What's up, everyone? This is Anthony papiano. Most of you know me as pomp. You're listening to the podcast. Simply the best podcast out there. Let's kick this thing off Dave Portnoy is the founder of Barstool Sports in this conversation. We discuss the business behind Barstool the new sports book. They launched why Dave started trading stocks how he manages his money and whether he's going to buy Bitcoin or not. I really enjoyed this conversation with Dave and I hope you do as well.
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It's on this podcast or solely their opinions and do not reflect the opinions of Morgan Creek digital or more concrete Capital Management. You should not treat any opinions expressed by pomp as a specific inducement to make a particular investment or follow a particular strategy. But only as an expression of his opinion this podcast is for informational purposes only. Alright guys, bang bang. I'm here. Don't listen to this guy just bang just bang bang. You want to try it. That's what Eddie does what who's Eddie? It's
guy here who does like I'm starring.
After this and that's what he does bang bang.
Well, he has to pay royalties on that who was doing first me obviously you just hit is what bang bang real quick? No,
I won't do that but not gonna do other people
sticks. All right, let's just start with you have made this grand entrance into the finance world and absolute it on fire. Basically just got on Twitter when they started live streaming and basically blew up all the scams all the whatever. Why did you do it?
Well Sports was discontinued and I was looking for and we're slowly getting ready to move out of the office. So I was looking for something passed the time. I mean it is gamma. I like gambling. It's definitely gambling. It's a hundred percent gamble. You know, it's just illegal Casino exactly this walk into a casino anybody who says otherwise is a liar and you shouldn't trust them. So I love gambling and I was looking for something to do. I mean I had bought a couple stalks way back once I had an E Trade a crown I think with Twitter in it, and that's it.
So I just started training couple stalks made a I didn't start with the live stream. I put on a suit pretended it was you know, my own wall Street's like oh this is interesting and people gravitated towards it right away and I'm in the content business first and foremost. So it's like okay if people are interested in doing this I'll do it. I mean, we'd live streamed gambling before Sports gambling people are into that watching you win lose money. No different than stock market.
So I feel like you have this Resurgence like you did all the content for a really long time then.
Penn deal happen, you kind of were like doing business stuff a little bit of content and then when the pandemic hit you just went hard at the content again, it kind of reminded everyone like this place is here because that's what you did for years and years and years right early days. Yeah. And so I think that people kind of forgotten that you're just a degenerate Gambler at heart and the stock market's no different if you treat it that way great.
And so, you know Davey Pages like that's the name from way back. Like I can get paid used for anything. That's what I used to call myself and it really was I was all content.
That's all I did maybe like a little business but once really with the churn and deal in moving forward, I do a lot more in the business side. I don't have nearly as much time for the content, which I miss do a degree but quarantine in Corona when you're isolated in your own office, there's not much business stuff or not nearly as much going on. Yeah. I got heavy into the content
game. All right, so I want to talk about pain first and we'll talk about picture stuff in 2016 you the
Earning deal yo, most people say horrible deal where you sit now hindsight
pretty good deal. You mean right horrible deal and what
sense like the whole Tech world is like, oh my God, I can't believe you sold more than 50% of the business for like whatever but based on what I know like you guys pretty much needed help to scale the business and so would you do that deal again?
Yeah, I mean turning it's such an interesting answer because and it's no different than the pain deal to degree. There were no other offers like nobody and anybody who was interested the conversations were quickly shut down because I wasn't I was making a lot of money that maybe it personally correct. Yeah. I was making seven figures and our company is doing well and I was making more than I ever thought and so I had no aspirations that Chalet to take investor or sell it.
It in the churning guys Kern's my currency reached out. He was a believer in the content and it wasn't like hey, we want change it. Can you get was like you do you let's add some fire. Let's get CEO ramp up the business, but there was I didn't have anything to evaluate it. It was like a bidding war there weren't people knocking down if that deal didn't happen. Nobody was buying it. You had to basically accept the risk in the negative perceptions, which I think are all fault. So Barstool, but it is, you know, it wasn't a wedding registry.
Read that safe. There was some element of risk there. So was the valuation extremely low. Yes was the first offer Mike Kearns made to me insulting. Yes was in hindsight. It
most was the first one I think seven million 7 million valuation. Yeah, and you got them all the way up to 15. It was like 12 and a half. All right,
but to be fair like that's pretty good. Negotiate on your part mykes mykes no pushover when negotiating. Well, I think he wants solo my I mean currents. Yeah. He's a professional.
Melinda Turner guys are professionals. They're super legit. They know what they're
doing. So have you heard from 7 to 12 like you did pretty good.
Yeah. Yeah. Well, it was so fucking low and and by the way, it's like I don't I don't number of my head. I don't negotiate so 7 is like okay. I think I was just like no, I'll see you later. And it's like well, it's gonna have to be 12 and a half and then it may be as back and forth and that's what it is and currents will probably say that I am probably and I'm I wouldn't say I'm a good negotiator.
But I say the price and that's it. And if you like em, either we had two data points. You also deal with
collar. Daddy same thing. Correct? Here's the price ticket
early on we had a little sticking point with to be honest the pain deal and it's like there's I needed turn into anti-something up in what was it? I can't get to the details but it got testy and there was one call at one point where it's like, well we split it want to do this is like, I don't think you're here.
For me, it's like I'll walk away from everything or is this and but I also am too low now again turning brought credibility like extra cookies, Erica. Well, no, I brought everybody break. Okay, so they brought all of that to the table. They were the only so they get credit for in huge credit for seeing it taking the risk being the one who offered no different than pain like hindsight pain looks like they got an awesome deal. Yes what we met with.
Else manual drafting. I mean nobody made an offer like
why are they scared of you or the scared of the content or the scared of just the perception the controversy? I
think there were two major factors scared of me controversy a be we had worked with them for a
while. So I think
they kind of thought hey, we've gotten everything out of Barstool. We've gotten their audience the tell you you guys
in a way built Those
comp I would say absolutely. Okay. I was awesome explain that a little so we were working with the
daily fantasy companies before DraftKings existed. I believe FanDuel draft Street a lot of early ones and when I say early I nascent like they were starting the we have this big Blackout Tour that was a concert tour. We did and became widely popular in huge that was started because draft Street which was later bought by DraftKings asked us to do a promo to reach frat guys to get them to sign up literally and DraftKings. I sat with like Jason Robbins and all the owners probably decades ago and Nantucket or something like
And they offered me equity in the company because we do these contracts and pit FanDuel or DraftKings first each other and highest bidder and they go back as a war because we were so effective. Now. Do you take the equity net did not take the equity why?
The main reason was I couldn't I was so focused Barcelona and there was I thought there's gonna be too much going on where I sit in the room and I didn't totally understand it. But it's like I didn't Vision wanting to sit in a room every week and have these meetings like I was concentrating on Barstool and I didn't totally understand the equity portion of it in hindsight. I don't know which way would have worked out better like yeah dumb this deal but I obviously would have had equi a small percentage and I don't understand dilution and all that shit what it would have ended up with
Um, so we work with them throughout but as Barcelona grew in that as that space became more competitive we started in this something. I never did back in the day one ad will be an MGM Casino. The Nexus FanDuel Vanessa's drafts change next is point bat and just being whitewashed just like how it is if you watch a football game now and there's ten commercials. Do you pay attention to any of them? Probably not so I don't think any of the companies were meeting with realized. Well when we were bought or acquired or Focus
Our energy just on one company what will happen it changes the game The Narrative everything. So I think they underestimated that I think they were a little bit scared, but they could have gotten us.
FanDuel specifically and could have gotten us for far cheaper. I think than pendant to be honest and they miss the boat. So you do the churn and
deal. I remember talking to Erica in 2017. She laid out this Vision. We're joking earlier like to the point where it was almost is that even possible Right? Like Hey, we're going to the Moon typing. I wrote this piece and said you guys right there was a 50 million dollar valuation or twelve and a half. I
always said because Charlie didn't want to say what was so I would always say 10 to 15 s
but it was 12 and a
half. Okay. All right. You probably shouldn't say the ex exact number
now. Well, it doesn't matter now except people be like you Woody. I think I'm a turn like a quarter million or
something like that. No big deal. Did he buy you dinner?
No, we haven't we he has offered he has offered but I just didn't go I don't know the turn ins.
Giving me anything like not even like maybe a thank you card. Couple nice emails. Maybe I like those guys, but they haven't I don't think they
like. Hey, they're waiting. They're waiting to make them a billion and
they great job you me as a cool. We've you return a nine gazillion. That was a unicorn investment for
them. Okay, so I wrote this piece and I said Barcelona be a billion dollar brand if basically don't sell too early. All right, and the whole idea was just you have the fanbase and it was so obvious early on like if you have the relationship with the fans,
And you win because you can create companies sell it through products out through whatever at some point you decide one to sell right eyepiece. Not nothing but a piece and then to you do it where now you're focusing all your energy on. Somebody else's products not something that you guys created talk through like why do that versus just go start your own sports book plus a bunch of other stuff and put it through the
distribution. You mean here with like pain with pain while we can never start our own sports book. We'd never get license. We never get access. We all that shit with just never happen. So
You needed the partner to deleted the partner and they were the perfect partner. And again, it is a question. I get asked a lot but when you're in our shoes and I've been fucking grinding at this thing for 17 years, you know, I made money but in it's all relative. Like I'm obviously have done well, but when you look at the chart and deal it's not like it was obscenely rich like I had money but that wasn't like oh my God and even
now it's not like now where you correctly that celebrity net worth the Hager updated its Roger million,
right?
On paper, but so this was in
there are no it's not as if we have
this waterfall of offers and meetings when you're going through in your nobody's making an offer. It's like well, is anyone in offer and as do I want to do this for the next 20 years to build it up. I always thought Sports gambling. It's how we started the second the legislation the United States changed to make it legal. I'm like, okay, this is our moment and we spent close to a year.
Trying to figure out the best fit and pain was by far and away the best partner that presented itself from Jay Snowden who I love the CEO to them understanding what we do and having faith in believing in it. There was it was almost a no-brainer. I mean we named our price there was no negotiation with Pat and I thought was crazy because based
on fan, how'd you come up with the price?
I didn't like the you know the trend the churning guys as you said.
Our Fierce negotiate so if they're naming it, I'm like okay, but they named it and in pain was like, yep, that's it done. They didn't negotiate was nothing as long as they felt we were aligned and we are because not like I got paid. It's like a lost sock and all that
shit. How much do you take in stock first
guys? Like it was 55 45
55 cash cash or stock
55 stock 45 and that's like a different form like the Barstool people different than the journal. Yeah. So I mean
It was great deal. Now when the stock goes up and bumps pretty Corona, you know, it's like, oh we should them we just made them a gazillion dollars in 10 seconds because Wall Street reacted obviously super favorably to the deal and that's when the other companies we met with who I like like I obviously like the Brady 6 when he's crying like I get a chip on my shoulder like I'm meeting with his guys who know us it's like you're not going to make an offer you fucking idiot, and they probably had to spend on Talent now.
More than they would have spent just a by us because we put them in a box. It's like oh fuck. Well,
what is it FanDuel? Did the Pat McAfee deal,
right? Yep on top. They're doing all of them. Yes, because like okay and they could have they missed and I don't know if they'd say they missed your but they miss because I actually really like the FanDuel guys. No one's running it. It's like if they made an offer that was competitors like okay we can win with
these guys feel like everyone in the gambling sports fantasy world are people like Barstow.
Right, like the type of person so similar. So the people who are running those companies. There's a very cultural fit with what you guys have done. Whoo, maybe not not at the top. Okay,
that's different. Yeah, maybe down below but that's why we're going to be like I've met with them on they don't they're not like how bad
does this get in the sense of fast forward five years the Barstool Sports Book versus all these other guys, like how bad of a massacre is
it? Oh, I don't know because they have such a gigantic lead they have
Great Tech they have a huge lead and there's no industry that I'm aware of where there's like one guy. I mean, it doesn't matter what there is there's multiple players and their competitive and in a way can help each other but nobody outside like I guess the cable company and telephone well, even there's model but you can only get one cable company in your house. Other than that, there will be multiple players like FanDuel and DraftKings are not going anywhere. Yeah, we're different like those two to me.
r
One of those I don't know what'll happen to though. They're identical companies to me. They're both out of the daily fantasy the big databases. They're going to try to win with offers and plays. No one cares. No one's going where FanDuel had her draft as much as they try that's never going to happen. But they're they're going to be there we can I saw one interesting stat was looking at downloads and it's like it didn't our downloads and what we did in Pennsylvania and handle all that didn't seem to take away from the others and I could believe
that so interesting so is additive to the
overall because
We have our audience whoo mimics have been so you know, it could help both markets I could and who knows I'm anybody who thinks I've inside. We talked Insider knowledge like you came in and I'm like, well Pam was down 10% They did this stock offering I had no idea I was coming and I had so much pain stock. Even Beyond
like the you know, why they don't tell you right because insider trading no because telling you wouldn't be bad if you're an employee, but then you've got that you would want to sell it engage yourself in
track exactly.
Really? So
so they basically know you better than you know
yourself they protect me but it's still so they told me just late last night. So I wanted to be like stunned by the news. Well, I'm so confident in myself and what we do here that I just keep buying it as it goes. I'll bet on myself a hundred. So when he told me that I would never know this if I wasn't doing the day trader like, oh socks hanging a killed like not because pain any time a company does this stalk his killed I've seen like I've owned stocks. I'm like, what the fuck is it?
And people at all. They didn't offering it doesn't generally lasts it comes back. But when he told me that it's like I'm sitting here with I'm like, alright, you mother fought like anything. I'm gonna get murdered tomorrow and it's like I have to wake up all these people and sure enough it. Did they buried some good stats.
But yeah, it's a haunted before we talk about the stock stuff you guys launch the sports book in Pennsylvania this past weekend you outperform downloads for all the other ones. Did you guys have to spend money to drive that or
that all organic just putting it through the distribution hanok which to me which
is the big advantage that you guys have. Yeah. So that is the story and that's why even the way they did this release with they can't tell me like the press release and all that. I feel like they should talk to me because I'm understand marketing. I feel like better than they do like its stock offering and then at the bottom it like had the stats and the stats and people twist them people don't like me will say they're bad. They're good was like, I think I have it's like 30,000. There's like 30,000 download download
In Pennsylvania, 11 million handle like 24,000 registrations is really really impressive. There's 10 existing companies Sports books in Pennsylvania with a huge lead on us. We know where it's like a race that is a 10-mile race in the other companies are our five miles in and we're just starting there's no other company in the world who could have that dent was zero dollars spent we didn't spend a cent so
How and when you guys go to market this how much is this? Just you send a message to everyone here and you're like Hey, we're launching this like, you know, go promote it versus its specifically like, okay, we're going to throw it on this show. We're going to put on this show like how
strategic it is pretty just promote it. However, you see fit and that's what it looks like. It makes it which makes it so much more value. Yep, and that is how it is and it's a natural because our history is gambling and then I was saying like extrapolate it, you know, take a state like Michigan where it is not legal yet.
And that's like I went to school there were huge in the midwest pain has one of the nicest casinos there that the Greek which is like I think they're nice is Las Vegas style casino and all of a sudden everyone's at the starting line at the same time. Well, we're going to cause real damage there. So not everyone's totally understanding that I guess some people do some people don't but Pennsylvania was as encouraging I think as we could possibly expect it to be and like the stock offering thing.
Again, it's like we're not unless I'm being strictly lied to which I know I'm not that's money is not going to people's hands or using it as it was I said to give me like guns ammunition off so we can start spending. So I feel
like this is external looking in if somebody just gives you a camera and says go live stream, you'll win some portion of the market right you big cat exaggerated like whatever then when they put a company that's got real technology behind you, right? Okay. Now the product actually works, it's good great.
And then if they put marketing dollars behind this as well, it's like it's
unbeatable. All right or percent and I think they'll be consolidation. Again. This is just a yes in the market. Like if you took a FanDuel or DraftKings and combine them with us. That's the end of that's the end of this
game like you want that to happen. Depends how much money I'd get
like, honestly, that's all that's a great answer that. Yeah. That's all Finance thing. Like who's in control. I know this like if those two combined doesn't matter it's the same.
Company who cares they probably have a very simply try dirty and they have a very similar database. It's like I guarantee you almost everybody who has FanDuel has her Afghans and vice versa and their shopping lines and where did so we are a very different thing we combine with one of those the other ones dead. So I like that position and it could happen in the world and you look at things like MGM Grand shutout. I mean, whatever they had Jamie Foxx. They I don't know if you saw know they signed him like a big Jamie Foxx. He's the face of MGM gambling with a nap.
If you kidding me Jamie Foxx first, Dave Portnoy
Gabe links this out that that is a beat down like that
isn't and they by the way, by the way, they have real Production Studios Etc. And you're basically sitting on you know in your backyard and the fucking Hamptons or whatever
Street in the Nutty thing is like I know MGM and I know Caesars and we talked to them and they never do a deal with us because his old stuffy suits and whatnot.
I've never heard of pain ever until like because a lot of their properties are different names like I heard at Penn National like Casino. I knew the Tropicana which is a dump which they had owned at the time. But like I never knew what they are go ask people now who pain is like everybody knows everybody knows Suddenly It's like you look at the casino groups. That's all Barstool. It's funny because I know I'm under paid again. Like I was underpaid with turn and I realize I didn't how did
you structure the deal now that you did that deal? You have see got
Cash and stock. Yeah, right your
five-year deal. I have five year contract
here. Okay, and you get stock and
Cash, correct? Okay, and I can like I'm basically they taught me in long-term like
our enjoy any of it goes better. You probably get more if it doesn't go so well then well,
my stock is fluid. I can't sell it. So it's like it do
they treat you like an athlete where you know, hey, if you hit 20 home runs you get a bonus or anything else.
No, and this is where my lack of negotiating skills probably comes in.
I generally don't like renegotiates like alright, I like the deal now now don't renegotiate the churning guys were essentially at currents like it you are underpaid the whole time like no shit. I was like they did give me raises but you know, when you see
did you ever when you were hanging out newspapers at the subway and train in Boston's you think you were ever gonna have a
boss? No, and I still don't I still don't I do but I don't because I
Explain. Well, I have
technically a boss Jay Snowden. I guess you turning guys are as well. Yeah.
But they let you do your thing. Well when the ultimate trump card is I'm just going to walk away. If you don't give me what you want and your business is going to fall apart. I don't have a
boss. Are you negotiating with Jay and turning right now?
No. No, I don't do it that way. I know it's like whether Erica I'm pretty saying like our interests are aligned and I'm honest them straight forward in as long as you're back to me will never have a problem and I would never do a deal with j or turning if I thought that was going to be an issue but our
Is this strangely enough?
Is so dependent on the content, whatever it literally when the ultimate card and I'm I am crazy enough to walk. Like I know what it's like on principle if you like.
Okay you to be honest from afar if there was ever a okay. Here's the moment and it was given back the two hundred million dollars or like concede to whatever bullshit. I literally think you'd get back to my hundred
percent which is by the way is fucking insane. Yeah that that would be the
Easier to if it was something where I'm like this is wrong. I can't do this or you're fucking me over. I would rather the entire ship burn with me then like then concede. It's just in my
nature, you know, that's why MGM and Caesars. All them couldn't do a deal with you problem. But if it
boiled is true, but it boils down to
it when I say it's like honesty and being straightforward and you may not like it but I would never go into business with somebody who I didn't have the vibe like there. I don't care if I it's not whether I like something or don't like something it's whether I feel like you're being deceitful or misleading that's where I'd be like, no you said that I remember the churning deal. There was like 50 Grand in lawyer fees that I know at the beginning is like date.
Over my lawyer fees was 50 Grand. I was getting a lot of money for me at the time and we were like the last moment like yeah you pay for the lawyer fees. I mean, you know, we agreed that you did and not Mike someone else called and they try to negotiate it and I literally at the yeah, I'm like the deal's off. It's like I don't they like will give you 40 not 50. I'm like, it's 50 or the deal is off because we agreed on it. That's it. If we agree on something with me, you better fucking honor it or else I will
walk and you do the same in return total, right? Okay. All right, so
So over the last couple of months, you've been yelling and screaming all kinds of crazy shit like stocks only go
up right now going down right? Well,
hold on but most people think Dave pornos an idiot. He does know what he's talking about. He knows nothing about Finance moment. Whatever. You've actually been right. You don't know why you've been right probably but you're actually right and the reason why it only goes up is because they're literally just creating fucking money. So I want to shoot books exactly. So that was that's what I want to talk about
kind of insulting that you said. I don't know why I mean I've done this shirt box think I so that
video is probably one of the most
Honest evaluations of the stock market and the economy right then anything anyone will watch on television right in the whole idea is basically this everything was selling off the FED steps in and they pump a bunch of money into the economy and it just fucking shoots up right like literally 50 60 % off the bottom, whatever while that's going on. You start screaming stocks only go up and I think everyone's reaction and finance is so visceral to like, what does this guy know he doesn't know but whatever but you're right, right and so like talk to us about the experience of all these people in suits and ties.
Yelling and screaming day for Anna doesn't know he's talking about one. You've been right to your right structurally and three, there's no end in sight for them to stop doing this shit.
Right? And I mean if you look long term, they don't want thing. I have said what it's like if you're an old person whatever and you need to get your money out, you'd be a little more careful. But if you're if you can wait if you're 25, if you're gonna outweigh the stock market you can always outweigh. The stock market will always go up doesn't matter how far down it goes if that's just a fact if you look at it, but yeah the suit, you know, it's an industry that I've never been involved in. I don't
I think they had ever and I've had this happen a lot too. And of course the parcel they just didn't know what to do with me. It's like, you know you the guy you said Ross garbage like hey, come on my podcast. I don't like them like suck my dick like, you know, they don't know. It's like, okay, like how do I respond to that? Well, he deleted the Tweet. That's how he respond to that and they'll chirp me from the cheap seats when things are going on but I don't care that's like I like that that that's my
world playing into the game arrived. You want to talk shit. They the way they talk shit is not actually talks.
Shit, they basically like throw these little intellectual zingers and you're just like well, yeah, let's just full on. Let's just go at it.
And for anytime I'm on TV or mentioned, it's good. I mean as crazy it. Is it really when it exploded was when I started making fun of Warren Buffett, but the financial community and there
maybe by the way, you're not wrong with his performance has to be deaths in P over the
last second years old people like that. If you're in your Prime at 90, then you were never good before.
Don't get Shopper at night. I can't remember what I had for breakfast. So, you know, they took a quote because it all started with the airline's basically cruising Airlines. I was getting killed I had shorted I was getting murdered and and part of it's like wait a minute stock market is not connected at all to what's going on the world where in this pandemic shit's going on stocks go up down whatever but I said I'm going in on airline Spirit was at 7:00. And literally I did this big rant and like five minutes later Warren Buffett comes out with a press release.
Like we're getting out of the airline's at the bottom of the market, correct? And it was literally like I said going on airlines two seconds later. He says get out. Do you
think he was watching the live stream?
I wonder if he actually knows who I am. I doubt it. But so after that stalk the the airline's went ballistic. Yep. Parabolic is the crypto people like to say
and you know that one of my business partners, he's got
Jason will yeah. I know who yeah,
he's got he's got a YouTube channel called
going parabolica March and all that you started yelling parabolic. They are all
A great word. Yeah, that's like a
crypto. They should just trademark that word and considered a very good
word. So it went nuts in that. I'm like, oh warm off his socks on the captain now and like investing.com in business since our took that quote and then from there it was kind of game over ran and I did notice like CNBC they liked having me on a lot more when I was losing and when I started winning it's like they stopped having me on and they don't want to talk
about it. But it's also the type of content like it's the memes. It's the live streams. It's like all this stuff that they don't really know how
how to deal with right and part of what's so funny and when you started playing around with Bitcoin and crypto like you realize immediately, holy shit, these people just mean the hell out of me, but you got them said
wait mean Community sorry, very
impressive mean community. So that's why the mainstream media is like, what do we do with these people right? Because they're literally it's an astute Anonymous account. That's just throwing out crazy memes and there's like what the
fuck is. Yeah. That's my that's so I have nothing crypto right now. That is probably the thing I miss the most is the means. Oh, I like Lincoln.
And I think a
debt did you kill him? Well, what is it at
now? 8,
I mean, what did you all right, so, all right. Let's back up for a second. Let's talk about Bitcoin first. I don't know why you bought anything else other than just Bitcoin because
the link Marines were blowing on my thinking about link Marines. It's like I see other shit. No different than stock market. Everyone's pumping their own
shit. All right. What questions do you have about Bitcoin?
Eight. Look at that 890 when you buy it,
so I bought it at I think 14 it went to 19. I sold it at 16. Oh, so you made money then buddy pee on it. What? Well Bitcoin you want to see this in my mind. Just one big Ponzi scheme. Okay, why
the 2017 video you have by the way, Bitcoin Marty says, hello that
first of all all the people I know.
Bitcoin Marty bubbly gang are people Caleb that Caleb. Yeah. He told me to stop - he's like you stop bashing pick.
Yeah, he came out. He came on the podcast. He laid it he understands it. Now.
I understand what I think you guys think it is to me is a Ponzi scheme that you get in and you just got to not be the one held left holding the
bag. I'm going to give you a mo for the finance world. And then I'm going to tell you why Bitcoins the solution.
Well, I know what it is. It's gold and pumping money and they're set. I mean I never
The
stock broke, you know, you said it was goes up. It's like that 45 degree angle, correct since 1971 direct 45 degree angle couple of drops, whatever it was straight up that's because denominated in dollars. There's devaluing the dollar right and stocks go up. If you did nominate that same stock market in Gold. The stock market is down since 1971. It's all the Skywalker's a complete scam in terms of accruing value. It's all the dollar being devalued. So go straight up 45 degree angle. But if you did nominate it and ounces of gold, it's down, okay.
So, okay. Well here language but no here's what here's why is it
when you go to mine
gold and no here's why it's important. You bought a house right in where water places and tuck it. I have one there. Yes. Okay, why'd you buy that house in Nantucket? I love that place. Okay. I mean I
love is that that's not something I was trying to get like I thought lived there the rest of my
life. Okay, and there wasn't that many just select from to alright? Okay, and because there's not that many the prices are expensive and you have a lot of
You could buy it. Yes. Ok. Same thing in the digital world. Is there some things that are just scarce and if those things end up having a large community that wants them what ends up happening the price goes up go up, correct? Okay. So Bitcoins only got twenty 1 million obviously and the whole thing behind it is the strongest computing power in the world. So literally the computer network that runs Bitcoin is stronger than anything. They're all no government. Nobody can hack it because it is the strongest computer network in the world. It's got more computing power on it than anything else. The reason why that's so important is because
The whole idea of like why does Barstool work because you guys are completely decentralized like nobody if they try to like come at you they get attacked by all these other people at borstal, right and that decentralized type media model where you're not going and telling somebody. Okay. Send me your thing. I'm going to be the editor and then like I'm going to approve it. It's just like here's a fucking camera go post on your accounts and like just blow it up right and do it. That's the same type of thing that's going on, but with money now, so rather than the government saying hey today, we're going to put more money or we remember what happened today with pain.
Just all sudden all these new shares, right? You're like fuck what the hell like I had no say in this right? That's basically the Federal Reserve does earlier this year. They printed three plus trillion dollars. You didn't get a vote. I didn't get a vote as fuck. Okay, whatever cash you have. So let's say we're 200 mil and let I don't know what 30 million dollars in cash right that 30 million dollars in cash. If you leave it in cash is gonna be worth less next year worthless next year, right because the purchasing power goes down. And so what ends up happening is your financial incentivize to get out of the dollar and buy stocks by
gold but you know by fucking property whatever but with Bitcoin, they can't do that because it's only 21 million and a computer runs it so the only way to change the computers if more than half of the people agree to change what the computer does so there's no person isn't like old guy in a suit who basically is like I think that we should print more money or I you know, what we should take some money in circulation it no human is involved in making the decision. It's the consensus of everyone involved. So the reason why become so valuable is because nobody
Fuck with it. And that's why the bitcoiners are so like rabbit about it is they're just like look, it doesn't matter what anybody says what you think I think anybody nobody can fuck with it. And because it's like that on the internet and globally everyone subjected to the same rules. It continues to accrue value because people realize wait a second they're fucking with the dollar they're fucking with the Euro, they're fucking with the end R&B whatever, but the only thing you can't fuck with is Bitcoin and so as that keeps going you should just take one to five percent of your net worth putting Bitcoin don't look at
At it just leave it there and that will be the best performing thing in your entire portfolio.
If you take one percent out of everything else in your portfolio, whether you own real estate stocks anything was 1% gonna give me well, let's say goes up 20x.
Was one part was
1% of 200 million. I don't have a 200 million book was one percent. So a million dollars I make 20 million in what how long
so there's something called the having I'm sure that they've all told you about this. But basically the whole idea is every four years the amount of Bitcoin that shows up every day gets cut in half. So it used to be 50 Bitcoin a day or 50 Bitcoins every 10 minutes those 25 Bitcoin every 10 minutes and 12 and a half. Now it's at 6.25 that just happened in May it got cut in half again every time that that's happened.
In the next 18 months Bitcoins gone up an incredible amount because it's a supply shock right? It's like think of it as if we all wanted something and then the coin at right now like 10,500. Remember when you first started buying it,
why bought way back in the day? Yeah. What was the price more than that
was over 10,000? Yeah, I
think so. I more than that. Huge rush when everyone
was. Yeah, but it was only it was only about 10,000 for like 20 or 30 days so you would have to
Really have bad timing, but I thought it was close to like 20 and went to it went from 10,000 to 20,000 and 18 days
in 2007. So I probably around 15 or 16. Okay, do you still have
it or you saw the lost? It
was in one of those key
chains you lost it?
Yeah, that was another part. It's like I don't I don't like having to hold shit and like keychains and weird and like Marty how much how much did you
have? Probably 50 Grand?
Marty like had to do it your yeah.
He helped you and then he gave it he gave you
the me something with the weirdest. He lost like yeah, it's gone. Okay, so lost that but I'd be down on that and that was what 2017? Yeah,
but you got to remember but you gotta understand that the markets the way that they work is so that having happens it goes up a bunch and prices or Supply shock usually takes about 18 months for that to happen. Then it draws down 85 percent type of three times already. Yeah,
right. Well the thing why said it's like
I got out. I really this latest round. I think I had 1.25 million in it at one point one up one down and then went back and I was like, I absolutely don't know what the fuck this is and it's too much money to not like it leaves was stocks. Even though I don't believe half the shit they say like, okay our stock up tank today. I can do a direct like line to we did the stock offering I know why but or earnings and what I don't like I think a lot of his bullshit. I think the day-to-day like but I
And it's like well almost like watching a sports game like all right, my team lost. I bet him - do they lost by three? I lose my money Bitcoin. No fucking like there's no rationale. Why is it going?
I've no idea why it's good enough for them think of like a technology company right when Barstow first started actually, it's a great idea. You didn't have a stock price, right? So it was just every day you only person who saw the p&l or whatever. I was you if you guys even had one right and if there's a stock price in the early days of Barstool it be like in the morning it would be through the roof right by the afternoon to be down and especially like
What you
emotionally felt there's high as there is Lowe's was like super volatile Ewing. Are we going to fucking survive? Are we whatever super super volatile but because you are a private company, there's no stock price. So if you think of Bitcoin, it's really a technology, right and has that same volatility that Barstool had or others tech companies have it's just that there's a price associated with it. So what you're seeing is you're seeing all that incredible volatility, but like imagine if Uber the first couple of
years that what is that? What is that based on emotion right now?
Well, it's price Discovery, right? So think
If you think of people are buying and
selling Bitcoin to me.
Did you hear about this guy Mike microstrategy? What he did
my God, I saw that my travels but I didn't like research it but it was popping up like
all my plates his 500 million dollars on his balance sheet and publicly traded company over billion dollar valuation. He took 85% 425 million dollars of out of dollars and put it in Bitcoin. And the reason he said is if I leave this in cash it's going to get devalued. So every year that I sit with this cash. It's going to be worth less and less and less so I moved into Bitcoin now, that's a really really aggressive move.
Right, of course, but if you think about from a personal perspective one every investment you make you want a symmetry, right? If you think about the best investors in the world there right like 55 60 percent of time. So all these guys were like, all right, every time they're all fucking
full roster, right? Well whoever right they're all full of shit scared. Yeah,
the absolute best investors in the world right 55 to 60% time, but the only put trades on where it's like I can lose 10% or I can make 20 times my money, right so asymmetric in their favor
That they're willing to take kind of the losses 45% of the time because the 55% I'm there, right it just pays for it in space. Right? So what you want to do is create a portfolio of assets that have a symmetry right? So penstock has a symmetry in a sense not going to go to 0 right make go up a lot Bitcoin has a symmetry in that. Yeah, maybe it drops down but it drops 10 20 percent but it also can go to $100,000. Right? And then what you want is you want a bunch of stuff that's non-correlated. So if you have penstock and then six other
Stocks in there all move together. So when pain goes down they go down. Well, then just put it all in fucking penstock what you have all six of them, right because they all move together. But what you want is you want different types of assets. You want Bitcoin you want penstock you want whatever and then what ends up happening is if penstocks down that doesn't necessarily mean that Bitcoin is up
or down. This is no correlation Robo Bitcoin lately lately aims to be tied to what's going on
stock market good observation. So in liquidity crisis, right and since March basically the reason why the FED pump so much money.
It's because everyone fucking panics and says like to me what my original
gut was if you ask me before like this would be beneficial to bitcoin but it hasn't been
it's the best performing asset this year. But like from an asset class. It's up like 60% when you
say asset so think stocks
precious metals crypto, like whatever right? So yes, there were individual stocks that perform better than some but as a whole stocks are basically up single-digit percentage from year-to-date Gold's up like
25% Bitcoins up over 50% right? So it's out performed all the other ones on like a asset class basis. And the whole thing is they're pumping all this money people are scared of inflation. They run to inflation hedge assets precious metals real estate, whatever but Bitcoins the most volatile and so it dropped 50% a single day earlier this year. All right scares the shit out of people right? But then when everything goes up, it just goes up with
everything and it doubly scares the shit out of people I think in part of my I know what you're saying like, what's a kashia whatever the fuck this is.
It there's nobody count. I'm an accountability guy the hello like Nikola, you know, that guy was a fraud and he's like, I like knowing even if you stole my money, I like knowing who stole it this fucking guy.
So see I think he deleted his Twitter account. He did he did.
Yeah. He got out. He got called out and so to me, is that what's worse
losing your job or having to delete your Twitter account? Like would you rather get kicked out of a bar stool or have to delete your
Twitter account?
I mean, I've no problem deleting. I'll just come outside Michael paper Michael Scott paper company. I don't like lots of names I can do so I'm not worried about that. But you know, that's part of the thing is Bitcoin in I get like I understand what you're saying, but still there's an unease and maybe it's I also have a like I don't put my toe in the water. Yeah, I generally like jump in like, all right. I want to make like 10 grand. I know if I can do that. I want to put Millions into something like if you looked at what I'm doing right now, like that's why
Caught with my hand in the cookie jar with my own fucking company like put that's how I operate. So not knowing being like
do you think penstock or Bitcoin performs better through the end of next year?
It's a tough one, but it makes you
think well, no, it makes me think because if you told me
a month ago that pain was gonna be like 75. It's a guy be like that's crazy. Like we're not going like I I was happy when it hit like 40, I bought it at like 20 at so I don't
It's an interesting one because not only just pain the we've hit and you could look back. We've had a legalized Vice. So I don't think people truly know the market of what we're in and one of the things I keep hearing whether it's pain whether it's DraftKings anybody, which I have a bananas disagreement with is I haven't really said it people keep saying the sports book is a gateway drug. It goes to all I could see no all the money all the money is a nice.
A casino and I think but that's what everyone says. Yeah,
but that's stupid because it's literally a completely different experience. And if you're a degenerate Sports Gambler you want to do that. You don't want
to buy a flat fucking really both but the margins are better on online. Yeah, of course and like picture down the road if we have online Blackjack and I'm talking I'm dealing and like that something people can't but are they there for you or they therefore
the black like how many of the stoolies want to go play what they for most young kids probably going to assume it's a rigged online gambling. I
see I don't think Penny and me.
Your company's I don't think they're going to think they're rate. I really like if you're some for the online gambling
yet, like the actual like Casino, correct?
And and if it's set up in a world, where at halftime. Hey go play Blackjack for like I think you can do it. My point is different. I look at because a lot of the brick and mortars pain include is like our sports book don't make a ton of money people want it's a value go look at casinos how big of a sports books most of them how much real estate do they take up? Not that much because I like it's not the money makers the tables and things like that.
But I equate it and I think this will be something that people are factoring in to online poker and poker. If you go to a casino poker rooms don't make money. They don't online poker made a shit ton because there's no wall. So the problem I've always thought and is no different with sports books. You need physical space how many people can you put in a sports book? Not that many, but if you run your Sportsbook correctly and you have 50/50 and you're just getting juice and unlimited
All's that juice should be just like the poker that's taken. The rake should be wildly.
Well, you guys are also promoting it in a way that the entire space has never seen before totally to write everything. We
do will onset even the prop I had yesterday. I don't know. It's like you can win a jacket.
If you do this, I'll all this bullshit. They don't guys are like by the way, it's genius marketing, but they are shook because they don't understand like they don't have the personalities to go do this. Jamie Foxx is not going to be like hey, if you do this bet we're gonna do some crazy shit. Not only that Jamie.
A fox
and I like Jamie Foxx. He doesn't give a fuck what it's like Jamie Foxx has so much money and is doing so many things. You think he really cares about pushing MGM sports book and even if you look at the deals, which I never understood if you go to Fox bed or Terry Bradshaw these guys work for the network. They don't like my life is in this in a lot of our guys here. There's this is it like if this fucking thing tanks then I basically fucked myself on how I sold it. So I'm not
Teen that it works, but when you invest in pain or do this or pain invest in US you're getting like my best shot in my only shot really so it's a huge difference and and I love Pat like I thought Pat how to fucking gamble guide never place the BET literally till three years ago, and he's a jack-of-all-trades so talented but he's doing a lot of fucking things. This is it I have like laser focus and at the very least they got my action, which is a lot of action and I
always lose our are you moving to Philadelphia?
So I
I am in Philadelphia. Now. I have to be here Wednesday is because we film all day and then I head back what we do the show with Deion. So generally on Thursday, so Wednesdays, I'm in the office filming Thursdays. Generally we can't be on schedule now because of the job is all over the place and by Friday I am back in Philly till Tuesday. So it's like four
three. Okay, tell me how the Deion Sanders deal happened. So we by the way epic epic
get Dion is a thousand percent better than I ever.
I thought he would be he fits perfectly like you had literally say whatever the fuck you want to him. He gets it. He knows his busting balls. He doesn't take offense. So we were you worried
that he might yes. Yeah by Hall of Famer. He made
a lot of the athletes famous athletes or even personnel as we've dealt with do not fit in they come from first of all Network people and people have money don't have the work ethic we do we're born from the internet. The only way people find out who you are is because you are better funny or worked harder than other people.
That's it. That's the culture here. If you have a lot of money, you're an athlete. You've been told you the best your whole life. You may have a very different like work ethic than we do. So we have a podcast Out of Philly million dollars worth of game amazing most underrated podcast there. Is there if there aren't hilarious hilarious, so they're friends with the on and they weren't they are and they're like, hey, he's looking and he they did the introduction and we went to you to Barstool young to are.
Kurt and I we flew down met with them. It's like what do you want? It seemed like a good fit. There was a lock on it's one of those things combo. He's expensive. We're willing to pay it was a good look for us. We had the pain deal going on. So it's like football show but he's awesome. He's better than in everything is like credibility as well. Like okay we can compete with these big guys, but he's been
I don't know how he's going to continue it with the job. But is for those. I don't know. He just went Jackson State.
Is he the head coach? Do you see his press conference? I saw a clip of that incident and
say it looked like someone said it looked like coming to America it did he have like this Calvert rate of like cars coming to the gym, like people drop and roll. It was very prime time, but he is not super prime time off camera. Yeah like he is but he isn't like he's a guy like that obviously.
You know if I'm with someone younger and like Deion Sanders they made by who's that Mike really? It's like to me. He's my hero. He was it to three most famous guys. Like Bo Jackson Deion Sanders, like dare it
you ever heard of anybody playing in a football game in a baseball game in stock
day, but their shit you can say so I didn't know what to expect because the persona but he's so down to earth and you really like you. What did I say? Oh a guy from Boston Dan Shaughnessy. Call him a fraud the other day and
And I'm a bossing. I'm like, hey Dianna he's and you can possibly like you should dump a thing a gator on his head like micawber's like I
fucking hate that guy like he's he's
very real very authentic. I didn't know what to expect but he's he's as good an athlete to interact with I probably have a handful where I'm who else is up there Greg Olsen. Yeah, I couldn't be it like he's one of the early guys, but I'm as
comfortable talking to me. Well wasn't he doing the the van talk right here?
Left Super Bowl media day media day because they won't let us in to come talk to us in the van early. And by the way, there is nothing like I'm a huge loyalty guy. Like I really really appreciate the guys who are with us before he blew up and in or before they blew up and stay with us goes a long way and I'm the same way but it is crazy. Like I went to a party the other day the Hamptons no big deal, but it was like I walk in and Blake Griffin was there he literally like
He grabs me and like just he's like I love Barcelona just grab me. We went up and shot the shit and run for like an hour. It's surreal shit like that that that
is they'll still stunning the point when I realized like this is no longer Barstool of I think that everyone grew up in college when Iran was the Joe burrow or coach or whatever interview. I was like wait what that was the first interview that they gave how the fuck did this?
Yeah, it's good. You know, we've always been with the athletes very strange because
Athletes on like ESPN where they're out and asking athletes like asked to come the ones that do well like Kevin Hayes who's had an unbelievable season for the Flyers like I'm legitimately very good friends with these of through the system and it we got to the point kind of what you said a lot of the guys who play sports now or in the pros, they grew up with us, like you're reading it like high school. So the they're like fans and then they know are not out to get them like we're never trying to get yeah people like guts
Uh quotes we're trying to be funny and interesting give a different look and they
appreciate it. But I think that's also why you guys are so successful right? It's like media shifting now to nobody cares about what does X Network? How do they take what I said manipulate it take a quote and put some spin on it. Like I just wanna hear what you say. I was right here Greg Olson says, whatever and you guys just created platforms where they come to the and wear protective like I mean,
Kevin Hayes, like for example, we got a video sent to us. You didn't do anything wrong. He was just making a Ruckus and like a Chinese food restaurant.
Was very funny. I was like dude like clean it up. Like we're not gonna post it just adds up. So, you know, we're not it we're not
out. You got team sized. Yeah,
we're not out trying to make people look bad and we're also one of the few places especially now it is we're like, we don't really apologize for hey, you like to drink beer and like go fuck chicks, like that's like frowned upon somehow now like we don't want it's like, all right, we're guys like we're not we're not bad. We're not what
everyone's just authentic. Correct? It's just like literally
This is what I would do if the camera was in here. So like if you want to watch watch if not, then that's always
always the shit that I've heard the negative about me. They're always like he says this on camera. Imagine what he says off-camera. It's like that's the fucking point like you're getting
as unfilled. That's why you're mad to begin with is because it's literally said the words that I was kind of sitting right,
right and that's it. Like there's nothing else. I'm talking as if we're not on camera. That's how I am all the time. I've always said I like the people I don't want there's people have come through the walls and like oh I like
This person. I don't like this person. This person is cool put a camera on me. Yeah, 24/7 you're going to get the same exact person 24/7. There's a lot of people probably not like that.
All right. I got three questions to end it. Yeah biggest regret you have over the last 17 years.
I really don't have money. I've been asked this before and it's like I saw it one company. It's this I did I have like irrational confidence because like maybe other people would quit or whatever but everything I seem to do has seemed to work. It's been a dream. I mean I saw a company my basement but no money delivering newspapers and got here. I would have been happy making 60 Grand a year. Honestly, it wasn't about money. So it's hard for everything's worked.
So I don't have business. I have no regrets.
All right side note real quick the ESPN van talk
controversy what happened? So that that was an interesting point in Barstool because part of my take blew up and ESPN wanted them basically and we're at a point. Probably Dan and I more so than PFT where he's looking his open market value was more than what he was making here. It's like kind of
Like everybody's like, how am I gonna you know, this is my moment to so ESPN. One of them. I was never comfortable with the deal. But essentially what happened was and we did that deal why we agreed to that deal was to like basically, okay, we can test it. See what happens not only tested we got to let them like stretch the legs and grow they wanted it Dan and PFT really wanted this deal. So it's like, okay. Well, we'll try to make it work in at first ESPN just like wanted to call it like
Van talk no bar stolen it they essentially what they want to do with test drive. Dan pfft. Yeah on tracks would be up in a little bit. Like they knew they could probably pay them more and it was very obvious to like myself and Erica like the we know what you're doing. So you if you're going to use our talents you better fucking call a Barstool van talk so we did fine.
This was like a year on The Works net. I was never comfortable with it. I always felt like they thought was dirty but we get there and I don't know a day or two after it launches. The first episode goes first episode was a hit it did. Well, okay. I mean they put it on I forget was a lot like me quieter something the morning on ESPN2
so they put it on they didn't even give you ESPN. They give you ESPN 2 and 1/8,
which is smart because you have our audience is going to watch it and
Honestly, those two guys are as talented Dan's like the most talented hard-working guy there is so that he's got everything he does work. So it would have worked and then they cancel it. They issue a press release I before I believe or know we found out that there were canceling it and it all stem from I talked about Sam Ponder with Dan years and years ago and Barstool. It's locker room talk and we
Add a podcast pick them podcast which we still do with like 10 years old. We'd call each other up and we were talking just about the games which we always did and in Sam Ponder just had to kick it and she was toting the kid all over ESPN game day and we were talking about game and I and we're both going back and forth because like, you know, I don't want to see Sam Ponder's kid on Game Day. Nobody does I'll die on that Hill. It's like young who won sambar super hot, but nobody wants to see it's like an all guy show that
Isn't she was hired as she's very attractive knows football. Another thing. I sometimes get in trouble. It's not a coincidence. Most sideline reporters are attractive doesn't mean that's the only requirement you have to be talented, but you have to be pretty to look at so it's like talking or way. It's like I don't want to see her and her kid on the sidelines anymore. And I actually said she has to stop being a prude and slut it up. That's what I said.
I'm assuming she didn't like that.
We didn't know she didn't like it. Okay, didn't even know there were
that that's an important point. You guys never had a kind of interaction. So but but obviously understandable why she didn't like that total. Yeah,
and I've said this about her in a respect. First of all, it's not calling someone slut. I said, it's semantics I went back and looked I called my sales guys. I just used the word along these different times of free word you could use but I was being like we you go stop. Yes. Stop being yeah. So what?
Didn't call her. It's like you're being I said the opposite she's got a kid and like but three years past four years pass and the show gets launched and she starts according to the Press reports The Crusade against us being like we're going to business with these guys who said this about me for years ago. I didn't know what we said. We said it a lot so that and that actual respect. I was like, I do respect sampar. She held a grudge for four years.
I was going to say yeah. She's a Dave Portnoy she
waited for the moment.
Aunt and she came in guns a-blazing and sank it and the quote that John Skipper has kill shot. Yeah. Yeah, and this is the quote John Skipper had was I didn't know that people associate the parcel sports bar stool van talk with parcel Sports is he literally said that other like two weeks later resign Coke addiction best thing ever Poppin champagne bottles.
The house is gonna say it was that your you had a bottle so
this and Ponder where where I differ from Sam Ponder,
Because that part we set it I have no problem with it. She then made up things that I didn't say and just blatant lies so I can say my just said what I said and I would say now and she actually the stoolies being who they are went back and dug up like a thousand tweets of her calling people sluts and shit similar language. She apologized like it's like I've changed as a
person. It's definitely a different world today than it was even five
years ago. And that's always like Deadspin who
you
Love you despise
in are the first ones to throw stones at me in the past. They deleted their entire Twitter history all of it. And then they'd be like we change I have always said I won't delete any of my Twitter history. It's all there. It's an open book. I've said what I said times are different. I wouldn't say it most of the shit that people dig up on me now is 5 to 10 years old and they were meant to be so what's and it
wasn't bad at the time mostly there might be one or two that people get very upset about right?
Rightfully, so but for the most part most of it,
there's nothing I ever have said that was with the intent to make people truly feel that unless I hate you and like but then I don't want use that like the things I say that are trouble people. I don't know or like just in conversation like in a locker room environment if I despise you like Ross Gerber I'm saying things to wound you on a professional level, but like the Sam Ponder thing came up so organically and
We're like talking I would have said it in different way, but the point like nobody wants to see you newborn every single week and all your segments on College GameDay. I would say like
that did that show getting canceled say Fuck We're not gonna play with the Network's anywhere
pretty much. Okay. That's what it looks like. Yes, and you don't need them. I think TV still matters what kind of and I would love a network our own network. But like we do the Barstool Sports advisors, which I think he's pretty much the best football show on TV. We tried to buy it
for the internet like literally
built for the
They tried to say that we couldn't swear in it. Like we like to beep out the words. They'll you can't swear like all right, we're not running. We're going to keep it fresh the it'll come around. I think everything will come around. I mean when I did the his
TV ready for like what I'll call the internet content like how you use the green screen. You have all the graphics like TVs ready
for that. Definitely. Okay, it goes backward. I mean I can you look at everything he did get in trouble if like, you know people just pick and choose the hypocrisy of everything which drives me nuts like
Jimmy Kimmel Man Show and like that almost if we did that and he did get in some trouble for I think black face, but if he if I did the man show, I'd never stop hearing about it ever. I never get jawline people what I say and do even though we're very clear call me. I've always said what people say about us is you go into a comedy show. You don't have a ticket. You don't know who the comedian is. You hear a joke. You don't like you go into the street. You'll be like you never believe what this guy says and you give no contacts away. You heard that's what I feel like people.
Ross I don't know how it started. I don't know what it is because I think a lot of people now do kind of similar stuff to us. But when we say it it hits different I have no idea why you know, you just get
almost labeled as people are waiting for you to say
something and then I double down I get in fights like I don't back down. I'm never like oops. Sorry. I shouldn't have said that it's like fuck you. That's like a joke. You can't take in the foot
is that not the right way to handle it like in terms of there's some people who say something and they would immediately backtracking almost like the apologies. Yeah, and then the crowd or the mob wins right versus
If you say something and you mean it and you just stand the line, yeah, I get a
lot on Twitter. And anybody like hey ones going to learn your idiot wanting to do this. I turn around its like why would I change what I'm doing? Because it's what got us here. You know, it's like you are still is as successful or more than I ever dreamed by being authentic and just being kind of myself. And by the way my friends I'm like just a combative person and even like Kevin who's sitting over here. It's relatively new like
I'm pretty mean and straightforward and then I forget about it like five minutes later. Like that's how I am people can come in and like yell at me. I don't really care. That's just that's my personality. That's fair. Yeah, are you to buy one
percent of net worth and Bitcoin
I'll get but I've been saying I'll get back in Bitcoin. All right, I don't know why I mean like so much you
should do it and then just wait till the end of next year, you know can't look at it cause you got we can't so he'll sell
it.
That somebody made me like a mini pair of mittens like I love
the witness. Did they do they sent me? Did you see all the replies to the question? I asked yesterday. I said you what should I ask them the week 50% of them are just ask them. How does he how does he eat with such weak hands? How does he
listen? Everyone thinks I'm like summoned the I know I knew I had to be involved in crypto within like 15 minutes of starting to see the respond like all these
Of my people and
I the best memes like that VIN dog is
good. Well, then dogs are the best. I mean, did
you have you go if you go Vin dog verse bitcoiners who wins the me mad dog? I don't know they're Relentless. There is one man versus an army
how many live action means have you seen from the bitcoiners not listen, if you if you put
the challenge out categories for if you put the challenge out then the Bitcoins are going to send you live action memes and there and you're going to literally
Run out of money hiring all of them forever live
actually got two means are good. I listen I they are good Vin dog is one of the best solve in dog is right on the perfect line of you can't tell whether he's serious it was because his actual means are all like super PG. So it's like he put your face on like a baseball in hits like a home
runs though. Like there is no answer for
that. There is no answer for the
been dog. He's out in his yard like drop-kicking his son and
that's probably why we in the crypto like, I don't know how many
Mm. I've actually like no Vin dog is our sorry, but there's very few people on our side of the world. Like when I saw Vin dog, like I knew it was high. I like oh my God. I have a nuclear meme weapon sitting here. It's like, well, I need this guy instantly hired. We literally he was a shop teacher that we hired. He's like, what about my associate you all that is like dude just you're gonna make means for us and killed
you talked a somebody who's about to get Social Security at it taking social security to come make names
for
Ours memes like a light even the shop teacher for like 40 years the yeah, I'll get back in my finances are so weird. It's like I do like knowing what I have. I have so much in flux with pain in my own day trading account.
Like you cannot answer this, but what do you do? You just keep a bunch of cash, or is it all in pain?
No II
have so the you strike me as a guy who's like super risky with some majority, correct? But then you're also like a price to keep more cash than most because I know I'm crazy and we'll do crazy dust risky.
Stop pretty much pushing at all times. Like I so I have my own day trading account, which is now about even so I was down three I was up for and now I think right now I'm like dead even because the last two weeks I've got lost like four mil and then I have a pro like
like investment that I'm not like day trading but if you looked at what it is is still pretty risky and I just like buying pain because it's like me is that what it is all pain? Yeah. No, I probably have like I like pain of Amazon. Oh, so he's a stock portfolio. Correct? Yes, but I don't have much like liquid really is all invested. Yeah,
you're not sitting with like ten million dollars in my bank account. I'm
sitting with like nothing in the bank has all invested. It's all invest which by the way is
a smart.
Energy right now given the fact that they're going to devalue the dollar and as well, I don't know.
It's the depends who you talk. Everyone says no, but I mean again, I'm young enough. So it's like I'm not what are you 42 43, so like Amazon, I don't care if Amazon goes I was coming back like the Amazons fucking what's basil Shopify like those you had an Amazon
warehouse in your apartment for correct? Yeah. So
those thoughts I have zero zero fear or anything like that of you know, the ones that I'm risking on like the the
Reggie cars and shit like that. Not the Tesla's but like the younger ones and even like I said, I don't think anyone knows this space the gambling I will be safe. But I think the majority it's a race to the bottom for a lot of the I think they'll be a ton of cuts consolidation in the online gambling space.
That's fair last question every Saturday Domino's mainly because it's just super to do every Saturday
every Saturday for real for real. Where do you live in
New York 44th and third?
What do you do? What do you mean? What like you're sitting here with me? Like I saw your like what
do you do Domino's is this is the
inflection point well, if it raises credibility issue it does if that's like what your
ey was what I was going to ask it just every Saturday one meal and I was going to ask where I'm just assuming that you've done a piece of review for it Dominoes Dominoes. Yes, not good. No. No,
that's why I raised credibility issues. Where did you eat?
What you
ranked? How many times you think you beat Domino's last year?
Over under Fire I do dominoes.
It's the the to
I can't remember the Domino's stock. I'll performed Amazon
the total you have. Well, it was the pandemic was very
good. Never know the last five years.
Oh five years really Don has not performed Amazon
crushed it that
crushes impossible. I'm going to show you a dark shadow performed Amazon. I don't believe so. Here's
why because the mobile ordering they've absolutely crushed it.
When I show you you're going to go by Domino's stock now.
here
look at this fucking chart.
Domino's you show me
stop but that does all right. That's a good chart but I still
as from 2010 to 2018. So eight years absolutely crush the Amazon Apple Facebook and Google.
So you didn't answer though. What I do. What's your what's your stuff? All right,
what invest build a company will company? I've got a whole digital content thing.
Okay. So right now these These are vague and so are you like a profession? I
won't I'm here to ask you questions.
Well, no, I'm that's what I'm trying to figure out like what what is it?
So I've got a couple of funds right that I invest all early-stage
technology. Is that what you say that special investor? Yes, I invest what's like your net worth? Are you rich, huh?
Rich enough but you richer than me know okay, but where did you make your money
yet where how investing and then
starting like you just took your own money and
started her. I did all the things I worked at Facebook and other places like that too. But and then I've got a podcast got a email or something on it right now you're on it right now correct top 10 Tech podcast in the u.s. Got it. And those obviously very good business to be in that's
what by the way. I always like the Ross Carver's of the world you like him, huh?
I'm
With everybody he's a cock.
Well, Anna used car salesman, but I love guys like what that guy do. What guy is he just lay here, but here's the
thing, right? So what
did he ever do likes guys like that? Who chirp at me? It's like dude. What do you like? He like
what you have to remember but so here's the thing a lot of those guys. You got to remember they have built businesses. It's just not the type of business what he built was I'm saying he the place that he built right is an asset manager for now. It's a completely different business than actually selling products or do anything like that
but it's always a weird though.
Who can't do teach?
Like what is this quote? He said at me weird
today this got you this guy really got underneath your skin. Well, someone one you were
coming in. I saw somebody tweet at me be like asking a girl because he's on your show.
Oh, yeah, he came on a podcast a bunch of the finance
guys have yeah because right you know why those guys need fucking publicity because they got a fucking sell their junk bonds to fucking unknowing old ladies and steal their pensions you realize that there.
Arguing back would be that you're trying to get people to gamble.
Totally what I'm honest about what I'm doing here, but like that's that's also why it
works this this Ross Gerber pain gaming issued a ton of stock as we call that secondary from a mile away pain is out of money with 41 bleeding casinos. They used pump Dave the pump the stock and now the dump that's that's just a blatant lie. That's an absolute. Watch you
respond. My response
was hey Ross. Remember when you begged me to come on your pockets? I stuffed you in a locker. All right, you deleted it.
He did delete it because you are used car salesman who lies and cheats and deletes whenever they're wrong. You should be in jail for stealing hard people's life savings with the screenshot. He did ask me to come on. He's like, come on. My podcast is like hey - hey, I have an idea suck my dick
you realize that people in finance are not used to that type of
reaction. Well, this guy this guy thinks he like I don't have a memory like he called me an idiot for not he literally
he's the alright. So the only reason I know who he is. He reached out to me is like basically in so many words said you're too dumb to invest your money give it to me and I'll invest it. I've seen plenty of people like you make money and blow it like who the fuck is this guy? So I said, I like talked about it basic like who the fuck is this guy? And by the way, if you're out on Twitter trolling for people to invest that's not who I want to invest with. I want to invest with people who I
Have to wine and dine them. That's why I want to give my money to is like no, we don't want your money your money's no good here. Like that's who I want to give my might not some fucking junk bond guy. Who's like, hey, give me your money on fucking Twitter to her and oh who would ever give your money to that? That's not how it works. Like you got to find someone who's so exclusive that they don't want more people not fucking Ross Gerber.
Do you have anyone who manages any your money? I have one guy but it's like a
collab issue.
Yeah. All right, but so you're not doing it all
yourself.
Good. No, I have a guy like
JP Morgan who like helps. Oh you like work with the suits at the bank that calm a
suit you probably but again, it's the same way like so in an endearing way. Yeah, there's somebody who like he sent him emails. Hey suit, will you if it's Sox are down like the suits you you and your suit you fucking killing me, but to he's actually been more conservatives like you should sounds like know what fucking push and push push back but uh, like I so there was a guy no start a hedge fund like through a friend of a friend.
And it was the same words. I'll try to introduce you but it was hard to find somebody who's comfortable with not fucking this guy who is wearing rent a tux on the fucking
social media begging people. Go back to Domino's for a second. You don't remember if you did a review or
not. I actually thought I did it but I think it's Pizza Hut, I don't think I've ever done it.
Yeah, I don't know what I'm telling you you got I'll order the pizza Domino's there lately.
Sober know yeah exactly you get if you eat it sober you're going to be shocked.
Stocks out
performed review. All right. Now you do a Domino's from mean it's
good. Well people keep buying
it. Yeah, but that doesn't mean it's good. No it would you keep buying shitty
Pizza. A
lot of people would buy like there's plenty of sugar. No, but do you know I don't right. But I mean you could use there's plenty of stocks of food stocks. I probably don't like that like Kentucky Fried Chicken, which I actually kind but fast food McDonald, I don't like
McDonald's that's blasphemous makes me feel bad.
I mean, I like the taste I don't like the
oh effects. Well, that's fine. Yeah,
but you enjoy it when you're eating it. Yeah, of course, that's that's what makes it great. All right, that's it guys. Appreciate it. Thanks. No problem.
