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“The Coinbase example is so interesting because Coinbase gets punished from volatility because the analysts consistently miss on the direction of just how cyclical crypto is. In bull markets, if you go back and look at the analyst's expectations versus especially the transaction based revenue, it's always off. So Coinbase benefits a huge amount. Their stock rips because they outperform the analyst. They get punished, though, on the way down. That transparency, having the real time data, if the right amount is displayed, actually smooths volatility.”

“One of the other big problems that I think has existed with tokens so far, which is the founders and the team treated the shareholders and the customers as the same person. And that was kind of actually the vision, which was a fun vision for a little bit. It's like Uber bootstrapping the network and the people, the early Uber customers end up owning the Uber tokens. But in reality, what's happened is that your shareholders are very different than your customers. So this idea of governance tokens maybe was kind of the wrong vision.”

“It's not just a revenue story. It's not just build great products, generate tons of revenue. We're actually doing that and the prices still aren't going up. So what it tells you is there's a trust problem. Investors have stopped. They never really understood what the difference was between a token and equity in the project. Token investors have been rugged so many times along the way in ways which would never in a million years happen to equity investors, like just buying out all of the IP and team behind a token. And the token holders get nothing.”

“The other reason we did it is at that point we were shifting from just being the two of us talking to doing guests and we wanted the aesthetics of being, like, a cable network because we wanted to go and get these, like, public company CEOs on. If you're trying to get a public company CEO, some of them, the really founder mode ones, you just talk, DM with, text, and take jump on. But a lot of them, there's, like, layers of of, people in the communications department, that that you're kind of, like, needing to gain their trust. And so, like, by having the optics of being, like, a network, even though we are just a podcast, we are able to, you know, end up getting a lot of those guests.”

“HubSpot, I think they peaked around $908,150 dollars a share, went down. I think the low recently was $200. HubSpot does $3,000,000,000 in revenue with a 14,000,000,000 market cap. Okay? I think that is insane. They're projecting to do 3,700,000,000 in '26. So you're buying a a, subscription software company that I don't think people are going to tear out of their of their business at something like three x revenue. Like, everyone talks about, like, all the nerds on Twitter, which I'm one of them, are talking about, like, building their own CRMs. But a roofing company with 20 employees in Tennessee, they ain't gonna be doing it anytime soon.”

“Semi analysis looks like a substack. They break down semiconductor and AI infrastructure build outs. The comp is Moody's. So if you're familiar with Moody's, they do credit ratings and Moody's got started during the railroad build out because the railroad build out was so capitally capital intensive that there was a huge secondary market for like, okay, is this person that's gonna build this railroad from from Chicago to Atlanta, like, are they good for it? Do they have the money? And so, Moody's is now an $80,000,000,000 business.”

“Varda Space Industries helmed by none other than Delian, Asparuhov, and Wilbury. So they manufacture things in space. So they do not build the rockets. They partner with SpaceX to launch a capsule, and then inside that capsule, they effectively have created a manufacturing environment where gravity is an off switch. And so for certain things, imagine you're trying to grow a crystal or you're trying to grow a drug or the heart tissue or there's applications for, certain types of fiber.”

“TruMed adds a compliant pay with HSA, health savings account or FSA button to online checkouts by handling eligibility through embedded telehealth. So as long as health continues to be a trend you're sort of like the right kind of question. Yeah, and this is like buying like investing in an index fund for wellness, right? Like they're gonna be taking a cut of a huge amount of the volume going towards Wellness products in The US.”

“Crypto in many senses was an industry and a technology, but it's also kind of a political movement in a sense. And there's an ideology that underlies that political movement. And I think, actually, funnily enough, what's causing the sentiment drift here is that that ideological movement industry blob that is crypto won. And so now that it won, it moved from being a movement which is on the fringe, on the outside, and countercultural to one which is in the mainstream and it's struggling with an identity crisis.”

“She got a job at Airbnb, and I think it was, you know, her numbers aside. The general math is you get a job, and they'll offer you maybe, like, a 40 or 50 k a year stock package in addition to your salary. So you get your salary, you get your health care, they got a kitchen where they're serving you lunch, they got oat milk in the fridge. So you you're not sacrificing anything. She didn't have to come up with the idea of Airbnb. She joined it. She wasn't the first employee grinding like crazy. She was employee 3,000. But that stock package, which over a four year period is, you know, you're granted about $200,000 worth of stock, five x ed. And she made a million bucks before either me or Sam.”

“Suno is basically a app or a website you go to, and you can make music even if you got no musical talent. SoundCloud has 40,000,000 music creators. So that's 40,000,000 people who around the world who actually have musical talent that are publishing on the platform. Suno's only at 2,000,000 users on their platform. And so the the the market for number of people who will make music that don't know how to make music is gonna be something like ten, twenty, possibly 50 x the number of actual musicians who create music. I think Suno becomes a $50,000,000,000 plus company.”

“Everyone overcomplicated it, and something like the four year cycle is clearly in effect here. There's the initial dump, then there's kind of actually an initial recovery faster than you think that no one really believes because business sentiment and activity lags price by about six months. Look at 2019. Bitcoin doubled that year, and I remember it as one of the most depressing years of the time that we've been in crypto. So that's what I think this year will be. And then I think you'll start to see a resurgence, and people will think, oh, everything is back, and then the winners pull ahead.”

“We are the connective tissue that powers these on chain capital markets with a layer of standardized disclosures, standardized data, and we connect investors who wanna deploy capital with on chain businesses that require that capital. The days of tokens just being able to launch this liquid instrument, not really define what it is, provide no disclosures about ownership, sales, those days are ending. And by the way, they should end. This does not work. There's actually a layer of disclosures that is the bedrock — what does the ownership structure look like? What are the emissions schedule look like? Who are the insiders? When are they selling?”

“Harvey is basically very simple. It's a AI lawyer. It's AI software for law firms. There are about 200,000,000 in revenue off of just, like, a thousand customers. I think, like, half of the, like, top 100 law firms in America are using them in some some capacity. Right now, Harvey's average contract value is, like, 190,000, which means they're basically getting paid like they're a lawyer who works at the firm.”

“ZuruTech is a company that's based out of New Zealand. And they're the third biggest toy company in the world. It's actually hilarious. When they went to China to start their toy company, he went there because he heard, oh, all the manufacturing happens in China. But what that usually means is you go find a manufacturer. You tell them what you want to make and they make it. He went to China, didn't realize that, like a naive mistake, and built his own factory there, like, on the side of a river. Like, did it all from scratch because he didn't understand, like, oh, when people say they manufacture in China, it doesn't mean they go manufacture in China.”

“Column bank. The founder of Plaid, his new company called column is basically, like it's a fintech company. So it's a bank. He actually bought a bank for, I think, $60,000,000 of his own money. And then he started this, and he basically uses it as a the the underlying bank under Mercury, under Ramp, under Brex, under all these companies. In 2026, they're doing 200,000,000 in revenue. He owns all of it. He never raised any money.”

“The median net return of a token over the last five years is down 80%. That is that's the problem with the industry. And there's a lot of startup market structure reasons for that. But there's a broken structural piece that's unique to tokens, especially, I think, at the moment.”

“If you had not even every token, because it's not gonna be every token. 10 to 15 tokens. If 10 to 15 tokens started to compound in return, I think it would solve every problem. I actually do think that's how we get out of this bear market, is that a few tokens say, we're gonna maybe kill our equity. We're gonna drive all the returns back to the token, and we're gonna have one simple structure. We're gonna generate revenue, and those tokens will get rewarded in the market. And then other founders will see those tokens get rewarded, and the flywheel will start to happen.”