The Market Is Crashing. Here’s What We’re Doing About It…

Boys React: The market dip rel="noopener noreferrer" target="_blank">(00:00:00)

• The stock market experienced a significant drop, with the Dow Jones Industrial Average having its worst day in two years and the S&P 500 down 5% for the week. Tech stocks, particularly Nvidia and Google, experienced even larger declines.
• The speaker describes how the market downturn caused anxiety and panic among some individuals, leading to discussions about selling assets and changing investment strategies.
• The speaker emphasizes the importance of maintaining a long-term perspective when it comes to investing, particularly in index funds, as market fluctuations are expected over time.
• The speaker shares their personal approach to dealing with market volatility, which involves focusing on a few key goals and consistently working towards them, regardless of market conditions.
• The speaker suggests that reacting to market crashes impulsively can lead to poor decision-making and emphasizes the importance of assessing the situation and remaining calm before making any significant changes to investment strategies.

React or respond? rel="noopener noreferrer" target="_blank">(00:04:32)

• The speaker discusses the importance of responding to market fluctuations rather than reacting emotionally. They share a personal anecdote about making poor investment decisions based on fear and greed during the COVID-19 pandemic.
• The speaker emphasizes the value of taking a long-term approach to investing, highlighting the potential losses incurred by trying to time the market. They cite a chart showing the significant financial impact of missing the best performing days in the market.
• The speaker advocates for a passive investment strategy, suggesting that investors are better off investing in broad market index funds like the Vanguard Total Index Fund (VTI) rather than attempting to outperform the market through active trading. They acknowledge the difficulty of consistently beating the market, even for professional hedge funds.

The Olympics winners and losers rel="noopener noreferrer" target="_blank">(00:10:48)

• The 1500-meter race at the Olympics was a highly anticipated event with two clear favorites: Jakob Ingebrigtsen, a Norwegian runner known for his speed and arrogance, and Josh Kerr, a British runner with a more likable personality.
• The race was framed as a head-to-head competition between Ingebrigtsen and Kerr, with both athletes engaging in trash talk leading up to the event.
• However, the race took an unexpected turn when an American runner named Cole Hocker, who had the slowest time among the competitors, surged ahead in the final 100 meters and won the race, setting a new Olympic record.
• Hocker's victory was particularly impressive as he had to overcome being boxed in by Ingebrigtsen and Kerr, who were both in front of him.
• Ingebrigtsen, who had been leading the race, faded to fourth place, while Kerr finished second.
• Hocker's victory was a major upset and a testament to his determination and ability to perform under pressure.
• The race was described as a "straight out of a sports movie" moment, highlighting the underdog's triumph and the unexpected nature of the event.
• The speaker expressed his excitement about the race and its impact on the sport of distance running, which he described as not always being the most exciting.
• The speaker also highlighted the unique tradition of ringing a bell at the finish line of Olympic events, which added to the celebratory atmosphere of Hocker's victory.

Winner: Femke Bol rel="noopener noreferrer" target="_blank">(00:19:03)

• The text discusses the mixed relay event in the Olympics, which involves two men and two women running a relay race.
• The American team was defeated by the Netherlands, with the Dutch runner Femke Bol being highlighted as a standout performer.
• Bol is described as a 400-meter hurdle specialist who dominated the final leg of the race, appearing effortless despite the exertion of her competitors.

Winner: Team Refugees rel="noopener noreferrer" target="_blank">(00:21:26)

• The Olympics created a team for refugee athletes, allowing them to compete under the Olympic flag.
• The team is comprised of athletes who have fled their home countries due to various reasons, such as political persecution or conflict.
• The team's participation in the Olympics is seen as a symbol of hope and resilience, as these athletes have overcome significant challenges to pursue their athletic dreams.
• The team's uniform, consisting of blue Olympic jerseys, unites athletes from diverse backgrounds who share a common experience of displacement.
• The speaker highlights the inspiring stories of refugee athletes, particularly those who have faced extreme hardship and adversity, demonstrating the power of human spirit and determination.

Loser: Simone Biles and Gymnastics in general rel="noopener noreferrer" target="_blank">(00:24:48)

• The speaker expresses discomfort with gymnastics, citing the high-stress nature of the sport and the perceived lack of genuine joy in the athletes' expressions.
• The speaker also criticizes the emphasis on appearance and smiles in judging gymnastics routines, finding it strange and potentially unfair.
• The speaker finds the difficulty levels in gymnastics hard to discern, making it difficult to understand the scoring system and appreciate the nuances of the sport.
• The speaker compares gymnastics to skateboarding, highlighting the arbitrary nature of awarding points for using a non-dominant foot in skateboarding, which they find similarly confusing and unnecessary in gymnastics.

Loser: Pole vault guy memes rel="noopener noreferrer" target="_blank">(00:27:30)

• The speaker expresses skepticism about the validity of certain advantages, such as taking the SATs with the left hand for extra points.
• The speaker criticizes the popularity of memes featuring a pole vaulter who failed to clear the bar, stating that the joke is overused and unoriginal.
• The speaker describes the pole vaulter's failure, stating that he hit the bar with his genitals on the way down, causing him to fall.

Winner: Noah Lyles rel="noopener noreferrer" target="_blank">(00:28:18)

• The speaker discusses Noah Lyles's victory in the 100-meter race, noting that it was a close finish and that Lyles's chest hair crossed the finish line first.
• The speaker acknowledges Lyles's athleticism and talent but also mentions that he has a "cringe" problem, referring to his personality.
• The speaker expresses surprise at Lyles's win and also at the performance of the Jamaican runner who came in second, highlighting the runner's physique and comparing him to Usain Bolt.
• The speaker discusses the possibility of doping in track and field, stating that they are optimistic about the athletes' cleanliness but acknowledge the possibility of drug use.
• The speaker concludes by expressing their excitement for the rest of the Olympics.

Loser: The Olympic's programming rel="noopener noreferrer" target="_blank">(00:30:41)

• The speaker finds the Olympic programming difficult to follow and watch without guidance. They suggest that highlighting key storylines and events would make the experience more enjoyable.
• The speaker highlights a young athlete named Quincy Hall, a 16-year-old who qualified for the 4x4 relay despite not making the final in the 400-meter dash. They believe Quincy's youth and charisma will make him an exciting athlete to watch.
• The speaker also mentions Femke Bol, a Dutch hurdler, who they believe will be a strong contender for second place in the 400-meter hurdles.
• The speaker discusses the physical demands of sprinting, explaining that it taxes the central nervous system and can lead to a feeling of internal depletion. They use the analogy of doing a high-intensity workout to illustrate this feeling.

The $75B dollar uniform rental empire rel="noopener noreferrer" target="_blank">(00:34:00)

• A man started a laundry business in 1929, initially cleaning rags and uniforms for circus performers.
• His son took over the business in 1960 and expanded it to include laundering company uniforms.
• The company, now known as Cintas, has grown into a $75 billion company with a subscription-based business model.
• Cintas provides uniforms, fire extinguishers, cleaning supplies, and other products to businesses.
• The founder's family still owns a significant portion of the company and remains involved in its operations.

Building a line of succession for your business rel="noopener noreferrer" target="_blank">(00:38:18)

• The speaker discusses the idea of building a line of succession for a business, specifically whether to pass it down to children. They acknowledge that some people strongly believe in this, while others are indifferent.
• The speaker expresses that they don't aspire to pass their business down to their children, but would be happy if they were interested. They also discuss the potential downsides of doing so, such as the risk of children becoming entitled or the business becoming too focused on the family.
• The speaker shares a personal anecdote about witnessing a father teaching his son a soccer skill at a water park. This experience inspires them to be more present and engaged with their own children, emphasizing the importance of passing down knowledge and skills.
• The speaker then discusses the idea of working with loved ones, specifically family and friends. They share a conversation with Mike Brown, who believes in doing life with the people you love. This resonates with the speaker, who has found success in collaborating with family and friends in business.
• The speaker concludes by sharing a quote from Chris Andrew Wilkinson, who believes in allowing businesses to operate independently without excessive support. He compares this to the resilience of children raised by absent fathers, suggesting that a lack of support can foster independence and strength.