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My First MillionMy First Million

3 Business Ideas You Should Start in 2024 (ft. Pomp) (#524)

Episode 524: Shaan Puri and Sam Parr are joined by Anthony Pompliano about what secret sauce makes for the most successful investors, billionaires you’ve probably never heard of, plus three 10/10 business ideas.

Sam ParrhostAnthony PomplianoguestShaan Purihost
Nov 29, 20231h 9mWatch on YouTube

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At a glance

WHAT IT’S REALLY ABOUT

Pomp’s three business ideas: real estate media, AI agents, surveillance

  1. The conversation explores what the hosts see as traits of top investors—curiosity, conviction, and obsessive work—through stories about Julian Robertson and Bill Miller.
  2. Anthony Pompliano describes a past $1M public bet on Bitcoin’s long-term outperformance and discusses how conviction differs from merely thinking something is “interesting.”
  3. Pompliano presents three business ideas: a residential real estate content-to-data platform (ResiClub), “Persistent Patrol Companies” that use computer vision to automate enforcement and fines, and AI agents that can generate and evaluate business opportunities.
  4. The hosts discuss entrepreneurship as iterative experimentation, including false starts, market pull, and examples of repeated product launches to find the right distribution or growth loop.
  5. Pompliano explains how he allocates time across roughly 10 businesses, why weekly written updates matter, and how he thinks about build-versus-buy decisions using cost and complexity tradeoffs.

IDEAS WORTH REMEMBERING

5 ideas

Curiosity is portrayed as a defining trait of elite investors.

He described meeting Julian Robertson and being struck by Robertson’s intense curiosity in his 80s, including how Robertson pressed him with questions to understand Bitcoin and related technology.

High-conviction investing requires willingness to look wrong before being right.

He said master investors often make “insane bets” when others won’t, and shared the example of Bill Miller buying more after Amazon fell dramatically, framing it as repeated conviction in the face of fear.

Public, simple bets can expose (or test) the market’s real conviction.

He recounted issuing a $1M bet that Bitcoin would outperform any other asset over 10 years after a major price drawdown, noting that no one took it and that many who engaged tried to add complicated terms.

A content-first approach can become a data business in a large, under-served category.

He argued there’s no dominant voice providing news commentary and data for residential real estate despite high public anxiety about affordability, rent-vs-buy decisions, and interest rates, and explained why he’s building ResiClub with an industry editor.

Start small, validate demand quickly, then expand ambition and pricing.

He emphasized that ResiClub started as a “newsletter,” aimed to become a media site and then a data product, and that they started with a low subscription price to reduce friction and learn before raising prices.

WORDS WORTH SAVING

5 quotes

Uh, and you look at that and you're like, actually the same thing that makes the sex tape go viral gets you elected to be president today.

— Anthony Pompliano

They are willing to just make insane bets at times when other people are not.

— Anthony Pompliano

And so about halfway through the conversation, all of a sudden you could see like the proverbial like light bulb goes off in his head, and he just sits back in his couch and looks up at the ceiling and like starts talking to the ceiling.

— Anthony Pompliano

Warren Buffett was the original finance influencer, right?

— Anthony Pompliano

I don't know, uh, I've been there, right? People would be like, "Oh, uh, he has a podcast." And I used to be like cringe. It was like somebody like stabbed me in the stomach and twisted it when they would introduce me that way, right?

— Anthony Pompliano

Read the available transcript
Meeting Julian Robertson and investor curiosityConviction bets and the genius-vs-idiot lineBitcoin drawdown and the $1M betWarren Buffett as marketing-focused finance figureResiClub: residential real estate media-to-data modelIterating to product-market fit and false starts“Persistent Patrol” computer vision for automated enforcement and fines (tax revenue)

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SPEAKERS

  • Sam Parr

    host

    Co-host of the My First Million podcast and founder of Hampton.

  • Anthony Pompliano

    guest

    Investor and entrepreneur known as “Pomp,” focused on business-building and investing (notably Bitcoin/media ventures).

  • Shaan Puri

    host

    Co-host of the My First Million podcast and entrepreneur/investor.

High quality AI-generated summary created from speaker-labeled transcript.

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