The Swyx Mixtape

Audio source: https://a16z-live.simplecast.com/episodes/the-good-time-show-the-coinbase-story-with-founders-brian-armstrong-fred-ehrsam (30 mins in - Balaji speaks first, then Brian Armstrong)https://en.wikipedia.org/wiki/Balaji_SrinivasanBalaji's Talk: Silicon Valley's Ultimate Exit - video at Startup School 2013 (16 mins)Reactions to his talk: "Software Is Reorganizing the World". Wired. ISSN 1059-1028. Retrieved 2021-04-30.^ "Tech Should Make It Easier To Escape Government Control, Says Startup Veteran Balaji Srinivasan". Reason.com. 2013-10-30. Retrieved 2021-04-30.^ "Silicon Valley's Elite Don't Want to Secede. They Just Want to Stay on Top". Wired. ISSN 1059-1028. Retrieved 2021-04-30.^ "Is Silicon Valley Arrogant? Not by My Definition". Bloomberg.com. 2013-11-08. Retrieved 2021-04-30.^ Giridharadas, Anand (2013-10-28). "Silicon Valley Roused by Secession Call". The New York Times. ISSN 0362-4331. Retrieved 2021-04-30.^ Manjoo, Farhad (2013-11-04). "Silicon Valley Has an Arrogance Problem". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-04-30.

Audio source: https://soundcloud.com/venturestories/andrew-wilkinsons-lessonsTwitter thread on anti-goals (and blogpost)Help me share this on Twitter!

See their public Notion doc which got me very interested: https://www.notion.so/Comm-4ec7bbc1398442ce9add1d7953a6c584They are hiring: https://www.notion.so/commapp/We-re-hiring-b0a4cef3f8b34b8c91e3236c98aabcb3Watch the video version if you prefer that (there is some screensharing at the end): https://youtu.be/lWCOruAWpW4---Transcriptswyx: [00:00:00] Some of you might know that I do some angel investing on the side and I keep a cold email address open for that purpose. So a few weeks ago I was called emailed from someone trying to raise money for an end to end encryption startup. And that's something that I don't normally play in because they don't know anything about encryption.So I almost turned this down except I click through and read their notion doc. And it's the most comprehensive and concise pitch I've ever received through a cold email. So I took the meeting and this conversation with Ashoat is what happened. He's building Comm, which is an end to end encryption startup, but his go to market is an alternative end to end self hosted version of discord, focused on privacy.Of course. The long term vision is that it could replace Dropbox, Gmail, Facebook, Mint, 1Password, and so on. If he gets this key server protocol right, and successful, he gets some kind of market adoption. So that's a very big if, but the upside is also huge. And whenever you encounter one of these things, that becomes a very interesting angel investment because you'll probably lose your money, but if it succeeds, it succeeds very big.He's looking to hire senior engineers and a product and a design lead. So stick towards the end for those hiring and collaboration details. If you are interested, all right. Enjoy. Yeah, good to meet you too, man. It was very impressive. Your notion doc. Ashoat Tevosyan: [00:01:26] Thanks. I'm glad you read it. A lot of folks kind of skim through so it's great to see that you want in detail.Wait, so, so you wanted to record this right? Was that swyx: [00:01:35] yeah. Literally it's just like adjusting. I think it would be interesting to either share if you want to, if you. Don't mind sharing. We can always cut stuff out if you're not comfortable with it or you can just keep it to yourself and then look back in four years or something and think about how things have changed.It's always nice to request stuff. Ashoat Tevosyan: [00:01:54] Yeah. Yeah. I'm when you say shared, do you have like a social media thing that you want to share? Yeah, I have, swyx: [00:01:59] I have a YouTube or an F a personal podcast where I recorded conversations that are interesting with people. Ashoat Tevosyan: [00:02:05] Yeah. I'm honestly, I'm down. I'll tell you, I've done.I've done this pitch like a hundred times now, so I'm pretty good at it. So I'm pretty comfortable being recorded. Let me ask this, what's your setup? I sometimes record meetings. I use green, but I think that's more for I don't know getting transcripts to share with the team and stuff like that.I don't know. What do you usually use? swyx: [00:02:23] For recording. Yeah. I mean, I've, because zoom is going to kick out two audio sources. Then I might edit in audacity for echo or like noise or whatever. And then the scripts for cutting out ums and AHS and word gaps and stuff like that.Sometimes if a conversation needs a lot of VR rearranging, I might have to like, so I did this one episode where. There was the two guys talking about a concept, tofu, MOFU, and BOFU, top of funnel, middle funnel, and bottom of funnel. And they'd collected to define it until the end of the episode.He spent the entire epistle talking about it and I had to go cut the thing and then put it on top and then, Ashoat Tevosyan: [00:03:03] yeah. Okay. Okay. I got it. I got it. It sounds like you have a more, much more professional setup than I do. So, I mean, whatever works for you, swyx: [00:03:10] it's immature. Put with a little effort put in. I think people can get along way towards instead of just dumping raw audio, which most people seem to do.Ashoat Tevosyan: [00:03:19] Cool.  swyx: [00:03:20] Yeah. Cool. So I read through it, I read through your thing, which is why, I, it seems like you've practiced this for a bit. You have a really interesting background. I've always wanted to visit as a Biogen. Like when I saw backhoe, I was like, wow. I recognize that for me, I was memorizing it Ashoat Tevosyan: [00:03:33] just some background.I think we Armenian and there is huge ethnic tension between Armenia is or vagina. You can. Think of my family more as refugees. Yeah. Were like Armenian refugees from Azerbaijan. We actually can't visit us every Shawn. If an Armenian person with an Armenian name tries to visit as her vagina, they won't let you in, my parents have not been able to visit their home since they were kicked out.So yeah. It's a weird background, but yeah. Just that swyx: [00:03:58] I'd share that. Yeah. Cool. That's cool. Lots of history. The, obviously the most famous Armenian I know is a Sonoma session on the Conan show. Who is that? I Ashoat Tevosyan: [00:04:08] don't know who that is. swyx: [00:04:10] Yeah. She's Ashoat Tevosyan: [00:04:12] yeah. Okay. She's like his production assistant or something.swyx: [00:04:15] Just straight up assistant. Yeah. But I think now she's a little bit more into it since then. She's he turns his staff into celebrities. Ashoat Tevosyan: [00:04:22] Oh, that's cool. That's cool. I only seen some secondhand Conan material floating around. I don't want it. swyx: [00:04:27] Well, they visited Armenia and they learned a bit about the history and the genocide there and all that.So, It's heavy stuff. I didn't obviously pay super close attention to the police history, but I know that there's a, there's some heavy stuff going on. Okay. And then you joined Facebook super the it's just like a really inspiring story, man. And that's pretty cool.I'm unclear on, you said you worked on comms for four years. I'm unclear on like when that transition happens, why it happens? Because it takes a certain. Awakening to quit Fang and start work on something. So fringe, I think it's been, Ashoat Tevosyan: [00:04:59] I don't know. I don't know. Pretty fruit and share.Yeah. Yeah. So, so a couple of things, first, when I say I've been working on calm for four years, I actually only got the idea for this like whole antenna Christian platform. About a year ago. So when I say been working on it for four years, I mean, as well, the code base I'm working with has been around for four years and I've been pretty actively working on it.But before it was common, something called squad cat, which is basically this app I built for my friend group...

Full video is worth watching: https://www.youtube.com/watch?v=Dq8Ufh8OCzU

Alana Kinarsky's story: https://themoth.org/stories/snow-white-in-a-fur-coat

Audio source: https://www.listennotes.com/podcasts/the-intellectual/peter-thiel-different-t5016qW_GCo/#1Transcript[00:00:00] swyx: [00:00:00] I always enjoy Peter Thiel's non-consensus takes on everything. And in the age where we have everyone thinking in probabilities,  Annie Duke is making books where it's talking about thinking in bets. [00:00:10] Peter Thiel was making a very strong argument for investing in founders who just have a strong belief in the definite future of the world. These are the people that are likely to stay with it and make for the big bets rather than the professional CEOs. So here's a clip:[00:00:25] Peter Thiel: [00:00:25] I think the internal story in these businesses is one that's strikingly, not one about, Oh, we're going to take crazy risks or anything like this. It's one where it's destined to succeed. It's going to happen. As a venture capitalist, you always want to invest in the ones where they speak indefinite, future tense. Something you have to sometimes be careful. They're not totally crazy people but  that's the sort of person you want to invest in.[00:00:48] And you do not want to invest in people  who are talking too much about probabilities or risks or things like that. Because my experience has been that the people who think they're involved in some sort of lottery ticket, like dynamic are already setting themselves up to somehow get the probabilities wrong and invariably lose.[00:01:06] And there's a similar version of this that I experienced as an investor. There's always this very tricky question of what the role of luck and chance is in these things working. And there's there certainly is this external.[00:01:16]Truth perspective that there is a certain amount of luck that's built into the nature of the universe. And you try to model it. You try to get the probabilities right. And so that when people say that luck is involved, this is a statement about the deep nature of our universe.[00:01:32] And then there is the internal truth version where whenever we've thought that it's a matter of luck psychologically, I can say this has often been a very bad sign where  you say we don't know if this is going to work. Maybe it works. Maybe it doesn't. So let's just invest a slightly smaller amount to just for our lack of knowledge.[00:01:50] And as a pattern, I would say those are investments that have generally gone very badly wrong and has explained why. It's something like when you think you're multiplying a small probability by a big payoff, you psych yourself into playing the lottery and you psych yourself into losing because you somehow are being sloppy and not doing that much work.[00:02:09] And so the external account of luck is that something about the nature of reality, the internal account of it is that you talk about luck when you're too lazy to think for yourself. And that you start talking about luck when you're too lazy to think through the various contingencies and try to make sense of what happens. And so that it's a moral failing and not a metaphysical statement about reality. [00:02:30] I think the much larger narrative has been one where the word some very powerful, definite visions of the future that animated the founders and the Facebook version.  It's hard to do this in retrospect, but even very early on, there were all these discussions of how unbelievably important this company was going to be. And they had to be very careful who would control it because it was going to change the media landscape in all these sorts of ways. And there are ways in which this sort of internal view of.[00:03:00]The determination of human agency, us being able to determine the future. If we set our minds to, it gets you to a very different set of outcomes from the external view, that it's all a matter of contingencies and chance. The most important single moment in the history of Facebook in my mind was in July of 2006, we were about two years into the company's history and we received a $1 billion acquisition offer from Yahoo.[00:03:24]The company had about 40 million in revenues, no profits. It was just a college site. I think the management team was a little bit nervous about the 22 year old CEO they had generally And there are three of us on the board, myself and other venture capitalists, Mark Zuckerberg. And and I think in fairness, the two of us probably thought that we should take the billion dollars Zuckerberg sort of started the board meeting and it started with , it'll just going to take 10 minutes when you just have a quick formal board meeting to turn this down. And  I said we should probably talk about it a little bit more. And then we had a six hour long discussion about the pros and cons of doing it. And it was like Mark, you're 22 years old, you on a quarter of the company.[00:04:01] You'd make a quarter of a billion dollars. There are many things you could do with this money. This is the indeterminate account of the future. Money is always the ultimate value because it's pure optionality. You have more options with money than with anything else.[00:04:13] And so you should always take the cash on some level. And then Zuckerberg was I don't really know what I would do with a quarter of a billion dollars. I guess I would start another social networking site, but since I like the one I already have, why would I sell it? And went back and forth like this. I think the key point that that Mark made that that did at the end of the day, convinced us  to not sell it was, there were a whole series of specific products that the company was going to be launching in the next six months.[00:04:40] They were clearly not being valued. By the would-be acquirer and we thought, we probably were safe waiting and th they wouldn't go away that that soon. And we could go ahead and do this. And I do think that  there are many challenges with having the founders of these companies continue to manage them as CEOs in the years ahead, that there's all sorts of things that do not [00:05:00] understand that. They're often young immature. There are a lot of things that go wrong, but but the one, one big difference is they actually do believe in the thing they're working on.[00:05:09] And if we had. If we had hired a professional CEO at Facebook early on maybe they would have done everything better. Except for this one thing, they would have sold the company for a billion dollars. And the conversation that Monday would have gone something like, I can't believe they're offering us a billion dollars.[00:05:25] I'm going to have to make sure that we don't pretend to be too eager to take it. But obviously, we've been like a litany of discussions about all the risks the company had so as to scare the board and make it really certain that we would sell the business and in one way or another.

Audio source: https://www.acquired.fm/episodes/berkshire-hathaway-part-iTranscriptI think maybe in part because of this mindset of like I'm going to stay true to do what I'm good at, he makes the biggest missed opportunity ever maybe in history. I was teasing Ben, over the last couple days texting him saying, I've got something in this episode that I don't know if you know but is just the most unbelievable thing that you will never imagine.Ben: Lay it on me.David: In 1967, he writes his partners saying that he's introducing a new ground rule to the partnership. This one is quite literally the opposite of Don Valentine. He says, “We will not go into businesses where technology, which is way over my head, is crucial to the investment decision. I know about as much about semiconductors or integrated circuits as I do about the mating habits of this chrząszcz.” It a Polish word. It means beetle in Polish. Typical Warren way with words here. “This is very unfortunate.”Ben: What was the company?David: “Very unfortunate decision to make.”Ben: Let’s see, 1967. It predates Microsoft by seven years, predates Apple. It’s way after IBM. What's around this time, DEC? No, it’s post-DEC.David: No, you'll get it if you think about it enough. Silicon Valley, or just as we talked about it a lot on the show.Ben: Is it an early Sequoia investment?David: Just pre-Sequoia. Sequoia was started in 1972, but this is all the crew that Don Valentine—Ben: Is it an Arthur Rock investment?David: It is an Arthur Rock investment.Ben: Is it Intel?David: We're talking about Intel here.Ben: No way.David: Get this. Buffett, at this point, is on the board of Grinnell College in Iowa. He's a trustee of Grinnell College, which by the way, he was introduced to by Susie. Susie became an incredible civil rights activist and Grinnell College was involved in the civil rights movement. Martin Luther King spoke at Grinnell College six months before he was killed. Susie brings Warren to the college to listen to King speak. Warren is like incredibly moved by Dr. King.He decides after that to join the board. They were trying to recruit him to join the board, so he does. Do you know who else was on the board? One of Grinnell College's most famous alumni, alongside Warren Buffett?Ben: Noyce or Moore.David: Yes, bingo. Robert Noyce.Ben: Wow.David: Alumni of Grinnell College, inventor of the integrated circuit, part of the traitorous eight, who left Shockley Semiconductor to start Fairchild, and then co-founder of Intel with Gordon Moore and Andy Grove is on the board of Grinnell with Warren. Not only has that, but Warren chairs the endowment investment committee at Grinnell. Of course, that would make sense. When Noyce leaves to start Intel and Arthur Rock is putting the deal together to finance Intel, Noyce brings it to the investment committee at Grinnell College and says, there's $100,000 piece. I think Grinnell should invest in this company. I think this is really going to be big. I know what I'm doing.Ben: He saw the deal.David: Warren approves the investment and Grinnell does invest $100,000 in the Intel seed round effectively. But Warren never goes near it for the partnership, for himself. In fact says, I will never invest in technology companies. Unreal.Ben: Basically held to that for another 45+ years.David: Totally. Not until Apple and I think—I haven’t done the research yet—Apple bubbles up within Berkshire from Todd Combs, not from Warren. Talk about sins of omission. This is before Sequoia. Imagine if Warren had financed Intel, Warren Buffett could have been Warren Buffet plus Sequoia Capital.Ben: Wow. Realistically, what would he have done with it if he did invest in it? First of all, he’s never invested in technology business to this point. He's never invested in something that early. Everything he's bought has been pieces of public companies.David: Yup. Established on-going cash flow businesses.

Welcome to Weekend Drops! Every weekend I drop one full length interview or conversation I had recently. This is for folks who want to keep up with me — if you came for the 5 minute mixtapes, I hope its easy enough to delete! Let me know how I can improve this for you.Video source: https://www.youtube.com/watch?v=sL_uefhT51gShare original tweet: https://twitter.com/swyx/status/1372013877731368961TranscriptMaksim Ivanov: [00:00:00] having a one today. We're going to be talking with Shawn Wang. Who is mostly known as Swyx and we're going to discuss, Oh Shawn, could you please introduce yourself first? swyx: [00:00:19] Hey everyone. I'm Shawn. I am also known as Swyx. I am head of developer experience at Temporal dot IO, but I'm also on Twitter a lot, and a general content creator.And my principal capacity. So I'm here to talk about that. Maksim Ivanov: [00:00:32] I mostly know about Shawn by reading his article learning in public, which is great. And also other essays. You probably know him as well. If you read this article, it's about we surely learning in public, actually showing your progress, sharing your progress putting out the material and learning by, by doing right.swyx: [00:00:49] Yeah, exactly. It's something that when I reflect on my own career every time I've done it it's really been the determinant of the majority of my success. So that's when I went to do a speech for my bootcamp. That was the title of my speech. I wrote it down in like one afternoon and then I tweeted it and it just went viral.I was like, okay, this is something that people want to hear about. And three years later I'm still doing it. It's it's still amazing. And I want to spread the word. Maksim Ivanov: [00:01:14] Shawn has some great essays. So for sure, Shawn knows how to make some great content, but I would like to give some backstory to this call.Let me share my screen. I want to show the tweet and what will be the matter of today's discussion. Share this screen. swyx: [00:01:29] It's always scary. It's always scary when people show you on three you're like, what am I going to say? Yeah. Maksim Ivanov: [00:01:36] So there is this thing in Twitter, which I understand totally. And I also did it.This is why we're doing this stream today. So their power is growing, the singularity approaches and then a bunch of tweet threads with five websites or whatever amount of websites that will save some amount of time. Per week or per day or per something you can see I'm here as well. One funny thing though, is that they have on the one, like, and retweet, but whatever, usually they get a lot of engagement and this is why people do it.swyx: [00:02:06] It is even if ours, that's what this is a problem. Maksim Ivanov: [00:02:10] That's a problem. So, as I understand, do you think that this is a wrong approach to create concentrate? And first of all, like to discuss. What is wrong with this thing? swyx: [00:02:20] Wrong is a strong word. I'm making fun. And it's okay to make fun is looking at me.Funny things. That's all. That's all. So, what that team was doing was that what, if you took them seriously, right? Like, cause every tweet was like, I was, this tweet will save you two hours per week. And then the next day it was like four hours. And then she was taking five. It makes me think it's 10.So I was like, why did you just edit it all up? Will you just not need to work anymore? Maksim Ivanov: [00:02:43] Yeah eventually this is why this is a tweet where I posted about this stream. I said eight hours a day, straight ahead. So we can skip the whole word. They be swyx: [00:02:51] free. Yeah. So it's obviously making fun of the exaggeration.And I mean, I get why people do it, so yeah, that's, as far as I go, I don't call it out as like anything evil. I just think it's obviously not a very genuine, because nobody really thinks that you're saving any amount hours. So you're obviously lying to your own people just to get some clouds.And it's also, I think that there's a Buzzfeed notification of Twitter where people are. Yeah, people are trying to turn their threads into listicles. Basically the promise, something absurd at the top, and then they'll list five or seven or 10 projects. Most of which they just saw when Googling around just before tweeting that they don't actually use.Right. I see a lot of this as well on grifter Twitter with like, here are the top seven JavaScript projects ranked by a number of GitHub stars. Well, thank you very much. I didn't know that. And it's very clear that there's just no effort put into it now, but people just like it.Maksim Ivanov: [00:03:45] Yeah. It's the path of the least resistance. And actually I was with my Twitter was actually even less genuine. I was actually. I didn't even care for the actual content or they wanted to see if does this technique work. So it was like double to let two layers of swyx: [00:04:01] uninjured equity, I guess nine is fine.Yeah. I mean, monkey see monkey do we are all Twitter is partially a game and you're always trying to figure out what you're playing for. It turns out that every people have different rules and I'm trying to inspire people to have a higher level of. Quality or purpose for themselves than likes, because I think that is the lowest common denominator.And I, that's not something I want to see in my life. I think my I've wasted enough of my own life on that. It's fine. If you want to do it, I. It's it's it's an open platform. Do whatever you want to do on your own account. It's I'm not telling you what to do on your own car. I also have the right to be fun, Maksim Ivanov: [00:04:43] even walking my next week that actually got some bitter tastes after doing it.Just like when using Tinder, I got into some mode that they didn't really like when I was dehumanizing people who. I consider just as followers instead of like trying to make genuine connection, but I totally understand why I would continue doing it just because it's the path of least resistance and you eventually might get very good responses on that.So this I would say platform or the platform itself encourages people to continue pushing out this sort of content to get likes and retweets. swyx: [00:05:17] Encourage is a strong word that you are, you have agency in your own choices and the kind of people that you wanted that connect with you based on those kinds of tweets are very low quality people.Just quite frankly, in my opinion. And the, and I, there's no point engaging with those people. So yeah, I mean, th there, there are other games to play on Twitter, which is for example, networking with high value people. And I'm not saying like, of course every everyone is variable and everyone, every person has value.There are just. Some people who don't value quality and it, they just respond to very like, okay. It's like the people who click on like the Buzzfeed articles. Right. And like the, here's the seven secrets to losing weight. You wo...

Codie Sanchez recently appeared on the My First Million podcast and gave a really good answer to her perspective on Angel Investing.Audio Source: https://www.listennotes.com/podcasts/my-first-million/176-with-codie-sanchez-MqNCtEfGm0y/Why Angel Investing is Dumbswyx: [00:00:00] I started angel investing at the end of 2020, the opportunity just presented itself. And it was such a compelling company that I just did it. and since then I've done about five deals and each of them have been about five to $10,000. So it's starting to become a significant chunk of my net worth. And I always knew at the back of my mind that it's not the best use of funds. Like I am a seasoned investor in the stock market. And I know that I shouldn't be speculating so much because I don't have that much of an edge, but I do have smart friends. Anyway, I think that it's worth discussing the problems with angel investing as it's starting to become more popular. And I thought that this discussion between Cody Sanchez and Shaan Puri was very intellectually honest. So here it is.  Shaan Puri: [00:00:39] Angel investing is largely dumb. Codie Sanchez: [00:00:41] Is that painful? Because we both are angel investors too. And do you have a rolling fund? No, I actually say this often and people are like, you have a rolling fund and I'm like, yeah. Of all my investment types that I do, this is, I would say the worst one, but I think it's still good and fun.And I do it anyways, but I have two or three better ones that I do besides this. One of my good friend's name is Justin Donald, and we're both pretty obsessed with deal structuring. One of the biggest things I have a problem with angel investing is it's too fun. It's like gambling, right?Like you get excited about the founders and guess what founders are charismatic. That's how they raise millions of dollars. And so you end up getting sold and it's not their fault. And then, there's fraud. And, I wrote this whole piece about this one guy that we lost $2 million with.Because he just the super egotistical and like big images of himself on the wall. Like all this stuff later that I got added to my due diligence questionnaire of like, how many images of yourself do you have in your office? But but the the thing with angel investing is, this, you need 20, 30, 40 deals for every 1 to 4 that are going to go through.And so I think that the other thing that we do a disservice is telling people to invest in angel early on. Once you've made a few million dollars, and I mean that literally, then I think go into angel investing, or if you're on a path where you're making really good money and you've made at least half a million bucks, then I think you can start angel investing, but until then, let other people lose money and learn from it. You said it like you were like, take a DocuSign image of every deal you want to do. Write down how you do it, timestamp it so people can see and then decide later on how good you are at it. Without burning through a few tens of thousands of dollars.Shaan Puri: [00:02:19] Yeah, exactly. Okay. So I have a bunch more thoughts there, but I largely agree with you. And I would say it's one of those here's my red flag is. In order to talk in order to justify angel investing, you have to give a blend of reasons. It's it's really fun. I like learning about the, the future and the Martin, and these are all true things by the way.So it is fun. You do learn a shit ton. So it's like an education. You can make great money if it pans out as you assemble your basket and, you should over you should be netting, a 20% plus IRR. It just takes a long time. It's a liquid And it's not too much work because you're largely investing in your network that you've already built for 10 years.That's the thing. And so there's like this blended reason, and anytime you have a blended reason, it just really means that there's not one really great reason to do something. And so those are always like, sub-optimal choices. I find for myself, at least whenever I have to come up with a blend.And and I, and because I tell everybody this around me, whenever they hear me justifying something with a blended reason, they're like, Oh, interesting. So that's a pretty big blend and I'm like, Oh yeah, we should just not do it. Nevermind. Take it all back. Because I'm giving you this huge list. And instead of just saying, we should do this because of X, right?We should invest in this business because it's growing like a weed and if it wins, it's going to be this big that I can get behind. And some angel investors do fall into that. But the act of angel investing as like a job or a hobby is Is it's more like when you describe playing basketball with your friends Oh, that's great.I get to hang out. My friends, I get a good running. I get exercise. I, it's, I get outdoors. It's you're giving this blend of reason for doing the really fun thing you just really want to do. And you're justifying it. But the reality is you just want to do it in your brain, comes up with reasons afterwards.Codie Sanchez: [00:03:59] That's exactly right. Yeah. The only caveat I have to that is if you can go later stage deals, which now you can do with a lot of the late stage angel list syndicates, or if you construct your debt, like if you can figure out a way where you start earning interest day one on a startup that actually has, it's a little bit later stage.And so it has some revenues or you could. Get into a debt deal. That's on some of it's, factory and of the invoices. It has there's, people always think of equity with startups, but lots of startups prefer debt. So do debt with equity warrant kicker on it, and you can actually make money from day one and then have some equity upside.And that I think is interesting, but, throw the Y Combinator term sheet out the window because it's not going to be on Shaan Puri: [00:04:39] that. And all that being said, I'm still gonna angel vest. Cause it's because it is fun. And it's, that's a hobby that makes money.

Audio source: https://www.npr.org/programs/ted-radio-hour/945080108/a-century-of-money (6 mins in)This is a story I only vaguely knew and I enjoyed this retelling of the Great Depression leading up to the FDIC.