SPEAKER_00: I'm in the new studio and here we go. We're going live with the 2021 Twisty Awards. It's going to be

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SPEAKER_07: holiday offer. Ladies and gentlemen, welcome to This Week in Startups 2021 Twisty Awards. And now we'll give a warm welcome to your host, Jason Calacanis. Oh, everybody. Welcome. Welcome,

SPEAKER_10: everybody. To... Yes, please sit down. It's... Yeah, it's too much. It's too much. Thank you. Thank you, everybody. It's been an amazing year on This Week in Startups. And we are so, so excited to bring

David Friedberg: you, uh, the funniest, best, most insightful moments from the podcast this year, our 11th year as a podcast. My God, we started before the iPhone. We were doing this when podcasts were listened to on an ancient device, uh, which you might find in a landfill called an iPod. Yes, that's how old

SPEAKER_12: this podcast is and how old I am. I can even tell you why they're called podcasts. Most of you literally don't know why they're called podcasts because they used to be synced to iPods, which was a device

SPEAKER_16: that only did music. And it was, yeah, it was crazy. All right, everybody. We have a number of great

SPEAKER_00: awards. We might as well get right to it. The most surprising, awesome guest is our first award. This is for people who, you know, a bit of a wild card, didn't expect they were going to be awesome. And here are the nominees. Taylor Lorenz from the New York Times on episode 12, 17,

SPEAKER_17: Paul Judge, Angel, season five, episode nine, and Splice CEO, uh, Steve Bartosi, uh, Splice founder on episode 12, 65. It's a cloud-based music creation collaboration platform. Let's roll a

David Friedberg: clip of the highlights from these great moments. All right, everybody. Next up on the program is

SPEAKER_18: Taylor Lorenz. Um, I guess my feeling with going independent is covering the creator economy and having a lot of friends who are YouTubers, you know, independent media people. Like it's so much work. It's so much work. It's so much work. And my job now it's work, but it's not like running your

SPEAKER_20: own business work, you know, not like staring at the ceiling at 3am work, wondering if you're going to

SPEAKER_18: make payroll, you have the security and you have the security. And I don't know if I'm

SPEAKER_24: entrepreneurially on that and you're entrepreneurial enough today on the program, Steve Martosi, I say

SPEAKER_26: my biggest competition is people giving up on themselves because there's so many people who want to create like this inert human desire to be creative and all these kids want to be, you know, stand out content creators now. So like, I'm not worried about anyone else in my space. I'm worried about, can I keep people engaged? Can I keep you a lifelong musician? Can I deliver you great value

SPEAKER_28: and product? My friend, Paul Judge, you know, it's filled a lot of things that we're cheering on

SPEAKER_29: right now. Like we invested in a company called Praxis that does diversity training to help people with unconscious bias, right? It's caused people like double down on, you know, like I started a cannabis medical cannabis company two years ago, because it's about, hey, there's inequality in this industry, we can use our business skills to go solve that inequality. And so it's fueled the passion of I think this current generation to just go harder. And so to your point, I think ultimately, what will happen is yeah, in this lifetime, we'll get closer to equality along the way, we'll see a lot of kind of good impact around education and kind of feeding the folks that are in need and, and so forth.

David Friedberg: All right. And the winner of most surprisingly awesome guests of the year for the twisties 2021. Let me rip open the envelope, everybody. Okay, the winner is splice CEO, Steve Martosi. Yes, submitted by one of our notie gang members. Congratulations to Steve. Okay, next up, everybody loves this award. Sometimes they get into a vibe with a guest and we just start, you know, just sharing the ball back and forth, the volleys get going. And that's best chemistry of the year. The nominees are Redfin CEO, Glenn Kelman, episode 1261, Angel investor in front of

SPEAKER_17: mine for multiple decades, Joanne Wilson on Angel season five, episode 10 and Bradley Tusk. Let's

SPEAKER_00: check out some clips of those candidates and those outstanding performances for best chemistry.

SPEAKER_32: This is an interview with my friend Glenn, who runs Redfin. Good to see you, Jason.

SPEAKER_23: Good to see you. It's going to be a kind of different interview. We're starting from wherever and catching up with each other. I'm in Florence. He's in, you want to disclose where you are?

SPEAKER_39: I'm in Seattle.

SPEAKER_23: He's in Seattle and we've been friends for over a decade, I guess. We met at Sequoia back in the day,

SPEAKER_42: I guess. And you were not only that, I was at war. I just want all of your investors to know that I got into a funk with my investors and I talked to you because I thought about quitting or I didn't know what to do and I was being totally dysfunctional. And you told me just to grow up and to grow a pair, which I did. And it was some of the best advice I've ever gotten. So whenever you ask me to be on this podcast, of course, I have to say yes. And it's also just a lot of fun.

SPEAKER_45: So welcome to the podcast, the Gotham gal herself, Joanne Wilson. How are you doing, sis?

SPEAKER_40: Good. How are you? My big sister here. There were all these people buying real estate there as like some store of value and never living there, right?

SPEAKER_47: Well, they have to change the tax system, right? These people that go off to Florida for 180 days, you, okay? If you live in Florida for 180 days or you live in New York for 70 days, you pay 70 days worth of taxes. You get to take the subway, you get to drive on the streets, you get to enjoy New York and you own a goddamn apartment. It's just bulls**t. I mean, I didn't live, we didn't live in New York for 180 days this year, but you can be damn sure I paid

SPEAKER_51: our, we paid our taxes. All right, listen, an hour with Bradley Tusk. You and I are going to become fast friends. I'm booking you for six months from now to come back on the program. Can't wait to do it. All right. And then I'm going to be in New York. Maybe we'll catch a next game. Maybe you take me to some great sushi place. Let's go. And I want to know about this new company you got. We got, we got to start vibing now because this is like a moment here. I think we got a bromance going. We got the shared history with Uber. This is going to be great. Producers, six months from today, I want Bradley back on the program.

SPEAKER_53: I'm committing right now to do it. Okay.

SPEAKER_56: I think there's going to be a lot for us to check back up on.

SPEAKER_55: Well, yeah, this stuff always evolves and changes. There's all kinds of we haven't talked about yet. Like drones, AI, machine learning, autonomous cars, autonomous trucks, flying cars, all this stuff.

David Friedberg: Three great, you know, two great friends. And then one new one. How do you choose here? Well, this was submitted by Goldbrick on YouTube and the winner of best chemistry. Drum roll,

SPEAKER_10: please. Let me get the envelope. Hold on. I got it right here on my desk. Let me rip up

SPEAKER_60: on this envelope. I'm struggling with this one. It's particularly bad. Ah, there it is.

SPEAKER_61: Hold on. The winner is winner is Bradley Tusk. Wow. Amazing. Congratulations to Bradley

SPEAKER_17: Tusk for best chemistry of the year. It's the end of the year. And lots of us are super stressed

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SPEAKER_00: even though the show is about business, you know, I love food. And you know, like when you're watching these clips of me, maybe I look like I'm 25 pounds heavier, I am 25 pounds heavier in these I'm 173

SPEAKER_69: today. On the scale, I was 198. In many of these clips, which is my peak weight, I think of 2021. So very proud of myself for getting it together. Okay. I love talking about food. Everybody knows that it

SPEAKER_00: comes up this year. I had two amazing, incredible guests from the food world. First up, gold belly, CEO, Joe Ariel, amazing guest. And then talk and Alinea founder, Nick Kokonis. He was a great guest as

SPEAKER_72: well. Let's roll the highlights. These guys are neck and neck as my two bestie foodie buddies.

SPEAKER_74: Yeah. Alinea is I've never been but is a three Michelin star restaurant and was named the best

SPEAKER_75: restaurant in the United States. So welcome to the program, Nick. Talk to me about the signature dessert you guys created the painted table that is often now copied. I think that is copied and mocked.

SPEAKER_77: And it's on it was on the front page of Reddit last week, I was watching a Picasso documentary

SPEAKER_79: from the 20s or 30s, where they had mounted a camera behind some plexiglass and watched him paint. It is bananas interesting how he creates layers of paint and stories under the final image that you don't even see. Like one of the great things about a great hospitality experience or any experience is that it's new. And the older you get, the harder it is to have a new experience. That is the childlike innocence that we all lose as we get older. So we decided we wanted to make people feel childlike. And the first thought that I had was I was once in a museum where everything was scaled to what it'd be like if you were five years old. So the chairs were huge, the table was huge, the color was huge. So I was like, we're going to make a table plate. And it's going to be like the size of the table, and it's going to be a plate. And at the same time, it'll be a new experience because everyone loves to paint when they're a kid. Yep. And you'll have this giant thing. So that was the start of the conversation.

SPEAKER_81: All right. Next up on the program is the founder of a website I am absolutely obsessed with. That website is for foodies, goldbelly.com. The founder is Joe Ariel.

SPEAKER_84: Have you heard of Francis Melman, the Argentinian chef? He's famous for the giant like

SPEAKER_86: asados and the hanging meats and vegetables.

SPEAKER_85: Oh, wait, he's the guy in Miami at that new hotel, the, um, the faena, the faena dinner at the faena with the owner of the faena. And that chef did that for us on a giant thing. We had like 15 people, a couple of my friends, and it was outrageous.

SPEAKER_84: Outrageous. I mean, it's, it's like the best meat, best grilled meat that you could like ever have. Uh, so we actually shipped Francis Melman. Wow. Um, and we've partnered up with him and it's, it's this unbelievable, like grill kit that you ask, like what some of my favorites are. It's something that I've ordered like two or three times this summer. It's this like full asado kit, where you get the most amazing meats and side dishes. And you can basically have this event for friends or family that come over using your own grill based on his recipes.

SPEAKER_17: All right. Listen, this is a tough one. They're neck and neck. I mean, I could roll with either of

SPEAKER_00: these gentlemen, both huge foodies, uh, both with so much to add to the world, the foodies, so much passion, uh, for food, but the winner is drum roll, please. The winner is okay. Nick Coconis. Congratulations. Submitted by Nody gang member Gordon Gill. Congratulations on that. And, uh, I got that envelope open real easy. That one was particularly easy to onto the news topic of the year. There were no, absolutely no competition here. It was one of one. The winner was Tether and other alleged potential frauds we covered so often, but Tether was the one that just kept coming up and giving us more and more to talk about. So here is a highlight of all the amazing fraud coverage we did in 2021.

SPEAKER_92: It's in our, it's like our in memoriam. There is, um, something that everybody in the cryptocurrency community has been talking about for many years, and it seems to be bubbling up again. And sometimes when I feel this, I decide to go all in on it. So I've watched different scams in our industry and I've seen them unfold. And I'm starting to get that spidey sense with Tether back to our never ending obsession

SPEAKER_51: with fraud, or I should say mine. I am obsessed with business frauds. Theranos, uh, Madoff, perhaps Nicola, uh, perhaps Tether. Well, there's a company called Lordstown Motors that might be a fraud. Um, and it could be going to zero. I I'm using, I know how to use the words now. I know how to frame this without getting myself in trouble. Uh, but just this morning, CNBC has reported that Lordstown Motors, another pre revenue EV SPAC. Okay. So it's pre revenue. That's one thing. It's in a really hard space, electric vehicles, and it's a SPAC. Uh, they confirmed they're being investigated by the DOJ

SPEAKER_75: for its reporting of pre orders. Oh, okay. We've got a Nicola fraud update as alleged Trevor Milton brazenly and repeatedly use social media and appearances and interviews on television, podcasts, hmm, and in print to make false and misleading claims about the status of Nicholas trucks and technology. They definitely watched our podcast, but one time I'll take a shout out

SPEAKER_96: from the department of justice and be really thrilled about it. All right, there you go, folks.

SPEAKER_17: Uh, so many frauds. I forgot about Lordstown and all of this crazy stuff. Remember, shout out to

SPEAKER_12: all the frauds. Uh, we're going to miss you when you're in jail. We're going to miss you when you

SPEAKER_00: pay your fines. Just so many frauds and alleged frauds app, any headspin that may be alleged ones, Ginkgo, Zymergen, maybe incompetence, maybe fraud, who knows where the line is, but we will keep

SPEAKER_12: covering all the shenanigans into 2022. And for me, this is like our in memoriam, rest in peace, uh, to the guilty and to the innocent. We don't believe you. We still think you're guilty. Too many shenanigans, too many red flags this year. The market's definitely at a peak. All right.

SPEAKER_17: Jason's insight of the year. And again, I don't bring these up, but the fans and the producers find

David Friedberg: these great moments. They tell me that the nominations for my best insight of 2021 are my

SPEAKER_17: take on Rivian's market cap, surpassing a hundred billion, or they delivered even one car. That was

SPEAKER_00: episode 1324. My comparison of YouTube versus Netflix in terms of revenue growth and users from

SPEAKER_17: episode 1255. And my take on how the U S should change their immigration policy in episode 1323.

SPEAKER_00: These are my hot takes, my insights, uh, and, uh, let's play this two minute and 50 second clip.

SPEAKER_75: Rivian should be worth if I, uh, gave them just an incredible amount of credit. If you gave Rivian, uh, a million dollars in valuation for every truck they'd sold, that would be 50 billion. That'd be kind of crazy because you don't make a million dollars off each one. So if you gave them a hundred thousand in value, it would be worth 5 billion. I think 5 billion would be a fine valuation for Rivian right now. Uh, but obviously they've raised all this money. So they have to have a valuation over 17 billion because that's how much cash they have. So maybe double that 40 billion, even there, it doesn't make much sense. I think it's a terrible stock to own right now. And YouTube grew revenue almost a hundred

SPEAKER_92: percent year over year, 80% year over year growth is just extraordinary for a large business. Let's break down how YouTube compares to Netflix, two seemingly very different businesses, but who line up kind of interestingly, their ad revenue was 7 billion up 83% year over year. The 7 billion is pretty close to Netflix's Q2 revenue, which was 7.3 billion. I think it's great for us to look at these two businesses. Netflix has 10 times less users than YouTube. They only have 210 million subscribers compared to YouTube's 2 billion plus users who use the service every month. So one is 10% of the size of the other. They both have the same revenue and the revenue comes from different places. So if you look at where the content comes from, what is the product will Netflix, Netflix spends billions on premium content every year, we know that YouTube has billions of users, obviously, and it's generally user generated content or professional generate content. But it's an open platform, YouTube is not a gatekeeper, anybody can upload anything, I'd actually give the edge to YouTube here, because I don't think they have a contemporary, there is no business out there that can reach as many people as

SPEAKER_105: quickly with video than YouTube. Maybe it's time for us to talk about a point based system at the

SPEAKER_75: border. What does it mean? It means you just take the emotion and the polarization out of immigration, immigration shouldn't be all or nothing. There's a lot of nuance here. Everybody coming into the

SPEAKER_105: country provides some amount of value, why don't we tie the number of jobs that are available to the

SPEAKER_51: number of people that we let in. So in other words, you take the last five years, you have a rolling average of the last 200 weeks, 250 weeks of unemployment data, you look at it and say what jobs are open? Okay, teachers, doctors, lawyers, construction. Okay, great. Let's take out construction. Great. Where can we get incredibly trained construction people? Great. If you're applying, and you say I've got 12 years experience in construction, I'm a plumber, I'm an electrician. Great. We need more of those. Looking back at these four years, we need, we will give a preference to what we actually need in the country. Is that too cutthroat? Or is that

David Friedberg: logical? Hmm, it was a tough one even for me. I like all of my takes, you'll be surprised to learn. And I still stand by those takes. I like each of those takes. So let's go to the winner drumroll, please. I know everybody's very excited. This is a very Oh, let me get this envelope open here. This is a very

SPEAKER_115: important category. But I'm struggling with the envelope so much. It's so hard. Uh, wait,

David Friedberg: hope I don't make a mistake. The winner is Rivian's insanely juiced up valuation shortly after going public. They were the second most valuable car company in the world. I kid you not. And they peaked

SPEAKER_116: at our $150 billion valuation with no cars on the road. What is happening, folks? The market cap,

SPEAKER_118: of course, after I told you this was ridiculous, uh, has been cut in half to 76 billion when things

SPEAKER_17: are this frothy, eventually the air gets let out. And I would say we are only, you know, a half

SPEAKER_12: or a quarter of the way there. The company's market cap is now 76 billion in the first earnings report. They reported they have only produced 652 vehicles and delivered 386 of them. And, um, I think a lot

David Friedberg: of those went to employees, uh, never a good sign. They also reported they will fall short of their

SPEAKER_120: goal to build 1200 cars by the end of 2021. They also have 71,000 refundable deposits at an 80 billion

David Friedberg: dollar market cap. Rivian is getting 1.1 million of credit for each of their 71,000 deposits. In other

SPEAKER_115: words, you buy a car for whatever it is 50 to a hundred grand. I think they're more like a hundred

David Friedberg: grand. They're getting credit for 11 times that, and they're probably not even close to profitable on each car. In other words, it makes no sense. I value the company at 25 billion, maybe 16, 17 billion in cash, maybe give them 5 billion for their innovations and team and potential, but it has a $25 billion company. So I think it could lose two thirds of its value from here. Uh, but you never know. They could be stonks and people pumping this up or, uh, people could be incredibly optimistic, but man, I really like for people to have their valuation of their company in some way correlated

SPEAKER_00: with the reality of their business. Call me old school, but I'll, I'll give you a lot of credit for potential, but let's not have these things disconnect from reality folks. Do you want to

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SPEAKER_12: best live moment. We started doing live moments. As you know, um, here are three of the best. Oh my Lord moments, uh, from my life. Uh, this is one where the twins crashed a live stream and wanted to watch the whole was with me. Uh, we watched clone wars. We watched bad batch. We've watched every star Wars movie. Um, then there's he, me trying to get the people with the leaf blowers. So please

SPEAKER_128: stop with the leaf blowers. Oh my God. They're so loud in California. I never heard a leaf blow before I moved from New York to California. Now it's just like every day. I didn't know there were so many

David Friedberg: leaves and so few rakes. Okay. And then, uh, the moment when I, uh, invested live $25,000 in a Nodigang member and founder university participant, Chris Niblett live on air. Roll the tape. Um, if you

SPEAKER_133: didn't know this, uh, hold on guys. Hey guys, I'm, I'm on the phone. I'm on a call right now. Okay. Can

SPEAKER_136: you give me 10, 15 minutes? Okay. Okay. 15 minutes to use your iPad and play two games,

SPEAKER_137: two games, two games, 20 minutes. Okay. Use your time timer. Okay. Thanks. Well, whatever. You, you can use the time timer or just 20 minutes. Okay. Uh, I'll do it on my iPad. Okay. On your iPad. Sounds good. Okay. Well, what was 20? Like 20 minutes is like watching one episode of Star Wars. Long episode? Like a long episode.

SPEAKER_140: Yeah. You can watch an episode of the Bad Batch if you want. Oh, I'm gonna miss any of my videos. You can watch

SPEAKER_141: the last episode and then I'll watch the new one with you later. Okay? Yes. Okay. Daddy? Yes. Uh,

SPEAKER_144: I have to go right now. Do you have a window open by any chance? I do. You hear my, uh, you

SPEAKER_150: hear the gardeners next door? Yeah, I do. Yeah. Damn it. They're banning those things soon. Hold on.

SPEAKER_151: Yeah. I do that now as soon as I get on. He's such a clown. We're live. It's ridiculous.

SPEAKER_155: Hey guys, no noise over here. Okay. I'm on the phone. I'm on the phone. Uh, no noise right now on

SPEAKER_159: this side. On the phone too long. Thank you. 64 people. Have you raised any money for this vision

Chamath Palihapitiya: or it's just you and three founders? Have you incorporated? Um, so I have an LLC that I've used for other things, but I've not really used it for this. So the short answer is no. Yeah. What would $25,000 do for you guys now? Yeah. That would be incredible. Um, we would love to be able to grow to, you know, have the time and the resources to go get more restaurants, get more businesses on board. And

SPEAKER_174: then especially on, on the consumer side also, yeah, that would be a game changer. Okay. So, uh,

SPEAKER_166: here's the deal. I told everybody during the 12 week course that I'd pick my favorite startup and give them 25 K. Uh, but I, so I'm going to keep that in for the last week, but how about I give you 25 K right now for 1% of the company? So 25 K for $2.5 million valuation. We're saying a convertible note you incorporate in Delaware, you know, properly. And then we just ship your 25 K. Is that something

Chamath Palihapitiya: you might be interested in? Um, yeah, I'll go ahead and yank your hand off on that. Absolutely.

SPEAKER_122: Okay. Folks do you have it. I just put 25 K into this company. I just such a heartwarming moment with

SPEAKER_125: my kids. Oh, so cute. Um, and, uh, if you haven't watched the clone wars, if you're gen X and you're

SPEAKER_12: into star wars to watch the clone wars with your kids and have that become their favorite is a really surreal experience because then they're like, well, Anakin Skywalker becomes Darth Vader, but you don't see Darth Vader in the clone wars, but for, you know, the last episode, spoiler alert,

SPEAKER_69: but, uh, spoiler alert at the end of the clone wars, he becomes, Adam Skywalker becomes Darth Vader. So that's really what clone wars is about. And it's just such a great, great moment, but you

SPEAKER_02: know, let's, let's, let's stay focused here, folks. Um, my God, and just even trying to get the gardeners to stop with those leaf blowers, ah, they are banning them in California, which is going to

SPEAKER_115: be great. Cause you know, they just use like some weird mixture of like oil and, uh, gasoline. They pollute like there are a hundred cars or some crazy statistic I read. Cause they're like one of these

David Friedberg: two stroke engines where you pour the oil and the gasoline, there's no filters on them. So it's terrible for the person you're replacing them with electric ones, which would be great for everybody. Um, and of course putting 25 K and on the spot is a baller move and super interesting. Let's

SPEAKER_00: see who the winner was. Let me get this envelope here and wait for the drum roll. All right. I'm

SPEAKER_17: getting this open. There it is. Oh, wait, not my daughters, not the gardeners. And that means it must be investing $25,000 in Chris's company on air. Of course I should have seen that coming. What a magical, uh, live moment, uh, for everybody involved and he's actually in our accelerator.

SPEAKER_12: So the 25 K bet became a hundred K bet our ownership went from 1% to 6%. And that's great for everybody involved. Okay. Award number seven, the most awkward moment. If you can believe it, we had some awkward moments happen. Uh, and, uh, this one was really awkward. I had tried the better

SPEAKER_10: bagel, the better brands keto bagel. And I, I, I gave it a score. Like I thought maybe she was halfway there and she was not too excited about me rating her bagel on a scale of one to 10, but I thought this was an important thing to do. I thought I was helping her. She may have felt differently about that. And then source graph CEO, Quinn Slack refused to answer my question about SAS pricing after four tries. And, uh, I usually don't do the four try thing. I'm

David Friedberg: usually a little bit more, you know, I'm a two try, maybe three try kind of guy with like the questions

SPEAKER_115: and then I'll let it go. But I'm certainly not like, you know, Chuck Todd just says like, okay, onto the next topic or, okay, you didn't answer my question, but then just goes to the next topic. Cause he assumes he's not going to get it out of the person. I decided I'd knock on the door four times to see what happens. Uh, okay. Let's play the highlights. Where do you feel you are on that

SPEAKER_51: journey of like sort of competing against, you know, the, the most legit Brooklyn bagel, New York bagel. Oh gosh, you gave us 50%. I think 50%. Yeah. I think you're halfway there. It's the mouthfeel is a little chewy. Um, but in a different way than a bagel flavors a little bit off. But when I toasted it, I'll give you this. When I toasted it with butter, I think it got to like maybe

SPEAKER_50: 60% of like what, of my joy in eating a bagel, which by the way, that to me was phenomenal. My expectation was cause I've had some funky stuff and, you know, I've had all the mock meats and, you know, if you put up the steak that I get, if I'm getting, you know, Kobe beef or a Wagyu or a, you know, great ribeye, I would say like the burgers and the steak

SPEAKER_190: are probably 25% as satisfying. So I felt like 50, 60% was pretty great, uh, for a first iteration.

SPEAKER_192: So 300 bucks a year for the software, 25 bucks a seat. I'm just seeing a Google results as ballpark.

SPEAKER_193: Is that about right? Uh, it depends on what features you're using on average.

SPEAKER_195: It's trying to, you know, less than 1% of what you're gonna pay a developer a year.

SPEAKER_199: It's so easy to ask a question about this. Why are you so secret about the pricing?

SPEAKER_195: Well, I'll tell you why. And we are a very transparent company. So, you know, you can look at our handbook, you can see, you can look at our code. I'm just talking specifically about pricing. It's really easy to get started with source graph. You can,

SPEAKER_12: What does that have to do with the pricing though? This doesn't answer my question about pricing. I'm asking you very specifically, why do companies who are SaaS not just disclose the price?

SPEAKER_195: Because the price that it takes to get started is often a lot lower than the price. Once it's rolled out to a whole company and the CTO and CIO and so many internal business processes are kind of dependent on it. And if you show the price to get started, then those people are going to be anchored. And if you show the price that is once it's delivering tremendous enterprise value, then the devs are going to say that's way more than, you know, I am comfortable with.

SPEAKER_203: This is interesting. See, that's the reason why I asked the question three times two or three times is because I knew there was an answer. All right. So that was a little,

SPEAKER_205: both of those are incredibly awkward moments. I have to admit the poor better brand CEO.

SPEAKER_10: I, you know, I don't watch my own show. Obviously I experienced it when I do it, but looking in, you know, Amy's eyes, when I gave her a five of 10, I felt terrible now. She looks grass fallen. I think it's a journey. Like, you know, did anybody eat the first impossible burger and say,

David Friedberg: you know, 10 of 10, nine of 10, everybody was like two of 10. This thing's terrible. It tastes like sawdust. You know, it's barely better than a veggie burger. And then slowly, I think, you know, people who would ever have an impossible burger or beyond meat,

SPEAKER_115: I think they put those at like a six or seven, if you're a meat lover. And if you're a vegetarian,

SPEAKER_12: maybe it's an eight or nine, because you've got nothing else to compare it to. You're not allowed to eat a burger. And I was like, yeah, you've toasted. I give you one more point, which I think

SPEAKER_10: is that was also kind of like an insult. So that was certainly awkward, but at least, you know, I'm honest. And then I, you know, the source we have CEO, that also was very awkward, I think for all of us. And I'm actually shocked that I kind of went there, but I did have a personal

David Friedberg: frustration with why they don't share the prices. So here we go. The winner of the 2021 most awkward

SPEAKER_02: moment, and there were many on this week at startups is, oh, God, Jesus, why do they put

SPEAKER_10: these, this one's in two envelopes? Why would you double envelope it, producers? Ah, there we go. Fine. Oh, wow. This is a shocker to me. I thought for sure the bagel moment was more awkward, but the winner is Quinn Slack. Congratulations submitted by producer Nick, because his skin,

SPEAKER_128: according to Nick was crawling on the zoom call when I kept banging him on this, as if I was interviewing somebody about weapons of mass destructions or something incredibly important

SPEAKER_210: in the world. I can, I can chime in on this because I was on both calls and I promise you the Quinn Slack one was more awkward. That video is as about as short as I could cut that. That was like a four

SPEAKER_211: minute segment where you were just like, oh, really, why aren't you answering my question? And he was like, well, you don't really understand the ecosystem. And you're like, I'm not asking about the ecosystem. Why aren't you answering the question? And I was like, oh, I did think it was an instructive moment because he actually wound up answering the question. And the answer was very

SPEAKER_120: simple sticker shock, right? Super easy. Super easy. Yes. If you have 10,000 developers and this is a thousand dollars per developer, 1% of the cost, 1500 per developer, like, okay, you're gonna pay for your thousand developers, 1.5 million. You'd be like, I'll build it myself. I'll hire five developers and I'll save money on my own internal weapon. And that is of course true. Like if you had a, if you're

David Friedberg: using Slack for $15 a month. Okay. It's a high, what is that per year? 180 bucks a year, thousand people, 180,000 a year. You're like, eh, maybe we should have our own server. Or maybe if you had 10,000 people, it's 1.8 million. When you start getting to eight figures, I'm sorry, when you get

SPEAKER_12: to seven figures, it does become hard for SaaS companies to justify the cost, uh, in a big enterprise. And it's kind of silly, but, um, they do hide the pricing and they make a call and all this kind of stuff as if people are not going to the back of the envelope map. You got him out of, um,

SPEAKER_217: PR mode, the media training. Yes. You broke it. So I thought it was a good moment. He'll never

SPEAKER_69: come back on the show. I don't know. I'm not investing his next cup. I don't know. Quinn, if I, if, if that was, uh, too much, I apologize. I just was excited to hear your answer. Let me leave

SPEAKER_104: it at that. Good sleep is the ultimate game changer. We all know that. And according to eight sleep,

SPEAKER_92: over 30% of American struggle with sleep and temperature is one of the main reasons. I know this because my wife and I, listen, we run at two different temperatures. I like it nice and cool. And she likes it toasty warm. And then we get into the thermostat and worse. The thermostat wars are over. You take out the app and then I can set on my side. I want to be plus four. Then the algorithm gets to work. It studies my sleep and it knows what temperature I should be. And I don't know how the algorithm works, but I sleep better and I wake up more rested. And now eight sleep is offering a pod pro cover. If you already have a mattress, it's super easy. You just buy the cover and you can still experience all the magic of eight sleep. That's one of the great innovations. The pod pro cover is the most advanced solution in the market for thermoregulation. It pairs dynamic cooling and heating and then that biometric tracking. So you can look in the app, it tells you your sleep stages, biometrics, the bedroom temperature, and it reacts intelligently. It creates that optimal sleep

SPEAKER_229: environment. Eight sleep users fall asleep up to 32% faster. It also reduces your sleep interruptions,

SPEAKER_231: according to our friends at eight sleep by 40%. You can overall get more restful sleep. When I sleep

SPEAKER_92: on a bed that doesn't have eight sleep, I don't sleep as well. Period. End of story. So go to eight sleep.com slash twist to check out the pod pro cover, get a special holiday offer. You're gonna love it. Just trust me. I love it so much. I put it. I put a little placed a little bet. I wet my beak. I

SPEAKER_231: invested a little bit in eight sleep. A lot of my friends are investors in eight sleep as well.

SPEAKER_17: Great job. Okay, funniest moments. Now we can get the other side. This is you know,

SPEAKER_00: the fans love when I do an impersonation. So the first one is my Melania Trump NFT impersonation.

SPEAKER_12: The second is the greatest CNBC hit of all time. You know what my favorite is. And three is Howard

SPEAKER_128: Lindzen absolutely busting my chops relentlessly. I believe he called me a Nazi or had a Nazi haircut or something. He's absolutely savage to me on Twitter. Uh, let's just roll the highlights

SPEAKER_232: because there are so many funny moments. We're laughing on the show. The NFT is watercolor art

SPEAKER_192: that quote embodies Mrs. Trump's cobalt blue eyes, providing the collector with an amulet,

SPEAKER_92: an amulet to inspire. Also includes an audio recording of Melania, uh, Trump. And here it is.

SPEAKER_235: A message of hope from Melania Trump. My vision is look forward with inspiration, strength,

SPEAKER_237: and courage. My vision is look forward and be inspired. My vision is who? My vision is divorce Donald forward with inspiration and get Marlago as a settlement. It's just so brutal. Uh, so you can buy

SPEAKER_241: this. I think she's going to do it every day. Uh, I think it's pretty awesome. I got to admit,

SPEAKER_116: like, I don't want to be one of 10,000 apes, but kind of do want to own one of these. And I think

SPEAKER_239: she should cameo it. So it should be like, this is special inspiration to this week in startup steam.

SPEAKER_240: Be your best. Your boss is insufferable, but be best. This is legitimate art.

SPEAKER_244: All right. Yeah. So, well, upstart's up about 25% just in four days since we, since we bought it, we bought it on, uh, about four days ago. Uh, so that's actually made a nice little move in the short term, probably a little extended right now, but longer term, uh, that that's a, that's a, a good looking, uh, name, uh, very powerful and very strong earnings. These stocks are,

SPEAKER_247: What do they do? I don't even know them. What do they do? Uh, excuse me?

SPEAKER_250: What does upstart do? Uh, well, I'm, I'm, I'm sorry. What kind of company is it? Yeah. I'm not, you're, you're breaking up. Oh, uh, well, I guess we, we've got an audio

SPEAKER_56: problem there, Mark. I'm sorry. What you saw there was, you know, he's having a panic attack.

SPEAKER_203: Obviously he, he's recommending a stock on national television without even knowing what they do. I mean, this is the height of insanity, but you literally could just visit their website and know what they do. Do you do any prep for coming on CNBC? As someone who doesn't even love,

SPEAKER_254: like you that much. Don't do that. Don't even do that. Don't even do that. We like each other,

SPEAKER_256: remind each other too much of each other. And that's why we fight. What is it like siblings?

SPEAKER_259: No, I just don't like your haircut. Really? I've felt that haircut was a little third Reich.

SPEAKER_260: I've always felt it was a little third Reich. Ah, I got it. So, you know, it's interesting. You bring that as a Jew. I always worried that that haircut has interesting. You bring up

SPEAKER_115: the Nazis. I didn't say, you said it. Oh my God. It is so brutal. That was so brutal. All of them are so brutal. Um, and Mark, uh, Minervini, his people emailed me actually. And so I'll take them

SPEAKER_12: at their word that there were in fact audio issues. It's obvious that you do zero research and know little about the people you smear on your show. And it's smear. The host of CNBC and the producer already acknowledged that there was an audio issue during Mark's October 15th and appearance an issue that started before the thing as results. CNBC took down the replay of the interview from the YouTube channel. Maybe you should be interviewed. Maybe you should have interviewed somebody at CNBC first, or at least given Mark an opportunity to respond before you try to tarnish a stellar reputation. Certainly was bad timing appeared that Mark drew a blank, but the fact is simply had the audio break up and let the host know he wasn't expecting the interview to end that. So, uh, anyway, um, I don't believe them. If I'm being totally honest, that sounds like, but I'll take them at their word. Sure. Why not? We'll take them at their word. That's true. That's what we'll do. All right. Sorry, Mark.

SPEAKER_116: Sorry, Mark. I don't believe your PR people. I mean, it's just obvious. Just own it. Be like,

SPEAKER_10: one of my people bought it. I should have known that was a mistake. But you know, everybody's a tough

David Friedberg: guy wants to be on CNBC. They want to throw stuff out there. You got to be able to bring it. You should know something. You have to have skin in the game. If you're just buying stocks because they're

SPEAKER_120: momentum stocks, say it, say I bought it because it had momentum on wall street bets. And I thought,

David Friedberg: let me see if I can just get 10% out of this. So I'm just going to buy it on a momentum play. I mean, that's a total, there are people who are technical traders who just look for certain chart things. That's a way of trading. There are people who trade just based on

SPEAKER_00: flash trading or whatever they call it. You know, there's all kinds of trading concepts out there.

SPEAKER_17: You don't have to know. Anyway, it's a hard one for me. For me, the funniest moment is the greatest NBC hit of all time. But let's see who my producers and the audience picked.

SPEAKER_272: Okay. All right. This envelope's opening up pretty easily. There you go. Super eat. That's the way

SPEAKER_116: you pack an envelope. Okay. And people seem to love my Melania Trump NFT impersonation. Okay, fine. I like my Bernie Sanders. But okay, if you like. Bernie, you're a terrible person, Bernie. You

SPEAKER_277: want to take all the taxes from Donald. He's not actually that rich and you want to tax him like he's a billionaire. He's only worth 200 million. He's 800 in debt. All right, enough. Here we go.

SPEAKER_17: Best reoccurring guest of the year. As we wrap up here, best reoccurring guest of the year, Ben and David from acquired five appearances. Zach Coleus on Ask an Angel, eight appearances,

SPEAKER_112: neck and neck here. And let's play a quick clip. What is the biggest missed investment opportunity

SPEAKER_12: you're willing to admit? And why did you pass on them? The anti portfolio classic question. I always

SPEAKER_279: talk about Twitter and Zynga. What are yours? The one I talk about is Uber. So like, I met Uber when it was an idea. And Travis, I had this huge debate about whether or not he would be able to make it work. And I was like, Look, the taxi lobby is going to crush you. There's not a chance like you're, you're fighting with laws and corrupt bureaucrats here, you're gonna get killed. And he's like, I'm a fighter, I'm gonna win this. And it actually taught me. You identified the key. You literally identified the key risk factor. Yeah, yeah. But the thing for me that taught me is that like, the best, most exciting startups are the ones that have really clear normative violations. And the normative violation was, Can you succeed in violation of the rules that these dumb cities have put in place and the corruption that they have, and he demonstrated that it's possible. And so now when I look at other deals that have like normative violations like that, I think, Okay, maybe this there's this thing that obviously is going to cause them to die. But what happens on the other side, and there it was super clear, like you push a button and you get a car. Oh, my God, that's like the most valuable thing ever. And so the other side of the normal evaluation was just unlimited value creation.

SPEAKER_283: Warren's whole thing that you hear him say over and over and over again, all the time, never bet against America, you know, America's future. And he has been a master at taking the long view on that, whatever is going to happen in any given year, any given cycle, just like we saw in crypto here, you know, like, it's all noise in the long run. And you believe that I for our lifetime view, I'm not sure it's necessarily America is the domain that it applies to anymore. It may, it may not. I don't have a view one way or the other.

SPEAKER_287: In that the market is bigger than America, but American exceptionalism will continue. Do you believe it will continue through our lifetime?

SPEAKER_290: Well, I think it applies to the internet now. I think it applies to the internet, obviously. This is the Rosenthal doctrine, is not never bet against America, but never bet against the internet. Exactly.

SPEAKER_287: Oh, I like that. I like that. I would agree with both of those statements.

SPEAKER_294: All right. And the winner is, oh, here we go.

SPEAKER_241: Wow. Okay. Acquired FM, amazing job. I can see the acquired right as I ripped open the envelope.

David Friedberg: I have to say, Zach did an equally good job, but the audience went with acquired this year. You know,

SPEAKER_115: just being nominated is such a blessing, but great job to the acquired FM team. Great podcast and great collaborators with this week in startups. Okay. Here we go. It's the big one.

David Friedberg: Guest of the year. The guest and episode of the year, the nominees are Toby Lutke from Shopify,

SPEAKER_00: JB Schraubel, former co-founder of Tesla, now doing his own new battery recycling company, Redwood Materials. Ah, yes. And Coffeezilla. In the heat of the pandemic, I had destroyed all of the

SPEAKER_295: coaching and course scammers. Toby from Shopify is back. Number one priority is, let's go build the

SPEAKER_296: best product we can possibly build. And then priority number two is, let's make some revenue so that we can do more of priority number one. And then actually priority number three is never mix one and two. Right. And so I think that's brilliant. If you really look at, because that seems to be the commonality, right? It's like, there's a reason why this is done, like why the company is built and what it's standing for. Like, but you don't drive a car just to burn fuel, you burn it. Right? Yeah. You're not in it for that combustion engine. We're not opening the hood and be like, wow, look at how it's

SPEAKER_299: burning gas. It's like, where did it take us? Welcome to the program, JB. Hey, great to be here. Thanks

SPEAKER_301: for having me. So many different OEMs, you know, countries, you know, factories, customers are leaping into EVs, you know, making these huge announcements, you know, saying they'll be fully electric in their fleet, you know, this decade or next, they haven't, I think, really done the math fully on, you know, what that entails in the supply chain and tracing it all the way back, literally all the way back to the mines. You know, it has the feeling to me of kind of a giant overbooked flight, you know, everybody's saying they want to go there at the same time. Meanwhile, you know, we have to sort of build the planes to get there, we have to, you know, figure out how to, you know, sequence everyone, you know, it can all get sorted out over time. But, you know, obviously, we're trying to do this fast as a society and as a species, I do think, you know, we're going to have a really painful time of it. And, you know, it won't be just a simple battery shortage, I think it's going to kind of ripple through different parts of the supply chain, you know, it may at one point be nickel shortages, maybe it'll be cathode shortage, maybe another day, it'll be separator shortage.

SPEAKER_307: I am here with Steven from the most amazing YouTube channel that I love to watch. It's called

SPEAKER_51: CoffeeZilla. Can we form a super team, the Justice League, and we go after the legion of doom scammers, and we find the victims? Have you ever ever gotten one of them on camera to interview? Because I'm

SPEAKER_310: getting them DMing me. It's, it's one of my most viral videos is a Dan Lok video of this teacher who quit his job, sunk 26k into this, into Dan Lok's course. And it's, it describes a cycle of the upsell because first it's high ticket closer. Then it's, that's not enough. I'm not making any money. I thought I was making money. So I'm going to join closers in black. Then, okay, wait, wait, closers in black, isn't making any money. Maybe I should go join high ticket millionaire or whatever. He's got like a million upsells, right? Because it's all about getting people keep buying in, buying in, you need that back in. So it describes the process of this victim. And I call him a victim because he literally was out 26k. He thought he was bad off before as a teacher. Then he was without a job, out of 26k. So you do this and these are really powerful interviews.

SPEAKER_17: All right. There you have it, folks. Three amazing interviews. But for the guest at episode of the year, there can only be one winner.

SPEAKER_241: Let's open the envelope. The winner is, ah, I see a T it's Toby, Toby from Shopify. This is one for the ages. Although I have to say the coffee Zillow episode was also great. JB was killer. Coffee

David Friedberg: Zillow episode. I looked so fat in my God, I was 198 or 199 pounds in that. But the Toby episode,

SPEAKER_00: episode number 1184 of this week in startups, his second appearance, I think, or third appearance on the show. What a great, great, great guest that's required listening or watching for anybody in the internet space. So let's go, ah, with our newest category, new for this year, because we're doing

SPEAKER_17: so many live streams. The Nody member of the year. The candidates are Walton Dornish, who sends me a lot of emails with a lot of great ideas. Bob G, the OG, Toby Zhang, Serge Dog, ENIAC78, Brandon Francis, Lita, and Joe Chadhari. These are all members of the Nody gang. When I go live, they're in there

SPEAKER_00: every time within seconds and minutes. Sometimes we even think that they have a bot. And the winner is for Nody gang member of the year. Drum roll, please. Oh, here we go. All right, let me open the

SPEAKER_61: envelope. Oh, wait. What do I see? I see an E. I see an E. I see another E. I see a G. Oh my God, it's Bob G. Oh, gee. Bob G wins Nody gang member of the year. What a great job from Bob G, the OG,

SPEAKER_17: because he gave us so many great questions. All right. Next up, the producers and I will talk about in the after party, we're going to go to the cocktail lounge and we'll have the after party where we will discuss what happened tonight. We're all going to get out of these tuxedos, put on some casual clothes and go over to the party hosted by just a cavalcade of celebrities.

SPEAKER_294: And here we are. We're at the after party, people milling about. All right, producers,

David Friedberg: Nick, what was your favorite moment from the show in the past year?

SPEAKER_211: So, um, my favorite moment was, it was episode 1242. The new story on that episode, uh, was the next door back, um, breakdown. And this was the first thing that I, I did that I was like, oh, all right, this is cool. I found in like, you know, a byline of a byline of a appendix that net next door is, um, the way that they count their daily and monthly active users is if someone opens an email. Yeah. And I was like, wow, that's kind of weird. A little aggressive. We, yeah. And then,

SPEAKER_318: so you talked about it. Then the next day, Alex Wilhelm from TechCrunch also found the same thing. He talked about it and then it kind of became like a story that like, Hey, why is that interesting?

SPEAKER_323: So that was, that was a great moment for you as a producer to, to, to add something to the mix.

SPEAKER_17: Yes. This was a selfish choice. Fantastic. Yeah. No, I like it.

SPEAKER_115: Justin, did you have a favorite, uh, moment from the show this past year?

SPEAKER_326: Yeah, I really liked Everett Randall episode 1207. Uh, we were discussing his article on tiger global and him probably only being a few years older than me. It kind of,

SPEAKER_327: uh, the, the, the, yeah. Inspiring the, the depth that he understood the topic and how he kind of pierced the, the VC Randall founders fund. Yeah. Great discussion too. Great discussion. Rachel,

SPEAKER_125: uh, you've been with us, uh, only for half the year, I think, but what was your, your best moment and congratulations on the studio looking good.

SPEAKER_329: Thank you. Yeah. It got really dark while we were recording. It promises a lot later about an hour

SPEAKER_330: ago. So my favorite episode from this year was actually from before I came here. It was angel, uh, season five, episode eight with Gary Tan on lessons from startup failures. I just thought he was really well articulated and I'm a huge Gary Tan fan. So that was just really awesome to see.

SPEAKER_00: All right. Now, favorite thing about working on the podcast. Uh, it's a great job. Everybody wants to come work here on the podcast and sacrifice their entire life to make me look good. Everybody

SPEAKER_122: knows that. So, uh, what was your favorite moment in all seriousness, uh, about working here, Nick?

SPEAKER_211: So I really liked how this year, a little bit towards the end of last year, we, we started to go on this route, but originally for people that don't know, for people that don't know, or just want someone that wants background, like producing here was just doing show notes for guests. We never did the news. Right. And we never did dug into S1s. We never dug into SPAC investor presentations, nothing like

SPEAKER_115: that. And at the end of last year. We would do a news round table and the news round table would kind of serve that function. We'd have two journalists on to talk about their stories.

SPEAKER_211: Right. But I guess I'm saying we, even in those cases, the store, we'd more so talk about what they wanted to talk about instead of like, Hey, this is something interesting. Here's where you should be looking. Right. Got it. And we started doing that. So I love that. And I really like, and we, when we had old news round tables, like we would never be going through and like, Hey, here's our last three months of revenue. Here's their price to sales ratio. Uh, here's how much money they have in the bank. Here's how much runway they have. If they're burning this much last quarter and like doing all these crazy calculations, which I love doing. I think it's so much fun. Um, and now, uh, I actually you too, you pushed us to, um, even when there's like a fraud, like I remember for app Annie, um, or alleged fraud, you were like, Hey, explain this simpler. I, I don't, I, I need to know what they do in one sim one sentence. It's super simple. So now, so anytime we cover a fraud or we go through an S one or a spec presentation, we have to explain the business almost like we work there in the most simple, easy, basic way. And we like, I feel like I

SPEAKER_217: understand all these businesses now, like 10 years ahead of where I should be because of how far you push us

SPEAKER_115: on these things. Right. So it's great. Awesome. Uh, Justin, did you have one, uh, favorite thing about working here the past year? This is your chance to suck up to the boss. I mean, obviously my weight loss has been inspiring, but I, I, I want you to pick something after that.

SPEAKER_326: My favorite thing from the last year was learning how to communicate, uh, effectively, uh, to you who has less patience than other people I've worked with, which is good because, uh, that, that definitely

SPEAKER_340: less patience is a virtue, I think, in media business. A bold choice. So dealing with me as a

SPEAKER_265: boss and learning how to communicate efficiently. When I say, please just answer the question,

SPEAKER_115: please just give me the answer to the question. Don't make excuses. Just, I didn't do it. I up, I screwed up, whatever it is, just own it. Let's move forward. Cause we don't have time. It's a daily show we're producing every day. Great job. It's been great to work with you, Justin.

SPEAKER_125: Um, you got a month severance and, uh, two months of Cobra if you left. Better CEO.

SPEAKER_330: Uh, and Rachel. My favorite part was probably learning how to become a single threaded leader.

SPEAKER_345: I don't think I have ever had this much, um, leadership opportunity before in a role, considering it's basically like my first role out of college. So I think that's really cool getting to be able to do research for okay. Boomer. And of course, everything with meetups, it's been,

SPEAKER_122: it's been really cool. Absolutely. We like to put people in charge of stuff. We take people who are starting their careers, you know, just in the first couple of years or the first job, we throw them right in the deep end of the pool. And then we give a couple of cinder blocks and we

SPEAKER_81: watch them sink. Uh, then we tell them they can let go of the cinder blocks and come back and get

David Friedberg: some air. All right, Charles, what about you? Uh, favorite part about, uh, working here, you were off for a little bit during the pandemic, but you're back and you're in the zone. Uh, any, any great

SPEAKER_349: memories from the air. It's that, you know what, it's difficult to give any single moment. Working here is challenging and wonderful. Um, I think just generally speaking, I would say that, um, the way that you push us, the way that you challenge us every single day, you expect a one every single day. And then when we deliver a one, you're like, why have you not got a one star plus plus plus? I don't get it. You know, use your brains, get it going. What's next? You're like, let's go. Okay. I have

SPEAKER_12: to just push it. Uh, you know, we, uh, we, we really try to make the show, uh, really great for the audience. We try to make it so it's worth your time. And I couldn't do it without this incredible

SPEAKER_122: team. And then of course, Matt and Jamie helping sell the ads. And then of course, on the investment

SPEAKER_115: side, everybody involved, you know, Ashley, Jackie, Heidi, Amber, Presh, Marine, uh, Karen, and Kelly joining us recently. And, uh, we'll welcome Molly in the new year to be part of the team. I think I got everybody. Yeah. Oh, Andreas is new. Yes. Uh, I, I, he's only been here like two or three months. I don't remember anybody's name until month four. That's just part of the gig.

SPEAKER_122: I just, I'm like, show me something first. Then I'll remember your name. I'm joking.

SPEAKER_211: And basically to, to work at launch, you, you first have to prove your worth and then Jason's like,

SPEAKER_357: okay, you work here. Okay. It's, it's almost like you get a paycheck, but you don't actually really get any acknowledgement until you actually put a number on the board. And then Jason's like, Oh, okay. You, you, I, I did some things. Congratulations. Yeah. Well, I mean, it's a,

SPEAKER_115: it's a group of, uh, high performance people and they hold each other accountable and the product

SPEAKER_122: speaks for itself, whether it's on the investment side or the podcasts we do, you know, hopefully, you know, just trying to be one or 2% better every week means, you know, every year the product is twice is good. And we really feel like we, um, I really feel like the team did a great job this year on

SPEAKER_12: this week in startups products, obviously getting better. The meetups, the guests, the formats of the show, the quality, the quantity of the show launching all in as a side project. I mean, just incredible. Great job, everybody. And we will look forward to seeing you in the new year. Bye-bye.