YouSaid · the spoken record

Joe Percoco

lines on the record: 50
first: 2022-01-23
most recent: 2022-01-23
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

“Yeah, if they want to learn more about Titan, they could go to titan.com. Me, I'm on Twitter at Jopercoco or on Instagram at JPerco. But yeah, excited to get to know them more.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“And then the real question is how do we get them on the good path versus put all their life savings in one NFT? I mean, who knows, maybe that ends up working out well. But yeah.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I agree. I think the biggest problem is to get over the psychological hurdle of bank account safe over there dangerous and in psychological theory. Professor Jonathan I details every human being as like a rider and an elephant. The rider is irrational brain, the elephant's your emotional brain. If the rider wants to go right, but the elephant wants to go left, you can rest assured you're going left. Like there's no convincing that elephant. And investing is deeply an emotional sport. Rider says I should be invested like this year I'm going to become an investor. It's my New Year's goal. Elephant says I'm going to bank account. Like that is scary. I just turned on CNBC. They say inflation. So I do agree with you that like if one can just sort of get over that hum.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“A lot, but even that isn't truly designed because our target user isn't a non-investor, someone who's already invested. I generally don't think there's a great solution. I genuinely don't. You've added something to my to-do list.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Going to be really honest with this question. I'm going to say shame on me for not having good response. I was about to say like go here, but then I'm like, that's way too complicated. And you're going to get hit with 401ks for adults and you're going to just be like, my little cousin would literally be like, or you could say, well, just start out. I would literally like if they were like really just starting out, I'd be like, okay, if you have 50 bucks, let's go download a self-directed account. I'll buy you your first couple shares. Let's just buy like Google or Amazon. I'll say pick one you'd like just to like get you and like, okay, like you like it. But then they'd probably have infinite follow-ups when the first time they see, Joe, I had $50 in this thing and out to $45. Like, what's going on? So I feel like you've given me an action item. I don't want to be biased and say Titan. I think if they download the Titan app, I think we do a really good job. We have video-based downboarding. I think they learn.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“As an operator, I was like, I don't like, there's so many variables at play. I would almost want us to only be able to achieve, let's call it 1 to 10% of our dream goal and that be huge, just to de-risk the downside. So let's call that the profit opportunity. Is it huge? So if you have a great jockey and a huge profit opportunity, it's like, all right, give them enough time. Even first idea doesn't work out, they can pivot to something else. That's neighboring. And then the third would just be timing, like a lot of stuff can sound really good. But if, let's say it's not the right time or the regulatory environment or the right tailwinds behind them to bring them extra luck that they wish they had had, it can mean for a lot of headwinds. It can really make certain companies struggle. So yeah, that's usually how I approach things. Pretty simply.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it's really interesting when you think about it, all right, how do I translate my day job to me being a good investor in angel companies? And like the things I when I get a bunch of folks coming my way like, hey, like Joe, you want an Angel invest or mentor the CEO? It's like, all right, like first and foremost, like, who is this human? Like, do you, going back to Titan, do you have the DNA relentlessness, the slope and y-intercept for wherever you're looking to go after? So like, again, same framework. I mean, like, that sounds repetitive. It is on purpose because it's that important. The second is even if you're the Lewis Hamilton or the best, the F1 driver or the best jockey in the world, is there even a major profit opportunity for you to go get? You'd be surprised the number of people who are competing for half sub billion dollar total addressable markets.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Long term investors. Example, if you knew the whole industry had the boss, which was 1231, and you, Trey were solving for the 10-year outcome, you would basically try to say, all right, what things are major 10-year bets that are going to be amazing that people are having to sell today because they're concerned about the one year outlook, being too volatile. You should then go pile into all those things. Some people believe crypto or some of these high flying technology stocks could be that. Lots of investors are spooked by volatility. They're selling. They don't want to look bad to their one-year boss. Long-term investors, let's say some of the most hyped crypto people in the country would be saying, like, are you kidding? Like, Bitcoin's at 40. This thing's going to 4 million. Pile, pile, pile. Who cares? Go, go, go. So it's a big philosophical question. But it's an exciting one.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Blah blah blah. It's just we're going to stay the course, whatever are the biggest megatrends that are going to drive Trey's money to an insane outcome over the long term. If Trey was like, yo, I got a new house, I got to go get in two to three years or some other big financial purpose, Trey's time horizon actually goes down. And then an all-weather fund actually could really have a lot of value there. And so this philosophical question can oftentimes make or break certain managers based on who their boss is. Is their boss Trey who says, I'm never even going to check in on you on a one-year basis. I just want, I'm going to check in on you on 10 years and see if you're fired. Or Trey's, or are there bosses a one-year tray? I expect to see you outperform every year on 1231 on the year. And that's what can drive really big opportunities for.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Up, maybe about a new home in a few years or things of that nature, you do need to be mindful volatility. So Dahlia's point on the all-weather philosophy, it's like a really interesting root question. And the reason why it's an exciting question to consider is because it comes down to one's time horizon. So if you have Trey who doesn't necessarily care about the next two years and it's just like Dahlia, Joe Proco, you name it. I just want the most money 10 years from now. Trey is then willing to take whatever volatility it takes. He'd be like, screw it, buckle me in. Give me race car style seatbelts. I don't care. I just want the most money. And so then you almost don't really even think about positioning your portfolio in 2022 for inflation risk.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“If one is literally looking for an instrument designed to protect against inflation, there are a lot of bond-based inflation protection vehicles that one could go get. The question is, for let's say, the large swath, there's like a really good question you're bringing up, which is like a root question. Does one, what is the time horizon that Trey cares about? Does Trey even care about 2022 returns? Or is he basically saying, I just want the most amount of money 10 years from now? And as such, do you trim Amazon for something slightly more inflation proof that may seem less volatility? The 10-year version of Trey would be like, no, I just need to find the biggest multiple of my money. But if someone says, hey, like realistically, people at different time horizon, there was a tray that said, hey, like, I actually do have some pretty big purchases coming.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Was more inflation exposed for something that's a long term megatrend that we believe the fundamentals are looking sound as crypto converts to from a, what you call it, from crypto from like an if to like this monster thing called crypto to having fundamental subcategories. I won't go into it, but like layer one crypto protocols versus layer two and stuff like that. So, okay, we're ready on behalf of our clients to put a position in Coinbase.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“And so, i.e., then the stock collapses. So it's a very simplistic explanation. But so for us, we were like, okay, we need to make sure we're on the front foot here. There's lots of stuff going on. And we actually think inflation could present a material thing in 2022. So we want to ensure we're exposed to stuff in our portfolio that matches inflation. So i.e. things that have the ability to raise price. If all of a sudden prices are raising, we want to be with the companies that can then raise price to customers. And separately, we've seen like a lot, we've gotten more conviction in several new trends coming about. Our investment team likes to say we'd rather be slightly late to a great party than early to a lame party. We recently got a ton of conviction on Coinbase as one of the operating systems go to for crypto. So we made that trade in our flagship portfolio, trimming some stuff that”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Great question. We're long term owners, but recently we've seen a bunch of like possible near term paradigm shifts that said, okay, we want to make sure our clients are positioned in the right way. So for instance, no one maybe would have forecasted two years ago that our generation is going to witness inflation for the first time this year. And so I don't know if you've like checked the Watcher Journal. I'll turn on CNBC, but you've seen these like lots of tech stocks just effectively get cut in half. I think Robin Hood was trading at $50 a share and now it's $15 a share. And that was one of the hottest IPOs of the year. The short reason is, you know, when you buy a pizza shop that says, hey, we're not profitable, but we will be someday when all of a sudden the government raises rates, the expectation for U.S. pizza owner is weight. Okay. Like those future cash flows are now worth way less to me.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“That's amazing. You're going to have a lot of, you're going to be on CNBC if you can do that. But on a risk adjusted basis, if you can achieve more growth, that is what we seek to do.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“So, what's really important and something I think about all the time is where capital should go. So let's say all of us retail investors cumulatively, we have north of $10 trillion. And there's many places in the world that are going to say, pick me, pick me, pick me. I deserve your capital. I'm a good investment. Here's why. That could range from Jassy at Amazon. Hey, I'm going to.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“So, the way I can summarize what I've just said, those two things. Slope was the second point. Do you grow? And why intercept? Are you already at a really high starting point for whatever your craft is? So in an ideal world, you can get both. And that's the Holy Grail. And then the third piece, which is have to do with values. And in particular, one thing I'm hyper-focused on is do you have wartime DNA? Do tough times bring out an evolved super Saiyan version of yourself? Or do you break? Because I know, and Titans are, Titan is an all-weather company. I know externally it's like, look at Titan, blah, blah, blah. Look at all these articles. In reality, there's been several points in our history where we've really had to buckle up. And so slope y-intercept with a wartime person who just evolved into a killer when tough times come.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Is a question I haven't figured out the answer to, and it's one I'm iterating on life. It's really hard. If you can master it, your goal, I forget who wrote this blog post. There's this blog post called Who Is This Human Here? And it's just about saying how whatever industry you're in, hiring is probably your hardest problem because you're tasked in a few hours to get to know a whole human being and trying to figure out if they will do a good job. A couple of the things I look for. Ironically, I just ran a fun round interview for a pretty senior candidate just before this. And a couple of things I look for, for whatever we're hiring you for, do you just have A plus raw horsepower at that thing? So that like is almost like a non-starter in a sense. Second, are you able to grow yourself in your impact?”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Principles that Instagram and Twitter used to be able to solve those goals for those use cases. And so to your question, which is amazing one, it's almost like I'd reframe it in a way as how do you continue to compound like as a person and as a company? And you need to ensure your always have a plug into this web of what best in class is in whatever industry you're in because it's offline, it's never in a book. It's usually there are just sort of domain knowledge folks who if you plug into them, they can be insanely helpful. And so huge shout out to Anu Ali, Kevin, and a bunch of other folks, like you've mentioned, folks on our board, Anish and Adam. We have so many mentors throughout the years. We definitely could have gotten this far without there.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“In school, there was no podcast conversation I could listen to, no article. It was just too best in class practitioners sitting me down and saying, we are going to up level you as a CEO. And then let's give another example. Kevin Weil ran product at Instagram and Twitter and he's on our cap table. He's now off to, he just took a company public. He's off to bigger and better things. He has developed such exceptional consumer judgment on how to think about product. And in a way, we're looking to also build another iconic household consumer internet company like Instagram and Twitter. I'll sometimes just ask him, I'm like, hey, like, how do you think about like solving this user journey? So an example with our product, how do we take someone off the street who's scared about investing and transform them via software to someone who loves investing is really excited about Titan. And so we talked through some of the”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“So Anu and Ali at Y Combinator. So Anu, Hari Haran and Ali Rogani at Y Combinator, they basically sat Klay and I down back in September and they said, hey, you guys have lightning in a bottle with your product. The thing you don't realize now is that your next chapter is just going to be the next most important product you need to build is Tighten the Company. You won't be good at company building until you start to learn these five things about it. Let's call it like hiring an exec team, scaling the org, setting a high performance culture, stuff like that. And so they were like here based upon us seeing the journeys of all these other why combinator companies that are public with tens of billions of dollars and us seeing them iterate, here are the playbooks. And it was possibly some of the best training that I ever had. And it was literally just in the past fall. I haven't had that training.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“And so I've really thought hard about like, okay, what conversations am I having with these practitioners of best in class? Let's call these people the Phil Jacksons or the Pep Gordiolas or the Bill Belichicks of their domain. How do I get access to these people? And I just need to listen, ask questions, and take notes.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I'll start with the last point first, which is just principles. I think I was awakened to the idea of coaching and mentorship just growing up playing sports and having different sets of coaches, soccer and baseball were my top two. And just going from like, okay, like you're on the U14 soccer team and then you can get into an advanced team if you're performing well. And there's that coach. And it's like, whoa. the controllable variables of like what happens in the locker room Do you run now using like other sports analogies? Do you run the West Coast offense or do you do something different? These are like real drivers about performance. So I've become almost obsessive at studying systems that can like relentlessly outperform. So like example or like the bulls in the 90s or Pixar the animation studio like how do they just systematically create success?”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“And then lastly would be just a relentless focus on what matters. And in our business, it's our customer. So if those three things occur in any meeting or any situation at Titan, we have A plus people. We're moving quickly with a pretty relentless focus on what matters. I don't have to say at ADC check on anything else. Like, great. You had A plus humans. You moved really fast and you focused on our customer. Perfect. Great. I don't even know what you talked about. I don't even know what the outcome is. I don't care. You did those things, we'll get it right.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“So a huge part of any journey is do you have really smart people with time to go make magic happen? If you do, I would go bet on those people. So that's one. Like there's a major difference and it's nonlinear between someone who scored an eight out of ten and someone who'd score 10 out of 10. Like a 10 out of 10 can just drive insane outcomes. So that's point one. People first. Two would be velocity or speed. Whatever you think is good, go do it quickly. And the reason why that's important is because it has a sense of humility. You can either maximize the ability to be right or minimize the cost of being wrong. The way to minimize the cost of being wrong is by moving fast. If you have six shots on goal in a month, like who cares? Like, all right, five things fail. Doesn't matter because you found the one thing that did work.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Probably maybe extend your question to values. Like, what are, because I can't be in every meeting at Titan, in particular we're scaling fast. We're going from like 60 people this year to 250 by year end. And so I like to operate by a set of principles or values or DNA, whatever term makes most sense. And these are the things. If we can't be in the room as leaders, what are like the four words that we want you to keep top of mind? That form of abstraction will lead to the highest odds of success in that meaningful camp year. So one is, do we have A plus people in the room to begin with?”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“No, what I love is investing adoption is obviously much earlier thanks to Robin Hood and others. You've gone down the curve. So that whole problem of Joe or Trey, a college student, not really know how to invest. You push it off to your mid-20s, if anything, now it's like people buying and trading stocks. Amazing problem that's been solved is, all right, awakening you to the fact that you need to be an investor. So then the more advanced problem comes into play, oh shoot, we need to go keep up and then go educate you. So it's sort of like we're now at that point where it's great people are getting invested early. So we need to go, all right, the parametric is not just getting invested, but getting invested well. So right now we're succeeding on TrueNorth, but the parametric to confirm we're not cheating is like, okay, the education component needs to go higher. So I almost think about it.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Then it means we can't keep up with student debt. And it means we need to push off possibly buying a home. So accruing wealth instead of just spending it on rent, we also are marginally less likely to buy homes because of lifestyle and psychological choices. And so it's sort of like thing one, thing two, thing three, thing four stacked on each other leads, okay, this is like the least wealthy generation we've had. There's a lot of stuff going on, obviously. That's been my very simplistic viewpoint. But yeah, I approached the problem with like empathy. Like I'm a millennial. All my peers growing up were millennials. And yeah, I know in many ways in particular with COVID and such, like it's not easy. So maybe here's the positive tie and you can call the, you can throw a yellow flag on this if you disagree. Maybe there's a play for us giving the.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Greatest generate, the greatest generation. It's like, okay, they're like, you guys aren't the greatest generation, and here's why. And then it's like in the baby boomer generation, blah, blah, blah, blah. You millennials, X, Y, and Z. And then the fact that like economically all the data is like, and you're also the poorest generation, it's like, okay, like, all right, we get it. Like, I'm a millennial. So I'm like, I hear you. And one of the things, like, why are we economically so worse off than others? It's a shame. I hope we can catch up by having a predisposition to invest in all these new technologies. And if these new technologies work, it's like, okay, we've gotten our one-time booster. It may require a bit of luck. But the reason why we got here, it's almost like, all right, you have a great recession, 0708. All right, like as we're about to enter the workforce, so we're ready a step behind.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“I was just home for the holidays, and there was a lot with my parents. You know, they were making generational comments, like, okay, the golden or the, what's it called? What was the World War I or World War II generation?”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“We'd love to create that test ourselves. We'll put $5 million and invest on it. We will make it free. Let us just do that for the world. That is like a, if someone beats me to it, amazing. I would love that. To your audience, anybody who wants to get after it, go get after it. I will help you pig me joe at titan.com.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Let's say like YouTuber Masterclass to say, okay, if you want to do some savvier sorts of investing, to do so, you need to go get an 80% on this course and do these 10 hours. Because on behalf of the world, we think it's in your best interest, your future self will thank us for making you take this course. And the reason that res me the wrong way, the current status is because, and I say this humbly, I performed exceptionally well at Wharton. I was suma cum laude in finance. I could have built the best DCF you've ever seen like 200, like, you know, 200 rows. But yet the world was telling me, Joe, you cannot determine what you can do with your own money. Like you're blocked out. Sorry. Like it is what it is. One of my longer term goals with Titan is to perhaps lobby some of the US government and say, hey, there's a certain part of finance that's not scaling and it's locking out a lot of people.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“So I think one of the biggest beefs I have in the investing category is this thing called accredited investor. And the way right now the world works is let's say there are like elite investments. Like if you Trey wanted an angel invest or if you wanted to go put your money in a hedge fund or a venture fund, the world basically says you cannot do that until you've reached a certain amount of wealth. And one would say timeout, time out, time out. If these are some of the best things in the world and they can make your wealth grow, it's almost like a chicken in the egg. Like how will I ever accrue enough wealth to go get into these things? So like the very obvious statement in the room to solve this is it should be education based. Like do I or do I not have enough knowledge to be whatever you call as an accredited investor, whatever jargon term have you? So perhaps there is almost an exam that is online with video-based course.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Video game called Earth. Should I be investing in this new exciting high risk technology ahead of adoption? So yeah, my hope and my wish is that we could start having some pretty hard educative conversations so that way everybody can end up for the better.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Care if you don't care at all. This is probably a really great option. If you care a lot, let's give you some more education because you're going to be a little bit more off on your own. And we want to make sure you're okay. I.e., here's the driver's manual if you want to drive yourself. And if you don't want to drive yourself, here's what we hear are plenty of drivers who can do it for you. Yeah. So I don't mind that there's a ton of innovation because I do think we need a direct capital in the world to go fund this innovation. The big question is what percent of all of our wallets should we be spending, for instance, in NFTs or on crypto? So you would say like the question isn't like people were asking the wrong question before about crypto. Should I invest in crypto? That's a pretty unsophisticated question. The right question to ask is what percent of my sacred piggy bank points that I'm using to do this.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Love the thought. I definitely would be more forgiving with language because I was there. So I'm deeply empathetic. I don't think there's anything wrong with retail. What I'm really hopeful for is that we can get folks to a better place of education. Like it blows my mind that the way the world works, this whole video game called Earth, you wake up, you're born and there's like, okay, you got 20 years to just learn stuff and then you're off to the races. Good luck. If you want to go by that thing, you need these amount of points in your little account called your bank. If you want to go get that thing, you need those amount of points and the currency to get that point is money and the predominant way you get more points in your little piggy bank is you either go get more salary or you invest your capital and it grows. And it's wild that no one ever has that conversation with folks. Even before you get into the like those three use cases I was describing, like, hey, like, do you even?”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Is not worse. They will want access to a full menu, not less. They will want things at the lowest view possible, not higher. And the creators creating these products will want access to the best creator tools, not worse. And so each dimension of our platform, we're looking to hit one of those four things. So knock on wood, I think there's not one but several iconic household companies to be built here if it's anything like history. So like Fidelity, BlackRock to our price vanguard and so forth. And usually these things, once they're at scale, can last for many decades and they usually have dozens of products on their platform. So it's less, they usually start out, you know, here's our flagship three products. We create our brand and then they're like a lot of people want to access and to launch their products on us. So we're going through the same journey.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“So the whole master plan is we're going to build this new factory. We're going to ship Teslas. We're going to put our own drivers in these Teslas, let's call it our investment managers in-house. And then once we're good, we're going to open it up. We're going to let other people drive this technology out of our operating system. And so the goal is that we can power the whole shavan. So if someone wants, and in particular, offer people things that never came out of the factory before. And in particular, couldn't get into venture, you can then go to a platform like Titan and finally get access, for instance, to a venture-like product. So for me, the thing I think about is like, all right, 10 years forward, 20 years forward, what do we absolutely know is true about the customer and then work backwards? So the trays and the joes of the world, they will want better user experience.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Or six different fragmented companies piecing together a bunch of different service offerings that eventually say, okay, hit the go button, your vehicle's off to the races. And so one of the, to your question on MOT, we think there's a whole new platform to be built here. And when there's new platforms that can hit possibly superscale, you basically have an emote, you have network effects. There's first mover effects. And then ultimately, all things boil down to very simply can innovation get distribution. So can new companies get scale before older companies actually innovate? So that's the grand question. So that's why you see a lot of companies like us looking to scale as fast as we possibly can so that we can reap the network effects from a platform-based business.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“So right now we're approaching about a billion of assets. We've got 50,000 clients. I think it took Fidelity 30 years from the first launch of their product to get to cross their first billion of assets. We're going to do it in sub four years. Reason being is when you're building a factory that ships Teslas, you can provide an order of magnitude better of customer experience. The Tesla can actually drive to different places. More so the factory itself, almost if like you use the analogy creator tools. Like if you think like YouTube creator tools, like one's a creator, you logged into, let's say, like admin.youtube.com and you're like, okay, I'm a creator. I want to create a video. And then I'm going to analyze if it's doing well and I can create these different types. Imagine if you took that same two word phrase creator tools and you applied it to the lens of the financial world. What are the creator tools for people who think and they're qualified to create financial products? It's like five.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Is what sort of will be those next vehicles going forward? How do we take a full inventory of all the bad stuff about the current vehicles and the good stuff and then leave the bad behind and take the good and then go innovate on it?”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Fund or venture vehicle. Those have, if you look at like a decade basis, have actually doing not too bad. Some people may say there are too many venture funds. Some may say there are too many hedge funds. But fees have largely remained in the hedge fund world. They're obviously compressing a bit just south of 2 and 20. Venture, it can be bipolar at Beth Venture funds can maybe go up to like 3 and 30. The worst, you know, have to take worse fees. But the human behavior of There's opportunity in the world for me to deploy my capital, i.e. maybe there's stuff going on in China. Can someone go figure it out for me? Or like, can someone figure out which of these cryptocols she actually invested in? Or should I go invest in Apple, Microsoft, Facebook, or Google? So it's more of, let's say, like a blue chip sort of vehicle. That human problem has been around for a long period of time. And so something I think”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Drove an fees are definitely coming down, and then you have other, so going back to the, we can almost do a quick tour of, all right, these vehicles being shipped from the factory, what's winning, what's losing, why. So let's call it like vehicle type number one, or let's call it diesel truck A, mutual fund, black box product, layers and layers of fees, not even just the front load fee that Trey faces, what's called like the sales commission, the redemption fee, layers and layers of fees oftentimes they cannot drive to the places clients may want them to go, i.e. forget it if you're going to try to invest in a crypto or NFT mutual fund. And the managers who actually are driving a car oftentimes don't identify with the actual core clients. So it's a mutual fund product. Needs some updating. Let's say you have then another sort of vehicle. You can call it like the hedge.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Compared to the old school diesel trucks. And so that's what we mean when we simply summarize this as we're building the next fidelity. What I mean by that is we're building the next platform to solve for that third use case that I described.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Let's say the error of the Phoenicians ship voyagers going out to sea saying, hey, of all the goods I bring back into port, I'm going to keep 20% of it on the ship. The rest can go into the market. Now you have 2 and 20 hedge funds. You have mutual funds. You have ETFs. And so we basically looked at that. We said the factory that produces a vehicle for a manager in the front to drive someone's in the back and their capital to a destination. Those technologies are pretty old and they're pretty bad. One is called mutual fund. Another is called ETF. Another is called hedge fund. Another is venture fund. All these jargon terms spoken in elementary English are just literally a piece of technology to connect two sorts of two types of people on earth. One who have money and another who claims they can do something with it. And we say we build a factory. We can ship what we think are tested.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“There's only three use cases in the history of humankind with respect to investing. One is make it go away that someone called Jack Bogle invented a button in the 60s push button whole supermarket is in your cart. Great. We have that. The next thing is get out of my way. I want to do whatever the hell I want. Let's say I'm Trey. Just let me do it wherever the heck I want bing bang boom. That's been around since let's say the Amsterdam Stock Exchange. We could trade to share the Dutch India Co. Goldman E-Trade said stop you yelling and screaming tray on the town square. Guess what? I'm going to put on the internet. Robin Hood basically said, look, mom and dad, look what happens if I put in a mobile app. The third use case is the oldest and the largest, which is I tray want to give my money to someone or something to do this for me. And when you take a look at what has been the platforms and the operating systems to solve for that, originally it was just pen and paper.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Over there, like I've heard of all these things. Like, why are you just telling me diversified IDTF? Like, hold on. Like, I didn't hear that word spoken at Goldman. I didn't hear that word spoken amongst the most sophisticated Wharton investors I know. Like, why am I being told that? And so I just asked a series of a ton of questions. And I did not like the answers I got. And so ultimately that pushed me to go do Titan”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“I was an MA banker at Goldman Sachs. So we helped companies buy each other and go public. I was there doing M&A and IPOs, but being in the world of finance, I was privy to how people were managing their capital. And they were doing all these different sorts of things. Some people had a person that would coach them on a quarterly basis with what to do. Other people were getting access to these exclusive sorts of funds and deals. And here I was with very meager savings and student debt having all of my money in a Bank of America checking account. And it was unbelievably difficult to literally try to figure out how to just become invested for the first time, let alone try to do it the way you thought the cool kids and the sophisticated kids were doing it. Because once I did get over that curve, it almost felt like someone was handing me the McDonald's menu. And I'm like, wait, but what about?”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Is really a new version of Fidelity. Here's my place in the arc of history. Hence, here's the humility I have towards building it. But it largely was more emotional than sort of like a rational day's decision to start.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT
“Wish I could say there was this brilliant paper theory of relativity that I had when I was starting Titan. Like usually you're right or you do things either for brain reasons for gut reasons or for luck reasons. I think starting Titan was a lot of gut and luck. Now it's definitely more brain reasons the clear strategy, know where we're going and why. But I was just so deeply frustrated with the category of investing and everything I was trying to figure out for myself personally. Fun fact I couldn't invest my own money despite the background that you shared until I was 26. And I had a sense of paralysis and nobody could help solve this solution. And so I largely started tighten out of frustration. I was like, there has to be something better. And then I figured out, okay, like what I'm building.”
2022-01-23 · We Study Billionaires · TIP416: High Finance Strategies for New Investors w/ Joe Percoco · IDENTIFIED FROM THE TRANSCRIPT