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# Harness CEO David Snider: Unlocking tax secrets
- URL: https://www.ceo.com/episodes/harness-founder-ceo-david-snider/
- Published: 2025-04-08T10:00:08.000Z
- Updated: 2026-08-28T01:29:36.000Z
- Description: The founder and CEO of Harness on parole judges, sleep, and why the hardest conversation belongs at 9 a.m.
- Author: Clint Betts

# David Snider thinks you're doing taxes backward

Most people meet their taxes once a year, in the spring, looking backward. David Snider, the founder and CEO of [Harness](https://www.harness.co/?ref=ceo.com), thinks that is the whole problem. "The historical view of tax was that of a historian," he said on the CEO.com Podcast. "You get materials in 2025 related to the calendar year 2024\. There is not a lot you can do." The best time to get tax advice is the months when nobody calls their accountant.

Snider was CFO and COO of Compass during its first half-decade, helping grow the real estate company from pre-launch to a $1.8 billion valuation. Before that, he was an investor at Bain Capital. He has a Harvard MBA. None of it saved him. "Every three to six months, I'd find stuff that I'd screwed up," he told the CEO.com Podcast. "Not that I'd missed some great investment, but I just hadn't known about some subtlety in the retirement account structure, the tax practice with equity comp, whatever it was."

The company he built to fix this borrows its central lesson from Compass, which launched with a model meant to eliminate the real estate agent. Within months, the team realized they had the wrong villain. "It was not the advisor that needed to be replaced or improved," Snider said. "It was the brokerage or the platform that they were using, associated with, and paying a third of their economics to." Harness, which he [co-founded in 2018](https://techcrunch.com/2021/06/28/harness-wealth-raises-15-million-to-democratize-the-power-of-family-offices/?ref=ceo.com) with Katie Prentke English after incubating the idea as an executive-in-residence at Bain Capital, applies the same logic to tax advisors. The company has raised [$36 million](https://www.alleywatch.com/2024/03/financial-advisory-tax-planning-marketplace-builders-equity-employees-david-snider/?ref=ceo.com), most recently a [$17 million round](https://techcrunch.com/2024/03/05/harness-wealth-wants-to-bring-sophisticated-tax-planning-to-the-masses/?ref=ceo.com) announced alongside Harness for Advisors, its software for the advisors themselves.

On the podcast, Snider described the government's own free-filing effort as well-intentioned but politically frozen. He was right. The IRS [told states in November 2025](https://www.nextgov.com/digital-government/2025/11/direct-file-wont-happen-2026-irs-tells-states/409309/?ref=ceo.com) that Direct File would not return for the 2026 filing season, with no future launch date set.

Snider runs his own days on a piece of research he cannot stop thinking about, a [study of Israeli parole judges](https://www.pnas.org/doi/10.1073/pnas.1018033108?ref=ceo.com) that found favorable rulings dropped from roughly 65 percent to nearly zero as sessions wore on, then snapped back after a break. Depleted judges default to no. So Snider guards his mornings for the hardest thinking and the hardest conversations, a habit he credits to a business school professor who had run human capital at Morgan Stanley. And he sleeps. "Try really hard to be consistent in sleep," he said, "and not feel like you're a better warrior, hero or business leader if you only sleep four hours a night."

He is candid about his politics, a Democrat who spent his early Bain Capital years hearing the older partners talk about Mitt Romney. What stuck with him was not the politics but the arithmetic. Romney made hundreds of millions building the firm, then walked away. Had he stayed, Snider figures, it would have been tens of billions. Being there at the beginning does not mean you capture most of what you create.

Snider never planned on any of this. He majored in public policy at Duke, worked on Capitol Hill, and left when he saw how much of a political career depends on luck. Before he turned 25, he co-wrote [Money Makers](https://books.google.com/books/about/Money%5FMakers.html?id=0Q0m4o0lJ6YC&ref=ceo.com), a book on the finance industry that he admits was "largely a Trojan horse to interview people I thought I might want to work for." When it came time to leave investing, he listed six criteria for his next job: real impact on the organization's trajectory, a growing business, managers he respected, an industry he found interesting, New York, and pay tied to performance. He figured four of six would make him happy. Compass was six of six.

The CEO.com Podcast ends every conversation the same way, asking who gave the guest a chance, believing that the chances one gives are just as important as the chances one takes. Snider's answer was Tom Seaman, an ex-McKinsey consultant who had bought a shoe company and hired a Duke sophomore on a family friend's word. Snider organized the storage closet. He wrote one-page summaries of patents the company owned but would never use. The unimportant work, done carefully, turned into important work, and by the end he was helping lead preparations for a civil trial. He mentors a Duke undergrad now.

```chapters
00:00:00 Introduction to David Snider
00:00:59 The Genesis of Harness Wealth
00:03:02 Common Tax Mistakes by Entrepreneurs
00:05:38 A Day in the Life of David Snider
00:09:43 Early Career Aspirations and Journey
00:13:47 The Six Criteria for Choosing a Career
00:18:08 AI's Impact on Finance and Tax
00:21:01 Thoughts on Tariffs and Economic Policy
00:25:45 The Private Sector Approach to Government Efficiency
00:30:22 Raising a Series A and Fundraising Advice
00:33:10 The Importance of Mentorship
```

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Well,<00:03:21.535> I<00:03:21.600> think<00:03:21.945> on<00:03:22.110> the<00:03:23.181> individual<00:03:23.955> side,<00:03:24.972> for<00:03:25.132> most<00:03:25.373> people,<00:03:26.015> taxes<00:03:26.416> is<00:03:26.497> kind<00:03:26.673> of<00:03:26.770> like<00:03:27.781> an<00:03:27.861> unpleasant<00:03:28.423> burden<00:03:28.744> you<00:03:28.889> have<00:03:29.049> to<00:03:29.210> deal<00:03:29.370> with<00:03:29.547> once<00:03:29.868> a<00:03:30.012> year.

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Um,<00:03:31.553> and<00:03:31.634> there's<00:03:31.746> like<00:03:31.971> this<00:03:32.179> crunch<00:03:33.159> around<00:03:33.400> this<00:03:33.560> time<00:03:34.042> or<00:03:34.122> this<00:03:34.282> time,<00:03:34.587> and<00:03:34.668> then<00:03:34.748> a<00:03:34.764> little<00:03:35.005> bit,<00:03:35.390> you<00:03:35.486> know,<00:03:35.647> in<00:03:35.727> the<00:03:35.808> fall<00:03:36.145> if<00:03:36.353> you're<00:03:36.514> an<00:03:36.594> extension<00:03:37.092> filer,<00:03:37.477> et<00:03:37.557> cetera.

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And<00:03:38.681> the<00:03:39.660> best<00:03:39.965> time<00:03:40.222> to<00:03:40.367> actually<00:03:40.704> leverage<00:03:41.105> good<00:03:41.266> tax<00:03:41.603> advice<00:03:42.213> is<00:03:42.550> outside<00:03:43.031> of<00:03:43.176> those<00:03:43.353> peak<00:03:43.577> seasons.

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You<00:03:44.107> know,<00:03:44.219> that's<00:03:44.396> when<00:03:44.557> the<00:03:44.653> advisors<00:03:45.183> have<00:03:45.423> more<00:03:45.584> time<00:03:45.841> to<00:03:45.985> consult.

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And<00:03:46.627> so<00:03:47.286> thinking<00:03:47.847> about<00:03:48.233> it<00:03:49.051> more<00:03:49.533> like,<00:03:50.175> you<00:03:50.271> know,<00:03:50.496> financial<00:03:50.978> advisory<00:03:51.459> where<00:03:51.556> there's<00:03:51.764> kind<00:03:51.909> of<00:03:51.957> like<00:03:52.118> a<00:03:52.246> quarterly<00:03:52.663> check-in<00:03:53.209> and,<00:03:53.530> you<00:03:53.562> know,<00:03:53.771> what<00:03:53.867> are<00:03:53.932> the<00:03:54.028> opportunities<00:03:55.376> What<00:03:55.424> are<00:03:55.456> you<00:03:55.552> thinking<00:03:55.857> about<00:03:56.113> doing?

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I<00:03:56.306> mean,<00:03:56.675> the<00:03:58.117> historical<00:03:58.983> view<00:03:59.239> of<00:03:59.400> tax<00:04:00.041> was<00:04:00.201> sort<00:04:00.378> of<00:04:00.442> that<00:04:00.618> of<00:04:00.746> a<00:04:00.907> historian.

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You<00:04:02.285> get<00:04:02.670> materials<00:04:04.353> in<00:04:04.610> 2025<00:04:05.716> related<00:04:06.053> to<00:04:06.133> calendar<00:04:06.453> year<00:04:06.614> 2024,<00:04:07.880> not<00:04:08.073> a<00:04:08.137> lot<00:04:08.922> you<00:04:09.082> can<00:04:09.259> do<00:04:09.483> outside<00:04:09.900> of<00:04:10.365> optimizing<00:04:11.679> certain<00:04:12.705> approaches<00:04:13.267> to<00:04:13.667> a<00:04:13.731> few<00:04:13.844> different<00:04:14.132> things.

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And<00:04:15.335> the<00:04:15.415> proactive<00:04:15.848> approach<00:04:16.168> is<00:04:16.296> really<00:04:16.537> where<00:04:17.354> value<00:04:17.755> gets<00:04:18.220> unlocked,<00:04:19.022> I<00:04:19.118> think,<00:04:20.064> in<00:04:20.320> the<00:04:21.487> small<00:04:22.236> or<00:04:22.399> closely<00:04:22.888> held<00:04:23.213> business<00:04:23.686> owner<00:04:23.865> community<00:04:25.151> is<00:04:25.314> where<00:04:25.477> there<00:04:25.640> is<00:04:25.803> the<00:04:25.835> most<00:04:26.699> flexibility,<00:04:29.327> let's<00:04:29.505> just<00:04:29.666> say,<00:04:30.152> in<00:04:30.233> the<00:04:30.313> way<00:04:30.556> that<00:04:30.718> people<00:04:31.834> structure<00:04:32.821> how<00:04:32.983> they're<00:04:33.128> paid,<00:04:34.746> how<00:04:34.908> they<00:04:35.005> put<00:04:35.167> money<00:04:35.409> aside<00:04:35.798> for<00:04:35.959> retirement,<00:04:37.470> how<00:04:37.502> they<00:04:37.582> potentially<00:04:38.632> compensate<00:04:39.197> family<00:04:39.358> members,<00:04:39.745> which<00:04:39.923> is<00:04:40.020> a<00:04:40.165> particularly<00:04:40.891> popular<00:04:41.779> thread<00:04:42.166> on<00:04:42.408> TikTok<00:04:42.973> and<00:04:43.554> Instagram<00:04:44.055> of<00:04:44.184> tax<00:04:44.426> savings<00:04:44.765> things,<00:04:44.991> et<00:04:45.023> cetera.

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And<00:04:46.621> so<00:04:46.947> the<00:04:47.034> more<00:04:48.367> flexibility<00:04:49.193> that<00:04:49.420> you<00:04:49.517> have<00:04:50.149> with<00:04:50.392> your<00:04:51.380> compensation,<00:04:52.109> investment<00:04:52.514> income,<00:04:52.774> et<00:04:52.903> cetera,<00:04:54.037> the<00:04:54.118> more<00:04:54.361> opportunity<00:04:54.783> there<00:04:54.945> is<00:04:55.350> to<00:04:56.063> make<00:04:56.241> sure<00:04:56.419> that<00:04:56.662> structures<00:04:56.970> are<00:04:57.100> set<00:04:57.213> up<00:04:57.374> to<00:04:59.054> optimize<00:04:59.555> those<00:04:59.781> things<00:05:00.023> for<00:05:00.346> you.

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And<00:05:00.604> then<00:05:01.537> I<00:05:01.557> think<00:05:01.654> the<00:05:01.800> other<00:05:01.913> mistake<00:05:02.300> that<00:05:02.462> people<00:05:02.720> make<00:05:03.092> is<00:05:04.397> not<00:05:04.799> thinking<00:05:05.137> about<00:05:05.459> stuff<00:05:05.845> until<00:05:06.908> they're<00:05:07.052> going<00:05:07.149> to<00:05:07.229> sell<00:05:07.471> a<00:05:07.551> business<00:05:08.179> or<00:05:08.356> they're<00:05:09.225> having<00:05:09.563> a<00:05:09.643> liquidity<00:05:10.030> event<00:05:10.287> personally,<00:05:10.834> et<00:05:10.915> cetera.

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And<00:05:11.478> generally<00:05:11.977> speaking,<00:05:14.162> thinking<00:05:14.418> about<00:05:14.755> taxes<00:05:15.348> last<00:05:15.669> year<00:05:16.085> in<00:05:16.406> the<00:05:16.486> next<00:05:16.727> calendar<00:05:17.111> year,<00:05:17.849> there's<00:05:17.993> a<00:05:18.089> lot<00:05:18.474> less<00:05:19.131> that<00:05:19.275> even<00:05:19.452> the<00:05:19.596> best<00:05:19.852> advisors<00:05:20.333> can<00:05:20.494> do<00:05:20.654> for<00:05:20.958> you<00:05:21.840> if<00:05:22.016> you're<00:05:22.241> doing<00:05:22.802> all<00:05:22.898> the<00:05:23.042> thinking<00:05:23.363> about<00:05:23.684> it<00:05:24.261> when<00:05:24.405> the<00:05:24.485> transaction<00:05:25.206> is<00:05:25.367> imminent<00:05:25.784> or<00:05:25.880> the<00:05:26.008> cash<00:05:26.248> has<00:05:26.361> already<00:05:26.569> hit<00:05:26.729> your<00:05:26.826> bank<00:05:27.002> account.

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And<00:05:28.252> so<00:05:29.054> the<00:05:29.134> more<00:05:29.246> that<00:05:29.326> you<00:05:29.454> can<00:05:29.551> do<00:05:29.775> early,<00:05:30.256> the<00:05:30.352> more<00:05:30.593> value<00:05:30.913> that<00:05:31.138> gets<00:05:32.115> created.

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Yeah,<00:05:33.318> that's<00:05:33.558> interesting.

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Yeah,<00:05:34.488> that<00:05:34.552> makes<00:05:34.776> a<00:05:34.825> lot<00:05:34.905> of<00:05:34.937> sense.

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What<00:05:36.684> does<00:05:36.780> a<00:05:36.844> typical<00:05:37.165> day<00:05:37.341> look<00:05:37.502> like<00:05:37.726> for<00:05:37.806> you?

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I've<00:05:38.624> got<00:05:39.329> two<00:05:40.772> young<00:05:41.012> boys,<00:05:41.718> one<00:05:41.814> and<00:05:41.910> a<00:05:41.958> half<00:05:42.615> and<00:05:42.840> three.

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So<00:05:43.321> there's<00:05:43.577> definitely<00:05:43.898> an<00:05:43.962> adjustment<00:05:44.779> of<00:05:44.859> sort<00:05:45.020> of<00:05:45.084> this<00:05:45.421> era<00:05:45.741> of<00:05:45.950> life<00:05:46.207> versus<00:05:47.348> 3.5<00:05:47.910> years<00:05:48.215> ago.

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One<00:05:50.738> of<00:05:50.786> my<00:05:50.963> board<00:05:51.268> members<00:05:52.634> gave<00:05:52.875> me<00:05:53.052> a<00:05:53.936> book<00:05:54.257> recommendation<00:05:54.820> maybe<00:05:55.045> a<00:05:55.270> year<00:05:55.382> ago,<00:05:56.091> and<00:05:56.285> of<00:05:56.494> course<00:05:56.575> I'm<00:05:56.832> forgetting<00:05:57.235> the<00:05:57.300> name<00:05:57.493> of<00:05:57.558> the<00:05:57.719> book,<00:05:57.960> but<00:05:58.186> really<00:05:58.363> around<00:06:00.619> why<00:06:00.941> sleep<00:06:01.409> is<00:06:01.521> so<00:06:01.747> important<00:06:02.295> sort<00:06:02.553> of<00:06:02.633> across<00:06:03.181> all<00:06:03.213> sorts<00:06:03.519> of<00:06:03.810> things,<00:06:03.987> aging,<00:06:04.407> cognitive<00:06:04.826> ability,<00:06:05.294> decision-making,<00:06:06.085> et<00:06:06.117> cetera.

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There<00:06:07.392> was<00:06:07.554> also<00:06:08.183> an<00:06:10.055> article<00:06:10.394> that<00:06:10.523> I<00:06:10.540> was<00:06:11.427> given<00:06:11.669> in<00:06:11.831> business<00:06:12.218> school<00:06:12.315> I<00:06:12.331> remember<00:06:12.638> about<00:06:13.556> the<00:06:15.017> decision-making<00:06:16.060> capabilities<00:06:16.702> that<00:06:16.846> we<00:06:17.007> have<00:06:17.263> and<00:06:17.328> how<00:06:17.424> they<00:06:17.504> diminish<00:06:17.905> throughout<00:06:18.788> the<00:06:18.932> day.

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It<00:06:20.312> was<00:06:20.569> a<00:06:20.633> study<00:06:21.035> of<00:06:21.339> judges<00:06:21.917> and<00:06:22.142> parole,<00:06:23.105> which<00:06:23.217> is<00:06:23.265> one<00:06:23.361> of<00:06:23.442> these<00:06:23.602> very<00:06:23.843> binary<00:06:24.388> things.

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And<00:06:25.207> the<00:06:25.367> percent<00:06:26.956> of<00:06:27.213> inmates<00:06:27.678> that<00:06:27.855> got<00:06:28.160> paroled<00:06:29.283> was<00:06:29.524> dramatically<00:06:30.246> higher<00:06:30.438> across<00:06:30.823> a<00:06:31.064> really<00:06:31.417> long,<00:06:31.786> large<00:06:32.107> data<00:06:32.332> set<00:06:33.214> in<00:06:33.295> the<00:06:33.391> morning<00:06:34.498> relative<00:06:34.915> to<00:06:35.012> the<00:06:35.076> end<00:06:35.140> of<00:06:35.236> the<00:06:35.317> day,<00:06:35.702> because<00:06:37.419> it's<00:06:37.563> much<00:06:37.948> easier<00:06:38.366> to<00:06:38.510> go<00:06:38.574> with<00:06:38.655> the<00:06:38.687> default<00:06:39.008> decision,<00:06:39.409> which<00:06:39.569> is<00:06:39.730> no,<00:06:40.340> in<00:06:40.468> the<00:06:40.596> case<00:06:40.853> of<00:06:40.933> this,<00:06:41.174> or<00:06:41.254> a<00:06:41.271> lot<00:06:41.431> of<00:06:41.495> things<00:06:41.720> that<00:06:41.816> we<00:06:41.977> do.

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And<00:06:43.100> it<00:06:43.165> takes<00:06:43.502> more<00:06:43.662> mental<00:06:44.048> capacity<00:06:44.529> to<00:06:44.609> think<00:06:44.802> about,<00:06:44.946> okay,<00:06:45.251> yes,<00:06:45.589> affirmatively<00:06:46.134> doing<00:06:46.391> something.

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And<00:06:46.873> so<00:06:47.114> number<00:06:47.354> one,<00:06:48.478> try<00:06:48.703> really<00:06:48.943> hard<00:06:49.136> to<00:06:49.200> be<00:06:49.666> consistent<00:06:50.340> in<00:06:50.484> sleep<00:06:51.030> and<00:06:51.127> not<00:06:52.090> feel<00:06:52.234> like<00:06:53.213> you're<00:06:53.438> a<00:06:53.599> better<00:06:53.920> warrior,<00:06:54.273> hero,<00:06:54.658> or<00:06:54.819> business<00:06:55.220> leader<00:06:55.525> if<00:06:55.621> you<00:06:55.766> only<00:06:55.942> sleep<00:06:56.665> 4<00:06:56.889> hours<00:06:57.146> a<00:06:57.162> night.

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And<00:06:58.896> then<00:06:59.056> second<00:06:59.634> is<00:06:59.731> trying<00:07:00.196> to<00:07:01.625> structure<00:07:02.138> my<00:07:02.363> days.

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And<00:07:02.668> I've<00:07:02.748> gotten<00:07:02.989> much<00:07:03.647> better<00:07:04.033> at<00:07:04.129> this<00:07:04.370> of<00:07:04.514> late,<00:07:05.156> part<00:07:05.317> through<00:07:05.429> an<00:07:05.477> executive<00:07:05.879> coach,<00:07:06.135> part<00:07:06.360> through<00:07:07.034> a<00:07:07.098> good<00:07:07.403> EA,<00:07:08.286> of<00:07:08.382> blocking<00:07:08.863> out<00:07:09.007> time<00:07:09.264> in<00:07:09.328> the<00:07:09.360> morning<00:07:09.665> to<00:07:09.761> do<00:07:09.889> some<00:07:10.065> of<00:07:10.129> the<00:07:10.194> most<00:07:11.973> intellectually<00:07:12.871> or<00:07:13.111> open-ended<00:07:13.736> thought<00:07:13.896> exercises<00:07:14.714> that<00:07:14.858> are<00:07:15.291> most<00:07:15.596> important,<00:07:16.221> and<00:07:16.301> also<00:07:16.638> having<00:07:17.840> the<00:07:18.000> toughest<00:07:18.337> conversations<00:07:19.106> first<00:07:19.427> thing.

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Going<00:07:21.270> back<00:07:21.382> to<00:07:21.446> that<00:07:21.607> same<00:07:21.767> parole<00:07:22.008> conversation,<00:07:22.649> I<00:07:22.729> think<00:07:23.594> I<00:07:24.075> was<00:07:24.252> fortunate<00:07:24.572> to<00:07:24.636> have<00:07:24.733> a<00:07:24.749> guy<00:07:24.893> who<00:07:24.989> used<00:07:25.133> to<00:07:25.214> run<00:07:25.438> human<00:07:25.694> capital<00:07:26.095> at<00:07:26.239> Morgan<00:07:26.496> Stanley<00:07:26.897> as<00:07:27.057> one<00:07:27.153> of<00:07:27.217> my<00:07:28.419> business<00:07:28.772> school<00:07:28.981> professors.

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And<00:07:30.183> there<00:07:30.263> wasn't<00:07:31.225> a<00:07:31.305> ton<00:07:31.609> I<00:07:31.690> remember<00:07:31.930> from<00:07:32.026> that<00:07:32.186> course,<00:07:32.507> but<00:07:32.732> one<00:07:33.052> thing<00:07:33.148> that<00:07:33.309> stuck<00:07:33.709> very<00:07:33.934> clearly<00:07:34.094> with<00:07:34.270> me<00:07:34.431> is<00:07:35.553> being<00:07:35.793> very<00:07:36.194> emphatic<00:07:37.379> that<00:07:38.197> tough<00:07:38.421> conversations<00:07:39.383> are<00:07:39.463> ones<00:07:39.623> you<00:07:39.703> should<00:07:39.847> have<00:07:39.895> in<00:07:39.959> the<00:07:40.024> morning,<00:07:40.600> even<00:07:40.697> though<00:07:40.841> it<00:07:40.921> may<00:07:41.017> be<00:07:41.161> tempting<00:07:41.706> to<00:07:41.786> wait,<00:07:42.187> have<00:07:42.299> a<00:07:42.363> drink<00:07:42.588> with<00:07:42.668> someone<00:07:42.924> at<00:07:42.956> the<00:07:43.004> end<00:07:43.052> of<00:07:43.084> the<00:07:43.164> day<00:07:44.350> or<00:07:44.446> catch<00:07:44.687> them<00:07:44.783> as<00:07:44.911> they're<00:07:44.991> heading<00:07:45.312> out.

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And<00:07:46.450> so<00:07:46.530> again,<00:07:46.834> try<00:07:46.946> to<00:07:47.027> think<00:07:47.251> about<00:07:48.373> that<00:07:48.629> in<00:07:48.917> planning<00:07:49.238> for<00:07:49.334> the<00:07:49.478> day.

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But<00:07:50.215> for<00:07:50.312> me,<00:07:50.600> there<00:07:50.696> are<00:07:50.760> a<00:07:50.776> few<00:07:51.001> different<00:07:52.379> categories<00:07:53.004> of<00:07:53.084> tasks<00:07:53.565> I<00:07:53.581> try<00:07:53.821> to<00:07:53.981> do<00:07:54.126> my<00:07:55.183> quarterly<00:07:55.664> and<00:07:55.824> annual<00:07:56.145> planning.

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There<00:07:56.545> are<00:07:56.626> things<00:07:57.090> that<00:07:57.411> we're<00:07:57.651> only<00:07:58.068> a<00:07:58.148> team<00:07:58.372> of<00:07:58.468> a<00:07:58.533> few<00:07:58.709> dozen,<00:08:00.536> I<00:08:00.632> am<00:08:00.793> principally<00:08:01.194> driving<00:08:02.303> and<00:08:02.383> I<00:08:02.415> need<00:08:02.560> to<00:08:02.640> both<00:08:03.443> think<00:08:03.620> about<00:08:03.925> it,<00:08:04.246> do<00:08:04.342> the<00:08:04.487> work.

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If<00:08:05.370> the<00:08:05.451> result<00:08:05.756> happens,<00:08:06.109> it's<00:08:06.238> going<00:08:06.334> to<00:08:06.414> be<00:08:06.800> as<00:08:06.848> a<00:08:06.896> result<00:08:07.217> of<00:08:07.362> me<00:08:07.860> doing<00:08:08.165> it<00:08:08.422> or<00:08:08.486> not<00:08:08.583> getting<00:08:08.840> around<00:08:08.984> to<00:08:09.129> doing<00:08:09.241> it<00:08:09.305> and<00:08:09.386> doing<00:08:09.546> it<00:08:09.627> well.

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The<00:08:10.751> second<00:08:11.088> is<00:08:11.153> stuff<00:08:11.474> where<00:08:12.502> I<00:08:12.984> am<00:08:13.947> supporting,<00:08:14.686> but<00:08:14.911> in<00:08:15.023> a<00:08:15.072> meaningful<00:08:16.132> way<00:08:16.356> that<00:08:16.469> they're<00:08:16.838> key<00:08:17.015> decisions<00:08:17.593> throughout<00:08:18.059> and<00:08:18.139> there's<00:08:18.332> stuff<00:08:18.621> that<00:08:18.862> I<00:08:19.199> may<00:08:20.131> get<00:08:20.292> presented<00:08:20.773> to,<00:08:21.030> provide<00:08:21.432> some<00:08:21.593> input<00:08:21.833> on,<00:08:22.074> but<00:08:22.315> really<00:08:22.958> am<00:08:23.102> a<00:08:23.118> little<00:08:23.295> bit<00:08:23.664> more<00:08:23.825> passive.

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And<00:08:25.206> so<00:08:25.303> making<00:08:25.624> sure<00:08:25.929> that<00:08:26.090> I'm<00:08:26.877> aware<00:08:27.294> of<00:08:27.439> what<00:08:27.696> is<00:08:27.856> in<00:08:27.937> each<00:08:28.081> of<00:08:28.113> those<00:08:28.322> buckets<00:08:28.675> and<00:08:28.804> driving<00:08:29.141> forward,<00:08:29.398> especially<00:08:29.928> category<00:08:30.490> 1,<00:08:30.731> but<00:08:30.827> not<00:08:30.988> being<00:08:31.148> a<00:08:31.228> blocker<00:08:31.550> in<00:08:31.710> category<00:08:32.192> 2,<00:08:33.220> is<00:08:33.316> really<00:08:33.541> important<00:08:33.926> in<00:08:34.038> thinking<00:08:34.279> about<00:08:34.697> time<00:08:34.922> allocation<00:08:35.484> for<00:08:35.869> the<00:08:35.949> day,<00:08:36.126> the<00:08:36.271> week,<00:08:36.447> and<00:08:36.511> the<00:08:36.608> quarter.

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At<00:08:37.555> what<00:08:37.732> point<00:08:38.133> in<00:08:38.214> the<00:08:38.294> day<00:08:38.535> do<00:08:38.679> you<00:08:38.840> check<00:08:39.161> email<00:08:39.900> or<00:08:39.980> do<00:08:40.221> email?

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I<00:08:40.927> would<00:08:41.024> say<00:08:41.248> it's<00:08:41.409> one<00:08:41.521> of<00:08:41.570> my<00:08:42.935> biggest<00:08:43.497> areas<00:08:43.834> of<00:08:43.930> improvement.

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I<00:08:44.653> mean,<00:08:44.797> I<00:08:44.878> think<00:08:46.548> it<00:08:46.644> is<00:08:46.804> definitely<00:08:47.350> like<00:08:47.543> a<00:08:47.607> mild<00:08:48.250> addiction.

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I<00:08:48.892> don't<00:08:49.036> have<00:08:49.133> much<00:08:49.309> of<00:08:49.374> an<00:08:49.454> addictive<00:08:49.936> personality,<00:08:50.562> but<00:08:50.819> that<00:08:50.996> is<00:08:51.060> certainly<00:08:51.445> one.

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So<00:08:52.184> I<00:08:52.344> try<00:08:53.083> as<00:08:53.228> much<00:08:53.468> as<00:08:53.533> I<00:08:53.613> can<00:08:53.870> to<00:08:54.014> have<00:08:54.416> cleared<00:08:55.138> out<00:08:55.556> or<00:08:55.716> looked<00:08:55.973> at<00:08:56.038> everything<00:08:57.306> before<00:08:57.724> I<00:08:57.884> get<00:08:58.189> into<00:08:58.382> the<00:08:58.671> office<00:08:59.008> so<00:08:59.153> I<00:08:59.233> can<00:08:59.409> dive<00:08:59.715> into<00:08:59.907> stuff<00:09:00.293> and<00:09:00.453> not<00:09:00.919> just<00:09:01.256> focus<00:09:01.657> on<00:09:01.882> inbox<00:09:02.284> clearing.

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I've<00:09:03.584> gotten<00:09:03.729> much<00:09:03.986> better<00:09:04.612> at<00:09:04.692> aggressive<00:09:05.174> use<00:09:05.655> of<00:09:05.912> the—<00:09:06.539> we're<00:09:06.860> Gmail<00:09:07.181> corporate<00:09:07.502> users—<00:09:07.919> the<00:09:08.241> snooze<00:09:08.642> button<00:09:09.605> and<00:09:09.750> moving<00:09:10.087> things<00:09:10.392> out<00:09:10.649> so<00:09:10.890> that<00:09:10.986> it<00:09:11.050> can<00:09:11.275> be<00:09:11.934> effective<00:09:13.042> as<00:09:13.298> the<00:09:13.941> to-do<00:09:14.342> list<00:09:14.583> proxy<00:09:14.968> that<00:09:15.065> it<00:09:15.145> sometimes<00:09:15.771> is.

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I've<00:09:17.618> also<00:09:17.939> gotten<00:09:18.276> better<00:09:18.581> at<00:09:18.742> trying<00:09:18.870> to<00:09:19.063> block<00:09:20.267> one<00:09:20.604> time<00:09:21.310> mid-afternoon<00:09:22.369> when<00:09:22.481> I'm<00:09:22.594> probably<00:09:22.835> not<00:09:23.091> at<00:09:23.493> my<00:09:24.118> peak<00:09:24.455> anyways<00:09:25.723> to<00:09:25.884> check<00:09:26.622> personal<00:09:27.344> Gmail<00:09:27.761> and<00:09:27.906> do<00:09:28.066> things<00:09:28.387> that<00:09:28.532> are<00:09:28.612> not<00:09:29.655> as<00:09:30.393> important<00:09:30.891> or<00:09:31.035> sort<00:09:31.196> of<00:09:31.340> corporate-focused,<00:09:32.785> to<00:09:32.865> try<00:09:33.041> to<00:09:33.138> be<00:09:33.266> as<00:09:33.362> laser-focused<00:09:34.069> on<00:09:34.229> what<00:09:34.566> I<00:09:34.727> can<00:09:35.048> and<00:09:35.593> already<00:09:36.331> moving<00:09:36.492> the<00:09:36.572> needle<00:09:36.813> on.

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Did<00:09:38.193> you<00:09:38.338> always<00:09:38.562> want<00:09:38.642> to<00:09:38.739> do<00:09:38.819> this?

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Did<00:09:39.140> you<00:09:39.204> always<00:09:39.445> want<00:09:39.525> to<00:09:39.621> be<00:09:39.782> in<00:09:39.862> kind<00:09:40.039> of<00:09:40.087> like<00:09:40.247> the<00:09:40.328> finance<00:09:40.986> business<00:09:42.189> investing<00:09:42.735> world?

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No.

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I<00:09:44.372> sort<00:09:45.864> of<00:09:46.523> 2<00:09:46.683> different<00:09:47.069> key<00:09:47.245> hurdles<00:09:47.567> of<00:09:47.647> ending<00:09:47.872> up<00:09:47.952> somewhere<00:09:48.193> I<00:09:48.289> definitely<00:09:48.771> wouldn't<00:09:49.157> have<00:09:49.333> expected.

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I<00:09:49.751> think<00:09:49.960> the<00:09:50.040> first<00:09:50.297> was<00:09:50.602> I<00:09:51.325> have<00:09:51.485> always<00:09:51.823> loved<00:09:52.369> politics<00:09:52.947> and<00:09:53.108> public<00:09:53.493> policy.

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That<00:09:54.248> was<00:09:54.393> sort<00:09:54.569> of<00:09:54.794> my<00:09:54.874> major<00:09:55.276> in<00:09:55.983> college<00:09:56.625> and<00:09:57.043> an<00:09:57.187> interest<00:09:57.525> before<00:09:57.926> that.

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And<00:09:58.392> so<00:09:58.649> I<00:09:58.793> worked<00:09:59.757> on<00:09:59.853> Capitol<00:10:00.335> Hill<00:10:01.363> pretty<00:10:02.006> early<00:10:02.343> on,<00:10:03.692> loved<00:10:04.094> it,<00:10:04.575> but<00:10:04.752> looked<00:10:04.977> around<00:10:05.138> and<00:10:05.218> was<00:10:05.378> like,<00:10:05.619> gosh,<00:10:06.599> there<00:10:06.744> are<00:10:06.776> a<00:10:06.904> lot<00:10:07.081> of<00:10:07.161> factors<00:10:07.627> outside<00:10:07.948> my<00:10:08.125> control<00:10:08.446> of<00:10:08.526> whether<00:10:08.751> I<00:10:08.992> end<00:10:09.233> up<00:10:09.490> in<00:10:09.554> a<00:10:09.651> position<00:10:10.775> of<00:10:10.920> any<00:10:11.819> influence<00:10:12.526> and<00:10:12.606> excitement<00:10:13.104> relative<00:10:13.586> to<00:10:13.666> the<00:10:13.762> objectives<00:10:14.228> that<00:10:14.325> I<00:10:14.453> have.

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Maybe<00:10:15.588> it's<00:10:15.701> not<00:10:15.910> the<00:10:15.991> place<00:10:16.249> to<00:10:16.329> start.

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Too<00:10:17.055> much<00:10:17.232> is<00:10:17.377> predicated<00:10:17.796> upon<00:10:18.409> which<00:10:18.570> party's<00:10:18.989> in<00:10:19.295> power,<00:10:20.182> whether<00:10:20.375> someone<00:10:20.601> retires,<00:10:21.165> whether<00:10:21.326> someone<00:10:21.552> you<00:10:21.649> work<00:10:21.826> for<00:10:23.325> has<00:10:24.050> an<00:10:24.324> affair<00:10:24.550> with<00:10:24.695> the<00:10:24.776> wrong<00:10:24.953> person<00:10:25.244> at<00:10:25.292> the<00:10:25.421> wrong<00:10:25.663> time.

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Who<00:10:26.373> knows?

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And<00:10:28.358> so<00:10:28.487> I<00:10:28.568> sort<00:10:28.729> of<00:10:29.456> moved<00:10:29.795> towards<00:10:30.585> wanting<00:10:30.844> to<00:10:31.005> work<00:10:31.392> in<00:10:32.441> business,<00:10:32.845> but<00:10:33.248> didn't<00:10:33.571> really<00:10:33.813> have<00:10:34.055> a<00:10:34.120> clear<00:10:34.459> view<00:10:35.104> of<00:10:36.251> should<00:10:36.412> that<00:10:36.638> be<00:10:36.880> consulting,<00:10:37.865> investment<00:10:38.269> banking,<00:10:39.399> working<00:10:39.786> for<00:10:40.287> a<00:10:40.351> scale<00:10:41.272> Fortune<00:10:41.817> 500<00:10:42.219> enterprise,<00:10:42.636> et<00:10:42.733> cetera.

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And<00:10:43.503> so<00:10:43.535> I<00:10:43.664> ended<00:10:43.824> up<00:10:43.921> writing<00:10:44.226> a<00:10:44.707> business<00:10:45.189> book<00:10:45.510> that<00:10:45.606> was<00:10:45.767> largely<00:10:46.168> a<00:10:46.233> Trojan<00:10:46.650> horse<00:10:46.907> to<00:10:47.051> interview<00:10:47.373> people<00:10:47.678> I<00:10:47.694> thought<00:10:47.918> I<00:10:47.934> might<00:10:48.400> want<00:10:48.496> to<00:10:48.641> work<00:10:48.801> for,<00:10:49.058> at<00:10:49.203> least<00:10:49.379> learn<00:10:49.556> about.

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And<00:10:52.093> loved<00:10:52.285> the<00:10:52.350> experience.

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I<00:10:53.313> would've<00:10:53.473> made<00:10:53.634> more<00:10:53.730> money<00:10:53.955> bartending<00:10:54.597> than<00:10:55.480> just<00:10:55.721> doing<00:10:55.882> this<00:10:56.042> book,<00:10:56.283> which<00:10:56.765> again,<00:10:57.327> by<00:10:57.503> the<00:10:57.953> scheme<00:10:58.354> of<00:10:58.451> authors,<00:10:58.852> was<00:10:59.012> actually<00:10:59.317> relatively<00:10:59.751> successful.

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Macmillan<00:11:01.340> published<00:11:01.742> it<00:11:01.902> and<00:11:01.999> ended<00:11:02.127> up<00:11:02.240> in<00:11:02.320> a<00:11:02.384> couple<00:11:02.689> foreign<00:11:02.946> languages.

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But<00:11:05.274> it<00:11:05.418> helped<00:11:05.980> crystallize<00:11:06.703> for<00:11:06.799> me<00:11:07.907> interest<00:11:08.309> in<00:11:09.273> being<00:11:09.610> in<00:11:09.691> a<00:11:09.771> professional<00:11:10.349> service<00:11:11.860> business<00:11:12.181> to<00:11:12.277> start,<00:11:13.386> getting<00:11:13.788> phenomenal<00:11:14.189> training<00:11:14.655> at<00:11:15.057> Bain<00:11:15.314> Company,<00:11:15.716> then<00:11:15.876> moving<00:11:16.182> over<00:11:16.519> to<00:11:17.081> Bain<00:11:17.306> Capital<00:11:17.563> on<00:11:17.644> the<00:11:17.724> private<00:11:18.045> equity<00:11:18.303> side<00:11:18.544> and<00:11:18.672> trying<00:11:19.009> investing.

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I've<00:11:21.901> always<00:11:22.062> been<00:11:22.207> a<00:11:22.303> little<00:11:23.348> impatient,<00:11:24.376> hence<00:11:24.794> I<00:11:24.858> guess<00:11:25.018> writing<00:11:25.259> a<00:11:25.517> business<00:11:25.902> book<00:11:26.079> before<00:11:26.384> 25,<00:11:27.830> and<00:11:29.437> I<00:11:29.517> felt<00:11:29.646> like<00:11:29.774> going<00:11:30.015> back<00:11:30.337> post-MBA<00:11:32.104> to<00:11:32.329> large-scale<00:11:32.907> investing<00:11:34.193> was<00:11:34.353> probably<00:11:34.610> not<00:11:34.819> going<00:11:34.899> to<00:11:34.931> be<00:11:35.060> the<00:11:35.108> most<00:11:35.558> entrepreneurial<00:11:36.136> or<00:11:36.281> the<00:11:36.361> environment<00:11:37.148> where<00:11:37.228> I<00:11:37.309> could<00:11:37.389> have<00:11:37.549> the<00:11:37.630> most<00:11:38.529> impact,<00:11:38.947> good<00:11:39.091> or<00:11:39.332> bad,<00:11:39.814> on<00:11:39.894> the<00:11:40.039> enterprise<00:11:40.521> that<00:11:40.601> I<00:11:40.617> was<00:11:40.778> part<00:11:41.099> of.

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And<00:11:41.420> so<00:11:42.609> I<00:11:43.910> laid<00:11:44.215> out<00:11:44.408> 6<00:11:44.954> criteria<00:11:45.918> that<00:11:46.062> I<00:11:46.143> thought<00:11:46.544> would<00:11:46.721> be<00:11:47.363> the<00:11:47.460> most<00:11:48.247> defining<00:11:48.969> of<00:11:49.130> whether<00:11:49.435> I<00:11:49.612> ended<00:11:49.853> up<00:11:49.933> somewhere<00:11:50.238> that<00:11:50.319> I<00:11:50.415> was<00:11:50.560> excited<00:11:51.138> about.

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Kind<00:11:52.503> of<00:11:52.583> figured<00:11:52.888> I<00:11:52.905> would<00:11:53.129> find<00:11:53.451> something<00:11:54.029> with<00:11:54.511> 4<00:11:54.816> of<00:11:54.912> 6<00:11:55.234> and<00:11:55.314> be<00:11:55.474> happy,<00:11:55.860> 5<00:11:56.021> of<00:11:56.101> 6<00:11:56.438> if<00:11:56.583> I<00:11:56.599> was<00:11:56.824> lucky.

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And<00:11:59.329> when<00:11:59.570> the<00:11:59.875> Compass<00:12:00.197> founder<00:12:00.454> reached<00:12:00.695> out<00:12:00.839> to<00:12:00.935> me<00:12:01.016> as<00:12:01.160> he<00:12:01.225> was<00:12:01.337> putting<00:12:01.482> together<00:12:01.722> the<00:12:01.883> team,<00:12:03.087> and<00:12:03.729> asked<00:12:03.793> if<00:12:03.905> I<00:12:03.921> wanted<00:12:04.114> to<00:12:04.146> join<00:12:04.450> it,<00:12:04.627> it<00:12:04.707> felt<00:12:04.851> like<00:12:05.204> 6<00:12:05.509> of<00:12:05.589> 6,<00:12:06.375> and<00:12:06.953> can<00:12:07.578> go<00:12:07.691> into<00:12:07.851> those<00:12:08.060> if<00:12:08.156> they're<00:12:08.236> interesting,<00:12:08.637> but<00:12:08.701> don't<00:12:08.862> have<00:12:09.102> to.

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And<00:12:10.241> so<00:12:10.385> that<00:12:10.947> kind<00:12:11.123> of<00:12:11.155> set<00:12:11.428> me<00:12:11.588> on<00:12:11.669> this<00:12:11.845> path.

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And<00:12:12.326> I<00:12:12.406> would<00:12:12.503> say<00:12:12.807> that<00:12:13.866> I'm<00:12:13.946> a<00:12:13.962> little<00:12:14.155> bit<00:12:14.315> more<00:12:14.412> of<00:12:14.476> an<00:12:14.652> introverted<00:12:15.615> person.

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And<00:12:16.240> so<00:12:16.417> I<00:12:16.497> sort<00:12:16.721> of<00:12:16.753> assumed<00:12:17.122> that<00:12:17.219> that<00:12:17.475> meant<00:12:18.085> I<00:12:18.245> wasn't<00:12:18.566> going<00:12:18.662> to<00:12:18.742> be<00:12:19.143> the<00:12:19.240> manager<00:12:19.785> of<00:12:19.929> lots<00:12:20.186> of<00:12:20.330> people<00:12:20.667> because<00:12:20.972> that<00:12:21.068> wasn't<00:12:21.389> kind<00:12:21.533> of<00:12:21.630> what<00:12:21.710> I<00:12:21.726> naturally<00:12:22.255> gravitated<00:12:22.897> towards.

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And<00:12:25.640> joined<00:12:26.827> Compass,<00:12:27.180> then<00:12:27.404> called<00:12:27.581> Urban<00:12:27.886> Compass,<00:12:28.351> as<00:12:29.024> senior<00:12:29.490> title,<00:12:29.891> but<00:12:30.598> army<00:12:30.839> of<00:12:31.000> one.

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And<00:12:32.208> then<00:12:32.288> the<00:12:32.369> first<00:12:32.610> few<00:12:32.723> months,<00:12:33.528> started<00:12:33.898> getting<00:12:34.543> people<00:12:34.961> and<00:12:35.122> teams<00:12:35.444> sort<00:12:35.605> of<00:12:35.670> thrown<00:12:35.911> at<00:12:36.008> me<00:12:36.169> and<00:12:36.249> realized<00:12:36.732> that<00:12:37.682> it's<00:12:37.860> not<00:12:38.037> about<00:12:39.373> being<00:12:39.631> the<00:12:39.760> loudest<00:12:40.119> personality.

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It<00:12:41.751> really<00:12:42.077> is<00:12:42.175> around<00:12:42.812> being<00:12:42.975> able<00:12:43.204> to<00:12:43.301> articulate<00:12:43.905> context,<00:12:47.620> provide<00:12:47.813> resources,<00:12:48.682> help<00:12:48.924> articulate<00:12:49.487> constraints,<00:12:50.791> give<00:12:51.016> people<00:12:51.338> guidance,<00:12:51.837> be<00:12:51.998> able<00:12:52.224> to<00:12:52.320> identify<00:12:53.753> talent<00:12:54.317> and<00:12:54.494> needs<00:12:54.896> and<00:12:55.299> hire<00:12:55.621> effectively<00:12:56.265> that<00:12:56.603> at<00:12:56.748> least<00:12:56.989> in<00:12:57.633> The<00:12:57.890> view<00:12:58.035> of<00:12:58.068> the<00:12:58.180> folks<00:12:58.438> there,<00:12:58.825> and<00:12:58.905> I<00:12:59.002> guess<00:12:59.630> me<00:12:59.727> post<00:13:00.033> then,<00:13:00.838> has<00:13:01.031> shaped<00:13:01.257> sort<00:13:01.418> of<00:13:01.498> view<00:13:01.740> of<00:13:01.885> actually<00:13:02.368> you<00:13:02.465> can<00:13:02.626> be<00:13:03.512> a<00:13:03.528> super<00:13:03.979> effective<00:13:04.881> manager<00:13:05.267> and<00:13:05.348> then<00:13:05.525> leader<00:13:05.766> of<00:13:05.847> people<00:13:06.878> with<00:13:07.120> a<00:13:07.539> broader<00:13:07.957> skillset<00:13:08.650> than<00:13:08.811> just<00:13:10.423> raw<00:13:10.987> sales<00:13:11.309> skills<00:13:11.664> or<00:13:11.744> something<00:13:12.195> else.

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And<00:13:12.550> so<00:13:15.917> even<00:13:16.303> in<00:13:16.464> that<00:13:17.027> operating<00:13:17.993> entrepreneurial<00:13:19.474> startup<00:13:20.086> role,<00:13:21.648> didn't<00:13:22.179> necessarily<00:13:22.614> appreciate<00:13:23.064> the<00:13:23.145> trajectory<00:13:23.483> I'd<00:13:23.644> be<00:13:23.869> on<00:13:23.966> in<00:13:24.046> terms<00:13:24.368> of<00:13:24.513> leadership.

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Until<00:13:25.898> it<00:13:25.994> sort<00:13:26.139> of<00:13:26.251> organically<00:13:26.862> happened<00:13:27.424> that<00:13:28.243> ended<00:13:28.468> up<00:13:29.207> leading<00:13:29.754> a<00:13:29.770> huge<00:13:30.011> swath<00:13:30.268> of<00:13:30.396> the<00:13:30.477> organization<00:13:31.120> at<00:13:31.762> Compass.

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And<00:13:32.341> then<00:13:32.566> in<00:13:32.646> having<00:13:32.903> the<00:13:33.048> idea<00:13:33.369> and<00:13:33.465> deciding<00:13:33.787> to<00:13:33.851> become<00:13:34.895> a<00:13:34.928> founder,<00:13:35.377> you're<00:13:35.474> sort<00:13:35.699> of<00:13:36.840> barring<00:13:37.788> having<00:13:38.109> a<00:13:38.189> co-founder<00:13:38.607> or<00:13:38.687> a<00:13:38.768> partner<00:13:39.153> that's<00:13:39.314> really<00:13:39.426> going<00:13:39.571> to<00:13:39.635> drive<00:13:39.876> the<00:13:39.957> people<00:13:40.214> side,<00:13:40.583> going<00:13:40.696> to<00:13:40.728> be<00:13:40.776> responsible<00:13:41.403> for<00:13:42.383> helping<00:13:42.704> to<00:13:42.785> shape<00:13:43.508> the<00:13:43.556> experience<00:13:44.166> and<00:13:44.456> the<00:13:44.552> team<00:13:45.837> that<00:13:45.934> comes.

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Yeah.

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Tell<00:13:47.846> us<00:13:48.023> about<00:13:48.649> your<00:13:48.810> 6<00:13:49.212> things.

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I'm<00:13:50.240> super<00:13:50.497> interested<00:13:50.883> in<00:13:50.979> that.

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In<00:13:52.258> no<00:13:52.356> particular<00:13:52.747> order,<00:13:52.991> in<00:13:53.089> part<00:13:53.334> because<00:13:53.546> I'm<00:13:53.611> not<00:13:53.758> sure<00:13:53.823> I'm<00:13:53.888> going<00:13:53.970> to<00:13:54.002> remember<00:13:54.312> them<00:13:54.475> in<00:13:54.882> the<00:13:55.045> order<00:13:55.290> that<00:13:55.371> I<00:13:55.453> had,<00:13:55.844> but<00:13:56.089> number<00:13:56.496> one,<00:13:56.659> as<00:13:56.822> I<00:13:56.839> had<00:13:57.002> sort<00:13:57.165> of<00:13:57.230> referenced,<00:13:57.970> was<00:13:58.718> a<00:13:58.815> role<00:13:59.059> where<00:13:59.205> I<00:13:59.222> had<00:13:59.384> confidence<00:13:59.953> that<00:14:00.100> I<00:14:00.116> would<00:14:00.262> have<00:14:00.588> impact<00:14:01.238> on<00:14:01.319> the<00:14:01.417> trajectory<00:14:02.311> of<00:14:02.458> the<00:14:02.555> organization.

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The<00:14:04.924> second<00:14:05.714> was<00:14:07.166> being<00:14:07.731> at<00:14:07.957> a<00:14:08.457> business<00:14:09.006> that<00:14:09.086> I<00:14:09.183> thought<00:14:09.506> had<00:14:09.732> a<00:14:10.232> positive<00:14:10.796> growth<00:14:11.103> trajectory.

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I<00:14:12.087> had<00:14:12.248> joined<00:14:12.555> Bain<00:14:12.797> Capital<00:14:13.200> on<00:14:13.297> the<00:14:13.378> private<00:14:13.636> equity<00:14:13.830> side<00:14:14.103> in<00:14:14.329> 2009.

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It's<00:14:16.454> sort<00:14:16.583> of<00:14:16.615> the<00:14:17.066> tail<00:14:17.549> end<00:14:17.662> of<00:14:17.742> the<00:14:17.952> worst<00:14:18.209> part<00:14:18.370> of<00:14:18.435> the<00:14:18.467> Great<00:14:18.692> Recession,<00:14:19.159> and<00:14:19.256> it<00:14:19.337> was<00:14:19.482> clear<00:14:19.884> that<00:14:20.987> those<00:14:21.227> gigantic<00:14:21.869> funds<00:14:22.125> that<00:14:22.270> they<00:14:22.350> had<00:14:22.446> raised<00:14:23.713> and<00:14:23.793> their<00:14:23.889> peers<00:14:24.450> just<00:14:24.835> previously,<00:14:26.118> probably<00:14:26.310> going<00:14:26.407> to<00:14:26.455> be<00:14:26.551> smaller.

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And<00:14:27.353> in<00:14:27.401> an<00:14:27.561> organization<00:14:28.138> with<00:14:28.683> lots<00:14:28.956> of<00:14:29.084> super<00:14:29.325> bright<00:14:29.565> people,<00:14:30.784> there's<00:14:30.944> less<00:14:31.249> opportunity<00:14:32.227> when<00:14:32.371> there<00:14:32.532> isn't<00:14:33.109> that<00:14:33.494> growth.

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Third<00:14:35.097> was<00:14:35.338> I'd<00:14:35.498> worked<00:14:35.755> for<00:14:35.899> some<00:14:36.316> amazing<00:14:37.358> managers<00:14:37.839> and<00:14:37.903> I'd<00:14:37.983> worked<00:14:38.160> for<00:14:38.320> some<00:14:39.026> horrific<00:14:39.427> ones.

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And<00:14:40.645> so<00:14:41.527> feeling<00:14:41.848> like<00:14:42.313> I<00:14:42.489> had<00:14:42.714> enough<00:14:43.131> of<00:14:43.355> a<00:14:43.772> relationship<00:14:44.878> or<00:14:44.975> could<00:14:45.215> develop<00:14:45.632> a<00:14:45.696> good<00:14:45.824> enough<00:14:46.017> sense<00:14:46.273> of<00:14:46.337> the<00:14:46.402> people<00:14:46.642> that<00:14:46.738> I<00:14:46.899> would<00:14:46.963> work<00:14:47.203> with,<00:14:47.380> work<00:14:47.556> for,<00:14:48.732> but<00:14:48.780> it<00:14:48.813> was<00:14:48.926> not<00:14:49.137> going<00:14:49.218> to<00:14:49.315> be<00:14:50.109> a<00:14:50.206> huge<00:14:51.324> limiting<00:14:51.584> factor<00:14:51.989> in<00:14:52.070> my<00:14:52.216> enjoyment<00:14:52.637> of<00:14:52.718> my<00:14:53.528> day-to-day<00:14:53.933> work,<00:14:54.176> which<00:14:54.322> would<00:14:54.403> consume<00:14:54.744> a<00:14:54.808> huge<00:14:55.051> amount<00:14:55.230> of<00:14:55.554> my<00:14:55.716> time.

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Fourth<00:14:58.568> was<00:14:58.730> I<00:14:58.827> was<00:14:58.973> hoping<00:14:59.458> to<00:14:59.636> end<00:14:59.782> up<00:14:59.960> in<00:15:00.024> an<00:15:00.186> industry<00:15:00.574> where<00:15:00.752> I<00:15:00.833> had<00:15:01.011> some<00:15:01.173> natural<00:15:02.386> interests.

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I<00:15:02.904> thought<00:15:03.017> that<00:15:03.276> would,<00:15:03.907> again,<00:15:04.813> lead<00:15:05.055> to<00:15:05.541> better<00:15:05.848> outcomes,<00:15:06.269> better<00:15:06.495> passion,<00:15:07.629> et<00:15:07.711> cetera.

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Fifth<00:15:10.827> was<00:15:10.990> geographically,<00:15:12.279> wanted<00:15:12.703> to<00:15:12.850> ideally<00:15:13.356> be<00:15:14.105> in<00:15:14.187> New<00:15:14.268> York<00:15:14.578> was<00:15:14.741> open<00:15:14.953> to<00:15:15.001> so<00:15:15.083> many<00:15:15.262> locations.

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And<00:15:16.468> then<00:15:16.729> 6<00:15:17.120> was<00:15:17.267> hoping<00:15:17.593> that<00:15:17.707> my<00:15:17.919> compensation<00:15:18.978> would<00:15:19.762> be<00:15:19.908> aligned<00:15:20.653> with<00:15:20.880> the<00:15:20.961> performance<00:15:21.545> of<00:15:21.626> the<00:15:22.274> enterprise,<00:15:22.760> whether<00:15:22.987> that<00:15:23.165> was<00:15:24.300> carried<00:15:24.543> interest,<00:15:25.661> equity<00:15:25.856> stock<00:15:26.228> options,<00:15:27.950> profit<00:15:28.225> share,<00:15:28.776> whatever.

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And<00:15:31.531> yeah,<00:15:31.791> again,<00:15:32.034> I<00:15:32.666> looked<00:15:32.779> at<00:15:32.909> a<00:15:32.990> lot<00:15:33.168> of<00:15:33.200> stuff<00:15:33.589> and<00:15:33.735> sort<00:15:33.897> of<00:15:33.962> felt<00:15:34.092> like,<00:15:34.238> okay,<00:15:34.448> well<00:15:34.546> maybe<00:15:34.692> I<00:15:34.789> get<00:15:34.935> all<00:15:34.967> those<00:15:35.129> things,<00:15:35.518> but<00:15:35.583> I<00:15:35.664> got<00:15:35.745> to<00:15:35.777> live<00:15:36.069> in<00:15:37.446> Detroit,<00:15:38.092> which<00:15:38.205> is<00:15:38.286> not<00:15:38.819> one<00:15:38.916> of<00:15:38.980> the<00:15:39.013> 3<00:15:39.223> places<00:15:39.400> I<00:15:39.449> was<00:15:39.578> most<00:15:39.739> excited<00:15:40.046> for.

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Or<00:15:40.515> I<00:15:41.177> get<00:15:41.322> all<00:15:41.354> those<00:15:41.645> things,<00:15:42.129> but<00:15:42.291> it's<00:15:42.404> a<00:15:42.468> business<00:15:43.018> in<00:15:43.276> healthcare,<00:15:43.760> which<00:15:43.825> is<00:15:44.330> hugely<00:15:44.666> important<00:15:44.923> industry,<00:15:45.227> but<00:15:45.388> not<00:15:45.628> one<00:15:45.805> that<00:15:45.949> I<00:15:46.751> would<00:15:46.847> put<00:15:47.007> high<00:15:47.248> in<00:15:47.328> my<00:15:47.489> list<00:15:47.745> of<00:15:47.873> areas<00:15:48.210> of<00:15:48.290> sort<00:15:48.435> of<00:15:48.611> organic<00:15:49.028> interest.

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And<00:15:50.295> got<00:15:50.551> very<00:15:50.712> fortunate<00:15:51.321> that<00:15:51.963> with<00:15:52.059> Compass,<00:15:52.764> it<00:15:53.021> was<00:15:53.101> sort<00:15:53.245> of<00:15:53.277> 6<00:15:53.598> of<00:15:53.678> 6.

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And<00:15:54.143> then<00:15:54.288> obviously<00:15:54.705> in<00:15:55.410> starting<00:15:55.811> a<00:15:55.843> company,<00:15:56.228> you<00:15:56.372> hope<00:15:57.174> that<00:15:57.350> you're<00:15:57.767> going<00:15:58.810> to<00:15:58.938> check<00:15:59.179> the<00:15:59.275> box<00:15:59.531> and<00:15:59.660> all<00:15:59.740> those<00:15:59.996> things.

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But<00:16:00.477> even<00:16:00.782> after<00:16:01.039> Compass,<00:16:02.706> I<00:16:02.787> was<00:16:02.899> not<00:16:03.123> someone<00:16:03.268> who<00:16:03.348> felt<00:16:03.508> like,<00:16:03.749> oh,<00:16:03.829> I<00:16:03.925> have<00:16:04.230> to<00:16:04.326> go<00:16:04.422> start<00:16:04.791> something<00:16:05.128> on<00:16:05.272> my<00:16:06.154> own.

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I<00:16:06.411> was<00:16:06.571> fortunate<00:16:06.892> to<00:16:06.956> have<00:16:07.068> the<00:16:07.196> opportunity<00:16:07.533> to<00:16:07.613> go<00:16:07.694> back<00:16:08.736> to<00:16:08.816> Bain<00:16:09.041> Capital<00:16:09.361> in<00:16:09.457> this<00:16:09.618> executive-in-residence<00:16:10.580> role.

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I<00:16:11.542> very<00:16:11.847> actively<00:16:12.264> met<00:16:12.425> with<00:16:12.585> a<00:16:12.746> lot<00:16:12.986> of<00:16:13.131> growth-stage<00:16:13.612> companies<00:16:14.094> I<00:16:14.126> thought<00:16:14.736> were<00:16:14.896> doing<00:16:15.153> phenomenal<00:16:15.714> things<00:16:16.100> with<00:16:16.180> their<00:16:16.340> opportunities<00:16:17.062> to<00:16:17.624> take<00:16:17.865> on<00:16:18.523> leadership<00:16:19.084> roles,<00:16:20.207> but<00:16:20.512> there's<00:16:20.689> just<00:16:20.913> something<00:16:21.234> unique<00:16:21.587> about<00:16:21.876> the<00:16:21.956> excitement<00:16:23.641> of<00:16:23.898> unearthing<00:16:24.444> what<00:16:24.684> feels<00:16:25.005> like<00:16:25.118> an<00:16:25.246> opportunity<00:16:26.064> and<00:16:26.947> stepping<00:16:27.348> back<00:16:27.653> and<00:16:27.749> saying,<00:16:28.038> "Well,<00:16:28.231> if<00:16:28.391> not<00:16:28.953> me,<00:16:29.193> then<00:16:29.418> who?

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And<00:16:29.771> if<00:16:29.916> not<00:16:30.397> now,<00:16:30.638> then<00:16:30.878> when?"<00:16:31.119> Especially<00:16:32.242> having<00:16:32.483> been<00:16:32.708> so<00:16:32.964> lucky<00:16:34.007> to<00:16:34.104> have<00:16:34.264> a<00:16:34.328> great<00:16:34.569> pedigree,<00:16:35.050> great<00:16:35.291> training,<00:16:35.837> and<00:16:36.238> then<00:16:37.136> a<00:16:37.281> great<00:16:37.778> positive<00:16:39.063> startup<00:16:39.384> experience<00:16:39.787> with<00:16:39.947> Compass<00:16:40.350> to<00:16:40.671> give<00:16:40.832> that<00:16:41.009> a<00:16:41.058> shot<00:16:41.798> and<00:16:41.878> certainly<00:16:42.200> haven't<00:16:42.441> regretted<00:16:42.843> it<00:16:42.924> since<00:16:43.165> then.

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Did<00:16:43.423> you<00:16:43.551> ever<00:16:43.728> cross<00:16:44.694> paths<00:16:45.015> with<00:16:45.176> Mitt<00:16:45.402> Romney?

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I<00:16:46.686> mean,<00:16:46.846> obviously<00:16:47.103> in<00:16:47.248> 2009<00:16:47.827> he<00:16:47.971> would<00:16:48.052> have<00:16:48.148> been—<00:16:49.996> he<00:16:50.077> would<00:16:50.157> have<00:16:50.302> run<00:16:50.478> for<00:16:50.639> president<00:16:50.976> and<00:16:51.201> lost,<00:16:51.619> actually.

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So,<00:16:53.307> so<00:16:53.516> he<00:16:53.692> was<00:16:53.837> obviously<00:16:54.239> out<00:16:54.400> of<00:16:54.496> it.

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But<00:16:54.737> did<00:16:54.817> you<00:16:54.898> ever<00:16:55.139> cross<00:16:55.460> paths?

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I<00:16:55.782> ask<00:16:56.008> that—<00:16:56.251> I'm<00:16:56.428> from<00:16:56.655> Utah,<00:16:57.091> so<00:16:57.318> obviously.

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Yeah,<00:16:58.546> not<00:16:59.338> directly.

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Definitely<00:17:02.227> someone<00:17:02.440> I<00:17:02.522> have<00:17:02.702> a<00:17:02.784> lot<00:17:03.014> of<00:17:03.768> respect<00:17:04.326> for.

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I<00:17:04.654> mean,<00:17:04.769> I'm<00:17:04.916> a<00:17:05.446> Democrat,<00:17:06.571> but<00:17:06.731> think<00:17:06.972> that<00:17:07.695> he's<00:17:07.936> a<00:17:07.952> particularly<00:17:08.353> thoughtful<00:17:09.478> person<00:17:09.783> across<00:17:10.265> all<00:17:10.361> the<00:17:10.442> pursuits<00:17:10.923> that<00:17:11.020> he's<00:17:11.229> had.

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And<00:17:12.690> then<00:17:12.995> a<00:17:13.092> lot<00:17:13.333> of<00:17:13.477> the<00:17:14.216> very<00:17:14.473> senior<00:17:14.859> Bain<00:17:15.083> Capital<00:17:15.437> folks<00:17:15.806> that<00:17:15.967> were<00:17:16.079> around<00:17:18.071> spoke<00:17:19.436> very<00:17:19.661> highly<00:17:20.239> and<00:17:20.320> often<00:17:21.348> of<00:17:21.508> him.

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It's<00:17:21.749> sort<00:17:21.846> of<00:17:22.006> interesting<00:17:22.488> that<00:17:22.633> he<00:17:22.874> obviously<00:17:23.275> built<00:17:23.516> the<00:17:23.612> firm,<00:17:24.897> created<00:17:25.122> a<00:17:25.138> ton<00:17:25.315> of<00:17:25.379> value.

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I<00:17:25.701> mean,<00:17:25.765> he<00:17:25.861> made<00:17:26.407> hundreds<00:17:26.745> of<00:17:26.825> millions<00:17:27.162> of<00:17:27.226> dollars,<00:17:27.789> but<00:17:27.933> if<00:17:28.046> he<00:17:28.254> had<00:17:29.298> chosen<00:17:29.861> to<00:17:29.941> stick<00:17:30.198> around<00:17:31.467> it<00:17:31.564> would've<00:17:31.724> been<00:17:32.545> 30x<00:17:33.156> probably<00:17:33.397> what<00:17:33.493> he<00:17:33.638> made.

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I<00:17:33.831> mean,<00:17:34.217> it<00:17:34.362> would've<00:17:34.539> been<00:17:36.227> tens<00:17:37.353> of<00:17:37.498> billions<00:17:37.835> of<00:17:37.916> dollars,<00:17:38.318> I<00:17:38.398> might<00:17:38.623> imagine,<00:17:39.690> depending<00:17:39.898> on<00:17:39.947> the<00:17:40.027> economic<00:17:40.364> deal<00:17:40.541> that<00:17:40.638> he<00:17:40.750> had.

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So<00:17:42.373> one<00:17:42.469> of<00:17:42.534> those<00:17:42.775> things<00:17:43.016> about<00:17:43.578> sort<00:17:43.659> of,<00:17:43.739> again,<00:17:43.980> what<00:17:44.125> your<00:17:44.221> priorities<00:17:44.848> are<00:17:45.972> and<00:17:47.338> also<00:17:47.515> just<00:17:47.836> the<00:17:47.981> timing<00:17:48.335> of<00:17:48.463> different<00:17:48.801> things<00:17:49.042> and<00:17:49.283> how<00:17:49.445> it<00:17:49.525> ebbs<00:17:49.702> and<00:17:49.847> flows,<00:17:50.234> just<00:17:51.700> because<00:17:51.958> you're<00:17:52.103> there<00:17:52.248> at<00:17:52.280> the<00:17:52.345> beginning<00:17:52.618> doesn't<00:17:52.828> necessarily<00:17:53.376> mean<00:17:53.472> the<00:17:53.553> person<00:17:53.875> with<00:17:54.036> the<00:17:54.117> highest<00:17:54.987> financial<00:17:55.551> remuneration<00:17:56.356> from<00:17:57.162> what<00:17:57.258> you<00:17:57.403> create.

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I<00:17:58.577> also<00:17:58.834> wonder<00:17:59.861> how<00:18:00.182> AI<00:18:00.583> is<00:18:00.696> affecting<00:18:01.145> your<00:18:01.241> industry,<00:18:01.706> finance,<00:18:02.220> investing,<00:18:02.926> taxes.

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Particularly,<00:18:04.386> it<00:18:04.515> seems<00:18:04.643> like<00:18:04.771> taxes,<00:18:05.253> AI<00:18:05.574> might<00:18:06.216> be<00:18:06.312> making<00:18:06.761> a,<00:18:08.221> at<00:18:08.302> some<00:18:08.542> point,<00:18:08.783> be<00:18:08.879> able<00:18:09.024> to<00:18:09.585> kind<00:18:09.746> of<00:18:09.826> do<00:18:09.986> a<00:18:10.003> lot<00:18:10.243> of<00:18:10.372> this,<00:18:10.709> right?

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And<00:18:11.190> just<00:18:11.575> kind<00:18:11.687> of<00:18:11.976> figure<00:18:12.153> out<00:18:12.297> the<00:18:12.377> codes<00:18:12.650> and<00:18:12.795> things.

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But<00:18:13.677> how<00:18:13.918> are<00:18:14.143> you<00:18:14.303> thinking<00:18:14.560> about<00:18:14.800> AI<00:18:15.041> within<00:18:15.282> your<00:18:15.426> company<00:18:15.843> and<00:18:15.924> just<00:18:16.148> overall?

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Yeah,<00:18:16.967> considerably.

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I<00:18:17.528> mean,<00:18:17.705> speaking<00:18:18.154> about<00:18:18.796> the<00:18:18.956> tax<00:18:19.374> side<00:18:19.614> of<00:18:19.759> it<00:18:20.256> first,<00:18:21.460> well,<00:18:21.524> I<00:18:21.620> think<00:18:21.925> across<00:18:22.326> all<00:18:22.358> service<00:18:22.743> businesses,<00:18:23.305> there<00:18:23.401> are<00:18:23.466> huge<00:18:23.770> opportunities<00:18:24.589> in<00:18:24.669> the<00:18:24.749> way<00:18:25.070> that<00:18:27.381> AI<00:18:27.959> allows<00:18:28.425> for<00:18:29.404> faster<00:18:30.110> communication,<00:18:31.234> more<00:18:31.571> insight<00:18:32.036> to<00:18:32.132> clients,<00:18:32.758> the<00:18:32.871> ability<00:18:33.320> to<00:18:33.417> have<00:18:34.845> personalized<00:18:36.691> guidance,<00:18:37.750> even<00:18:37.895> if<00:18:37.975> it's<00:18:38.055> just<00:18:38.248> a<00:18:38.376> tier<00:18:38.778> before<00:18:39.099> the<00:18:39.195> human,<00:18:40.559> in<00:18:40.639> creating<00:18:40.944> richer<00:18:41.217> experiences.

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In<00:18:43.593> addition<00:18:43.866> to<00:18:43.930> obviously<00:18:44.187> improving<00:18:44.973> back<00:18:45.278> office<00:18:45.679> workflows<00:18:46.321> and<00:18:46.803> either<00:18:47.060> driving<00:18:48.248> more<00:18:48.424> profitability<00:18:49.130> for<00:18:49.227> businesses<00:18:50.013> or<00:18:50.896> lower<00:18:51.153> prices<00:18:52.019> for<00:18:52.421> the,<00:18:52.822> the<00:18:52.918> end<00:18:53.143> consumer.

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As<00:18:54.861> it<00:18:54.909> relates<00:18:55.247> to<00:18:55.407> tax,<00:18:56.837> I<00:18:58.202> certainly,<00:18:58.860> it's<00:18:59.021> one<00:18:59.181> of<00:18:59.246> those<00:18:59.567> areas<00:18:59.984> where<00:19:00.161> I<00:19:00.306> think<00:19:00.627> people<00:19:00.932> in<00:19:01.012> the<00:19:01.045> space<00:19:01.350> feel<00:19:01.446> like,<00:19:01.655> hey,<00:19:02.313> this<00:19:02.474> is<00:19:02.554> a<00:19:03.100> rule-based<00:19:03.518> structure.

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It's<00:19:04.482> got<00:19:04.722> to<00:19:04.867> work<00:19:05.927> phenomenally<00:19:06.553> well.

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And<00:19:06.875> I<00:19:06.907> think<00:19:07.212> for<00:19:07.613> the<00:19:08.738> core<00:19:09.926> rule-only<00:19:11.532> unequivocally<00:19:12.094> do<00:19:12.207> something,<00:19:12.673> that<00:19:12.898> is<00:19:13.074> definitely<00:19:14.343> the<00:19:14.439> case.

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There<00:19:15.805> are<00:19:15.869> a<00:19:15.885> couple<00:19:16.206> businesses,<00:19:17.716> AprilTax<00:19:18.374> and<00:19:18.455> ColumnTax,<00:19:19.081> that<00:19:19.161> have<00:19:19.258> basically<00:19:19.723> built<00:19:20.559> tax<00:19:21.025> engines<00:19:21.812> that<00:19:21.908> can<00:19:22.069> compete<00:19:22.535> with<00:19:23.339> really<00:19:23.660> large<00:19:24.013> organizations<00:19:24.640> that<00:19:24.720> have<00:19:24.865> been<00:19:25.684> investing<00:19:26.006> in<00:19:26.086> these<00:19:26.247> things<00:19:26.488> for<00:19:26.632> 20<00:19:26.954> years<00:19:27.372> in<00:19:27.404> a<00:19:27.452> way<00:19:27.532> they<00:19:27.693> never<00:19:28.159> could<00:19:28.336> have<00:19:29.380> without<00:19:29.782> the<00:19:30.007> AI<00:19:30.119> efficiencies,<00:19:30.730> just<00:19:30.907> in<00:19:31.051> writing<00:19:31.308> the<00:19:31.389> code,<00:19:31.710> let<00:19:31.855> alone<00:19:32.754> the<00:19:32.915> rule-based<00:19:33.188> structures<00:19:33.638> of<00:19:33.719> what<00:19:33.879> they're<00:19:34.040> doing.

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I<00:19:35.711> think<00:19:36.032> that<00:19:36.627> similar<00:19:37.318> to<00:19:37.559> what<00:19:37.880> robo-advisory<00:19:38.941> did<00:19:39.583> in<00:19:39.808> finance,<00:19:40.547> it<00:19:40.628> doesn't<00:19:40.949> actually<00:19:42.219> remove<00:19:42.781> the<00:19:42.877> need<00:19:43.263> for<00:19:43.440> advisors<00:19:44.307> or<00:19:44.404> the<00:19:44.484> increasing<00:19:45.047> demand<00:19:45.529> for<00:19:45.705> them.

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It<00:19:46.653> just<00:19:46.959> hopefully,<00:19:47.682> if<00:19:47.794> it's<00:19:48.003> well<00:19:48.180> applied,<00:19:49.529> allows<00:19:49.931> the<00:19:50.011> stuff<00:19:50.252> that<00:19:50.429> wasn't<00:19:50.815> value<00:19:51.136> creating<00:19:52.261> and<00:19:52.438> was<00:19:52.904> rule-based<00:19:53.482> and<00:19:53.627> more<00:19:53.723> administrative<00:19:55.233> to<00:19:55.330> get<00:19:55.571> done<00:19:56.679> automatically<00:19:57.419> versus<00:19:57.820> by<00:19:58.126> kind<00:19:58.286> of<00:19:58.367> the<00:19:58.447> low<00:19:58.624> man<00:19:58.849> on<00:19:58.929> the<00:19:59.009> totem<00:19:59.347> pole,<00:19:59.668> or<00:19:59.748> in<00:19:59.893> many<00:20:00.070> cases<00:20:00.616> offshoring<00:20:02.062> automatically,<00:20:03.588> giving<00:20:04.006> better<00:20:04.745> sets<00:20:05.051> of<00:20:05.115> information<00:20:05.918> to<00:20:06.159> the<00:20:06.320> advisor.

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And<00:20:07.123> then<00:20:07.236> if<00:20:07.364> the<00:20:07.461> advisor<00:20:07.878> is<00:20:08.087> good<00:20:08.200> and<00:20:08.328> specialized,<00:20:10.256> just<00:20:10.497> like,<00:20:10.899> you<00:20:10.931> know,<00:20:11.221> AI<00:20:11.703> that<00:20:11.799> can<00:20:12.104> help<00:20:12.684> read<00:20:12.846> an<00:20:13.007> X-ray<00:20:13.330> or<00:20:13.476> something<00:20:13.960> else<00:20:15.011> is<00:20:15.107> hugely<00:20:15.511> out<00:20:15.608> of<00:20:15.738> the<00:20:15.818> doctor.

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It<00:20:16.238> doesn't<00:20:16.561> mean<00:20:16.707> that<00:20:16.804> people<00:20:17.127> don't<00:20:17.612> want<00:20:17.854> the<00:20:17.999> doctor<00:20:18.419> involved<00:20:18.969> in<00:20:19.066> sort<00:20:19.243> of<00:20:19.372> weighing,<00:20:20.358> yes,<00:20:20.600> there's<00:20:20.730> this<00:20:20.907> issue,<00:20:21.391> but<00:20:22.521> you're<00:20:22.746> 80<00:20:22.859> years<00:20:23.166> old.

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I'm<00:20:23.424> not<00:20:23.586> sure<00:20:23.731> you<00:20:23.892> want<00:20:24.215> to<00:20:25.360> do<00:20:25.522> an<00:20:25.602> operation<00:20:26.393> for<00:20:26.571> that<00:20:26.732> hairline<00:20:27.281> fracture<00:20:29.136> in<00:20:29.233> the<00:20:29.572> same<00:20:29.798> way<00:20:29.878> that<00:20:30.024> you<00:20:30.104> might<00:20:30.185> have<00:20:30.250> a<00:20:30.266> different<00:20:30.395> conversation<00:20:30.832> with<00:20:30.930> an<00:20:31.075> athlete,<00:20:31.334> et<00:20:31.432> cetera.

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So<00:20:34.557> big<00:20:34.719> investment,<00:20:36.273> one<00:20:36.435> that<00:20:36.597> we've<00:20:37.229> focused<00:20:37.714> a<00:20:37.876> lot<00:20:38.055> on<00:20:38.524> as<00:20:38.621> it<00:20:38.686> relates<00:20:39.091> to<00:20:39.983> both<00:20:40.143> the<00:20:40.288> consumer<00:20:40.769> experience<00:20:41.267> of<00:20:41.348> how<00:20:41.508> we<00:20:41.653> cut<00:20:41.829> down<00:20:42.713> the<00:20:42.793> time<00:20:43.034> it<00:20:43.114> takes<00:20:43.355> you<00:20:43.435> to<00:20:43.516> provide<00:20:43.917> the<00:20:44.062> data<00:20:44.238> that<00:20:44.399> you<00:20:44.495> need<00:20:45.186> to<00:20:45.363> give<00:20:45.588> to<00:20:45.668> your<00:20:45.780> advisor<00:20:46.166> to<00:20:46.246> get<00:20:46.342> the<00:20:46.407> right<00:20:46.631> outcomes.

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And<00:20:47.852> we're<00:20:48.077> investing<00:20:48.494> as<00:20:48.639> well<00:20:48.800> on<00:20:48.880> the<00:20:48.976> advisor<00:20:49.458> side<00:20:49.715> of<00:20:49.844> making<00:20:50.904> it<00:20:50.984> dramatically<00:20:51.546> easier<00:20:51.787> for<00:20:51.931> the<00:20:52.012> advisor<00:20:52.510> to<00:20:52.654> do<00:20:52.831> the<00:20:53.778> administrative<00:20:54.678> data<00:20:54.999> assembly<00:20:55.866> work<00:20:56.284> of<00:20:56.428> tax<00:20:57.552> so<00:20:57.729> they<00:20:57.890> can<00:20:57.970> get<00:20:58.131> freed<00:20:58.436> up<00:20:58.548> to<00:20:58.612> be<00:20:58.693> much<00:20:58.998> more<00:20:59.094> advisory<00:20:59.978> and<00:21:00.122> value-additive.

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I<00:21:01.423> wonder,<00:21:01.664> as<00:21:01.760> you're<00:21:01.905> thinking<00:21:02.210> about,<00:21:02.387> like,<00:21:02.547> I'm<00:21:02.868> wondering,<00:21:03.270> you<00:21:03.366> know,<00:21:04.137> we<00:21:04.298> have<00:21:04.410> a<00:21:04.956> new<00:21:05.117> administration<00:21:05.695> here<00:21:05.775> who<00:21:06.000> thinks<00:21:06.321> maybe<00:21:06.627> we<00:21:06.707> could<00:21:06.867> get<00:21:06.964> rid<00:21:07.060> of<00:21:07.205> all<00:21:07.365> income<00:21:07.606> tax,<00:21:07.992> right?

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And<00:21:08.409> just<00:21:08.570> do<00:21:09.660> tariffs<00:21:10.060> and<00:21:10.280> things<00:21:10.440> like<00:21:10.720> that.

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And<00:21:10.881> you<00:21:10.960> obviously,<00:21:11.680> if<00:21:11.700> you're<00:21:11.920> a<00:21:12.020> fan<00:21:12.100> of<00:21:12.220> Mitt<00:21:12.300> Romney<00:21:12.540> or<00:21:12.760> a<00:21:12.840> Democrat,<00:21:13.280> I<00:21:13.420> probably<00:21:13.460> have<00:21:13.600> a<00:21:13.780> sense<00:21:13.960> for<00:21:14.420> how<00:21:14.740> you<00:21:14.920> feel<00:21:15.120> about<00:21:15.280> this.

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But<00:21:15.560> what<00:21:15.680> are<00:21:15.800> you<00:21:15.980> thinking<00:21:16.360> about<00:21:17.040> tariffs,<00:21:18.740> current<00:21:19.220> economic<00:21:19.660> policy?

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2024<00:21:20.840> was,<00:21:21.440> there<00:21:21.480> was<00:21:21.660> a<00:21:21.780> lot<00:21:21.940> of<00:21:22.020> uncertainty,<00:21:23.120> not<00:21:23.140> just<00:21:23.420> because<00:21:23.620> of<00:21:23.800> politics<00:21:24.160> and<00:21:24.340> the<00:21:24.420> election,<00:21:24.780> just<00:21:24.900> generally,<00:21:25.740> right?

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And<00:21:25.980> kind<00:21:26.120> of<00:21:26.280> like<00:21:26.800> how<00:21:27.060> things<00:21:27.240> were<00:21:27.400> going<00:21:27.460> to<00:21:27.580> shake<00:21:27.780> out,<00:21:28.120> what<00:21:28.160> AI's<00:21:28.680> future<00:21:28.920> was.

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I<00:21:29.740> would<00:21:29.860> say<00:21:29.980> there's<00:21:30.120> a<00:21:30.240> little<00:21:30.400> bit<00:21:30.600> more<00:21:30.680> certainty<00:21:31.040> now,<00:21:31.500> you<00:21:31.520> know,<00:21:31.700> who's<00:21:31.880> in<00:21:32.020> power,<00:21:32.380> kind<00:21:32.460> of<00:21:32.540> what<00:21:32.680> the<00:21:32.820> economic<00:21:33.100> policies<00:21:33.500> are<00:21:33.660> going<00:21:33.720> to<00:21:33.840> be,<00:21:34.000> at<00:21:34.040> least<00:21:34.160> in<00:21:34.320> the<00:21:34.400> United<00:21:34.520> States.

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Um,<00:21:35.798> how<00:21:35.878> are<00:21:35.975> you<00:21:36.200> feeling<00:21:36.537> about,<00:21:36.778> you<00:21:36.858> know,<00:21:37.018> tariffs<00:21:37.580> and<00:21:37.885> overall<00:21:38.544> economic<00:21:39.009> outlook?

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Yeah,<00:21:39.812> I<00:21:39.893> think<00:21:39.989> there<00:21:40.310> are<00:21:40.390> a<00:21:40.406> few<00:21:41.434> threads<00:21:41.771> of<00:21:41.900> that.

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I<00:21:42.157> think<00:21:42.462> to<00:21:42.702> the,<00:21:43.104> the<00:21:43.200> first<00:21:43.602> piece,<00:21:44.886> I<00:21:44.902> mean,<00:21:45.127> just<00:21:45.368> by<00:21:45.528> the<00:21:45.609> numbers,<00:21:46.090> even<00:21:46.219> 100%<00:21:46.733> tariffs<00:21:47.616> wouldn't<00:21:48.178> fill<00:21:48.499> even<00:21:48.740> a<00:21:48.804> fraction<00:21:49.382> of,<00:21:50.024> uh,<00:21:50.570> what<00:21:51.004> existing<00:21:51.790> tax<00:21:52.096> structures<00:21:52.738> provide<00:21:53.236> to<00:21:53.380> the<00:21:53.460> U.S.<00:21:53.798> government.

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So<00:21:54.360> unless<00:21:54.681> we,<00:21:55.789> um,<00:21:56.527> abolish<00:21:57.073> Social<00:21:57.571> Security<00:21:58.293> and<00:21:58.518> the<00:21:58.598> military<00:21:59.417> and<00:21:59.578> Medicare<00:22:00.855> I<00:22:00.954> don't<00:22:01.368> think<00:22:01.534> that's<00:22:01.848> particularly<00:22:02.676> realistic.

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I<00:22:04.886> think<00:22:05.128> the<00:22:06.678> most<00:22:09.002> impactful<00:22:09.664> piece<00:22:09.971> for<00:22:10.068> a<00:22:10.084> segment<00:22:10.423> of<00:22:10.455> the<00:22:10.536> population<00:22:11.052> that<00:22:11.262> we<00:22:11.359> don't<00:22:11.617> serve<00:22:12.150> was<00:22:13.377> there<00:22:13.458> was<00:22:13.603> a<00:22:13.619> lot<00:22:13.797> of<00:22:13.910> momentum<00:22:14.655> in<00:22:15.903> self-directed<00:22:16.762> filings.

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The<00:22:17.329> US<00:22:17.589> is<00:22:17.735> one<00:22:17.832> of<00:22:17.864> the<00:22:17.978> few<00:22:18.156> countries<00:22:18.707> where<00:22:19.761> the<00:22:19.842> government<00:22:20.556> has<00:22:21.040> all<00:22:21.201> the<00:22:21.298> data<00:22:21.766> to<00:22:22.024> tell<00:22:22.250> you<00:22:22.331> what<00:22:22.492> you<00:22:22.589> owe<00:22:22.734> for<00:22:22.895> taxes,<00:22:23.395> but<00:22:23.944> doesn't<00:22:24.347> really<00:22:24.686> tell<00:22:24.992> you<00:22:25.089> what<00:22:25.250> that<00:22:25.476> is.

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And<00:22:25.798> so<00:22:25.879> you<00:22:25.944> have<00:22:26.057> to<00:22:26.121> provide<00:22:26.395> information<00:22:27.509> hope<00:22:27.691> it<00:22:27.773> matches,<00:22:28.270> and<00:22:28.418> if<00:22:28.518> not,<00:22:28.915> you<00:22:28.948> know,<00:22:29.097> run<00:22:29.427> some<00:22:29.676> risk<00:22:29.924> of<00:22:30.073> audit.

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Um,<00:22:32.207> big<00:22:32.368> investment<00:22:32.788> in<00:22:32.868> sort<00:22:33.094> of<00:22:33.127> self-directed<00:22:33.885> file,<00:22:34.967> hugely<00:22:36.000> existentially<00:22:36.726> negative<00:22:37.275> for<00:22:37.775> TurboTax<00:22:38.663> and,<00:22:38.905> and<00:22:39.002> some<00:22:39.147> of<00:22:39.228> the<00:22:39.373> others.

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Um,<00:22:42.531> many<00:22:42.918> Republicans<00:22:43.725> feel<00:22:44.047> adverse,<00:22:44.628> I<00:22:44.693> think<00:22:45.032> philosophically,<00:22:46.000> to<00:22:46.242> the<00:22:46.468> idea<00:22:47.194> of<00:22:48.743> the<00:22:48.905> government<00:22:49.373> being<00:22:49.534> the<00:22:49.631> one<00:22:49.792> that<00:22:50.179> you<00:22:50.260> both<00:22:50.438> pay<00:22:50.599> taxes<00:22:50.924> to<00:22:51.111> and<00:22:51.265> telling<00:22:51.503> you<00:22:51.674> what<00:22:51.930> you<00:22:52.356> owe.

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So<00:22:53.537> that<00:22:54.021> I<00:22:54.101> think<00:22:54.327> is<00:22:54.424> kind<00:22:54.602> of<00:22:54.666> frozen,<00:22:55.150> but<00:22:55.312> there<00:22:55.392> was<00:22:55.538> definitely,<00:22:56.441> I<00:22:56.506> think,<00:22:56.845> good,<00:22:57.248> well-intentioned<00:22:58.378> momentum<00:22:59.169> in<00:23:00.137> how<00:23:00.169> do<00:23:00.234> we<00:23:00.315> make<00:23:00.637> paying<00:23:00.879> taxes<00:23:01.218> a<00:23:01.283> lot<00:23:01.670> easier<00:23:02.074> for<00:23:02.235> the<00:23:02.300> vast<00:23:02.560> majority<00:23:03.700> of<00:23:03.798> people?

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We<00:23:04.205> don't<00:23:04.368> need<00:23:04.482> to<00:23:04.596> have<00:23:05.036> intermediaries<00:23:05.900> where<00:23:05.997> that's<00:23:06.307> not<00:23:06.877> necessary.

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As<00:23:09.525> it<00:23:09.558> relates<00:23:10.496> to<00:23:10.593> tax<00:23:11.062> policies,<00:23:11.968> it<00:23:12.065> seems<00:23:12.517> like<00:23:14.458> the<00:23:14.555> president<00:23:15.267> isn't<00:23:16.092> immensely<00:23:16.739> focused<00:23:17.467> on<00:23:17.790> the<00:23:17.952> policy<00:23:18.422> piece<00:23:18.747> outside<00:23:19.103> of<00:23:19.558> what<00:23:19.720> was<00:23:19.898> articulated<00:23:20.450> in<00:23:20.531> the<00:23:20.628> campaign.

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And<00:23:21.358> so<00:23:21.504> I<00:23:21.520> think<00:23:21.763> you've<00:23:21.925> got<00:23:23.121> a<00:23:23.379> relatively<00:23:24.266> predictable<00:23:24.912> band<00:23:25.638> of<00:23:25.783> what<00:23:25.977> stuff<00:23:26.283> is<00:23:26.364> going<00:23:26.477> to<00:23:26.606> look<00:23:26.832> like<00:23:27.009> that<00:23:27.832> the<00:23:27.961> House<00:23:28.284> and<00:23:28.380> Senate,<00:23:28.703> I<00:23:28.784> think,<00:23:28.945> are<00:23:28.977> likely<00:23:29.510> to<00:23:29.671> pass.

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At<00:23:31.107> its<00:23:31.204> core,<00:23:31.768> extension<00:23:32.172> of<00:23:32.320> the<00:23:32.664> tax<00:23:32.991> cuts<00:23:33.237> from<00:23:33.630> 2017,<00:23:36.800> potentially<00:23:37.798> exemption<00:23:38.346> of<00:23:38.442> taxation<00:23:39.393> on<00:23:40.520> tips,<00:23:42.228> likely<00:23:42.630> some<00:23:42.840> modification<00:23:43.742> of<00:23:43.854> the<00:23:44.386> SALT<00:23:45.207> cap<00:23:45.691> and<00:23:45.820> some<00:23:45.954> other<00:23:46.190> pieces.

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But<00:23:48.757> I<00:23:48.853> would<00:23:49.013> be<00:23:49.799> highly<00:23:50.232> surprised<00:23:50.857> given<00:23:51.979> where<00:23:52.284> focus<00:23:52.700> has<00:23:53.021> been<00:23:53.342> and<00:23:53.486> other<00:23:53.662> stuff<00:23:54.127> that<00:23:54.368> you<00:23:54.464> see<00:23:54.704> a<00:23:55.089> totally<00:23:55.586> reimagined<00:23:57.093> view<00:23:57.734> of<00:23:59.016> tax<00:23:59.497> structures,<00:24:00.010> tax<00:24:00.315> policy,<00:24:00.796> tax<00:24:01.100> rates,<00:24:01.341> et<00:24:01.421> cetera.

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I'm<00:24:03.761> not<00:24:04.322> a<00:24:04.338> macroeconomist,<00:24:05.364> but<00:24:05.525> certainly<00:24:07.464> my<00:24:07.753> view<00:24:08.074> from<00:24:08.651> whatever,<00:24:08.971> a<00:24:09.051> lot<00:24:09.212> of<00:24:09.468> CNBC<00:24:10.013> watching<00:24:10.414> and<00:24:10.494> Wall<00:24:10.590> Street<00:24:10.879> Journal<00:24:11.055> reading<00:24:11.215> and<00:24:11.312> other<00:24:11.456> stuff<00:24:11.777> is<00:24:11.921> that<00:24:13.444> tariffs<00:24:15.470> with<00:24:15.696> a<00:24:15.955> goal<00:24:17.249> of<00:24:17.411> raising<00:24:17.799> revenue<00:24:18.770> is<00:24:18.932> going<00:24:18.996> to<00:24:19.045> negatively<00:24:19.530> impact<00:24:20.630> consumers.

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From<00:24:24.230> college<00:24:24.619> economics,<00:24:25.300> 70%<00:24:25.786> of<00:24:25.851> US<00:24:26.077> GDP<00:24:26.580> is<00:24:27.050> consumer<00:24:27.471> consumption.

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And<00:24:28.955> so<00:24:29.035> things<00:24:29.310> that<00:24:30.520> decrease<00:24:30.956> that<00:24:31.246> by<00:24:31.408> raising<00:24:31.666> prices,<00:24:32.085> not<00:24:32.231> necessarily<00:24:32.699> like<00:24:32.876> a<00:24:32.957> net<00:24:33.748> positive<00:24:34.490> and<00:24:34.635> certainly<00:24:34.990> inflationary,<00:24:36.427> generally<00:24:36.849> speaking.

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I<00:24:37.499> think<00:24:37.759> if<00:24:37.905> it's<00:24:38.132> used<00:24:38.620> as<00:24:39.773> a<00:24:39.854> political<00:24:40.341> tool<00:24:40.991> to<00:24:41.624> drive<00:24:42.209> better<00:24:42.550> structural<00:24:43.330> outcomes,<00:24:43.833> trade<00:24:43.980> deals,<00:24:44.077> removal<00:24:44.304> of<00:24:46.386> impediments<00:24:46.964> on<00:24:47.189> US<00:24:47.911> export<00:24:48.313> and<00:24:48.473> stuff.

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Yeah,<00:24:49.597> that<00:24:49.758> all<00:24:49.854> can<00:24:50.015> be<00:24:50.159> positive.

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But<00:24:52.327> yeah,<00:24:52.600> I'm<00:24:52.760> certainly<00:24:53.146> wary<00:24:53.611> of<00:24:53.772> tariffs<00:24:55.297> replacing<00:24:56.020> core<00:24:56.197> parts<00:24:56.518> of<00:24:56.598> taxation,<00:24:58.750> both<00:24:58.926> because<00:24:59.247> of<00:24:59.328> like<00:24:59.552> the<00:24:59.713> gaps<00:24:59.954> they'd<00:25:00.034> have<00:25:00.147> to<00:25:00.291> fill<00:25:00.773> and<00:25:00.853> just<00:25:00.998> because<00:25:01.254> it<00:25:01.560> doesn't<00:25:01.816> seem<00:25:02.009> like<00:25:02.218> anyone<00:25:03.165> believes<00:25:03.438> that's<00:25:03.647> great<00:25:03.824> economic<00:25:04.145> policy<00:25:04.466> for<00:25:04.610> growth.

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Yeah,<00:25:05.349> it's<00:25:05.510> certainly<00:25:05.847> Milton<00:25:06.216> Friedman<00:25:06.553> didn't,<00:25:07.822> which<00:25:08.014> is<00:25:08.319> kind<00:25:08.544> of<00:25:08.576> like<00:25:08.801> the<00:25:09.845> godfather<00:25:10.487> of<00:25:10.872> Republican<00:25:11.306> economics,<00:25:12.157> which<00:25:12.318> makes<00:25:12.558> kind<00:25:12.655> of<00:25:12.735> this<00:25:12.896> time<00:25:13.698> really<00:25:13.939> interesting.

00:25:14.835 --> 00:25:20.548
I<00:25:15.158> do<00:25:15.304> wonder,<00:25:15.579> not<00:25:15.790> to<00:25:15.870> make<00:25:16.048> this<00:25:16.615> about<00:25:17.020> what's<00:25:17.181> happening<00:25:17.521> in<00:25:17.570> the<00:25:17.651> government,<00:25:18.136> because<00:25:18.379> this<00:25:18.460> isn't—<00:25:18.703> I<00:25:18.865> want<00:25:18.945> to<00:25:19.026> learn<00:25:19.204> more<00:25:19.431> about<00:25:19.609> you,<00:25:19.771> but<00:25:19.916> what<00:25:19.965> do<00:25:19.997> you<00:25:20.095> think<00:25:20.273> about<00:25:20.418> Doge?

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How<00:25:21.986> do<00:25:22.051> you<00:25:22.083> think<00:25:22.308> that's<00:25:22.549> going?

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I<00:25:22.806> mean,<00:25:22.951> that's<00:25:23.112> an<00:25:23.192> interesting<00:25:23.674> kind<00:25:23.915> of<00:25:24.012> cross-section<00:25:24.639> into<00:25:24.880> our<00:25:25.121> world<00:25:25.459> and<00:25:25.620> the<00:25:25.700> political<00:25:26.166> world.

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And<00:25:26.745> the<00:25:26.825> fact<00:25:27.147> that<00:25:27.790> maybe<00:25:28.047> the<00:25:28.192> greatest<00:25:28.578> entrepreneur<00:25:29.639> living<00:25:31.236> is<00:25:31.657> kind<00:25:31.964> of<00:25:32.126> heading<00:25:32.465> up<00:25:32.627> this<00:25:32.853> kind<00:25:33.096> of<00:25:34.309> really<00:25:34.648> interesting<00:25:37.090> new<00:25:37.624> agency<00:25:38.352> to<00:25:38.514> kind<00:25:38.756> of<00:25:38.837> cut<00:25:39.177> waste,<00:25:39.630> fraud,<00:25:39.853> abuse,<00:25:40.300> spending,<00:25:40.765> all<00:25:40.851> that<00:25:40.954> type<00:25:41.040> of<00:25:41.143> stuff.

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I<00:25:41.843> don't<00:25:42.099> know<00:25:42.228> how<00:25:42.324> they'd<00:25:42.565> say<00:25:42.725> it,<00:25:42.950> but<00:25:43.110> what<00:25:43.303> are<00:25:43.447> your<00:25:43.768> thoughts<00:25:43.993> on<00:25:44.089> DOGE<00:25:44.314> so<00:25:44.555> far?

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In<00:25:45.213> principle,<00:25:46.176> the<00:25:46.320> idea<00:25:47.058> of<00:25:47.203> taking<00:25:47.925> a<00:25:49.048> comprehensive<00:25:50.413> and<00:25:50.509> new<00:25:50.830> look<00:25:51.376> at<00:25:52.018> where<00:25:52.258> the<00:25:52.355> government<00:25:52.772> spends<00:25:53.237> money,<00:25:53.719> its<00:25:53.879> relative<00:25:54.280> efficiency,<00:25:55.404> kind<00:25:55.645> of<00:25:55.677> hard<00:25:55.821> to<00:25:55.949> argue<00:25:56.190> with.

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I<00:25:56.431> mean,<00:25:56.527> whether<00:25:56.768> you're<00:25:57.105> a<00:25:57.169> progressive<00:25:58.309> or<00:25:58.774> you're<00:25:58.935> a<00:25:59.015> conservative<00:26:00.283> on<00:26:00.363> that<00:26:00.604> front.

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I<00:26:01.679> go<00:26:01.823> back,<00:26:02.144> I<00:26:02.225> think<00:26:02.385> it<00:26:02.417> was,<00:26:03.508> I<00:26:03.541> don't<00:26:03.669> know,<00:26:03.765> it<00:26:03.829> was<00:26:03.894> 15<00:26:04.536> years<00:26:04.792> ago,<00:26:04.937> 20<00:26:05.194> years<00:26:05.434> ago,<00:26:05.739> but<00:26:05.900> there<00:26:05.996> was<00:26:07.505> Erskine<00:26:07.842> Bowles<00:26:08.548> from<00:26:08.644> North<00:26:08.869> Carolina<00:26:09.206> and<00:26:09.350> Alan<00:26:09.527> Simpson<00:26:09.928> from<00:26:10.072> Wyoming,<00:26:10.554> two<00:26:11.132> Senators<00:26:11.599> from<00:26:11.760> different<00:26:12.001> parties<00:26:12.339> got<00:26:12.581> together<00:26:12.967> and<00:26:13.852> had<00:26:14.030> a<00:26:14.046> commission<00:26:14.513> of<00:26:14.657> how<00:26:14.738> do<00:26:14.770> we<00:26:15.076> balance<00:26:15.478> the<00:26:15.559> budget<00:26:15.897> stuff<00:26:16.187> is<00:26:16.589> going<00:26:16.831> off<00:26:18.054> the<00:26:18.199> rails.

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And<00:26:18.859> obviously<00:26:19.165> it's<00:26:19.262> gotten<00:26:19.986> dramatically<00:26:20.695> worse<00:26:20.872> when<00:26:20.937> you<00:26:21.034> think<00:26:21.212> about<00:26:21.439> the<00:26:21.584> accumulation<00:26:22.151> of<00:26:22.313> debt<00:26:22.572> and<00:26:22.653> the<00:26:22.734> cost<00:26:23.058> to<00:26:23.155> service<00:26:23.544> the<00:26:23.690> interest.

00:26:25.976 --> 00:26:39.535
The<00:26:26.137> right<00:26:26.395> way<00:26:26.475> to<00:26:26.507> do<00:26:26.620> this,<00:26:26.877> I<00:26:27.038> think,<00:26:27.586> is<00:26:28.391> you<00:26:28.487> take<00:26:28.745> a<00:26:28.954> bunch<00:26:29.212> of<00:26:29.292> time,<00:26:30.322> you've<00:26:30.419> got<00:26:30.564> a<00:26:30.580> combination<00:26:31.304> of<00:26:31.690> experts<00:26:32.334> and<00:26:32.817> new<00:26:32.994> thinking,<00:26:33.381> et<00:26:33.413> cetera,<00:26:34.121> and<00:26:34.266> you<00:26:34.427> comprehensively<00:26:35.103> sort<00:26:35.264> of<00:26:35.312> say,<00:26:35.489> hey,<00:26:37.380> entitlements,<00:26:37.898> like<00:26:38.336> kind<00:26:38.465> of<00:26:38.530> the<00:26:38.627> biggest<00:26:38.951> piece<00:26:39.195> of<00:26:39.259> the<00:26:39.357> pie.

00:26:40.475 --> 00:26:45.320
What<00:26:40.523> do<00:26:40.572> we<00:26:40.604> need<00:26:40.734> to<00:26:40.815> do<00:26:40.961> with<00:26:41.787> eligibility<00:26:42.500> ages<00:26:43.230> or<00:26:43.489> benefit<00:26:43.959> payouts<00:26:44.542> or<00:26:44.704> indexing?

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The<00:26:46.683> discretionary<00:26:47.311> part<00:26:47.472> of<00:26:47.504> the<00:26:47.649> budget<00:26:47.971> is<00:26:48.116> like,<00:26:48.374> I<00:26:48.454> think,<00:26:48.954> sub-20%<00:26:49.807> or<00:26:50.129> something.

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Definitely<00:26:52.803> places<00:26:53.286> to<00:26:53.447> be<00:26:53.689> efficient.

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There<00:26:54.558> always<00:26:54.880> are<00:26:54.977> examples<00:26:55.541> of<00:26:55.670> like<00:26:55.783> the<00:26:55.946> $35,000<00:26:57.102> screw<00:26:57.639> in<00:26:58.566> some<00:26:58.859> aircraft<00:26:59.282> carrier,<00:26:59.592> et<00:26:59.673> cetera,<00:26:59.998> that<00:27:00.340> can<00:27:00.584> get<00:27:00.747> found<00:27:01.056> out,<00:27:01.138> et<00:27:01.170> cetera.

00:27:02.512 --> 00:27:29.349
But<00:27:03.858> the<00:27:04.355> current<00:27:04.819> approach<00:27:05.300> of<00:27:05.476> we<00:27:05.700> want<00:27:06.021> a<00:27:06.117> soundbiter<00:27:06.902> press<00:27:07.158> release<00:27:08.344> every<00:27:08.600> few<00:27:08.857> days<00:27:10.106> is<00:27:10.267> really<00:27:10.603> dangerous,<00:27:11.244> I<00:27:11.324> think,<00:27:11.709> in<00:27:12.029> A,<00:27:12.830> trying<00:27:12.942> to<00:27:13.006> come<00:27:13.070> up<00:27:13.135> with<00:27:13.247> a<00:27:13.407> comprehensive<00:27:14.112> view<00:27:14.304> of<00:27:14.432> how<00:27:14.593> you<00:27:14.689> actually<00:27:14.993> drive<00:27:15.249> efficiency<00:27:16.772> and<00:27:17.428> not<00:27:17.813> freezing<00:27:18.438> the<00:27:18.470> ability<00:27:19.015> for<00:27:20.136> people<00:27:20.601> doing<00:27:20.857> mission-critical<00:27:21.642> jobs<00:27:23.180> to<00:27:23.325> be<00:27:23.501> doing<00:27:23.805> those<00:27:24.046> jobs<00:27:24.526> rather<00:27:24.799> than<00:27:25.087> sort<00:27:25.247> of<00:27:25.327> wondering<00:27:25.888> tomorrow,<00:27:26.225> am<00:27:26.305> I<00:27:26.385> going<00:27:26.561> to<00:27:26.609> get<00:27:27.330> fired,<00:27:28.051> furloughed,<00:27:28.708> et<00:27:28.788> cetera?

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Especially<00:27:29.910> with<00:27:30.054> that<00:27:30.246> includes<00:27:30.631> people<00:27:31.515> dealing<00:27:31.677> with<00:27:32.246> nuclear<00:27:32.587> safety<00:27:33.773> or<00:27:35.090> aviation<00:27:35.837> safety<00:27:36.373> or<00:27:36.455> anything<00:27:36.861> else.

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There's<00:27:37.202> no<00:27:37.430> predictability,<00:27:38.677> so<00:27:38.758> you're<00:27:38.936> rattling<00:27:39.421> the<00:27:39.583> entire<00:27:40.053> system<00:27:40.393> in<00:27:40.458> a<00:27:40.474> way<00:27:40.636> that<00:27:40.717> I<00:27:40.798> think<00:27:40.943> creates<00:27:42.481> a<00:27:42.498> lot<00:27:42.676> of<00:27:42.740> risk.

00:27:43.129 --> 00:27:52.258
So<00:27:43.226> yeah,<00:27:43.680> I<00:27:43.696> definitely—<00:27:48.178> Twitter<00:27:48.422> is<00:27:48.503> an<00:27:48.584> example<00:27:49.234> of<00:27:49.396> why<00:27:49.623> this<00:27:49.802> isn't<00:27:50.046> necessarily<00:27:51.328> always<00:27:51.572> the<00:27:51.670> best<00:27:51.816> approach.

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Yes,<00:27:52.799> it's,<00:27:53.142> I<00:27:53.208> think,<00:27:53.945> arguably<00:27:54.289> battled<00:27:54.616> back<00:27:55.009> to<00:27:55.108> its<00:27:55.255> initial<00:27:55.599> valuation,<00:27:57.507> dramatically<00:27:58.228> cut<00:27:58.469> costs,<00:27:58.949> but<00:27:59.046> it's<00:27:59.767> getting<00:28:00.007> back<00:28:00.168> to<00:28:00.248> the<00:28:00.328> same<00:28:00.569> place<00:28:00.873> with<00:28:00.969> dramatically<00:28:01.434> less<00:28:01.691> revenue.

00:28:02.172 --> 00:28:09.033
And<00:28:02.268> so<00:28:03.294> that's<00:28:03.614> sort<00:28:03.999> of<00:28:05.378> analogous<00:28:06.083> to,<00:28:06.420> hey,<00:28:07.221> at<00:28:07.381> what<00:28:07.622> cost<00:28:08.039> are<00:28:08.183> we<00:28:08.648> cutting?

00:28:09.690 --> 00:28:29.395
I<00:28:09.722> don't<00:28:09.962> know<00:28:10.123> the<00:28:10.347> answer,<00:28:10.748> but<00:28:10.844> it<00:28:10.908> certainly<00:28:11.309> feels<00:28:11.662> like<00:28:11.870> if<00:28:11.950> it's<00:28:12.110> a<00:28:12.255> press<00:28:12.575> release-driven<00:28:14.098> approach<00:28:14.595> and<00:28:14.739> one<00:28:14.916> that<00:28:15.317> at<00:28:15.413> least<00:28:15.557> the<00:28:15.621> reporting<00:28:16.038> suggests<00:28:16.583> often<00:28:16.839> is<00:28:17.801> the<00:28:17.946> wrong<00:28:18.202> number,<00:28:18.603> even<00:28:18.779> the<00:28:18.843> wrong<00:28:18.955> number<00:28:19.180> by<00:28:19.260> a<00:28:19.324> factor<00:28:19.645> of<00:28:19.693> 1,000,<00:28:20.446> 8<00:28:20.607> million<00:28:20.927> versus<00:28:21.248> 8<00:28:21.392> billion<00:28:21.649> or<00:28:21.729> something<00:28:22.049> on<00:28:22.145> some<00:28:22.274> of<00:28:22.354> these<00:28:22.530> pieces,<00:28:23.957> probably<00:28:24.294> not<00:28:24.455> going<00:28:24.599> to<00:28:24.631> result<00:28:25.032> in<00:28:25.160> the<00:28:25.192> most<00:28:26.540> positive<00:28:27.181> systemic<00:28:27.727> changes<00:28:28.224> relative<00:28:28.641> to<00:28:28.705> the<00:28:28.850> opportunity.

00:28:30.053 --> 00:28:41.954
I<00:28:30.149> think<00:28:30.373> it<00:28:30.454> is<00:28:31.977> maybe<00:28:32.250> a<00:28:32.378> generational<00:28:33.357> opportunity<00:28:34.079> with<00:28:34.303> a<00:28:34.319> non-traditional<00:28:36.084> president<00:28:36.966> and<00:28:37.046> an<00:28:37.190> entrepreneur<00:28:37.832> and<00:28:37.928> a<00:28:37.992> lot<00:28:38.169> of<00:28:38.249> empowerment<00:28:39.035> and<00:28:39.131> a<00:28:39.773> cooperative<00:28:40.398> Congress<00:28:40.816> to<00:28:40.960> do<00:28:41.120> really<00:28:41.377> big<00:28:41.618> things.

00:28:42.019 --> 00:28:50.456
But<00:28:42.083> I<00:28:42.179> don't<00:28:43.125> know,<00:28:43.302> this<00:28:43.382> is<00:28:43.478> me<00:28:43.927> speaking<00:28:44.264> of<00:28:44.296> my<00:28:44.344> politics,<00:28:44.826> but<00:28:45.227> this<00:28:45.387> does<00:28:45.547> not<00:28:45.772> feel<00:28:45.916> like<00:28:46.093> the<00:28:46.173> approach<00:28:46.574> that<00:28:46.654> actually<00:28:46.991> gets<00:28:47.296> you<00:28:47.456> to<00:28:48.435> positive<00:28:48.980> long-term<00:28:49.557> systemic<00:28:50.039> change.

00:28:51.306 --> 00:28:53.216
That<00:28:51.402> would<00:28:51.563> be<00:28:52.044> probably<00:28:52.526> quite<00:28:52.750> productive.

00:28:53.472 --> 00:28:55.447
It's<00:28:53.649> definitely<00:28:54.050> a<00:28:54.131> private<00:28:54.516> sector<00:28:54.933> approach.

00:28:55.559 --> 00:29:06.489
Like,<00:28:55.735> like<00:28:55.896> you<00:28:55.960> mentioned,<00:28:56.217> like,<00:28:56.377> this<00:28:56.618> is<00:28:56.763> what<00:28:56.875> he<00:28:56.939> did<00:28:57.100> at<00:28:57.196> Twitter,<00:28:57.581> and<00:28:57.661> this<00:28:57.838> is<00:28:58.544> most,<00:28:59.186> you<00:28:59.331> know,<00:28:59.732> uh,<00:29:00.775> private<00:29:01.032> sector<00:29:01.674> leaders<00:29:02.059> when<00:29:02.155> they<00:29:02.316> take<00:29:02.540> over<00:29:02.797> something,<00:29:03.680> they<00:29:03.905> do,<00:29:04.322> they<00:29:04.482> do<00:29:04.643> say<00:29:04.787> like<00:29:04.964> cut<00:29:05.445> and<00:29:05.590> cut<00:29:05.831> more<00:29:06.007> than<00:29:06.152> you<00:29:06.248> think.

00:29:06.649 --> 00:29:07.917
And<00:29:06.794> like,<00:29:06.986> you<00:29:07.050> hear<00:29:07.211> that<00:29:07.355> all<00:29:07.436> the<00:29:07.532> time,<00:29:07.773> right?

00:29:07.997 --> 00:29:09.217
Just<00:29:08.254> cut,<00:29:08.447> cut,<00:29:08.655> cut,<00:29:08.880> cut,<00:29:09.057> cut.

00:29:09.699 --> 00:29:10.999
And<00:29:09.795> so<00:29:09.939> he<00:29:10.164> is<00:29:10.260> kind<00:29:10.421> of<00:29:10.485> going<00:29:10.742> in<00:29:10.902> there.

00:29:11.063 --> 00:29:18.221
What<00:29:11.223> I,<00:29:11.368> what<00:29:11.464> I<00:29:11.625> love<00:29:11.865> about<00:29:12.250> it,<00:29:12.347> and<00:29:12.491> I,<00:29:12.732> I<00:29:12.812> think<00:29:12.941> I'm<00:29:13.133> hearing<00:29:13.310> this<00:29:13.406> from<00:29:13.631> you<00:29:13.791> as<00:29:13.952> well,<00:29:14.834> is<00:29:14.867> we're<00:29:14.979> actually<00:29:15.316> talk—<00:29:15.701> the<00:29:15.781> fact<00:29:15.958> that<00:29:16.038> we<00:29:16.118> even<00:29:16.279> talk<00:29:16.536> about<00:29:16.744> this<00:29:16.921> is<00:29:17.242> Wild,<00:29:17.675> don't<00:29:17.884> you<00:29:18.028> think?

00:29:18.269 --> 00:29:19.939
Like,<00:29:19.008> this<00:29:19.184> is<00:29:19.489> crazy.

00:29:20.035 --> 00:29:22.909
Like,<00:29:20.212> we<00:29:20.356> weren't—<00:29:20.998> I<00:29:21.014> don't<00:29:21.287> even<00:29:21.400> remember<00:29:21.817> this<00:29:21.978> coming<00:29:22.299> up<00:29:22.459> in<00:29:22.540> the<00:29:22.684> election.

00:29:22.957 --> 00:29:29.812
They<00:29:23.037> say<00:29:23.246> that<00:29:23.342> it<00:29:23.422> did,<00:29:23.583> but<00:29:23.663> I<00:29:23.760> don't<00:29:23.904> remember<00:29:24.370> like<00:29:24.546> the<00:29:24.627> topic<00:29:25.044> of<00:29:25.172> like<00:29:25.349> government<00:29:25.750> efficiency<00:29:26.954> and<00:29:27.035> government<00:29:27.580> cuts<00:29:27.901> being<00:29:28.078> talked<00:29:28.383> about<00:29:28.479> by<00:29:28.720> either<00:29:29.041> candidate,<00:29:29.346> honestly.

00:29:30.326 --> 00:29:33.970
So<00:29:31.289> the<00:29:31.369> fact<00:29:31.610> that<00:29:31.690> we're<00:29:31.835> even<00:29:31.995> talking<00:29:32.252> about<00:29:32.413> it<00:29:32.493> is<00:29:32.718> front<00:29:32.894> page<00:29:33.135> news<00:29:33.311> is<00:29:33.440> really<00:29:33.633> interesting.

00:29:34.018 --> 00:29:36.811
But<00:29:34.082> yeah,<00:29:34.162> how<00:29:34.419> they<00:29:34.499> go<00:29:34.644> about<00:29:34.901> it<00:29:34.981> is<00:29:35.061> going<00:29:35.206> to<00:29:35.302> be<00:29:36.105> the<00:29:36.201> whole<00:29:36.410> ballgame.

00:29:36.924 --> 00:29:53.794
So<00:29:37.630> I<00:29:37.694> think<00:29:37.790> going<00:29:38.031> back<00:29:38.208> to<00:29:38.272> that,<00:29:38.577> the<00:29:38.673> private<00:29:38.978> sector<00:29:39.299> analog,<00:29:40.038> you<00:29:40.102> know,<00:29:40.664> I<00:29:40.744> was<00:29:40.905> always<00:29:41.146> told<00:29:41.322> by,<00:29:41.804> you<00:29:41.948> know,<00:29:42.157> my<00:29:42.430> board,<00:29:42.767> by<00:29:42.928> others,<00:29:43.249> etc.,<00:29:44.608> Much<00:29:44.929> better<00:29:45.267> to<00:29:45.428> cut<00:29:46.618> deeply,<00:29:47.744> cut<00:29:48.147> once,<00:29:48.790> message<00:29:49.144> appropriately<00:29:49.836> to<00:29:49.916> those<00:29:50.173> that<00:29:50.318> you're<00:29:50.415> not<00:29:50.672> cutting<00:29:51.701> that<00:29:52.425> this<00:29:52.586> may<00:29:52.747> feel<00:29:52.972> deeper<00:29:53.149> than<00:29:53.246> it<00:29:53.294> needs<00:29:53.455> to<00:29:53.600> be.

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Here's<00:29:54.118> why<00:29:54.345> we're<00:29:54.442> doing<00:29:54.831> it.

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You're<00:29:55.576> a<00:29:55.657> valuable<00:29:55.981> part<00:29:56.208> of<00:29:56.240> the<00:29:56.370> enterprise.

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Here's<00:29:57.034> where<00:29:57.099> we're<00:29:57.196> going.

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Dramatically<00:29:59.870> better<00:30:00.178> outcome<00:30:00.583> from<00:30:00.745> a<00:30:00.761> motivation<00:30:01.813> efficiency<00:30:02.940> disruption<00:30:04.292> than<00:30:05.581> we're<00:30:05.903> going<00:30:07.126> to<00:30:07.352> cut<00:30:07.593> 2%<00:30:08.012> every<00:30:08.318> week<00:30:09.703> for<00:30:10.347> 30<00:30:10.653> weeks,<00:30:10.910> or<00:30:10.991> even<00:30:11.120> that's<00:30:11.317> predictable.

00:30:11.876 --> 00:30:13.833
We're<00:30:12.386> going<00:30:12.567> to<00:30:12.698> randomly<00:30:13.109> cut<00:30:13.290> people<00:30:13.603> every<00:30:13.734> few<00:30:13.784> days.

00:30:13.915 --> 00:30:22.579
I<00:30:13.948> think<00:30:16.083> is<00:30:16.228> generally<00:30:16.501> not<00:30:17.530> whatever,<00:30:18.093> anything<00:30:18.318> that<00:30:18.414> I've<00:30:18.575> ever<00:30:18.655> been<00:30:18.816> told<00:30:19.379> is<00:30:19.540> productive<00:30:20.263> from<00:30:21.131> a<00:30:21.228> workforce<00:30:21.630> efficiency<00:30:22.177> perspective.

00:30:22.675 --> 00:30:28.299
Yeah,<00:30:22.900> the<00:30:22.997> uncertainty<00:30:23.559> of<00:30:23.640> that<00:30:24.026> is<00:30:25.231> costly<00:30:26.516> and<00:30:26.918> not<00:30:27.175> being<00:30:27.335> thought<00:30:27.512> about,<00:30:27.817> I<00:30:27.898> don't<00:30:28.139> think.

00:30:29.247 --> 00:30:37.033
Tell<00:30:29.392> us<00:30:29.569> about<00:30:29.970> this,<00:30:30.790> you<00:30:30.950> recently<00:30:31.256> raised<00:30:31.448> a<00:30:31.513> Series<00:30:31.834> A<00:30:31.979> round,<00:30:32.557> $15<00:30:32.910> million,<00:30:33.521> you<00:30:33.682> have<00:30:33.910> $1.2<00:30:34.235> billion<00:30:34.642> in<00:30:34.967> assets<00:30:36.041> on<00:30:36.187> the<00:30:36.285> platform.

00:30:38.530 --> 00:30:49.376
Give<00:30:38.578> us<00:30:38.790> some,<00:30:39.198> give<00:30:39.312> us<00:30:39.378> a<00:30:39.394> sense<00:30:39.688> for<00:30:39.802> like<00:30:40.259> why<00:30:40.422> you<00:30:40.520> raised<00:30:40.830> money<00:30:41.335> and<00:30:41.482> any<00:30:41.661> advice<00:30:42.069> you'd<00:30:42.232> have<00:30:42.559> for<00:30:42.966> those<00:30:43.358> who<00:30:43.537> are<00:30:44.367> currently<00:30:44.784> trying<00:30:45.025> to<00:30:45.105> raise<00:30:45.346> money<00:30:45.571> in<00:30:45.651> this<00:30:45.828> environment<00:30:46.454> on<00:30:46.550> whether<00:30:46.791> they<00:30:46.952> should,<00:30:47.337> shouldn't,<00:30:47.835> or<00:30:48.076> kind<00:30:48.220> of<00:30:48.300> what<00:30:48.413> the<00:30:48.493> advantages<00:30:49.039> are<00:30:49.119> right<00:30:49.344> now.

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Yeah,<00:30:49.986> I<00:30:50.179> mean,<00:30:50.307> I<00:30:50.323> think<00:30:50.725> there's<00:30:50.966> an,<00:30:51.110> a<00:30:51.431> report<00:30:51.849> I<00:30:51.929> saw<00:30:52.475> out<00:30:52.635> from<00:30:53.037> Silicon<00:30:53.438> Valley<00:30:53.615> Bank,<00:30:53.920> which,<00:30:54.241> which<00:30:54.417> does<00:30:54.578> still<00:30:54.803> exist<00:30:55.124> under<00:30:55.284> new<00:30:55.381> ownership,<00:30:56.087> um,<00:30:57.050> that<00:30:57.227> sort<00:30:57.323> of<00:30:57.388> started,<00:30:58.736> you<00:30:58.768> know,<00:30:59.057> the<00:30:59.555> spigots<00:30:59.972> are<00:31:00.101> open,<00:31:00.518> fundings<00:31:01.080> are<00:31:01.161> happening,<00:31:01.706> valuations<00:31:02.429> are<00:31:02.589> up,<00:31:03.312> you<00:31:03.344> know,<00:31:03.569> dot,<00:31:03.794> dot,<00:31:03.970> dot.

00:31:04.516 --> 00:31:09.172
If<00:31:04.677> you're<00:31:04.773> an<00:31:04.917> AI,<00:31:05.335> for<00:31:05.431> everyone<00:31:05.720> else,<00:31:05.977> it's,<00:31:06.314> it's<00:31:06.491> still,<00:31:07.005> you<00:31:07.101> know,<00:31:07.583> a<00:31:07.663> very<00:31:08.128> challenging<00:31:08.546> environment.

00:31:09.493 --> 00:31:13.730
Um,<00:31:11.981> I<00:31:11.997> think<00:31:12.543> that's<00:31:12.815> sort<00:31:13.040> of<00:31:13.281> the<00:31:13.441> case.

00:31:13.778 --> 00:31:24.306
I<00:31:13.826> mean,<00:31:13.923> if<00:31:13.987> you<00:31:14.147> look<00:31:14.388> at<00:31:14.484> sort<00:31:14.645> of<00:31:14.805> what<00:31:15.030> is<00:31:15.207> the<00:31:16.474> average<00:31:16.972> revenue<00:31:17.919> of<00:31:18.015> companies<00:31:19.540> that<00:31:19.684> are<00:31:19.780> raising<00:31:20.246> ABC<00:31:21.225> rounds,<00:31:21.963> it's<00:31:22.171> up<00:31:22.653> relative<00:31:23.134> to<00:31:23.407> 2021.

00:31:24.531 --> 00:31:27.564
Amount<00:31:25.012> of<00:31:25.076> capital<00:31:25.397> being<00:31:25.558> deployed<00:31:25.959> is,<00:31:26.424> is<00:31:26.601> down,<00:31:26.922> etc.

00:31:28.206 --> 00:31:51.582
I<00:31:28.286> think<00:31:28.446> that<00:31:28.607> there<00:31:28.831> are<00:31:29.794> still,<00:31:30.436> you<00:31:30.517> know,<00:31:30.773> a<00:31:30.918> good<00:31:31.094> number<00:31:31.399> of<00:31:31.495> capital<00:31:32.041> deployers,<00:31:32.924> and<00:31:33.020> when<00:31:33.245> people<00:31:33.598> feel<00:31:34.047> like<00:31:35.106> investments<00:31:36.214> are<00:31:38.872> moderately<00:31:39.517> less<00:31:39.759> risky<00:31:40.243> that<00:31:40.420> they're<00:31:40.582> still<00:31:40.888> willing<00:31:41.195> to<00:31:41.292> deploy<00:31:41.679> and<00:31:41.759> whether<00:31:41.921> that's,<00:31:42.421> hey,<00:31:42.905> a<00:31:42.921> marquee<00:31:43.711> investor<00:31:44.195> is<00:31:44.341> putting<00:31:44.518> in<00:31:44.663> capital<00:31:45.083> or<00:31:45.179> just,<00:31:45.389> hey,<00:31:46.293> there's<00:31:46.470> a<00:31:46.535> bunch<00:31:46.712> of<00:31:46.777> capital<00:31:47.180> being<00:31:47.744> provided<00:31:48.470> and<00:31:48.535> we<00:31:48.600> think<00:31:48.713> that's<00:31:48.972> enough<00:31:49.297> to<00:31:49.426> get<00:31:49.669> to<00:31:49.864> a<00:31:49.913> significantly<00:31:50.480> further<00:31:50.804> stage<00:31:51.128> of<00:31:51.161> the<00:31:51.290> business.

00:31:51.631 --> 00:31:53.495
So<00:31:51.858> we're<00:31:52.279> bullish<00:31:52.668> on<00:31:52.766> it,<00:31:52.863> et<00:31:52.944> cetera.

00:31:54.954 --> 00:31:56.024
That's<00:31:55.262> all<00:31:55.359> positive.

00:31:57.290 --> 00:31:58.789
But<00:31:57.854> it<00:31:57.886> made<00:31:58.112> me<00:31:58.257> feel<00:31:58.435> really<00:31:58.676> good.

00:31:58.838 --> 00:32:18.393
I<00:31:58.918> went<00:31:59.080> to<00:31:59.241> a<00:31:59.547> conference<00:32:00.128> and<00:32:00.273> heard,<00:32:01.542> I<00:32:01.562> think<00:32:01.724> there<00:32:01.804> was<00:32:02.369> Robert's<00:32:02.772> Rule,<00:32:02.949> so<00:32:03.030> I<00:32:03.094> can't<00:32:03.271> associate<00:32:03.852> sort<00:32:03.997> of<00:32:04.078> who<00:32:04.239> the<00:32:04.319> person<00:32:04.706> was,<00:32:04.900> but<00:32:05.287> one<00:32:05.384> of<00:32:05.448> the<00:32:05.593> top<00:32:06.624> 10<00:32:08.053> founder<00:32:08.615> fundraisers<00:32:09.995> in<00:32:10.156> the<00:32:10.702> US,<00:32:11.264> and<00:32:12.163> he<00:32:13.223> said<00:32:13.528> that<00:32:13.608> he<00:32:14.154> did<00:32:14.395> 400<00:32:15.374> meetings<00:32:16.659> for<00:32:16.883> his<00:32:17.044> last<00:32:17.365> round<00:32:17.686> of<00:32:17.783> financing.

00:32:18.585 --> 00:32:21.973
And<00:32:18.666> so<00:32:19.372> that's<00:32:20.191> a<00:32:20.335> lot<00:32:20.592> of<00:32:20.753> discussions<00:32:21.315> to<00:32:21.379> raise<00:32:21.556> capital.

00:32:22.021 --> 00:32:24.558
Grant<00:32:22.262> that<00:32:22.359> it<00:32:22.423> was<00:32:22.583> at<00:32:22.680> a<00:32:23.065> giant<00:32:23.466> valuation<00:32:23.964> for<00:32:24.093> his<00:32:24.205> business.

00:32:25.152 --> 00:32:38.848
He<00:32:25.249> put<00:32:25.393> in<00:32:25.473> a<00:32:25.489> lot<00:32:25.634> of<00:32:25.714> capital<00:32:26.067> alongside<00:32:26.597> it,<00:32:26.774> but<00:32:27.657> I<00:32:27.737> think<00:32:27.914> it<00:32:28.042> speaks<00:32:28.524> to<00:32:30.049> an<00:32:30.146> environment<00:32:30.884> still<00:32:32.233> where<00:32:33.261> it<00:32:33.341> takes<00:32:33.598> a<00:32:33.678> lot<00:32:33.903> of<00:32:33.983> work<00:32:34.561> to<00:32:34.706> raise<00:32:34.963> capital,<00:32:35.589> expectations<00:32:36.231> are<00:32:36.327> higher,<00:32:37.516> processes<00:32:38.110> are<00:32:38.190> slower.

00:32:40.261 --> 00:32:59.301
But<00:32:40.486> if<00:32:40.727> you've<00:32:40.888> got<00:32:41.112> the<00:32:41.209> confidence<00:32:42.028> in<00:32:42.895> the<00:32:42.991> business<00:32:43.296> you're<00:32:43.392> building<00:32:44.179> and<00:32:44.259> it's<00:32:44.500> either<00:32:45.560> clear<00:32:46.042> what<00:32:46.218> the<00:32:46.299> market<00:32:46.668> opportunity<00:32:47.326> is<00:32:49.157> or<00:32:49.558> it<00:32:50.377> fits<00:32:50.618> into<00:32:50.875> an<00:32:51.003> existing<00:32:51.501> narrative<00:32:51.918> around<00:32:53.412> AI<00:32:53.829> or<00:32:53.926> something<00:32:54.455> else<00:32:54.616> that's<00:32:55.033> hot,<00:32:55.836> you<00:32:55.917> still<00:32:56.141> obviously<00:32:56.864> can<00:32:57.024> get<00:32:57.842> rounds<00:32:58.163> done<00:32:58.387> and<00:32:58.644> capital<00:32:59.029> raised.

00:32:59.830 --> 00:33:01.257
David,<00:33:00.183> it's<00:33:00.327> such<00:33:00.568> an<00:33:00.648> honor<00:33:00.824> to<00:33:00.904> meet<00:33:01.048> you.

00:33:01.449 --> 00:33:09.272
We<00:33:01.674> end<00:33:01.770> every<00:33:02.010> interview<00:33:02.475> with<00:33:03.116> the<00:33:03.197> same<00:33:03.373> question,<00:33:04.094> and<00:33:04.174> that<00:33:04.351> is<00:33:04.495> at<00:33:04.559> CEO.com,<00:33:05.296> we<00:33:05.457> believe<00:33:05.681> the<00:33:05.777> chances<00:33:06.242> one<00:33:06.483> gives<00:33:07.461> is<00:33:07.541> just<00:33:07.781> as<00:33:07.861> important<00:33:08.150> as<00:33:08.246> the<00:33:08.342> chances<00:33:08.727> one<00:33:08.903> takes.

00:33:09.865 --> 00:33:13.648
When<00:33:10.106> you<00:33:10.346> hear<00:33:10.586> that,<00:33:10.891> who<00:33:11.051> gave<00:33:11.292> you<00:33:11.388> a<00:33:11.452> chance<00:33:11.725> to<00:33:11.869> get<00:33:12.013> you<00:33:12.109> to<00:33:12.173> where<00:33:12.350> you<00:33:12.494> are<00:33:12.670> today?

00:33:14.754 --> 00:33:14.850
I—.

00:33:14.850 --> 00:33:19.082
Several<00:33:15.299> people,<00:33:15.556> and<00:33:15.700> I<00:33:15.732> think<00:33:16.502> they<00:33:16.822> were<00:33:17.079> very<00:33:17.640> early<00:33:18.024> on<00:33:18.217> in<00:33:18.281> my<00:33:18.666> career.

00:33:19.163 --> 00:33:29.053
And<00:33:19.339> so<00:33:19.627> I<00:33:20.028> always<00:33:20.269> try<00:33:20.445> myself,<00:33:21.166> you<00:33:21.230> know,<00:33:21.808> mentor<00:33:22.208> to<00:33:22.353> a,<00:33:22.609> you<00:33:22.705> know,<00:33:22.914> Duke<00:33:23.090> undergrad,<00:33:23.475> other<00:33:23.651> stuff<00:33:23.956> of<00:33:24.036> like<00:33:24.212> the—<00:33:24.757> you<00:33:24.853> know,<00:33:24.917> it<00:33:25.014> seems<00:33:25.254> precocious,<00:33:25.895> you<00:33:25.975> know,<00:33:26.072> trying<00:33:26.376> to<00:33:26.456> be<00:33:27.081> as<00:33:27.258> available<00:33:27.578> and<00:33:27.643> accessible<00:33:28.059> to<00:33:28.380> folks<00:33:28.701> early<00:33:28.941> on.

00:33:29.117 --> 00:33:41.349
So<00:33:29.230> So<00:33:29.262> for<00:33:29.358> me,<00:33:29.839> it's<00:33:30.433> a<00:33:30.449> guy<00:33:30.530> named<00:33:30.626> Tom<00:33:30.931> Seaman<00:33:31.589> who,<00:33:31.766> when<00:33:31.910> I<00:33:32.055> was<00:33:33.098> an<00:33:33.258> undergrad,<00:33:33.676> I<00:33:33.756> think<00:33:34.157> my<00:33:34.318> sophomore<00:33:34.960> year,<00:33:35.185> which<00:33:35.345> is<00:33:35.586> like<00:33:35.843> kind<00:33:36.003> of<00:33:36.084> tough<00:33:36.710> year<00:33:36.950> to<00:33:37.031> find<00:33:37.368> a<00:33:37.432> real<00:33:37.673> business<00:33:37.994> internship<00:33:38.427> because<00:33:38.652> you're<00:33:38.748> still<00:33:38.973> far<00:33:39.133> removed<00:33:39.454> from<00:33:39.711> being<00:33:40.482> fully<00:33:40.803> employable.

00:33:42.167 --> 00:33:56.742
And<00:33:43.291> he<00:33:43.323> was<00:33:43.467> an<00:33:43.612> ex-McKinsey<00:33:45.217> consultant,<00:33:46.020> had<00:33:46.196> been<00:33:46.597> successful<00:33:47.079> as<00:33:47.240> an<00:33:47.304> investor,<00:33:47.866> ended<00:33:48.042> up<00:33:48.122> buying<00:33:48.443> this<00:33:49.342> small<00:33:49.728> business,<00:33:50.193> this<00:33:50.289> shoe<00:33:50.514> company<00:33:50.851> called<00:33:51.012> Autonic,<00:33:51.798> and<00:33:52.697> through<00:33:52.874> a<00:33:52.938> family<00:33:54.222> friend,<00:33:55.025> was<00:33:55.185> nice<00:33:55.426> enough<00:33:55.651> to<00:33:55.699> sort<00:33:56.084> of<00:33:56.212> hire<00:33:56.533> me.

00:33:57.738 --> 00:34:24.341
I<00:33:57.898> was<00:33:58.059> able,<00:33:58.300> I<00:33:58.396> think,<00:33:58.573> in<00:33:58.654> some<00:33:58.959> early,<00:33:59.826> not<00:34:00.164> very<00:34:00.485> important<00:34:01.047> tasks<00:34:01.433> that<00:34:01.513> he<00:34:01.609> gave<00:34:01.931> as<00:34:02.011> sort<00:34:02.156> of<00:34:02.188> a<00:34:02.316> test<00:34:02.638> to<00:34:02.734> show<00:34:03.216> that<00:34:03.553> I<00:34:03.682> really<00:34:03.923> had<00:34:05.465> drive<00:34:06.509> and<00:34:06.654> capabilities<00:34:07.232> beyond<00:34:07.618> what<00:34:07.714> maybe<00:34:08.581> most<00:34:10.509> early<00:34:10.846> undergrads<00:34:12.373> would<00:34:12.678> and<00:34:12.935> ended<00:34:13.112> up<00:34:13.240> helping<00:34:13.658> to<00:34:14.606> lead<00:34:14.766> all<00:34:14.863> the<00:34:14.943> preparations<00:34:15.810> for<00:34:16.051> a<00:34:17.208> civil<00:34:18.381> trial<00:34:18.943> where<00:34:19.055> they<00:34:19.200> were<00:34:20.228> suing<00:34:20.646> one<00:34:20.806> of<00:34:20.871> their<00:34:21.192> former<00:34:21.465> business<00:34:21.851> partners<00:34:22.477> for<00:34:22.911> some<00:34:23.056> bad<00:34:23.296> behavior,<00:34:23.762> et<00:34:23.843> cetera.

00:34:26.168 --> 00:34:34.678
Got<00:34:26.328> a<00:34:26.344> ton<00:34:26.601> of<00:34:26.681> insight<00:34:27.066> both<00:34:27.290> from<00:34:27.627> the<00:34:27.707> way<00:34:27.867> that<00:34:28.011> he<00:34:29.053> operated<00:34:29.309> the<00:34:29.390> business<00:34:29.774> and<00:34:29.854> stuff<00:34:30.095> he<00:34:30.175> shared<00:34:30.415> from<00:34:30.511> other<00:34:30.672> experiences,<00:34:31.393> as<00:34:31.553> well<00:34:31.729> as<00:34:32.595> in<00:34:32.755> doing<00:34:33.060> stuff<00:34:33.396> that<00:34:33.637> at<00:34:33.717> first<00:34:34.181> didn't<00:34:34.422> matter.

00:34:34.758 --> 00:34:44.503
But<00:34:34.903> I<00:34:34.983> did<00:34:35.127> them<00:34:35.800> in<00:34:35.880> ways<00:34:36.201> where<00:34:36.345> that<00:34:36.505> was<00:34:36.746> organizing<00:34:37.162> the<00:34:37.226> storage<00:34:37.627> closet<00:34:38.044> or,<00:34:38.765> you<00:34:38.845> know,<00:34:39.005> going<00:34:39.246> through<00:34:39.454> and<00:34:39.550> creating<00:34:39.791> these<00:34:39.967> one-page<00:34:40.528> docs<00:34:40.993> of<00:34:41.794> dozens<00:34:42.195> of<00:34:42.531> patents<00:34:42.916> that<00:34:43.012> they<00:34:43.172> owned<00:34:43.333> but<00:34:43.493> probably<00:34:43.733> would<00:34:43.813> never<00:34:44.118> use.

00:34:45.160 --> 00:34:49.150
And<00:34:45.400> that<00:34:45.576> then<00:34:45.737> translated<00:34:46.217> into<00:34:46.362> the<00:34:46.442> opportunity<00:34:46.842> to<00:34:46.923> work<00:34:47.099> on<00:34:47.275> stuff<00:34:47.499> that<00:34:47.644> really<00:34:47.820> did<00:34:48.301> matter<00:34:48.621> for<00:34:48.734> the<00:34:48.846> business.

00:34:49.487 --> 00:34:49.823
I<00:34:49.567> love<00:34:49.743> it.

00:34:49.984 --> 00:34:51.041
Hey,<00:34:50.304> thank<00:34:50.464> you<00:34:50.545> so<00:34:50.657> much,<00:34:50.849> David.

00:34:51.089 --> 00:34:52.227
Seriously,<00:34:51.426> what<00:34:51.570> an<00:34:51.666> honor<00:34:51.843> to<00:34:51.971> have<00:34:52.147> you.

00:34:52.291 --> 00:34:53.173
We<00:34:52.388> got<00:34:52.500> to<00:34:52.564> have<00:34:52.708> you<00:34:52.788> back<00:34:53.093> on.

00:34:53.269 --> 00:34:54.439
Congrats<00:34:53.654> on<00:34:53.734> everything<00:34:54.054> you're<00:34:54.150> doing.

00:34:54.872 --> 00:34:55.867
What<00:34:55.016> an<00:34:55.096> impressive<00:34:55.578> resume.

00:34:56.091 --> 00:35:07.161
Again,<00:34:56.460> like,<00:34:56.701> just<00:34:56.941> to<00:34:57.102> be<00:34:57.214> at<00:34:57.359> Bain<00:34:57.583> Capital,<00:34:58.161> Bain<00:34:58.401> Capital<00:34:58.722> Ventures,<00:34:59.909> Bain<00:35:00.150> itself,<00:35:01.193> Compass,<00:35:02.075> and<00:35:02.573> what<00:35:02.717> you're<00:35:02.878> doing<00:35:03.134> currently,<00:35:03.616> which,<00:35:04.482> uh,<00:35:05.043> hopefully<00:35:05.364> is<00:35:05.461> bigger<00:35:05.701> than<00:35:06.006> all<00:35:06.182> of<00:35:06.327> those,<00:35:06.664> my<00:35:06.824> friend.

00:35:07.771 --> 00:35:09.279
Uh,<00:35:08.172> it's,<00:35:08.332> it's,<00:35:08.525> it's<00:35:08.669> really<00:35:08.830> incredible.

00:35:09.327 --> 00:35:10.386
So<00:35:09.471> thank<00:35:09.632> you<00:35:09.696> so<00:35:09.808> much<00:35:09.953> for<00:35:10.097> coming<00:35:10.338> on.

00:35:10.899 --> 00:35:11.493
You're<00:35:10.996> very<00:35:11.156> kind.

00:35:11.653 --> 00:35:12.167
My<00:35:11.798> pleasure.

00:35:25.527 --> 00:35:29.151
Loving<00:35:26.096> you<00:35:26.486> makes<00:35:26.746> stars<00:35:27.233> shine<00:35:27.705> brighter.

00:35:29.801 --> 00:35:30.223
Yeah.

```