent of gross margin the

1:11:35

moment that we got the teachers were real strict

1:11:38

no more than policy the ones how

1:11:40

we broke it was to get everyone features

1:11:43

that were sweet tee shirts the said every

1:11:45

minute counts because we're such as seminal

1:11:47

moment oh shit this makes a huge difference

1:11:49

or business power delivery of his anyway

1:11:52

the thing that was so cool was that we it

1:11:54

again you got the main thing

1:11:56

was the main thing and we knocked it out the

1:11:58

i look at my for years

1:11:59

thing that i'm most out i would and

1:12:02

it it was also truly so hard

1:12:05

i am a hundred residual revenue would not

1:12:07

have gotten without this intense

1:12:10

malaya call singular

1:12:12

focus

1:12:13

they might be something that i think is a determinist

1:12:16

aristocratic along for i think there's

1:12:18

no sort of super was written without that

1:12:20

being that huge moment and also they get

1:12:22

set the template for how we would get things done

1:12:24

things the future the incredible intense

1:12:27

focus on the thing that mattered

1:12:29

what were the painful things that most

1:12:31

drove the switch over to mention the per minute costs

1:12:33

for there are other things that were the most important

1:12:36

one of them was a pretty cool

1:12:38

thing which was we realized we were charges

1:12:41

sales tax and we were charging bottle

1:12:43

deposits the reason i say that these

1:12:45

are interesting isn't it's

1:12:47

a pretty detailed stuff has been the actual

1:12:50

we are all we couldn't charge customers could

1:12:52

always why answer isn't economics just

1:12:54

breathing v social club defeated

1:12:57

going to be here was just go about that and i

1:12:59

still remember when the person came up with the idea

1:13:01

of a second i know where isis or assessment

1:13:03

work noticed that there are these bottle deposits

1:13:05

of you have to pay the we got charted one for and

1:13:08

i'll send them are not first similar as properly

1:13:10

he still seems very comfy and

1:13:12

so would be so i'd really understand what

1:13:15

a brilliant idea even though you said

1:13:17

be censored customers more does it out

1:13:19

if we're just charging them what they actually should

1:13:21

be paying that's the costs of goods no

1:13:24

i was wrong does the wrong that straight you are right

1:13:26

let's do that that was a big thing of just the

1:13:28

team figuring out and reason that

1:13:30

the one i like so much on the perfect cause was

1:13:32

because if you ask the lower costs

1:13:34

know features you're probably

1:13:37

nobody cares

1:13:38

i'm actually surprised that are everybody

1:13:40

so the answer of like realizing that

1:13:43

a lot of our cost was in the cost

1:13:45

of labor and realize you have

1:13:47

leverage dollars for our times number of hours

1:13:50

and realizing that dollars per hour to have changed

1:13:52

the you need to date shoppers affair an appropriate

1:13:54

wage and then the only thing you have less

1:13:57

in order to move that number is number of hours

1:14:00

why do more deliveries what about you or hours

1:14:02

when you want you to read it's a few else you

1:14:04

want is to protect your minutes the

1:14:06

works as a team did at that point one

1:14:09

was just the identification that this is the driver

1:14:11

in the work that people didn't break down each of

1:14:13

the hundred and ten minutes of that time that it's have to do

1:14:15

a delivery into each important part

1:14:18

level of the ideas the people came up with of i

1:14:20

waited like recent one hundred parking what

1:14:22

if we as a retail partners to get parking spaces

1:14:25

towards the front that by save a few minutes is

1:14:27

consistent application of worse

1:14:30

and occupied by having always

1:14:32

getting that's out like even little

1:14:34

thing for showing up late to late meeting and someone be

1:14:36

like nah no rally everyone else and

1:14:38

just like that kind of thing was so fun i

1:14:41

remember that ends up getting of

1:14:43

the forces are losing that ends up

1:14:45

getting like nine or ten dollars because people

1:14:47

got forty minutes on you have breached two thousand

1:14:49

two thousand one but it was a collection of small

1:14:52

business of getting the universe the

1:14:54

lesson in a reason we talking to schedule way more

1:14:56

time than we think we're gonna need and it's happened yet

1:14:59

again it's an hour at the end of are i

1:15:01

think there's been an absolute conversation

1:15:04

different in some unique ways so much

1:15:06

fun as always have talking to you i'm

1:15:08

forced to ask my traditional causing question what

1:15:10

is the kindest thing that anyone's ever done for

1:15:12

you

1:15:13

it was into this the many

1:15:15

times i know that the question

1:15:17

and i also recognize the direct your ira of

1:15:20

you ask me for wanting be saying i'm going to

1:15:22

give you one thing but i read his marriage and

1:15:24

a smile there's , so

1:15:26

the thing that kind of to be aren't

1:15:28

dot e my grandfather coming united states

1:15:30

for us my dad community

1:15:33

our dad community to work

1:15:35

so that we go a better public high school and

1:15:37

still being there are tuesday

1:15:39

every day that i will also be still

1:15:42

my closest professional advisor and personal

1:15:44

guru my long coming here

1:15:46

to the steaks taken care of as every day

1:15:49

the and

1:15:50

doing everything that she couldn't

1:15:53

solely to live a life of a date my

1:15:55

brother you mind better and in the last

1:15:57

one of course is my

1:15:59

it

1:16:01

make my life happy everyday

1:16:03

by being that gravel partner and being

1:16:05

as parents were children teachings

1:16:08

what it's like to have a life

1:16:10

partner

1:16:11

wonderful set of answers like i said at the beginning

1:16:13

i think the topic of our conversation today that so

1:16:15

idea of focus and do less but do it better

1:16:18

is really powerful and often you just have to

1:16:20

learn the lesson by doing stuff but having

1:16:22

conversations like this helps me a lot as

1:16:24

a good reminder for this really important

1:16:27

beautiful principal so i'm so thankful for the

1:16:29

time and for the conversation favorite

1:16:31

any a lot that is always

1:16:33

love to have

1:16:35

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