No Mercy / No Malice: The 1% Next Door

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The Prof G Pod with Scott Galloway 18 min 2 speakers 8 chapters transcribed 2 hours ago

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What is the Atio CRM and why is it called the ‘frontier of go‑to‑market’?

Ed Elson 0:01

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Ed Elson 0:37

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Nate Hagens 0:48

When you're ready to start your business, Northwest Registered Agent helps you do more than just file paperwork. You get all the tools to build a real business identity from day one. A business address, website, phone number, operating agreement, free guides and more at no extra cost. And with Northwest, your home address, personal email and phone number stay private. Don't pay hundreds or thousands of dollars for what you can get from Northwest for free. Visit northwestregisteredagent.com and start using free resources to build something amazing. Get more with Northwest Registered Agent at northwestregisteredagent.com slash profgfree.

Unknown 1:31

There are sales teams out there who never seem to stop moving. Always a step ahead, always working with a level of precision that doesn't seem normal. It's no secret they're on Atio, the agentic CRM. Atio runs the work behind every win. It's built for humans and agents with the guardrails of human software and the scale of agentic infrastructure.

How does Scott Galloway introduce the concept of the “1 % Next Door”?

Unknown 1:54

This is the frontier of go-to-market. Teams like Parallel, Turbo Puffer, and Wordsmith are already using Atio to set the pace. Now it's your turn. Try Atio for free by going to atio.com slash fox. That's A-T-T-I-O dot com slash fox.

Ed Elson 2:18

I'm Scott Galloway, and this is No Mercy, No Malice. America has more millionaires than the next 11 countries combined. Who these people are and how they built their wealth is a case study in entrepreneurship and American economic dynamism. The 1% Next Door, as read by George Hahn.

George Hahn 2:47

It's more compelling and lucrative to be a catastrophist. History, however, is on the side of optimists. Any analyst, author, academic must adjust for history and ask, what could go right? And optimism is a prerequisite for entrepreneurs. No business I've ever started at the moment of inception made any sense until it did or didn't. The only way to predict the future is to make it, i.e. summon the irrational optimism necessary to advance, despite the risks, into the unknown. Macroeconomic conditions supply abundant reasons to catastrophize. What keeps me up at night? Answer, tariffs, Iran, inflation, the national debt, treasury yields, a stock market that's seven companies, consumer sentiment, and the K-shaped economy.

George Hahn 3:52

Despite all this, there is always cause for optimism. And wealth creation in the U.S.

Why are “everywhere millionaires” growing faster than traditional wealth elites?

George Hahn 4:01

is a bright spot. The wealth flowing to Wall Street and Silicon Valley drives an inequality narrative, but that obscures American economic dynamism. For their new book, The Everywhere Millionaire, economists Owen Zedar and Eric Zwick analyzed IRS and Federal Reserve data, finding that more than half of the rise in income among the top 1% since 1985 came via pass-through businesses. That's IRS speak for firms, most of them privately held, where the profits pass through to the owners who pay taxes on those profits through their own personal tax returns. The growth in so-called everywhere millionaires isn't an accident, but the result of a policy choice. The 1986 Tax Reform Act lowered individual tax rates below the corporate rate, creating a loophole that allowed business owners to structure a business as a pass-through to pay the lower individual rate.

George Hahn 5:11

In 2024, Treasury researchers estimated that S-corporations, a popular pass-through structure, pay about seven percentage points less in federal income tax than they would if organized as C-corps.