Ambition Today Episode Transcript

Anthony Pompliano - Episode 34


 

This is ambition today today. We are joined by Anthony Pompliano. Also goes by pomp. He's the managing partner at Full Tilt Capital. These are the entrepreneurs creators investors and Builders who ambitiously changed through the world explore the hardships and heroism of everyday life while we revealed the key moments to leave behind a lasting Legacy.

This is ambition today with Kevin Siskar.  What's up world? I am Kevin Siskar. You are listening to ambition today. Make sure you subscribe to our website Siskar or in your favorite podcast app, so you never miss the latest edition today episodes. Such as the last episode where we talked to Brian, bro.

Here's the global chairman of e entrepreneurs organization and the founder and CEO of pure room, but today. We are joined by guest Anthony Pompliano also knows pump on Twitter, and he's the managing partner at Full Tilt Capital, which started investing in traditional startups, but now is almost exclusively going to focus on startups in the crypto currency space so I'm really excited about today's conversation with Anthony pomp welcome to the show.

Today I'm doing great. Thanks for having. Thanks for thanks for joining us back in New York on a wintry snowy day, so I want to take it back to the early days at home. I know you might be the first guest actually representing for the southeast United States, but where did you grow up and other any lessons from early years that you know if you feel to find new still today.

Yes, I was born in Southern Florida, Hollywood, Florida right outside of Miami and then moved to Raleigh, North Carolina where I grew up, and I think that you know I grew up. I was the oldest of five boys and so one of the things that my parents always kind of hammered into US was just like you are who used to run yourself with.

Right and so luckily that was my brothers growing up, but as I've you know kind of matured and grown up both personal and professional life. I think that's always kind of stuck with us. Yeah, that's interesting. I'm the oldest of four as well. I three hunger Brothers. Is it like it's great being the oldest?

Yeah, well so excited. I think about like I found entrepreneurship and sometimes I wonder. I'm probably gonna be listen to this, but you know I used they were they were kids at one pointed it there was times. Where was like I could get them to do stuff. I was the oldest absolutely. I took a little time story of a so I can't say that this was just like my idea of my brothers.

I don't know who came up with it, but whenever it would snow, North Carolina, which is you know maybe two through two days a year? We would race out we? Would ask all the neighbors to give us like the exclusive on shoveling their driveways yeah, and then we would go back to the beginning and like actually start shuffling and so you know the people would be like hey you came here for hours ago, and you got me to say yes, and they still haven't started you know when that could happen.

And I'm so I five us yeah rates and see must have took a ton of contracts. We used to try to go get like half of army road yeah, and then you know ee basically would negotiate. Hey. Do you want the whole driveway, or do you just want like the track? See I get out and so you very quickly learned that you know there's certain things that you can do to kind of it.

You know speed things up and get more more volume. Yeah, there's almost something entrepreneurial about just being growing up in a big family and especially being the oldest so right moving on from from there. I know you double majored in economics and sociology at Bucknell. I personally love learning about how humans work.

I majored in kind of Neuroscience, and I minded in philosophy, so I want to ask being as both economics and sociology deal with understanding human behavior. How important do you think understanding human behaviors to being a great investor now. Yes, so I cant say that I had a master plan right.

Yeah. I think IM just backed into you know enjoying economics. Sociology. I really look at it in hindsight as one's a macro view of the world. Right ones more micro view of the world and it's important not only to understand individual. You know kind of nodes in you know who they are how they act why they act in how to make decisions all that kind of stuff, but then also how do they fit into the more macro economy and system and how to decisions that are made at that macro level effect.

You know the individuals is really important as well, okay, awesome, and then I know you you then from there. You actually got pulled out of college right because you're in. Army you tell us a little bit about about that story yeah, so when I was a junior I had been in a reserve contract up until my junior in college got pulled out deployed overseas was gone for a about 12 13 months to Iraq.

It was probably one of the better experiences of my life not necessarily because it was you know. Yo positive thing, but I think it just kind of it took me and again going back to like you know who you're surrounded with I was one of the youngest people there ended up having a team of soldiers that you know were in combat and so you just kind of.

Are around people who aren't talkin about? What's the party on Friday night, or what's the class assignment? They're talkin about. I have a wife and a kid and the mortgage and you know these things and so I think when it forced you to mature very quickly to obviously the military. That's a great job teaching on the leadership side teamwork all that kind of stuff and third thing is you know deployment like that really injects you into a foreign culture in a unique way right, so like you could go on a tour strip.

And you kind of stop Rob the place everyone else stops right it's very different though when you are deployed in your going through the back neighborhoods and going to people's homes and doing all the stuff and and your cognizant of the fact that like you're doing it all while you're holding a rifle in your hand right so the interaction with the local population is a little bit different, but you just see how these people.

Right, and I was tell folks that Iraq was the one place where I saw people who were incredibly astatic that we were there, and they looked at us as liberators, and you know a sign of freedom and their neighbor looked at us like we were the worst people in the world, and they want to kill us yeah, right and so kind of seeing that contrast of in the same neighborhood was was really interesting in something that you know I paid attention to us there well.

That's super interesting and I. And this is actually a theme that you know as we're getting into further episodes run under the 30s now you're starting to be more themes that kind of emerging of across our guests, and one of the main ones. I mean, I don't know the actual stats, but I would say at least the majority of our guests have spent decent amount of time abroad weather in South America or Iraq or Europe or Asia and.

Had they've all said how that's just changed them and built this like empathy and greater understanding of the world so that that's that's amazing to hear and thank you for your service as well. You know what? Has a how do you reconcile that right and like and now that you know you see this like breath of diversity and read out this person hates me this person loves me.

How does that? Help you think about like well. I guess what I'm trying to get at what spectrum does that create in your head? Yeah, then when you look at Founders, and then you're investing today like you're aware that. There's just so many different people absolutely and like how does that play in the like how you view people now?

Yeah, so significant things. You know I've been very fortunate that I've been able to travel quite extensively, and so I think that not only is it just being immersed in one culture, but also being able to compare you know somebody in Iraq to somebody in Israel to India to Nigeria to ever and I think that it.

You realized you thinks one humans are humans, and so they have a lot of the same wants desires needs Etc right, but then two is there's a lot of differences as well right and while that sounds you know somewhat obvious I think what you begin to realize is you know take a mobile phone for example right?

There's people over the world want to use these mobile phones, and you know they it's a gateway to information that gateway to entertainment as a gateway to the rest of the world, but then when you look at the usage of what they're using it. Work, there's a lot of similarities right so you know in Commerce information all I can stuff, but there's a lot of differences as well right and so you know just.

Take the continent of Africa right I would make the argument that in some areas in Africa there actually farther ahead when it comes to Mobile Banking, then the United States right and somebody's not familiar with that would kind of be shocked to learn that you know a continent that I think most people in North America would see as you know kind of a third world beautiful third world countries actually farther ahead on technological advancement than people in the US and so why is that well like they just skipped the whole generation of banking for.

Rights and so I think you can go around the world you can see all these things. We're so people some areas were better performing along at one thing than another and so you know being exposed to that. I think is really important, and then to is you also see that you know how people view each other rights it, so I always find it fascinating how Americans view Americans, and then how anyone else in the world because Americans right, and yeah, that's super true, and it can be depending where you are to be positive or negative yeah, right, and then you know when?

Me when I've talked to people about hey. What do you think about this topic that really popular in the US sometimes the answer is like we don't even know that's going on. We don't even care right now and frankly lets people us don't really care so much about you know kind of geopolitical things that happening other countries or other regions, and so, it's just a reminder that look down the United States got 330 million people right at a seven billion on the planet like we're were important, but we're not that important yeah, right no.

I completely so I completely agree when I lived in London I. Shocked by all this you know drama is happening in the United States about most president and like. Everyone at home is freaking out and now I'm watching you know British news and the BBC is Beetle very credible world news just like no one gives a shit.

They're not even talking about it right, and you so I've always have always sensed living there. I actually every morning even on my Alexa get my flash briefing. I listen to NPR. Yep. I listen to NBC Nightly News. And then I listen to BBC and it's very interesting because like which stories made it into world news for like actually the whole world is talkin about it versus what the US attacking about and we think was world news absolutely and maintaining that perspective is great and the other thing you touchdown that.

I really liked is like you know realizing that everyone is just human right? I think a lot of people. See they put people on pedestals and because of that they feel like they can't ever do things or attain that and like they Steve Jobs once said like you know everything is built by humans, which means like.

Anyone can understand it really you just have to put in the time and energy to dig in and understand it absolutely. I mean look you know we're talkin today the day after must launch the Falcon heavy. Oh my God is amazing Fitness First of all just insane right and the fact that I think that he encrypt or inspiring a whole generation of people to go after certain things, right.

But you know I love his story. I think everyone else is focused on like the end result in the successes the part. That is so interesting to me about his story is the work that he put it right this guy's not a rocket scientist Ray, but he spent the time and learned and understood and took you know his interest in engineering and.

Basically re-imagined Tire, you know industry United in you know beating snap his fingers and do that he's not walking off the street and just oh I think this is the better way than heat spent the time to actually learn this stuff, and you know there's tons of stories about how he did that and everything, but the terrier point I think.

Sad it's possible to learn anything right we have access to that information and shows you know where you willing to actually you know put in the time and intricately willing to stay disciplined enough to keep your interest yeah, and and that couldn't be more, and if you haven't watched it if you're listening and you didn't watch the Falcon heavy launch yesterday go on YouTube watch it if it really Inspire your faith in humanity a day of who we had on a few episodes ago.

He's friends the Elon so he was Facebook live streaming. From you know the back with the board members, and it was an amazing to see both perspectives so cool, so let's keep going here so after the Army you started the community corkboard and digit Force both of which were acquired. Tell me a little bit about those companies what they were why you started them, and what the result was absolutely yes so both companies started Raleigh.

Other small technology companies right and I think that what I realized in building both of those companies was I had an interest in technology right. I think to I felt like I could continue to build these like singles and doubles right and build them turn around sell them and kind of keep doing that, but I had this.

I don't know if I can innate desire what it was that. I just hey I wanted to be. Building larger companies right and I felt like I didn't have either the people around me or the knowledge or just something was missing, and I wasn't able to kind of go from hey building. These small technology companies to building in a really large ones so what I ended up doing was how to make a decision.

I said look I can go to no business school right kind of go get that knowledge or I can go try to find people with those big companies. I mean the big tech companies and kind of joined them and learn from them and literally I was like one of those options. I pay them to learn right here option.

They pay me to learn oh yeah, and so I went out to to Facebook and and frankly incredibly you know happy that I did that because it was you know better than any college course that I could never had yeah, it's a perfect segue to my next question, so you sold those companies, and then you went to work for the growth teams of Facebook and Snapchat.

Wasn't like being inside a company like that while they're growing so fast, and you know what lessons. Did you learn yeah, so it's a good context here. I'm pretty sure that this is accurate. I think I was there. We'd like less than 4,000 employees at Facebook and when I left. They had like ten or twelve thousand right yeah, I mean it grew very quickly and it.

It was an environment where there's a couple of key takeaways right so one. You know. There is just constant pursuit of what is the best idea or the best product or the best solution regardless of who brought it up, or how he got to it right as I think that's one too is you really felt like you were working with best people in the world.

Write the mean digital fantastic job of recruiting and retaining that Talent both at the leadership level where you know if you look at their executive ranks those people have been there for a very long period of time all the way down to the individual line Engineers incredibly talented people. You know highly self-motivated Etc.

The third one was there's a massive user base right so you know the impact on the world was very obvious and I think that before I got there. I didn't realize like how self-aware the company was on that stuff now. It's coming out even more around the halls fake news and all the stuff, but I think that you know their response to a lot of this stuff is potential here and that they understand.

He look again where important. We're not the most important thing in the world and we need to be you know. Wants of the feedback and we need a costly testing things and really listening to the community right and so I think the company the first one to admit like sometimes they reacted you know fast enough and other times not fast enough, but but kind of seeing a company grow that fast.

Drive that much revenue, but yet still be you know kind of humble enough to understand. Hey, we're gonna make a ton of mistakes along the way and that's actually okay right like if we're not failing doing some of that stuff, then we're probably not pushing the envelope enough. You know. It's just like that's a very complex concoction of do things that come together.

Yeah, I mean and that's actually another thing worked were absence across. The show is greatness creates more greatness if that's if that's how I want to say it but. Is I'm trying to say is you see these patterns where people that do incredible things next observed incredible things during the time right and so it's really interesting.

You know early, and it's like the PayPal Mafia and me know we're seeing that slow down a little bit with the lack of IPOs and a problem with liquidity, which maybe we could talk about in the second second second segment here, but. Yeah, it's really really interesting so that that's great. I'm glad you that you've got that experience and loved time.

Absolutely elegant it's a leash render with you know high quality people like that and they're able to show you both. You know kind of through experience right you know they're telling you hey, this is how to do something. I think that's valuable but also they give you enough freedom to you know kind of trial by fire as well, and so I think the combination of those two things really powerful Wright Also.

Let's take a quick break. We are here with Anthony Pollyanna talkin about his company full-tilt Capital after the break. We'll be right back with more then his ambition today. Ambition today is happy to partner with we work a co-working space that lets you do what you love we work as partnered with founder stood here in New York their initiative there start initiative.

We work labs, and we love working with them. They have offices in over 140 locations worldwide and many of our own portfolio Founders use we work for their early stage startups, and they can work with anything from a one-person space to full team offices. We had dentist Mortenson on the podcast from XDA.

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Thanks for being on the show this episode you mentioned that you're not a little fan as well. Is there a book that you recently read, or you would wanna let you know recommend. I am big audible fan red notice. I recently just finished fourth. I was pretty good. What was it about so it's about a American financier who basically goes to Russia and realizes that all the companies are undervalued begins buying up.

You know equity in those companies, and then ends up having to deal with all the trials and tribulations that doing business in Russia. Yeah in the corruption Etc. That sounds amazing. I might have to check that out, so if you want to get your free book now visit audible trial session today to download and listen for free.

And now back to this episode of ambition today.  visit ambition today online at Siskar and follow the show on social media at ambition today.  Welcome back. We are here with Anthony Pompliano, and we are talkin about his company full-tilt Capital now the breaks over so I think pump. We've got ourselves up to present-day.

You are now the managing director for Full Tilt Capital, which we also founded tell us about the fund. How it started. Where you are today? Yes, so partnered up with my friend Jason Williams, and when we originally started. We said we think that we can go invest in best people and companies the earliest stages across the US not so much worried about what industry are location.

They are, but we just want to find the best Founders right and so I think a lot of investors would say that they invest in you know people, but they kind of wrap that that approach with a whole bunch of other. Thesis or focuses Etc But ultimately boils on the investment people yeah, so we just said look rather than you know say something else.

I don't we just say what we're going to do, which is what everyone else does really go invest the best people. Yeah, what sort of which is harder to do than say get much harder like with founder student and many of talk about this before we have this test where we've basically check people's personality traits and bring them in and we actually you know those are often that don't even meet them in person prior to accepting them.

It's all about the personality that. Asian and so you know and then we track them for like throughout the 14-week program, and then they're grads we track them the portfolio for a while so like it's amazing to see people over time track the month-to-month look at how the personality plays into the company.

What do you look for in founders? Yes, I think that there's there's few things one is just intelligence right. I think two is you know salesmanship right in terms of the guy get us excited about about the company that they can't get us excited then it's gonna. Be hard to get employees or investors, or you know customers Etc excited.

Three is good for high level of empathy and empathy for us is less about her. It's more about just the empathy that comes through exposure to lots of different peoples cultures products teams Etc, and we're just like some of these got a depth of experience. I'm across multiple things, and then the other thing is just in the hardest thing to measure force persistence right you know building companies is incredibly difficult and.

Fastest way to finish the fucking give up yeah right, and I am amazed at the founders who come in and they pitch and they're so bullish in there. You know just they're gonna go take over the world and the first thing that pops up and something goes wrong they quit right, but the most successful people have had on this podcast have all told me and it's amazing you can just like when you're talkin to them you can see it in their in their eyes like.

They wouldn't shut the company down. They would they would bring the company down to one person themselves reduce the burn rate and build it back up if they like failure isn't even an option that like you know we're doing this thing, and it's we're gonna be done with this thing when I get it to where I want to go, but there is no end right like just you know bleeding persistence, which I totally get that absolutely and part of it, too.

Is you know look. I told one of our founders. You don't have to be honest with me right. I want you to be but you don't have to be you gotta be honest with yourself though. Yeah, right and so you know we've had founder Scott through probably a lot of the struggles that you're going to face in early stage right and we were talkin to a lot of times.

They say you know X is going wrong because of why reason right and maybe maybe that's true a lot of times it is true, but every wants to while it's pretty obvious that X is true, but it's not because of why reason it's because of Z reason and so. Getting them to tease out. What's the reason Force thing happening is you know so what difficult?

It's even more difficult when it might be the founder themselves yeah, right and so what I always tell them is like look if you're intellectually honest with yourself around everything from what are your strengths and weaknesses to what is your team doing well not doing well to pay its getting really bad, and you think that like this.

You know quote doesn't work is it actually just the easy way out you're gonna. Yeah, and I think that that intellectual honesty with yourself. You know we find the less experienced younger Founders. Have a much harder time doing that than the more experienced older Founders part of that is probably just.

There's more comfort with themselves, and they just been doing multitude of experiences, and they're not doing anything left to prove necessarily, and so this personality based right and I've says an over generalization to some degree, but I think that that intellectual honesty is is kind of a precursor to the persistence peace well.

I'm going back to your point about like you know being deployed and spending time with older people write like I think self-awareness. Has almost lost some of its meaning because it's because it came a buzzword in Silicon Valley, but I still love what it's supposed to be saying which is like. It's taking the time to get to know yourself because the founder drives everything in the company, and if you don't understand what's driving you how can you understand?

What's driving your company right and so here's a great example right? Yeah? One of the things that I full hardly believe is if you're a founder and you can sit down you can make a list of here's all my strengths here is on my weaknesses right the strength you've got to own. Those you got to be the best person the company doing those things right because you're the leader and those your strikes your weaknesses right next to each weakness who want your team is going to be the best at right who is the person who you know if you say hey, I'm not I'm not organized right.

That's a nightmare for a Founder unless they have something on their team who is very organized and can take on all the responsibilities around organization. Yeah, right and just you know if you kind of do this exercise and you find weaknesses that you have and you don't have a name to put next to it.

Vote there's your list of what to go work on ya either you need to become good at that, or you need to find somebody that you can bring in that can take on those responsibilities. I couldn't I couldn't agree more, and and you know it's important that people take the time figure themselves out, I think that's why I'm so bullish on like soft skills right like I just taught him productivity course for 2018 with to do it, and it's free at the half hour.

It's on the website if anyone wants to check it out, but yet just getting all your ducks in a row and doing the self work. The earlier in your life, you can do the self work the more dividends. You can reap from it and your 30s 40s 50s. Yeah couldn't agree, so we're supposed to going in 2018. I know you guys just raised some money.

Yes, so we wrapped up our first fund ended up investing in about 60 early-stage companies, and then as we've been out for fun, too. We're going to be exclusively focusing on to organize Securities watching infrastructure and just you know I think we're very big Believers in encrypt. Oh and a lot of the things around that and you know for us the witness test was really just hey in five years harmless coming to raise money.

Right, and we said that we believe is going to be through token eyes Securities, Etc, and so that's gonna happen in five years. Do we really want to keep you know investing in convertible notes and priced Equity, or do we want to go and invest in what you know is eventually going to become the future mechanism for fundraising, and if we start now, you know we're probably good pretty good shot of being the experts by the time everyone else decides that they agree with us.

Ya know. I love it, and we're going to come back to crypto and just a minute. I'm going to Pivot quickly. Encrypted tangent because I want to talk about at the end of last two you announce something called standard American Mining, and I love the oil the Ode to rockefeller's Standard Oil by the way and so.

It is to the best of my understanding a Bitcoin or crypto Mining Company built in partnership with a tire recycling plant to drastically reduce the electrical cost of crypto mining am I correct and I would love to hear the story of like how this came to be because I grew up by their Agri Falls.

This is you know free energy is the thing we talked about in it's the biggest cost to doing crypto mining. I kind of how did you come up to this and again? I G belt yes, so when we first started looking at crypto. Uh, you know. I just made a personal investment in a mining equipment right now as you said look.

I want to start from the very beginning. I want to start from the infrastructure layer and kind of go up to really understand and learn and so as we saw that that how that worked and the kind of. I'm exterran we said. You know what are the inputs to this business right? It's essentially energy Hardware right and time right and so the largest cost being around that energy, and we had access my partner runs peer TI which is the tire manufacturing company or I'm sorry child tire recycling waste Energy company, and so you know we have powers.

The power source you know was if we self consumed it was essentially free or zero cost and so we said we'll rather than sell this into the grid. Why don't we just consume it on site you know with a mine, and you know let Jason. I get along really well because I think would assume approached a lot of things right and it actually goes to the name full-tilt we believe that the fastest way to success is actually just building momentum right A lot of people they sit and they plan and they want to you know do all strategy and make sure.

Is perfect and they move forward we actually can't take the opposite end of we just say look like let's get started and so we literally built three rigs right, and I've showed people pictures and videos of this and they laughed like there is no way that that's where you guys start right and we like it another little bit what we did right, and so we started with you know amateur would be a compliment right of not where we started to eventually creating a very professionalized operation.

That you know we feel really good about and now we have have begun to devote additional facilities and that first one is based on the tire thesis and using that zero cost power, but the company standard American mining, which we had incubated internally essentially goes around and looks for you know interesting energy opportunities right so sometimes.

That's 0 cause sometimes. That's low cost sometimes vertical integration with the power company. There's all these different things that we can do but but we think. By bringing that mining expertise to these energy sources. We can we can just pretty interesting things. That's that's great and so.

The other thing I want to ask you quickly on seven American mining. I was listening to another podcast you were on talk quickly about how you see the future of gpus versus CPUs, and and how you've built stand in America Manning. Yes, so and for the audience. That's not technical. Maybe just explain what that means.

ESO CPU and GPU the main difference you know is just CPUs can do less complicated or less complex Computing tasks than the GPU right kind of the most basic reason and so for us the world is very CPU heavy in terms of most large Computing facilities are CPUs. This is unanimous on your MacBook as a CPU.

Yeah exactly, and you know look. They are all Cloud hosting all this stuff we. Leave that as our fish intelligence machine learning. You know a CGI all this stuff becomes more prevalent gpus will become much more in demand right and so if you look at mining there's basically two types of Hardware you can use Asic based chips for every canyons gpus, and so when it's almost like a Venn diagram right with Mining, and then kind of just you know real world computing needs like the overlap is on the GPU.

Side and so he said you know we can actually hedge our bet by building GPU facilities that have mining cryptic currency completely goes away. We can always use this hardware for any of the aimo, ETC and so we started building almost exclusively gpus. We've now started to incorporate some Basics, but that really the belief there is that GPU Farms will become incredibly valuable over the next ten.

You know 15 years. And they can today be built for about a tenth of the cost of attrition data center right and so if you can start to build them, and that's a template cost you think its gonna. Have a long-term sustainability and value and you can do it with some really interesting Energy arbitrageurs savings as one of the main inputs.

We think that those three ingredients create a really interesting business. Right, that's awesome. Really interesting especially anything about like Nvidia and like how that transitional happen between the the CPU companies the GPU companies, so let's take it back to crypto for another minute or hour, so we'll see so I guess you know.

Why are you? So because right the whole industry is talked about crypto. Everyone's talkin about it and in you know the end of 2017 and and I know you spend all that time in the valley and the York and we're headquartered in the valley so I'm out there, but I feel like this is the first time I hear people on the subway talkin about Ripple and EOS and and crypto and New York is not traditionally.

It's a very diverse city right we have entertainers we have Wall Street. We have the Fashion District and everyone has their stuff increases amazing Melting Pot of diversity and and creativity being thrown around, but this is like the first thing that I've literally everyone is talking about crypto.

It's like you're in the valley and you're sitting in a coffee shop in someone's talkin about it Venture Capital deal right so like you know with that right. We know it's not going to. If you think about the.com everyone's talking about it right this thing here is like Google and Facebook and some stuff will come out of this and emerge as the real players.

Why are you bullish on Krypton black chain in 2018 and why do you why are you so confident in that I am confident as well, but want to hear how you came to that and why you're kind of putting all your eggs in that basket and betting on the future. Yeah, so I think that let's do away the line. Okay, so you've got in Block Chain you've got what we consider infrastructure rights of this is you know mining exchanges wallets all that stuff, then you've got what I would consider.

You know the utility tokens right so this is everything that you know. Is not a security it's not equity in the company, but is used within a network right you know also. I'd include like the protocols accession about it, and then you've got Securities rise you got these tokenizer Securities. You know or thesis at Full Tilt is really around the first in the third book.

Rates on the infrastructure side where I've seen remaining already we believe that the wall States changes. You know it's all the it's the picks and shovels right that we literally invested in a company called the picks and shovels company and our belief is that? This industry will continue to grow and quite large, and so if you are investing in infrastructure companies like that who benefit.

You know as the industry grows you will make money right so I think that's the first bucket that third bucket run took a nice securities. You know security error to be used for one of two things right most people in Silicon Valley would tell you that they're very interested in using this technology to build new things right so what's the new shiny thing that we can build with this new technology?

We think that there will be a ton of things that are built doing that right if you look at when the internet was created all of the new things that we got right. The other side of that is you can take this new technology and apply it to old things right we at Full Tilt believe that applying the new thing to the old thing is actually going to create a much larger market and much more value on a total aggregate basis than applying the new thing to create something right so what do I mean by that?

Yeah? What do you mean by that? Yeah, so I'll give you an example real estate right real estate is one of the greatest wealth generators in the world we. The state is something that is heavily D. Riskless got hard asset behind it that most people agree has value and it's a global product that is has a number of different things that people no matter if you're in the United States and Singapore Brazil wherever they agree on you know some sort of valuation model explore the Atlantic yeah.

Well we believe that you can do is you can take tokens you can create? Securities rain, and you can actually begin to bring every single hard asset in the world into the token economy by token izing it right, so how do you token that something so I can take a let's say I have an income-producing commercial real estate property perfect.

I can whether I own it for those say, I only get operating I basically can take. 10% Equity I can do a token I security offerings I can literally create token say if you buy my token right there's 100 issue you buy one of them you want one percent of this property, and then I continued operate the property just as I would you know any other time and now let's say we can to pay dividends if you hope the token you get your pro rata share the dividend Etc right so think of it, just like Equity ownership except for you.

Have a token the benefits of the token. It's token high-security. It's still SEC compliance via credit investor all its suffering, but the benefits. Are you now have a 24-7 Global Marketplace that has more liquidity rate in terms of you got a global investigates behind it. There's a shorter time to liquidity.

There's fractional ownership rights. I don't buy the whole building by one percent of that commercial building. There is what is referred to as programmable Equity, so this is everything. How do you do a proxy votes? How do you do governance updates? How do you do any of this stuff the parallel uses Tesla right so when it comes program will Equity every car used to have software in the car in order to update your software either went to the dealership.

They updated it. Then there was a time where they gave you a CD and you could had to like you had to buy the new map every year. Yeah VD and your Center Council which was like exactly right DVD. You'd be like $400. Yeah. Now Terror Matthau it has the comes out, and they're just doing you know over WiFi updates every two weeks right.

Yeah same thing when it comes to your Equity so anything that comes out around voting governance Etc. Like you will now be able to dynamically update that stuff rather than have to go to lawyers redraft documents all that so what ends up happening. Here is you get? With chicken eyes Securities especially ones back at hard assets.

You get all the benefits of the old world right with the added benefits of the new world and so when you look at if you invest in the new shiny things right that would become a massive Market we think that that new shiny thing that market will be dwarfed by. Tokens with the old traditional plants will write, and so that's where we chose to go folks bunch of our time on is if we can invest in that world.

There's not that many people who can understand the finance side of things and also understand token side of things. Yeah, kind of married them together, and it opens it up. It's no longer a us thing. It's a global thing. There is going to be an absolute. Like a tsunami of capital yeah that comes into the token high-security roll over the next twenty-four months hundred-percent.

Dad. You know I tell Founders all the time so semester day the guys. I said look. I think that you know it 12-18 months one of the big Bang's come try by coin base right and he was why would they sell why would they said that make so much money? I said, I understand that but most tech Pounders have never seen bank money.

Right I meant by that is you know you look at most private Equity shops. They're doing deals the size of their deals would be the biggest deal in Tech. Yeah, you know in a given year right and so when you start to compare just the SoftBank as a hundred billion dollar fund it like it's it's not stuff right inside think that that's gonna like I'm very interested to see how those two worlds come together when you bring bunch of technologists with you know the finance ability to deploy Capital like that intersection is just going.

You very interesting thing over the next year or two yeah, and I think that I agree. This is going to be huge in the next year or two if people don't get on board. They're going to fall behind and the bill would try to play catch-up later, but I think it'll be a bit too late, and then you know you know you see everything like the Dow the other day drop 1600 points and the crypto markets crashed for a little bit, but we see this wave over and over and it's repeated itself and you know.

I don't think Bitcoins going anywhere. It's it's the medium through which every other crypto was bought and transacted through right. It'll be a really interesting year. Well. We'll see what happens. Yeah, look at it, and I'm like huge believer that part of this is I called a revolution because I really do believe that there's both a technology Revolution, but there's also a social Revolution.

Go ahead. You know look the distrust in institutions as low as it's you never been in all those. You know. Data points, but the part that is is the most interesting to me is this idea of you know we live in Global World right and access to information has created less dependence on nation borders and all this stuff, and so there are certain aspects of our lives have not caught up to that yet, right you know around ownership money Etc, and I think that Block Chain actual technology has finally allowed us to build the you know.

Those platforms applications Etc allows to catch up and so I think that's you know going to be really really interesting Matt as now the Technologies catching up to some of the the social aspects. Yeah, it's a it's a very interesting time to be alive. I think this is basically internet. I know people have used the term 3.0 before but I think this is truly internet 3.0.

You know desktop was Wave 1 mobile was Wave 2 and Wave 3 is going to be like the decentralized web, which. If you go really long term perfectly sets the foundation for the robots to take over pasta forfeit all control of these systems, but we'll save that for the year like 20 50 or something so last question here pivoting a bit another big name in crypto is Neva.

Robert is the founder of Angel list. I know you have a strong Syndicate and danger list tell me a bit about why you built a Syndicate on top of Alltel capital, and how you use it, and how was that Segway? Yeah? So two to two reasons one was we've nofollow on Capitol right so when we looked at all the data at the early stage investing the number one indicator about Senate returns was just getting into the best deals early raincheck size didn't matter following decisions didn't matter Etc, and so we said look if we can just go put you know fifty $100,000 and the best deals right that will give us the highest probability about sides returns well.

When you have a deal that you invested in that is going very well you want to continue to follow on weekend that Capital. You know budgeted within the fund and so Angela's provides a great way for us to raise that capital and continue investing in the company without actually having to have raised to ourselves, so I was forced one what the second alternative case that kind of came out of that was there would be times where we would want to do a deal where you're at at 1500 a check.

It's a really good. Deal. There's great until investors Etc like the perfect game. Shows deal. We could then and set speak for 50, maybe we can speak for 200-250 ETC. We still put our you know capital in and then we're able to Syndicate the rest of it to just write a bigger check into the company one helps Founders right they want to raise Capital quickly to is the people who are in The Syndicate that I have.

There's some you know very helpful individuals to tech companies right so this is you know director of engineering and big social network that you had a product all these people who the founders actually want their hope right and so by being able to get them all on the cap table and one might I know but still be able to access those people.

I think is really helpful the founders, and so we've enjoyed it. What advice do you have two people looking to build their own Angeles in the cad or give backers and give any advice there? Yeah? So I mean number one is just like getting a good deal. Yeah, I read it's kind of a simple one too. I think is trying to get people onto the platform right so so I forget the exact math, but basically Angel is takes a less.

A carry if you bring investors, and so I think that like once you hit some sort of Tipping Point, and you know how much Capital you've committed it kind of snowballs from there. Yeah, but but the nice thing that we've seen is once you get one or two good deals done. Then what you're able to do is you can start to say Hey, you know go follow my Syndicate.

This is the types of deals? We do, but whatever and so as ninjas continues to mature I think that there will be more and more great syndicates that they can choose from if they're an investor on the platform, and so what you want to be able to do is you want to stand out obviously, but you can do that both through the quality of your deals the speed at which are able to fill your deals right.

It's kind of just like people will feel like there's fomo and so the reason want to participate or three. Is the quality of the people in your Syndicate right so I know a couple people who have you know they've got a Syndicate, but it's invite only and so they're very very high quality people in there, and so just naturally people on the platform want to be in those syndicates because they want to be associated with people high quality right great great advice, so let's.

Let's say we're coming to the end here. It's time for the ambition today question of the day if you have a question feel free to go to Siskar and submit it for future episodes, so pomp today's question is for me actually because I'm curious so in my opinion. You crush it on Twitter. I love the content.

You post it's always original. It's always topical and timing so my question is how do you think about a manager personal brand while also finding time to get your day-to-day operations work done and build fault. Yeah, yeah my Twitter account has become a topic of conversation lately for sure so let's take Twitter had on last year.

I was sitting there and we were talkin about like content. Na stuffed everything and I basically said a friend. I said you know I wonder. What would happen if you started using Twitter house intended. Right, and I think people would started. You know that the Tweet storms and all the stuff and everything and I said look at the core Twitter's just a microblogging platform.

I don't have the time to write blog posts all time right it actually enjoy writing, but but still have time to sit down and write. You know a high-quality thing. That's going to stay on the world forever. I said but. You know it actually is very much in the ball the ball so when who I think said you know most blog post can actually be shared in tweet, so I'd always thoughts of my head, and I said you know whatever what every single time like also makes write a blog post about this instead of saying that I should just tweet right and I started and I think I have like 4500 followers.

Yeah, that'll over 70,000 now, and and I literally going through the day. I don't plan anything nothing schedule like. I couldn't tell you what's gonna get tweeted in the next. You know six hours. Yeah, just as things come up either through conversations reading something whatever. I just tweeted and so you've created the freedom in your day to like not like I'll write this down and get back to it later, but like right.

This was this popped in my head stop five minutes figure it out, so I actually I think of it like microblogging and like note-taking. Rates like when something comes up like I actually rather than write it down in notes. I tweet it and then like it's there forever and so I can go back and like there's times all go back and I like read through like OK this where the five points.

I was thinking about but whatever because what I realized is most people. If I'm interested in something there's other people like me who are interested in good, and so just like sharing that content and like look. There's I literally have email for Evo or like hey like you what are you doing? You should stop doing that and I love ya in you know I probably am a little extreme in this, but like I always say, then you can unfollow me.

Yeah, right and Mike too. They're probably not my target audience. Yeah, right and like I think that I don't care what? You know a lot of people think it's the people who I want to be seeing this are seeing it and that's. Really all I care about all the other thing you're doing you must be doing something right because you can't skew consistently show up in my like tweets you may have missed so the Twitter algorithm is picking up this like constant content and just promoting it for you, which is amazing so yeah, it perfectly.

We should call out like Twitter's. I was one of the biggest Pricks right. I fucking what are your Facebook? Yeah? Yeah? Well, I love Twitter Twitter is like well, so I love my spare and I just always just like man by get such. Missed opportunity like this is I want to use this product so much more whatever over the last probably.

I don't know eight months 10 months like they've done a fantastic job with the product the algorithm alone. Just completely change the experience yeah, and I think that you know stock price looks like it's started to kind of pick up and runs all excited about that, but like the product team there.

Probably hasn't gotten enough. You know knowledge meant for the actual experience of Twitter improving so drastically in. Oh six eight 10 months. Whatever. It's been to the point. Where like you know we'd still be helped me enjoy that content, but them to just like I enjoy it more died Twitter is so undervalued like I think people just dismiss it they open Instagram instead and like I have friends that you know got sick of Instagram that and I was like listen just take an hour take a half-hour curate the list of people you follow, and I promise you you will love it, and it's amazing because like when there's a Buffalo Bills game on my Tweed by feedjit morphs into like Bill.

Stands if when something's happening in the crypto World it just marks in the crypto like it's it's amazing. What Twitter is and was become and I don't understand how we can almost go to nuclear war from a tweet, but yet the stock price is only like $25, but that's a topic topic for another day, so if you're still listening great news.

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