The Wisdom Wall

“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 stacked up enough cash.”

“But if you master budgeting, that does not make a billionaire. If you master deal making, that makes billionaires.”

“If you can steal from your top competitor, you should.”

“And if you have money, And expertise and like audience or a name, you should be getting unfair terms every single time.”

“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 kind of like cashflow it on in the meantime, but, but I would…”

“most companies don't run at the speed of the fast. They run at the speed of the slowest.”

“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.”

“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.”

“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.”

“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.”

“The pro knows that you want control of the terms, not the price always.”

“Gyms are a hard business. Think about it. The more people that are in your gym, what do you feel? Not happy about it. You're like, I can't use the machine. It's kind of a tough business model.”

“And the best starters typically aren't the best operators.”

“if they start solving your problems, they're, it's a really good indicator that they're a good operator.”

“So I would say a good boring business is 15 to 50, 15 to 50% margins. 50 would be like really good. 15 would be like, okay, we've got a healthy business within lots of characteristics. One to three is awful.”

“You don't always have to be an expert, but like, you should try to do a few things before you try to talk about doing things.”

“I've done enough where I could do a turnaround. I wouldn't do a turnaround in the beginning.”

“Because capital right now is cheap, but introductions and audience are not.”

“In fact, it's why I don't think that most people should angel invest until they have some money. Like, I do not think angel investing is the way to become rich or wealthy early. Like you need to maximize your earnings. You need to get cashflow because you don't want to, you don't want to go to angel investing hungry.…”

“the old school method of holds co is basically lots of acquisitions done on fast growing companies to bolster the fact that their old school stuff Isn't growing that rapidly unless they throw a ton of spend at it.”

“I mean, a lot of these boring businesses, what I found is they're almost better in like secondary and tertiary markets that have some growth, but you're not paying like New York level prices for them, because then you have to really increase your prices because you can only like slam or cram so many, many golfers in at…”

“You need to figure out if you want a bond or a business, right? So bond is the check in the mail and a business is something you got to run. And so, yeah, for me, I like having a lot of bonds and only a few businesses because I'm operationally kind of a nightmare”

“I would buy the business just off of Realities, not dreams, and then layer your dreams on top of it, but don't give them the valuation for those.”

“I always try to steal these, the 10,000 hours instead of earn them myself if I can on a new sector.”