01:38:16 · Max Siegelman, John Coogan, Keller Cliffton, Jordi Hays
[01:38:16] S5: It's the billboard of your head. The billboard of [01:38:18] S1: your head. But but I mean... Billboard... You can put a logo on it but there's plenty of jacket brands that don't have a logo. [01:38:25] S3: Yeah. Also, one... [01:38:26] S1: But you can wear a hat every day. [01:38:27] S2: One size is a massive difference. [01:38:30] S1: So was that was that was that thought through? Was it happy chant, happy circumstance, luck? [01:38:35] S5: Pretend I'm smart and say it was thought through. But think it was it was more like [01:38:38] S1: Yeah. [01:38:38] S5: I've always been a hack guy my entire life even as a kid. Okay. So... It it was a hat and a sweatshirt. Yeah. I didn't know anything about fashion anything about clothing. I was like, oh, I like this blank. Yeah. I can remember auto o 69. That's the blank I bought. That's what I embroidered [01:38:52] S2: It's o t t o? [01:38:53] S5: Yeah. Yeah. Yeah. A ton of brands Yeah. For merch for a restaurant or whoever. And then, I think at first we were using like Gildan crew necks that we were printing on. Yeah. Like, literally the first person to wear something of ours was gonna post it on Instagram and [01:39:05] S3: music... Way. [01:39:06] S5: He was wearing like probably $5,000 pair of leather pants and like a $9.99 Gildan with our print on.
01:39:06 · Max Siegelman, Jordi Hays, Praveer Melwani, John Coogan, D.A. Wallach
[01:39:06] S5: He was wearing like probably $5,000 pair of leather pants and like a $9.99 Gildan with our print on. [01:39:11] S2: The funny thing is like Gildan Gildan used to be like people would use that to drag brands Yeah. And then I discovered that like Gildan has some like amazing like silhouettes Wow. And fits. Yeah. Yeah. And I would just go by when I was 22, I'd go on Amazon, I'd be like, give me like Yeah. 30 gildan blanks. Yeah. I would just wear them, you know. [01:39:32] S5: Yeah. I mean, all I wear now is like our blank samples. [01:39:34] S2: Yeah. That's great. [01:39:35] S5: I only get the fucked up stuff and the blanks. That's all I get. [01:39:38] S2: That's awesome. Organic. Awesome. Well, dude, thank you for... [01:39:41] S5: Appreciate you have me. [01:39:42] S4: Yeah. Enjoy the hats.... For coming on. Yeah.... [01:39:46] S1: Hat? Look at... Take a tour of that hat. [01:39:49] S2: Woah. Time is money. Save both. The... [01:39:51] S4: Good. Appreciate that. Great. Ad[01:39:53] S1: Thank you so much. Me tell you about Codex. Codex is a powerful workspace for getting work done with AI agents, whether you're writing code, analyzing data, creating content, or automating business workflows. Codex helps you move projects forward from start to finish. Yeah. Yeah. Great to see you. How you doing, man? [01:40:08] S2: The man. [01:40:09] S1: Welcome. Welcome. [01:40:11] S0: Guys, this feels so good. [01:40:12] S2: Yeah. I mean, Over here. Ultradome. [01:40:16] S1: Yeah. Ultradome. [01:40:17] S0: And we've got a socialist mayor in LA. [01:40:20] S1: Okay.
01:40:20 · John Coogan, D.A. Wallach, Jordi Hays, Rahul Sonwalkar
[01:40:20] S1: Okay. [01:40:20] S0: But you guys are waging a capitalist revolution here in Hollywood. I just feel very [01:40:24] S1: lucky to be here in [01:40:25] S2: the midst. A capitalist revolution. Yes. No one talks about capitalist... Underdog now. [01:40:30] S1: So... Are. [01:40:31] S2: You guys are crushed. You gotta rise up. Rise up. Congratulations on it. [01:40:35] S1: We're stronghold. [01:40:35] S6: I'm gonna I'm gonna fight [01:40:36] S2: back by setting up a street food stand with just steaks. Caviar. [01:40:44] S1: Or or a private credit stand that's unpermitted and and outside of Dodger Stadium. Yeah. And when someone stumbles out, they can get a hard money loan against their property or something like that. [01:40:55] S2: Or there's... Finance data center.... Revenue. [01:40:57] S1: Yeah. Whatever they need to do. Whatever they need to do. Loans. Loans. Loans. Yeah. Finance. Yeah. [01:41:03] S2: Love it. Love it. [01:41:05] S0: It's actually finance. [01:41:06] S1: Finance. I think you guys [01:41:07] S2: know that. Heard you guys earlier. We try to say it Yeah. Properly. [01:41:10] S1: The fortress of finance. Yes. Yeah. Introduce yourself for the viewers. [01:41:14] S0: Well, I'm D. A. Wallach. I'm a big fan of TBPN. Okay. And that's my primary identity. Sure. Sure. But in terms of my First and foremost [01:41:23] S1: Yes. [01:41:24] S0: I've had two careers. Yeah. I was a I was a rock musician. [01:41:27] S1: Yeah. [01:41:27] S0: That's what brought me to LA. Yeah. And then over the past fifteen years, I've become a professional investor.
01:41:27 · D.A. Wallach, John Coogan, Jordi Hays, Keller Cliffton
[01:41:27] S0: That's what brought me to LA. Yeah. And then over the past fifteen years, I've become a professional investor. [01:41:33] S1: Yeah. [01:41:34] S0: I run a biotech and healthcare focused firm. [01:41:38] S1: Yeah. [01:41:38] S0: And then I I love finance. [01:41:40] S1: Yeah. [01:41:40] S0: So we can we can talk [01:41:42] S1: Do everything. [01:41:43] S0: Anything. Whatever you guys wanna take... [01:41:44] S1: Maybe give a little brief overview of the investing milestones, the career. Like, at what point did you know, okay, it's working. [01:41:51] S2: Also, yeah. How did you how did how did how did you just stumble into... Like, what... At what point did you decide, you know, I'm I'm ready to become an allocator first... [01:42:01] S0: I'll you some deep history. [01:42:03] S1: Please. [01:42:03] S2: Yeah. [01:42:03] S0: So... And I'm gonna tie this into a recent guest here, Jimmy Iovine. Yeah? Yeah. So I was a college student. [01:42:09] S1: Yeah. [01:42:09] S0: I got a call on my cell phone from Kanye West. [01:42:12] S1: Okay. [01:42:12] S0: And he said, come out to LA this weekend. Okay. And I landed here and we we were... We spent the weekend not far from this studio, the Ultra Dome at the record plant. I you guys work out near this. Yeah. That's right. Right across from the record plant, there was a glory hole facility called The Zone. [01:42:28] S1: Okay. [01:42:28] S2: Didn't go there. I didn't [01:42:29] S1: go there. [01:42:29] S2: I went [01:42:30] S1: to the [01:42:30] S3: record plant. Okay. Good good and
01:42:30 · Keller Cliffton, D.A. Wallach, Jordi Hays, Max Siegelman, John Coogan, Praveer Melwani
[01:42:30] S3: record plant. Okay. Good good and [01:42:32] S0: then we ultimately got signed by Jimmy Mhmm. To Interscope Records... [01:42:38] S2: Was Kanye, like, just told... [01:42:41] S0: We we ended up in a bidding war. Mhmm. My first experience of real finance. Here we go. Yeah. A bidding war between Kanye and Pharrell. And Pharrell had a partnership with Jimmy Iovine... [01:42:52] S2: You were [01:42:52] S0: a college kid at [01:42:53] S5: this point? I was a [01:42:53] S0: college kid. Was I was senior. [01:42:54] S2: You hadn't technically dropped out yet? [01:42:56] S0: No. I never dropped out. Wow. And we got so lucky with the timing because... [01:42:59] S2: Scott's fired it. [01:43:00] S1: Were you studying music, bio, No. [01:43:03] S0: My my degrees are in African American studies. Okay. And I have a minor in Kikuyu Okay. Which is a language spoke in in Central Kenya. [01:43:12] S1: Okay. [01:43:13] S0: It's a Bantu language. [01:43:14] S1: Okay. [01:43:14] S0: It's not not too distant from Swahili. [01:43:16] S1: Got it. Okay. [01:43:17] S2: And... Do you still know how to say one beer, please? [01:43:21] S0: I don't know how to say that. Can say, [01:43:22] S1: you know, Okay. Okay. [01:43:25] S0: Okay. These are [01:43:26] S1: some Yeah. [01:43:27] S2: The things I These say [01:43:28] S0: if I met a woman in in a strange place. [01:43:30] S1: Got it. [01:43:30] S0: So I'm out here. Mhmm. We get this record deal. [01:43:34] S4: Mhmm. [01:43:34] S0: And as a as a young artist...
01:43:34 · D.A. Wallach, Jordi Hays, John Coogan
[01:43:34] S0: And as a as a young artist... [01:43:36] S2: What does the first record deal look like when you're a college kid and you're in a bidding war? [01:43:41] S0: Yeah. For Allah. First off, you got to lawyer up. [01:43:43] S1: Mhmm. [01:43:43] S0: Yeah. First rule of business. Right? [01:43:45] S1: Yeah. Course. [01:43:45] S0: So we lawyered up. [01:43:46] S1: Mhmm. We had a [01:43:47] S0: great lawyer called Owen Sloan, Frank Zappa's old lawyer. Oh. Elton John's old lawyer. Wow. [01:43:51] S2: There you go. [01:43:52] S0: And we said, Owen, we need you to talk to these guys. Need you to get... [01:43:54] S2: Kind of sound like an industry plan. [01:43:55] S1: Yeah. Just rolled [01:43:56] S2: it out. Got the top lawyer. I'm getting a car. [01:44:01] S0: It was a soft landing. And what does the deal look like? Well, the record industry was in a transitional moment at that time. What what people had realized was you were decreasingly making money off of the music itself. Mhmm. All the income was coming from touring, merchandise, endorsement deals, that kind of thing. Mhmm. And so what the record label started to do was so called three sixty [01:44:26] S1: Three sixty deals. I remember these. [01:44:27] S0: We got one of the last non the whole fight with the label was to sign a non three deal [01:44:35] S1: Got it. [01:44:35] S0: At the moment that they were trying to default everyone into that. Yep. So we signed this deal. [01:44:39] S2: And and Yeah. The the complaint around the $3.60 deal is that an artist effectively ends up as like an indentured servant.