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My First Million

The Market Is Crashing. Here’s What We’re Doing About It…

My First Million

Hubspot

Entrepreneurship, Investing, Business

4.82.7K Ratings

🗓️ 9 August 2024

⏱️ 51 minutes

🧾️ Download transcript

Summary

Episode 616: Sam Parr ( https://x.com/theSamParr ) and Shaan Puri ( https://x.com/ShaanVP ) talk about what they are doing in response to the market dip, plus The Olympics biggest winners and losers of the week. Show Notes: (0:00) Boys React: The market dip (4:32) React or respond? (10:48) The Olympics winners and losers (19:03) Winner: Fem Kabul (21:26) Winner: Team Refugees (24:48) Loser: Simone Biles and Gymnastics in general (27:30) Loser: Pole vault guy memes (28:18) Winner: Noah Lyles (30:41) Loser: The Olympic's programming (34:00) The $75B dollar uniform rental empire (38:18) Building a line of succession for your business — Links: • Get our business idea database here https://clickhubspot.com/mfm • Cintas - https://www.cintas.com/ — Check Out Shaan's Stuff: Need to hire? You should use the same service Shaan uses to hire developers, designers, & Virtual Assistants → it’s called Shepherd (tell ‘em Shaan sent you): https://bit.ly/SupportShepherd — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth • Sam’s List - http://samslist.co/ My First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

Transcript

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0:00.0

All right, can we talk about the stock market going down?

0:02.8

Because I had to yell at a bunch of people.

0:06.8

I feel like I can rule the world.

0:08.8

I know I could be what I want to.

0:11.7

I put my all in it like no days off on the road. I want to. So basically the markets dropped what 5% this week and in our little

0:19.9

circle jerk world it felt like the world was ending.

0:23.0

So I guess the Dow had his worst day in two years.

0:27.0

SP500 is down about 5% so far this week as of time of recording,

0:31.0

and I think the tech stocks did a bit worse so

0:34.1

invidious down 12% Google you know whatever a couple of the tech stocks which is

0:38.4

more maybe where are where we are at the bubble did worse they gave back a lot of the gains that they've been having so far this year.

0:46.2

And so it was a bad day for the markets. And by the way, I wake up, I wake up, but I think some people on the East Coast, you're on the East Coast, a company on the some people on the East Coast you're on the East Coast

0:53.7

complete old group chat on the East Coast and it either says one of two things it

0:56.7

says the world is ending with four or five likes on it in our group chat or it says we're going to Valhalla boys and it has four or five likes on it every morning and I really I don't even check the market I just look at that text and I know

1:10.0

directionally is the arrow up or down but it kind of gets to you that that way of it

1:15.2

bothers me I had to yell at my partner Joe because he just calls me are you freaking

1:18.8

out about this I'm like freaking out about what he's like the markets are just going

1:21.9

down like crazy like should we sell everything like what do we do we do? Like, my reaction was just like, this is expected. Like if you just

1:29.7

buy index funds like I do, like there are ups and downs but in general over five

1:34.5

10 20 year periods you're expected to do that to go up and down and he just like

1:40.2

freaked and I and it made me angry like it made me angry because I was like I wasn't stressing but now I am and this is not

1:47.6

healthy and that's what happened.

...

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