Insight
Sanchez: Angel investing is dumb for 99.9% of people
“I think angel investing is dumb for your first dollars. You're going to lose 80% of your takes. So I still think angel investing is dumb for 99.9% of people. Don't play a game where you bet on other people's ability before you've bet enough on your own and sta…”
Assertion Not checkable as stated
Sanchez: Reese Witherspoon's net worth is an order of magnitude higher than Brad Pitt's
“Reese Witherspoon is worth more than Brad Pitt at an order of magnitude.”
Assertion Contradicted
Most of the world's richest people built wealth through acquisitions
“Most of the richest people in the world Are there through acquisitions? Some version of buying and selling small companies or private equity deals.”
Opinion
Sending voice notes unfairly transfers your time burden to the recipient
“I fucking hate voice notes. And the reason why is I think you're transferring your time to somebody else.”
Opinion
Sanchez: Finance Culture Stifles Curiosity by Equating Uncertainty with Low Intelligence
“Most people in finance, you know, there's almost like a downside to being curious. People think, well, your intelligence must be lacking because you don't have all the answers, and that's how a lot of financial people think.”
Insight
Sanchez: Mastering dealmaking creates billionaires, while mastering budgeting does not
“But if you master budgeting, that does not make a billionaire. If you master deal making, that makes billionaires.”
Opinion
Sanchez: Boring businesses fail less frequently than startups if sized properly
“It's just harder to have happen in these boring businesses if you do it right and you size them right, I think, than if you do a startup.”
Disclosure
Sanchez says she will never hire anyone who supports quiet quitting
“I'll never hire somebody who believes in quiet quitting or would ever do that.”
Prediction Didn’t hold up
Codie Sanchez predicts a double-dip recession with rising inflation
“Well, I think we're in the first part of a recession. That'll probably be a double-dip recession and we'll actually see inflation come back up again. That's my assertion.”
Opinion
Sanchez says ATMs are a terrible business with tiny profit margins
“ATMs, terrible margin business, not into it. One to three percent. These businesses typically just, you cannot collect enough of them to get enough income on them. Plus money's going away.”
Prediction Not checkable as stated
Sanchez predicts Dwayne Johnson's tequila earns less than Witherspoon's media company
“The Rock will probably make less money on Terra Mana than Reese Witherspoon did on Hello Sunshine.”
Assertion Not checkable as stated
Sanchez: Conglomerates own 25% of US local businesses and stores
“25% of construction stores, grocery stores, coffee shops, just about everything you can think of in the US is owned by giant conglomerates.”
Opinion
Sanchez: $10k angel checks will not yield material financial outcomes
“I would probably say like, you need to get a little bit more in the deals because none of them will have a material outcome. I mean, you'll have to have a thousand X and even then, you know, it'll be really interesting, but that's like unlikely.”
Insight
Sanchez: Founders Should Poach Talent From Competitors Whenever Possible
“If you can steal from your top competitor, you should.”
Insight
Codie Sanchez: Investors with an audience should always demand unfair deal terms
“And if you have money, And expertise and like audience or a name, you should be getting unfair terms every single time.”
Insight
Codie Sanchez: Mini golf is rarely the best long-term use of land
“There's no way that mini golf courses over the longterm are going to be the best use of land for most locations. And so eventually you're going to get your business sort of taken from you by your landlord, which is okay if it's a longterm and you just get to k…”
Assertion Not checkable as stated
Sanchez estimates slime creator Peachy Babies generates $200K per week
“I did, like, some rough calculations and ascertained she probably makes about 200 K a week, and I was like, this is ridiculous.”
Insight
Most companies operate at the speed of their slowest employees
“Most companies don't run at the speed of the fast. They run at the speed of the slowest.”
Assertion Supported
Sitting next to underperformers cuts individual performance by 30%
“It was basically this research showing that if you sit next to top performers, they increase your performance by on average, 15% as evidenced by a big study across multiple Years and hundreds of employees. And if you sit next to an underperformer, they decreas…”
Insight
Retaining wealth requires constant daily or weekly attention to finances
“I have a saying, which is money is a cruel mistress, and if you don't pay attention to her, she'll leave you for somebody who does. And the only way, I think, to get that mistress of money to stay with you is that you have to pay attention to her.”
Insight
Prioritize high-impact tasks first, hard tasks second, routine chores third
“Figuring out how to first do the important things that matter, second, do the hard things because those build willpower, and then third, do the efficient things because we all have to be humans paying bills and normal things like that.”
Insight
Sanchez: Buying a very small business is effectively buying a job
“And what I don't think people realize is that's buying a job. You're buying a job when you buy a company that small. And those types of deals exist all around this country. They're everywhere.”
Insight
Sanchez: Inexperienced negotiators ruin deals by failing to use silence
“And the pros know the beauty of silence. And I think that's the biggest thing people mess up in the beginning is they talk themselves out of a deal.”
Insight
Sanchez: Professional dealmakers prioritize controlling terms over price
“The pro knows that you want control of the terms, not the price always.”
