Today's number, 245 million. That's how

many hot dog combos Costco sold in 2025.

Ed, true story. Whenever there's a hot

young man checking me out at a retail

establishment and he says, "Do you want

a box?" I say, "No, but I'll wrestle

you." [laughter]

>> See, it's funny.

>> Dad joke.

>> Dad joke. [laughter]

Well, actually, the last time I checked

out, if you want a dad joke, the last

time I checked out at a Costco, I bought

a giant vat of white out. And she asked

me why, and I said, "Big mistake."

[laughter]

Double dad joke. Unreal.

>> How are you, Ed?

>> I'm doing well. I'm very happy,

especially because we've got the one and

only Claire Miller in the studio with us

today.

>> I'm back.

>> She's back. See, I can't see either of

you, so the camera isn't trained on

either of you. I just see space in

between the two of you. Do you guys not

like each other?

>> Let's definitely get some How do we fix

>> is Claire getting handsy again?

[laughter]

>> I've got to be stopped.

>> Claire, governor of New York, man, we

have it now.

>> Yeah. So, you can see us now.

>> Yeah, I can see you.

>> This is This is a problem when your boss

lives across the ocean.

>> So, we're here. [laughter]

Claire is in the studio. Scott, uh, do

you do you know what the plan is today?

>> I have no idea. This is my [laughter]

idea.

>> This is literally my 11th podcast.

No joke of the day.

>> Full of life.

>> My phone is blowing up with like

everybody angry at me cuz I didn't show

up for some Christmas [ __ ] lunch I

was supposed to be at.

[laughter]

All I want to do is have a Makers and

Ginger, 15 gram of inedible right now,

and go to sleep. So, let's get this Joey

Bag of Donuts podcast over with.

[laughter] What are we doing here?

>> We are doing our annual Ask Me Anything

episode and Claire is going to be

hosting and asking us the questions. So

Claire, I will pass it over to you.

>> And by the way, it's our last episode of

the year, but you can always send in

questions. Our inbox is open, so hit up

markets.com

if you have any further questions. But

let's get into it. I'm going to start

with our favorite question that we got.

Scott, you have many skills, but I

believe your success in business has

come at the cost of other life skills.

For instance, please answer honestly.

Can you cook? [laughter]

You strike me as a man who outsources

his meals.

>> This is not an exaggeration. I have

So, my New York apartment is my man

cave. No one's allowed in there. I have

basically one plate, a spoon, four cases

of Medel, six bottles of Ruinar

champagne, [snorts] some granola, and

nothing else in exceptionally high-end

linen. And I am so happy there. And it

has a beautiful a beautiful kitchen in

the most incredible pullan pole,

whatever it's called, some some Swiss

thing made by, you know, gnomes with

tiny hands. [gasps] and and uh and I the

the flame cooking the flame has only

been on six times and all of them were

to light a joint. Uh I do [laughter] not

know how to cook. I when I was younger

and didn't have a lot of money, I used

to make Top Ramen a lot and I used to

eat a lot of granola. And I found and I

you can my junior year in college, I was

totally freaked out. By the end of the

year, I owed the fraternity so much

money and they told me I wouldn't be

able to come back. And I owed I had I

had debt. I was like, "Okay, if I don't

make $3,400 this summer, make and save

$3,400, I'm not coming back for my

senior year at UCLA." And I found, and

this is true,

>> it's the worst fraud brother ever.

>> I found [laughter]

I found we gamified it. I found the

other two broke guys in the house

amongst the sea of wealthy Jewish kids

whose parents were putting them through

college and used to rag on me for not

paying my fraternity. Yeah. Yeah. Fine.

find Gary Schwarz when dad's buying you

a Volkswagen Shiraco and pay your

[ __ ] fraternity bill. Anyway um

little little trauma there. [laughter]

Uh I found that you can literally live

and I did this for an entire summer. I

lived off of Top Ramen, uh bananas and

milk. And uh I used to cut out uh coupon

from the uh Daily Brewing and go to with

the crew team to the Chart House and for

$3.99 we got all you can eat uh chicken

and salad bar and it opened at 4:00 and

closed at 9:00. So we'd go twice. We'd

go at 4:00 and then eat like a crazy

amount of food and then leave. Um but

anyways, this is my bridge to the answer

here.

>> We're getting there. We're almost going

to get the answer to the question. We're

getting there. I have I still eat a lot

of bananas and I don't know how to cook.

[laughter]

>> Two more minutes. Yeah.

>> And but see the good thing is now is

that I have money. I just get amazing

food and I have really nice pleasant

people uh cook for me. But also

[laughter] I I grew up I have a strange

relationship with food. Um I grew up my

mother was a single mother who didn't

have much time or money and she's

British so food was punishment.

And once every Sunday night, she'd make

a vat of shepherd's pie. And then,

>> let's go.

>> It actually tasted pretty good the night

she made it. And then she'd put it in

the freezer and I'd come home and slice

a piece of frozen shephardd's pie and

put it into this microwave that sounded

like Chernobyl right before the

disaster. And I take out this wet,

[laughter]

>> gross shephardd's pie. So, I don't like

food. You know how people say I'm a

foodie?

>> Yeah. So Mary Jean, who we all know and

love, who's my chief of staff, will call

me. She'll hear my voice at 2 p.m. on a

podcast and she'll call me and she goes,

"You haven't eaten today, have you?" If

somebody doesn't remind to if someone

doesn't remind me to eat, I don't eat. I

could drop I'm 60, 190. I could be 170

in 8 weeks if I just left to my own

devices because I don't really enjoy

food and I'm not very good at it. Um,

but no, I do not know how to cook.

>> I'm actually the same way. I forget to

eat. Yeah, Ed is a big food guy though.

cannot relate.

>> He I think he loves nothing more than a

good restaurant.

>> Yeah, that's true.

>> And you like to cook, right, Ed?

>> I don't like to cook.

>> Yeah.

>> What's your favorite thing to cook?

>> Bolognese. Pretty good. Tried and true.

>> Really?

>> Yeah. I love it, man. I The food the the

ordering the food. I think I've said

this before. It's just I find it gross.

And yeah, I I get very upset if I'm

eating food. I'm like, I'm not even

enjoying this. I feel like dinner is

like the one thing that should be like

the good, fun, nice part of your day.

>> And if it sucks, I'm like, well, this is

depressing. And then I got to go to bed.

So, yeah, I care. I care about it a lot.

I I I do not relate.

>> You're vigilant about meals. Okay. I'm

going to keep us moving.

>> Keep us going.

>> But just before we go on, I I do try I

think and you'll Ed, you'll definitely

do this.

>> And Claire, I don't know. That's not

into food. But you'll you watch you'll

treasure dinner time with your your

partner and your kids. And I demand that

we all eat together so I can express to

my sons what a disappointment they are

to me. [laughter]

Very important.

>> All right. Best book you read in 2025.

Ed, let's start with you.

>> I just want to Did Scott, did you read a

book in 2025? That's what I [laughter]

really I really want to know.

>> He read his own book.

I read so much during the day that I

don't find reading relaxing. I did pick

up on a plane at I was at an airport and

I was delayed and I did pick up a book

that kind of I don't want to say changed

my life. But um uh the world the world

according to Garp and Cider House Rules.

Um is it Jeff Irving?

>> John Irving. Yeah.

>> John Oh my god, you're better than me. I

remember reading those books. My mom

gave me that book and I don't know if it

was just cuz she loved him or she saw

how [ __ ] up in the head I was, but

those books gave me so much confidence

or made me feel so much better about

myself when I saw how weird people are

and how weird life is and that anybody

who pretends to be normal is lying to

you. And I I picked up The World

According to Garp because u um I love

the I love the movie and the book was

really meaningful to me. And then Cider

House Rules because I love that.

Um, and then another book I did I I'm

fond of reading books that bring up

emotions from my past. And the another

book I read was uh and it's probably my

favorite my favorite writer is uh

Stephen King's The Dead Zone. I just

think that's a beautiful book. I just

love the way Stephen King writes. which

I just find his he'll have paragraphs

and I'll think the way he's able to

express

fear

uh his and a lot of his books are

actually quite emotional um in the

economy of words he uses it it really

strikes me so in some I haven't read any

new books in 2025 [laughter] how about

you Ed

>> my favorite book is an old book that I

read this year which was the the

authoritative biography of Genghask Khan

it's called Genghaskhan and making of

the modern world. It's by this guy Jack

Weatherford. Um, and I would re I

recommend this book to pretty much

anyone who is interested in being

successful at anything. Like, if you're

interested in power, if you are an

ambitious person, if you're interested

in what it takes to succeed, I'm just

going to tell you right now, you have to

read Genghaskhan and the Making of the

Modern World. Because what I didn't

realize about this guy, one, there is

the image of him as this serial rapist,

which turns out to actually not be true.

It's actually a myth. So, we can just

get that out of the way. Um, but two, I

don't think that a single person in

history has accomplished and overcome

more than Genghaskhan. And this is

something I didn't really realize, but

this guy was born um he was the Boston

son of of a mother who his his father

ended up being killed and he was exiled

with his mother and his family and he

was raised basically homeless uh by the

side of a river and he had to scr for

food. And in one lifetime, he was able

to build the largest empire in the

history of the world while he was alive.

And he created this. And there's so much

in there about what it actually took to

do that. I mean, a lot of it is military

strategy, a lot of it was skill. But the

most interesting thing about him which

I'm just fascinated by which why I

recommend it to people is an incredible

understanding of people and how to

understand how to network with people,

how to make friends with the right

people, how to work your way up, how to

socialize with people. And so wherever

he went, people ended up just wanting to

do things for him. They wanted to help

him. And that was how he went from being

literally this little homeless kid to

being the ruler of the largest empire in

the history of the world. Again, the

craziest stat ever. So, that would be my

recommendation. I would highly recommend

people read it.

>> Most popular question on Reddit. Scott,

what ever happened to Scott's investment

in a professional soccer team from

[laughter] Latin America? He was so

giddy about the opportunity when he

first bought in, but he's literally gone

crickets about it for almost a year now.

What happened, Scott?

>> Uh, nothing's happened except we just

announced our new branding. We're now

Inter Bogotaa. Um, so that's exciting.

And uh not actually not a lot has

happened except for the rebranding

and uh I've already gotten my money out.

It's like been a great investment

because we were able to recapitalize the

investment, put some debt on the company

and get my initial equity out. So it's

already kind of a win and now

everything's just upside. And we kind of

decided in the last editorial call that

the next Prof team team trip is going to

be to Bogotaa to see a game and then

we're going to go to Cartahana.

Actually, I'll split off. You guys don't

need to see me in Cartahena. [laughter]

Um

>> when do we do that? When is when is the

season? When do we go?

>> Uh their season. You're asking me

questions an owner should know.

[laughter]

Um I think it's coming up and it's going

to end sometime

>> probably. [laughter]

trying to be as vague as possible, but I

don't know if you heard this, but every

and I'm quite frank, I got a little

pissed off because every piece of media

is like including celebrities, including

Ryan Reynolds, Justin Berlander, K. It

lists every Joey Bag of Donuts investor

and then it'll say like at the end of

the article and also joining the group

is podcaster Scott Galloway. Um, but no,

it's been a good investment. I we talked

about it on our show. I I like investing

in sports teams cuz I think there's um a

der of supply and the number of people

who make too much money and are in their

arrested adolescence 50s like myself are

going to continue to buy these things.

But I was very excited about it. It's

been a good investment, but I haven't

been that emotionally involved in it.

And we've got a really good group of

guys or group of people who are running

running the thing. But yeah, we'll we'll

definitely we'll report back. I think

Prop G is going to do a a trip to go see

the new Inter Bogotaa team play

>> live pod from the game.

>> There you go.

>> What do you all splurge on and what does

it say about you?

>> I think I'll probably have a similar

answer to Scott. I splurge on travel.

Um,

I try to be really really costconscious

when I'm just doing my work and doing my

job. I try to be very intentional about

saving and living kind of a humble

lifestyle throughout the week. And then

when it comes to, okay, now it's time to

go on vacation. I just want to have zero

um zero interest in saving, being

efficient. I just I mean, it's I think

it's the same as Scott. I probably

learned it from Scott. I want to feel

and act like a baller. So travel's one

thing. Um, and then I guess uh

nice nice dinners. I go to a nice

restaurant. I I like to do that

semi-regularly.

Um, and we live in New York, which has

the best food in the world. And people,

you need to take advantage of that. So,

I guess it would be travel and nice

restaurants.

>> Scott,

>> I spend $150,000 a month on a plane

which says that I am deeply insecure,

have an enormous fear of death, and want

to impress people who don't care about

me. [laughter]

>> [gasps]

>> All of that's true.

>> That's why it's funny.

>> All of that's true. [laughter]

>> No. And and to what Ed was saying, I

mean, the research shows that people

overestimate

the happiness things will give them and

underestimate the happiness that

experiences will give them. So, if you

include that in travel, I spend it.

Yeah. I spend all most or all of my

uh discretionary income or whatever you

want to call it on travel. I'm going to

in a few days I'm going to Singapore

then Australia with my boys and I

absolutely love I travel to hotels not

to cities and I think that people ask me

what my hobbies are and I'm like edibles

and hotels and they look [laughter] at

me like are you supposed to say kaying

or something? Um uh

but I love I love travel and I love

hotels but yeah that's my like Ed that's

my indulgence. What's your indulgence

Claire? Also, travel. I think you've

you've spoiled us a little bit and given

us a taste of like really nice trips.

So, now we're both in the mood to spend

money on trips, but that's like once a

year in August when we have time off, we

do kind of get to have one big trip.

>> Um, but also art. Um, I really love to

just have art in my home. It makes my

life feel a little bit richer. Um, you

were talking about this on the previous

recording, Scott, just loving to look at

this one piece and getting a lot of joy

and reward from that. I feel the same

way with the pieces I have in my house.

Um, and I love to support small artists

and especially local ones just who I

have met in person. I like to kind of

bring their energy into my home. So,

yeah, I'd say art. I'm not at uh Saby's

level yet, but

>> we're getting there.

>> One day.

>> We're getting there. Yeah,

>> we were the signal award winner. So,

we're [laughter]

>> close.

>> We're so close.

>> All right, this one's for me. Claire,

how do you handle all those wildly

inappropriate dirty jokes?

>> Okay, I've I did the math on this. I've

produced more than 450 episodes of this

show, which means I've heard [laughter]

more than 450 of these jokes and they've

just lost

>> all meaning for me at this point.

>> You've you've worn me down. Like I I

don't even hear it anymore. Uh to be

honest though, they've never really

bothered me. I That sense of humor

doesn't offend me and never has. I think

you kind of like can't be offended by

that if you're going to work here.

>> [snorts]

>> Um, so the thing I think is actually

funny about them to me more than the

joke itself is just how insane it is

that our boss says them [laughter] to

us. Like when you really think about it,

it's kind of bonkers that uh we are

having these

>> that I'm subjecting myself to that kind

of economic risk.

>> Exactly. I mean it it is hilarious in

that sense but I get the concern where

this uh listener is coming from and a

lot of listeners put that out there is

uh concern about these jokes and we're

thinking about it a lot lately. Um you

put out that call to our listeners to

get their opinion and I think we got

like 10x the number of comments that we

usually do. So people have really strong

feelings about whether or not to keep

the joke the way it is. Um, and I think

it's a serious consideration that we're

thinking about. Um, I think we're

weighing what the people want, which

overwhelmingly from those comments, it

seems they want us to keep it the way it

is. We're weighing that against

potential future listeners and growth.

So, Scott,

>> are we weighing it against the

occasional guest that gets offended and

says, "Come on,

>> so you've been thinking about this, too.

So, what where have you landed lately?"

>> I think about this a lot. Um,

and there is a strategy here around

offensive jokes that sometimes cross the

line and are just, I don't know, totally

inappropriate. And that is, um, when I

think of the progressives that I really

admire throughout history, Lanny Bruce,

Richard Prior, George Carlin, the left

used to own irreverent humor. And then

the left became so worried about safety

and words or violence and all this other

[ __ ] that we became [ __ ]

humorless.

And I want I want the left and

progressives to take back irreverence

and humor. And I think it it what it

does is it softens the beach. If you're

if you can make someone laugh for a

brief moment, they're receptive to new

ideas. It's also authentic. I am truly a

vulgar and profane person. It's not an

act. But also, we want to attract a

younger audience. I do think a younger

audience appreciates vulgarity. Also, my

uh my one of my observations when I talk

to people and we get a lot of feedback

is that women are a lot less offended

often times by vulgarity than people

expect them to be.

>> Mhm.

>> Uh they're expected to behave a certain

way and be more like delicate little

flowers and I find a lot of the our

female listeners like appreciate some of

the vulgarity. Um, and also just as a

personal goal, I want to be the most

irreverent person in terms of,

um, or very irreverent, um, never mean

or hostile towards anyone in terms of my

words, but I want to be one of the most

progressive Alen Aldike people have ever

met in terms of their actions and the

way I treat people and the way I acquit

myself professionally and personally.

Um, so I think I can get away with a lot

more than most people. Uh because

anybody who knows me or listens to this

podcast knows that it comes from a good

place. It comes from a place where I'm

trying to I don't know call it be

inclusive and just offend everybody and

mock everybody. But I'm about you know

I'm a fairly progressive person in terms

of how I treat people and where I you

know where what my actions are.

>> Yeah. And I would just add that until

recently every producer you've had has

been a woman. So

I don't know. I think that this listener

[laughter]

clearly this listener asked me this

question because I'm a woman and they

expect me to be offended

>> right

>> to be clear I'm not

[laughter]

>> well okay so let me now now now now that

I I have excuse to sound defensive I

figured out that I think about

27 people in my company companies

have become millionaires in the last 10

years through through acquisition of our

companies and 24 or 25 of them have

either been women or LGBTQ.

And so,

um, my my goal is to create economic

security for, you know, um, I don't I

don't think I discriminate against

heterosite heterosexual men, but I'm I'm

hugely proud of the fact that, um, I'm

very committed to economic viability for

women because for me growing up, the the

most anxious thing in my life, hands

down, was the economic instability of my

mother. So, I take I really enjoy I not

only enjoy working with women, but I'm

I'm, you know, I want to be known as

someone who has created a lot of

economic uh security for women.

>> I think Ed definitely feels

discriminated against as a heterosexual

[laughter]

male.

>> So,

God, [laughter]

we'll be right back.

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>> We're back with property markets.

>> Let's keep going. How do both Ed and

Scott approach analysis as a means of

achieving conviction? I.e. What are the

processes, avenues, metrics, and tools

used to evaluate the future?

[clears throat]

>> Um, I would just I would note Tom Lee

had a great definition on our last

podcast with him of conviction and

something I want to highlight. So, he

said, "Stubburn is believing in

something when all the facts have

changed. Conviction is riding through

the volatility

>> and it's not easy to tell the difference

until history has already passed." So

back to the question, how do you

approach analysis as a means of

achieving conviction? Ed, let's start

with you.

>> It's a really interesting question. Um,

something I often [snorts]

maybe this answers the question.

Something that I often think about is a

is a idea from John Maynard Kanes, the

economist, and he had this idea called

the the it's called the Keynesian beauty

contest. And this is something that we

talk about on the research team and it's

it's pretty important. And basically he

he made the link between he was trying

to describe what is the market, what is

really happening in the market, which is

our job on this podcast. It's our job of

the research team. And he basically said

that the market is like a beauty contest

where the judges job isn't to figure out

who is the most beautiful person in in

in the contest, but who do they think

other people will think is the most

beautiful person in the contest. In

other words, it's not really what you

believe. It's you trying to replicate

and come up with an idea of what

everyone else will believe and create an

average for that. And his point was that

that doesn't actually work in terms of

truth seeking. You get ultimately a very

different answer if all you're trying to

do is trying to figure out, okay, what

do what does everyone else believe? What

do they think? And then I'll come to my

conclusion based on what they believe.

And so something that we try to do

because we are really in in search of

truth on this podcast and it's hard to

do that in the markets is what do we

actually believe? And that doesn't mean

don't listen to everyone else's views.

You need to understand what the

consensus view is if you want to come up

with a non-conensus view. But if you're

saying something just because someone

else said that or you read some research

report and it had a fancy name on it and

so oh that's what I believe now then

you've already lost. That's not that's

not conviction. That's group think.

That's herd mentality. So that's at

least a framework that I am constantly

trying to think. I'm trying to ask

myself, do I believe that because

someone said it and they have

credentials and and maybe that's and

that is can be important, but it can't

be everything. I'm always trying to ask

I believe it because I believe it. I

think these things are true. I've looked

at all the evidence and it's important

to me these details. And so when I feel

that way, [snorts]

that's usually a good sign that I have

conviction.

>> Scott,

>> yeah, I like that. Look, I look at I

used to look at everything through a

strategy framework of what is

differentiated, relevant, sustainable. I

look at valuation metrics. Uh but what I

probably the the part that's hardest but

most important is I try to marinate and

try before I make a decision to remove

my emotions.

Um because I find my emotions sometimes

I backfilled the analysis based on what

I'm hoping or believing should happen.

and um just [clears throat] try to

that's the hardest part for me is is

figuring out a way to objectively look

at a situation

without having my emotions or you know

beliefs

basically my biases I'm like I go

through all proximity bias confirmation

bias I go through all them and try and

remove them and then just look at it

look at it sort of with kind of starched

almost in a sterile way and I struggle

with that. All that said, this next

question is about Figma. Hi, Ed and

team. Would love another analysis of

Figma before the end of the year if

possible. As you predicted, the stock

had a massive pop the day of the IPO. I

would love a reanalysis of the stock at

its current price. I know that most

shares are still in lockup periods

through the middle of 2026. I'd love to

get your guys' take on the stock.

>> Very interested in it. I just want to

note we're pre-recording this episode on

December 11th. So the current price of

Figma is about $38 a share. That could

change, but Ed, let's start with you.

>> Uh I can't give you a super in-depth

valuation analysis right now, but I'll

I'll give you something. First thing I

would say, a lot of people I've seen

online have been saying, you guys said

that Figma was a buy and it went up and

now it's crashed. Just want to clarify

what we said about Figma.

We said Figma was a buy at $33

because that was the IPO price. In fact,

we actually said it started out 27 and

the IPO price kept on inching up and up,

but we said $33 on Figma is a buy.

[snorts] Then it went public and it

opens at like whatever it was 120. It

was above $100.

>> Yeah,

>> it was something crazy which we never

said that that was a buy. We said that

33 was a buy and then it goes and and it

opens opens at a crazy number. And to be

fair, like our advice wasn't very

helpful because no one could get in at

33. I mean, even if you put the request

in on like Robin Hood or whatever, you

got maybe one share. So, it wasn't very

helpful. But I just want to clarify. We

said 33 based on that was the valuation

analysis. And then the demand was

absolutely insane, which says all of

these things about the way the IPO

market works and how crazy it is and the

stuff we've talked about with the divide

between private markets and public

markets and how it's gated out to retail

investors. That's a whole other story,

but just want to be clear on what we

said there. Okay, so it's above 100,

then it comes down, it plummets. I think

it's down like 70%. We're now at $37.

That's not a bad price. We said 33 and

we've just seen the earnings. They grew

at 38% growth on the revenue. They they

have net dollar retention of 131%. In

other words, people the existing

customers they have are actually paying

more. And you look at the the valuation

right now, it's it's pretty good. It's

it's it's it's not bad. It's trading at

a higher multiple than Adobe, but I

think Adobe's actually undervalued right

now. Also, Adobee's growing four times

slower than Figma. So, I I think it's

I'd want to look at it more. I think the

lockup period is also a good point. The

lockup period is going to end at the end

of of December. So, maybe that would be

the better time to buy. But, I do want

to just clarify what we said about that

stock because obviously it's been on had

a wild ride, but we did not say buy at

over $100 a share.

>> Scott, you got in on the IPO. So, how

are you feeling now? I can't remember if

I I mean, by the way, I think our

prediction was the IPO was going to be

huge. Rand

it ran to

>> [laughter]

>> um I think it got as high as 140. Uh I

like the number two player and it's more

of a collaborative tool and we have

people here who use it and the reason I

like the company or the primary reason

I'm real big is that if you go to any

design graduate design

class, almost all of them are using

Figma. So, I think that you're going to

see it start to absorb into the

corporate market. It's um I just I just

think it's an incredible product and I

like the guy who runs it and at it

doesn't have earnings yet so it's hard

to look at the P multiple but if you

look at it's got a market cap now of 19

billion. Uh I think Adobe would buy this

for 30 billion tomorrow. So

>> they tried to buy it for 20 a couple

years ago and they've only grown since

then. So

>> yeah, and I think it's revenues are up

50% since there. That's where I got to

30 billion. So I like it at this price.

Um I don't I mean I'm going to I I'm not

entirely sure, but I think I don't I

don't think I've sold a share. I think I

ran I think I ran it all the way to 140

and then down again. When I get in on an

IPO, and this is like kind of the

country club, I don't know,

code code of the IPO investor. I don't I

generally don't buy stocks unless I'm

willing to hold them for three or five

years. Uh I just don't I don't want to

be a trader. You know, that was probably

stupid if I

It's easy to say now when it popped to

whatever it was 60 or 80 or 100 in like

48 hours. It might have been a time to

get out, but generally speaking,

and this is a flaw of mine. I hate to

pay short-term capital gains, which

makes no sense when you look at the

price that I could have got out at, but

generally I want to be seen as a

long-term investor that holds stocks for

a while.

>> This is a longer one, but I want to uh

help this guy out. So, Scott, I just

read Notes on Being a Man, and I really

enjoyed it. One part in particular that

stuck out to me was asking, "What kind

of son do I want to be?" as it relates

to Scott's relationship with his father.

I have a similarly fraught relationship

with my father and have been trying to

put all the past issues aside and focus

on our relationship in the present.

However, I struggle with the idea of

letting my guard down while my mother is

still alive. As the majority of my

grievances revolve around the way he

treated her, myself, and my sister, when

we were growing up, he's now happily

remarried and has decided the past

either didn't happen or it doesn't

matter, which of course is easy in a

glass house. And I can't help but feel

like my letting go of the past would be

an affront to the challenges my mother

endured. So my question is this. Do you

think you could have gotten to the

wonderful place in your relationship

with your father had your mother still

been around to see it happen?

>> What a good question. Look,

I think that after what his if if it's

similar to

if it's similar to my situation that he

has the right to protect himself and

protect his mother before worrying about

protecting his father, adding value to

his father's life. And if he personally

would have a difficult time letting go

of these things and needs to protect his

own sense of well-being and

justice and fairness and just isn't

ready to have a relationship with his

father, I'm not going to tell him, "No,

put away the scorecard and and re-engage

with your father." And if if you really

do think it would upset your mother,

then I think you have to take that into

account. You know, these these are very

deeply personal questions. Um, so I

don't want to suggest that my way is the

right way. It was just my way and that,

you know, at some point if he thinks,

okay,

um, I mean, the bottom line is I

probably wouldn't have I came to this re

my mom died 21 years ago and so after

she was gone, this it was a little bit

easier for me. The things I would ask

him to just consider the following. one,

was your father a better father to you

than his father was to him? I think

that's who we model. And if the answer

is no, and this was just a bad person, I

I think you have an obligation yourself

to just protect your own mental health

and do what just feels right first and

foremost.

Um,

two,

you know,

what what where I got to was it was

going to make me happier to have a good

relationship

um with my father. And the other

question I would ask him is that if he

did what I did, I think a lot of people

my parents weaponized the divorce or

they weaponized me in the divorce. And

that is they would I was eight years old

and my mom would say I would leave for

the weekend. My dad would pick me up and

say tell your father if the child

support check isn't here by Tuesday I'm

calling his boss. And I would digest my

stomach thinking about delivering that

message to my father. And then on the

ride home with my dad I would tell my

dad and my dad would say tell your

mother she's a [ __ ] and I'm not going

to send the child support check. And I

would have to deliver that message to my

mother. Now granted it was the 70s. It

wasn't like today where we reorchestrate

our entire lives around children, but

that was still a really stupid

unsophisticated thing to do and not a

very kind thing. What I had a tendency

to do and I would ask him to be mindful

of is you have a tendency to demonize

one in a divorce. It's a bit of a war.

It's a conflict. And especially back

then, I think it's gotten much better. I

think parents are much more mindful now.

But you have had a tendency, at least I

did, to demonize one person and sanctify

the other. And the person you're

typically going to sanctify is the

person who got you up in the morning and

packed your lunch and stuck around for

the hard part. And you have a and then

you have a you have an opportunity or a

tendency to demonize the person who

didn't stick around. And that is dad who

goes off and starts a new family with a

younger woman. And and at least in my

case, all of a sudden, my dad seemed to

be continuous ascending economically

while we ended up in just this shitty

bad apartment in the valley wondering

how we were going to like fix our vacuum

that had broken down because we didn't

have the money. But what I did do, and I

would just tell him to be cautious of is

there were good components to my father

and he did try, but I didn't let any of

that creep in because I decided mom

good, dad bad. And then as you get

older, you realize that people are

deeply flawed and that no one is pure

good and no one is pure evil. But it

helped me to recognize my dad was better

to me than his father was to him and

that he did try. And uh but I'll finish

where I began. He needs to affix his own

oxygen mask and think about if he's

ready to re-engage with his father. And

if he isn't, that's fine. That's okay.

He deserves that. He deserves that

safety given the way his father treated

him uh and his mother. And that what I

would also suggest is as the father gets

older, just recognize it sounds like his

mom and dad are alive. They're both

going to be dead. And just ask yourself,

try and imagine after your parents are

gone how you wish you had behaved and

what you wish you had said to them. Cuz

they will leave. It's hard to imagine

that people die when you're a young

person. They do. And the nice thing I

really treasure about my time with my

mom and my dad is that nothing went

unsaid. And and but just to maybe go

through those exercises of asking

themsel that question, was his dad

better to him better to you than his dad

was to him? Have you sanctified and

demonized either of the parties? And if

your dad were to pass away unexpectedly,

would you be comfortable with where your

relationship is now? Kind of Oscar.

you feel that you said

what you needed to say to to your

mother? Do you like do you feel you feel

you've said I'm just wondering

personally cuz I think about that like

oh there are a lot of these topics and

questions that I feel like I should ask

my parents at some point but I'm not

really sure when. And I'm not sure if

I'll ever satisfy that. I feel like I'm

always going to have more questions. Do

you feel that you that you said

everything you wanted?

>> Yeah, for the most part. Especially

because a lot of communication is

non-verbal and moving in with my mom

when she was very sick was was

essentially telling her every day, "I

love you."

But nothing went unsaid. Um, my dad was

around so long. My dad recently passed.

He was 95 and and I got a lot off my

chest kind of 20 30 years ago with him

and he was very apologetic and just sort

of took it and was never I mean the

thing about my father was he never asked

anything of me. He wasn't a great dad

but in terms of ROI he was all positive

because he never asked anything of his

adult children. and my mom. Um, you

know, I don't know if one parent,

um, do you have one parent that you feel

I won't ask you which one cuz they're

both alive, but do you have one parent

that you feel has invested much more in

you than the other?

[laughter]

>> The real AMA begins.

>> I do, but I go back and forth on it.

Some I mean, I've had years where I felt

the other way. Well, that that means

quite frankly you either have really bad

or really good parents because if

they're in the running, if they're both

neck and neck, for me it was pretty

obvious who had invested more. But the

fact that you've even gone back and

forth means that you probably have

pretty good

>> Yeah. No, I I Yeah.

>> But what I would say is as you get when

you get to this age, you communicate

non-verbbally. It's about your actions.

And I was good to my dad. I hung out

with him. I was a good, you know, I was

a good son, better than most. But my

mom, you know, when she got sick, took a

leave of absence, moved in with her and,

you know, put my life on hold to take

care of her. And that, you know, that

was that was the, you know, that was the

best communication. But again, going

back to what we're talking about, your

parents aren't going to be around

forever. And you're just, what I would

tell you is after your parents are gone,

you're not going to regret having aired

a little bit to the upside in terms of

generosity and being emotional with

them. You're not going to look back and

think, I really [ __ ] up telling my dad

I admired him and then I I love my mom a

great deal. You're just not going to

regret that.

>> Different kind of relationship question

for Ed.

How should someone early in their career

balance ambition and self-investment

with the demands of a relationship? I'm

trying to build good investing habits,

grow my income, and still be a present

partner. But it often feels impossible

to do all three as a young man in LA.

Just before you answer, I've said this

to Ed before privately, but I think him

getting a girlfriend was genuinely one

of the best things that ever happened to

the show. [laughter] He had this kind of

like surirly disgruntled vibe before

[laughter] he got with her. And once he

got with her, he was happy, well-rested,

>> focused. [laughter] I honestly think

getting a girlfriend levels you up in a

way. And I think the same it's the same

for me. So,

>> 100%.

>> I don't Yeah, I can't relate to what

this guy's talking about like demands of

a relationship. I think actually the

right relationship should be leveling

you up and only helping your focus in

your career. But Ed, what do you think?

>> I think everything you just said 100%

agree with you. Yeah, I I can't tell

from the the question whether he is in a

relationship right now or thinking about

one, but yeah, my my view on this is

relationships should make you actually

more focused and more ambitious and more

interested in investing for the long

term. You're thinking in a long if it's

the right relationship. If you're

thinking for the long term,

>> it means that you're going to be more

focused on how do I make sure that I

make money and build up my career such

that we can build a life together. How

can I be structured about my work

requirements such that I can show up for

dinner and do something nice or take her

out to a restaurant or get her a

[snorts] nice gift. Like those are all

kinds of things that I think actually

it's a virtuous cycle where you get more

focused. um you you you end up working

harder. Um I have found when you're in a

relationship. So I guess if if the

question is like, "Oh, I I need to

invest in myself now. Like I don't think

I should get a relationship yet." I

don't think that's the right way to

think about it. If you're in a

relationship, you're going to spend a

lot less time going out, getting drunk,

trying to meet people, and trying to get

into a relationship. you're going to

think a lot more responsibly about what

you're doing for your career. [snorts]

>> So I think that is the question and if

so I would be like my my answer is what

you said the relationship actually won't

be a demand on your energy and your time

and your focus. It'll actually multiply

it.

>> Yeah. The the most rewarding thing is

when I think about kids or economic

security it's having built that with

someone else. That's really rewarding.

It does also I think having a

partnership makes you a better person

because you know someone is watching so

to speak. You know you want to impress

them. You want to start investing in

their life and investing together. So I

do think especially men I really do

think men need the guardrails of a

relationship. Um and [clears throat]

I think especially when you're young I I

don't want to say relationship good

relationships aren't work. Every

relationship is work and you need to

bring a certain willingness to to

forgive, invest, think about them,

notice their lives when things are

important to you, important to them,

even if they're not important to you, to

invest in those things. But also, as a

young person, quite frankly, if a

relationship is a lot of work, that's

probably a sign it's not a great

relationship,

>> right?

>> Agreed. when I was young and in love and

no stress of kids and you know doing

cool [ __ ] and hanging out with friends

and discovering new things. God any

relationship that was work was called an

ex relationship. I'm like okay I mean so

a lot a relationship that's a lot of

work is a sign especially when you're

young of maybe not a great relationship.

The relationships I had when I were

young quite frankly just weren't a lot

of work. They were almost all upside. uh

at least that's how I found them.

>> Or or net upside. It's like if it's

taking more from you than it's giving

you, then that's bad. But it's always

going to take you're going to have to

invest something. It's going to take

some level of work and commitment.

[clears throat]

>> But [music] net net, it should be

a surplus.

[music]

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>> We're back with Profy Markets.

>> As we reach year end and begin thinking

of what's in store for the future, do

you think we're approaching the right

time to rebrand to Profen Media?

H. [laughter]

Ah, Prof. E Media

>> doesn't have it doesn't have the right

ring to it.

>> No, it be Ed Elson be E squared media.

[laughter]

E squared.

Well, you know, guys, it's uh I don't

even think about these things. I don't

really have a very big ego. I'm uh I'm

not, you know, I'm not I'm not very

self-absorbed. I don't like to think

about me. [laughter]

Yeah. No, it's going to be Prop G Media

for a while. Um [laughter]

uh yeah. I don't know. Ed, what do you

think? Do you want do you want something

brand? It I did notice. Nobody asked me.

This is a true story.

>> Oh god.

>> When we went to five days a week, all of

a sudden it went from Prop G Markets to

PropG Markets with Scott Galloway and

Edson. [laughter]

>> Yes.

>> No one asked me. It just all of a sudden

the branding changed.

>> Just a slight tweak. Just tight.

>> Yeah. Or does it say Edson and Scott G?

I can't remember. [laughter]

>> You're first, Scott. You're first.

>> The what I will say though, I'm trying

to couch this in a lesson and a learning

is uh I have always given people

I've been pretty promiscuous with

titles. Uh so for example, there's

probably I probably have 10 co-founders

that is people who on LinkedIn say

they're a co-founder of Red Envelope or

a co-founder of Profit. No, I hired you.

You're [laughter] not a co-founder.

And and here's the thing. I don't call

them and say, I mean, maybe they've even

asked me. I'm like, yeah, fine. This is

what a founder

>> me is [clears throat] the parallel in

this situation, [laughter]

but please continue.

>> This is what a founder,

>> we may call you a co-host. [laughter]

>> A founder is someone who signs the front

of checks, not the back of checks. And

it just strikes me that once success has

many fathers and failure is an orphan.

And it just strikes me how many founders

there are of my companies out there who

according to LinkedIn co-founded my

companies. And I'm like, okay, you never

invested a [ __ ] red of your money.

And I hired the guy that hired you five

years later, but you're a co-founder.

Fine. And and I sound like a bitter old

man. [laughter] Titles. Titles are

pretty easy to give to people and

they're important to people. So fine.

I'm always pretty promiscuous with

title. You want to call yourself a

co-founder, have at it. Congratulations,

co-founder. Um, yeah,

>> that [laughter] to me.

>> I didn't ask this.

>> No, that's not you, Ed. That's not you.

You You have earned the right to be

co-host. [laughter]

You have earned You have earned the

right to be co-host. I'm happy. I'm

generally happy for you and all of your

success.

>> Let's get your official answer on this.

At the end of 2025, are you going to run

for public office?

>> H good question. Uh, you know,

occasionally when I'm feeling

occasionally I get very excited about

public policy ideas and I think about it

for a minute because I think, well, I'll

help shape the conversation. I'm going

to be dead soon. It's a chance to serve.

And then I realize I don't have those

skills. I wouldn't enjoy it. And I think

the best thing, and I've said this over

and over, and I mean this sincerely,

that we can do at Prop Media is bring

attention to great Democrats. I just

gave money to uh Jasmine Crockett and

James Tarico who I think are both

amazing. I love uh I'm a huge fan of

governors Shapiro Moore Newsome,

Senators Clolobashar, Bennett, Governor

Whitmer. I just think we have just some

outstanding people who've devoted their

whole life to public service.

>> Can I can I interrupt ask you a

different question?

>> Sure. Yeah. You're sick of hearing this

answer?

>> Well, I [laughter]

Yeah, go ahead, Ed. Do you not think

that if you ran, you might actually win?

Cuz that's why people are interested in

you running. It's like one, you have a

lot of fans, but I think a lot of people

like if he runs, he'll he could actually

win. Like he has more power uh among in

terms of a platform and a voice, more a

greater following. Everyone in America

trusts him more. he's got he's more

aligned with the direction that the

Democratic party should be moving in.

Like I get that it's sort of like you

know I don't have the skills but it's

sort of like you actually do and you

could actually win and given the first

do you agree with that and two assuming

you do agree with that how is that not

tempting?

>> I think you're being generous to be

Melan I um

>> other people would not think that. I

just want to make sure you know many

many people out there do not think I'm

being generous. But

>> yeah, please.

>> Well, I told you this is a true story.

Several months ago, a group of people

called me and said, "If I put in 10

million, they'll put in 10 million." And

I said, "I'm not sure I could win." And

they said, "It's not about winning. We

want you to help shape the conversation

around income inequality and and the

middle class and restoring, you know,

prosperity for young people." Anyways,

but okay. So assume you do win, right?

Would you want to spend do you think

you're the best person to make these

types of decisions? Do you have empathy,

leadership skills,

um an understanding of public policy,

how to get things done in Washington, u

an incredible feel for geo geopolitics,

uh empathy for uh how people are

struggling and the skills to affect

change? I have some of those, but there

are a lot of people that have more of

them. And I think that the fact that

there's any sort of chatter around the

possibility of me running for office and

being successful is just a vast vastly

incorrect under underestimate of how

talented some of the people are who are

in Washington who already have a lot of

experience and know how to do these

things. So I just don't I feel like I'm

fairly self-aware and I'm not a humble

person, but I I literally I'm I consider

myself a patriot. I'm moving back to the

US. I want to be part of the resistance.

I want I I feel like the Trump

administration is a stain on the

American experience. I want to play a

real significant role in changing that.

And then you think, well, all right, if

you're a real patriot, you're going to

figure out what weapon you are best at

command and how you can best be a

warrior in the fight. And hands down,

everything points to the same thing. I'm

going to bring a ton of attention and

I'm going to use my time, treasure, and

talent to get an amazing group of young

Democrats elected. That is absolutely

the best use of my time and skills and

any sort of ego and narcissism that

takes from that is nothing but ego and

narcissism there. Sit down with Senators

Murphy. Sit down with Senator Bennett.

Sit listen to you know Governor Moore.

You know, you just you meet these

people.

>> Who's that?

>> Wes Moore. [laughter] He's fantastic.

>> I know. I know. I'm

>> these people are

>> standing in for my generation. Who Who

are these guys? I don't know who is

cool. He's on the internet.

>> Yeah,

>> he's got the mojo. Who are these

deciding thoughtful dudes coming up with

this? That's who should be deciding who

goes who where the six fleet goes in the

Mediterranean to to suppress.

>> Yeah. No, these these individuals um uh

I would love to see a great Democrat and

also I would love to see Admiral Stritus

as vice president. Um anyways, but I

love thinking about it because I'm a

narcissist and it's very it's very

flattering. But no, if you're a patriot,

you think about where where you can best

serve. And that's absolutely where we're

going to serve. We're going to we're

going to help Democrats and moderate

Republicans get elected uh in 26. And

then we're going to play a small but

important role in recapturing the White

House in 28 and ending this weird dark

moment in history known as the Trump

administration.

>> My promise to the audience, I know you

love when I give these promises to the

audience. My promise to the audience,

I'm going to convince Scott to run. It's

going to happen. The Prof legacy

must continue

>> and we'll stack the cabinet with Prof

media [laughter] people.

>> Hey, weirder things have happened.

>> Mia will be Secretary of State.

>> Oh, Clara, you'd be much more qualified

as Secretary of War than, you know,

[laughter]

>> a chicken in every pot of sea in every

cupboard. Galloway Ellson 2028.

There we go. [laughter]

Let's roll.

>> There we go.

>> Let's roll.

>> Thank you for listening to Profy Markets

from Profy Media all year long. [music]

We really appreciate it and we will see

you in 2026.

[music]