The one calculation Elon runs everything on (it made him trillions)
My First Million episode 831 in which hosts Sam Parr and Shaan Puri tell the story of La Frieda Meats, a butcher business they describe as a roughly 270 million dollar a year meat purveyor, then move to Nick Sleep's investor letters and Elon Musk's idiot index. The idiot index, as Sam explains it, compares the price of a part with the cost of its raw materials, so the markup is the idiot tax you pay for not knowing how to make the part yourself. They also discuss cost-plus contracting in defense, and the kingmaker move, where you create the awards, the event or the list to put yourself at the center of a market. They end with a business idea for teen nerd awards. Sponsors and promotions named in the description: Hampton, Somewhere and Mercury. PARTIAL COVERAGE: the captions cover the conversation, but this summary highlights the butcher story, the idiot index, cost-plus and the kingmaker move only, so other segments are not summarized. All claims and figures are the hosts' own and are not independently verified. Nothing here is financial, legal or investment advice.
Executive Summary (TL;DR)
My First Million episode 831 in which hosts Sam Parr and Shaan Puri tell the story of La Frieda Meats, a butcher business they describe as a roughly 270 million dollar a year meat purveyor, then move to Nick Sleep's investor letters and Elon Musk's idiot index. The idiot index, as Sam explains it, compares the price of a part with the cost of its raw materials, so the markup is the idiot tax you pay for not knowing how to make the part yourself. They also discuss cost-plus contracting in defense, and the kingmaker move, where you create the awards, the event or the list to put yourself at the center of a market. They end with a business idea for teen nerd awards. Sponsors and promotions named in the description: Hampton, Somewhere and Mercury. PARTIAL COVERAGE: the captions cover the conversation, but this summary highlights the butcher story, the idiot index, cost-plus and the kingmaker move only, so other segments are not summarized. All claims and figures are the hosts' own and are not independently verified. Nothing here is financial, legal or investment advice.