David Senra: belief

Transcript context

…Apple has the prime billboard in every major city in America to advertise whatever the latest iPhone is forever. I talked to Michael Elnick, who's the co-founder of Tegus. We all know each other. We talked about this. This is another example because it somewhat affects our business, because when there's a decline in overall economics, ad markets usually shrink a little bit and ad rates come down. It's like, oh, you're doing exactly what investors do. What do Charlie and Buffett do when there's a crash? They don't deploy. You read Issy Sharp's fantastic autobiography, the founder of Four Seasons. He's building, what didn't exist at the time, the only chain of five star hotels at the time. This is what every founder does, Andrew Carnegie, John D. Rockefeller, Henry Clay Frick, when they're in recession, that's when they grow. What he would do is if his competitors would pull back on advertising, he would spend more. I think in the book, he increases market share by 25% or 28% using this over and over again because human nature is, oh, crap, things are small. This is what Ogilvy said. Ogilvy's like, if you need advertising to sell your product, it's not a marketing expense, it's a production cost. It's the actual cost of manufacturing your product. What Michael Elnick did that was such a genius move was, first of all, he knew something was working. He scaled up through podcast ads. He knew it was effective. Then he's like, okay, now you have all these people in the tech industry, their stocks creating, and everybody's running and treating. What does he do? There's probably available inventory.…

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