Using only 20% of your business data is like dating someone who only texts emojis. First of all, that's annoying. And second, you're missing a lot of context. But that's how most businesses operate today, using only 20% of their data. Unless you have HubSpot, where all the emails, call logs, and chat messages turn into insights to grow your business. Because all that data makes all the difference. I would know because I use HubSpot at my company. Learn more at HubSpot.com. Did you hear how Chamath said that brands are going to zero? I did not see that, but I saw it in your list. Okay, so here's his argument. I'm going to name a couple of things here. So he's like, look, you look at Tesla, you look at BMW initially. BMW was like powerful brand, right? And you look at, which is still a powerful brand, but you look at Tesla, they kind of come out of nowhere. But then what happens is what? You got BYD in China, what, five, five grand for a car, 10 grand for a car, right? So his argument is that products are becoming cheaper, easier and cheaper to make. And brands that keep bringing abundance are going to win. So if you're continuing to drive costs down, like you look at Tesla, for example, like the Model 3s, like the costs are coming down, they're going to continue to win. But when you look at the world where like all these things are just cheaper and cheaper to make, and everyone's just copying each other, his arguments, it's harder to have that brand power stand for the standard tests of time. And so I think he did mention something about LVMH, like Louis Vuitton, for example, not being able to stand a test of time. I think there's going to be a couple of those that do. But I do see a world where it's just like, if you have a better product, you know, you're just going to win out. So I don't think brands are going to go to zero by any means, but I do think it's going to become much more competitive. And maybe there's not as much staying power as there was before. So I disagree with him. I'm not saying I'm right or wrong, but like if you look at BMW, okay, here's a chart from 20, 2007. Is it their stock again? No, because it's European traded and sometimes it's hard to pull up. Overall, they're growing up into the right. They saw a big bump from COVID. It's normalizing a little bit down, but overall, it is up into the right, considering how old of a business it is. And most people don't know this. BMW owns one of the most iconic luxury car brands out there, which is Rolls-Royce. I didn't know BMW owned Rolls-Royce. Yeah, it's owned by Rolls-Royce. Oh, I didn't know that. Yeah. So you have a car that you have to take the repair shop all the time. You're talking about a Rolls-Royce? I don't own a Rolls-Royce. I thought you did. No. I never own a Rolls-Royce. Too flashy. I know someone that does. Home hospice. They probably make good money. Well, just leave it at that. Continue on. Yeah. Oh. You're talking about the next year at least stuff where people are just scamming and making free money. Yeah, but I know people that. That sucks. Continue. That people are doing. All right. So if you look at Louis Vuitton and Chanel, I think their brands have sustained time. They're iconic brands. They're old. I think they're over 100 years old. At least I think Louis LV is over 100 years. I don't know about Chanel. Yeah. But they're iconic brands. People look forward to them. People don't want their products mass produced. They are. And people will pay arm and leg for them. And the moment their products go cheaper, I actually think their business goes backwards. So when Chimad says, you know, brands go to zero, I don't see Michael Jordan's brand with his Jumpman logo. Michael Jordan hasn't played basketball in a long time. His shoe brand is iconic. It has nothing to do with the comfort of the shoe. It's the brand on there. And I know this firsthand because when I was at his celebrity, nonprofit golf tournament or whatever in Vegas years ago, they told me that the bigger the logo, the smaller the other people's names because they do co-partnerships in branding, the more shoes they sell, even if it's like with Jeter or Derek Jeter or whoever else it may be. I don't just see brands going to zero. I actually see branding being the moat because people feel a certain way about a brand like Apple or Tesla or Nike or Louis Vuitton. And I think that is actually one of the most powerful modes because it's hard to build a strong brand. Here, I'll simplify this for myself a little bit. Brands aren't going to zero because what Charlie Munger said this before, the thing that humans fight over is not necessarily greed. It's envy. Envy is the biggest driver with humans, right? It's very much a status game. So if we all have abundance, we need a way to show each other who's better. Who's who's. It's all status driven. Yes, it is status driven. Yes, we do have one nice car in our family. I drive around in a Honda Odyssey. When I go around here in Beverly Hills and people see me in a Honda Odyssey, most people don't treat me as nice. What are they doing at the valet? At the valet, they usually tell me to pull forward and then they'll take all the other cars. Because they think you're a new Ford driver. Yeah, and then they'll be like, are you here to pick up someone? And I'm like, no. And then I'm like, I'm here to get my car valet and I have meaning here. And then they usually will say, or some remark, it's X amount of dollars. You sure you want a valet? I'm like, yeah, it's okay, I'll valet. And Eric knows I'm not the best person at parking or parallel parking. At driving, very. Yeah, so then I tend to, although I do pretty well with the Odyssey, it's also the car's not fast and it doesn't. Maybe you learn how to drive better because you have kids though. Yeah, but either way, when I ask people in Beverly Hills, I'm like, dude, you should get an Odyssey. And people are like, are you kidding me? I won't be dead in that thing. I'm like, but you have kids. You're telling me you'd rather get out of your car, open up the door, have them get in and close the door versus just push a button and your doors slide open. They jump in, buckle themselves in, has a built-in vacuum where you can pick up their french fries or whatever they're eating, their candy or snacks. And people won't do it because they're just like, it's a Honda. And I'm like, who cares if it's a Honda? And on top of that, they're like, it's a minivan. Minivans have bad brandy. If you want to triple your pipeline, double your revenues without having to cut headcount, you have to check out the revenue agents from Single Brain. That's singlebrain.com. And within these agents, they'll chat with you. They'll do data polls for you. They'll strategize for you. They'll even handle outbound for you. They'll handle the sequences. They'll handle everything end to end. Singlebrain.com. And we'll see you over there. Dude, did I show you the Mercedes new Minivan that's coming out? Is it the... remember I showed you the one in Asia? Is this like a version of that? I showed you the Lexus one in Asia. You showed me the Lexus one. Yeah, which is nice. Okay, but check this image out. I'm going to show you the Mercedes Minivan. Oh, wow. So Neil's showing me a fully decked out van. By Mercedes. That looks very tech forward. And look at this has reclining seats. It's like a first class flight. 31 inch screen TV. It's a first class flight. It's amazing. Yeah. How much is that? I think it starts at 80,000 and then goes up to like 100. It comes out sometime next year. It's electric, 100 and something maybe. Oh, you're for sure getting it. For the futures, I try. They're not putting... You can't put your name on the list yet. It comes out next year. I don't think there's going to sell like hotcakes. So we're not in a good economy. No, dude. The amount of calls... So I talked to Fletcher Jones and Mercedes and Newport. They have like a spinner division. Don't you have a hook up there? I do. And I was like, how do I get it at cost? So, you know, there's nothing wrong in negotiating. But they were telling me that like the amount of calls they're getting for people requesting. So then I started asking the guy questions because I was just curious. I was like, who are you getting the calls from? Men or... Or actually, I first asked, are most of people calling for this? Do they have kids or they don't have kids? He's like, everyone who's called has kids. And it's all the women calling? And then I said, is it men or women who are asking for this? He's like, only men. He's like, we haven't had... Only men? They haven't had one woman ask for the car. Wait, why? So I don't understand. Okay. So I started sending this to some women or like some of my friends and they send it to their wives and I asked them to send it to the wives and get their take. But you send it to women to send it to their wives? I send it to men. Okay. Most of my guy friends or most of my friends are guys. Almost all of them are guys. I have some female friends, but most of them are guys. And then I told them, I asked what they thought. Most of the guys thought it was legit. I told them to ask their significant other what they thought. And most are significant others that were women said, ugly? Is this a joke or... And it's still a mini-bath. What? It was usually one of those three things. Seriously? Yes. Why? And then the fourth one that wasn't as popular was why not just buy an SUV? But I have to assume all... You're correct me if I'm wrong here. Okay. So Neil Sockentee is his guy friends. I'm assuming they're all successful. Okay. Correct. They're all entrepreneurs. Which means the trophy, let's say their trophy wives are great wives, right? They're used to nice things, right? So they probably want to have the best of the best SUV. Like, I don't know. But this is the best of the best for a minivan in the United States. So I say, you would know more than I do. I don't know why they have an issue with minivans because I don't have an issue with minivans. It's the branding. And it goes back to the Chamate thing, you know, brands go like, a lot of people won't get caught dead driving a minivan because it's a minivan. It doesn't matter if it's a Mercedes or a Rolls Royce. Okay, I see. I see. I see. I see. The status behind driving a minivan is not cool. Got it. It's not cool. It's just like, oh, this is, you know, a crappy person's car or whatever. I'm like, I don't believe that. I drive a minivan. I think there's nothing wrong with it. Guys don't care about anything. Like, you didn't care when your 40th birthday... Like my 40th birthday is coming up. I don't care. If you're like, what are you gonna do? I'm like, I don't really care. You don't care? Did you care when it was yours? You didn't even mention it during the event. That's right. My 40th birthday was here, but I did eat ice cream. Yeah. He had double ice cream. It was free though. Remember that? Yeah. So I'm just saying, guys don't care about a lot of these things, right? So we just care about practicality and utility, which to us, it's not a status thing. But it is a status thing when we think about our technology, right? Actually, no, I just want to use it better. I just want to work better. So I think work better is right for some people. But for me, I want the best technology devices. I don't know why. I do too. But like, so it needs to be the newest, right? This needs to be working really well and I need to have the best things. Okay, but with your phone, okay, the last version of the iPhone works pretty much the same way as this one. Would you agree with that? So why do you really need the new one? Well, first of all, I get these for free. Okay. Some of the stuff you pay for, like the iPads and stuff. Yeah, I do. But why do you need the newest one when it works almost the same? So no, this one is the same. So I haven't upgraded this one, but now I want the latest Mac Ultras because I want the memory for local infrastructure so I can run my company. I totally agree. And I'll say that I asked you about the actual computers. But like, sometimes with technology, cars, you want to try different cars or what not, your Tesla worked fine. You ended up getting the Porsche. I looked at it. I haven't. So here's the thing. When I lived in Miami for two years, I didn't have a car. All I drove was Ubers. And when I came back, I needed a car. So that's why I have this. And then the next one will probably, depending if kids pop out or anything, I'm not saying any kids are going to pop out, but like, I would consider it a pretty vast. So yes, I do think to some extent as guys, I think our thing, at least for you and I, is technology. Even if it doesn't make our job more efficient, sometimes we just want them, you technology to play with it. All of our, I would say all of our, most of our guy friends, they want the newest tech. They don't care about like wearing the nicest things anymore. We all just, all I wear is like athleisure. One more point I have to make on this before we, before we move on. So let me ask you a question, Neil. How many families are worth over $30 million in the United States? Yes. Family? Households. Households. How many households rather than the United States? Like 60 million? I don't know. How many households in the U.S.? I think it's around 60. No, I'm wrong. 133 million households. Okay. So I would guess over 30 million, 5 million? 4 million? 5 million households? Four, let's go with 4 million households. Okay. Over 30 million. No, no. How many households, there's 133 million households in the United States, are worth over 30 million dollars? Just throw a number out there. It's okay. 1% of that, maybe. 1% of that. So that's a 1.3 million. Right? Yes. Call that, okay. 600,000. It's not as big as people think. All the things that we see on, this was from Wall Street Journal. Wow. All the big things that we see, like the flashiness on Instagram or whatever, it's just not true, right? It's a very small world. And then only a subset of that is worth over like 100 million or so. So it's a very small number. That's much smaller than I thought. Yeah. We also live in a bubble here now. Well, this is a bubble. So yeah. And the prime example of this is we were looking up cars, because we watch Formula One, they just did the Formula One Japan race. So we're watching it as a family. Suzuki? Uh-huh. Yeah. So when we're watching the Formula One, my wife's asking, you know, where's BMWs at for a car? I'm like, oh, they don't have one. And they're just like, they're listing out car companies. And they're like, where's Bentley? You know, and I was like, well, Bentley's VW. She's like, really? She's like, Bentley's not a something. I'm like, no, they don't sell that many Bentley's. And we've even talked about Rolls Royces. Living here in Beverly Hills, the amount of Rolls Royces and Bentley's you see is all the time. All the time. It's a common car. But we looked up that day, how many cars Rolls Royce sells in an annual year? You want to take a guess? Like a couple, like 100k? 7,000. 7,000. That's what Google said at the time. Wow. I believe it. Okay. How many cars does Toyota sell a year, if you had a guess? Millions. 11 million annually. They sell so many more cars. I was telling my wife, I'm like, I know you think like, Rolls Royce is a big company. Rolls Royce, they have motors and all. They're different companies, right? Because their car is owned by what is it called? BMW. The motors is owned by, I think, themselves. And I was telling her, I was like, when you sell 11 million cars in your Toyota, you have so much more money versus someone selling 7,000 of a car, even if it's a million dollars a pop. Well, it depends, right? Because let's look at Formula One for a second. If we actually break this down, because I haven't thought about this before. So you do have premium brands. You do have Aston Martin. You do have Ferrari as Formula One cars. Rolls Royce 5 to 6,000. But you can't look at Aston Martin and what was the other one? Ferrari. Ferrari is Fiat. It's funded by a smaller company. Who owns Aston Martin? Who owns Aston Martin? A Canadian billionaire. And Rolls Royce is not owned by BMW. Yeah, owned by BMW. All these premium ones are owned by a big company. Bentley is VW. Yeah. So you know who has multiple brands? Audi is VW. You know how it's multiple brands on Formula One? Mercedes. Like four teams have Mercedes at the end of it. No, Mercedes is not. No, because if you go McLaren, it's McLaren Mercedes at the end of it. And then you have Mercedes and then you have something else Mercedes. There's a bunch of Mercedes. But McLaren, I don't think, uses all of Mercedes parts. It doesn't, but they're just part of it. There's a brand at the end of it. So it's like they have multiple ones and I, you know, debatable, right? I think for Red Bull, a genius move. Like they have two Red Bull teams. Like it's just they're always out there at the forefront of these things. Well, most of them all have two cars. Yeah. Yeah. What do you mean? Each team? Each team has two cars. Red Bull has two cars. But Red Bull has two teams. They have a junior team and then they have the Red Bull. I forgot what it's called. It used to be called Alpha Terry and now it's just like Red Bull racing bulls. That's what it's called now. So they have two teams inside of the two F1 teams. Different levels. Different levels. Well, no, they're like Red Bull with Verstappen is the main one, but they do have two teams that are in F1, which is the highest level. So is it? Yeah, you're right. Two teams. I follow my F1. These are Oracle Red Bull Racing. Okay. And racing bulls. Yeah, they have two teams. I didn't know that. Yeah. And here's the other thing. Google sponsored McLaren. This was before McLaren started winning last year. Yeah, McLaren's doing well. Before that. But I remember watching F1 and Google was meeting with them. Like Google wasn't happy about the results. So even though you see them like Google's like Gemini logo and all that and Chrome logo, like at the end of the day, even if you're advertisers, it all comes down to results. If you're not winning, they don't want to be associated with you. You know what I mean? You look at Ferrari, they spend so much. They have the, I think they pay, Hamilton's the highest pay driver right now. And he's not winning because the car's not working the way he wants. He's podiuming now. He is, but he's starting to it. But it took a while. Yeah, it took a while for him to get to come back. And a lot of money in that quote unquote while. Yeah. So I want to come back. I want to switch gears here and talk about the $5.5 trillion rewrite. Neil. So when you look at software, okay, it's a $0.2 trillion market. Let's call that $200 billion. Okay. So Cotu did this report recently. Cotu is the, honestly, venture firm, but I think they do a lot. Hedge fund. Hedge fund. Yeah, hedge fund. Thank you for that. Cotu just put a number on what we're seeing at Seed for three years. So software is a $0.2 trillion market. So $200 billion services as a software, $5.5 trillion. So $25x. The shift is from selling tools per seat to selling work per output. This is why the best vertical AI companies don't compete with software incumbents. They compete with expensive service providers, BPO's and high turnover labor. At $2,000 a month, AI agent is replacing an 80k year agency. That's the new business model. All right. So when you look at this, the $5.5 trillion rewrite over here. So from per seat to per output, $25x TAM expansion. So I think a lot of this is very early right now. I think a lot of us are still figuring this out. But we're seeing this more. This is not something new. I think we've seen this like a year ago, two years ago or so. But I think we're going to continue to see it because we're all kind of just figuring it out as we go. So what do you think? Yeah, no, I'm with you. I think service as a software is a massive industry. Why Comet or just put something out, I think it was around 30 days ago where they put a calling out for start-ups that are trying to automate services. So for marketing, for accounting, for... This is like three months ago. Yeah. So it was for anything out there. Sequoia and A16Z has also put out stuff or letters at least 30 plus days ago that break down how they think this is a much bigger category and they're looking for companies to fund on this. I just think, Neil, here's what I honestly think. I think we're going to be just fine. I think we're going to be very happy with how work ends up. And I think there's going to be a lot more abundance for the world. So I'm excited about where things are going. Same here. So yeah, and I'm excited for us humanity long-term. I'm just scared for some people short-term. That's just how it is right now. That is it, guys. Don't forget to rate, review, and subscribe, and we'll see you tomorrow.
