Cameron Herold

My dad took me to the golf club when I was 15 and showed me all these people coming in to play golf at 12 o'clock. on a Wednesday, which is when we were playing. And he's like, that guy owns a car dealership. He owns a clothing store. I remember the people, like Bruce McCullough owns a car dealership. Jim Wilkinson owns a clothing store. Freddie owns this other accounting place.

My dad took me to the golf club when I was 15 and showed me all these people coming in to play golf at 12 o'clock. on a Wednesday, which is when we were playing. And he's like, that guy owns a car dealership. He owns a clothing store. I remember the people, like Bruce McCullough owns a car dealership. Jim Wilkinson owns a clothing store. Freddie owns this other accounting place.

So he was showing me all these entrepreneurs. And we went out and played golf. You know, 5 o'clock, we're sitting on the balcony eating our fries and gravy. I'm drinking my cherry Coke. And he's like, see that guy? He's a teacher. He works for the mine. He works for the car dealership. He works for Freddie.

So he was showing me all these entrepreneurs. And we went out and played golf. You know, 5 o'clock, we're sitting on the balcony eating our fries and gravy. I'm drinking my cherry Coke. And he's like, see that guy? He's a teacher. He works for the mine. He works for the car dealership. He works for Freddie.

He said, do you notice the difference between who played golf at 12 o'clock and who plays golf at 5 o'clock? And I said, yeah, entrepreneurs play golf in the middle of the day. He said, entrepreneurs can do whatever they want, whenever they want. And when you're an employee, you have to work for somebody else. So for me, being an entrepreneur was about having the free time.

He said, do you notice the difference between who played golf at 12 o'clock and who plays golf at 5 o'clock? And I said, yeah, entrepreneurs play golf in the middle of the day. He said, entrepreneurs can do whatever they want, whenever they want. And when you're an employee, you have to work for somebody else. So for me, being an entrepreneur was about having the free time.

Okay, so stagflation, the last time it happened was 1974, and it happened up until around 1982. It was a painful eight-year period. It was a recession.

Okay, so stagflation, the last time it happened was 1974, and it happened up until around 1982. It was a painful eight-year period. It was a recession.

plus inflation at the same time which is exactly what's happening right now we're pretending we're not in a recession but the reality is because the government kept printing money it gave companies a boost with all the the covid spending that happened individuals getting money it happened low interest rates people kind of lived beyond their means we lived with

plus inflation at the same time which is exactly what's happening right now we're pretending we're not in a recession but the reality is because the government kept printing money it gave companies a boost with all the the covid spending that happened individuals getting money it happened low interest rates people kind of lived beyond their means we lived with

money that we didn't really even have. 1974, most people weren't living off credit cards. Master Charge, which was now, or ChargeX, which became MasterCard and Visa were just starting around then. So the whole debt cycle and borrowing and living beyond your means started in that period of time.

money that we didn't really even have. 1974, most people weren't living off credit cards. Master Charge, which was now, or ChargeX, which became MasterCard and Visa were just starting around then. So the whole debt cycle and borrowing and living beyond your means started in that period of time.

Right now, companies have been so used to, over the last 15 years, low interest rates, those were artificially low. Six and a half to seven percent as a normal interest rate for a company to borrow money was normal. In 82, 83, it was 18% interest rates. So where we're facing right now is interest rates are probably going to stay where they are.

Right now, companies have been so used to, over the last 15 years, low interest rates, those were artificially low. Six and a half to seven percent as a normal interest rate for a company to borrow money was normal. In 82, 83, it was 18% interest rates. So where we're facing right now is interest rates are probably going to stay where they are.

Government cannot afford to lower interest rates anymore because if they do, they continue to cause more inflation. If they're printing more money, they're dig valuing the currency, everything just starts costing more because there's more. So they can't afford to do that. What they have to do is get rid of waste. They have to get rid of some of the jobs.

Government cannot afford to lower interest rates anymore because if they do, they continue to cause more inflation. If they're printing more money, they're dig valuing the currency, everything just starts costing more because there's more. So they can't afford to do that. What they have to do is get rid of waste. They have to get rid of some of the jobs.

And we have AI coming in way faster than we're anticipating. And anybody who's out there saying, oh, well, You know, the jobs are going to get absorbed. No, it's happening way faster than it did when we went from farming to industry and from industry to computers. You know, it didn't happen overnight.

And we have AI coming in way faster than we're anticipating. And anybody who's out there saying, oh, well, You know, the jobs are going to get absorbed. No, it's happening way faster than it did when we went from farming to industry and from industry to computers. You know, it didn't happen overnight.

We're gonna lose, in a period of about the next four years, five years, we're gonna lose every taxi driver, every limo driver, every car driver, every shuttle driver, every bus driver, all the parking lots, insurance companies, auto body. When autonomous vehicles come in, all that stuff is gone. when right now 14% of the workforce in Korea is robots, right?

We're gonna lose, in a period of about the next four years, five years, we're gonna lose every taxi driver, every limo driver, every car driver, every shuttle driver, every bus driver, all the parking lots, insurance companies, auto body. When autonomous vehicles come in, all that stuff is gone. when right now 14% of the workforce in Korea is robots, right?