You Have 70 Days to Win the Year

The 70-Day Sprint

• There are approximately 70 days left in the year, which is enough time to make a significant change and achieve a goal, making it a crucial period to focus on one priority (5s).
• This 70-day period is an opportunity to go into "Sprint mode" and make a concerted effort to achieve a goal, whether it's getting in shape, starting a business, or hitting a growth goal (33s).
• To make the most of this time, it's essential to identify a single priority and focus on it, rather than trying to tackle multiple goals at once (1m18s).
• Frank Slootman, the CEO of Snowflake and author of "Amp It Up," emphasizes that a priority should be a single word, and suggests focusing on one thing that will make the year a success (1m37s).
• To achieve this goal, it's necessary to wipe everything else off the calendar and dedicate time and energy to making it happen (1m59s).
• The key is to identify the one thing that will make the year a success and use the 70 days to make it happen, whether it's developing new habits or making significant changes (2m17s).
• Having a clear goal in mind, such as getting in the best shape of one's life, can help guide decision-making and behavior during this 70-day period (2m21s).
• Breaking down larger goals into smaller, manageable habits can help make progress and increase the chances of success (2m32s).
• The last 70 days of the year can be a "make or break" period, and it's essential to use this time to make significant progress towards a goal (1m36s).

Daily Planning and Habit Rewiring

• The day starts with planning the top priority, which is rewiring habits, to avoid improvising and making decisions in the moment that may not align with goals (3m30s).
• Planning the day includes scheduling meals, workouts, and identifying potential obstacles, such as taking kids to gymnastics, and finding ways to work around them (3m51s).
• Looking ahead to upcoming events, such as a birthday party, and planning accordingly to make good decisions leading up to it (4m9s).
• Realizing that the "decision tank" is full in the mornings and depleted by the evening, leading to bad decisions, and making all decisions upfront to stick to them (4m22s).
• Using a daily and weekly plan to stay on track, with the daily plan being more intense and the weekly plan being more relaxed (4m41s).

Maintaining Consistency Throughout the Week

• The "four-point swing" refers to a part of the day that can either go in favor of or against goals, and finding ways to make it go in favor, such as avoiding late-night snacking by going to bed early (5m30s).
• Treating weekends like weekdays to avoid becoming a different person and making unhealthy choices (6m17s).
• A person realized that they were throwing away their good habits on weekends and decided to maintain consistency in their habits throughout the week and weekends (6m22s).
• The person identified their weakness for chips as a snack and decided to substitute it with other fast and cheap ways to get pleasure, such as taking a shower or drinking sparkling water (6m36s).

Inspiration from Friends and Brian Johnson

• A friend, Kagan, once pointed out that being rich is no excuse for being overweight, as having wealth provides access to nutritious food and gyms (7m13s).
• Another friend made a similar comment, stating that being rich and fat is not acceptable, and this comment motivated the person to make changes (7m25s).
• Brian Johnson, a guest on a podcast, shared a story about "firing" his evening self, which made poor decisions, and taking control of his life by making better choices (8m12s).
• Brian Johnson's approach was inspired by the book "48 Laws of Power," which suggests changing one's identity occasionally as a tool for personal growth (8m33s).
• The author of "48 Laws of Power" uses Lady Gaga as an example of someone who changed her identity overnight and became a more quirky and artistic person (8m46s).
• Lady Gaga's transformation is seen as a savvy move, and the person takes inspiration from Brian Johnson's decision to change his identity and make positive changes in his life (9m27s).

AI and Business Strategies

• The potential of Artificial Intelligence (AI) is vast, but it can be challenging for business owners to determine how to effectively utilize it, with many needing inspiration on how to apply the technology to their businesses (9m31s).
• HubSpot has created a report that surveyed 2,000 Global Marketing leaders to identify the strategies that separate high-growth and low-growth businesses in terms of their use of AI, and these strategies can be applied to other businesses for free (10m4s).

Jamie Beaton's Story

• Jamie Beaton, a 29-year-old from New Zealand, is an example of someone who achieved greatness through hard work and strategic planning, having been raised by a single mother and overcoming potential feelings of rejection (10m29s).
• Jamie became obsessed with university applications and created a strategy to become the most qualified high school student in New Zealand, which included starting two businesses, focusing on being the best, and maximizing validation (11m3s).
• Jamie's strategy led to him being accepted into 25 universities, including Harvard, Yale, and Cambridge, and he eventually attended Harvard (11m38s).
• By the age of 29, Jamie had obtained seven degrees and one PhD from top universities such as Harvard, Oxford, Stanford, and Yale, with his LinkedIn profile appearing almost fake due to his extensive education (12m6s).

Crimson Education

• A college student creates a tutoring business, which eventually grows to $1 million in revenue by the time he is a sophomore, and he is interning at Tiger Management, a prestigious hedge fund (12m49s).
• The student turns his tutoring business into a real company called Crimson Education, which does $120-150 million in revenue, is valued around $500 million, and has around 1,000 employees (13m24s).
• Crimson Education helps parents get their kids into highly touted universities, with some parents spending up to $200,000 a year on their services, which start as early as fifth or sixth grade (13m47s).
• The company's services include tutoring, but also encourage students to start businesses, podcasts, or publish academic papers, and offer services to help students get PR or publish research (15m51s).
• The founder of Crimson Education is described as a "prestige hacker" who uses the name Crimson Education to associate his company with Harvard University, and features badges from prestigious schools and press on his website (14m31s).
• The company claims a 98% acceptance rate to students' top college choices, and offers services to help students stand out, including getting perfect grades and showing strong leadership (15m18s).
• A podcast guest discussed how universities started asking to be featured on the podcast, and how some companies, like Crimson, help students get into top universities by identifying 10 activities they're interested in and helping them excel in those areas, for a significant fee, such as $200,000 (16m8s).
• Crimson's approach is to help students cut out activities they're not exceptional at and focus on the ones they can be the best at, which some might find ridiculous (16m13s).
• The company offers tutoring and hands-on guidance to increase the likelihood of getting into top universities, and claims to have had success, with 2% of students admitted into Brown, Columbia, Harvard, and Penn last year being their clients (16m41s).
• The company's claims have been verified by a big four accounting service, such as Price Waterhouse Cooper, which certified the acceptance letters and list of students admitted (17m32s).
• The approach is seen as gaming the system, which some might find off-putting, as it involves dedicating a significant amount of time and resources to getting into a top university, rather than focusing on more practical or useful pursuits (18m33s).
• The Ivy League admission process is seen as arbitrary and not having a high correlation with success, with some viewing it as "playing stupid games to win stupid prizes" (19m2s).
• Despite this, the company's approach is seen as effective in tapping into the fears and hopes of "tiger parents" who are willing to pay a premium to get their kids into top universities (19m11s).

The Value of Top-Tier Universities

• The emphasis on education and striving to be the best has contributed to the success of certain groups of people, such as Indians in America (19m34s).
• Attending a top-tier university like Duke can provide tangible benefits, including a valuable network, which can be beneficial due to the global connections and prestigious individuals associated with such institutions (20m15s).
• The network gained from attending a top university can be a significant advantage, as seen in the difference between the speaker's network and that of someone who attended a smaller school in Nashville, Tennessee (20m20s).
• Playing the game to get into a top 20 university may be worth it, but dedicating one's life to manufacturing a perfect resume for admission to a school like Harvard may not be the best use of talent and time (20m32s).
• Following one's actual interests and passions may be a better way to live, rather than trying to optimize a resume for admission to a top university (21m23s).

College Admissions and Test Prep

• The speaker did not have a college admission counselor or tutor, but did take test prep courses like Kaplan to study for the SATs (22m21s).
• Roughly 25% of students have some form of assistance, such as tutors or college admission counselors, to help with the college application process (22m32s).
• The individual took the ACT instead of the SAT, scoring a combined score of 27 or 28, which is in the 85th percentile (22m35s).
• They did not use test prep and were a good test-taker, but struggled with the consistency of everyday school work (23m6s).
• The other person scored the equivalent of a 1500 on the SAT, which is considered an excellent score and in the 98th percentile (23m27s).
• To achieve this score, they took two practice tests a day for 60 days before the test, with each test lasting around 5-6 hours (23m47s).
• It is mentioned that 25% of people going to Harvard had tutors, and this number increases to 50% for those with a household income of at least half a million dollars (24m15s).
• The individual believes that if their children show academic potential, they would encourage them to use tutors or coaches to improve their test scores (24m42s).
• However, if their children are only mildly decent at academics, they would consider alternative options, such as trade schools or state universities (24m51s).
• The individual thinks that they should have attended a trade school or a state university instead of accumulating $150,000 in debt to attend a non-top university (25m13s).

Ken Fisher and Fisher Investments

• Ken Fisher is a billionaire money manager who created Fisher Investments, a simple investment advisory firm that grew to manage over $275 billion in assets under management with 3,500 employees, and was sold to private equity at a $12.2 billion valuation (25m50s).
• Fisher's father was a finance expert who wrote the book "Common Stocks and Uncommon Profits," which was a major influence on Warren Buffett's career (26m51s).
• Ken Fisher is considered a marketing master who spent $60 million a year on marketing, which is 6% of the company's revenue, to gain market share in the industry (27m46s).
• Fisher Investments has a marketing system that breaks down people into six mental profiles of how they think about retirement, savings, and investing, and creates targeted ads based on these profiles (28m35s).
• Fisher's approach to marketing is unique in the money management industry, where most people are not skilled in direct response advertising and tend to be introverted (27m26s).
• Fisher's company was able to grow significantly due to his focus on marketing and gaining market share, despite being a small player in a large industry (28m4s).

Marketing Strategies in Finance

• Fisher's story is an example of how a company can be bootstrapped to success through effective marketing and a focus on gaining market share (26m38s).
• A financial company uses a personal approach in their advertising by featuring the founder's face, as they found that clients want to believe there's someone who genuinely cares about their financial well-being (29m17s).
• The company's advertising strategy is based on scientific testing, which revealed that men's faces perform better than women's faces in converting clients (29m41s).
• The company uses various advertising platforms, including Outbrain and Taboola ads, which often feature a dotted profile photo resembling a Wall Street Journal article, to reach potential clients (30m0s).
• When clicked, these ads direct users to a page with a video, such as "Debunkery: Seeing Through Wall Street's Money-Killing Myths," which aims to debunk common Wall Street myths (30m27s).
• The company's approach to content creation is similar to Agora's, focusing on producing compelling and engaging content, and then advertising it extensively (30m54s).
• The company targets individuals with a $500,000 retirement portfolio, using ads that appeal to their desire for a comfortable retirement, such as "Want to Retire Comfortably? Download This Guide" (31m17s).
• The ads often feature a picture of a person enjoying retirement, such as a man on horseback, and are designed to entice users to download a guide, such as "The Definitive Guide to Retirement Income" (31m27s).
• The company's ads also use a personality quiz approach, asking questions like "What Does Your Net Worth Say About How You'll Retire?" to engage potential clients (31m43s).
• A marketing strategy is being analyzed, specifically a landing page for a retirement plan, which is designed for conversion and targets the 50 and up crowd (32m11s).
• The strategy is considered effective, especially since it targets an audience that is not typically familiar with advanced marketing techniques (32m35s).
• Many marketers tend to operate in competitive spaces, such as e-commerce or marketing agencies, but the key to success may lie in finding a niche where marketing expertise is less common (32m51s).
• The senior living space is cited as an example of an industry where marketing expertise is not as prevalent, making it a potential opportunity for marketers (33m17s).
• The people who own and operate senior living businesses are not typically experienced marketers, unlike those who sell products online (33m21s).
• A plain website with long-form copy can often convert better than a flashy website, despite what some brands may think (34m5s).
• The marketer being analyzed has been a Forbes columnist for over 20 years, has written several books, and has an army of salespeople who cold call investors (34m16s).
• The marketer's strategy involves building an audience and brand through content marketing, which helps with distribution (34m24s).
• The sales team has been known to be persistent in following up with potential investors, even years after they initially signed up for a free guide (34m46s).
• The marketer's approach is distinct from others in the industry, who often rely on referrals from partners rather than cold calling (34m54s).
• A company has an estimated Customer Acquisition Cost (CAC) of $114,000 and spent over $60 million on ads in 2019, making them the 12th biggest spender on Financial Services (35m2s).
• The company has over 60,000 individual investors and manages over $1 trillion from pensions, state governments, and municipalities, charging around 1% to 1.25% in fees (35m19s).
• The company's performance is hard to gauge due to a lack of publicly available numbers, but Fisher funds have underperformed the market substantially in the past (35m39s).
• Ken Fisher's firm is one of the biggest investment advisor firms, but not necessarily having the best returns, with a focus on being the best marketer (35m58s).
• The story of Ken Fisher's success is compared to the TV show "Better Call Saul," where the main character is a lawyer who creates his own ads and commercials to attract clients (36m24s).
• Ken Fisher's branding and advertising efforts have been successful, with his ads being seen all over the place, and his firm's performance has been reported in various years, with mixed results (36m50s).

The Role of Wealth Advisors

• The point of having a wealth advisor is not necessarily to make more than the index, but to provide administrative services, such as setting up an estate plan, and to offer guidance and advice to clients (37m42s).
• A wealth advisor can help clients make savvy decisions, such as adjusting their portfolio as they grow older, and can provide a service similar to a therapist, helping clients make rational decisions during times of market volatility (37m51s).
• Outperforming the market is not the main value, and having an adviser who claims to outpick the market is foolish, as seen with examples like the Motley Fool, which has a fund with over a billion dollars that started as a stock-picking newsletter (38m21s).
• The Motley Fool has a wealth advisory business that is massive, but it does not have anywhere near the same assets under management as Ken Fisher, who has over 250 billion dollars, highlighting the difference in business model choice, strategic choice, or executional point (39m0s).
• The Motley Fool is worth 1.5 billion dollars, and its online content has a lot of traffic, but it still lags behind in assets under management (39m20s).

The American Colossus Monument Proposal

• A story about Reid Hoffman's comment on monuments, where he mentioned that the US used to build monuments that brought pride to the country and acted as tourist destinations, but this practice has stopped (39m33s).
• A listener sent a deck for a proposed monument on Alcatraz in San Francisco, featuring a 350-foot statue of Prometheus, the Greek god of innovation and courage, which is meant to represent the spirit of innovation and courage for manifest destiny and inborn nobility (40m12s).
• The proposed statue is massive, with a torch, and is meant to be a symbol of innovation and courage, but it is unlikely to be built due to its location in the Bay of San Francisco and its design (41m7s).
• The idea behind the statue is interesting, and the proposers are raising 100 million dollars to build it, with the goal of creating a tourist destination and a symbol of innovation and courage (41m28s).
• The proposers have researched the revenue and profit of other statues, such as the Statue of Liberty, which generates 154 million dollars in revenue (41m44s).
• The Statue of Liberty generates $70 million in net income and $150 million in revenue each year, with 50% net profit margins from 4.5 million visitors paying $25 per ticket and $10 in concessions (41m59s).
• Mount Rushmore and Pearl Harbor have similar business models, with Mount Rushmore generating $50 million in sales and $20 million in net income, and Pearl Harbor generating $50 million in sales and $23 million in net income (42m20s).
• The American Colossus Foundation is raising $170 million to build a monument, with a goal of making $100 million in profit per year (43m0s).
• The foundation's investment deck presents optimistic numbers, but the actual source of the numbers is unclear (42m46s).
• The math behind the monument's potential revenue is somewhat plausible, but the numbers may be exaggerated (42m56s).
• The location of the monument is crucial, requiring a tourist destination with necessary approvals, which may be difficult to obtain in areas like the San Francisco Bay Area (44m55s).
• The American Colossus Foundation has a substack documenting their progress, with notable supporters like Joe Lonsdale, but the amount of money raised is unclear (43m41s).
• The foundation's investment deck appears to be poorly made, which may raise concerns about their ability to execute their plans (44m15s).

San Francisco's Cultural Landscape

• San Francisco is described as a challenging place to get approval for certain things, particularly for individuals who embody traditional masculine traits, as the city's culture is not centered around this type of persona (45m7s).
• A painting in the office of Monkey Inferno is mentioned, which depicts the reverse evolution of man, from Homo Sapien to a coder, symbolizing the opposite of the traditional evolution of man (45m31s).

The Value of Bankers for Entrepreneurs

• Bankers, specifically investment bankers, are professionals who can help entrepreneurs sell their companies, raise capital, or secure debt, typically working with companies valued at $30 million or more (46m47s).
• A successful entrepreneur shared that talking to a banker a year before planning to sell their business was a valuable experience, as it provided insight into the business's worth, potential saleability, and areas for improvement (47m21s).
• Bankers have knowledge of deals in specific industries and can offer a clear picture of a company's relative strength, valuations, and potential buyers, making them a useful resource for entrepreneurs (47m46s).
• By consulting with a banker before being ready to sell, entrepreneurs can identify the weak points of their business and create a roadmap for improvement, increasing the chances of a successful sale (48m1s).
• Fixing issues before going to market is crucial, and getting feedback early can prevent delays and improve outcomes (48m9s).
• Bankers can provide valuable insights and are a "cheat code" for selling a business, not just for the sale process but also for understanding the market and what makes a business attractive (48m23s).
• It's possible to talk to bankers before entering a space and learn about the companies that have sold, their strengths and weaknesses, and what made them attractive to buyers (48m31s).
• By reverse-engineering the attributes and strengths of successful businesses in a space, it's possible to create a great business (49m1s).
• Validating a business idea with bankers can provide confidence and help identify potential issues (49m13s).
• Bankers can provide information on recent deals, including which ones traded at the highest multiples and why (49m38s).
• Understanding which deals didn't get done and why can help identify potential red flags (49m58s).
• Knowing who the buyers are and why they're buying can help understand their game plan and what they're looking for in a business (50m9s).
• Asking bankers about a hypothetical business scenario can provide valuable insights into what a business might trade for and why (50m38s).
• Triangulating information from multiple bankers can help gain a deeper understanding of a space and what makes a business attractive (50m54s).
• A process involving bankers helped clarify how to operate a business, making it a valuable tool for entrepreneurs looking for their next space and business owners who want to sell someday, with a minimum profit of a few million dollars (51m1s).

Building a Business to Sell

• In Silicon Valley, there's an idea that having an exit in mind is silly, but it's a valid thing to consider, especially when raising funding from venture capitalists (VCs) who need to know that the business could be a billion-dollar plus company (51m44s).
• Venture capital is predicated on the idea that the business will drive to a billion dollars plus, and showing any weakness or hint that the founder would sell for less than a billion dollars can make the investment less attractive (52m23s).
• Silicon Valley investors put their values on the founder and need them to resist temptation and hold on to the business, which is not necessarily the needs of the entrepreneur (52m54s).
• There's an ego and pride aspect to saying that the business is a life company and will be dominated for a hundred years, but it's also possible to build a sellable business that operates well and can be sold or not (53m6s).
• The book "Built to Sell" suggests building a company to sell, which means creating a business that operates well and can be run by anyone, as Warren Buffett says, "build your company so an idiot can run it" (53m22s).
• Building a company to exit, regardless of whether it's actually sold or not, can be a good strategy, and it's possible to own and operate businesses without raising venture capital (53m48s).

Entrepreneurial Approaches and VC Advice

• Famous entrepreneurs often give advice that may not be applicable to everyone's situation, and it's essential to remember that each person has their own unique game to play (54m6s).
• Some entrepreneurs, like Brad Adcock, have a bold and ambitious approach, aiming to build a trillion-dollar company, which can be inspiring and attractive to others (54m24s).
• This approach can be intoxicating, making it seem like the only way to succeed, but it's not the only path, and many people may not want or need to play that game (54m36s).

VC Incentives and Founder Alignment

• Venture capitalists (VCs) often advise founders to be all-in and focused on their company, but VCs themselves have a diversified portfolio and make money from fees, regardless of the company's success (55m57s).
• VCs can make a significant amount of money from fees, even if their investments don't perform well, as seen in the example of Harry Stebbings, who raised a $400 million fund and will make $80 million in guaranteed fees (56m25s).
• This highlights the irony that VCs want founders to take risks and be all-in, but they themselves have a more diversified and risk-averse approach (57m7s).
• When interacting with VCs, the tone and advice can change depending on the context, with VCs being more supportive of bootstrapping when talking to friends, but less so when dealing with potential clients (55m30s).
• The difference in tone and advice from VCs can be attributed to their own interests and motivations, which may not always align with those of the founders (55m54s).

Financial Advice and Hidden Agendas

• Some people provide advice on finances and portfolio management, but they may be doing the opposite with their own finances, and their advice may be tailored to those who want to achieve a specific goal, such as playing "The Mark Zuckerberg game" (57m17s).
• A 2% annual fee may seem insignificant, but it can add up over time, and when calculated, it can become a substantial amount, similar to how a 1% annual fee can have a significant impact on net assets (57m36s).
• The concept of a 1% annual fee is compared to one of the "seven wonders of the world" because of its potential to become a large number over a 10-year period (57m49s).
• A venture fund with a 2% annual fee can result in substantial fees, such as the example of a $400 million fund with $80 million in fees (58m14s).
• The example is compared to a monument, with the suggestion that a monument should be built to commemorate the achievement of raising such a large fund and earning significant fees (58m11s).
• The idea of a monument to commemorate the achievement is considered ridiculous but also fascinating, and worthy of further exploration (58m23s).