YouSaid · the spoken record

David Chilton

lines on the record: 89
first: 2017-05-30
most recent: 2017-05-30
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“So kind and nice. And he said, I really like that idea of using the story. Send the book down. I got something back from him. I bet you a week later said, I read the book cover to cover, really liked it, agreed with all of it. By the way, it was fantastic. So, I mean, people in general have been exceptionally in general have been exceptionally nice to me. And I've never been sued. I've never sued anybody. I've never had any major conflicts. You know, I've just kind of tried to keep it light and loose. And I'm not very money-oriented either, which I think is probably a good thing. I think people who are all around money tend to get in a lot of conflict and have a lot of those issues. And I like learning. I'm always happy. You ask your daddy. He's never seen me in a bad mood. I'm always in a good mood.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Didn't like it. Got back to me. That's fine. Didn't like the book, but gave me a couple tips and just handled himself like a true gentleman. And I always think of that and what a difference it made to me. And all that, John Templeton gave me the cover endorsement for the wealthy barber in the United States. Cool. And listen to this story. I phoned him and he picked up his phone. And this is actually a funny story. I was like 27. And he picks up his phone and he says John Tembleton speaking. And honestly, I was like, holy shit. What are you going to say? I was ready to go through the whole process of begging to get him on the phone. I said, like John Temple's speaking. Why is he answering his own phone? And then I gained the pitch. What a great guy.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Wow, that's an interesting one. I've been treated exceptionally well in general. Everywhere I go people will say, you know, the book made a difference and whatever else. But I think early in my career, I reached out to a number of people and said, you know, I don't know what I'm doing. I'm going to self-publishing. Can you spend some time with me? And not a single person said, no, not one. You know, Andrew Tobias. Remember Andrew Tobias. Great guy. I found him in New York. I sent him my book. I said, do you mind reading it? You're my hero.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, yeah, you're right. I mean, there's an omission there that you're wrong. But I think the other thing is there's some wishful thinking. I mean, a lot of very successful people in life have talked about one of the keys is that you have to see things the way they are, not the way that you wish that. There's so much truth to that. And I think sometimes I'm quite good at that, but clearly there I was horrible at it. In fact, if I told you the full story, it's too long for the podcast. It's even worse than that. They were sending me some pretty good documentation and thinking and grids saying this is not well done by you. And I'm thinking, yeah, yeah, yeah, good point. I didn't sell the stock. It's so strange. I mean, it really is. But, you know, that's life and you learn to live and laugh at those things. And I did learn from that one. In fact, this one that I'm involved with now that I told you about that I've done the crazy due diligence on, I'm constantly now playing my own devil's advocate. I'm trying to prove I'm wrong. And so I'll set out and get in touch with people and say, I'm wrong here. Show me why I'm wrong because I've learned from that last lesson.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“It's so true. And you know, the funny thing is I mentioned the three stocks that I'd done, the Blitzkrieg due diligence on. The middle one, I found a lot of people who told me I was wrong. The stock got up to $10 to $13 for an extended timeframe. Most people I found told me I was wrong. And here's the bizarre part. I believed that they were right and I was wrong and I didn't sell the stock. And it went all the way back down to 375, which is above what I paid for it. And I sold it. It was the strangest behavior I've ever been involved with. I often look back on it. It was only a decade ago and I think how could that happen when 12 out of 12 people said, no, here's why you're wrong. And you're going, I think they're right. And you don't sell the stock. Strange. Like human reactions are odd.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“And I said, are you kidding? And she said, no. And I said, Oh my God, I've made like thousands. Not hundreds. I made thousands of mistakes in business. It's the same when people say that, have you ever made a bad investment? And they're quite serious when they ask you. They go, what do you mean you've ever made a bad investment? I've made lots of bad investments. This is very tough stuff.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“That was really cool. It was speaking to a dentist conference and how they even got in there because it's very tough and they don't normally book out for conferences. So I'm not sure how that played out, but I think it was a Dennis conference, but it was exciting. I mean, that was obviously a big thrill in my life. And even the first time you go to New York on business, that's really cool. I mean, you grew up in that environment. Of course, you guys weren't in Connecticut, so it's not a big deal for you. But going down from Canada to meet with publishers and talk to PB.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, it's funny. I think that that day of the speech in Halifax, I mentioned it would be up there, but there was a day when we published loony spoons, the sisters did an interview on an Ontario-wide CBC show, and they sold out every single bookstore in the province. We got calls from dozens and dozens and dozens of bookstores, Costco, everybody. And I knew like that time when you know you have a hit, that's exciting. Like that was such an exciting day. And I don't think I'll ever forget that day. Like the book had maybe been out for a little bit and sold a few thousand copies. And when that happened, I said to these guys, it's going to be hundreds and hundreds and hundreds of thousands. They sold 850,000 cookbooks in Canada alone. That doesn't count the QVC and all the success south of the border and all the things they did down there, partnerships with Treaters Digest. I mean, it was unbelievable. But that day you knew it was going to come. And who does a radio interview and sells out every single bookstore? It was nuts. So that's one I'll really remember. I spoke at Carnegie Hall. Oh, cool.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“That never changes. I may write again. I wouldn't write on finance again. I think having been out there for 30 years and done so many interviews, people probably heard enough from me. I've heard enough of me. And I think that it may be time to write in a different field. And I've got a couple ideas on that front. And, you know, who knows what I'll do next? I'm not sure. It's nice to kind of be whining down on some of my high-level involvements and have some time. Like this summer, I'm hoping to golf a fair amount for the first time in years. And I don't think that's maybe wise, but I'm hoping to do it. And it's good. And I like doing this kind of thing. I like sharing ideas and getting out. I've been really privileged in my life to meet a lot of my friends, kids as adults, you included today. I really enjoy that. And I'm amazed how many of the kids have turned out to be much better than the parents. And you're a prime example of that. Much sharper. We're going to keep that one in. We'll cut the other one in. Exactly. Exactly.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, especially in fintech. And I looked at it very carefully. In fact, that was my original plan to take in Canada the brand power of the wealthy barber and do some things. So I'm 55. And the last two years when I looked at that seriously, the thought of managing 15 to 20 people and building a team, et cetera, it's not as exciting. I'd like to slow down a little bit. I'd like to be off the road. And so I'm not sure if I'll do that, but I haven't ruled that out. I mean, I'm still looking at a couple ideas. There's got to be great opportunities in the insurance field. It's such an opaque field and so many people are confused by it. I was looking at one of your policies, one of the US's policies, an equity-based annuity a couple weeks ago. I had all the documentation sent up to me from somebody down there. I couldn't understand it. And I have a background, that stuff. So the average consumer has no chance. I'm not even sure the actuaries could understand it. You probably have to have three of them working together. There has to be some opportunities there in that space, as intrigue me. And so I'm still looking at it. You know, I have more energy and more excitement about ideas and opportunities and things I want to do than I've ever had.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I don't, but I'll go there We could be there relatively quickly depending on how things play out. I'm concerned, by the way, that you aired the Mobuson interview today. Do not air mine close to his. The difference in our intellects is just too dramatic for your listening audience to be able to adjust to. You need to go down to me slowly, stick some people in the middle, like your dad. He's in the middle of us. Closer to me, tell him than he is to Michael.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“I love him I wouldn't say it's nothing like that. I mean, I do think you're seeing some signs now that's a little bit like that. But think how hard it is to compete with Amazon. You're competing at times with a nonprofit. I mean, and not only that, at times. Full of sharp, sharp, sharp, sharp people. And that makes it very, very tricky. But you wonder how much of the success of those stocks, and they've obviously done some wonderful things at the company level, but you wonder how much of the success is because of the popularity of the index funds. As the money's pouring into the index funds, they're forced to buy those stocks. And to some extent that pushes them up higher and makes them even more momentum place for those types of investors. I mean, all this seems to be feeding off itself to some extent.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“That's why you have the underperformance, not you guys, because I mean, your numbers are actually quite impressive, but why in general you've seen a lot of active underperformances if they have any value metric? Missed out on the Amazons of the world, and that's really what's taken the exchanges where”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“And why is that? Because you're turning the portfolio over regularly, let's say annually, and therefore you've got to make sure the liquidity is there and everything else.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Where do you think you guys top out on how much you could have in one of the funds? I mean, obviously depends on the strategy being put into play, but where do you think you top out?”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“No, but you're right. They're relative performance lately has been phenomenal. And therefore, the fact that people are paying more attention to expenses and everything else, it really has heightened it. And you wonder if, again, we're setting ourselves up for a time when the markets will pull back and you wish you had a different approach, et cetera. I mean, you guys are in a hot spot. Like you're in a different area there where you're like an index in a lot of ways and you got active mix. Like how do you describe what you do?”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“More than make up for any of the negatives, they're probably right. You know, in a lot of cases, they're going to prove to be right. They have proven to be right over very extended timeframes. But I wonder what triggered this last 12 to 24 months where the inflection point was hit and it's just racing up. And now it's feeding off itself because, of course, all the switching over is creating all the media tension and all the media attention is creating more switching over. I think part of what's happened is you've had a number of people start analyzing their own portfolio's performance more carefully. They've actually started looking back relative to different benchmarks or relative what have they gone in the vanguard funds, whatever they're saying. Holy scheme, this is just too big a difference.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I mean, you're so well spoken and you're right about it being a tsunami. And you used a number of examples, but the one that really hit me was when you said family offices, because I know three or four who've exited all active money management in the last six to 12 months. And it's not just that they underperform, but they were underperformed by 300, 400 basis points per year for an extended timeframe. The opportunity cost there is gigantic. And they're saying, much like I said in the second book, there are definitely going to be active money managers and approaches that can help perform the market. We have no doubt about that. But we can't pick them ahead of time. That's the bigger issue. And so because we can't pick them ahead of time, we can't take the risk that we're in that 80%, 90% or whatever that underperforms, but more importantly, we're in that 30 or 40% like we've been, that underperforms dramatically. The opportunity cost isn't worth it. We know passive's not perfect because it's a bit of a momentum play, the standard poor is expensive. We get all of that, but we've analyzed it all and the trade-off is worth it. And over 15 and 20 years, we're comfortable with the dramatically lower fee.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“And I said, yes, because I didn't want to keep bugging me. And the computer comes back and says, you wouldn't lie to a computer, would you? And I thought that was funny. And, you know, and the first joke they made when I sat down was it said, are you married? And I said, no. And the computer came back and said, I'm attached. Dot, dot, dot, to the wall. I thought that was actually pretty funny joke. And so they're trying to make the onboarding more pleasant process. But then they mesh it with all this. And then the machine learning, watching your behavior, they're learning as they go. They were onto something. But again, typical, they said, we're not selling. They sold a monthly partner. Yeah, exactly. But I mean, it's so tempting when you're young to get these crazy offers. I mean, you're talking tens”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“calendar, your bank statement, then you had to answer a lot of questions and they gave you a comprehensive financial plan, but also an ongoing involvement. So when they had me fill it in, I go back to Kitchener Waterloo, and a couple weeks later, I get an email saying you're usually head to Costa Rica this time if you want us to get the currency. And here's the best three options to get it. I thought that's interesting. Wow, that's pretty good. It is. That's interesting. They told me that said, do you have a will? And I said, yes. And they said, say no. Say no and see what happens. Well, three weeks later, I get an email saying, did you get a will yet?”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“But they're all inside registered vehicles, RSPs, or in case the state's 43B, it doesn't matter, none of that matters. And so it's a tough sell for all of these. And I think my opinion, and I said this to you in the phone a while ago, is none of it's going to matter because AI is going to come down the pipe in the next two, three, and four years, and this is all going to seem so primitive that it's going to be irrelevant. I've seen the first good one, early stage. I mentioned to you two young kids came up and met me in Detroit, and they showed me an AI approach to financial planning that was actually quite stunning. They scraped your credit card information, your social media.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Millennial go there and he would have 26% of his money put in bonds and 74% in equities. And meanwhile, he'd have credit card debt. They forgot to ask that in the questionnaires, get to pay 24%. He's earning two. And I didn't see that a few times. We saw that a lot. The other thing is a number of them assume that people when they're saving in a retirement vehicle up here in Canada and RSP, they were therefore saving for retirement. But a lot of the millennials saving in a retirement vehicle were building a down payment for their home and going to use our homebuyers plan and therefore had a much shorter time horizon. That all has to be factored into play. I found that with a lot of the upper echelon millennials and defining that as people who are well informed on the investment front, they look at the robo advisors and say if it's $25, $35, $45, I think I can do this on my own. Now you may come back and your dad may come back and say, yeah, but will they? Some of these will. Some of these people are actually quite disciplined. It's only an annual rebalancing. It's not a huge burden to do it. And you say, yeah, but the role advisor gives you tax loss harvesting. That's fairly complicated to do on your own. Well, yep.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Why is that important? Because then you've got a major capital provider comes in and says, we don't have to do any marketing anymore. These guys are doing it for us. And they just come in and they undercut the loan prices and take that four or five percent up. That's inevitable. You've seen it happen to Britain. That's going to happen a lot more than people think. It hasn't happened much yet because these guys haven't gotten as much traction as we thought they would. I mean, certain of their overall numbers are reasonable, but they stalled a little bit. You've seen actually a reversal of growth. Again, their caks are fairly high. You think with the client acquisition cost early on, you tend to get them going lower and lower as you build knowledge and efficiencies, but then they head back up. You've got the low-hanging fruit taken off. It's a more competitive landscape. And all this is very tricky. RoboAdvisors are the one I've studied most carefully. I started looking at that seven, eight, nine years ago. And they're an interesting, I don't love the expression robo advisors. I think they're more roboacid allocators. There's really not much of an advice function woven in. I haven't looked at the actual templates of the questionnaires lately, but boy, they were bad early. Also, I'll give you an example. You'd have some...”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Kind of barrier to entry. So if you go in and do well, somebody else can come in quite quickly. So I'll give you a good example of how that can really hit you. If you look at the lending platforms and you've got so many in the States with the Lending Club, et cetera, and you look at all of them, what happens is they come in initially and they're getting back, say, 4 or 5% off the loan, somehow, some way. They're either charging the client that or they're adding it to the cost of the money and they're taking it up front. If five or six of these actually start really doing well and the consumers turn to them with great regularity, then someone comes along with the hotel model and says, come to our site and we'll shop the market for the best of these.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I mean, remember you heard the expression a lot of years ago the fintech revolution. You're not hearing the revolution part too much anymore. The fintech consolidation. Yeah, exactly. The fintech consolidation. And I mean, I put a tweet out a few months ago saying FinTech 2014. We're going to crush the bank's margins. And then FinTech 2017. We'd just like to announce our new partnership with BankX. And it's so much like that. I mean, the banks have such a huge advantage with cost of capital. But more importantly, that's the one that gets the attention. But more important, they have a client base. And I think that the surprise I've seen is that nobody is partnered with general insurance companies because they have client bases, huge client bases. And I thought they'd be bigger players going in to partner with the lending platforms or the robo advisors. You've seen very little of that. There may be a reason that hasn't come to me. In general, it's a tough business. It really is. We talked about inertia earlier, and people may complain about their banks, but more or less they're happy where they are. The margin suppression is strong, and there's very difficult times building up any.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Because if we start matching and doing it off different price points, we could be able. So all of it's a little tricky. In the book business is, by the way, very tough right now. There's no question about it. But I still say the biggest reason it's tough is because most people don't market their books. They don't know how to get out there and create demand.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“I think you could charge a little bit higher, not have it affect much. I don't think the elasticity would be too damaging. But I do think if you started going right out, it might be a problem. Although we have seen is people go way, way, way out and they try to turn that into a marketing tool. And so we just saw a book on macroeconomic investing come out at $150. That was his list. And he's not discounting. And he's basically saying it's worth it. And, you know, he's such a select group of people who are going to buy this big, thick book on complex macro investing strategies. I bought it, of course. But yeah, so, I mean, you can do some of that. But I think the industry has it right that sometimes there can be a price sensitivity, but they've overstated it. It's not between 1995 and 2295, for example. But it may be if you go from 2295 up to 40, the thing is now with Costco marking up books very little in their area, their footprints diminishing on the bookfront, but they're still big players. And with Amazon constantly discounting, the conventional retailers, the Barnes& Noble, there aren't many left or chapters in Canada. They're the ones that are saying we've got to be a little careful.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's funny because people say, Oh, yeah, well, he's doing really well. But our research says that most people don't think about price of the book. There are exceptions. I'm not saying everybody, and I'm not saying every type of book, but it's surprising how infrequently people base their decision on prices.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Ridiculous. No, it's absolutely, and you do see it. I mean, you can actually see that happening. But people are breaking away a little bit. So you've seen some thinner books come out with higher price points, $29.95. And the public has not balked at it.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“It's just word of mouth. It's taken over, and it's always been right up there. But I used to stay radio and all. When people tell me you should read this, you know another thing is that I'm seeing that that's a weakness. I find the second halves of a lot of books is to be weak. Not in all cases, but they're drifting. The first half is stronger and the second half. Do you ever find that? Yeah.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, three things there. Number one, the one thing I like about the Amazon recommendation stuff is that they always are recommending the wealthy barber to me. So they always say you should be a wealthy barber. I said, that's good. They know their audience. The second thing is most authors second nonfiction books aren't very good. Now there are exceptions, no question. And sometimes they bounce back with number three, lessons learned, but they're very repetitive and they put their passion, they put their 20 years knowledge into that first book, and there's just not enough left, frankly, to create a great second book. And they maybe set the bar high if their first book was good. But we've seen some pretty extreme examples where first books have been great and second books have been horrible. Like I took 20 years between books for that exact reason. I wanted to come up with something completely fresh and you stay back. So that's an interesting one. But going back to you're talking about your colleagues recommending books, I keep thinking as I just mow over. That's where I'm getting most of my books now is from people saying you should read this.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly And Cat Row, that's one of the great names of all time. All time. I would have been a movie star if I'd been given that name instead of Dave Chilton. But yeah, that was an interesting phrase to use. You trust their brand as readers. So if they were necessarily recommending a restaurant, not as much, don't care. But because your history has been aligned with what you've liked, it makes perfect sense. Do you trust the Amazon recommendations? No. That's interesting because I've had pretty good success with their recommendations. And I've tended to buy a lot lately. That's interesting. You haven't had that, A.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and you're doing very well. People like you. They've warmed up to you. If you were to come out now and say you should read this book, it's one of my favorites. They're buying it. They're not doing further due diligence. And so it's interesting. I talked a lot in the course about the mention from credible sources now is one of the biggest things to push people over the edge. And the interesting thing is that person doesn't have to be in your field. And so if I write a personal finance book, I could get a rock star who people liked and trusted. And he says, this is a personal finance book that really helped me invest my money. It's going to sell me a ton of copies. So I think the publishers are behind the curve on that because they're not doing outreach to people with big platforms who have a high trust factor. Those are one of the better sources that you can get on top of.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“So, okay, so that's exactly what we did a lot of testing because I was doing the seven Amazon videos less and less is the answer we get from everybody. And it's not by the way, it's not just because they think they're gamed, although we certainly get that. It's because they've just gone a different route. One thing we heard a lot was the big book buyer is saying, same thing you did. I'm just going to spend the 15 and get the book. Sometimes it's less because they're buying an ebook and they're Amazon Prime. They pay nothing for shipping. So they buy three. They ended up liking two and they're not going to do any due diligence. And it's very interesting to listen to you talk about that because you were consistent with what we learned from all the outreach we did. But podcasts are huge now for where people buy books. They trust the host. And so you've been on for how many episodes have you had?”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“So, really, thank you for sharing that with us. Here's some information that you can't do, but that I'm in a position to take advantage of. Do you read Amazon reviews?”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Wondering where to turn. And they know the books are curated. I mean, somebody has said yes, whether it's an agent publisher both, and somebody's put some money into it. And so it may be worthwhile taking a look at. The other thing that's really helped book sales podcast. The podcast listener is the book buyer. Could be audiobooks, but they are the book buyer. They're information junkies. That's why they're listening to podcasts. You and I talked before doing the taping about how podcasts are wonderful because you can listen to them while walking, while working out, while doing other things in your car. And same with books on tape. That group and a lot of millennials, I took a shot at Millennial Men earlier, but that top 10% of millennial men buying a lot of books now, buying a lot of books and podcasts that played a huge role. I mean, were you hearing about your book?”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“I jump ahead, but it's a great question because I find it annoying I do. I actually really do find it annoying. And what kills me is that the editors aren't saying to the writers, I don't mind if you use a lot of examples, but it's because it's right. It's coming at it from a different angle. You can't have the exact same example, basically with a different city and different names. And we see that a lot. That's a major problem with nonfiction writing. In fact, even among some of our more successful nonfiction writers, people a lot more talented than I am. You see that a lot. Too much. But yeah, I think that book, by the way, looks like it's going to be very good. But I'm not even going to read that book. I just said it there so that when you came in, you think this is one short dude. This is a smart smart. I carry that book with me wherever I go. You know what? Hey, I'll tell you something. You'll be excited by. I've noticed on planes lately more people carrying books again. I've really noticed that. And I think that what's happened, this is a theory, is that the internet is so big now it's wacky. And so people are...”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Was there wasn't fantastic. It was great. It could even be life changing, but it wasn't enough to stretch out to 260 pages. That's why I think we're going to see more short books. We're starting to see that, you know, zero to one, that type of thing. I think we're going to see more of that. And that was a very good book because it made you think. At the end of the day, that's one thing I love about a book. If you read and you don't agree with it, you disagree with it, you find parts boring, whatever. If it makes you think.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“He just wants to write a book. You have to have a message that you're eager to deliver. You think you can come at from a different angle. You know who got burnt by that, by the way, was the big publishers. They went out to a lot of the people with platforms that had major followers on Twitter or through their blogs and said, you need to write a book. You've got a ready-made audience. Fair, but the books weren't very good. You know, they really weren't. Now, some bloggers that a great job. In fact, it's interesting, a lot of bloggers have written good books in the last five years because their blogs have served as tests. They've seen the feedback in the comment sections. And so they've learned what works, what resonates, what doesn't, et cetera. So they're quite good. But a lot of them were passionate enough to put it on book form. You have to admit, you read more than anybody I know. We're seeing too many books that are stretched out. They're not really books. You know, they're probably they are. They're long posts or they're 20 and 30 pages worth of a book. And where you see that it's if you go into Amazon criticisms, so many times you read too many examples, too many examples. Take a step further. Why? It's because there wasn't enough there. And it doesn't mean it's stuff that...”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“What's your platform? Well, I'll make it feel better because I heard a worse last week. I talked to guys very well, Noah, and he's been tremendously successful in his career, and he wants to write a book. And so he phones me and he asks me 15 questions. And they're good ones. Like he's a sharp guy. And his last, he goes, just one more thing. One more thing. I said, what? He goes, what do you think I should write about? Yes, we all these other questions were. I said, I've never had that question at all. And he goes, no, I don't have a clue what I should write about. I said, I'm not sure this is a good answer. I'm not sure this is a good idea.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, because people want to know that you authentically are doing this for non monetary reasons, that you have a passion, that you want to make a difference, or even if you're doing it for monetary reasons, say it, be bold about it, be upfront, but rapid in humor. You might get away with that too.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't enjoy it. This is the funniest thing about golf. I'm the happiest, most upbeat person you'll ever meet, except when I'm golfing. It's just odd. It's really odd. It's a funny game. It's the only thing in life you can practice a lot and not get better. But no, that introduction part, I mean, I really am quite proud of that. It sounds corny because of the number of people over the years who I think that's helped. Like it's changed the rest of their book because when they've written a page and a half about why they're writing it, it's made the rest of the book better. And I've often said on stage, if you don't listen to anything else, I say, listen to that part because I've got enough empirical evidence to prove it's a difference maker. And you're taking it over to other areas makes sense. But again, going back to the conventional product, it's tough to get out there. My daughter did a wonderful job with that, by the way. If you go to speech last after we've done this interview and read her story, it's one of the reasons she did well. Because when she reached out to the media, she said, what do you think I should say in my impress kit or my release? I said, don't say anything. Send them that story. You nailed that. And so just put it out there and let them. It worked wonderfully.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Care about this. No, that's actually a really good point. Yeah, I'm not going to do that though because I think that I would realize I don't care about a lot of things I do. Like if I wrote an intro on why I golf, I really probably couldn't come up with a single good reason. It takes too much time. It's very expensive. I'm frustrated when I'm on the course. Those are not particularly good answers for why you're doing something.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Very interesting to me because that's the thing in the whole course that we've had the most feedback on is that and look at you it's interesting”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“I love it, but it's so much harder to communicate outside of the book if it's a sauce. You've only got the packaging to drive that across. Now you do try to do it because narrative is everything and you're doing it in your PR too and you're doing it on your website. But let's be honest. Forget all the hype out there. Who's visiting a sauce company's website? Like it's like all these people say we've got to get a great social media campaign going for our barbecue sauce. If I ever follow a barbecue sauce on Twitter, shoot me. Okay, like come on. So much of that is overhyped to the nth degree. So doing it on pack is very difficult. In a book, of course, it naturally lends itself to that type of thing. Going back to that, we are jumping over, but I think that was one of the most important pieces of advice in that whole course based on our empirical evidence. A short intro is a huge asset because, A, people like them. Readers like them. It forces you to answer that question. You better have a good answer for that with all the media you're going to do, but also it's a great thing to put in your press kit is that you just put it out there. It's more effective than the press kit itself, a part of me than the press release itself or anything else. That has been a huge...”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Capital would get. So if I'm putting in $200,000, I can't just get back what the capital deserves because I'm also going to end up putting all the time in helping you on the marketing front. So the deals are often a little bit complex and tough to strike.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“Able to follow that path. You have to have some way to get out there and cost efficiently create the attention. So my daughter has an online jewelry company that did quite well its first year called Speech Lust. But the first year of a lot of those businesses is easy because you get so much PR. If you have a truly good company and unique idea, you can get the Huffington Post and Chad Lane and all these places to write you up and you build momentum. But sooner or later, you have to figure out how do I get a CAC, a client acquisition cost that's lower than my lifetime revenue, not easy to do. you know in a competitive landscape it's not easy to do Facebook advertising is very expensive. I know very few people by the way have been able to make that work effectively. It's very difficult. So every situation is different and again a lot of the people aren't even thinking these type things of things through. So we come in as an investor and that's one of the areas you have to focus on because you're not analyzing as much as you're initiating it. You've got to put it in place. Can we make the math work going forward? And if you're going to have to be very involved in that, you have to get more than what...”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“No. How's that for a horrible answer? Because I really do find it varies dramatically from type of product to type of product, maybe even from specific product. So for example, there's broad lessons I've learned in the food business. It's very difficult to do out-of-store promotions that have a positive ROI. And therefore, if you're sampling programs turn a positive ROI, you're in big trouble because that's about all that's left. You can do some discounting, but then you train the customer to only buy on discount, especially where you're from in the States. You see a lot of pantry loading where somebody goes on 30% off a sauce and then people buy nine bottles and they wait for it to be 30% off again. You never get the return to the conventional margin. So all of that's tricky, but it varies definitely from sector to sector. You see it in tech, by the way, a tremendous amount. I'm from Waterloo, which is the Silicon Valley of Canada. We have so many bright people where they're pitching you on tech ideas. And again, there's no marketing plan whatsoever. And of course, what's the answer? It's going to go viral. The word of mouth is going to be so strong we won't have to do any marketing. Well, how many ideas do you really see that are...”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“An item back here at the Royal York. There's two competing products exactly like it. I found them on Google. The guy never Googled. That's weird. But you do see a fair amount of that. It's too bad, by the way, that more entrepreneurs don't have a grasp of basic accounting. Do you remember the book? You're pretty young, but it was out maybe 20 years ago, and I think it's still around called The Accounting Game. It was about a lemonade stand. Great book. And it walked you through all the basics of accounting should be mandatory reading for entrepreneurs. Because, you know, one of the reasons why some of the deals don't go through on Shark Tank and Dragonstone, you get wrong answers. And people say, ah, the dragon didn't close the deal or the shark did because you got wrong answers. When you actually get the accounting, the gross margins weren't what they said they were. They were much lower and couldn't carry the distribution costs and couldn't carry the marketing costs. And a lot of people aren't intentionally misleading you. They just don't have a good fundamental grasp of accounting.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source
“And its expensive to do that, their margins weren't going to allow it, and you could just sense the math wasn't going to work. And so those types of things. I'm still, at the end of the day, I mean, I'm still very much a numbers guy. I mean, I always have been. I'm worried about the people and the chemistry and do they have the skill set, but you still got to have the numbers work. So we see somewhere it was all go, but there wasn't enough there in the gross margins to make all the things happen on the marketing front you were going to need. So I'd say those two areas scared me off a little bit. I'll tell you a funny one, though. is we meet a lot of people. I see this in real life all the time. I forget the dead where they come to me and they say, this is my idea. And I go back to them two days later and say, well, you know, what about these two companies? They're doing a similar thing. They say, well, where did you find those? Google. Like, what the heck? How do you take a business and you start up, you're putting all this research and you don't Google? Like, that's just weird. And if I had seen that once, I wouldn't have brought it up. I've seen it 20 times. We had a guy come on Dragonstand and it was a sporting piece of sport equipment. I don't want to make fun of a guy. I'm not going to tell you precisely what. And it was pretty cool. And we all thought it was pretty cool. And so we were, yeah, we're all five going to go in for blah, blah, blah, blah, blah.”
2017-05-30 · Invest Like the Best · David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39] · IDENTIFIED FROM THE TRANSCRIPT · source