Howard Linson is the founder and general partner at Social leverage. All opinions expressed by Howard and podcast guests are solely their own opinions and do not reflect the opinion of social leverage or stock twits. This podcast is for informational purposes only and should not be relied upon for decisions. Guess May maintain positions and securities discussed in this podcast.
Hello Howard. How are you? Hello. Jim Fast example a new name now. It's my new nickname. Given you here are coyote shirt from one decade is a that's cool. It's from this deck Mall not this one the previous one no idle. It's very retro very hockey hockey days. So we are training Phoenix that rarely happens 200 and some days since we had decent rains. Really? Yes. Yeah my Meanwhile my son's I will
Can't golf today. My my dad used to say the farmers must be happy today. I don't think I'm feeling really good farmers are hacked exactly. So we are here panic with friends. We got a first we have my friend Jo Ann Wilson on the Gotham gal. This will be the first husband. No. Jo March AC and Christy markussi. Yeah Marchesi my chasing my hoozy madhesi great husband wife entrepreneurs this time. We have Joanne who really carries the load for this Fred.
Wilson character but Joanne is okay. Great investor tough cookie. I met her when I start wall strip. They had invested in personally, it will strip. All right and Joanne took charge of that thing. Whip me into shape and and Lindsay Campbell whip Lindsay and - Abe and we have some funny stories over the Earth, but and they are New Yorkers her handle is Gotham go. She has Gotham gal Ventures prolific Ambassador. She's a prolific mom. They got three kids.
Terrific wife got a minute Fred Wilson. She is prolific cook her Instagram was full of food. And that's we ask where the food is and prolific a supporter of female entrepreneurs. And then finally she's a podcaster herself with positively Gotham gal. Fantastic. Yeah makes you feel like you're not doing much and so I'm talked to her in a while. We're we were just catching up but we're going to talk. We don't know what we're going.
To talk about because we can talk about anything. So we get we're going to talk mainly about investing I think so, let's that dollar up. All right, sounds good.
Joanne Howard how we hmm?
So so let me ask you a couple of I got a thousand questions. Yeah. The first thing is New York and Russ you guys are prolific investors independently through funds and and you just your classic New Yorkers in the sense that you love the city you love investing in the city and charitable in the city how
How hard is it to see New York struggle like this,
you know as an ultimate optimistic, it is upsetting and you're seeing it obviously in all cities across the country. But you know, I always want to believe that we go need to go somewhere to go somewhere else and I've listened to a lot of the new mayoral candidates and I'm going to hope there will be a change in the city just as well a change across the country where real estate.
They gets rethought and housing gets rethought and education gets rethought and allows more entrepreneurs and artistic people to return to the
city and if it doesn't happen, it's happening in the cloud, right? This has been crazy artistic moment. Like I have a podcast you have a podcast and you guys have been doing media forever, but it's like easier than ever to do this stuff, but we needed to happen with cities as well. Can't just be all digital.
Yeah, I mean there's get listen. I mean in the last couple of years due to social media and the fact we walk around with phones. All the time is going to you've seen the numbers that museums the numbers in theater the numbers and movies like, you know go up extraordinary because people want to go out and go to places where there's other humans and they can interact with so I do think we'll have a new world and
Regards to retail and at the end of the day people are still going to want to go out and go shopping and do things with other
humans. And so what is your favorite City these days you spend part time in LOL is your favorite City Paris? And in what do you think you'll do once covid n what do you miss the most about your old life?
Well, I'm missing my friends, you know, I miss having dinner parties. I miss entertaining.
Sighing I miss going out and meeting new people. I miss traveling but New York City is still my favorite city. I think when this all ends, I'll go to Paris for a couple weeks. If not more. I mean, I really want to just get out of
Dodge and what are you hearing about Paris? Same problems?
Same exact problems there about three weeks ahead of us. So, you know, even when the last weekend of normal weekend, which is in March and we are watching this all play out.
Um, we were hanging out with you know, multiple Wiseman and Jeremy Phillips and been Leventhal we are all like yeah, you know, this is only going to last a couple of weeks. But look what's happening in China. Look what's happening in Europe and you know, here we are, you know, nine months later. So I I've watched us having more in Europe than anything else because they seem to be about three weeks ahead of us.
How did New York get this messed up we go from Bloomberg. Like what does it look like on the other?
Other side May orally the
good news is we have more than a handful of really fantastic qualified people running for that position. And so, you know, there's about four of them that I think are really smart and would all be great mayor Mayors and understand where the city needs to go. And so I'm really excited about that. And of course the people will make their decision.
But I do think that whoever wins certainly needs to think about. How do you manage the largest business in the country or in the globe?
Yeah in New York comes back easier than most other cities. Oh, but just because people want to come to New York. So it has to work.
Well people in general I think are very good at being Reinventing themselves and are being are flexible when these kinds of things happen.
And I mean you think about when this thing went down like everyone is like what the fuck it's like being in a movie, you know, everyone's wearing a mask. Everyone's locked down and like we're all still here surviving unless we got sick and something happened. So, you know human beings do what they got to do. So, I think that the minute New York returns and movie theaters reopen and theaters reopen and restaurants reopen in people be very happy going in there has to be though some kind of national
Database so that if I go to a restaurant, they know that I got the vaccine, you know, I don't want some idiot who's like an anti-vaxxer coming in the door with me. And so that has to change.
I don't see that through that's my worry literally America's got away from us in that way. It just we lost that greater good. Everybody's got I hope you're out if I'm wrong.
Lost the greater good. I think we've we've opened up something that's been festering for ever.
What do you think? So you think they can pull off this National Database? Like I'd love to know I still think I'm gonna go out because the numbers are the numbers but I'm not going to be the first to go. I'll wait for people like yourselves who do more work than me to feel comfortable. Although Joanne's out. It's been two weeks. She still alive linzinnz can leave the house you guys. Well, you guys can do the work.
Well, I've certainly the people
That are going to be in the White House are you know, light-years more competent than the ones that were just in there. So that makes me feel really comfortable. I mean just as all these people are being nominated to these posts. It's like we forgot how there could be really smart people who have had deep experience in government and the verticals they're involved in mean the other people were like clouds it really
was.
Aaron was really I'm not political and I'm still not being locally. I'm very political because I feel like I can make a difference. But nationally I got dragged into it and it felt like if they were just playing a game to mess with my head, but I guess it felt like that for people I guess their argument is that it felt like that to them under Obama. So I'm just happy they
got racism and its
finest. Yeah. Yeah. Yeah. So today do you
Do you get as much excitement writing checks today? As you did 10 years ago. Nah. Yep, and so so and so what is it today that it takes because you're out there and you're public in people ask listen, even me. I never give out your name, but you know every but you will share ideas here and there. So what is it today that or you just actively just saying no all
The time
yeah, you know I have to say about a couple years ago. I really got I really became disillusioned with the whole investment investing as an Angel and the entire Echo chamber of investors. And so I really started to pull back because First Multiple reasons one everything is way too frothy.
And you don't make money putting money in on something that the first valuation is 12 or 15 million
dollars. I know you can you and I are like yelling at the TV people. This is too easy. But yes, I agree. You
don't make money. I mean even if you look at the best Venture capitalists in the business, if they let you in the back door, they made money when they put in money real money if three to five million dollars, so that's number one. So I'm like, I'm not I refuse to participate at that level.
And and they weren't even real businesses right at the 12 to 15. They were just like, you know, we went to Y combinator like we'll be okay. And so the second one is that you know, I've been a generalist for so long and is a single generalist. I think it's become harder to really understand each individual genre because when I
And you know 13 14 years ago a technology was changing everything. So if you had your finger on the pulse of a variety of different things, which is something I like to do in a you could see something you found a Founder. They were great founder there great entrepreneurial like okay this makes sense. But now if someone came into my office in a particular area that I'm not, you know that deeply paying attention to I really wouldn't know if there's 60 other people doing the same thing, but you could do it as a VC because you got a bunch of Adam.
Lists to figure that out. Yes. So so so that's another thing I think is if you want to be a really good Angel these days your best to focus on one or two industries it be deep in those Industries, correct? So, so to me that you know is another the third is you know, which I don't talk about publicly. But at this point I don't give a shit is that I found it really frustrating as an angel, you know, you own such a small piece of these businesses and I
I would do anything for those Founders on the other side. I'm always available many would say, you know that I was there consiglieri. I still hear from Founders that are you know way way in the big big in a Serie C Series D asking for advice on something and so that feels great, but I got frustrated with so many of the institutional investors were I would send deals to them and they would put money into one of
The six and the one that they chose was the worst and I just I just I couldn't stand it anymore or you know a company where I own one percent a vco 10 and they did Jack, you know, and they barely even showed up for a board meeting and I just I just I couldn't stand it anymore. It just pissed me off and so I was like I need to pull back for a while
at Sea that and maybe it's the casualness in just the length of
This boom because you know, I talked to a lot of pressure. I mean luckily from Fred on down to ggv and all the people that you know, and I know and try I keep my tight Circle pretty narrow, but I'm always probing and so like you as I've gotten older I can't be a generalist like I go deep people ask me. Where do you think you're going go? Oh man. I got one trick. I mean if people stopped trading how is that a business? So I've just gotten lucky that the one trick that I have keeps getting more interesting right Fred used to be into this space was you guys worst.
Three.com, but I've just kind of kept going deeper and now we're robbing hood and with you Toro and was stocked with sand with like it just keeps getting bigger. Yeah.
Yeah, so I've got a little lucky changing that yeah. I don't know if you got lucky but there's no doubt that your luck is involved and smarts are involved. But you know, I think each industry has gotten bigger and broader with the right people at the top because technology is allowed that but also you have a fun now so you can own
A significant amount of P so that your voice at the table is heard in a different way.
Yes. And so do you like investing in funds more than just company because I know you guys are prolific doing that too. And I that's kind of where I've taken my personal money as I don't want to pick, you know everybody so we can make room for you person. I'm like no, I just would rather do a fun because you know, like you valuations are high and I can't really like you like I'll put in I'll get a quarter point. I don't really have money to do pro rata and I do more work than the VC.
These and it's just that the math doesn't work anymore.
So I like time is
valuable. Yes as you I'm 55. So like every day could be my last day
I doubt it. But yes, I mean God forbid. I mean, yeah, but that's the whole thing. It's like time is money. And I think also when you started out when you did which is there wasn't a lot of us and everyone talked to each other and everyone's super helpful and like yeah be happy to take that call. Yeah. I'm happy to take that but you know, and it's just like wait a second, you know.
What is what's the value to me here? There's none. And so then I got to the point where I'm like unless I get value out of this. I'm not having this call
love it. So yes built just like me. So what do you keep in? What do you keep them busy? I mean, obviously it's family family family right now
then so, you know a lot of different ways. First of all, I am, you know, never say never right? I mean, I just did a great we deal a year ago. And the other thing is, you know, I'm still getting if it's the right company and I really like what they're doing. I won't
Print money and necessarily but I'll get options and I'll be an advisor. And and now you know, I've got Bolder like I have a company that's about to do a big round and I I found the money for him. And so I said, you know, listen, I want half a point just for doing all this stuff and they're like, of course and I was like, you know, I'm getting better at asking but um, so what am I keeping busy at so we're building apartment buildings, so that takes up
time.
Mmm,
it's called frame home. It's
not called. It's not called pushing her Enterprises know it wasn't real Apartments
practice and I will say where the first developers in New York city that is building a completely carbon-free building.
Love it. You love real estate.
I love real estate. So it is, you know, cross laminated Timber. There are solar panels where our own electric company. So, you know, we're the ones that are filling our tenants.
Fabulous Wi-Fi. We're also putting pods in the ground floor instead of a retail space so that you could rent out an 8x8 pod every month. Are we 20? I think they've 26 of them down there. So, you know instead of going to we work you get to go to one of these pods, you feel very safe covid free and all of that. So we're excited about that. We're building. That one should be up and running in Brooklyn and Clinton Hill and the next month and then we're building another one.
Inhales. Well, and I am going to be joining the board of the fun for the city of public housing in New York, which I'm very excited about that over works with nycha, and I'm looking into buying another piece of real estate and opening up a store in New York.
Whoo fashion or
food total concept food fashion. It's like walking into someone's apartment, you know, Anna knew.
Business model where there's no inventory
and we're would distort be street level.
Yes street level West Village and the name is
Gotham. The name is God. So I come into the store and one of my what is the experience you want me to have because you and I like the same things like I'm all about fashion ology and like retail. And so what is the experience supposed to be what who's it for
you? It is for anybody. It could be a rightist state. Let's say you come in on Friday afternoon.
And you go over the coffee bar and have a coffee standing you go sit in one of the chairs you happen to notice. There's like a super cool sweater with pants. They're hanging in your life. These are really great you walk over to the trough and you see there's a shampoo conditioner and you know shower gel and you try it out and you watch your hands and you dry them and you buy it with a cure code off your phone and then you go upstairs you get some maybe cheese and
Natural wine maybe something else to eat. It's Friday afternoon and incomes someone in politics in New York that is there to take questions from the crowd or if you show up on Thursday. Maybe there's a crochet Club going on in the corner to help people learn how to crochet and so nothing is an inventory except for certain things of stores that I have seen go out of business, but I want to remain a business. They don't pay me rent we get paid a POS and so
It's a different model. It's also rev-share for all the employees that work there. So it could be a different experience every day. You can come and have lunch one day. You can come and just have a coffee you come in and have a tea or like I love that teapot. You could buy it right there comes to your host house two days later. You'd like the art on the wall. You're like, oh my God, that would look so great. I love that piece. You could buy that piece of art. You come back two days later. There's new art on the wall. There's new stuff. Everything has been turned upside down. So you're coming back to see what we have going on.
On every
day. And is this just a Joanne production or is this is there a partner?
No, this is a Joanne production thing. I've had in my mind literally since my college days. It was like my thesis but now it's going to come to fruition. It's going to be a just a project that is passionate passion project. If I was going to
do one passion project and I talked about what a lot of people and I think I got lucky because I was 90% of the way there are ten different.
The last five years it was more like kind of a we work for the stock to its Community meaning. Yes, dr. Chism's organically growing faster than ever but took forever to grow community. No social media. So you need an investor but I should get just give you an investor update going great Joanne, but the Andre she's doing an incredible job, but the thing is I always said listen there should be physical meets social Riley always wonder why Facebook earlier on didn't just get into the
physical space and maybe in hindsight. I wish I did specially with the doj coming down but like stock to its people love stock towards but if there was a stocked with store kind of like Ely rally row we come in and it's not it's like cheers but not cheers, but it's like you said it's like, you know, there's not there's not it's not E-Trade, but you can come in there's rooms for you to have seminars around investing and now that Robin Hood, you know what I mean? Like it's just a place where people who love talking about money and trading and investing can hang out and if they
You want to buy the art on the wall that you know chart driven art, you know what I mean? It's just like yeah, it's just a store about investing and Eataly handed did that
freak a lien? Yeah. I mean, I like what you're thinking because what it really is is a
country club. It's a country club for people who love talking about money because money is it's not like Thurston Howell, the third money. It's like a young people who like Robin Hood or day trading or not day trading or long-term investing or want to learn and there's
Books are on investing but there's also a place to do a seminar and it's a place to open up your laptop and talk about the markets loud or not loud and and you know stocked with member can have it for to know for 200 bucks a year for stock twits. They can just show up at the club whenever they're in town type thing and but also walk in off the street. I was always inspired by Eataly the way they did a but obviously that's built around high margin food and other things do you are you a frequent her of a delay? Is that impressive as
Operation to you.
I love Ely the guy who's behind it is fantastic. It is a little for tourist people anxiety. When you go in there. It's definitely towards because the way that it's laid out. I've been to the original one in Italy. It's in what town is it in? It's in it's a real Pit hole of a town. I hate to say it but it also had that frenetic tight feeling and and the one Allah is great.
To they opened up one in Paris. It's fantastic when I just think they've done a great job all in
all so I think the Eataly model for everything will happen right like Restoration Hardware. It's mastered it, you know pre covid of like you can't you can't buy anything. Like I was a Restoration Hardware fan forever and then like to see them do that like store like where fashion meets chill meets technology meets, you know, you don't have to no pressure was genius.
Yeah, you know, it's
Really genius and you know, I think I don't know him personally. I've only heard great things about the guy behind Restoration Hardware. But I mean, he he saw where things were going and he made decisions in the short term. I'm sure the stock stock market was pissed off but in the long term win win
win win, so it's so retailed to you comes back just way different and it's way different. It's no it's such a no-brainer and what areas of the city so what did you do this?
Permit, but it was like apartment or condo is meaning it's for its for leasing or truly people. Own it.
No only
renting. It's a why'd you choose that models out of better model as a developer
depends on which model you're interested in. I mean for us, you know, we've had we've been very lucky financially. I mean one to be smart about where we parked our cash and we felt this was a great way to be
Real and also self starters in regards to making an impact or no impact on the environment and so for you know, we can leave this for generations to come and so that is why we chose to do
rentals. And is it you or is it you and Fred? It's me and thread and then are the kids entrepreneurial or no?
Yes, they are, you know Jessica's an artist so she works for herself, you know.
Proud mom. She just had a show at the new Museum. It's still up can see it online. So that's pretty major. She's definitely an artist when you when you have a something in the museum. I think that as an artist you could say, okay. Yes. I'm an artist. That's so cool. It is so cool and and Emily is writing tons of things for anywhere from Taste of Bon Appetit to others. She's built her own name for herself in the food industry and on social media and is
A well-respected she's a great writer. So she doesn't work for anyone. Josh has no interest in ever working for anyone and he's going to figure out what he wants to do. You know, I think that one of the hardest things for kids right now in their 20s is a covid and b is that you know, the world is his oyster and you know, he's got a lot of oysters to choose from so he's going to have to figure out which path he wants to go down, but he doesn't want to sit behind the desk and he doesn't want to work for anyone so we'll see what that
And I think it would be very hard for any of our children to work for anyone after living in our household and you know, they're sort of part of the family business to I mean, I've gotten feedback from Emily when I should do in the store. I've gotten feedback from Josh. I mean, you know, everyone sort of puts their stamp on it as well as even these apartments that were building.
So I see the same thing with with Max's only 21. How old is Josh 25 Josh
is going to be 25 in
February?
It was so different when we you and Fred was an Army brat, so I can't remember all the stories. But when I was 25 Whoa, man, you had a variety had three wool suits and totally and you had four seasons of clothing and you had a we had to have a path and I think you know, my daughter is the opposite and Rachel is like follows the path and I was always like well soon as that path throws her a curse. You're going to get pissed.
And this is what covid-19 my son's the other way is never thought the path mattered and he's being rewarded by covid because all his friends were on the path. They're like fucking miserable and he's golfing has two jobs and enough to waste a couple years in school because he dropped out so it's really interesting. How in life is longer for these kids like weed you and we had to be a lawyer. Dr. Ricci we had different things that we had to do and they were kind of stupid careers of the things that machines are basically replacing
I'm legal. And unless you want to be a doctor you might as well be an entrepreneur. So there's no rush to do it you might as well gain experience.
It's true. I also think it takes boys a little
longer. Well, that's you know, I'm not going to let Ellen here this podcast because I'm Alan would she treats Max like he's 90 and his underachieve. Whereas I'm like honey, he's 21 and he's not going to be a lawyer a doctor. Thank God. Yeah meaning so he's got the rest of the life ahead of him.
To figure out what the hell it's going to be.
Yeah. I mean they're going to live to be a hundred did they all like school? They loved loved College saw all three levels? Yeah. I mean they love I could see Josh going back to school for two years. I mean, we'll say he's super smart. I think it'd be a great place to park his brain for two years, but you know, it's his decision not mine.
And then what about Brooklyn versus New York house covid changed that path if at all,
well Brooklyn is such so much more residential and so the air
Is that we're residential really are doing okay, right? Because there aren't a lot of stores and those stores were supporting the neighborhood in areas of New York that are residential. Of course, there's tons of stores at street level many are gone. But when you go into areas, like where the Ace Hotel is in the 20s, you know that area is always been more commercial and was slowly becoming more residential those areas are funky right because
Cuz you know, it happened quicker in regards to closures of places and there's homeless people there. And so those areas are funky. You don't see that as much as in Brooklyn.
And so what happens then because you know, you can build Apartments. We got to deal with housing issues all the big cities totally and all the tax laws were you know it to me it came to head for me because I'm not a real estate person. I just never interested me. So when Trump eight seven,
$50, it's not like okay of all the crazy stuff part of that stuff tax evasion, whatever the tax system has been built for real estate people and then covid comes along and really that one really stung me because we got all this overbuilt commercial real estate owners beautiful. Is it all looks once you really think about it. Wow, did we waste a lot of fucking materials and energy and time building commercial skyscrapers that aren't needed
I completely agree with you and we should there's a lot of people to blame here, but when you come into new,
New York and you see Hudson yards what is completely detached from the city one of the greatest thing about the city is the attachment from neighborhood to neighborhood as you walk through it is that that has a neurons might as well be in an island in the middle of the looks like deposit River. Someone actually said I heard someone actually say at this event that I was at now, I don't need to go to Dubai. Yeah, the reality is my biggest Joy would be to see that entire thing become middle-income housing. I mean, what is the point of building a
1980s glittering Mall in
2020. Yeah, that was kind of that. There's so many signs right you and I are complaining about little valuation problems at the 10 to 12 million times where signs SoftBank was a sign, you know sobbing
we were there are all signs. We work with the biggest sign that is a real estate business being valued like a software business.
Yeah. Yeah.
That's a big red flag and even the wing
Yang
Yang, I walked away from
the business. Oh my God, totally didn't even touch. I mean at the end of the day, you know, the perfect explanation of all these real estate businesses one of someone of venture capitalists emailed me and asked if I would talk to his wife because she wanted to do this we work type thing but is more like a now for young families right like a wife or families and I was like, oh that's a good idea like, you know when you're like looking for a place to go to eat or have whatever so she's
Tell me who what concept we're talking about food and the end I said to her, you know, I just have one question. Do you own the building? She's like yeah, as I think you should do it because if you're renting the building, it makes no sense.
No, I mean, it's the exact same reason. I never did my like cheers for finance ideas because it's not a scalable business at that level meaning if I have one stocked with cheers how we bar. That's one thing. It's just a
flagship how we place of investing right? You can stumble in you can buy a book. It's like Larry David of retail, right? You don't know what you're going to get and not scalable, but that's what makes it cool. That's what used to make New York cool. But yes, there were all these signs and man when I went to see the hedge funds for an hour back in Pre covid and I went over to that Hudson near the miserable part of town that could have been miserable be so great. And then you just like cross over the chasm until like Dubai. I'm like
Wait a minute. Who let this happen to Who let that happens at Bloomberg or schmendrick the schmendrick that we got.
Well, it's a good question. It really happened through the Bloomberg Administration and Dan, you know doctor I had a lot to do with it. And in other, you know, truth is tax dollars paid for it. Yeah. It was awful.
There's going to be years of pain because of that Midtown will be hard with like it just feels like Midtown is now a like a tank.
Anchor versus an opportunity worry about
him, you know, I mean cities reinvent itself. I mean Tribeca was no man's land and you know, it was very funky. It was very scary at night Soho used to be scary at night now, it's like the biggest Mall of America and then after 9/11. I mean it really transformed downtown to be what it is today. And in many ways stronger and better on multiple levels and really
Weird little strips, there was no one and now there is
and so what happened to Broadway in European because I felt like it needed to be modernized. So what happens post covid?
Well, you know, I think what's going to happen is I'm hoping it's going to happen is that the Governor Cuomo is going to basically say if you have an empty space you have this much time to rent it at
The market price figure it out or you're going to be fined and if you have took on massive amount of money, which many did debt from the bank, which is absurd. I only put down 10% and 90% the bank owns and the bank shouldn't be in the business of owning buildings that are defaulted on but the banks will say well you can't take rent Above This price, you know below this price. And so then they're kind of stuff someone needs to put their foot in and say too bad and so then we'll see all the commercial spaces go down.
Dramatic amount maybe 50% and then we'll seems really interesting places go in that are creative and can afford the rent and be of interest
because enough people and everything just gets created again exactly exciting. That's the way I feel about things New York is the place where you know, I have a massage always been tempted to buy and I'm like everybody said don't buy just ghosts go rent go Airbnb, and I'm not a museum. I know but it's
Weird extra it's like you never really own it because of his crazy taxes and the crazy fees. So that's just it's annoying
and well if you want to be there that sort of cost but not I do think that the pricing will see a lot of commercial real estate go down dramatically.
And so I'm excited for near my daughter. Can't wait to move there. Is there a what do you feel if you had a lemon one other City. Would it be a liar? Would it be would it be Europe?
Europe well Europe but you know, I don't have the socialization that I have in ela or in Los Angeles. Like I love my friends out there. My brother's out there. I see these people a lot they're wonderful human being so I really do love that. But in terms of how I like to live my life Paris got it
and so and then what about friend being locked up together this long with his brain and your brain do you guys
Carry weapons to the Wilsons carry any weapons
and know
how long have you guys been married?
Well, we've been together. We've been together almost 40
years. Wow.
So I've been married like 35 years something like that
morning. You guys are getting up. There is Fred not 60i Fred's 58 59 59 and so it
Is there still though is this still the wall strip ring?
Yeah, I'm looking at it right now.
Yes a soda. No one knows the search tell people the story. We don't have to talk numbers. So tell people it's a great story Fred just
we met Howard when we were out in Arizona and this is you know, he was writing friends blog and said and then, you know comedy whatever and friends like I'm going to go out to a basketball game with him and his son. I think it is wife and I think Josh went to and
Yeah, Josh my Emily and suggest for like who is and then you started while strip which was brilliant and we put our own personal money in and then you sold it and we made the money back and Fred took the money and bought me a diamond was something that he had never bought me before I did that. I
was like I've heard there's nothing you.
To that now every time your wife looks at her and she gonna be thinking of me and this is so it's like I'm in
his head years ago is that I think
this is how much 2006 and I remember I had never met you this a funniest fucking story. So I never met my
30th wedding 2006. I say that mustard my 20th wedding anniversary.
So I think there should be a coinbase ring at this point Have You lobbied for a coinbase ring?
Yeah at this point. I'm lobbying for my
Your
show if you would you ever open a restaurant or know
this going to be a restaurant inside. I mean it will have it will be very similar to the store which is don't expect to come every day and have your favorite salad because whatever we're in the mood for that day is what we're going to make
and so is that your favorite thing to do personally through this covet? Yeah,
sometimes sometimes not I mean honestly like I think we're all so sick of our own cooking and trying to be
Creative I mean literally at the beginning I lost my shit. I mean I crocheted five blankets. I made a what's it called a quilt from scratch with you know with the sewing machine and materials. So, yeah, I've been like trying trying to keep myself busy. But you know, it's good. It feels good to make those things.
Do you guys have been really thinking through
Through you know, testing and vaccine and stuff. So when do you think New York opens?
I think sometime around met April May June people are going to start to feel much. We're going to start being really vaccinated in a large way and my feeling is that come third quarter, you know, it's going to be like crazy town. I mean that you know people like it's like cockroaches getting, you know getting out of the house. It's I mean, I think that that is going to be that third quarter will be amazing and
You're going to see everyone coming out of their homes and just literally sign with deep
relief. And then what about was the hardest part because you guys are very interesting rooms and back in local chefs. Was that the hardest part is just seeing that kind of chaos.
Yeah. I mean, it's really really sad. I mean, it's not only the restaurant tours. It's the staff. It's the people that Supply the liquor it's the people that Supply the flowers. It's the farmers that Supply, you know.
The materials to make the food. I mean, there's so many different layers of the restaurant industry that has been affected by this and you know, they were having a hard time anyhow, and the last couple years where you know, making any margins in that business became so hard because there's an Eric city tax that taxes each employee like a ridiculous amount so that to needs to be rethought in order for it to have restaurants that can succeed there will be restaurants, but they
To rethink that tax structure so that we can have restaurants and they can survive as singular entrepreneurs and the make the money to have a lifestyle business, which is what they usually were until Along Came all the celebrity chefs. And you know, I think it needs to get down to that. Unfortunately. There's not really any even Coalition that you know goes and talks to government that represents all those restaurants. I mean, they really are the backbone of
Erica's singular entrepreneurs who don't belong to like a
lobbyist right? I'm scared about that the most because we need those to make New York. Great, right because food is New York, right? I think of a neighborhood and I think of an experience and if we scared off the investors like you because you're going to have covid recency bias meaning we love you, but like fucking taxes and like we've been there and I know it's not going to be covid again, but like with this is like almost
Already at this point. So it's almost like that's the big prom like if we can't get these singular business is going everything won't come back the way we want.
Nothing will come back the way we want. It will all be new you'll have entrepreneurs that are opening up restaurants that are rethinking. How many hours do we think how many things will be on the menu? They'll start making products around their menu, or maybe it'll be the new cpg entrepreneurs or have a little Corner Bistro or they'll sell vegetables.
From the local farmer. I mean they will reinvent themselves in the industry. I think everyone will reinvent themselves in the industry that they're drawn to.
Yeah. Well, that's exciting. So I'm on the same page as you Artisan world will you know, I'm worried that it stays in the cloud but it's cities like New York. It will come back strong because of the traffic and the people so I'm excited to see what's on the other side of it because things became to Gucci Prada night. I agree with even Lulu it became too it became to
that. Yeah, everyone.
The same everybody looked the same and what's been your favorite show.
Well, I will say before I forget I get off this is that what we really need to put money into is public transportation and there should be a new deal around public transportation because people that have left the major cities to go to the secondary cities like Austin, I mean, you know, or you know as cities in South Carolina where they were like I can't afford this anymore.
But I want to be part of a really great community and city. They're starting to get expensive because people left the big cities to go there. So then what comes next but if you want to live three hours outside the city and you can and your job is in New York City. You'll need to come in one day a week, which is where we're going to go. Why can't you get on the high-speed train to come in and come in an hour? So I think that we have to rethink how we're all connected by
Transportation love it. And then finally they asked favorite show favorite show and one more question favorite. What's
Surprised you the most because obviously you and I were media hound and and so what's been your favorite thing about because L and I've watched everything
and we're not huge TV Watchers. Like I'm a huge book reader but I will say during this it's like a please spare me. We got to watch something here, right? Yeah. So we watched the Queens Gambit which I thought was terrific right? So good such a great also stick great thing about this woman who it's like
pretty much no worship
our yeah, and they
All loved her had nothing to do with her being Aunt then one anti-female. It was embracing of her brain, right? So I thought that was super cool. And then you know when I lived in London during college, I was obsessed with the monarchy. I mean literally stood in line for six hours to see Diana and Prince Charles wedding gifts. So we are almost done with the crown. I think we have like two shows left and then I've seen a couple documentaries. We really like that mr. The octopus ones as well
right the octopus one.
I
wasn't even high and I loved it. I
so good. And then the Phantom. Oh, you have to watch the Fantastic fungi fabulous fabulous documentary and then I watched the for for peace documentary and Reagan on Showtime is I'm obsessed with Reagan because I really think he's the reason we are today and he destroyed the middle class and he destroyed the country because he was an actor basically representing terrible right-wing Republicans and
And that is absolutely worth
watching. Oh, I'm excited. So that's on Showtime. Yeah. Okay. Well, that's awesome. Now one thing you've met everybody get to do everything if you could Uber drive one person for the day. Who would it be? Oh besides me besides you how about dead or alive
Dead or Alive? No. No, I don't want to think dead because it was just a different time period I got it.
I'd love to hang out with Michelle Obama for the day.
Nice. Which water in the front seat or back seat.
Totally front seat. She's such she's such a baller. I love that woman. I think she is awesome.
This has been fun. You're the best. Is it fun? I waited way too long kiss the ring. How is it?
Yeah, when I opened my store, I'll I'll be you can we could do a live
podcast just want a little chair in the corner how we town? I'm happy to give it to you. Okay there so.
Be well, so how did the
fredster say hi to Ellen and we'll talk soon. Okay. Cheers. Alright. Take care.
Bye.
Joannie their knut. Yeah scared the life out of me the first time I met her she just called me up. She was like Lindsay's dressing like a waif. I'm like who I thought Fred invested. I didn't know I got Joe and I was like I got tag team and and I agreed with her. I'm like, yeah. Well, we don't have a budget. We're a $40 from Fred. I don't not going to tell you can't go tell a woman to change her clothes. I put $5 in half. So that was my first introduction then denim was like Fred some. Well, you know, I never bought her.
So whatever it no pressure on you hire but if you make any money, or I'm going to spend every nickel a ring for Joanne the man of his word. He hasn't I liked you're an idiot because she's going to look at that ring and think of me cry, so it's good to finally get her on the Pod and she knows New York better than anybody. She's the person I just you know, you want to hang out with the New York. So anyways, you're listening to panic with friends. We didn't get into all the struggles of their lives and it's not like all Perfection. They've been grinding away in New York for
For 30 years, but great investors. That's what we do here on Panic with friends. We talked to Great investors Traders entrepreneurs Founders and talk about life and investing so you can follow us on Spotify and apple you can subscribe that way you'll get an alert from the Spotify or the Apple that we've got a new podcast And subscribe if you like what I have to say Howard Lou
Thousand-dot-com you can get my blog. I send it up a free daily mail but markets and Trends. Thanks knut. Thanks doctors for Distributing will talk to everybody sooner.
