Chris Camillo's Unusual Strategy to become a Top 1% Investor (Fast)

You really only need one great trade to be a top 1% investor. The

most inherently ground truth thing of investing, the most important thing, the thing that matters more than anything else is I don't look at valuation. I don't look at PE. All I look about is there is new information. I've been reading TikTok comments.

PE. All I look about is there is new information. I've been reading TikTok comments.

That's where I get most of my alpha from. You have Buffett or Munger who are like reading the Moody's manual, cover to cover, just company financials. And

you're like, I scroll the TikTok comments. That year I made like 30 million in one year and it was a wild ride. You will... Try to beat the market. You'll trade with leverage. You're moving in and out of

market. You'll trade with leverage. You're moving in and out of positions. You're not a buy and hold forever kind of guy. Just

positions. You're not a buy and hold forever kind of guy. Just

before the pandemic, I had made the worst trade of my life. I lost a third of my portfolio on a single trade. Okay, so let's break it down.

This is where the biggest mistake I ever made was. You break all the rules of investing. What I normally hear is, you should just index, don't try to beat the market, don't take any leverage. And so you do the exact opposite, right? You will try to beat the market. You'll trade with leverage.

You're moving in and out of positions. You're not a buy and hold forever kind of guy. According to the internet, you've done pretty well. So

I've seen some different numbers that have been floated around. Can you set the record straight? What is the actual story? Yeah, I started with 20,000 in 2007 to try

straight? What is the actual story? Yeah, I started with 20,000 in 2007 to try this new methodology, which is the way I was investing when I was way, way younger that worked for me. I call it social ARB investing today. But what

it essentially is, is observational investing. You're looking for any change that's happening in the world, whether it's change in consumer behavior, change in culture, change in technology, change in the weather, politics, anything that has the potential to be meaningfully impactful to

one or more publicly traded companies in either a positive or negative way.

So if you can surface that change early and connect the dots back to a company that would benefit or be harmed by that change, That's essentially the entire methodology. It doesn't really incorporate much fundamental analysis. It definitely doesn't incorporate any technical

fundamental analysis. It definitely doesn't incorporate any technical analyses. In its purest form, you really don't even need to know what the

analyses. In its purest form, you really don't even need to know what the stock is trading at when you open up a position or what it's trading at when you exit. So ideally, you'd be completely blind to stock price, completely blind to everything

other than the extent to which other investors were aware of that one thing that you surface, that you feel would ultimately be impactful to that company. And you enter your position at the point of information asymmetry, right? When you know that thing and very few others do, and

asymmetry, right? When you know that thing and very few others do, and you exit the position at the point of information parity when other investors start to learn about that thing that you uncovered first. And it sounds so simple, and it really is. but there are nuances to it and like everything else

to do it to be great at it it takes time and and a little effort and some regimented processes that you have to go through like is the information that you found actually meaningful uh is it a needle mover for that sector or for that company You know, is the information you found

really off radar? Or do institutional and retail investors, are they already accounting for it? And are there any other things that are happening at that moment of time or within the window of that trade that are equal to more important than that? piece of information that you're

trading, right? So there is a process there. Of course, yes. And I want to

trading, right? So there is a process there. Of course, yes. And I want to go through a bunch of examples of it. So you take this idea of observational investing, of arbitraging information without being, you know, a guy who grew up on, you know, you weren't working on Wall Street, you didn't have an MBA, you

didn't have the, what would be like, you know, some 20 years of experience doing this. The story is you take 20 grand, you start doing this type of

doing this. The story is you take 20 grand, you start doing this type of investing and you run it up. It's just, it works pretty well for you. It's

successful. I don't know the exact numbers, but I've seen something like 60 million, 70 million, 80 million is how you've grown that portfolio starting at 20,000. Is that

right, by the way? Because I mean, that sounds in some sense too good to be true. Yeah, it certainly is. It does sound too good to be true. It is accurate. It's, I don't know the exact number, 70 or

true. It is accurate. It's, I don't know the exact number, 70 or $80 million of returns from the 20K. But I've been audited over the past 17 years. I'll be re-audited at the end of this year and I'll fall somewhere around 75%. annualized returns total portfolio over the 17 or I

think it might be 18 year period now since 2007. Hey, let's take a quick break because the team at HubSpot has put together something pretty cool. In

this episode, Chris is talking about the way he knows how to make money, identifying these trends, scouting the TikTok comments, making these big leverage bets.

That's great for him. It is amazing. Some people will like that. I personally

don't know how to make money that way. I wouldn't do it. But I've talked before about the way that I know how to make money, about how to build a money-making skill, about how to leverage your time and energy. And the

team at HubSpot actually went through the video where I explained all that and turned it into a free downloadable cheat sheet on my four rules of how to make money. Now, this is not, you know, give it quick advice. It's just core principles,

money. Now, this is not, you know, give it quick advice. It's just core principles, foundational principles about building wealth, things that I wish I knew when I was, you know, just getting started. And so if you want to download it, it's in the description below. It's totally free. You can go get it. Thanks to

the folks at HubSpot for doing the research, making this document and making it available to all you guys. All right, back to this episode. Okay, so let's break it down. So you said, I started doing this as a kid. I felt I

it down. So you said, I started doing this as a kid. I felt I went to the type of investing I was doing as a kid.

I had read your book, Laughing at Wall Street. And you talk about like basically kind of like Starting with garage sailing and very simple stuff when you were kids, noticing things, talking to your brother, talking to your dad, hey, could this mean this? And getting learning lessons with a very small bankroll, 100 bucks type of deal. So can you just take us like early days? Where did

you kind of have this sort of aha moment that this style of investing can work? Yeah. You know, I was an entrepreneurial kid. I was

really interested in making money before that was a cool thing to do. You know, the new generation now, all these kids are traders.

do. You know, the new generation now, all these kids are traders.

They're trading crypto. I mean, it's like every kid now is like I was back in the, you know, 80s. And by the way, that makes sense now because if you're a kid, you're on YouTube, you're on TikTok, you'll see things. But why did you have that itch? What made you want to get on that hustle? Who did you see? I don't know what

made me so laser focused on grinding at age 12, 13. But

the way that I was going about it was not investing. It was arbitrage and garage sale and estate sale merchandise I would take. you know, buses around the city on Thursday and Friday mornings and Saturday mornings before I could drive.

Sometimes I'd take three or four buses before school to the one estate sale that I had seen in the paper the night before that, based on my analyses, I thought was most likely to have mispriced merchandise. And the thesis there is, is that most of these estate sales at the time were run

by older women who really had a great knack for pricing silver and pricing other types of things that they knew about and cared about, but they were really, really bad at identifying value in male-oriented items, like

whether it was old trains, old watches, Anything that tended to be mail-in. This is pre-eBay, right? So you can't just go look up every item quickly

mail-in. This is pre-eBay, right? So you can't just go look up every item quickly and know the current live market price for it. Yeah, it's pre-eBay, exactly. So I

would show up at 530. 5:30, 6:00 in the morning. And the goal is if you pick the right sale and you're first in line and you know exactly what you're looking for, you know, you got a good shot at buying something that is mispriced. And I did that for years. I just happened to go to the

is mispriced. And I did that for years. I just happened to go to the same 7-Eleven every morning and get a bottle of Snapple lemon flavored iced tea, which was like the hot company at the time. It was the hot drink at the time. Snapple used to be huge. Yeah. And one morning I went

to the 7-Eleven and they had like one quarter of the door space dedicated to Snapple. They had brought in a couple other brands of iced tea. I don't

Snapple. They had brought in a couple other brands of iced tea. I don't

even recall what it was. Maybe it was Arizona iced tea and a couple others.

The clerk told me that that's the way it was going to be from that point forward due to this new competition coming in. Sure enough, I talked to my older brother. I shared the observation with him. He was a stockbroker. I asked, can I make money off of this? This has got to be

stockbroker. I asked, can I make money off of this? This has got to be bad for Snapple, right? I mean, it's such a hot company. Sure enough,

A few weeks later, they had announced earnings. He taught me how to short Snapple with put options. I did it through his account. I was too young to have a brokerage account. I think I gave him $300, which was most of the money I had at the time from garage selling.

And he tripled the money in the course of about a month because Snapple for the first time in its history had reported bad earnings due to inventory building up due to retailers like 7-Eleven giving them less door space. So it

was just something that I had noticed as a kid. And you have to ask yourself, like, that's crazy because professionals on Wall Street, they could have easily have seen the same thing that I saw. but they were so distracted by so many other things, macroeconomics, noise, government, their jobs,

uh just heard mentality that they didn't see something very simple that was right in front of their face so now if i did that as a you know young teenager that really means something now of course i didn't realize what i did at the time how special it was because you would never believe that you as a kid are better than you know all wall street so

i i got really into stocks and investing after that but i did it in the conventional sense i read all all the books, and I mean all the books, technical trading, fundamental, and I just tried every type of investing method. And of course, basically nothing worked.

So I was just like everybody else. But later on in my life, when I was in my 20s and I had a job and I wasn't making as much money as I wanted to make, or I felt that I needed to make to have the life that I wanted, I got back into investing, and that was really most aggressively in 2007. And I said, you know,

why don't I try this kind of observational approach that I did a little bit of as a kid? And I recall that one approach. And

at the time, it was similar. What I did as a kid was...

of what Peter Lynch was doing. Though Peter Lynch, you know, utilized observational investing as just part of his methodology. He also did a lot of fundamental analysis. Let's break it down. So there's major schools of thought around investing, right? Number Number one, passive investing. You know, don't try

to beat the market. Just be in the index or even worse, mutual fund.

And, you know, you go as the American economy goes. All right, that's one school of thought. Then there's, oh, I think I could do better than indexing. And

there's technical analysis, which is, you know, some cross between, I don't know, horoscopes and, you know, fantasy football or something. And so there's a lot of people who believe that they can see patterns and, you know, signs and math in the charts and that the charts will tell you, the technical analysis will tell you where the price is going. And so there's a lot of people

who try to do that. I've never met anyone smart who's good at that, but it's possible that that is a thing. There are some people that are able to do that really well. Okay, so there's technical training. There's fundamental

analysis, the sort of Buffett style of investing where you're trying to understand the intrinsic value of the business, trying to understand the, you know, the durability and the quantity of the cash flows. And you're trying to use that to try to understand what the business is worth relative to what the market's pricing. A lot

of people try to do that. That's sort of seen as like kind of gold standard. What you do is this other school of thought. So, you know, here

standard. What you do is this other school of thought. So, you know, here comes door number three and door number three, you kind of described it a second ago, but I would My short summary of that is you're looking for significant behavioral change. So the way that either consumers or businesses are changing in some way, whether that's COVID is going to make it where people are not

traveling or it's teenagers are now doing this thing. You gave this example of women who were changing their bra preference from wired push-up bras and Victoria's Secret is on top to you started noticing changes A lot of people talking about the word bralettes, and now they're wearing bra, and, you know, there's two guys talking

about bras. Now women are wearing bras without a wire or a no-bra movement, and,

about bras. Now women are wearing bras without a wire or a no-bra movement, and, hey, that's probably going to affect the number one bra player, Victoria's Secret, who's not even carrying bralettes at the time. So you're looking for some behavioral change somewhere. Let's not restrict it to behavioral change. let's say, any change. It

somewhere. Let's not restrict it to behavioral change. let's say, any change. It

could be a hailstorm, okay, that impacts a, positively impacts a publicly traded roofing company. It could be anything that's happening in the world that is change-oriented that is not well, well, uh, discovered or known by the investing. Correct. So not

sort of consensus, not quote unquote priced in. And so let's go through a couple of examples. So what are your favorite examples of these that you found in your life? Take me through a couple of your greatest hits.

Yeah. I mean, there's like, there's maybe north of 80, uh, 80 to 90. I

now over the past 18 years, uh, There have been a handful that didn't work out. We could talk about those too, but for the most part, almost

out. We could talk about those too, but for the most part, almost every one of them has worked out. I know that's really hard to believe. I know it's exceptionally difficult to believe. The one I just

believe. I know it's exceptionally difficult to believe. The one I just mentioned that popped in my head is actually one of my favorites. Every spring, I would simply go and track the number of people that were searching for the words of roof damage or roof repair. It's a free data source. Anyone could leverage Google

Trends. What's fascinating about this is when there is a hailstorm, people will immediately

Trends. What's fascinating about this is when there is a hailstorm, people will immediately start Googling roof repair the day after that hailstorm hits. Now, at the time, there was a publicly traded company called Beacon Roofing, one of the largest roofing companies in North America. And if the hail season was particularly damaging, that

would meaningfully impact their bottom line as a roofing company. So

what's fascinating about that is that the Wall Street generally would utilize insurance sector reports that would report on the damage from the hail season as a data point to analyze beacon roofing prior to earnings. But those

reports take a very long time. They're really delayed. They're delayed by like, I don't know, five, six weeks after the actual hailstorms happen.

So I had discovered this real-time data source that would tell me in real time the volume of people searching for roof repair. Because even if you knew there was a terrible hailstorm and you see it on the news, if that hailstorm just happened to be over a super populated area as opposed to two miles down the road that isn't populated, that's what makes the difference. And nobody really

knows how many people are impacted by hail, how many roofs are. until they get reflected in the insurance reports or a great measure of that that's maybe slightly less precise but way more real time is the volume of people that are searching for roof repair. Now, what's so great about a platform like Google Trends

is you have, you know, 15 years of historical data. So, you can look at every single spring and you could see where the peaks are in the search volumes. So, There was one hail season in particular that the peaks were

volumes. So, There was one hail season in particular that the peaks were nearly triple anything I had ever seen before in years past. So I went in on a very large, very levered call

past. So I went in on a very large, very levered call long position on beacon roofing. And yeah, I mean, that would be considered like a greatest hit. My understanding is you, the same thing you did in the garage sales where you said, look, most of these garage and estate

sales are run by older women. They knew the price of jewelry really well. You're

not going to get too much of a deal there. but they may not know what their kind of husband or their son's baseball card collection is worth.

Specifically, this one 1996 Tops rookie card, Kobe Bryant, you know, whatever.

So you find the value there. My understanding is you applied the same principle to Wall Street. You said, well, most of the guys who are on Wall Street,

Wall Street. You said, well, most of the guys who are on Wall Street, people who work in finance are guys, right? white guys, live in New York, who are of a certain age, and then you started saying, well, instead of, I'll use the garage sale principle again. If they know a lot about certain types of things, where are their blind spots? Is that right? Is that

how you thought about it? So that's how you identify like the lowest hanging fruit or the highest probability of finding the most opportunity, especially early on, I would say, The vast majority of my big wins were around changes in consumer behavior and

culture and that were primarily female-oriented or youth-oriented or to some demographic that wasn't older, white, Northeastern, you know, geographically located investors. So,

you know, it could be something like I talk a lot about the moment that Jeffree Star, who was a beauty influencer, you know, made a single video about this drugstore cosmetics brand product made by e.l.f. Cosmetics that was just as good as a $60

product. It was called the e.l.f. Primer Putty. i thought that

product. It was called the e.l.f. Primer Putty. i thought that was an old trade now but that was back when elf was trading at like seven dollars a share uh before it blew up to 170 dollars a share right uh but but just be seeing a you single youtube video and then realizing that wow it has 10 million views and this is a company that

nobody cares about and all of a sudden the most influential you know, content creator in the world for beauty is saying that it's just as good as one of the best products in the world. I went down to, I think it was CVS or actually, I think it was Walgreens by my apartment and just stood there all day and watched moms coming in with their kids

and buying out all the elf products because all of a sudden, instantaneously, this drugstore brand that was just like at a price point of like eight bucks for any piece of makeup, right, became a cool brand because this one individual said it was. And so that was a game changing moment that I

witnessed via watching a YouTube video. And I actually called one of the analysts on Wall Street who is covering e.l.f. Cosmetics because part of my methodology is not just to discover things early, but you have to assess the degree to which other investors might already be aware of that

information in order to gain conviction that you truly found some information asymmetry in the market. So I called this analyst and I said, you know, what do you think about the Jeffree Star analysis?

video on ELF. You know, has that impacted the way that you're analyzing ELF this quarter? And the analyst said, who's Jeffree Star? And at that moment, I knew everything I needed to know about that

Star? And at that moment, I knew everything I needed to know about that trade, right? And listen, it makes sense. These guys are not watching, you know,

trade, right? And listen, it makes sense. These guys are not watching, you know, YouTube videos of beauty influencers, right? But that's all that I do. I spend,

people don't believe me, but I spend on average, three to four hours a night, late night, basically reading through these days, the last six, seven years, TikTok comments, right? So like, that's where I get most of my alpha from recently is people, because that's just

happens to be the place where people express themselves most freely across the largest number of topics. And that'll get you laughed out of the room with, you know, quote unquote, serious investors, right? Like, you know, you have Buffett or Munger and these guys who are like reading the Moody's Manual, you know, cover

to cover, just company financials. And that's where they're looking for an opportunity. And you're like, I scroll the TikTok comments. And that's why I'm

opportunity. And you're like, I scroll the TikTok comments. And that's why I'm compounding 75% a year for 20 years. Well, OK, so here's what you have to determine as an investor, because we can't all be, you know, warm about that, right? So like, who do you want to compete with? I always say it's really

right? So like, who do you want to compete with? I always say it's really not important for you to be smart, but it's important for you to figure out how to be smart in a totally different way than others so do you want to go and compete with the top mathematicians in the world as

a technical trader do you want to compete with just droves and droves of you know, Wharton and Harvard grads who are doing financial analysis. Can you do that analysis a little bit better than

analysis. Can you do that analysis a little bit better than them? Yeah, maybe you can. Maybe you're that type of a person. But

them? Yeah, maybe you can. Maybe you're that type of a person. But

let's be honest. Most of us, I'll even say 99% of us, probably don't fit into one of those two camps. So how could the rest of us get an edge on Wall Street? How could the 99% figure out a way to outperform others in the market. Like what could we do that others

aren't doing? And you have to think differently. So you have to look for edge

aren't doing? And you have to think differently. So you have to look for edge in a place where your competition and your competition being conventional, institutional and retail investors are not willing to go. And, you

know, the one thing about institutional Wall Street is they like correlated data. They like certainty. They like proof in historic

correlated data. They like certainty. They like proof in historic correlations. So the data that I am trading is conversational

correlations. So the data that I am trading is conversational data because Wall Street primarily uses transactional data. So

they'll use credit card receipts that they spend millions of dollars for. And then they synthesize all this transaction

dollars for. And then they synthesize all this transaction data so that they can kind of figure out what's happening at that company before earnings. So a lot of times when we see stocks move a

before earnings. So a lot of times when we see stocks move a week or two before earnings and we're like, who's doing that? Like, how

do they know? Right. Like it's transactional data. Wall Street's been utilizing it for 15 years, more so today than they ever have. So like,

how do we gain an edge? on a hedge fund that's spending millions of tens of millions of dollars and has fleets of people analyzing credit card receipts. Well, what do you do before you buy something? You talk about buying it. So there's a billion people out there that are

buying it. So there's a billion people out there that are talking about their interest and what they want and what they did and what they plan to do tomorrow, every single day. If they see a video about a particular piece of apparel, you'll have 30,000

women commenting whether they plan to also buy that piece of apparel that they just saw a video on, right? And so you could actually measure the depth of interest in an infinite number of things even before that's provable through sales, right?

And so in my opinion, it's a superior way to discover alpha, a change in the world, although it's imperfect because you have to do a lot of your own interpretation of what you're reading and what that actually means because it's

speech. And it's a lot of times the speech is

speech. And it's a lot of times the speech is nuanced and it's The way that we speak about things is constantly evolving. So, you know, if you're just a regular person that spends a lot of time in

the real world and on social media, believe it or not, you're probably well qualified to to make that assessment.

Yeah. There's a great story. I don't know if you know the story of the trending tab on Twitter. It's actually kind of, it's an interesting story. So I met the guy who did it. He's running a company. His name is Abder.

So my friend Abder was basically, at the time, had a group of, basically data nerds, machine learning and data nerds. And they were trying to figure out, they're trying to do something very meaningful for the world. They're like, we would love to be able to do sentiment analysis. So trying to figure out how people feel about things. So do they feel positive about something or negative about something? And

about things. So do they feel positive about something or negative about something? And

so he's like, oh, Twitter is this huge source of text traffic. So let

me just try to use Twitter to understand sentiment about things. And he was trying to do it. It wasn't really working very well. And one day he's on a train and he's working on something. And he just sees that like his program he's writing is not spitting out sentiment analysis about things, but it's just spitting out like city names. And he's like, why are there like these city

names or country names? Why are these country names just popping up out of the, why is it being surfaced as Signal? And what he realized was that the Olympics was going on and they were basically like, you know, the opening parade was happening. And each country that was, you know, being shown was getting mentioned a lot. And what he realized was that like, oh, if I just paid

attention to the Delta, so like if nobody's ever talking about you know, whatever, Zimbabwe. And suddenly, it's not that a lot of people are talking about

Zimbabwe. And suddenly, it's not that a lot of people are talking about it, but way more than usual are talking about it. That's got to mean something.

And so he created a standalone product that was basically just tell you, what are people talking about in a abnormal way on Twitter? And then Twitter ended up buying that and making it the trending product, which was actually like really, really important for Twitter to succeed because they were able to differentiate from Facebook and others by being about like real time, what's going on in the world.

How do you figure out what's interesting and new and fresh that's going on in the world? Well, you needed something like that, that was reading all the social signals. It sounds like you were kind of manually doing a similar thing when

social signals. It sounds like you were kind of manually doing a similar thing when you're like, oh, I'm I noticed a lot of people are, I've heard you talk about the example of slime. Hey, the slime trend is getting really big. Well, how do you make slime? Right? If everyone's doing, if all

big. Well, how do you make slime? Right? If everyone's doing, if all the kids are doing slime, well, how do you make slime? You need Elmer's glue.

And then you go and you figure out that, wow, people haven't really priced in that Elmer's glue. Elmer's is about to have like, you know, a huge quarter or a huge, huge earnings call. So me and my business partner, we actually created a platform called ticker tags in the mid 2000 teens with Twitter. Uh,

And we had access to the Twitter Decahose, which is a 10% randomized sample of every tweet in real time. And we hand curated...

About 1.5 million word combinations that represented how people were speaking about every product, brand, basically anything that was connected to any publicly traded company or meaningful to any publicly traded company in any way. We had organized into a taxonomy. So every company had like, you

know, 300 to 1,000 people. combinations of words. Like what would be an example?

What do you mean by that? So like if I'm Nike, what do I care about? So, okay, so you just mentioned slime, so which is one of my

care about? So, okay, so you just mentioned slime, so which is one of my big trades. Newell Brands makes Elmer's Glue, right? So Elmer's Glue would be a tag

big trades. Newell Brands makes Elmer's Glue, right? So Elmer's Glue would be a tag for Newell Brands. DIY Slime, which is a product that utilizes white Elmer's glue when you're kids to playing with slime, that would be a tag because to the extent that DIY slime gets more popular, that's something that someone who's

invested in Newell brands might want to know. So we were actually monitoring in real time the frequency of mentions of those 1.5 million words. and

benchmarking them against historical norms, including seasonality. And so since it was organized in a taxonomy, when there was any type of anomaly in speech patterns happening across Twitter that were impacting a subject matter that we had curated to be impactful, potentially impactful to a publicly traded company, our

system would flag that. So that's a platform that we developed and sold to hedge funds and sell side banks. And so what that was, was basically me taking my methodology of what I had done manually and institutionalizing it for Wall Street and At the time, people

expressed their opinions on Twitter about everything that they were doing in life the way that people currently no longer do on Twitter, but do in places like TikTok. Now, Twitter is mostly news-oriented or finance or tech-oriented, right? Political-oriented. But people are not generally

talking about the movie that they watched last night on Twitter, right? They're doing

that on other platforms. But we sold that company to Jefferies Bank years later.

Was that like a successful company? You know, obviously, you know, it's not that it was unsuccessful, but I guess... you know, it's all relative. So, for

example, you know, you're selling that data hedge funds. Are they really receptive to this? Do they believe what you believe? Were they willing to pay? That's the

this? Do they believe what you believe? Were they willing to pay? That's the

coolest part of the story. I spent years flying to New York nearly weekly training the top sell-side banks and the, I would say, you know, probably 50, five or six of the top 10 hedge funds in the world on how to interpret this observational conversational data and how to attempt to correlate it.

And they just had very little interest. They had interest in the results, but they couldn't figure out how to build teams around it because hedge funds generally have individuals that are like mathematicians, right? That

they were hiring from the West Coast to develop algorithms for trading like quant traders. And then they have very traditional fundamental analysts who

quant traders. And then they have very traditional fundamental analysts who are basically finance heads that would crunch numbers and kind of do fundamental analysis. They didn't really have you know, 20-something-year-old

analysis. They didn't really have you know, 20-something-year-old females on staff who were really savvy interpreting, you know, conversational data, you know, coming off it and like, yes, this is a trend. This is not a trend. This is meaningful. It's not

trend. This is not a trend. This is meaningful. It's not

meaningful. So it was a whole, you know, Wall Street they do things in the same way that they've always done things. It's really difficult for them to stick their neck out and say, "Hey, we believe this thing matters when there's no historical correlation between the speech pattern of that subject

matter and the stock price or the earnings of that company." Because like I said, speech patterns evolve. That thing that they're talking about, could be a new thing that was never meaningful before at that company. Sure.

So, That is unfortunate for Wall Street, but it's fortunate for retail investors, right? Because we now know, I guess I'm telling you right now, that this is still a data set that they're scared of. This is still a methodology that they have

a hard time wrapping their head around because they can't really document anything. the degree to which it's meaningful for

document anything. the degree to which it's meaningful for a thesis. If you were to have someone come out and say, "Hey, I've

a thesis. If you were to have someone come out and say, "Hey, I've been reading TikTok comments And I believe that this new show at the Sphere in Vegas, Wizard of Oz, people are super hyped on it. And I like read 180 comments of people flying in from Europe next month to see it. And I

think this just might be the one thing that Sphere has done right. And it's

going to be a game-changing moment for the company finding product market fit.

Sounds oddly specific. Is that actually a trade you're in right now or no? Yeah. So Sphere, the Wizard of Oz Sphere was actually one of my largest wins of 2025. And it

came from reading comments of Wizard of Oz the first 48 hours that it was out and essentially making a monstrously big levered debt.

Wow, up 114% this year. Well, it was a levered options trade, so it was a lot more than that. A lot of what I do when I have high conviction around a particular thesis that has, especially when they have a very defined window of time, when I believe others will start to acknowledge

that ground truth. In the case of Sphere, it was people counting sales of seats. So you're actually able to go in and see how many seats are

of seats. So you're actually able to go in and see how many seats are available for a show that's a week and a half or two weeks out. And that's exactly what happened. So over the course of a few weeks,

out. And that's exactly what happened. So over the course of a few weeks, other, and it was cool because it was like retail analysts. It wasn't even like Wall Street, but other people that were trading Sphere were like, hey, like we're We're seeing there's a lot of seats. We've never seen

seats sell out like this before for a show. So what I had interpreted from early reviews ultimately was, came out in seat sales that other retail investors started trading. And then Wall Street eventually picked up on it when the company came out and said that they're

adding new shows, right? Because they're selling out all their shows, they're increasing their, you know, profit guidance. And yeah, the stock has, you know, more than doubled here over the last few months, exclusively almost because of Wizard of Oz. Yeah.

Do you remember when, so the show's called My First Million, do you remember when you made your first million and what got you there and how did it feel? Yeah, I 100% do. I was working at a company called Eve Rewards in

feel? Yeah, I 100% do. I was working at a company called Eve Rewards in Dallas, Texas with one of my best friends, Patrick. It was like not far past when I started this in 2007 with the $20,000 that I was doing.

that I had grown to a few hundred thousand dollars. And I said, this is just absolutely crazy. I said, I think I'm going to, I think I'm going to hit a million dollars here, like within the next, I don't know, next year or so. And it was a few months later, I hit a million dollars and

or so. And it was a few months later, I hit a million dollars and I'll never forget walking into his cubicle and saying, I did it. I cannot

believe my account just hit a million dollars. It absolutely melted my mind that that happened. And, you know, I wrote my book. I I don't know, two years,

happened. And, you know, I wrote my book. I I don't know, two years, three years later, laughing at Wall Street because there was this tracking service called Covestor at the time. And Covestor was like the first portfolio tracking service. I

think they had 40,000 accounts in it, including mine. And it would monitor, you know, how well you're doing month to month total portfolio. And it would rank you publicly. And there was a while of a moment in time when I was

you publicly. And there was a while of a moment in time when I was the number one ranked investor on Covestor, which is just absolutely wild. And it

was during that three-year period. And that's when I think I was on a few different business shows like Fox Business talking about it. And then I got a book deal to write that book, Laughing at Wall Street. And when I wrote Laughing at Wall Street, it was $20,000 to $2 million. It was 100 times your money in three years. And at the time, there was a small piece

of me that thought, you know, am I just like part of the long tail statistical anomaly? Right. You flip a coin, flip a coin a hundred times. If you

statistical anomaly? Right. You flip a coin, flip a coin a hundred times. If you

get enough people to do it, somebody will land on heads, you know, 90 times and you'll think they're a genius. No, a hundred percent. I doubted myself more. And then I had a really defined methodology and I knew that, the narrative

more. And then I had a really defined methodology and I knew that, the narrative behind every one of my trades, it was very sensible, right? Like it wasn't like this mystery where I came up with some random formula and it was just trading stocks on its own. And maybe the formula just happened to get

lucky. I felt strongly that the nature of observational investing about simply

lucky. I felt strongly that the nature of observational investing about simply uncovering Some piece of meaningful information that others weren't aware of intuitively just makes sense, right? Like it's not like this mystical thing that you're like, well, that doesn't make any sense. Of course it makes sense. You're just uncovering important

information a little bit quicker than other people and you're connecting dots a little bit quicker than other people. So in my head, I knew the methodology at its core, right? was really valuable, but I still didn't believe that three years was

right? was really valuable, but I still didn't believe that three years was enough. So in my head, I was like, if I can get to five

enough. So in my head, I was like, if I can get to five years and keep this track record up, that would be insane. I got

to five and I was like, okay, let's see if I can push it to 10. And then I got to 10 years. And now here I am, I'm

10. And then I got to 10 years. And now here I am, I'm at eight. Like I said, I think I'm going on 18 years of

at eight. Like I said, I think I'm going on 18 years of average 70, you know, mid 70s total portfolio returns. and I truly believe I can hit 20. So like 20 is now the new number in my head. I want

hit 20. So like 20 is now the new number in my head. I want

to go for 20 years and all I have to do at this point is not mess it up, right? But at the same time, it's very hard generating returns that are that high. So let me ask you a couple of mechanical questions.

Do you take profits every year? Do you reinvest everything? What are you actually doing with the sort of annual? Because, you know, you compounded that rate for a long enough time. The number is actually much bigger than $70 million that you would get

enough time. The number is actually much bigger than $70 million that you would get to. Yeah, it's almost a billion dollars. So, this is where the biggest

to. Yeah, it's almost a billion dollars. So, this is where the biggest mistake I ever made was that I'm now resolving for the most part.

So just about, I've been, half of my life is trading public equities through, you know, observational investing, social or conversational data, everything we're talking about. The other half of my life has been an entrepreneur. And, you know,

about. The other half of my life has been an entrepreneur. And, you know, I've had some success as an entrepreneur. And like a lot of entrepreneurs that have success, you start investing in other entrepreneurs. So I've been an early stage venture investor for 20 years. I'm actually invested in 160 early stage companies.

And my performance investing in early stage companies is pretty much average. You know, I'm on sync with just about any other average VC. I want to say maybe 10, 11, 12% annualized returns. Yeah.

average VC. I want to say maybe 10, 11, 12% annualized returns. Yeah.

So I have pulled out almost all of my gains every single year for the past 18 years and have taken that money and invested it in the private market. And that has been really unfortunate.

for obvious reasons. It's unfortunate because the opportunity cost of my capital is so high, but I never even believed in myself that much on the public side that I could continue to do that. So I was never like, oh, well, I'm just going to keep doing 70 some odd percent average returns. That

never really seemed feasible. I felt like I needed to make my home runs in the early stage VC world. And I finally came to terms a few years ago with the fact that that was a really bad decision. And

it's taken me about four years to pull myself out of early stage because when you're an early stage investor and that big of an early stage investor, I mean, I was taking hundreds of meetings with founders annually and it takes a long time to unwind yourself from from that ecosystem. Yeah. So I don't know who

it was, maybe Peter Lynch, he had like a, don't cut your flowers to water your weeds, right? Like he basically, he talked about with individual stocks, right?

Don't sell your winners to diversify back into like losers. But in

a way, what you were doing was at an overall level, If you were performing at 70% in one asset, one strategy, and 10% or 11% in the other, but you were taking the profits out, that's a water your weeds sort of scenario. Yeah. Yeah. And by the way, I love Peter Lynch,

maybe more than any other investor. But, you know, I don't believe in any preset rule of investing like that. Like my methodology is very clean. You know, you invest when you discover something that other people haven't discovered yet that will be meaningful to a to a trade and you exit as

soon as other people have figured that out. And that's it. That's

literally the only thing. And if that stock goes up 100x or 200x, you don't sell it because it's up 200x. You know, you sell it when other people find out the information that you're trading. So one of my most controversial trades over a year ago was, you know, Palantir. And I

went all in unbelievably levered in Palantir at $30 a share. And I

was very public about it. You know, I have a YouTube channel, Dumb Money Live, and we did a multitude of episodes on Palantir and this really strong thesis that we felt there was this kind of 12-month window where the whole world was going to discover these things about Palantir that were really

misunderstood. And I had never gotten so much heat, a lot of it from Palantir

misunderstood. And I had never gotten so much heat, a lot of it from Palantir investors going, you're an idiot. We've been in this thing since six bucks. You're

going to do this at $30 a share? Like, what are you talking about?

I'm like, Well, I'm not trading the information you are trading at $6. What was

the sort of two-line reason you were so bullish on Palantir at that stage?

Well, because people didn't even understand what they did, right? They didn't understand where they would actually sit in the stratosphere of the AI wave that was coming as a beneficiary of it. And Palantir was just starting to scrape the surface of this new product that they had with clients. And there was

it was unstoppable. Right. Like there was just going we knew there would be this 12 month window when everything that Palantir had been working on for years was.

They finally had the case studies done with their first set of clients. And

now they were just going to start to steamroll and add to clients.

So they were just scratching the surface of their TAM. And the market didn't realize that. So what was interesting about Palantir is that they were so

that. So what was interesting about Palantir is that they were so overvalued at the time based on fundamentals that people were like, there's no way you could be going in levered on Palantir at $30 a share with its valuation already so out of whack. And my response to that was the valuation is

irrelevant to me. I don't look at valuation. I don't look at PE. I don't

look at anything like that. All I look about is, There is new information that's about to come online for Palantir that will... bring in a whole new group of investors. And once people see this

will... bring in a whole new group of investors. And once people see this information, however they're valuing Palantir today based on the information that exists, this is new information that will be settled into the stock price. And that's exactly what happened. And Palantir went from, you know, 30 to 160, right? Or whatever it

what happened. And Palantir went from, you know, 30 to 160, right? Or whatever it went to. 180, 190. Mechanical question. You say, you know, I went really

went to. 180, 190. Mechanical question. You say, you know, I went really big into this. I made a huge bet on this. What is that? And you're

taking leverage, which could cut both ways, right? So obviously leverage will increase your gains, but it'll quickly sink your portfolio if done incorrectly. How much are you actually, let's say you have, I think you said something like $70 million portfolio.

Let's say you have $70 million and you get a lot of conviction about something.

What are you actually betting at a high conviction bet at this stage? Are you

putting 1%, 10%, 30%? What are you putting out there? And then you're levering up.

And then how do you manage that risk of... that going south. Yeah.

And by the way, just to be transparent, it's 70 million-ish of returns, right, of gains over that time. And, you know, those gains were taken and put into other things like private companies, right? So I'm not managing. That's not my public portfolio. So 70, let's say that's gains. You've got to pay taxes. A

portfolio. So 70, let's say that's gains. You've got to pay taxes. A

lot of your stuff sounds like it might be short term because it's not holding for a long time. It's almost exclusively short. And then you're reinvesting that into your addiction and startups. And so that's, there's a lot of it's going that way. But percentage wise, percentage wise, when you have a hike,

that way. But percentage wise, percentage wise, when you have a hike, what I call just a high conviction idea, I'm usually investing between 5 and 10% of my entire liquid portfolio into that idea via options. So if you're wrong,

you just lose 5 to 10% of the portfolio. And a good example of where I did that and was wrong, I think two or three, maybe three weeks in a row, maybe four weeks in a row, and I lost like 30, 40% of my portfolio, was during COVID, during the

pandemic, when I was kind of tracking the virus coming out of China. I

was, you know, using Google Translate on a lot of medical reports coming out of China to assess how big of a deal that virus was. And it

it became very clear to me that it was going to be a global pandemic. And, you know, global pandemics only do one thing to financial

pandemic. And, you know, global pandemics only do one thing to financial markets, right? So I was essentially taking, I think, 10% of my portfolio

markets, right? So I was essentially taking, I think, 10% of my portfolio and putting it into puts in the S&P casino stocks, Vegas casino stocks and airlines every week. And the market wasn't moving down. Like the market just wasn't

every week. And the market wasn't moving down. Like the market just wasn't accepting money. uh, COVID for what it was. And I got to a

accepting money. uh, COVID for what it was. And I got to a point where I was like 30 to 40% of my portfolio was gone. And I did it again the week after. And that week after

gone. And I did it again the week after. And that week after was the first week the market cracked and it went down 2%. And then the next week is where it really hit. And that, that was one of the I think that year was like a 370% annualized return total portfolio,

something like that. And it was partially because I had shorted the pandemic early on, even though it was a little too early. It paid off. And

then two days after it bottomed, I had a selection of, I think, 14 or 15 companies that that should have never gone down at all. They should

have only gone up as soon as we realized there was going to be a global pandemic and everybody would be stuck living in their house for, you know, working in their house for a year. So, you know, companies ranging from Hewlett Packard, where everybody would want to go buy printers for their house, to Peloton because you can't go to the gym, you got to work out at your house now, Shopify because, you know, you're shopping

online, Amazon, obviously. You know, camper's world, because one of the things you can do, you can still go camping, boat stocks. You know, I bought a company out of Canada that nobody even had ever traded before that owned Schwinn bicycles because, you know, Schwinn had a run of the biggest bicycle sales in the history of the company. I think that company went up 8X, 8 or 9X over the course of nine months. So, you know, I

had these 14, 15 companies. So I was like, these companies should be doubling right now. And instead they were all down like 30, 40, 50% just because the

now. And instead they were all down like 30, 40, 50% just because the whole market traded down. So I always knew that I was going to go levered long in these 15 companies, but I didn't want to do it until the market became less erratic and irrational. So once the markets finally started to

normalize and come back up, I took all the gains from shorting the travel stocks and the market at large and just put them into levered positions in these 15 companies, which is obviously the trade of a lifetime. So So that was a huge year. Was that the biggest dollar gains you've ever had? I don't know, by

huge year. Was that the biggest dollar gains you've ever had? I don't know, by the way, I don't watch enough of your content to know how much you talk. Like, do you disclose like how much you make on these things?

talk. Like, do you disclose like how much you make on these things?

Do you say like, I got a 10 million active portfolio? What do you actually say? I don't know. I don't know what you're transparent about. We're very open and

say? I don't know. I don't know what you're transparent about. We're very open and transparent. I think that year I made 30 million in the market. So that

transparent. I think that year I made 30 million in the market. So that

was like 30 million in one year. And it was, it was, a wild ride. I think the most interesting part of that narrative was just before the pandemic, I had made the worst trade of my life. And it was actually a trade that was psychologically damaging to me. Like, I lost a third of my

portfolio on a single trade just months before the pandemic started. And Probably the thing I'm most proud of myself

pandemic started. And Probably the thing I'm most proud of myself of is I was so down and out about that trade that I still found a way when I had come out with all that conviction on COVID to actually still go all in on my thesis on COVID, even

though my account was so brutally damaged at the point that if I got another one wrong, I mean, so it was like I could have gotten that would really have wiped me out. I mean, not wiped me out, but it would have been an unbelievable, damaging implosion for

me to have two monster trades in a row go wrong. The one

that went wrong months earlier was a company, QSR, they own Burger King Popeyes and Tim Hortons and I was so convicted that the company would have the best earnings quarter in its entire history because two of the three companies they owned both had anomalies on the positive

side. Burger King had the impossible whopper. which was

side. Burger King had the impossible whopper. which was

unlike anything the company had ever done before in terms of sales traction. And

Popeye's had the crispy chicken sandwich, which is during the chicken wars, if you remember. The Chick-fil-A, yeah. Yeah, at the time. And that crispy chicken sandwich that Popeye's had It would literally sell out in like two hours every day. Popeyes, no one had ever talked about Popeyes ever in

the history of the company until this crispy chicken sandwich. And I was monitoring both of those trends. And I was like, they're both going to report the best quarter in the history of their quarters at Burger King and Popeyes. And then you have this third piece, which was unfortunately the biggest piece of the company, Tim

Hortons. And Tim Hortons is just, you know, they're a Canadian coffee

Hortons. And Tim Hortons is just, you know, they're a Canadian coffee and donut shop, okay? And the company had basically been around forever.

It had not been doing awesome, but it was kind of flatlining. They would have to have had a really bad quarter to screw up my trade, right?

And it was just happened to be a really difficult company for me to extract information on through the methods that I use because it was Canadian and people just didn't talk about it that much. Right. There was nothing happening there. So it's like I saw zero reason why they should have this anomaly of

there. So it's like I saw zero reason why they should have this anomaly of a bad quarter. which is exactly what happened. They just happened to have like randomly one of the worst quarters ever, which statistically the chance of that happening were so low and it crushed my trade. I lost

all of my money on that trade. And it was like a third, a full third of my portfolio. And the wildest piece about that This is where there's a lot of self-reflection. I take a lot of pride in going in deep and doing really intense comprehensive due diligence, where sometimes if I have a high conviction trade, I will put 60 plus hours of due diligence into

the trade where I like to joke that I'll uncover every piece of contextualized information on the company globally through every social media. Anyone who's speaking about any of their products, I will visit, I will sometimes travel if they're a retailer and visit stores and talk to store owners and clerks. But because there

were three things I was having to deal with, Burger King, Popeyes, and then Tim Hortons, i just assumed tim hortons how bad is it going to be well they had the tim hortons annual meeting a few weeks before earnings in florida that i didn't realize they had this meeting but if i did realize that and i had done my homework i would have been at that in orlando for that annual

meeting not because i would have gotten in but i would have hung out at the bar and i would have talked to all the franchisee owners because from what i understand there was a revolt at that meeting by franchisee owners because the company was doing so many things wrong. Their sales were just getting

slaughtered due to recent decisions that corporate was pushing on the franchisee owners. And they were very public about it at that meeting. It was...

owners. And they were very public about it at that meeting. It was...

really harsh. And if I was just in the building, right at the bar, I would have been well aware of that. So going back, I learned that you really have to be comprehensive in your research if you're going to take a levered bet on a thesis that you have. And you can't be lazy. What

are the bets you're looking at now? Because a lot of these examples are from the past 17 years. Where are you now? On the AI side, two of my favorite AI picks right now, one is Bloom Energy.

The energy trade is a big one, and it's one that's really, really, really misunderstood, I think, by most investors. Bloom Energy is a company that just has a really different approach to powering data centers. They're not using big gas turbines.

You know, they have a technology that they've worked on for, you know, 20 years that is actual, you know, DC technology where instead of combusting gas, it's actually a chemical change that creates the energy. And they have a really quick process. timeline to energy for a

the energy. And they have a really quick process. timeline to energy for a data center. So if you have a data center and you could actually get

data center. So if you have a data center and you could actually get energy through Bloom and get your data center up and running six to 12 months quicker than getting on a wait list for gas turbines and going through all the various approvals, that's a really big deal. And that's why Bloom Energy has, I think, they're up like five or six X, right, over the past eight or

nine months as people are starting to realize this. But there's still a lot of controversy around the company. So, again, it's somewhat unproven. They

only have a couple big hyperscale ordeals, you know, ones with Oracle. I think

there will be others that will be announced in the near future. But

it's a new technology. So people are still somewhat skeptical of it. Then you

have news events that happened like this last week where now we're building data centers in space. You know, now that, you know, SpaceX is preparing to IPO, all of a sudden we have this narrative pop out of nowhere where, oh, didn't everybody realize that we're just going to be doing, you know, compute data centers in space now? Like, that's, oh, that's like right on the horizon. Like,

a couple years, two, three years, yeah, we're just doing data centers in space. Like,

yeah. This is the noise in the market right now, right? So, like, oh, we're doing data centers in space, and do we not even need any down here? Like, oh, well, if you're powering those with solar, you know, why would

here? Like, oh, well, if you're powering those with solar, you know, why would we want to value an energy company, you know, here in the U.S.?

if you're just gonna do them in space with solar. So the market is so ADD that it's changing week to week, month to month based on whatever the hype story is that will either positively or negatively impact companies in the space. But for me, I think Bloom Energy is

definitely one of my favorite AI plays right now Because they will be the company that will enable data centers to get up and running, I think, meaningfully quicker over the next three to five years. And I think that's a company that's just going to see its earnings double basically year over year for the next three

to four years. And I think they're still very much misunderstood. They're actually going to be the topic of my next podcast. Dumb Money Live episode. I'm

going to go in deep on Bloom Energy. We've spent like a couple months doing some, doing deep analysis on the company. Do you publish all your, like, do you publish your portfolio somewhere? Do you publish your trade somewhere? um we don't i won't ever publish trades i i sometimes speak about trades on a really high

level the last thing we ever want is other investors trying to mirror our trades because that's not what we do right we don't think it's a healthy behavior uh i always tell investors to steal my ideas and run with them so take the idea uh Then poke holes in the idea. Do

all of your own research, right? And then come back to me and tell me where I was wrong. But ultimately then go off and make your own trade based on your own risk reward, because we all have different degrees of risk tolerance and we should all have a different take

on an idea. So I love sharing ideas. I don't really share trades.

I'll be honest with you because this is not my world of expertise. I'm

a founder first, and my investing is very... It's sort of simple. I

basically own a couple of, I own some indexes and I own stocks that I understand. I've owned them for a long time, tech companies basically, because I grew

I understand. I've owned them for a long time, tech companies basically, because I grew up in the tech industries ever since college. And then my investing outside of that is private angel investing, again, tech. And lastly would be my own private equity where it's businesses that like individual businesses that I can own and I can affect with things that I know how to do operationally or promotionally with this

podcast. And so you're interesting to me because on one hand, I think, well,

podcast. And so you're interesting to me because on one hand, I think, well, first of all, you're interesting because the story is great. Like, oh, I turned $20,000 into, you know, I've made 70 million in gains or something like that's an incredible story. I think it's interesting because you're, approach, like just the way you describe observational

story. I think it's interesting because you're, approach, like just the way you describe observational investing, actually lines up with a little bit a lot of the great investors do and say, which is that they don't sort of spreadsheet themselves as that they try to understand, like surface out the signal from the noise.

What is the actual important thing I need to know about this company?

that I can believe before it is obvious, true, and proven. And, you know, the market sort of responds to certainty. And if you can handle uncertainty, you could do quite well. At the same time, you know, sometimes you say things like, you know,

quite well. At the same time, you know, sometimes you say things like, you know, 99% of the other 99% of us can go do this. And we have sort of this, I think I've heard you say, you know, the game is rigged.

Wall Street is rigged, but it's rigged in our favor. And, you know, that part I think seems untrue. Like if what you've done is true, is true, it's in many ways because you have a very unique skill set and upbringing and background. No, no, no. Let me just sort of explain that because I think

background. No, no, no. Let me just sort of explain that because I think it's important. I think the last thing I would want is people to

it's important. I think the last thing I would want is people to listen to this and be like, oh, okay, cool. I can just go and trade levered up off of observations and I too will turn $20,000 to $70 million.

There's a reason that's not common. That's not a common result. There's a

reason you get a book deal. There's a reason people will follow you because it's not a common result everybody does. And I think one of the reasons it's uncommon It's not because it can't work. That's not what I mean. A lot

of it is interpretability, right? So interpreting the signals, trying to figure out what is actually important. Is it already priced in? What does this mean? Who benefits

from that? The second order effects of that. That's not like, you know, something incredibly, you know, simple that everybody is going to do. So there's a big difference between anybody can, yes. Everybody can is different. And so like I view it very similar to startups where, you know, an entrepreneur can come on here and they'll say, look, it's not rocket science. I'm not any smarter than you guys. I

just did this, this, this, and this. And it's true that any, that was in the capacity for anybody to do, but definitely everybody won't. And, and

definitely everybody should not try because they don't have, you know, either the nature of the disposition, the risk tolerance to be able to go do it. So I just think you're interesting because you're this sort of like puzzle. Normally, if I hear a story like this, it's too good to be true. It violates a lot of this sort of like fundamental wisdom that people have about investing where you want

to buy a share in a great company and hold it for a long time.

Things that I have sort of accepted from a certain school of thought around this. So I think you're very interesting because you violate some of

around this. So I think you're very interesting because you violate some of those and I think that that works and it works for you and I think it's very cool. But I hesitate. I hesitate because I think that this is not something that a lot of people could or should do. So, so I couldn't disagree more. Um, I did, I agree with some of what you're saying in terms

disagree more. Um, I did, I agree with some of what you're saying in terms of, yes, I mean, over a long period of time, you know, doing, you know, generating almost a hundred million dollars from a, you know, $20,000 or yeah, that it's, that's not easy to do obviously. But I will say

this, I think, I think the biggest issue is simply bucketing money and having, uh, So I think the number one issue preventing someone from doing this is thinking that they have this one bucket of capital for their life savings, for their future kids college, for their retirement, and they think about that

money all as one. And this is something that's a little foreign. The concept of being a regular person and observing something and connecting the dots and saying, you know what? I'm going to put a levered bet on that because I just found, you know, I just discovered this. You're not going to do

that unless you have your money properly bucketed. And the one thing I teach people is you have to have risk capital. I don't care if it's $50 or $50 million. You don't, you shouldn't be waiting until you're part of the you know, ultra wealth class to think that you have risk capital to take risk with. You need to have risk capital starting with day one. So everybody

risk with. You need to have risk capital starting with day one. So everybody

should have a big money account. I talk about this and laughing at Wall Street.

Everyone should have a big money account. And the big money account is the account that yes, you get wealthy quickly with. And you do that by taking big swings on things that you really believe in. And the only way that you're going to psychologically do that is if you fund that big account

with money that is not being stolen from other areas of your life. So I

call it there's this whole concept of frugality or trade-offs where, okay, maybe you mow your own lawn, maybe you make your own coffee, maybe you clip coupons. People don't want to clip coupons to save a dollar. But if you

coupons. People don't want to clip coupons to save a dollar. But if you think about every dollar in your life as potentially being a 100 dollars, a 100x, which is 100 percent feasible over a long period of time if you invest aggressively with leverage, and get a few wins, then you'll clip a dollar coupon

because that dollar coupon is clipping a hundred dollar coupon. Okay, you're going to make your own coffee because instead of saving $5, you're saving $500 a day, right? So all of a sudden you discover all of this money, newfound money

right? So all of a sudden you discover all of this money, newfound money in your life by making little trade-offs in things all over your life. The

difference is every time you make one of those trade-offs, and you save $5 for making your own coffee, you take that $5 and you put it into your high-risk account. Bucket, right? By the way, this is not financial

high-risk account. Bucket, right? By the way, this is not financial advice, right? It's just like, this is how I did. I'm just saying like,

advice, right? It's just like, this is how I did. I'm just saying like, I hope I'm inspiring people because I just understand something. I graduated in the bottom 25% of my high school class.

something. I graduated in the bottom 25% of my high school class.

The bottom 20. Today, the way college is, I could not even had, I would not have gotten into any university in the United States. Okay.

Pretty much today in 2025 with my grades. This is why I love doing the podcast because you can get people who make their money in all different ways. We just had John Morgan, who's like the guy on the billboards, personal injury

ways. We just had John Morgan, who's like the guy on the billboards, personal injury law, and And he's a guy, you know, he's the biggest personal injury lawyer in the world, $2 billion a year. And then he started, uh, he started his career working at Disney world as Pluto. Like he would be in the costume. And then he started because of that formative experience. He took the money

the costume. And then he started because of that formative experience. He took the money from the law firm and started building little like attractions, like a and places you go and buy tickets, like the Museum of Crime and History, things like that. And

he's made a killing doing that. So if that guy comes on and tells about how you make money that way, another guy says how you do it this way. So what I love about the podcast is I get to hear these people

way. So what I love about the podcast is I get to hear these people who come on with completely different blueprints and playbooks that they 100% believe in. And

I get to listen and I get to decide. I get to decide for myself, does that sound like something that's interesting or would suit me?

And I hope the listener does the same because I don't agree with a lot of what you said, but I found it all very interesting. And, you know, there's some things you said, if like, I'll be, I'll be totally honest. If you

saw, if you have like a paid course somewhere, I would be like, I can't run this episode because I feel like this guy is selling this dream to people that, hey, yeah, you just got to just go get in the TikTok comments, find an observation, lever up, baby, make a trade. One trade will change your life. And it's like, that is a scary principle. I think that is a

life. And it's like, that is a scary principle. I think that is a heretical idea to a lot of people. It's why it's very interesting to me to hear it, to talk about it. Why is it important to you that people really, that the average person who's listening, they believe this and they go take action on this? Because, you know, like I said, it's

not that you're running a fund, right? So you're not soliciting investors. You're not

selling a course saying, I'll teach you how to do this. Trust me, it works. You're not doing any of those things, which is usually why people really

works. You're not doing any of those things, which is usually why people really kind of pound the table and say, you could do this. Just believe, just go for it. My overriding purpose is to inspire every human on earth to enter the investing class, right? Because I think it's the only way we'll ever solve the wealth gap. So like there's no way to solve the income gap.

The income gap is an exceptionally difficult problem to solve. The wealth gap is a problem that's solvable by bridging more humans into the investor class. And so everything that I do on X, everything that

investor class. And so everything that I do on X, everything that I do on YouTube, every podcast that I do has a single mission to inspire other people to start investing on their own. And by all means, if that means just throwing money in the S&P and an ETF, awesome. But

There's no reason to stop there, right? Like I know that people love the concept of actually hope and having an opportunity to do something truly great in their life because so many people when it comes to income are stuck.

their job is not going anywhere. By the way, I am not a proponent of people quitting their jobs and becoming entrepreneurs and taking all this massive personal risks to start businesses. I think there are very few people that are capable of doing that. I think that this roadmap is way more achievable

for people. Start making trade-offs, come up with a big money account, do it

for people. Start making trade-offs, come up with a big money account, do it through making trade-offs in your life and frugality, learn how to use leverage, learn how to take big risk with other people's money, because I call it other people's money because it all comes through trade-offs, in things that you believe in

because you can do this. And by the way, there is nothing cooler than when you're just a regular person and you You just make a grand slam in the market, right? And you 30x your money, all of a sudden you have financial independence in life. So I don't know many things that are more important because it

just, it helps solve so many other issues. And so many humans are just depressed because they look at their life and they're like, this is my job.

These are my expenses. This is inflation. holy crap, I'm screwed. I will

never be the person I want to be for me or my family. And

I want to inspire people that it doesn't have to be that way. And you

also don't need to be taking big risks with your retirement money or any of that stuff. That's why I'm like, I'm very clear. If you're going to

that stuff. That's why I'm like, I'm very clear. If you're going to do this, do it with money that's bucketed, right, for risk. You know,

this isn't just about investing. The same methodology of being able to identify change in the world and tailwinds and trends should apply to career. It should also, you know, like it should apply to entrepreneurs

career. It should also, you know, like it should apply to entrepreneurs as well. Right. Because like I'm an entrepreneur, like I'm about to start

as well. Right. Because like I'm an entrepreneur, like I'm about to start another business. And that business is directly tied

another business. And that business is directly tied to the analysis that I'm doing, discovering change in the world, right?

So like, you know, we're about to embark on this journey of abundance, and it's not going to be like, we just hit the age of abundance in five years and we're not working. Like, no, the age of abundance is going to like slowly happen. It's already happening. It's going to like happen over the

course of decades. And it's just lots of tailwinds and trends. It's like

people will be working a little less. People will have a little more free time.

People will have more flexibility to dive into the things that they care about, right?

wealth signaling will, I think, become even bigger in the future than it is today.

There's just so many changes that are massive that are happening in the world that if you're an entrepreneur trying to figure out, like, where do I spend my time? Or if you're just someone that is figuring out where's your next career

time? Or if you're just someone that is figuring out where's your next career path? Or if you're a young person, where's my career path? Like, you need

path? Or if you're a young person, where's my career path? Like, you need to be doing more analysis on where the opportunity is because... These are some of the biggest decisions of your life. It's not just about trading a stock.

Especially in Silicon Valley, you see this all the time. People will

take a job and it's like, you realize you're investing all of your life force, your creative energy, And you're getting these stock options, but you never thought about this like an investor. Like, you're just happy you got the job versus you should be looking at the job market the way an investor looks at these companies. And even if you're not investing capital, you're investing your time, right? So

companies. And even if you're not investing capital, you're investing your time, right? So

that applies, you know, totally there. You said you're launching a new business. What

is it? It is related to the jet industry, private jet industry, which I believe will be one of numerous beneficiaries of us kind of entering into this age of abundance with people having, you know, more. In fact, I'll just quickly state that if you want a

glimpse into the future, you need to simply look back into our past from the pandemic because that one year of the pandemic when we actually had an abnormal amount of time as humans. We had never experienced anything like that throughout our lifetime, when we had excess time to actually do what we wanted

to do. And we also just happened to have excess money because of this wild

to do. And we also just happened to have excess money because of this wild stimulus that happened during the pandemic. So if you want an example of what the age of abundance is going to look like in terms of the winners and the losers, just look back to that one period of time what did we do when we had more time and more money we

dug into our hobbies we dug into our interest um We kind of did things that now that we're back to this world, right? Like we

do a little bit less of, but if we truly get the industry of intelligence and automation and robotics to help us do the vast majority of work, the repetitive work at least that we do today, I think the entire world has an opportunity to become more creative.

spend more time with their families, with their friends, doing things that are meaningful. Travel, certainly, I think is something that we can all

meaningful. Travel, certainly, I think is something that we can all count on in the future as becoming a larger industry, not a smaller industry. I am ultra long on the private jet sector, even though myself,

industry. I am ultra long on the private jet sector, even though myself, I carry too much guilt to fly private. So like, you'll never see me on a private jet, but I'm very bullish on the sector. That's amazing. Chris, thanks for coming on, man. I appreciate you. And people can go find you. You got

your show, Dumb Money Live. It's on YouTube. That's where I watch it, at least when I tune in. So thanks for coming on. And by the way, the only place I am personally is X. So at Chris Camillo at X, but dumbmoney.tv has all the socials. So thanks for having me on. I appreciate it.

dumbmoney.tv has all the socials. So thanks for having me on. I appreciate it.

Very cool. Well, that's it. That's the pod.