I'm thinking now in retrospect, that's great. What was the intent of this podcast? The intent was to share an incredible life story. Frank Reich's own story, raised in modest circumstances in the State of Pennsylvania, coming to some prominence as a football quarterback, both at the collegiate level and then later at the NFL level, although a lifetime backup quarterback which had its own amazing dynamics to it.
Today, a head coach in the NFL, but Frank's incredible life story connects directly into Foolishness as he switches onto investing and starts topping around fool. To catch up with them 10 years later and hear from somebody the story of his life in 10 sentences or left, the stock graph of his life, the three key moments that made Frank Reich the investor he is today.
To connect that life into Foolishness was I thought, a really special dynamic. I love seeing someone who's such a high achiever in one area, in this case, sports focus his sights on investing too.
Turns out, you can be great at more than one thing. Why was this a Bestie? This might have been my favorite podcast we did all year and increasingly I have a sense that Foolishness. That is what The Motley Fool has been trying to teach the world now for 29 years and counting. I just have this feeling that increasingly, we're hitting the main stream. Part of the reason I love doing this Besties podcast every year, is we get to revisit them with some of my favorite people.
I'm really happy to announce among a bevy of cameos and guest stars for this year end extravaganza, Frank Reich is the first one. Frank, welcome back to Rule Breaker Investing. A delight to have you with us this week.
Frank Reich: My pleasure, David. Glad to be back on the show during the middle of the football season. David Gardner: Yeah. I know it's special that we're getting this time with you. I know you're just coming off of a bye week, so maybe you had a little extra time. I know you have a big game coming up Saturday night, I'll be watching, against, of course, the New England Patriots, one of the league leaders.
But we're going to get into that in a sec, Frank. But really, first of all, I want to thank you. I want to thank you for doing the podcast that you did with me, Two Fools, as I already mentioned, and I have just gotten so many wonderful stories and feedback.
Not just directly from listeners and mailbags, but just from friends and family members. People who just love hearing your story, Frank. As I highlighted earlier, I should mention that I think it was just the combination of somebody who's a public figure, a very good person trying to do good stuff in this world, and we all know him in sports as a sports hero. But to hear the story, the backstory, the stock graph of your life, to hear the three key moments making you the investor that you are today, to hear the financial back life of somebody.
I think that's such a human thing, and so I thank you for that, Frank. Frank Reich: Thanks, David. It was a lot of fun. I have to say during the podcast with you, that was a different kind of interview. It was intellectually curious and challenging and fun to do. David Gardner: Thank you. The question I'll be asking each of my guests this week is, well, I have two questions but the first one, Frank, is what is one reflection that you have now about that podcast we did together?
It was mid-July. Frank Reich: It was mid-July right before the football season. I remember preparing for it and doing the stock graph over your life, which you referred to.
That was a fun exercise. But as I reflected, really I'd like to reflect on the three investing things that really changed my life. Looking back on my notes, just the idea of trading conventional wisdom for Foolishness, I cannot explain to you how important that is to me and how that has helped me take control of my own financial life and world, and to be courageous in doing it.
To learn, to trust to do that, and to experience what kind of courage it takes to be Foolish. David Gardner: Thank you very much for that, Frank. As I hear you talk about that, I'm reminded of one of the big words that we use a lot around Fool HQ. That word is mindset. I really do think that one of the things The Motley Fool is trying to do in this world is switch as many people on to this idea that they can be in control of their own financial lives.
They can be the quarterback of their financial life. For a lot of people, that is a real shift from how they started, and so I really appreciate you underlining that. The importance of mindset, which affects everything in our lives but often the big shifts as we look back over our lives or when we tossed away one framework and brought in another. We became a new person, we saw the world with new eyes. The world was the same, our eyes were all of a sudden new. Thank you for sharing that, Frank.
I was thinking some about the show Hard Knocks, which I think some of our listeners will be familiar with. Frank, you and the Indianapolis Colts are the focus of this show that traditionally has been around training camps. This time, it's the Colts, but you did something a little crazy talking about challenging conventional wisdom. I'm curious, have you been surprised at all by the experience in any way, shape, or form? Frank Reich: I have been. I was a little bit concerned at the very front end, hey, would this be a distraction?
But I really have a lot of trust in our players, trust in our coaches a little bit. This is the world we live in. We live in this multimedia world, all the social stuff that we do, and it's really second nature to our players. I give NFL Films a lot of credit, who was behind getting all this content together. They're pros.
It's done exceedingly well. I think there has been some benefit to it, David, that in one respect, I think it's shining a light on our players who I think are fantastic. Not only football players but human beings and all the work they're doing out in the community. But I also think it's an opportunity to shine a light on the players as what they're doing out on the field, and it's reminding us all the time that we're in a reality TV show right now and this is our life.
We're in the middle of a playoff run, and this is all being documented under the lights. Hopefully, that's going to bring out the best in our team. David Gardner: You and I talked earlier about the Heisenberg uncertainty principle, which basically posits that the act of observing something changes the nature of that thing itself. I'm curious whether you think that that has taken place. You're conscious as you're talking behind the scenes to your assisting coaches that there's a camera watching.
I'm sure that's changing a little bit of how you're talking. But apart from that, what about winning and losing, which is such a big part of sports and certainly football. Do you feel like you've been winning since the show started? Is that coincidence? Frank Reich: Well, I'm going to tell myself it's not a coincidence and use that principle. It doesn't imply that it's positively or negatively. That choice can be our choice and how we handle it.
I think that's what it's all about. Handling it the right way, being professionals about it, and understanding. The reality is that there's a lot of positives to it that I think help us focus, but can there be distractions? Could it be pulled in the wrong direction? It could be, which is why we always have to keep our guard up. We can never take it for granted and we always have to continually focus on what is important, and that's preparing.
Our preparation as coaches and players, that's what's core to what we do. David Gardner: The Philadelphia 76ers basketball team became famous for the phrase, "trust the process. But are you a trust-the-process guy, Frank Reich? Frank Reich: I am all in on trust the process, and I would add to that, and the people. I really believe, David, that trusting another person is one of the most powerful things that you can do.
I really think it's an opportunity to bring out the best in other people. I think at some level, the other person has to earn that trust, and of course, all the caveats and concerns that can come along with that. But I think what a good coach does, I think what a good friend does, I think what a good colleague does is finds moments and segments in a person's life where they can be trusted and that can help us take the next step of growth.
David Gardner: I intentionally left three seconds of silence there because to me, that's a mic drop moment, Frank. I really love that line and thank you for trust the people.
So eloquent, so well said. Well, I've become an Indianapolis Colts fan. Anybody in and around the Washington DC area knows the slow-motion train wreck [laughs] of a football team that plays nearby. Maybe it's easy to hop off the wagon. But no, I'm not so much hopping off a wagon, I'm hopping onto a wagon. I haven't yet gotten to see Hard Knocks, but I will be enjoying the show and looking forward to seeing a lot more of the stories and the players that you get to talk with everyday, Frank.
But for those of us who are Indianapolis Colts fans, and I suspect there are more than at the start of this year among my podcast listeners, you have a big game coming up Saturday night. In fact, you play the next two Saturday nights, both times on national television. Frank, you're playing two of the best teams in the National Football League.
Then the following Saturday, which is Christmas night, and I'm curious what it's going to be like to play a football game on Christmas, not eve, Christmas evening. Any predictions or thoughts about either or both of those games? Frank Reich: [laughs] Well, no.
I'm not going to be baited into any predictions. Our predictions and our expectations are about how we prepare. That I can predict that our players and coaches will be focused. I can predict that this is an important game in this playoff race. I can predict that we'll play for 60 minutes and will sell out.
David Gardner: Love it, and thank you for that. Frank, the national television exposure back-to-back Saturday nights combined with Hard Knocks, I have to believe the Irsay family is pretty happy with the exposure that their baby, their franchise, the team owners have for the Indianapolis Colts and the leadership that you're bringing. This is all becoming increasingly high-profile profile and I wish you all the best with that.
Any thoughts what it's been like to work with a family of owners? We're a family company ourselves at The Motley Fool, not quite as well-known as the Indianapolis Colts. But I'm curious about how it's been for you in a way as CEO, at least at winning and losing working with a family? Frank Reich: It's been fantastic. Irsay has three daughters.
I have three daughters. He's a few years older than I am. But they make no mistake or they don't hide the fact that this is a family run business. Even though it's a billion-dollar business, it's a family run business. We embrace that.
That's part of our culture. The mission statement for our organization is to entertain, inspire, and unite by winning the right way. I appreciate working for an organization that winning is important, but winning the right way is even more important. I really embrace that mission statement. David Gardner: Well, thank you for that. As a conscious capitalist and a Motley Fool as well, I love me some purpose statements. I'm delighted to know that it's a purpose-driven enterprise.
Now, Frank, I know you're awfully busy during this season. I'm curious, have you checked your stocks at all during this season? I know you're in meetings all the time, and if you're not there, you're in front of a camera out there on the field. Frank Reich: David, to tell you the truth, I have not. It's so exciting. We talked about taking control of your portfolio and what a great feeling it is to do that in a way that I cannot look at it for six months. I probably during the season have looked at it once a month for the last three months and really have a peace about it.
Every year, I spend a little bit of time right before training camp repositioning myself. Let me put myself in a position that if I can't look for six months, I'm good. That's an important deal to me. David Gardner: Not only is that so beautiful to hear, that's true, but that is the right mentality, that's the right mindset. I will admit to checking my portfolio multiple times every day.
But that's not because I need to, it's the same reason I watch games. I could just check the final score or look at the box score, but I really enjoy watching the game being played. That's obviously part of what I do. But I don't need to look at my portfolio yesterday, today, or tomorrow. It's so great to hear somebody who's really living that. But Frank, as you do check back in with that portfolio, first of all, welcome, it's December, you're getting a quick look at it.
What do you see looking up and down the ReichFolio? What jumps out to you? Frank Reich: Well, I would say just briefly that in the off-season, like you a little bit, I maybe don't check every day but try to check every day. I really would. The Trade Desk has been a very good company. Frank Reich: Cloudflare , HubSpot. I just feel like Disney is headed the right direction. Twilio is a company that I've continued to buy.
Okta is another good one that I've really enjoyed owning and believe in. Sea Limited. I've really enjoyed holdings, Sea Limited. Then I also think in the energy sector, SolarEdge Technologies. I remember listening to you on a podcast talk about that company. There was a uniqueness to the company that just caught my attention. I said, "I want to own this company," and I've continued to buy little pieces of it as time has gone on.
David Gardner: That's wonderful. Frank, you don't just buy once, you'll add over the course of time here and there. Frank Reich: Yeah. I really do. I like to buy in smaller increments and continue to be disciplined. Generally speaking, if I want to get into a position, I'll think, hey, I want to own this much, and usually break it into thirds sometimes.
Sometimes, I like a 50 percent in to start and then two 25 percent segments. That's pretty much the way I've handled it for the last five or 10 years or so. David Gardner: I just love hearing that. So many people think it's all on or all off, it's just a buy or just a sell, but really, so much of it is being incremental and building a position over time and letting time be your friend. Just beautiful hearing those from you, Frank. Frank Reich: I just think that maybe if there's one thing that I've learned from you and from Motley Fool, and I've learned this in sports, is that winners win.
Don't be afraid of that. That's definitely talk about mindset. That's definitely a transformation in mindset that I've gone where these days I do not hesitate to add the winners. I look forward to adding the winners. I'm not so much caught up on what that gross margin is, I'm more interested in the total dollars. Yes, I understand as I'm adding it makes the percentage. Frank Reich: Diluted. That makes the overall return diluted, but I'm investing in a good company that's headed in the right direction for the long haul.
That's been very helpful for me. David Gardner: You mentioned Disney earlier. I can't think of many better examples really measured over real periods of time where winners keep winning. Disney is a great example of that. Frank, the final question for you, what I'll be asking each of my guests this week, what's a wish, an interesting thought, or a [laughs] prediction that you have for the year ? Frank Reich: Well, I'll put this in the category of wish or prediction even as we were talking earlier about trading conventional wisdom for Foolishness, as far as the investing world.
I've been thinking about what that looks like me passing that down to the next generation of my family. Certainly, I've been doing that at some level, David. But now, just turning 60 and my children being in their early 30s and late 20s and their feet are on the ground, this is an opportunity for me to pass on a legacy, something that I didn't learn until I was probably in my 50s, that if I can help them understand some of the principles that The Motley Fool has taught me in investing and many times it's bigger than investing, but certainly investing.
That's something I want to do with them. I really want to talk about to them, what does it mean to trade conventional wisdom for Foolishness.
It's things we've talked about already, but take that to the next level and helping them understand that. David Gardner: I love it. Congratulations, happy birthday. It was this month for you and your 60th birthday and your thoughts naturally shifting a generation later. It's something that's a privilege for any of us that can get to that point, that mindset that we can do that, that we can create a legacy.
Frank Reich, you are certainly one such and you'll be an exemplar to a lot of people who are watching you and learn from you, me included, in terms of how you choose to do that over the course of the coming years. Frank Reich, in addition to wishing you a great , I'm just going to wish you a great next couple of [laughs] Saturdays as well.
One Fool to another, Fool on. David Gardner: All right. Well, the third Bestie goes to "". That was the title of the podcast originally published this year on March 17th, Saint Patrick's Day , by the way, March 17th of this year.
Now, the intent of that podcast was to properly celebrate consecutive weeks of brand new Rule Breaker Investing podcasts from our outset in July of The only way to get to is one week at a time over many years, so that was the intent. Really most of all to celebrate those who've done their run for glory, those who've heard all of them, we were celebrating you. We do celebrate you. Thank you for your loyalty. Of course, to thank Rick Engdahl for producing from the outset, almost all of those consecutive weekly podcasts, our Cal Ripken streak we like to play up on this podcast.
But I want to note about that podcast is that I fully wrote out the entire script for that week's podcast. I rarely do that. Like, I don't know, maybe once in podcasts. But this one, I wanted to be special and I had a lot of fun titling the three sections, so simply, you might remember the first was called This. The second was called Is. I'll let you guess the third, no spoilers here.
But it was broken up into those three sections and there was something Foolish with the capital F, I thought about writing out a minute meditation given a single word prompt, This.
This, for instance, was pointing, well, really, at a very important line. The line where on social media you might just emoji a finger pointing up at something that you admire, something important, something you don't need to repeat. You just point at it with your emoji and signal, "This.
How you and I or anyone you're studying or observing, how they made their money? When you really think about it, you think about investing and business and life, you realize how critical and beautiful. Thank you, Warren Berger, that question is, it's a beautiful question.
How did you make your money? Anyway, that was This. I'll leave you to think about Is, which was the second section, and the third section as well, which was Sparta. Wait, did I just spoil the third section in the podcast ? Well, no. Not really. So yeah, "" wins the Bestie because I think it stands out as a timeless meditation that just happened to issue from March Well, it didn't just happen, it happened that week because that week was Rule Breaker Investing consecutive podcast number Bestie number 3, "".
Well, on now to Bestie number 4. On February 17th of , we recorded a podcast entitled simply Bitcoin My intent at the time was to get two of the brightest, most intellectually curious people I know together to help me and you think about how to think about Bitcoin, cryptocurrencies, etc.
Well, Jim Surowiecki, a classmate of mine from college, a former Motley Fool employee, and financial writer of the smash best-seller, Wisdom of the Crowds, had recently written a column about Bitcoin. As in one sense, he said, "As a failed currency. Aaron held somewhat of a different view, Bitcoin and really more broadly, cryptocurrencies, as potentially the ultimate Rule Breaker.
Well, I didn't set up the conversation to be a debate. In fact, as you might expect from two very bright people, they agreed and agreed probably on more things than they disagree on. But especially if you're someone having a hard time still wrapping your brain around what's happening out there in crypto land?
Well, it turns out what's happening in crypto land is having some pretty big and noticeable effects on what's happening in the so-called real world these days. Anyway, so I thought then, and I still think now that one thing you should always try to do as a Foolish investor, is convene really smart people and just listen and learn. Which is in a lot of ways what this podcast tries to do all weeks, Besties Week included. This was an easy podcast to honor with the Bestie because just to be a fly on the wall, which is what I was for one hour and one minute in February, you too, that could be very valuable.
Whitmore: Ah, and what happened? Hackenbush: I got the flu. Hackenbush hands a large horse-size pill to Mrs. Upjohn when she asks for her medicine:. Whitmore: That looks like a horse pill to me. Hackenbush: Oh, you've taken them before? To Mrs. Upjohn You have nothing to worry about. The last patient I gave one of those to won the Kentucky Derby.
Whitmore after examining the large pill : Isn't it awfully large for a pill? Hackenbush: Say, you're awfully large for a pill yourself. At the races, Stuffy Harpo Marx , Morgan's horse jockey, wins a race he was supposed to lose.
He hides in Hi-Hat's stable to avoid being beaten. He tells Tony, who is also a racetrack ice-cream vendor when he isn't chauffeuring for Judy, that he has been fired, signaling the firing by striking a 'fiery' match. He cannot even afford to pay the feed bill when the sheriff Robert Middlemass arrives to collect. Stuffy gets caught making his final reach into the sheriff's pocket, and he makes the most of it, taking the sheriff's sock off his leg.
All rights reserved. Did MGM execs seriously think people who didn't find the Marxes funny would come along to see the production numbers? It's a movie of loosely strung-together set-pieces of course , and one wants to watch individual scenes rather than sit through the whole show. Groucho's mastery of verbal and physical comedy remains immensely compelling and Harpo is an excellent clown, but the plot is rather tiresome as well as being of course total nonsense, and the male romantic lead Allan Jones is a prize bore to end all prize bores.
There's a surplus of production values at the expense of pace, and the musical sections seem to have wandered in from several other films, none of them awfully good. MGM simply hedged too many bets, and it's already clear the formula hasn't much of a future. One has to treasure this film for enshrining some iconic comedy routines, but it feels less like a shrine than a sarcophagus.
Jeremy Oct 30, Details Edit. Release date June 11, United States. United States. English Italian. En dan smeha. Technical specs Edit. Runtime 1 hour 51 minutes. Black and White. Related news. Nov 30 Trailers from Hell. Oct 12 Trailers from Hell. Contribute to this page Suggest an edit or add missing content. Top Gap. See more gaps Learn more about contributing. A local hotel owner by the name of Morgan Douglas Dumbrille is trying by various means to gain control of the sanitarium to turn it into a casino.
One of the sanitarium's residents, Mrs. Upjohn Margaret Dumont , is willing to help out financially if Judy will hire Dr. Hugo Z. Hackenbush Groucho as her chief of staff. Does this sound familiar, "Duck Soup" fans? Neither of them realize that Hackenbush is, in reality, a horse doctor. Morgan and his sidekick, Whitmore Leonard Ceeley , try desperately to uncover Hackenbush's shakey credentials. To this end he purchases a horse with the intention of turning him into a winner at the track, with the help of Tony and jockey Stuffy Harpo.
This picture contains yet another inspired bit of banter between Groucho and Chico, in the "Tutsi-Fruitsi" scene. And watch out for an insane phone call to Florida, Chico selling race tips, Groucho's nutty medical exams and Harpo completely destroying a piano turning it into a harp. The Marx Brothers continued to make movies after Thalberg's death, but their hearts especially Groucho's just weren't in it anymore.
From now on they would be at the mercy of MGM, which was never terribly fond of them in the first place.
0コメント