Weird Investments That Work - Wine w Wyan 7/5/18

Adjust that so the YouTube peeps can actually see us. There we go. Yeah. You know, fun fact about. About the show, Clement actually hates doing it. Well, there we go. I did not.

That is not true.

Yeah, that's. Oh, yeah. And you're also not a doctor.

Hey, everybody. Welcome to Wine with Wyan. Today we're talking about weird investments that actually work. And now it's about to get sloppy. Sam Prentice, welcome to Wine with Wine. Hey, cheers, man.

Appreciate it.

Dr. Juan, the person who likes wine Hawaiian the least. Out of everyone alive, no one has a worse time watching Wine with Lion than Clement Juan. I'm sorry, Dr. Clement Juan.

Yeah.

Oh.

Tonight we are drinking my favorite wine. As of right now, I think this is officially beat. District 7 is my favorite. Not as. Not as good value per dollar. It's not a good value. District 7 is like.

Is it available from Costco?

Absolutely not. No. So can't. I guess it can't be that good. Yeah. But this. This is actually like a $70 bottle of wine, and it's like, third. I think it's like 30% better than. Than D7, Interstate 7. So the value prop is still better on D7, but taste wise, this and Casson are my current favorites. All right, it's time for the simultaneous sip.

That's my jam right there. Oh. This episode is brought to you by Aubrey Marcus for supplying the clothing. Yeah, Aubrey Marcus launched a clothing line. Did you know that?

Is that a fact? He did.

Yeah. This is. This is an Aubrey Marcus shirt right here. So it just goes to show, if you get a big podcast and have open relationships, you two can start a clothing line. That's the rule.

I did not.

Okay.

Yeah, he's there. I met Bobbery.

Could we. I don't know that I have.

He's good people, man. He's good people.

Come on.

And he's speaking at Brand builder summit on August 24th and 25th in Austin, Texas. We're almost sold out of that thing now. We're like, seven weeks out. Pretty darn cool. This episode is also brought to you by Brianna Thomas. Who's watching Comment if you're here because she sent us this bottle of wine.

Yeah.

Brianna Thomas.

And another.

Oh, and another bottle of wine. That's sweet white wine, which. Why would you drink sweet white wine unless your JP Sears are Clement Juan? Apparently. Yep. Not a sweet white wine guy by itself. What is your wine of choice?

I would say my sophisticated answer would be it's a more fruit forward wine, which is the way of saying, like, alcohol and grape juice.

Yeah, it works.

Okay, noted.

So I would probably consume some sweet white wine.

So this is not your jam.

Actually, actually with this, after the, the meal I just had, this would be perfect. This pairs great with salmon pizza. Like I feel like salmon with cauliflower cust. Nothing pairs.

Would you like to. Would you like to tell the good people what we had for dinner?

I'd do nothing. So I was impressed because when Ryan said he was going to cook dinner, I wasn't sure what I'd expect. I was kind of thinking, I feel.

Like this is a setup for a really big let down.

I knew if pl's around, I kind of had an expectation for what food would be like. But you said you were in a conflict. I said, okay, we'll see what Ryan can do. But gourmet pizza on a cauliflower crust with some kind of special red sauce that was there. And then salmon. What was it? Feta cheese?

Yeah. I made you a smoked salmon pizza with feta cheese and a sweet pizza sauce.

Yes.

And then we paired it with a spicy Italian sausage pizza with a spicy cayenne sauce and feta cheese both on a thin cauliflower press.

Both of which paired right with the dry red.

There we go. So I like this wine because.

It'S very dry, I think, which I prefer. And it's still like smooth and full bodied. That's why I like. It's just good. But it's not $8 from Costco. Hey, cake bread sellers, get it together. Why aren't you $8 and at Costco? What is going on here? Hey, hey everybody. Would you. If you're watching, do me a favor, say hey in the comments. We would love to say hello and see who's hanging out with us. What's going on? Matt Harrison. Hey. Brian Dodd. Good to see you. G. Keith Walker is in the house. Andrea Feldman. Hey, good to have you. Hey, Aiden. Good to see you. Hey, is Aiden's in Arizona, right? Yeah, Aiden in Arizona. We got.

Herme. Who? That's a badass last name right now. Sean Madison. What's up dude? Good to see on wine with wine. Andrew Rollins. What's up? Matthew Turner thinks that Clemen likes one with wine. You just show it in unique ways.

There we go.

Bradley Smith. What's up man? Jake Hargrove. Good to see you.

Who else we got?

Hey, Brianna Thomas. Good. Glad you're watching. Glad you saw your shout out. Matthew Underwood. What's going on? Joshua? Nicholas Costner. Good to see you. Ali Abzulom. What's up from Fort Collins, Colorado. Ryan Moran is watching the show, apparently, and commenting. I don't know how he's doing that while he's also hosting the show.

There we go.

Bennett Tindall. Cheers. From Berry Creek, Georgetown. Yeah, what's up? You can come down for a wine with wine taping sometime, Bennett. Christy George. Her favorite wine is Axios. Interesting. Send us some Axios. We'll drink it on the show. That's how we get free wine here at Wine and Wine. We crowdsource it right there.

How do people get your address?

Good question. Clement.

Yeah, I've been wondering where.

Ah.

Okay, look, if people are resourceful, anything is possible.

There's a secret drop spot.

Nothing is impossible. There's a secret drop spot. You gotta know a guy. Someone will greet you. His name is Hal. He'll be in a red coat. Yeah.

He'll take you to a secret alley.

Wrong Al.

Wrong owl.

Alex.

Alex Payak. Hey, good to see you. Perry Masterson is back. What's up? Andre Panetin. Hey, thanks for joining us, Jason. Actually, Jason, I've never said your name out loud. I know exactly who you are. And then I went to say your name out loud, it's like, oh, shoot. I've never said your last name. Outline. How would you say Jason's last name? Grandiosa. Of course you would. Well, hey, that would be my case. Way easier than I expected. Expected. Hey, Derek Schaefer. Good to see you backstage. Harlequin. Hey, back. Is that. I don't believe you. I don't believe that your first name is actually Backstage. But if it is, that is pretty badass. Or back ass.

Okay. Matthew, Chris, what's going on? Good to see you. Dark Horse is actually a very good wine. Excellent choice. Jordan Story. Hey, thanks for hanging out. Chad Bomburger. What's up? Guy hopped in the. The middle name of the wine. The middle name of the wine is Cake. Well, I don't know what the middle name is, but it's Cake. Bread sellers. Bradley Smith. Hello. What's going on? Jason Morrisby. Good to see you. Yes, we indeed are legends. Bill Montgomery. Hey. Daveron Builders. That's a company name. That's not your real name, but Hello.

Chris Van Loan. The second just joined. Oh, hello, Chris. Grayson Wester is in New Braunfels. Let's go down.

Matthew Turner recommends Gissinger Winery. Interesting. Wes Wescott. What's up? Good to see you back. Judson Morgan's in the house, everybody. He's gonna judge us on our video quality. You know that's gonna happen. Okay, so Jason, put the pronunciation of Franciosa. What did you say, Frenchie? Franciosa. Franciosa. Franciosa. Franciosa friend. Franciosa. Matthew Rustad. What's going on? Lucky Madota J. Malunga. Hey.

This is the part of the show where we edit out of the final. We're finally going live with the cordings of wine. With wine.

Right.

Next week. Next week. So what we do here is we go till we can't go no more and then we edit into the best 20 to 30 minutes and we're posting on YouTube and they start to go live next week. All right, so. Hey, Sam, we hung out all day today, talked about a bunch of weird investment strategies. And every time we hang out, I learn a new like, skill set of yours that I didn't know what was like, for example, I did not know that you. You can talk about the fund, right? Your fund?

Absolutely.

If I ask and talk about your fund.

If I ask and you put enough of this in, I'm good to go.

All right, so like, I did not know that you ran a hard money fund which is actually where you deploy capital. Right. So like you have your investments, but then you kind of put it into the business, which is flipping homes.

Right.

And that's where you like make a lot of money and pay out investors and also have a return between you. It's like the business. Yeah, I did not know this about you. Yeah, so like, tell me about that. I'm just curious because. Because I'm gonna. I'm putting together a fund for physical products brands. I did not realize that you were a darth. The word for like treasure trove is darth the right word. A darth of knowledge. Dir.

Darth means a lack.

I did not know you were a wealth of knowledge on putting together funds and syndication. So tell me about this.

I don't know about a wealth of knowledge, but I.

Did we put together at least a dearth.

Something like that. Yeah. Put together the fund to take on. Basically took on debt from investors where they loaned money to the company to go go flip homes. And so we pay a fixed return and then we go with the activity we do is we go flip single family properties. And that was born out of necessity because.

Necessity for what?

Necessity for generating returns for our investors that were not tied to long term holds because of where we felt like we were at the market. Wanted more short term things to work with. So we wanted something that had a exposure for maybe six months at a Time as opposed to five years.

Yeah. I did not know this about you. And one thing we talked about today is that investments are only as good as the business model behind something. And so I'm always curious, how did you set up the business behind that fund? I know you have a partner that's.

Like boots on the ground who does a lot of the operational concerns. Very connected politically there. So that's some good connections that bring deal flow. Because anytime we're having a evergreen fund that has dollars that to be turned, your concern is can you keep deploying that capital? And so we have capital raised, you have $5 million raised. How do we make sure that continues to being deployed over and over again? Each time we sell a house, we have to find another one to replace it to go keep earning a profit. So that's part of the operational concerns. We got that figured out and we have enough deal flow where we actually are turning away quality projects.

So basically he's on because he has the connections to be able to turn on deal flow all the time. How did you meet that partner?

Long story short, I went back to get an extra hot dog at a basketball game.

I like the story already.

I was, I was at a investor conference one time and then that evening they had some of their hiring investors and partners who worked with them and referred business to us, a private equity group in Dallas. And we're at a Dallas Mavericks game watching back when Dallas Mavericks were decent. No jabs to Dallas right now, but maybe a little. And so that being said, as we were there and we watched the game at the end of it. So the nature of that is your typical when you're there for a private equities investors. We're of course not bringing any of our investment strategies. We're trying to be, you know, there just support them as opposed to trying to acquire clients. It's more of just a networking event. Well, at the end I went back for a hot dog and there was this individual there who started talking about different investment strategies. He thought that were unique, that were different than just stuff. And he starts describing than just stuff. Just. Just normal. Just normal, like real estate and whatnot. Oh, okay. So he said, here's some things that are different. We're talking about what's different because we all knew real estate. Real estate. We're talking about what's different. And so we talked about a few things and he talked about life insurance.

He described were you already in life? Like that's your. Oh, that was my.

That was my bread and butter. So he starts out for 10 years. He had just discovered it. And so he had those new, like, excited eyes on.

Hey, look, Roxelle Cho just joined us. Hey, Roxelle, we've been talking about you all day. No joke.

When we talk about favorite entrepreneurs, we're.

Going to come back to this because you actually inspired some really cool conversations between Sam and I. So Roxelle, it's good to have you live. We're gonna pivot over to this. Finish your thought about hot dogs and Mavericks.

Just went back in, honestly. Long story short, he was, he was still there. He had just wrapped up. I went back in for a hot dog. We struck up a conversation. He mentioned that he was excited about this strategy and he described it. I said, oh, I know that. And I took it three steps further. And he just, his eyes lit up like, oh, this is great.

How did you take it? How did you take it?

Oh, he described what he was doing and I said, here's how you can improve on that a little bit.

Yeah, I want to know, like, I'm familiar with buying insurance as an asset. So like, how were you taking it one step further that he wasn't already doing well?

Just diversifying carriers. And so I had the connection because at that point I ran an agency, I had a couple hundred agents that worked underneath me and so I was able to connect them to additional carriers who would facilitate the strategy. And so just just had a, had an awareness there of what was going on and be able to help structure and set those things up. So very intelligent partner like he was, he comes from a very impressive path.

Did he come from real estate?

Actually came from, from a wealth management background.

So how did, how did. I'm getting. What I'm really fascinated by here is like the business behind what I would consider a passive investment. Right. And nothing's ever passive. Passive income is not a real thing because it's always active for someone. It can be passive for you. But there's no such thing as passive income. Just universally there has to be someone managing the business behind it or it's a short term investment. For example, if you put up a website that sells an ebook and you let that ride, that could be hands off income for you for a couple of years. But it's a short term lifespan if you're not running it like a business. So I'm curious, when you're managing real estate, flipping houses like a business, how does somebody from a wealth management background come in and manage that business? You're managing the capital side. I Think how does, how does he come in to manage the business?

That I would say his wealth management background would not be the greatest driver. He has a pretty large hold in the real estate already. So his real estate was a good driver of his balance sheet. So, you know, probably a good amount, a good amount of was already in real estate, so that background was helpful. And he'd been flipping properties in that area, so already had the, the line.

Established and so, and so did he already have like the, the infrastructure to flip more? And then a lot of that, and.

A lot of that we built out here like in the last year. We've been running that for about coming up on two years here in a few months. So we built out a lot of the infrastructure to reduce cost. And it's much more of a business than multifamily real estate, for example. So multifamily, you go buy the property, look for value, add we cash flow, we put in a manager. It kind of runs itself with the flips. It's much more of a labor intensive way to build capital. But it is, it's good, it works.

But Matthew Underwood said if you eat hot dogs, you do need life insurance.

And Nathaniel Trejo, my creepiest fan, sends us all kisses.

Oh, there you go. Appreciate it.

Nathaniel, I would send you kisses back, but I'm afraid you would get the wrong idea or the right idea. Well, I don't. Well, if you're into that, you go ahead and send Nathaniel some kisses. And Roxelle says she wants to come to a Wine with wine. Roxelle, you come to Austin anytime. We'll put you on a Wine with Wine episode.

So, Clement, I'm so sorry, I keep forgetting your official title. I'm so sorry. I hope you're not offended. As someone who went, who went through medical school and earned this degree. I'm sorry.

That veterinarian heart surgeon. Juan.

You come from a finance background. Would you catch people up to speed on what you did in the investment banking world.

Before you were a open heart animal surgeon? Yeah.

In investment banking. Well, just generally what investment banking is.

I want to know what you did specifically.

So we did a lot of pitch decks. We did, we did.

Kind of deals in the insurance world where financial institutions at bank of America securities, where, because it was owned by bank of America, we didn't do very many banks. But because.

So you were putting pitch decks together for people who were raising money, raising.

Money, looking or proposing for other people to buy or sell.

Buy or sell businesses. Yes, like buy a business. They were Raising money to buy a business and something like that?

No, not necessarily. So investment banking has basically two parts. One is you raise money for businesses and the other is that you help them merge and sell each other. And so in financial institutions, because there's a lot of complexity around regulatory requirements. There's actually three, three financial statements. One is the regulatory, one is the financial statements that you have for external and then one that you have internal.

I'm already confused. So it's probably perfect.

Yep. And, and so yeah, like our clients were like, they could be mutual funds, they could be, they could be insurance companies.

What were you doing actively on a day to day basis?

So we would support the senior bankers and kind of if they were advising on a merger and acquisition, then we'd help them prepare whatever documentation they required and they'd send us like a series of requirements and we prepare the documentation to their needs.

All right, so I have no idea what you just said, but the reason I bring all this up is Clement said something to me. I'm sorry, Dr. Clement, this, I'm awful. I'm being so disrespectful tonight. Dr. Clement said something really interesting to me once, which I thought was really interesting. You were making a comment about an amount of money and you're like, ah, it's just a bunch of zeros. There's no emotional attachment to, to it at all. There was just, you had seen so many zeros and so many big numbers that you had just normalized a certain amount of money in your mind. Right. And you, every time I hang out with you, I didn't know you had managed hundreds of agents in the insurance world and you put together funds and you realize.

How much goes on outside your world. Right. It's so easy to just get lost in your world and think, think your problems are big or your goals are big. And every time I think that I've set a goal that's big enough, I meet people that are just like, oh, well, that's completely normal to me.

I'm not thinking big enough. And it's just interesting when you are around people who have.

Managed huge sums of money, there's no more heaviness around money anymore. The two of you are probably are two like the most like logical thinkers about dollars. There's like no emotion attached to it at all. And I think part of that is because you manage a ton of high net worth clients and you are used to managing huge dollars in the investment banking world. So money is just like, just a bunch of dollars. Do you Agree or disagree?

I think, like, probably for me, prior to my investment banking, I did accounting and auditing. And like, the first day, like, you're coming out of college or an intern, and you go into a company and you see like, $30 million in a bank account, and that's like, oh, that's shocking the first time you see it. And then you just keep on seeing it over and over and over again, and it's just like. It's just zeros.

There you go.

Normal can adapt. Normal adapts over time.

Yes.

So what you view as normal definitely changes with your life experiences, for sure.

All right, so here's a question. When I was a kid, my mom used to drive around the rich neighborhoods, and she would look at the big houses and she's like, don't you want to. Don't you want to knock on her door and just ask them what they do for a living? And she had this phrase. She would say. She'd go, ryan, this. This is how the other Half lives. And I spent. At some point, this will be a sales letter for a product I'll put together called the Other Half. Because I spent my life trying to figure out how the other half made their money. And as a result, I got kind of good at making money. So I want to know, from the really rich people that you worked with and the really rich clients that you worked with, how did they make their money?

A lot of my clients made their money in just real estate and investing. So a lot of them came from that background. And then almost.

What type of real estate investing?

Real estate investing. So what kind?

I mean.

Oh, a lot of multi. Family. So a lot of just working their way up, buying small properties, just each time you depreciate and then transfer not to a bigger property. So they just kept scaling up over time.

So they just kept buying properties, holding them. Yeah, selling and bringing. Buying a bigger property.

That's when they went to the next level. But most of them came from a business background. Like, almost all of them made their money in some form of business or another. I have very few clients that maybe.

Were they real estate businesses or were.

They the whole game? The whole game. A lot of anything from anything from real estate to. I have. I have clients in the medical field like Clement and. And then.

God bless you, Sam.

Picked up on that quick. Yeah, just the whole. The whole gamut, how they made their money. But a lot of them were small business owners who built a business based on either a service industry, some physical products, brands, but mostly mostly one the service industry and things like that. They built a business, built it and scaled it. They did one thing well and they focused on that and then scaled it out.

And then they were investing into real.

Estate, then took the profits and invested.

So is what you're saying, Sam, that the fast lane to wealth is to build businesses and invest the.

I was trying to say it in a different way so I didn't like have to have this one right here. But yes, that's the idea.

Oh, we had that moment right here. So the majority of the people you, you work with, the high net worth people have a business that they invested in real estate and then they came to you to accelerate their goals.

Yep.

Absolutely beautiful. Clement. Dr. Clement. Sorry.

I think the, at least in financial institutions, it's much different because especially with, with the people that we deal with, they're typically not the people who started any of these institutions, like Midlife or like these are massive insurers.

You had Hank Greenberg though, or like aig, which was very different.

And, or like there were a few specialty insurance companies who were founded by the same people who are still running it. But that was very rare. Yeah, so a lot of these, like investment banking is a world where, when I was in it, which was pre 2009, if you weren't doubling your take home pay every year, every three years, you were not doing well.

Who is, if, if you were, who is the you in that?

Anybody in investment banking. So in like, so you start out at somewhere between 60 and 100 grand and right out of college, and then every three years, if you're not doubling, you're not doing well.

Is that why you're no longer an investment banking?

No, because like I knew that from the outset I wasn't planning to be an investment banking for long because investment banking, the way I see it is.

That was supposed to be a joke.

And no one laughed that one every three years.

And now I just feel like a jerk.

It was a little harsh, but I was gonna say for clarity, doubling every three years, that this wasn't enough. Higher goals, higher aspirations.

Am I right that you wanted to be on the other end of the table?

Yeah, absolutely. Like, so one of the, like, there's nothing wrong with salespeople, but investment bankers are salespeople. They're salespeople for money and they're, they make money based on.

Knowledge that other people don't necessarily, necessarily have. So they know somebody who needs money, they know somebody who, who, who has it and they conduct these people and for that they, they take 5 to 8% kind of thing or more. And then the. The other option is they help people buy each other or sell each other. And the. The data shows that most mergers and acquisitions destroy value. So it's like I.

It wasn't. It wasn't the world you wanted to be in?

No, because like for investment bankers role. The deal ends and you celebrate and it's over. I'd rather be on either the integration or the operation side or actually trying to create value.

Dr. Clement, I have some really interesting news for you, but you haven't even touched your wine. And that's nursing. It's like you have not. No, no.

At least three quarters of an inch.

No, no, no. All right, I'm gonna.

I'm gonna.

We need to roll back. I'm gonna manage you.

Canada, right? Is that metric measurements for you?

I was actually going to say three.

I'm going to work on this like I. Like I work with Esther. When you take three more sips, I will tell you a secret that you will really like. Okay. Or gulps. Sips or gulps. That. That did not even touch your lips.

What was that phrase that you're saying earlier? Things you don't want to hear. Things you don't want her to say or like things you don't want to.

Hear in the bedroom.

Things you don't want to hear in the bedroom. All right, so that didn't even touch your lips. Clement.

There you go. Now you got it.

All right. There you go.

If that becomes a thing, we gotta put it. We gotta put a trademark on it.

All right? We need it. We need to shorten it. You know, that's what she said is nice. And standing. Things you don't want to hear her say in the bedroom is way too long.

I think once you said it once, it kind of. You can just kind of nod about it. You know, what's going on there?

Set the stage.

We need. We need a shorter one. I need to make it snappy on wine with wine. And this is going to be a copyrighted phrase.

I'd give it two or three.

I'm not sure I believe you. Oh, bedroom words is Aiden's suggestion. That's pretty good. All right, Dr. Clement, good news. Big news.

The legendary Gary Vaynerchuk had a podcast posted this week where he says in his life he's only read nine books, and his favorite is your favorite books. Dream Big.

Interesting.

Yeah, that really surprised me too. So Dream Big is a. Is a world about a. Is a book about a famous private Equity Group. And Gary Vaynerchuk said that started him on his journey to start VaynerMedia because he thought that VaynerMedia would be the proxy for him to start a private equity group to buy up businesses.

No, I know that, but, like, dream big. I thought that was a relatively recent book, wasn't it?

He is. He's describing it as, like, 2009. Okay, so it would have been. It would have been new. Yeah. Isn't that crazy? I thought it was pretty cool. Have you ever read any books about 3G capital?

I haven't, no.

Inspired Clement, which inspired me. And.

Sales of that book just skyrocketed right there. Because at least eight people are gonna see this.

There it is.

At least four of them are gonna buy that book. And I'm pretty sure only four people know about that book.

Anyway, make a mental note. I don't know. I'll remember it after the wine, but I would like to get it, so.

Okay, you can probably do. It's on. It's on the shelf somewhere. Hey, Chandler. Bolt. Good to see you. Thanks for hanging out with us on Wine with Wyan. Hey, if you just joined us, say hey in the comments. We'd love to see who's watching. Brianna Thomas wants to know, is Ryan Rand the new Michael Scott? I think she's referencing if we can popularize the bedroom words.

Bad bedroom words.

That's good. Ooh, bad bedroom words. That's good. I think that's at least an improvement.

Bad bedroom phrasing.

I like words better. All right, we need your help here, everybody. The phrase that we want to popularize is, you don't want her to tell you that in the bedroom. For example, Dr. Clement took a fake sip of wine. It didn't even touch his lips. Right. And I said that didn't even touch your lips. A good response would be, oh, you don't want her to tell you that in the bedroom. That's too many words. You can't popularize that phrase. So how can we shorten it? The best that we've come up with so far is bad bedroom words. Ooh, bad bedroom words. Right. So we need some bad bedroom banter.

No, I feel like phrasing's gonna grow on you a little bit here.

Just what is.

Bad bedroom phrases.

Bad bedroom phrases.

You get there.

All right, we'll play with it here.

You're not enjoying it as much as you'd like.

What's that?

You're not enjoying that as much as you'd like.

I'm enjoying it. More than. Clement is enjoying his night right now, But I'm not enjoying as much as I would like to enjoy it.

And that would be a bad bedroom phrase.

It's working.

It's working.

For that one.

Good.

All right. What's up? Mike Akwright. Good to see you. Amanda Schindel. Hey, thanks for hanging out with us again.

Greg Behnke. What's up, Chris?

Greg Benky.

Hey, Chris Nowak is here. You know Greg Benke? How do you know Greg Benke?

He's a man. He's a client. He's.

Did you say he's a man or he's the man?

He's the man.

I hope he's both of those guys. He's a man. Who's the man? He's Greg.

Both of those.

And Chris Nowak is here. He's an okay human.

I know Chris Nowak, too. There you go. There's a man, too. Where'd you talk to him a few hours ago?

Yeah, you were on the phone. I was texting with him a few hours ago. It's like we're all twins.

I'm telling you, it's a good three of us.

What do you know?

Said somebody forgot to send a PDF this afternoon.

Okay, let me explain here, Chris. You see, what happened was.

What had happened was, so Ryan had.

This cauliflower pizza, and I got over here, and he needed all this prep help. I'm just joking. But so we. I owe you that, Chris. It'll be there in the morning, I promise.

Late morning, then. That was just recorded, so it's gotta happen. Hey, Caitlin Wiser. Good to see ya. I like her suggestion, actually. What? She said that you wish she didn't. You can only do that. You can only do that in text, though. You can't say that's not.

Plus you can't popularize it. It's already popularized. Yeah. We got to make it our own.

We're here to be original.

We gotta. We gotta make this one our own.

But I like it. Right.

T. Slice. Is there somebody on the line? There is.

We have Roxell Cho on the line.

Oh.

Roxell Cho is on the line. What's going on, Rox?

Nothing.

We.

I'm just sitting in the middle of an island with a live volcano.

You're just sitting in the middle of an island with a live volcano. Absolutely nothing's going on.

The usual for Hawaii.

Making bikinis.

There you go.

That sounds.

That sounds.

We're all going to Hawaii, everybody.

Let's go.

They got entrepreneurs and girls in bikinis and live volcanoes. We're going right now. The next wine with wine is wine in Hawaii.

Yeah.

What's going on?

Pretty much just. I'm just doing everything I'm supposed to be doing, and now it's working. And try not to stress out as everything happens really fast.

All right. All right. Well, tell me more. I mean, when we were at the backroom meeting.

We were talking about, like, your next steps. And what I'm hearing you say is that everything's working. So what did you do and what's working?

Well, I took the advice, and I went hard when I got home, improving production. So we managed to set up two production teams, did everything in that area. That takes about three months to get going smoothly. In the meantime, in the background phone call, he said to get more video out. So we started turning on the phones, more on our lives, added that. Adding some really just raw content.

Did you say you started turning on the phones more? Oh, you mean like recording more on your phone?

Yeah, we just put our phone and turn it on.

That's great. So let me give some context here for people, for people who are not sitting. In our last backroom meeting, Roxelle had a nice personal problem where she literally could not fulfill inventory as fast as it was selling. And at the same time, her story behind her physical product brand was so compelling. I said, roxelle, you've got to fire up the phone and start just talking about your brand publicly. And then I said, roxelle, let me give you money. I want to invest in this company. So. So now you're saying you ramped up production. You might, you know, you're. You're on your way to hitting economies of scale. You started recording videos. What's been the result of you doing the videos?

A lot of really good engagement. I'm able to answer the questions directly to the customers, you know, instead of us having problems with the support. And right now, we're facing shipping delays of three weeks out because our production is so behind. And with these live videos, we're able to tell them truthfully what happened. Being really transparent.

With our setup here. You know, I'm working out in my garage, so showing them that whole process, and you know that there's real people behind the scenes, they're a little more understanding. They're kind of. I think they feel like they're part of the process, so just building better relationships with the customer, and we're able to, you know, just enjoy what we're doing a lot more, focusing on the people, building relationships Rather than building the profit.

It'S a lot more enjoyable.

That's great, Roxelle. And how are sales overall since we last spoke?

So believe in January, we were looking at 60 to 70,000. We are now, I think, at the background of it. April we were at 80, 80,000.

May, we're at 90. So just in June, we hit 120,000.

Right?

We crossed 100k.

We did it, everybody. We did it. We got another millionaire made. I love it. Roxelle.

We.

We. We hit the million. We really want to get you to 10 million. The thing that we were talking about today was Sam and I, while we were cooking cauliflower pizza, was, you know, I am putting together a board of advisors for a fund that I'm putting together, and you're my avatar. I actually was telling Sam, you're my avatar of why I'm starting this physical products brand, because I want to bring in a board of advisors that can take an entrepreneur like you, with a story like you, with a product line like you and take you from 1 to 10. So I just want you to know you've inspired me, and I'm so excited to be a small part of your journey. I think you're just an amazing entrepreneur.

Absolutely.

I literally, I just keep, like, my earphones in all day, and I think I just play freedom fast lane. Gary Vee. I've been listening to Kent Courtright's podcast, which is just like, really actionable things, you know, and it's just like that constant. I really like Gary Vaynerchuk. You know, just the way. Just building relationships and focusing on, you know, just bringing value to the customers. It's like, it's the only way I've been able to grow the business. And every time I can come from that mindset of bringing value and just adding to the customer, you know, journey. That's the only time the business grows, and it's the only time it's really fun.

So, Roxelle, would you give a quick plug for your. For your brand?

Sure.

Would you spell. Would you spell that out? Would you spell it out?

What was that?

Would you spell out the brand?

Fuse. F U S E D Hawaii H.

A W A I I fused Hawaii dot com.

Yeah.

Roxelle, I'm so proud of you. Thanks for calling in. So excited to be part of what your journey. Can't wait to work with even more.

Congratulations.

Thank you.

Good work, millionaire. All right, see ya. Oh, I got all kinds of feels now. This is just. This is just great.

Her store was amazing.

Like, Seriously, does anyone want to cry right now? Not over Roxelle. The fact that Dr. Clements still isn't drinking his wine. That's what I'm crying about right here.

Moo.

Hey, you know who's killing it? Travis. Killing It. Killian.

Hey, is Travis on?

Travis is on wine with wine right now. He's somebody I actually want to bring on to the board of advisors inside of the fund. So, Travis, we have some catching up to do. There's a lot of momentum on this fund. Come on over, Travis. We need to get you on a wine with wine. By the way, he is an awesome. He lives like two minutes down the road. He's a little camera shy.

Ah, I gotcha.

Wouldn't you? Wouldn't you if you were. If you were. If you were named Killing it, Killian?

Without a doubt. No. We had a lot of good conversations in Costa Rica at a backroom meeting. I. I was so impressed. He's a sharp, sharp cat, Travis is. Okay, people.

He's a good person. Dr. Clement, what's on your mind?

It's currently blank.

Is that a fact? Yeah, that's a skill set right there.

You meditate bad bedroom phrases.

It's warming up. It's warm. It's warming up. It's growing on me.

I like it.

Okay, we have a lot more wine to drink, and you need to stop. This is cake. This is cake. Bread sellers. Do I need to bring out the Costco guns here?

We have some in a box somewhere.

I'm sure some District 7 in a box somewhere.

Hey, Carl Burnham. What's going on? Good to see you.

I just need to give public thanks to Aiden for being so unbelievably active in the comments. Every time we do wine with Lion.

Maddie says, where is Travis?

Hey, Travis.

About two miles that way. I like it.

Travis, if you start now, you can probably help Clement with his wines.

Have you get here quickly.

You can be on Team Clement for drinking.

He doesn't even have to get here.

Quickly is the thing. Oh, that's terrible.

All right, this is the thing. When Dr. Clement finishes his first glass of wine, we bring out the surprise. We bring out the mystery surprise.

I like it. I like it.

That's what happens now.

This is what peer pressure looks like.

It's a glass of wine, Dr. Clement. Don't do drugs. As a doctor, you should know that it's good for your health to drink a glass of wine a day. Seriously. It's got Resveratrol or whatever the hell that scam is. Yeah, just call it reversatrol. That's what a bad GNC salesman calls it. All right, you're gonna want to see the surprise. So we need. Look, I'm not willing to peer pressure people to drink, but I am hoping you don't have the morals that I do. So if you will put in the comments, Drink, Clement, drink.

Please put that in the comments so we can hurry this show off.

If you send a little video of it, they're like.

Bonus points if you send a video of yourself saying, drink, Clement, drink. And when we post this publicly, it's under the hashtag DrinkClementDrink.

Yes. Oh, my life is so great right now, isn't it?

We might have two hashtags tonight.

I like this one is bad bedroom phrases.

That's gonna be a thing. When we see that string on Twitter, we can know we've done we changed the world.

And that's why Our tagline@Capitalism.com is Create the change.

That's right.

We're creating a change with hashtags.

Thank you, Brianna.

Like, like, drink, like drink, Clement's drink, and bad bedroom phrases. There it is.

What a great day. Hey.

Mr. Prentice.

The Prentice. I was trying to make an apprentice pun. It didn't. It didn't matter. I'm sorry.

Almost there.

Hold on.

There we go.

What's your favorite asset class right now? I know that you. I know that you like mismatches of value, and by that you're kind of a, what you call it, a counter trend investor. Like, you bought a lot of oil and gas when it pulled back. So you like to buy assets that other people are overlooking, Ideally. What are people overlooking right now?

That's a good question. That's a good question. I do still feel like there's some value in the energy sector. I'll tell you a unique one. I just came across here recently, and this was something I had been somewhat closed off to. So I grew up in a oil and gas family, so I got to see a lot of oil and gas. Not a large company, but enough size. They're making a fair amount of acquisitions, and it was cool seeing that from a smaller company making acquisitions from larger companies. You definitely get very sharp in your deal making skills because you're kind of going up against the big fish every time you make one. But one that I came across here recently that was unique was in the salt water disposal arena, and so our wastewater disposal. So when you operate an oil while you're pulling. Pulling oil out of the ground, when you do that, you pull out wastewater at the same time that has to be disposed of. So it comes out, they either pipe it or truck it over to these disposal facilities. And a lot of those have been owned by old, just old farmers who had the land. They had a wellboard drilled down, was an old oil well that went dry. They start pumping water down it. And you have a lot of these farmers in order. So you got a lot of generational gap there where they're starting to sell off some of those assets. And I just saw an article the other day where Mark Kibel went out and bought, bought a massive amount of those and put those in his portfolio here recently. So a lot of those, because they're just, they're really good cash flowing assets. It's kind of like the.

How do you even invest in something like that?

Buy a hole in the ground. It's really sad. I mean it just, it is what it is and so it's just.

No, but really, I mean, like how, how does the opportunity for you to invest in that type of a well.

I had that brought to me. I mean it was really a unique business connection. I played baseball with a couple boys.

And so it was based on who you knew?

It was based on who I knew.

You played baseball with a couple boys. Those are bad bedroom phrases right there.

We're stretching there, Ryan. Okay, so we gotta hold a certain level of standard here.

I'm gonna be honest, you told me that there's no such thing as a bad pun. And so this is true.

This is true.

I should encourage this happen. I say them all, I say doctor.

So it's fracking in which state?

So especially like there's, there's some of the, like Texas and Oklahoma basins that are real heavy on the water production because depending on what basin you're in, they produce more wastewater than others. And fracking definitely produces a lot of wastewater. So if there's heavy fracking, that would increase the area, but just the production, like the extraction of oil is going to produce wastewater by itself. It's just, it's an interesting asset class. It's kind of like in my mind like the mobile home parks are to real estate, like to multifamily, this is to oil wells because there's a lot more of an operational business aspect to this.

And it sounds, it doesn't sound sexy, which means there's probably not a lot of people pursuing it. So. So this was a private raise essentially. Like you had the opportunity to buy into one of these businesses based on the deal that came from your Network is what you're saying. Are there, are there any, like, energy plays that are more accessible to the average investor?

So. And right now I feel like energy has recovered a good amount and that's just pure speculation. Should not be talking. Taken as an investment advice. I'm gonna take a look.

Oh yeah, hold on. Well, let's just, let's just disclaimer.

Nothing that you see or hear on this show should be taken as investment advice. We are three dudes. Three dudes that know drinking wine. We're gonna say a lot of dumb stuff.

Like influence on drinking the wine.

Yeah, we're just gonna say a lot of dumb stuff. Some of it we might actually believe. Most of it we don't even mean. So you shouldn't take anything we say as serious as advice, as knowledgeable. We're three stupid people drinking wine on the Internet. This is an entertainment show and you shouldn't do anything that we do because we're a bunch of drunk dudes talking about investing. If you're dumb enough to take our advice, do it on your own risk. Was that enough legal disclaimers?

Perfect. Just right.

Okay, great. So you bought into this. What, what energy plays do you like that are available to people dumb enough to take your advice?

I had one that I did here recently and that's it. Recently. This is two years ago, back when oil took his downturn. So I had. So I have my life insurance policies that are liquid and there's a point in time when oil took his big dive. And so I actually leveraged that one policy and went into some oil backed like midstream pipeline stocks. And so those pay a dividend. So it's dividend producing stocks.

What are those called? That class?

Don't they have special like MLR, MLPs, MLP or something? Was at the time. There's actually two aspects of the company. One was a master limited partnership, which has got some tax efficiencies to it.

And that's. That's like a real estate investment trust for different sectors.

Yeah, different sectors in different places. That's a fair way to look at it.

Okay.

It flows through some of the tax benefits. Benefits of it where you can, you can have some of your dividends offset.

So if you bought an. What is an mlp, Master limited partnership. So if you bought into a master limited partnership on the stock market, you would get some of the tax benefits. Correct.

If you.

As if you were to own the asset outright.

Yeah, some of those tax benefits flow through.

That's really cool. Where would somebody learn about MLPs.

Just Google, like Google MLPs first and it's like get your base built on that. And then the oil and gas ones specifically can look at those as well.

Yeah, it's just be careful. It's a bit of a rabbit hole when you start going down things like real estate investment trusts and MLPs. You're like what? You can buy these on the stock.

Market and it requires a little bit more paperwork at the end of the year.

Oh really? Like what?

From what I understand, I have never invested in it. I just read about it like you.

Have to like with some of them. I think I remember I got Tax guy, whatever it was that I got, I took it to my CPA and it's.

They give you a form, you have to factor it into your taxes somehow and sign a few.

Kind of like a K1. Oh, so not my wife.

Okay, that's interesting. So that was two years ago. Is there anything now that you're particularly interested in?

I still find some of those dividend, dividend paying energy stocks to be attractive but a lot of it is based on just private placement deals that are out there. So I like a lot of things that are more, more lean towards receiving recession proof or recession resistant type asset classes because I think that's a greater risk. I think right now avoiding some of that risk and staying, staying liquid and, or staying outside of this cycle will be what's most valuable. So I'm shifting a lot towards those. So real estate wise I'm looking at lower end plays if that makes sense. So when the economy takes a hit, everything compresses downward. So when we buy these single family properties to flip, we're buying smaller properties that if the economy takes a hit we should have people compressing.

Yeah.

Mobile home park.

Yeah. It's the same thing behind why I invest in mobile home. Absolutely. If there's, absolutely. If there's a, if there's a market downturn, people probably aren't going to buy bigger houses. They're going to go, they're going to go downward. Right.

So I like those kind of things because I think during our recession those will do real well.

Yeah.

And that's in my mind the greater concern right now is growing wealth but limiting the exposure to the next downturn. And if we do that and stay somewhat liquid, the downturn happens. We want to go pounce and take advantage of it.

So you, you gave me a really cool braingasm today which was so full disclosure, you're in the insurance Field. Right. So, and I have my policies with Sam, full disclosure.

We do business together.

And he, he gave me a really cool insight that just resold me on the idea of, of buying insurance policies, which was, you know, if you buy something like an index fund, which is what Warren Buffett would say most people should just buy index funds.

Right.

Even Tony Robbins would say most people should just buy index funds. Well, if you buy now and we're at the top of the market because we're basically at all time highs, or you've had a little pullback, but we're basically at all time highs and the market falls by 25%, you did the right thing at the wrong time and now you're down 25% and you, you could spend the next year just getting back to zero, but if you put it into insurance instead and you're not going to have the exact same upside, like if the market goes at 15%, your insurance might cap it like 13%. Right. But in a downside, in a, in a downturn, if you buy in, your floor is zero. So when it recovers while everybody else is trying to get back to zero, you're actually ahead of the game. So it was, it was interesting when Garrett Gunderson spoke at Capitalism Conference, I asked him what he was investing. He's like, I'm putting as much as possible into insurance because in the event of a downside of a downturn, you've got no, you've got, you've got no risk, but you still get to participate in the upside. If, if things keep going up and if there's, if, if it pulls back for a little bit and then comes back, you only get the upside, which is that, that was a really interesting insight that I had never kind of considered before. Hey, I gotta say hi to a couple people. Jonathan David just joined us. What's up, dude? Good to see you. Gabriel Vega. What's going on? Lindsay, Aggie. Hey, good to see you. Who else we got? Matt. Evan, thanks for joining us. Matt says the market could still go up for a while. Yes, things can always keep going up. He's been told. Time in the. Oh, this is a good question from Matt. Actually, we're gonna come back to Matt. Robert Rolfe just joined. Hello, friend from high school. Good to see you. Bennett Tindall. Hey, what's going on? Options trading. She's into.

Tyler Atwell joined us also by. What did I call him earlier? T. T coined.

I like T. Coin. I'm gonna go with that. Travis Aller. Hey, what's going on Balkan. All right, so Matt made. Dan Mayer is with us, everybody. Oh, hey, Dan. Good to see you. All right, so this is a really good point, Matt. Evan just put in the comments. I've always been told that time in the market, not time, timing the market is what you should pursue. Is that accurate? Is that somewhat true? Is that false in your opinion, as somebody who has a bias, but you have an asset class that only goes up in value, doesn't go down.

My gut feel, especially after a couple of these, that is something that someone who wants to put money in the market today says, it says, well, hey, time in the market, it's not about how well it does. And that's a good way to make sure that whether you perform or not that your client is happy.

So like, how do the insurance insurers, like price it? Like, obviously they're not giving this, this risk free return for free. Like what is, what is the cost associated with some of these policies?

So.

Good question. So when they're, what they're doing, when they take on, you know, an investment or they offer you a floor and a cap. So the difference between this and index fund is that this has a floor to it. What they're doing is they're actually taking the dollars that come in, in premium. They're taking the vast majority, like 95% of those and putting it into a bond portfolio that generates back to the 100. That's how they get their, their guaranteed floor. Then they're buying up the other dollars that are there. They're buying options, long term options for that year to be able to give the upside cap. Long story short. But I know, sorry, Ryan, I apologize.

That's fine. I have stupid brain. You're the smart ones that know numbers and big words.

That's how they generate that profit. So on these index lines, policies, and there's indexed life, there's whole life, which we do both of, and they both have their place. But the indexed life, where they price that is strictly to create that value for you. That's that premium portion is to create value for the policyholder. Where they profit is on the insurance piece of it. So when they sell life insurance, they sell a death benefit. When they sell a $4 million death benefit policy, there's a cost associated with that and that cost is where they profit. But what we do is we try to minimize the death benefit as much as possible, which reduces our profit as agents, reduces the company's profit. It's still profitable, but it minimizes the insurance portion and maximizes how much goes into cash value. The cash value is not a wildly profitable endeavor for the insurance company. They're pretty ambivalent. It's not like they make more money if the market does better or make less money if the market does worse. They have a disciplined structure that is going to do the same thing over and over again. It's just got the economy of scale of an insurance company buying those options value.

So I have no idea what was just said at all. But my, my answer to Matt's question is there is some truth to time in the market, not time in the market. Like if you had bought at the peak of 2007 and you were still in the market today, now 10 years later, you're up. You're way up. There just might be better ways to play that.

Absolutely. And that's what I'm gonna get to real quick. There is.

And again, if you're in insurance, you are in the market, you're tied to. You're totally tied to the market. So it's like you're still getting that return. You don't get any of the downside.

You just get upset in the upside of the equity. And what it lets you do is if you do that even right now. So right now is a time when most investors look at the market, most thinking investors look at the markets and say that there is a fair argument to say that there is more risk than there is opportunity in the market. Right now we don't feel like the juice is worth the squeeze to put capital at risk because our return, like we don't have a high confidence.

Yeah. Dividend yields are low. PE's ratios are really high. Yeah.

So you look at that and how excited are you about investing in the market? So we say at very least we're in a coin flip environment. The market could go up, it could go down. Once we realize that that's where we're at, probability wise, how much of that game do we want to play? How much coin flip game? The answer is not much versus if we're in the insurance environment. What we do is when we're at a coin flip day like today, we put money into insurance where we limit our downside and take advantage of upside. If the market goes down, we're still liquid. We can leverage that and go buy. We could go buy the S and P index fund when it's a value again, as opposed to right now.

So why wouldn't, like, why wouldn't argue for arguing.

Sure.

Why wouldn't somebody buy bonds Themselves and buy options themselves.

Great question. And honestly, you can mirror the strategy. The downside is economy of scale.

So.

So buying options, your option buying power that you'll have. I mean, until we get to a little bit different dollar value, our buying power is going to be limited compared to what an insurance company can do. So they're able to buy a significant more attractive option. Significantly more attractive option because of their buying power and how much they're buying at one time. So we can mirror the strategy. We just. We might have. Instead of having a 12% cap in the S and P, we might have the equivalent of a 4 or 5% cap because their bond yield is higher because of economy of scale, and their options trading desk is more powerful because of the cond. Scale.

I think it's time for surprises.

He has finished his wine.

He's still got a sip left. Come on, everybody. Drink. Come and drink. There we go.

We did it, everybody. There we go. Yeah. That was now gonna fill him back up. You did good, Dr. Clement. Two glasses a day keeps Dr. Clement happy. Okay. All right. So, doctor, you'll be pleased with the ingredients in this. Would you do me the joy of passing me these materials?

So while you're moving this, I have to ask, I have not seen all the wines with Ryan or Ryan.

Yeah.

But has there been any kind of surprise like this on a wine?

Not like this, no. This is a wine with wine first.

I like it.

I did this just for you. I am so pleased, Sam. Look, I learned something about you every time we hang out, so I thought maybe I'd show you something about me.

I appreciate it.

And the thing that I wanted to show you about me is I am the king at making disgusting desserts.

Okay.

Like, I can make any dessert. Gross.

I'll give it the Gordon Ramsay review.

All right, so I just want you to know ahead of time, a, I have not tried this.

Understood.

And number two, I am very certain this is gonna be horrible.

I love how many things you hedge when you before you provide them to people. You should not consume this. But if you're dumb enough to consume it.

I invest for safety. Okay? So I also am not as good on the presentation side as one doctor Pundit would be. But what I have here is this is my version of a chocolate peanut butter pie.

I'm mesmerized watching you cut that pie, to be honest.

Like, what? You're mesmerized watching me cut the pie?

It's just mesmerized. You got this little diamond thing going.

Well, what I wanted to do here was I did not have a pie pan.

Understood.

So I put it into a just pan.

Makes sense.

But I could cut it like it was a pie.

And now I'm attempting to scoop it out.

Do you want a cookie special?

It's too late now. Okay, I'm almost. I'm almost there.

Once he's this far in, he's gotta finish.

Yeah, that's right. I'm not a quitter. Okay. All right. So I made this for you.

I don't have a bedroom free.

That was a good one. Actually, to be honest, I was trying to make it very.

Wait, which one? What did I miss?

Once he's in there, he just has to finish.

It's growing. I'm. Oh, I gotta serve up Dr. Clement here. All right, so once again, if I hadn't said already, I fully expect this to be disgusting. Okay? This, if it's. If it's not horrible, we won. Okay?

And I want you to know one of my favorite things to do is to make a. An unhealthy recipe out of healthy things. So this was my first attempt at this one, and it's almost always terrible first round. So I need your feedback.

I need your feedback on what it tastes like so that I can make adjustments for the next one. Okay, Fair enough.

So you want our honest feedback.

And look, I can handle it. Okay? Yeah. Whatever you have to say to me. So someone has said something worse about me on the Internet. Okay, hold on. We're gonna need. We're gonna need some water for this, just because it's gonna be that terrible.

And the invisible hand shows up.

There we go. Pour that.

Yeah.

Not totally sure what kind of picture we've got going on here. Oh, there we go.

There we are. We're gonna need a lot of this to cleanse our palette from the poo. The poo pie is basically what it's gonna taste like. Hey, did you know Catherine. Catherine Lavery's here? What? Are you kidding? It's a miracle. Catherine Lavery is here, everybody. I told her to show up on Instagram.

Okay, good work.

All right, are you ready for this? All right, we gotta take the simultaneous bite.

Mm.

That's a big piece to cut off, Sam.

Pretty good.

Yeah.

Dr. Clement will be honest with me. Sam Wall. That's his first wine. With wine, Clement doesn't even want to be here.

What I've learned for nearly five years. Marriage. Is that when someone cooks, you don't really complain. You just kind of, like, give it. You give it a little Time, and then you add your constructive criticism during the next baking process. So if, like, next time, like, hey, maybe a little more sugar, a little more chocolate, then you'll know. But until then.

Yeah.

Well, what is the crust made out of?

Guess ingredients.

Okay, so the crust.

Coconut. I know coconut.

The crust is made out of.

Almonds, dates, and coconut oil. That's it. Put it in the food processor until it's, like, creamy. And then I put it in a pie pan, froze it, took it out, and then I filled it with the pie ingredients.

The texture on this is actually, for that crust, phenomenal.

The crust is the piece that I was the least worried about.

Okay. Okay.

So your feedback on the rest of the chocolate peanut butter piece.

What's in the chocolate? Let's go ahead.

First of all, I need your. I need your opinion on how it is.

I would eat this again.

Okay.

I don't know if it should be smoother or rougher. As far as, like, the tester on.

The bad bedroom phrases.

Yeah.

That was a freebie. Good job, coach. Got a team up every so often.

I mean.

Yeah, that's pretty good.

Like, wow.

I'll be honest. So here's the thing, Ryan.

Yeah, I'm ready.

With healthy food, I typically go into it prepared for it to taste terrible. So if you had brought this to me and said, this is super unhealthy, I would say, huh, I'd probably be a little more critical. But when you tell me that this is actually health food, this is something I would consume day in, day out with a healthy profile to it, if that makes sense.

What's the sweetener?

Great question. All right, so I will tell you.

What is in this.

This pie.

The base.

Is mashed cauliflower.

No, you liar.

I'm not lying.

It's terrible. Facebook is awful. I cannot endorse this. I also cannot endorse lying.

When you sell something, you've got to have transparency. I cannot endorse this. Clement, I think you can agree inappropriate.

Mashed cauliflower.

A can of pumpkin.

Okay, come back around.

So cauliflower, pumpkin.

What did you say was in it before? You talked about dates and stuff like that. It sounded really good.

That was in the crust?

Yeah, that's in the crust. Oh, okay. Gotcha.

Okay, gotcha.

Okay, I have almond flour.

Okay.

And a little bit of coconut flour.

I've got raw organic cacao.

I think there. There might be a few dates in there as well.

And peanut butter.

Really?

Yep. That's it.

Respectable.

Yeah. So it is basically all fruits and vegetables. The entire thing is fruits, vegetable.

Oh, Sea money wants to try some of this pie. Yeah. And some. And some T coin. That's the latest ICO T coin right there. Give T coin and see money.

Some.

Some of this fruit and vegetable pie.

I feel like my healthiness has gone up just in the hour that I've been here. It's phenomenal.

That's good. All right.

Hey, we need a question from the audience. We've covered a lot of ground today. We've covered healthy pizza recipes, healthy pie recipes. We have covered buying insurance as an investment strategy. We have covered MLPs, we've talked about investment banking. We have Talked about hitting $100,000 a month of physical product brand for the first time. I need your feedback on what's going on in your world and what these two smart dudes and this handsome dude can answer for you. I'll defer all of the smart questions to my right and to my left, and all sarcastic questions I'll take myself. What are you looking at?

I'm looking at the last comment from somebody. Harlequin.

Here's another sweet spot. Word. So. Hmm.

I'm gonna see you working.

I'm gonna avoid that one.

Yeah, me neither. Perry.

Hey.

Tom Nolan's just joined us. What's up, Tom? Good to see you, dude.

So you actually don't hate the pie?

I do not. I was skeptical, but I'm pleased. I'm impressed. It's very good.

But you're insulted that there's cauliflower in your pie.

Not a fan of cauliflower in general?

Not at all. Like, it's just. It's. It's.

So here's the thing about cauliflower. Cauliflower can actually be used as a replacement for almost all flowers.

Yeah, It's.

It's the gift that keeps on giving. Ladies and gentlemen.

Amanda Sandal says. I'm not even mad. I'm just impressed.

Doctor Comment? What are you investing in these days?

My own businesses. Good call.

That is probably, like, you've got the most control over that. And you do.

Yeah, I probably said that a hundred times this last month. When people ask me, like, what to invest in is as long as you have the ability to pair your capital with your time, that's most likely going to be. Well, it depends on who you are, because sometimes that can be devastating.

Your capital sees you coming as, like, El Diablo. No, but it's usually when you compare your capital with your time, it's kind of like John Locke's theory of property, you know? It just gives you that ability to, you know, as long as you have that ability to pay your capital time, it's going to be your highest return. Most likely. Eventually you get to a point where you run out of time, you have more capital, you have time to work with and that's a good problem to have. But until then, I appreciate the young entrepreneurs day in, day out. When you run, when you're at a point where you, you can still period capital at your time, do it over and over again.

I will say that I really like and liked doing small cap and micro cap investing because like that was I got started in investing with Peter lynch and big fan of him. But it's, it's a way to kind of figure out whether or not you're good, good at.

Figuring out strategies of businesses relative to the underlying asset values. And yeah, it is always nice to be right.

I like that he's just so calm like always nice to be right I guess a few times.

Hey, there's an interesting question that came in in the comments.

We've been talking about insurance as an investment strategy and I was telling you earlier that I was sitting with a friend of mine in his apartment a few years ago. We're talking about we were waiting for the economy to crash, we were holding on to all our money and because when the recession happens, we're going to buy everything. Well, what happened was the market's doubled since then and we missed all this upside and we were fools. So if I had had it in a policy like this, it would have been a much smarter play than just putting it under my mattress. And so we've talked about all this as a strategy and somebody just asked the obvious question, how the heck do you actually invest in that?

In insurance?

Yeah.

Oh yeah. I mean, with that, what we do is we take a life insurance policy and we try to make it as little like a life insurance policy as we possibly can under the tax codes. We strip out all the things that the insurance company would normally want you to have in there and make it as much like a cash bucket and as little like a death benef it as you can. Which is kind of counterintuitive to what insurance companies and agents want to sell. Because it's not the most profitable the insurance company, not the most profitable for the agent, depending on who you use. Absolutely, yeah.

What Sam is saying is you call Sam and that's how, that's how you do that.

Is there like something in tax code where if your bank requires you to have a insurance policy, then it's tax deductible. Or is there, is that like, am I?

There are portions you can deduct when it's for legitimate business purposes, but for the most part, not much of it, and especially not in this short term or putting so much cash into it, there's not a lot of ways to deduct it and keep it liquid where you can leverage it, you can deduct it and it treats it more like a qualified plan, like a 401k or an IRA. But just like if you leverage your IRA or you leverage an annuity or something, it's going to be a taxable event when you leverage it. And so typically, if you want to try to leverage it, that's, that's not gonna work out well there. But you can. You just set up an insurance policy where we strip out all the insurance components of it and dump cash into it. And then what we've got is we've got this tax efficient bucket that's highly liquid. Banks love the loan against it. It's just a really attractive form of capital, a place to store capital. And so like you'll actually, if you look up and see, you can look up in public banks and I'm sure you know I'm okay from your experience like you've seen, I'm sure banks hold insurance as asset classes. They'll bully. Bank owned life insurance is a real common thing where they hold a lot of their tier one assets, where they own policies on key employees and are able to have those cash values count for their assets.

I once again have no idea what any of that meant. However, there was my favorite comment of the night was just posted by the legendary Lavery, which is I'm investing in getting Ryan to make a recipe book. Listen, if any of you watching have experience making a recipe book, I legitimately do want to make one. I'm gonna call it Bachelor Meals or the Anti Dad Bod Diet, one of the two. If you have experience actually making recipe books, I would, I would legitimately like to do this. It would be a lot of fun. It's the one hobby I have that immediately takes me out of work.

That's awesome.

It's the one thing I can do without fail that takes me out of thinking about business and work all the time. So if any of you have that experience, please hit me up on Instagram, ryandaniel Moran, because I would like to work with you also, Dr. Clemens, putting together a recipe book. It's called Sous Videing for fun and Networking Yeah.

And this is where he makes a comment.

Do we need a pitchfork? We need a salad. Sous vide a little bit. So I'll give him a talk here. So last time I was over here, the reason I talked about Clement's cooking is he made steak in water. I'm not sure how that happened, but somehow this steak was cooked in water and then seared.

We boiled the steak.

Probably the best steak I've ever had. Because when he described it, I thought, that's gonna be gross. And it was just off the charts. I mean, the char lines on this.

So this is.

This is when you know you have a steak because you got your pink in the middle, you got your medium rare. When it's medium rare all the way to the edge right up here. Oh, that's when you've done it right. That's when you've done it right. And Clement, top notch.

You know, the first time he ever sous vide something, when I was around, he pulled out a blowtorch, puts this. He puts this in this brisket on the. On the pan, on the.

Committed, I think was his stink. Must have been stink.

But anyways, he pulls out a blowtorch. It was basically like the. Not a flamethrower from the boring company.

There we go.

And he like fires up.

Yes.

It's committed chars outside. He goes.

Perfect impression. And then. And then he takes it. There's more like.

I think it's ready now.

And he puts it on the table. I'm like, that was the manliest thing any human being has ever done. You just took a flamethrower and cooked a steak after soup eating it. This is amazing.

I would like. I would like to offer you a guest feature in my anti dad bod diet book, which Brianna Thomas has just offered to help me create in the comments. Brianna, if you want to put together. If you want to help me put together wine.

She helps you make a recipe.

Oh, yeah. She's. She's our all star player right here. We. I would like to work with you on. On creating this book. Do you accept having a guest feature?

Absolutely.

Yes. This is, this is happening, guys and girls. Hey, do we have a. Do we have any drunk dials to make? If not, I'm just gonna start dialing people. Nobody's giving us their numbers, so I'd say we just pop in on them. I think we. We're gonna have to call somebody.

Wow.

Just. I got really quiet and awkward there for a second. I wasn't sure what to do do.

About this There was somebody right at the beginning.

What's that? Left a number.

The legendary labor says, I'll help write the book if I get free samples. I know about marketing, selling books. That's true, you do. Well, Catherine, you can have unlimited people peanut butter sauce, which I'm. I'm pretty good at making. Oh, I didn't tell you that. I made a peanut butter sauce. That is. That's what the little drizzle is. Yeah, the. I don't know that you quite call it a drizzle. It's more of a bad, bad room phrases.

This is growing on me.

I like it.

There we go. Hashtag bad bedroom phrases. So we did get a request on Instagram, by the way.

What do we got?

David Odeed says, I live for crypto and I'm also an entrepreneur here in the capital of the great state. Let's grab coffee and talk crypto sometime in this downturn. I'd love to share the knowledge I've gathered in my four year crypto career. All right, can you, can you come over here and read that into the mic? Because I actually have a great answer for this. We have a great question submitted. This is the question of the night. Come on. This is on the Ryan Daniels Moran Instagram. And you know, we just got a hot lead. A young entrepreneur wants to meet up. So he says, I live for crypto and I'm also an entrepreneur here in the capital of the great state. Let's grab coffee and talk crypto sometime in this downturn. I'd love to share the knowledge I've gathered in my four year career. Okay, so this is how I would answer that question.

No.

And awkward.

Anything else?

Love this great state of Austin.

My only comment on the crypto downturn is it's a good start. I'm just enjoying watching it burn. And if you think it's done burning. No, it's. It's gonna keep burning.

And I'm saying burn, baby, burn. What your. I know your take.

Good. Sorry. What's your thoughts like? Well, I don't want to get on that.

I. I know your thoughts. That the, the, the technology is interesting and the coins are good as toilet paper. Your thoughts are.

Those are, those are great thoughts on.

Great thoughts.

The most beautiful thoughts, the greatest thoughts. The thoughts are the best thoughts that anyone's thoughts.

So first off, differentiating between the technology and the coinage is very important because the coin is technology based in time. You have. Technology is going to advance over time. So there's a high risk of your coin becoming Obsolete. So I think that that's a good, good differentiation to make at the beginning. Then knowing what kind of asset class it is, it's way more speculative. And so in my mind, my model for investing is build your base, buy cash flow until you have enough there that you have met what you need to be comfortable. That's whatever your goal is. You think I want to have X amount of cash flow. You get to that goal by widening your base before we go into speculative assets. Whether your speculative asset is crypto, if that's what you feel strongly about, or angel investing or land or whatever, you want to go buy that speculative, that's not cash flowing. We go into that after we've built a wide enough base, because then what you do is that base. If you don't need the cash flow, you can use the cash flow from your base to go spin the wheel.

Right.

Over and over and over and over again. Right.

The way I put this is you expand your lifestyle based on the predictable passive income that you get from your investments. And part of that lifestyle might be risky investment that you ride. But you don't take a large allocation of your portfolio and put it into any speculative investment. And any speculative investment is qualified as anything that you're hoping goes up in value versus spits off cash flow. That's a speculative investment. If you're hoping it goes up rather than produces cash flow, it's a speculative investment. That's where the minority of your portfolio goes.

Peter lynch would say that Vegas is a lot more fun.

Yes.

And that's what I was gonna get to. As you think about this is really. You can put speculation in the same thing as spinning the wheel. So if you got 36 spots or 38 spots to hit, if the odds were that every time you hit, you get 40 to 1 odds, you could play that game and win. It would just take a while for that to happen. But you, if you got odds in your favor, obviously that's give you free drinks, apparently.

And.

Free drinks, Right?

Yes.

If you're into that.

If you're. If you're into that, I'm sure they can get something besides red wine. It'll be okay. Don't worry.

You know who made a lot of money from crypto, though, and continues to people selling things about crypto. It's always more profitable to be in business.

It appeals to human nature because you get the chance. And really what it boils down to is there's a lot of creative ways to say don't follow the get rich quick Method, because everyone wants to reverse that order and invest through speculation first and then load all those dollars down. They don't want to pair their capital with intelligence and time. They want to pair their capital with luck.

Yeah, but, but the, the funny thing is everybody's going for those quick wins so that they could then invest the money into passive, then they can go wise and, and then you're right, right there. Go stupid so that they can go wise later. The dream is, but if I only have a few million bucks, then I could put it in at 6% and never have to work again. Or you could just earn the money, import it into the same.

Yeah, there's a movie called A Gambler, I think. I can't recommend it obviously, because it's, it's just a little more profane than it should probably be, but there's a lot of.

You can say any words you want.

Oh, there we go then. Good. But it's called the Gambler and it talks a lot about these type of thoughts.

And did you just not recommend a movie because.

Have you ever seen me on camera?

Fair enough, fair enough. But I don't know that I've watched the whole movie all the way through. I think I've only watched clips from it.

They said fuck too many times.

About 40 times too many in one clip. Okay, great clip. Okay, but then it's, it's funny, I hear, when I hear people talk about investing, I actually find a lot of similarities to those movies and those clips that are kind of hilarious. And so at some point I'll send you the clips.

Okay, sounds good. A good question just came in the comments. Well, what about insurance? Is insurance a speculative investment? How would you answer that?

Absolutely not as predictable. Anything has a level of risk. But people confuse risk and speculation all the time. And so any, anybody who says that there's a no risk investment is either lying to you or doesn't have any imagination. Because every investment has a level of risk to it.

Because every investment is only as good as the business underneath it.

Correct? Absolutely.

Including anything like anything. If you buy a stock on the stock market, it's only as good as the investment behind it. For example, like I buy really old dividend paying stocks that have a dip that cross into a 4% dividend. I have podcasts about this. You know, listen to my dividend strategy. But you know, what company would have qualified for that blockbuster? So even my super safe, predictable strategy sometimes has a blockbuster in their. Everything has risk to it. Oh, by the way, while we're Talking about, do all your listeners know what Blockbuster is?

Well said, Clements T Coin, you're the youngest person here. You know what Blockbuster is, right? Yeah. All right.

I read about it somewhere.

I read about it in history books.

I forgot an ingredient that was in my pie and I know because I just got one in my teeth. Bad bedroom phrases. There's, there's a little bit of flax meal in here as well.

So that's what the grittiness is.

That's. Those are your omega 3s right there.

Way to make it gritty. Again.

I don't remember what we were talking about. A guy has a follow up question about insurance.

Yeah.

Does insurance produce cash flow?

Oh, good question. It definitely can.

It's kind of like think about real estate. The way that real estate works is you increase in value over time and you refinance and that pulls out positive cash flow for you that's completely tax free. When you're able to have an increase in the value of the asset and then leverage it further, insurance performs that same fashion. So a lot of times we'll have people who cash flow, significant tax free cash flow down the road that you can pull from your insurance policy in addition to whatever other cash flow you get from other investments. So it is most definitely we use it for cash flow. It's meant to create a secondary driver of tax free cash flow.

You made a really interesting point earlier, which was if you're betting on insurance as your investment strategy, you're, you're thinking too small, essentially. So, so insurance is basically like the proxy to, to buy other investments. Because while, while you're. I was telling you the story earlier, when I sold my last company, I was walking the bridge with our buddy Kamal who buys, who invests. He actually invests in a lot of crypto. He's like an insider in crypto and he invests in a lot of Silicon Valley startups and he has a fund for people who do that. He makes that available to people in the back room, which a lot of people don't know a lot of. In the back room we have a bunch of syndications and private placements that are available. It's part of what we do in there. But I asked him, what would you do with the money if you're about to get a big check? And he's like, I would do nothing with it for a while. Which was good advice, but would have been better advice is if I had parked it in a really safe place that was going to increase but never decrease like insurance and Just wait. Because now, what does it produce in the last five years? On average? 11 12%. So if I'm getting 10 to 12% year over year, I'm not going to be stupid with that money anymore. Right. It's like, that's as good as a return as I'm going to get most real estate. So now I can just wait for a good deal and then I can borrow against that asset and buy the other asset. When you combine those two, you get really, really attractive returns. That's the play.

What is the index that it's usually based against?

Usually S and P. I was telling the more humorous version of that. Now I'm going to dumb down yours even a little bit. More humorous version is insurance. Investing is like the friends of benefits of investing. Because we're not committing capital. It's liquid. You can still get to it, and your risk is very limited as well. That's maybe our next tag.

Oh, yeah, we're gonna use that. Insurance is like friends with benefits. See? Money. You were giggling over there a second ago. What do you got? I got an interesting phone number here, but it sounds like, you know, Tyler's working on some. Something else.

Oh, okay. You took over.

You were nothing to worry about. Over here. You got an interesting phone number. I want to know whose number was so interesting.

I don't believe you. Katherine labor doesn't give her number to nobody. To nobody.

Matthew Turner says if you've never rented an N64 or PS2 game from Blockbuster, you are too old or too young.

That's perfect. That's. That's. See, that's my litmus test for if a girl's the right age to date. Has she ever rented a PS2 or an N64 game from Blockbuster? Because. Because that lets me know she's too old, too young, or just not fun.

Fair enough.

You know, that's. That's my criteria. That and a pulse. Okay. Jordan Glickman says, how old were you when you started your first product? And do you think we sell. Do you think how we sell physical products will change dramatically over the course of the next five years? When I sold my first physical product, I was 2013. What year is it? 2018 now? I was 25.

Why did you just nod affirmatively like you knew the answer before I did? Oh, yeah, that's correct. That's correct. Ryan, you were 25 when you sold your first product. I was 25. And do I think things will change dramatically the next five years?

Depends on what you mean by dramatically. I mean Some people would say it's changed dramatically in the last two years because some people are hoping that things never change. I don't think Amazon is going away. I think it will continue to get more competitive. I think we'll have additional marketplaces, we'll have additional forms of distribution, we'll have different additional forms of advertising. I think culture costs of advertising will go up and I think you will have more and more micro brands. Micro brands are something that I call very, very specifically targeted brands. For example, you'll see packaged foods that are cauliflower. We had some tonight we had a cauliflower crust. You'll see very, very specific brands too. Specific people. For example, you know, there's 7 billion people on the planet. 4 billion of them have Internet access. And you only need a very, very small percentage of those to be a very wealthy person. So if you are the first to target a group of 10 million people, you'll charge higher prices. You'll be the perfect solution for that group of people. You'll go viral in that group of 10 million people and you'll have a lot of super fans who are excited about your brand. So I think it's going to continue to go more and more micro brand. So it depends on what you mean by will things dramatically change. I think the basic rules of sales and marketing apply. What changes is marketplaces. What changes competition. What changes is overall tactics. But business principles rarely change. What do we got? C Money. We got a special call here. We got a special call on wine with Wyan 60. Sam Prentice. I'm let you lead this one.

Hey, who is this?

Hey, mute your computer.

Who's this?

Chris? Hey guys. Katherine Lavery is here, everybody.

How are you doing? Do you, do you know that you were speaking to greatness, Sam? I, I did.

I was gonna ask Catherine what's special about Catherine.

What's special about Catherine? Are you kidding me?

You have to tell me.

Where have you been since 2015?

Apparently in the wrong spot.

Apparently you have been in the wrong spot. Catherine, what's going on?

Investing. I want to know like what should I be investing in right now? Ryan, you've made me some money with your dividend stocks. Give me your top five right now.

Oh, my top five dividend paying stocks. Oh, right. I have made use of some money with my dividend paying stock picks. This is actually how Catherine and I sort of met was over investment talk. All right, so my top 5 dividend paying stock picks right now. I recently made a Facebook post about this. So let's See if I can remember them. My favorite right now is AT&T. They have a six and a quarter dividend and they just completed an acquisition of Time Warner Cable which is super cash positive. I think AT&T is basically an old business model. Like they're going to go out of business, but they're building through acquisitions, which is really interesting. And they're spitting off over over $20 billion in positive cash flow a year. So they're in a position to stay around for a long time. But their dividend is six and a quarter percent, so they're my favorite right now. My number two is probably Procter and Gamble. Proctor and Gamble is one of my favorite stocks on the market. And anytime they have a three and a half percent dividend or better, I'm buying. So I'm buying a lot of Procter and Gamble right now. They're just overall one of my favorite companies. Dr. Clement actually probably disagrees with me on this. But they're just a super strong company that's going to be around for decades long, longer. And, and they're, they're in a, a big downturn right now. So that's my number two, my number three trades under this, under the signal. Signal. Dov. I think it's. Their company is called Dover. They're a manufacturing company and full disclosure, I know very little about them. I saw them on a list of the top dividend paying stock stocks to buy and I've just started tracking them as a company. They were listed as the number one dividend paying stock. So I just started tracking them and they're in a huge, huge pullback right now. They're really, really profitable as a manufacturing company. They've been around for over 50 years. They have a history of raising their dividend every year for decades and they've had a really big pullback in the last six months or so. So they're a really small, solid play right now. All right, so that's my, that's my top three. I, I'm watching Johnson and Johnson, but they haven't pulled back as much as I would like to see. Before I go all in on something I'm high on, I'm high on IBM. IBM has a really solid dividend right now and a really solid dividend history and they've just got so slaughtered in the last year and a half. They're playing catch up in terms of their business model. They're getting beat by some other companies, but they have so much cash on the sidelines that they're in a position to weather the storm that they're in right now. So I think that they're going to kind of come out of the, the trough that they're in right now. I've only got one left, so I need to be really careful with my fifth recommendation. Recommendation.

I'm gonna pause while I think about my fifth. Do any of you like any dividend paying stock right now?

Right now?

I'd look up. I probably look up oke.

Oke?

Yeah.

Ok. What's that?

It's a midstream pipeline stock and that's what I, I bought back on oil tickets. Downturn. I still think that it's a solid dividend play for a long term dividend play. Maybe not quite as much equity value as it was before, but I did like it.

Okay, so Sam recommends. Okay, I shouldn't say this. Sam does not recommend. Sam personally bought OKE which was the pipeline play you mentioned. Clement, are you tracking anything right now?

Is Kinder Morgan still public or is. Did they take them private?

Kinder Morgan? I don't even know what that is.

Another pipeline company.

I don't. Do you know what they trade under.

Okay.

Clement likes Kinder Morgan.

No, I'm not saying I do.

He does not like Kinder Morgan.

I used to quite like he brought.

Up Kinder Morgan for no apparent reason. That is, that's, that's what he did. Because they're public. They're a public company. Buy them.

Wikipedia.

All right, so I don't know anything about them. Recently though, I've got one left and I'm really hesitant to make this one. I have always really liked agnc. So A like America. G, which is great.

N like the last letter in again. And C for.

Cuts as in tax cuts that we're all enjoying right now. So AG N C is a real estate investment trust which pays a 12% dividend and they, they normalize it according to the stock price which means that it's always going to hover around 12%. So when I don't have a different place to, to put money, I'm usually putting it in agnc. C money. I made some recommendations to you recently. Did I hit the ones that I recommended to you? Am I forgetting any AT T?

Yeah.

IBM. Anything else?

I said Procter and Gamble.

Yep.

Dover. Dover. Yeah, There we go. All right, so I'm gonna give you one. A one stock that is not a dividend paying stock. The stock that I think has just gotten beat up more than any other stock that didn't deserve it is the stock CVS Pharmacy. They trade under cvs. CVS bought Aetna for, I don't know, like a kabillion dollars a few months ago. And I just think it's a really smart acquisition. They got absolutely trounced by the news that Amazon had acquired whatever pill popping company they just bought. But CVS is just a awesome company. And in tandem of that, Walgreens is a dividend paying stock that was also beat up by the news that Amazon bought that other company. So I really like cvs, although I'm not buying them for the dividend. And I like Walgreens, which actually does have a really solid dividend. And so it's a strategic play right now because I think they were just oversold. But they're both awesome companies. That was a way longer answer than I expected. But those are my top picks on the market, specifically chosen for legendary labor.

All right, sweet. I make some money. I'll take you for a drink when you come to New York. Yes.

You know, I said, I said recently on the show, this might have been last week when, when I had way too much wine, I was like, I haven't felt this drunk since, since Katherine Lavery bought wine when we were in New York City.

She bought a lot of wine in New York City.

It was a speakeasy.

Okay, well, there was wine at that speakeasy.

There was wine at dinner, and then there was cocktails and speakeasy.

Okay, well, I had a lot of wine that night, or I remember it terribly because I don't know what happened after that. Kathryn Lavery, thanks for hanging out with us. We've been looking for you for six weeks on Wine with Wine. This really happened, everybody. We got Katherine Lavery on the show. Oh, and Katherine Lavery is going to be speaking at Brand Builder Summit in Austin, Texas in August 24th and 25th. She's our special guest. It's Legendary Lavery. Katherine is going to be here.

This got weird real quick, everybody. What a legendary call. Katherine, thanks for hanging out with us.

Later. Later, gator.

Later.

I don't know what to do with my hands.

Not really happened.

Do we have a. Do we have any other drunk. We have another drunk dial to make T coin who we got? We have Sean from Vegas. Sean from the Vegas. The Vegas. The Vegas.

You know, we should call Sean Coin some.

We should call.

That's what we're doing. That's what we're doing right now. Right? We're gonna drunk dial Sean after this. Sean's from Vegas. What's going on.

What'S going on? While we're eating healthy chocolate pie, there's three pieces left, and no one's trying them, which should tell you how good it was. What else going on? We've got about half a glass of wine left, and I'm the only one. I. I've drank the most wine. Dr. Clement, still. No, no, no, no. Don't give me no, no. I've had the Most. You or Dr. Clement gets to drink.

The last of the wine, like, over a bottle before.

What is your point? First of all? Are you judging me? Are you judging me? He who has never sinned cast the first stone. Dr. Clement. All right, Sean, what can we do you for?

So, Mr. Ran, if somebody handed you a million.

Dollars cash right now to start an Amazon business, where would you start?

Okay, that's a really interesting question, first of all, because Sam and I recorded a podcast today called how would you invest a million dollars? Which is going to be released pretty soon, but it was not about building an Amazon business. And once again, if you have an Amazon business, you don't have a real business because your business is the brand, not Amazon. But where would I put it in terms of how would I start it? What niche would I go into? Could you be a little bit more specific? Yeah. Is there a particular niche that you have in mind that you could get into?

And. And then where would you allocate your funds?

And I know you talk quite a bit about building an audience.

I know.

I'm sure a significant amount of money would go towards building an eye. Yeah. Yeah. So, actually. So here's what I would do. To be quite honest with you, I would do two things. One, I wouldn't start a business. I would buy one. And since I only have a million dollars to work with, I'm not going to buy a super established one. One, I'm gonna buy a business that's doing maybe $50,000 a month in sales, and the profits on that are gonna be super low. So you're probably gonna be able to acquire that for a few hundred thousand dollars. So let's say you bought that business for $300,000. There's a bunch of brokers who specialize. My buddy Corin runs a brokerage called the FBA Broker. He'll be speaking at Brand Builder Summit this August 24th and 2025th in Austin, Texas. Corin is at FBA the fbabroker.com I believe I'd buy a 300,000 to $500,000 business. Of course, do your own due diligence but I'd look for something that had three to five products that hadn't hit critical mass yet, that had some unique branding on it. Then with the remainder of my money, I'd be putting it into ads. And that ads would probably go to people with audiences in that space. So I would go to. I would match up my product line that I just bought with influencers and audiences that were in that market, and I would use the remaining capital to buy as much inventory as possible so that I could be regularly advertising to people with audiences. I'd get those endorsements, turn them into Facebook ads, turn them into Amazon reviews, turn them into Amazon images, turn them into videos that I would run as ads. And that's how I would deploy the million dollars.

Awesome.

That was easy.

Awesome. That's what. That's what I would do, Sean. Now remember, you're talking to a couple of drunk dudes who know nothing about investing or business, and you shouldn't take any of our advice. But if that's what I was doing with it, if that's what. That's what I would do with a million dollars to build a business on Amazon.

All right. Thanks, Sean. All right, speaking of Sean, let's. Are we gonna do audio or are we gonna do FaceTime here? Well, that's.

Oh, that's a tough question.

I think we should. I think we should FaceTime him. But how will.

Yes.

I'll let you make. I'll let you make the call here. FaceTime audio. That's unique.

Let's drunk dial Sean Coyne here.

I like that you're dialing from Clement, but I'm the face on the phone.

Sean.

Sean, you're live online with Lion. What's going on? We miss you.

Oh, no.

Why aren't you wearing clothes?

Camera.

You're watching TV in bed, naked? No, I have pants on.

What's going on, dude? How's San Francisco? It's good. It's nice.

Warm.

Really? Yeah. Well, not like you all warm, because it's.

Whoa.

He's officially California. And he just said, you all, everybody. What does that even mean to say you all? He's been out of Texas way too long. Hold on, Sean, we gotta. We gotta show you what's going on here. You've got Dr. Dr. Clement. Juan, we've got. We got drunk. Ryan, this is Sam Prentice. Do you two know each other?

Oh, I do.

See? Money's here.

Sean might look different with clothes on.

And then t. Coin. And then.

And then.

That's Facebook Live. Live.

Oh, yeah. And that's. And that's YouTube Live right there.

The you. All of the YouTubes are here. What, What's. How's life different in. Actually, I'm going to hold you by the mic. How's life different in California than it was in Austin, Texas? I mean, it's easier to walk places in the summer cuz you don't die. Yeah, that's nice.

Yep.

It's dirtier, which I didn't really expect.

I feel like it's more competitive. Like everything's competitive. Like you want to get a cup of coffee, you better be there early because there's gonna be a line like you want to go to the grocery store. Like you better like rush there and like beat everybody else to get the things.

There's so many people jammed in a small area. It feels like everything's super competitive. That sounds like it's a. It's ridden with psychological issues. Is that the case if people that live in San Francisco? No, I mean it's good and bad. It's good from like a work perspective because everyone's very driven and like pushing you further. It's bad from a relaxing perspective because relaxing becomes competitive. I relaxed harder than you did. Yeah.

Yeah.

How do you relax in San Francisco? Same way I did in Austin. You take your shirt off and watch TV in bed? Yeah.

Are you doing CrossFit?

No. No. CrossFit? Yeah. That's not relaxing. No, it's not. It's exhausting. It's not relaxing at all. I do the normal gym where I can cheat and no one yells at me because no one's paying attention.

Hey, what's your. What's your doggy coin worth these days? Oh, I don't know, like negative $9. I think I owe them.

Well, what do you like about San Francisco?

The walking everywhere is really cool. There's like lots of little parks nearby. There's probably the. Maybe two. I think I read article 200 or so parks in San Francisco. Some of them are really little, like one block.

It's a little noisy here too, apparently.

Hey, how big. How big is your apartment in San Francisco? Give us a tour.

That's it done. How many square feet is your apartment.

And is your rent higher or lower than $2,000 a month? Higher. I pretty much live in the bedroom I had in Austin, but paid the entire rent of a two bedroom apartment.

This sounds awesome. I now know why everyone moves to San Francisco. It's highly competitive. You can't relax and you pay $2,000 a month for a bedroom and Taxes. Taxes and taxes.

Yeah, they're state.

State income tax. So that's great. Are you still happy with their decision to move? Yeah, yeah, it's good.

This is very different.

What?

What?

How are the women?

Great.

Very good.

All right, my man. Well, it's good to chat with you. Thanks for hanging out on wine. With wine. I miss you terribly. I think about you every day. I wish you would come back. There is this sound. I'm only saying this because I've had too much wine. There's a hole in my life that only Sean Coyne can fill. Oh, bad bedroom phrases right there.

That's a bad.

That's a bad bedroom phrase.

It sounded complimentary, right?

Yeah.

I was a little emotionally moved over here, to be honest. Okay.

At least two of us would never say that phrase. But listen, Sean, I miss you terribly.

You are the type of friend that can't be replaced by more friends. I'm glad you're happy. But life isn't as bright without you in Austin, Texas. But I'm glad you're having a good time.

And Esther misses you.

Esther misses you terribly also. You look like you. You look like you're growing pecs. I've been working out a lot.

Yeah.

Shawn Coyne has been doing yoga on his yoga mat and taking sheer strength supplements. Yeah, technically.

Yeah. For both of those.

All right, my man. It's good. Good to see you.

See you guys.

Miss you both. Alright, see you soon. Bye.

That was a great decision, Dr. Clements.

All right. Matthew Underwood is asking, is anybody buying Ford? I actually have been tracking Ford as a company because they've been absolutely smashed lately.

I buy dividend paying stock and their dividend isn't all that attractive. But as a company, they're kind of an interesting play.

Right now, Tinder Morgan actually has a dividend of 4, yield of 4 and a half percent.

Really? So what is that company exactly?

They do pipelines.

Tell us more about.

I really like them back.

I just said Kindred Labry, because I'm reading the comment from Katherine Lavery. Kindred Lavy. A new company coming to the Dow Jones very soon.

I really like them back in the day because Kinder Morgan, or rather Richard Kinder, I think, was the founder of the company. He just bought up a.

Ton of.

Pipelines across the US and he was a real character during the quarterly.

What are they called? Interviews or calls? Conference calls, yeah. And they were. And he took a salary of a dollar. He ultimately, I think, sold to either KKR or one of the.

I thought you were gonna Say the kkk. I thought for sure you say he ultimately sold to the kkk.

I don't think they have very much money.

I don't think they do either.

No.

Unless they make. Unless they make money. I forget what that.

That.

That site that Tim Ferriss recommends where you, like, bet you place bets on if you don't do something for accidental.

Oh, stick.com.

Yeah. And maybe they make lots of money on that.

Yeah.

But anyway.

And I think so right now, one of the big things that they were trying to figure out was whether or not they'd be able to build that big pipeline across Canada. And so they were hit, and I think they're building it now. And so I think there's a lot of uncertainty taken off that company, and it's growing from what I can. Can read in the one minute of time. So it's not a recommendation, but it seems interesting.

Okay, I have to answer this question in the comments from Andre. Oh, where'd it go? Where'd it go? Where'd it go? Andre Robinson. Hi, Ryan. I sent you in a message. A message. And waiting for you to respond. Please get back to me. Thanks, Andre. Here's how I answer this.

No.

The way to get someone's attention isn't to say, hey, I shot you a message. You owe me attention. Just not a good way to get people's attention. It's kind of a dick move. Just kind of is.

So no.

Kindred. What? Kinder. Kinder what, Morgan? Tinder Lavery is what that one was called. Tinder Lavery is. Is Clement's stock pick. Well, guys, I don't know how to wrap this up, so I'm gonna ask that you guys say something smart sounding.

Huh?

Something sounding.

That's good. What's up? Those ghosts. That's good.

Oh, there we go.

Wow, it's getting sloppy.

Up.

This is. This is our sign. Dr. Clement still has half a glass left. Look at this.

Where's. Where is it? Drink, Clement, drink. Everybody put it in the comments.

It's not like we.

We.

We get barely through a bunch of different wine bottles. It's okay.

This is cake. Bread cell. We should finish that. We've gone through twice as much wine.

Before on the show.

We have. We have gone through way more wine than this.

This is.

No, I drank more than all of you.

I'll finish it here.

All right, we'll have. We'll havesy the last four sips of this.

It's about right.

Kira Griffin. Kara Griffith says you are hilarious. Nice to see you are Real. I am actually not a real person. The real Ryan lives at the office. Did you. You really literally did. Just pour me two sips of wine.

That's exactly what I did.

Great. If I was Dr. Clement, this would take me four hours.

I'm writing a cookbook. Dr. Clement is writing a wine book. It's called Four Hour Wine.

It's this much wine and every page is a sip, and it's just where it doesn't quite hit your lips.

What was I saying? Oh, the real me. Kara. Kira. I lost your name. Hold on. Kira. No, I'm not a real person. The real Ryan lives at our office as a cardboard cutout. Insert picture of the cardboard cutout right here.

I got.

I got a question here.

Someone wants to know what you think about Tesla's recent meltdown, their manufacturing issues, and Elon Musk asking crazy as the cash runs dry.

Yeah. So Tesla has been a really interesting company to watch, specifically as an investor. I think they're breaking qu. All of the rules in terms of, like, traditional evaluation as a company. And you've seen a lot of traditional investors get scared, and their stock has been insanely volatile. I mean, it's. It goes up 30%, it goes down 30%, and it moves in huge swings. I personally am, long term, very bullish on Tesla. I am waiting for it to kind of shake out. My buy signal at Tesla is just south of 300 as a. As a strike price, if you will. So if Tesla's under 300, I'm buying, or I'm at least buying options. So I like to buy options in riskier companies. For example, if I'm not sure what a stock is going to do, I'll buy a call option on that stock, which gives me the right to buy at a certain price. So if it rockets up that I've locked in that price and I can buy it at the price that I set on the option.

Why 300? That sounds.

Because historically, that has been kind of a floor in its. In its trading over the last two years. It's been very volatile, but it's all it is. In the last year and a half to two years, it's always bounced from 300. So 300 seems to be where bounces from at least a trading perspective. That's where I hold it long term, but I'm usually buying more. When it comes under 300 long term, I think the company is going to be just fine. And if anybody can raise money during points where cash flows are tight, it's Elon Musk. There are entire funds set up just to back Elon Musk companies. I don't think he's going to have any problem shoring up cash flows. So overall I think they're going to be perfectly fine. And they've always hit challenges, they've always missed deadlines and they continue to do just fine. So I'm overall very bullish on Tesla.

Yeah, yeah. Any final questions? The energy drop in here is palpable. So we're going to wrap this thing up. I got nothing. Tyler, anything? Any questions, comments? We've solved all the world's problems.

Good night.

Hey, Sam. Where can people follow you?

Go to gowelpoint.com. honestly, just look me up, email me. We've got a Facebook page page as well.

Wow. Well, that's impressive, you guys.

As far as we are, you're ahead.

Of the curve right here. You got a Facebook page, Twitter.

Okay. Gowelpoint.com Special thanks to Aubrey Marcus for supplying the clothing worn by yours truly during this episode. Oh, public apologies to Tim Ferriss. We wanted to get to him tonight but we ran out of time. Sorry, Tim. We'll try to get to you now. Next time.

Four hour wine drinking time.

That. That's right.

A special thanks to Brianna Thomas for supplying tonight's. Tonight's chosen bottle of wine and for agreeing to create my. My upcoming cookbook which will be called either the Anti Dad Bod Diet or bachelor meals. I'd like to hear your thoughts. Which name do you prefer? Dr. Clement. When are you performing your next YouTube live open heart surgery?

The next one.

Yeah.

That's a tough one.

Probably never.

Probably never.

Okay.

It got sloppy up in here tonight, everybody. Thanks for hanging out with a. Want.

We try that again? Thanks for hanging out with us at Wine With Wine. We need a better outro. We need a catchphrase. We need a. We need a better clement.

And that is a bad bedroom phrase. Good night, everybody. Good night.

You can do it.