Stewart Easterby: Three SoCal Start-Ups With Successful Exits, Lessons Learned

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[Music] [Applause] today’s topic is called 3d SoCal startups with successful exits lessons learned that’s quite a mouthful but the next 25 to 3 M is I’m gonna provide my opinions and thoughts on how to scale your startup and whether you actually work in a start-up or you make your kind of claim joining a start-up or maybe you were to more established business and you’re looking to start some more growth I’m just gonna develop your a trip and provide some opinions stuff in terms of the 3d so he’ll start to successful exits there’s been many these are the tweeting them the most of the motor with hot topic over to services in true car hot topic because anyone here actually purchased something from hot topic before personally not for the kids but if you haven’t they’re there full lineup of super skinny jeans is fantastic this year so then Republic 1996 temple to retailer they experiencing good growth they’re doing 44 million you know they went public later sold to be firm they’re doing much 715 million over to services next we have some more mature alums here today in 1999 the also experienced in phenomenal growth is doing about twenty six million a year in public and grew so quickly they got who wanted work which was large distribution partners went ahead and bought the company for about 1.8 billion and the year prior to acquisition living about 670 million in revenue in a year of acquisition over 200 billion dollars in revenue so one of the fastest companies ever to get to a billion dollars in revenue right Pasadena and then truth Park online carbine platform in Santa Monica does anyone here used to fart before to buy a car baby hopefully had a good experience what public in 2014 is doing about 206 million here they went public still a publicly traded company about 1.6 billion market cap again shakes closed and they’re doing about 300 million in revenue himself now how do I know these companies I’m not claiming that I’m responsible with their success I’d not found them I was not CEO it wanted companies I didn’t work there the other two I did but I started there about two years after both were founded so hot topic I worked at the bencher capital firm that was the lead investor in hot topic so my boss there was the chairperson the board so I got on a hot topic when prospective investor but then again I was just a newly minted associate those are Co my Kevin just happy to be here there’s an overture services I was a director and layer VP I was kind of middle management at the time meddling the middle I was one level below the key decision-makers like the Andy Wilson’s of the world and II ran quite at the time if you wanted to fight bill today you had to stand outside his office at attention and you know call mister will soon and then a true car is that ppm sells only a chief operating officer and there was kind of making decision so so those are the big companies again am i claiming success for them I just haven’t associated with them but enough that I can put together presentation so let’s get into the opinions now so the next four slides let me share my thoughts on some do’s and don’ts for scaling your startup and you know the opinions are mine and mine alone I’m not qualified to speak on any else’s behalf I provide a lot of ice advice as glaringly obvious and not all advice is applicable to all situations so my first advice for entrepreneurs before you jump in and when asked like hey shave through the startup thing I generally recommend sure why not go for a life is short I’ve worked to start upside by startups and the rest of them had playing friends who work in startups overall I think it’s very fulfilling I think it’s fun to solve problems if not I also believe that the relationships you develop it starts can be some of the best relationships in your career now on the other hand I believe startups are incredibly hard work the risk of failure is high and foremost the time to feel like you’re just fine without security so they’re not for everyone now they are for you my specific advice is most importantly seek an opportunity with pent-up demand and another way of saying that is go after it assess by customers or another way of saying that is go after big problems this is so important because startups are part of as they are if you go after the wrong opportunity it’s going to be really really hard so I think white hot topic party’s not as successful as it went after the right opportunity is going after disaffected teenagers who need a way to express themselves and mimic what you’re seeing on MTV so they went out to the right opportunity and overture overture is going out there advertisers that want a more accountable targeted advertising as well as search engines and publishes the need by the way to monetize their content and into cars going after car buyers and car dealers that want a better way to transact so it really is important go out to the right opportunity and another piece of device that provides entrepreneurs is when you’re assessing an opportunity make sure that you don’t overstate the demand or over height the the level of dissatisfaction I see this sometimes that entrence will sort of force their will on to the problem their overstate with the problem that she is that’s a danger I believe and the other drievliet is when entrepreneurs underestimate that the existing solution might be good enough so another piece of advice is create a realistic business plan this is an obvious one but what I mean by that is try to be the world authority in on that topic on that problem also when you create your business plan step away from it don’t fall in love with it and try to poke holes in it see what there are some faults in it and another aspect of this is when creating your financial model I do please if you need to present a financial model I believe companies need to have a business model with revenue and a path to profitability create a realistic financial model not sort of always up into the right behind this guy but what really might happen in creative down scenario is often is that you know the down snare is the one that actually comes true and I’m finding the last piece of advice before you actually jump in is simplify your other life this is another obvious one where everybody this is you know the starts we keep you busy you may want to tell your friends and family you won’t be seeing them you may want to cut the cord you may want to get up up social media I know some of the money will start freaking out that I said that additionally what I kind of simplify your life because it’s going to be busy so all right let’s get into some common self-inflicted wounds so when you look at the statistics is startup failures it’s really sobering 39 percent of startups failed no one knows the source of that that’s like take their eight glasses of water a day they’re both accept the truth no one knows the source of that put it in look at some statistics the Bureau of Labor Statistics say that about 50% of companies fail after five years and about 70% fail out of ten years and then for venture capital back startups about 75 to 80% also fail and venture capital back startups have professional investors who buy the ideas professional investors sitting on the boards and yet majority of them fail so my advice to entrepreneurs is you know don’t be intimidated by that just learn from mistakes of the others and then here are some three common states that I have seen personal experience the first is over expanding the business so startups by definition have a limited amount of resources so they make very thoughtful and how they allocate those resources that’s to any company but startups just don’t have a lot of patience so what I often see those at startups overextended business they have too many plates in the air they’re biting off more than they can chew and how that situation arises often is that the startup may have like all bright shiny object itis is always chasing the new new thing but sometimes the startup also just have a culture of Roboto we can do it all sometimes it’s a deliberate strategy in which we will throw everything against the wall to see what sticks but that’s different than experimentation just talking about what I call conglomerate strategy just trying everything and sometimes it’s the things that make start-ups great in the culture the decentralized decision making you know the sense of ownership empowerment the gogogo the risk-taking that can lead to conditions in which everyone feels empowered to run with anything that’s how you get a situation where there’s now 20 your number one priorities and so they could be doing one thing well is to join things poorly so I really think this is about focus focus focus and discipline and one of my my fun war stories when I was a job to do I stayed around a yahoo after they acquired overture and y’all have jumped me some focused poems I’ve had a leadership retreat and there was a surprise guest speaker we had to get back in time for the surprise guest speaker so I did and this guy comes out in a black turtleneck and it turns out to be Steve Jobs so you know I put my blackberry down the suits do you have to say anybody question how does the optimal balance innovation and execution and his answer is the only thing I remember business answer like really resonated with me he says Apple we only have one choir you list there’s only ten on the list we debate like hell what goes on the list but we only do the things that are on the list and we don’t do things that are not on the list and Steve Jobs has you read you know about me was a big focus guy and why that resonated with me is just what I heard that it Apple there is one list it’s written down it doesn’t exist executives heads which is open to interpretation and amplification and lost in translation you know it’s written down somewhere there’s a debate process where people debate that’s very healthy that so you get the best ideas it also helps with anything buying late or if people feel that they have a voice maybe not a vocal they had a voice it’s also when I heard is that there’s a finite amount of priorities and they only focus on the things that are on the party list so it was a good straight port simple advice but I said on to merge that it’s good enough for apples probably good enough for your business another piece of advice is to be careful that you do not dismiss competition we all know that competition can be tough I often it starts that I see is at the moment in time that they are created there really was no direct competition technically they saw an opportunity others should not the danger is assuming that the world is static and then you never will have competition after that because the world is not static is dynamic and just like your company can be fast-moving and innovative and agile and smart and the other guys are the opposite of that but the other guys can do the same thing see – they can disrupt you they can outflank you – so don’t dismiss competition I think sometimes this is for Bato that organizations is considered bad form to talk about the competition I think it’s actually very healthy to talk about competition I think there should be peer out community so you get people to detective review the competition and you scenario how you strategize about what you could do to point your competitors what they might do did you do to you how would you react to that I think but overture in Yahoo them definitely do not take the threat from Google seriously I don’t believe that’s a personal opinion nor do they react strongly from it I think that both companies dismiss competition and then finally ignore compliance and I’m referring to regulatory and legal compliance you know we live in a compliant world especially here in California and compliance is one of those things that’s it’s not sexy it’s tedious no one gets interviewed by Charlie Rose for being very compliance you just don’t compliance is one of those things that if you don’t take seriously it will likely come back in front you can like me at the worst possible time for a financing or product launch and it’s one of those things it’s expensive to fix involves lawyers it creates a lot of reputational damage and not only can it slow down your business it can actually shut any business it’s interesting a chukar in 2011 we were talking to bankers about going public and in about three months later we are in the fight of her life trying to save the company because we were working through some repertory compliance issues that made I have a very public way so take complaint seriously I think should be a board level issue just like the board chess for financial operational updates they should ask for compliance updates alright so I’m not going to shift over to some commandments three will be thou shalt nots and then the next I will be free thou shalt only new 60 dating which is a time so if we have so much the purses thou shalt not assume you can raise prices so this is a controversial commandment I meant to be little bit of provocative this morning but I do believe that we’re just living in different times and the legacy of Walmart in Costco and Vanguard and Southwest in Amazon is that all of us are customers we all want to deal and I think the legacy in the internet is that businesses may have had to ever have before now consumer Institute so we want a good price and I just think that in general if their company tries to raise prices you’re going to get pushback from consumers and I also believe that with social media now customers have a way to sort of you know event and not suffered silence so I do say proceed with caution on pricing I also encourage entrepreneurs when they’re creating a financial plan the realistic financial plan to run a scenario which they never raise prices a true part to prayers never raise prices as 12 years in business maybe even run scenario where you lower prices and that tends to I can clothe the minds of entrepreneurs that you can actually lower prices that probably would help with your market share right and then if you are gonna raise prices well at least make sure that you’re not ignoring laws of economics it you know to me when you raise the price of something and lowers the demand so when I see financial models so the prices are going up and also conversion rate is also going up or churns going down that’s time a red flag to me so now there obviously are exceptions to this if you have an indispensable product you can probably raise prices in my household we would pay more for Netflix that is true if you have a product that people lust after I’m sure a lot of chain go by the you know the iPhone 10 or if you have miss price like LinkedIn for many years they under price to reprint solution they’ve soon caught up but you lose pressure under price you can do that but I’m just saying really think about pricing you don’t always assume your base pricing and there’s this great quote from Jeff Bezos and Amazon because there’s two type of company so they’ve worked hard to charge more noticeable much less we will be the second I think this is kind of reality that we another thou shalt not thou forgot obsess over valuations and what I’m talking about what when companies are raising equity capital and it’s okay to negotiate is a negotiation between being the lead investor for the valuation I think he’ll be should negotiate they should get a fair valuation it reflects their hard work the potential of business is good for morale it’s different amento I’m talking about what companies sort of have an obsession or lino cynic we must be a unicorn or we must be a hundred million dollars post Series B or ten million dollars post Series say I think that’s great dangers thinking because first of all it’s gonna scare away some investors you’ll just write yourself out of the market I think some investors or question motivation I also believe that it’s dangerous which is a good investor at a lower valuation is still far better than the average investor at a higher valuation that’s really partly their best ajar and you don’t want to limit your options on who your investors are the other danger and duty units can actually can harm the company I read the statistic at 53% of unicorns provided additional investor protections through their most recent investors which explains why there are scenarios where there are companies that have higher valuations as private companies and other companies because it turns out the last round and they got additional shares if the stock price went well that’s a horrible for the company that dilutes everyone’s staff employees I also just think that the danger in doing that if you do get a higher valuation you’re not quite ready for it you didn’t quite go into it you’re gonna have to go back to the well again it raised more money and it’s more likely the next round it’s going to be a flat round or a down round flat rounds are horrible down rounds or catastrophic it is very very difficult to retain when they look at their equity and they know it’s a workplace that’s one of the main reasons why they’re there and it’s also it’s really hard to recoup its it’s just a stigma about a company with a download company it was like don’t go there all right and then finally that’s all not rational I tell mistakes rationalize I mean as an attempt to explain or justify so let me reset we’ve got brilliant jerks to tyrants and bad bosses his eiders backstabbers self dealers information hoarders friends of glory Tasers wrestlers investors funny failures and or toxic Avengers this autonomous takes there were specific individuals in mind when I wrote that what I mean by this is even are the most perfect hiring system and no company has developed a perfect hiring system there will be talent mistakes they get through and also over time they will be people who’ve lost their motivation or they’re still – not kept up the job I do believe that the role of the years to ensure you have the right people and the right role is doing the right things and if you allow telling mistakes I or watch that you are telling the stage and I do believe that problem children in an organization in me week the enormous havoc get rid of them so I’m gonna come back to this topic so thou shalt but make this little bit more positive thou shalt stay capitalized this is an obvious one unit but the technical cause of death of companies that they go under is they might not have capital so the state capital is how is that but what I’m talking about is really more to own this station obviously has position the whole time but it’s really more about running the scenarios under you know the winter is coming scenario like if things got really bad weather it and a lot of companies don’t like to do that it’s like that could never happen to us or it’s considered negative energy like I don’t think that man but you know I think it’s really helpful to run those scenarios and a truth card by my old boss there Scott Peters excellent raising capital and even a couple rounds you know what I called her up to happen rounds which I have what look at the distraction is a distraction if any of new investors explain the story due diligence but we did those rounds and thank it as we did because then winter did come from to bark and thank goodness we were capitalized and had the right investors so but other buy stocks burners is give yourself plenty of times raise capital if it’s not just a weeks and month ends give yourself maybe orders to do it and also if possible try to negotiate from a position strength is better to raise the phone you don’t eat the money when you need it so and by the way we’re we’re in the golden era of capital the golden age of capital there is so much capital out there there is ninety six billion dollars in uninvested VC in the US money that needs to be put to work you now have a soft Bank vision fund that’s another 93 billion sovereign wealth funds have six point six trillion dollars that that they sometimes invest in startups you also have ventured debt you have now more or less angel networks who got passing angels I know about these one angel back there we’ve got test post angels we have you know what in initial point offerings ICO is whatever those are out there and I do believe the market sufficient if you as an entrepreneur team are not raising capital is not due to lack of capital another thou shalt thou shalt be ready for 10x tomorrow and one of my favorite questions around advising companies are working companies is all this is all asking of the CEO the the head of you know customer support the receptionist all go to them and say for the function that you’re responsible for that you honor you’re accountable for that you’re in charge of could it handle 2x more demand in the next three weeks and 10x more demand in the next three quarters it’ll simplify they can you handle 10x tomorrow and you can respond to get back is kind of like a sheepish laugh like well that’s a good problem right and then I kind of lean a little bit as a little of theater and I said you know that’s actually a terrible problem to have because if you get to a level of success but you do not sustain a success because you weren’t ready for it because you didn’t prepare for it that’s on you and you let yourself down you let your teammates down change change so be prepared for growth right but that doesn’t mean go build over capacity right now the command for it and when building a plan would I go once a one piece ago I says you can’t just hire your way out of it it’s very difficult to hire at the quality and at the clip that you want it also flies against a concept of operating leverage if you’re just hiring up to demand if you please demand by 5x you should only be hiring 5x – you have some operating leverage in the business so find some efficiencies and a true card this actually came true in the cash for clunkers in 2009 that was like 5x demand tomorrow doesn’t happen we had to be right for it luckily we were mostly we found some areas that we were but actually gave us a lot of competence we went through that at the pump and extend so and then finally on rationalise town mistakes here’s the other other definition of rationalizes and eliminate to make better so I hope you guys got that work played on the two slides and I thought was clever they make it so if you have telling mistakes get rid of them and one am i again best piece of advice dodge burgers is a fire fast fire fast I’ve never met anyone who’s been you know any tenure in business who does not agree with that it sounds cold I know it’s harsh and again the Millennials freak out when they hear that but I do believe if you have to help mistakes in your organization you can almost have it no I think there’s a weighted you can let go of people and it should be done with dignity first of all it should never be supplies to people communicating but it’s just not working out the conversation let them resign I believe that’s something that we just let them resign let them say face there should be a severance I think except the center should be formed a base that everyone that kept Eno’s probably three six months of working you get a week of severance or something like that make sure that they sign the release if you want the separates as a quid pro quo you have to send a release that you will not sue or not disparage the company shake hands and move on so I do think it’s really important to fire past some of my personal things mistakes in my career and not find fast and again I’m looking some people in the audience right now okay last slide so I have to do some favor close so if you’re offered to see how the rocket ship don’t have to see just get on that’s when Eric Schmitt is trying to recruit Sheryl Sandberg to to Google’s preface look at Google I love that quote Ivy said quote nothing can use that quote your company has to be rocket ship s you can’t be like a cardboard box it that you may look like a rocket I mean you have to be rocket ship s Walter each strategy for breakfast and tamale believe that I’ve watched a few interviews with Jeff Bezos from Amazon on and he always comes backs the same food things Amazon stands for customer obsession experimentation and taking a long view is their culture that makes Amazon an extraordinary company and then the team of the best player wins I also love this quote I know they curse fan but I do think that the Golden State Warriors are probably have better outcomes when the next few years did they just have better players and kurtz entrepreneurs look around do you have the best players on your team in terms of getting it done and you may have to fight about more than once to win it this is the market Thatcher a person who I really admire and in start world as often feels like this that which is measuring Proops I love this quote one of the things happen when you publish goals and progress against goals and honor to those goals and like green light yellow light red light and you publish that you put in spreadsheets you send it out you put on dashboards there are so many good analytics packages out there visual representation of data get the information out there and finally complaining about it the problem of that proposing a solution is called lane I just like this cuz I say to my kids all the time yeah he’s made we all know that because he’s drinking the most erudite beverage other planet anyway see what that was really really impressive I mean there’s so much information they’re wrapped up into nanos at five twenty five minutes actually little extra time for Q&A just awesome prefer not to coconut two decks so we have a question and raise your hand John will walk will walk around with the mic if you would like to share stories please dump afterwards because if I didn’t notice ok yeah so if you’d like to share story about your true car experience that’s cool but not right now okay it’s like who like to get started here why don’t I just share a real quick they do it without design accelerator right here back to 2013 when I 2013 to today so the Stewart keeps some really good to bits as far as entrepreneurs and then getting started on that and I really like to comment about finding the right team so how did you filled out assessing you know teammates when you mean understood know them I mean resume the background track record and things like that but are there any other suggestions you might have yeah can you all hear me yeah there’s many different ways to do there’s no such thing as a perfect hiring system well what I found over time is you know the hiring manager absolutely has to know what he or she wants and they need to compare with a good recruiting partner and the two of them should go find the right talent and the actual interview process I think should keep it to maybe three to five people people who are a really good assessing talent the same three to five people and then afterwards I think when they’re assessing that person and that should happen in meeting the moment the person is left that can is left the people who interview that person they get together in the room and they immediately assess that person and I actually like this I’ve used this before we’re literally on the count of three people put one two five fingers out they don’t even say anything like what do we think about this tentative count three go if anyone has a three year below the meeting is over everyone has veto rights and it’s not necessarily consensus driven I do too small just hire people will get a set some talents but if anyone says a three or below your meetings over you trust the person when your first thing you know them you want you may want to say why they said it three some people arbitrators but if there are four or five particular all the lives you know so when up again when I look back at some of the hiring mistakes I’ve made is because there are some boys they’re miners someone else is saying like there’s something automatic about that candidate and then we all put our blinders or filters on and we still went through often for expediency so really trust the system three to five people and arrow and that’s Bo right every page – you know I the question for you you spent two cars on the left side got her over there for a number of years and now you’re back in Pasadena what observations are contrasted to make having spent all those years on the west side now play back to Pasadena and what advice did you have the capacity of startup community yeah it’s back here because Q is brutal I know you know few of us still do it so it’s interesting maybe you know the Le text kind of started testing I think it shifted a little bit more to Westside and now I think if it can happen anywhere I’m very bullish on Pasadena in terms of le overall the papacy in particular in terms of its ability is a robust tech scene again I think it’s the combination the university system we had her between Cal Tech I think with Idealab I think we have a lot of lunch of renewables here who have some success they’re willing to give advice and I also think that the space is and cheaper and you cannot discount how important that is it’s incredibly hard to find space on the west side and we were a too far we were one of the largest employers in downtown Santa Monica we are five separate offices it’s really hard to manage a company and they’re always walking back and forth between buildings if you hear it snap there like in 30 buildings in Venice so it’s kind of crazy so it’s good Neverland convenient centralized location so I’m pretty full ashang on the past two detecting and thinking for events like this and I will say this if there’s any you know local entrepreneurs who who found my advice helpful I’m always willing to get a phone call copier lunch and just kind of talk about oh yes mr. Jimenez and um what’s your advice for entrepreneurs in terms of how they should work with their poor advisory boards and so that the informal networks that can help them visit it’s easy to get myopic when you’re you know spending all your putting inside the company yeah yeah yeah I think that’s a great question you know I always ask CEOs how do you aspire to allocate your time hopefully around hearing is a certain percentage on the market has from experience a certain time actually talking to customers a lot of time actually recruiting and talent and enough time talking to your investors your board your advisers I think that advisory boards are a good idea you know keep it took maybe four to five to different advisors or teachers you have different roles get them together once a quarter of an inch in there run a good meeting if you’re looking for ideas how to run a good meeting I think being the mark sister I’m sure maybe right it’s on both sides he’s been to X now as a partner in our adventure it’s good blogs about how to specifically run effective meeting so I think that you should stay in contact with them it’s an archiving manager investors in your bore I think it’s better to over communicate them to under communicate in the absence of their mation people get a little grumpy and you know then bad things can happen so and then in terms of your or if you have a formal board of directors choose wisely it’s you know you’re in that relationship for a long time with them and I also think that board should have some independent voices I think I see a lot of BC stack boards from former BC I’m no no recovering BC I say but it’s you know you should have an independent director in there who brings a different perspective so you want to sort of mix up your board when you can itself what’s that okay okay so the common wisdom is that you need to have your product launch it get some market validation before these things are going to pay attention do you my son has an example that’s contrary to that but I just wondering if you have any stories where people can have a little more Hope than oh my god it’s a hell of a long road till I get there yeah yeah I think that is common with them but there’s this point exception to it all depends upon the product ending the entreprenuer so if you know if your instrument on which is newer you’re very convincing maybe your product takes more capital to build in the first place I mean there’s many internet products you can sort of anything you something live but in other industries you so I think there are exceptions to it my point is you know know your story you know your industry you know the problem you’re solving know how to articulate that and get it from some investors and I generally think if you have a good story and you’re a good entrepreneur also culture eats strategy for breakfast yes so the three companies that you describe which one you think had the most effective culture and what was the CEO role in nurturing and shorten it well and Hot Topic it was it was literally all about the music that’s what their business is like it was you know they hired people tattoos by design and all sorts of earrings everywhere right and different haircuts but that was the culture it’s all about the music and and the CEO sort of lived that embraced that and a CEO spent a lot of time on hiring and you know embodying the culture I think so they are effective at that I you know lucaris culture was more kind of heart charging the kind of intense fun but intense and it serve a different purpose because we were we were definitely trying to disrupt an industry and you know we have the arrows and starvation to prove it right but we were trying to be price transparency to auto retail which is an energy really resisted so that composure needed people who were thick-skinned and you know someone’s a gladiator ultimate is they have to be have that and definitely our management team right or wrong sort of it reinforced that so it’s interesting if you watch these interviews with with Jeff Bezos he spends most his time says on the culture and he goes right now if I tried to change a culture I probably done it but he was happy to say that because now that culture is so strong you know Amazon now I’m trying to open a second ed quarter to me that’s a single day folk pop it enough that the culture can be replicated somewhere else that so strong the culture itself alright in with lessons yeah I mean one of their she’s like we got over here okay I just have my question was the night please my question was about pricing you were talking about keeping prices competitive and how this would be important my question is as a composer I kind of work in the service industry generally somebody needs a service man yeah compete so I’ve had a little bit of trouble with balancing keeping prices competitive and also not evaluated yeah yourself I mean so do you have any advice for that because I I didn’t I sometimes feel like if I give a plan the more competitive great they assume that they’re gonna get a sub part wrong yeah yeah yeah yeah that’s that’s that’s a notable exception to – my advice – I’m really more about kind of traditional products or her in if there’s a thing for professional service providers to get ya over time you would expect it to rate to go up I know that because I’m always right into my CPA in my you’d expect that and I definitely you know $8,000 our bills for borders before through the regular compliance so yeah I think by all means in the market gold they take with your work and Yugi I think should always advocate for we destroy this is very this is very good very enlightening as you reflect on your career what a maybe two or three things that that you would have done differently knowing what you know now yeah we’ve all done before just hiring mistakes are you keep the wrong people on your team for too long that does Stephanie mistake and it’s often from some misguided sense of compassion orders come from but also I think is you know my mistakes have been when I look back at my decision I tend not to be too much to look that guy but I’d look to see like what is my thinking distorted on that decision was I looking at it as objectively as spocky and as possible or allowing some distortions to come in and often my poor decisions physical add some sort of distortions to come in and sell alright that’s like well thank you so much for the questions and the amazingly concise answers this guy’s amazing give up another round [Applause] [Music]