In this week's Rule Breaker Investing podcast, Motley Fool co-founders David and Tom Gardner and producer Mac Greer are mining the radio vault and revisiting some clips from their old radio shows. They dive deep into the archive for clips featuring Amazon.com (NASDAQ:AMZN) founder and CEO Jeff Bezos, Netflix (NASDAQ:NFLX) co-founder and CEO Reed Hastings, Priceline -- now Booking Holdings (NASDAQ:BKNG) -- founder Jay Walker, sex therapist Dr. Ruth Westheimer, country singer Loretta Lynn, TV personality Fred Rogers, commentator Ben Stein, and Donald Trump.
A full transcript follows the video.
This video was recorded on April 11, 2018.
David Gardner: Welcome back to this special edition of Rule Breaker Investing podcast. I mean, I like to think that every week is a special edition, but even if that's true, this is an even more special edition, and I did foreshadow this toward the end of last weeks' time together when I mentioned we wanted to dig back into the annals, the vault of our radio past and pull some clips that now looked at, in the light of day, more than a decade later, might have anything from high insight to low humor associated with them. And so, I had to go back, bring my brother Tom back to the show and our longtime producer Mac Greer...
Tom Gardner: Ageless.
D. Gardner: Ageless Mac Greer.
Mac Greer: Not true!
D. Gardner: And these days, you know Mac, as a host on MarketFoolery, among other things, he does a lot of things around The Motley Fool. But Mac, back then, what was your job?
Greer: I was a producer. Hired in 1998. We had a live three-hour AM radio show every Saturday. Remember? I'd come in and we'd go and have breakfast at La Madeleine, and we'd have what in theory was kind of a planning/prep meeting. And then we'd tape it in a conference room, and it'd get really hot, and we'd open the windows, and you could hear sirens and all that. Sometimes we'd have callers, and sometimes you guys would put me on air and ask me about my book report on Farrah Fawcett.
T. Gardner: How many times were you fired, Mac?
Greer: I was fired -- when did that kick in? That kicked in...
T. Gardner: South Park.
Greer: Yeah. That was right around South Park.
T. Gardner: Kenny was dying at every episode.
Greer: Every episode.
T. Gardner: When Kenny was dying.
Greer: And fired by some famous people. Jesse Jackson fired me.
T. Gardner: Yes.
Greer: Which was great. That was probably the high point of my career.
D. Gardner: In that era.
T. Gardner: A man who is dedicated to creating jobs out there.
Greer: Exactly. I'm about to create another one. I'm about to create another one from you.
T. Gardner: Let's create another one. That's right.
Greer: So, we did the AM show for three years, and then we did the NPR show for four years. We did the AM show from 1998 to 2001, and NPR from 2002 to 2006.
T. Gardner: Were we rule breakers back then? In audio?
Greer: Sure, we were.
T. Gardner: Were we audio rule breakers?
Greer: I think...
T. Gardner: Was the Earth shaking when we were born?
D. Gardner: I would say so.
Greer: I think that's probably right. I think we were probably ahead of our time, but sometimes I think we were behind our time and if you're so far behind your time, then maybe you're almost ahead of your time?
T. Gardner: I like that.
Greer: Does it come back around?
T. Gardner: I like that very much. And would you say that the clips that we're going to hear during this show really effectively communicate how rule breakerly we were.
D. Gardner: I sure hope so. I mean, there were not many national radio shows on AM radio or NPR that would feature Jeff Bezos and then we would have Soupy Sales.
Greer: That is true.
D. Gardner: That just didn't happen...
T. Gardner: Motley.
D. Gardner: ... in a lot of places.
T. Gardner: About as motley as it gets.
D. Gardner: And that really is what we're going to be doing. This time together this week -- this is experimental -- this could be dangerous. What we're going to do is we're going to play clips. Mac, you cued them up. Tom and I don't even know what you've brought to the table, but we're going to go over each one of these. Reflect. Think. We're going to hope to educate, to amuse, and to enrich. Possibly there will be more amuse than a regular episode of Rule Breaker Investing. We'll find out.
Greer: Lower the bar, please.
T. Gardner: Given the danger, what sorts of activities should you not be participating in while listening?
D. Gardner: Tom, this is a question, clearly, that you need to answer of your own.
T. Gardner: I would say choose the autonomous vehicle.
Greer: I think that's right. Heavy machinery -- don't operate.
T. Gardner: It sounds like a good safety thing.
D. Gardner: I would say don't be outdoors working on cleaning the gutter right now. I think that would be a mistake.
Greer: That's good.
T. Gardner: Good, OK. Well, it sounds like we're ready.
Greer: And you may doze off unexpectedly for a few of these.
D. Gardner: I sure hope not. All right, so this is called Blast from the Radio Past. This is Vol. I. If our Rule Breaker Investing listeners like this show, we will be happy to bring this back from time to time because there is a deep... Am I right, here, Mac? A deep vault of audio gold.
Greer: I would say there's a deep vault. I would end the sentence there. So, there's a deep, deep vault.
T. Gardner: There's a vault.
Greer: And what we have -- pretty much on every show we've done -- is a more business-centric interview with a CEO or business leader...
T. Gardner: Sure...
Greer: ... and then we have a celebrity, human-interest interview that was always near and dear to my heart. Spoiler alert. I will say that that may be the part of the show that didn't always work. My reach exceeded my grasp, or it's the other way around. I don't know.
T. Gardner: You've created memories.
Greer: That's one way of putting it. I like it.
D. Gardner: And we're about to create some more. Mac, without further ado, we're going to go with Clip No. 1. What do you have for us?
Greer: In one of our early shows [this was back in 1999], we had then-new CEO Jeff Bezos of Amazon. Amazon was a very new public company and he's going to talk about what Amazon is and I guess what Amazon isn't.
T. Gardner: What is the promise that Amazon.com has made to people using the service, and buying products from you over the last couple of years? What is the promise that you have to deliver on to build your brand?
Jeff Bezos: Well, I think what we're trying to do is the "Earth's Most Customer-Centric Company." It's a whole bunch of little things that add up, and some big things. But if you can be a customer company... Sometimes people ask us, "Are you a book company, or a music company, or now are you a toy company?" And we're none of those things. We're trying to be a customer company.
And you can sort of uniquely do that well on the internet because of the possibilities for personalization and putting each individual customer at the center of your universe. And if you can do that, you'll have something completely new. [Being] customer centric [the service, the experience], I guess another way to say this is starting with the customer and working backwards.
D. Gardner: OK.
Bezos: If we can be known for that, that allows us to do a lot of things for customers.
Greer: So, guys, this is back when I thought of Amazon as Earth's Biggest Bookstore.
D. Gardner: That's what my mouse pad said. I still have that mouse pad. Yeah. This was early days, wasn't it, Mac? He was mentioning toys. I don't think they'd gotten to many of the other categories, but had broken out of books, music, videos. And I guess when I think about that, Tom, I just think, "Wow! He fulfilled on the vision that he had right back there in 1999." I mean, here he is 19 years later crushing it.
T. Gardner: I would guess that if we were to interview him, or listen to an interview with Bezos today, he would be saying almost exactly the same thing. Although he's now understood, and that has played out in a way that makes sense to everyone, rather than being predictive...
D. Gardner: That's right...
T. Gardner: ... as it was back then. But the principles have remained the same for Amazon all the way through. It's amazing!
D. Gardner: It is amazing. Each individual customer, he said, at the center of the universe.
T. Gardner: Now only one of us purchased Amazon and held it all the way through at this table.
Greer: It's true.
T. Gardner: It's only one of us. In fact, I've taken a single action on Amazon in my life. I shorted it in CAPS and made 20%. That's it. It is the worst thing. Buffett said this about Bezos, and Amazon, as well. It is the worst oversight of my investment career. It literally lives up to so many of the principles that I have as an investor that I learned from David, and I learned from our dad, and there it is. And Mac, at least you purchased Amazon along with Dave a couple of years ago.
Greer: A couple of years ago.
D. Gardner: Are you a shareholder?
Greer: I remember. Even though we interviewed Bezos three or four times in the late '90s -- we interviewed him in 2002 -- that was the last time we interviewed him. But I never even came close to buying Amazon, because I was conventional wisdom personified, and the knock on Amazon is they're never going to make a profit. It's probably hard for people to remember this, but back in the '90s, the question wasn't like, "How big was Amazon's profit going to be or not be?" The question was, "Is Amazon going to survive? Will Amazon be a going concern?" There was no definitive consensus.
T. Gardner: They used a lot of debt.
Greer: Right. And some people thought they weren't going to make it. It's so hard to wrap your head around that idea, and I was in that camp. I had eBay, and the line on eBay was it's got a lighter business model, and everyone was the eBay of something, and I'm like, "Why would you buy Amazon when you could own eBay?"
D. Gardner: Well, and don't kick yourself too much, Mac, because...
T. Gardner: Let us kick you.
D. Gardner: We couldn't actually know or understand that there would even be something called a cloud one day, or that Amazon would go that direction. There's no way to connect the dots to 2018 from that interview or from what we were all thinking looking forward, then.
One thing we could do, I guess, is say this is a visionary guy. This guy is ambitious, and he's creating a great company. We could definitely have said that, but it's only increasingly true of investing today, isn't it, that we really don't know where the next technology is coming from and how things are going to morph. But you've got to be ready for it.
T. Gardner: So, how did you know, then? Because there was a Barron's article in the last two years that said, "Yeah, Amazon. Well, no one bought it and held all the way through." And it was like, "Well, actually, funny..."
D. Gardner: Well, I don't read Barron's, so maybe it's nobody who reads Barron's.
T. Gardner: Possibly. OK, kick them down. But what is it that caused you... And you could just say, "It's my principle of finding something great and just holding it indefinitely," or you could say, "I was reaffirmed by this or that." What were one or two of the things that caused you to hold this all these years?
D. Gardner: I think it goes right to Rule Breaker Investing and then we should probably go to Clip No. 2. Briefly, Tom [and you know this already], but basically what you were buying, there, was you were buying a top dog and first mover in an important, emerging industry. The important, emerging industry was e-commerce, and you definitely had the company that was out front. And it's not easy to get a company to be public and get out front of something that big and be that young.
T. Gardner: They went public very quickly as a company.
D. Gardner: They did. Sub billion. Sub $1 billion.
T. Gardner: Sub $1 billion, yes, and relatively early in their life as an entity.
D. Gardner: Exactly.
T. Gardner: Because their growth rates were so rapid on the top line.
D. Gardner: Yeah.
T. Gardner: So, does anyone here at the table [I know we've got so many other clips]. Does anyone here at the table know what percentage of Amazon Jeff Bezos owned when they went public? I like the long sigh. Long sigh.
D. Gardner: I'm going to go with 23%.
Greer: I'm going 50%.
T. Gardner: The answer is 41%.
D. Gardner: All right, good. So, wisdom of the crowds. Twenty-three plus 50 divided by two and you get close.
T. Gardner: So, there may be a few factors that all match up with some rule breaker principles of yours which is a young, dynamic visionary founder who owns a very large stake getting out ahead of a major trend. You ride along. Some of them won't succeed, but the ones that do could likely succeed so fantastically that mathematically you get ridiculously great returns.
D. Gardner: You bet. Mac, thank you! That was a great clip. What's No. 2? What have you got for us?
Greer: OK, with No. 2 I want to go to another Amazon clip, because it's interesting. It wasn't all sunshine and rainbows, as we know in the early years. Amazon sold off sharply a number of times, including the year 2000, so this is Jeff Bezos talking in a 2000 interview we did about the market sell-off.
D. Gardner: How has the market changed? Why has Amazon.com and its shareholders been a little punished?
Bezos: Well, I think the whole sector has been treated roughly, and I think maybe very appropriately. If you look at 1999, 1999 was a year where a start-up company could raise $60 million in venture capital with a single phone call and then spend half of it on television advertising in a single quarter.
That is probably not rational and healthy for the market to support that kind of activity. And one of the time-honored traditions of investors is to play the role of skeptic. And I think we're seeing that happen today in a much healthier way.
D. Gardner: OK.
Bezos: And if you look at the long term -- and I know you guys at Fool.com share our approach to this -- the longest period you can measure Amazon.com over is the three and a half years that we've been a publicly traded company, and our stock is up a factor of 20 in that period of time, even after falling three-quarters off of its 52-week high.
So, we're very proud of the returns we've generated for our long-term shareholders. We wish that the stock chart slowly and continuously moved up and to the right in a straight line. That would be the best for everybody, but unfortunately that's not how stocks work.
D. Gardner: Wow! So, Mac, that was late 2000, right?
D. Gardner: Because having held the stock from when we bought it for The Fool Portfolio [back then our free portfolio at Fool.com], at $3.21, it hit a high in 2000 three years later of $95 and that's kind of what he's speaking to. He said it's down three-quarters from that point. So, we watched it go from $3 to $95 and then it touched down as low as $7 about a year after that interview. And the rest is history. It's gone more up and to the right as Jeff mentioned since then.
T. Gardner: Here are the first few sentences of Amazon's letter to shareholders that year.
D. Gardner: Awesome! Tom, are you bringing some research to this podcast?
T. Gardner: "To our shareholders." I have some data, too. "To our shareholders. Ouch! It's been a brutal year for many in the capital markets and certainly for Amazon.com shareholders. As of this writing, our shares are down more than 80% from when I wrote to you last year. Nevertheless, by almost any measure, Amazon.com, the company, is in a stronger position now than at any time in its past." So, you have humility, tough year, optimism, belief in the future...
D. Gardner: Long term...
T. Gardner: And long term...
D. Gardner: Exactly.
T. Gardner: Mac, I'm going to put you on the spot with a little bit of data. What do you think Amazon's sales growth rate has been since that time, and what do you think their stock has returned?
Greer: Oh, gosh!
T. Gardner: Since they came public?
Greer: The stock has returned a lot, and the sales...
T. Gardner: So wrong!
Greer: Let's see. Oh, shoot. 20%? I don't know.
T. Gardner: OK, that's good! The answer is Amazon's sales have grown 43% a year since they came public...
D. Gardner: In 1997...
T. Gardner: ... and their stock has returned 36% a year. And it really is just a lesson for all of us as investors that over long periods of time sales growth is a pretty important indicator for creating value, and Amazon has had it in spades.
D. Gardner: That is astonishing, Tom. Awesome research! I didn't realize. 43% annualized sales growth over 21 years?
T. Gardner: Yes.
D. Gardner: Insane!
T. Gardner: And 36% investment returns. Actually, we'll do this for another Rule Breakers podcast, but you look at companies like Netflix. They're doing the same thing -- 35% sales growth, 45% investment returns growth since they came public. So, sales is a very good indicator of value creation if you're looking out 10 to 20 years.
D. Gardner: Before we move on, Mac, I'm assuming we're about to say goodbye to Jeff Bezos on this week's podcast.
Greer: We are.
D. Gardner: We're moving to stranger places.
Greer: To Netflix. To the aforementioned Netflix.
D. Gardner: OK, well not that strange. Nice. But when was the last time you booked Jeff Bezos for The Motley Fool?
T. Gardner: Yeah!
D. Gardner: I love the clips from 18 years ago. Where's Bezos been at Fool.com since?
T. Gardner: If you can't get him on the Rule Breakers podcast in the next six months, Mac, you're fired!
Greer: That's good. He's a tough catch, and in defense, he was on 16 years ago in January of 2002. So, you know, 16-plus.
D. Gardner: Nice. OK.
Greer: So, it hasn't been 18 years.
T. Gardner: So, really, once they started taking off as a stock again, they didn't take Mac's calls.
Greer: And the same is true for Reed Hastings. We had Reed, and...
D. Gardner: Ah! I sense a transition line, because we're about to hit the next clip.
Greer: That's true.
D. Gardner: CEO Reed Hastings. Netflix? Is that what you have for us?
Greer: Correct, yes. This is from 2003. They are a new public company and he is talking about his goals for the future.
Reed Hastings: Our focus over the next four to seven years is how do we get to $1 billion of revenue? How do we get to $100-200 million of free cash flow? And it's about the five million subscribers or 5% of household penetration. If 5% of American households subscribe to Netflix, we'll get there.
Greer: For those of you scoring at home, Netflix, U.S. households. Do you want to ballpark the penetration these days? It's higher than 5%.
T. Gardner: I would say they're 110 million households and I'm going to say they have 40 million U.S. subscribers.
D. Gardner: Ish. Yeah.
Greer: That's good. It's around 50%, I think.
T. Gardner: Around 50%.
Greer: And then the last stat I saw for globally is 118 million subscribers.
D. Gardner: Awesome! Now why did you bring that clip?
Greer: Because I thought you all would have something to say about it.
T. Gardner: [Laughs] Good.
D. Gardner: All right, yeah. Let's go with what an incredible stock that has been. I mean, the similarities, as Tom was already drawing to Amazon, are interesting. I mean, obviously they are different businesses although, if you think about who's competing in streaming with original content right now, they feel like one and two. HBO should be included in that mix, but it's fascinating to think that those two companies, and those clips from so long ago [where we bought the stocks, got our members in and have just held all the way through], which is maybe one of the most important points we'll make on this week's podcast, should never be forgotten.
T. Gardner: At our last Motley Fool gathering in San Francisco, I had the opportunity to interview Jeff Weiner, the CEO of LinkedIn, who's been a Motley Fool follower for 20 years, now. I asked him whether he thought Netflix was going to be larger than Disney (NYSE:DIS), because I think we, around the table, all agree that we think it will be. I think it will be. And he said, "Absolutely, yes!"
And one of my big takeaways as an investor [because Jeff is a very active investor in his life] is that we should spend a certain amount of our investment time [research and capital allocation] to companies that we think could have hundreds of millions of paying customers or billions of users, given that we are connected like never before in history.
It's maybe a factor that we underrate, Jeff said to me. The worldwide population, he said. And the company that stands out there for me, looking forward, is Netflix. I think Netflix, Jeff said, could have an unbelievable number of subscribers 10 years from now.
Greer: Do you think you're discounting Disney, though? I mean, I've been wrong about Netflix for a long time. I own Netflix, now, but at the time of this clip, Netflix was DVDs by mail.
T. Gardner: Listen, Disney is a great company.
Greer: And I thought, "This is like Columbia House." It felt Columbia House. You get a few free DVDs. Yeah, whatever. A perfectly good Blockbuster down the street.
T. Gardner: Yes, it seemed very fringe. Very fringe.
Greer: Not going to happen. And then obviously they made the transition.
T. Gardner: You remember Reed Hastings in that interview -- maybe that interview or another interview -- told us he felt that Netflix aspired and could become the largest media company in the world, which seemed outrageous back then, and it's playing out now, and I don't have anything negative to say about Disney. It's just that they have so many other assets to manage and a lot of physical assets to manage that take time and don't have the same sort of growth rates. Netflix is all digital. So much original programming. Very high margin model where they're able to reinvest their cash flow.
So, I think Netflix is going to be larger than Disney and when they get there, I don't think they're going to turn back. I think Netflix will be a larger company than Disney 10 years from now.
D. Gardner: I love them all, but...
T. Gardner: And you've made money on them all.
D. Gardner: One thing that I'm wondering, Mac, is whether you're kind of a Modern-Day Cassandra, now. Cassandra, as you may remember from Greek myth...
T. Gardner: Is this research? You brought research in?
D. Gardner: I think you all know this. We're all part of...
T. Gardner: Were you prepared to bring this out on Mac?
D. Gardner: We're educated people.
T. Gardner: You were like, "I'm waiting for this moment to call him a Modern-Day Cassandra."
D. Gardner: No, this is really not about Mac. No, this is mainly me just getting to talk briefly about Greek myth.
T. Gardner: OK, I believe you.
D. Gardner: We'll remember Cassandra. She was the one who was cursed to make the right prediction but no one would believe her. And I feel like maybe, Mac, you are a Modern-Day Cassandra. You are cursed to book CEOs who are so successful after you book them that they won't answer our calls, anymore, or come on our shows.
Greer: I like that. I like that.
T. Gardner: That looks good.
D. Gardner: Is that fair?
Greer: Is that a compliment?
D. Gardner: Macsandra?
T. Gardner: Are we just taking off on the quality of the deep vault right now? Because we've got Bezos and Hastings. I can't wait to hear what's coming next.
D. Gardner: Oh, it's a lot deeper down there.
T. Gardner: It must be just one unbelievable visionary CEO winner after another.
T. Gardner: Where do we go now?
D. Gardner: There are more, but you know what? We're going to save some of those for the next installment some months hence when we do this again.
T. Gardner: OK, yes.
D. Gardner: We can't fire it all right now, but great. Mac, you gave us some Bezos. Some Hastings. What have you got next?
Greer: A wise man once told me happiness equals reality divided by expectations.
D. Gardner: Ah! Yes. Good. Thank you! Good math.
Greer: Next up, let's pivot to Jay Walker. This is an interesting clip. Actually, that's for our listeners to decide. I hate when people tell me that something is interesting or funny.
T. Gardner: You set the expectations high.
Greer: I know. That's ridiculous. A fascinating moment.
D. Gardner: This may or may not be an interesting clip.
Greer: This may or may not be to your liking. What I can tell you is at the time of this interview [this is 2000], Jay Walker was the founder of Priceline. By the end of 2000, Jay Walker has left the board, has left Priceline, and Priceline is trading around $1 a share, so they really got whacked. And now, of course, Priceline has been incredibly successful, but this is Priceline founder Jay Walker in 2000 talking about the future of the internet.
Jay Walker: When you look at companies like Yahoo! on the net, I think you see a company that clearly gets it. That understands its scale, its value-added proposition. That understands its business model. That isn't the business model de jour and is very focused on its own growth and meeting the expectations of its customers. And I think that's true in a fair number of areas.
I think the big question of the internet and e-commerce is, is the future of e-commerce on the net really a future about trucks driving around the neighborhoods of America delivering products, or is the future of e-commerce on the internet really about using the net for its information capabilities? Let's say delivering prices instead of products and thereby leveraging the bricks and mortar equation that's already in place in the market?
Which is not to say it's an either/ or proposition. It's not. I mean, obviously there are going to be companies who are very successful on the net who deliver products, just like there were catalogs who were very successful in the real world. But I think the future of e-commerce is largely misunderstood as the old world replaced on the net.
And that's just not the future of e-commerce. The future of e-commerce are truly new and innovative models that scale rapidly, that leverage information assets in whole new ways, and solve problems for both buyers and sellers.
T. Gardner: Long-term Priceline shareholder.
D. Gardner: And these days it's been renamed. Jay Walker is no longer there, but it's Booking Holdings, and it's been a tremendous winner. I'm wondering here, again. Do we have another #Macsandra situation, Mac? If you were to call up Jay Walker, do you think he would join us on one of our podcasts? I'm hoping so!
Greer: I think he would and for me one of the first questions is please tell me you held your shares. This almost makes me sad, because the company that he described...
T. Gardner: He's probably doing great by it.
Greer: Probably so.
D. Gardner: Well, let's be clear. He has done very well. I don't actually know his holdings, just like I didn't even know Bezos's holdings, really Tom, and that was great. You brought that fact to the show.
T. Gardner: Mac, how much money does a person need to be happy?
Greer: You know...
D. Gardner: You're taking us to a new place.
T. Gardner: I think what you're saying is Jay Walker could have probably had billions and billions of dollars more than he does, and you're saying that you feel that's deeply sad.
Greer: I wouldn't say deeply sad. I think that the entrepreneur who had this vision for this company -- that ended up becoming this incredible company, and who predicted the future, at least in part [the information economy and all that] -- I think he should benefit from his creation.
D. Gardner: And he did very well. In fact, I don't know if you guys have seen it. I saw either a documentary, a clip that goes inside his house. I believe he lives in Connecticut. I'm looking this up. It's the Walker Library of the History of Human Imagination. It is a remarkable structure and a huge library.
T. Gardner: And Mac is trying to shrink him...
T. Gardner: ... by saying he probably didn't hold his shares.
Greer: You're saying I don't need to do the Kickstarter campaign. No Kickstarter campaign.
D. Gardner: Do you guys remember the pictures by Escher of paradoxical mazes? Like you're walking up one staircase and then you flip over? That's the whole design of his Walker Library -- The History of Human Imagination. And it has priceless tomes. Anyway, Jay Walker's doing great, and he's become a cultural preserver. This is a great American.
T. Gardner: I would like to say, however, that I think the way history has played out has not flowed in the direction of the conclusion from that statement that he made. And I guess I'll associate it with I believe this. I believe that we all underrate how much we love convenience as consumers. Really how lazy we are. So, if you're telling me a truck will come by and drop it at my house or where I can go walk six blocks and get it...
Greer: Yes, he was all for that part.
T. Gardner: I'm going to get the truck dropping it off. I think I told John Mackey, who's on our board [the Whole Foods founder] that if Whole Foods provided a service where they would actually place the food in my mouth for me, I would look at the price tag.
Greer: Oh, my gosh!
T. Gardner: If they would deliver the meal and they would actually...
D. Gardner: Tom, you would like to be spoon-fed? Is that the news you're breaking on this show?
T. Gardner: Yes. It starts that way and it ends that way. We are close to the end.
Greer: This clip reminds me a bit of something that Jeff Bezos said, and it's another clip, and so I want to revisit just something Bezos said.
Bezos: If you look long term, clearly there are going to be some companies [some of the largest market-cap companies in the world] 10-plus years from now that are going to be born of the internet. I think that you can predict that very confidently. But I think that trying to predict today which of those are going to be is very difficult. And in fact, if you look at the history of pioneers [and clearly, I'm including Amazon.com in that group], if you look over the past of say other revolutions, like the PC revolution and so on, the history of pioneers isn't always that good.
D. Gardner: I like what you're doing, Mac. You are almost hyperlinking from the Walker interview to the Bezos interview. You're creating The Great Conversation on this podcast, and you had Bezos speaking to Jay Walker across time...
T. Gardner: The public messenger.
D. Gardner: I think Tom was right, earlier, when he said that Walker didn't necessarily nail it. Actually, a lot of the things that we associate with the real world have been replaced with the internet, and Bezos's line about the biggest, best companies of our time being born right then ... that was true.
T. Gardner: And to Walker's credit, he did say it's not either/ or. I'm sure he was investing in a way that led to him finding a lot of those winners. I will just say, since I'm sitting here on the Rule Breakers podcast the number of these companies that showed up in Rule Breakers or the original Fool Portfolio, David, is incredible. Obviously, there are some misses in there, but to have found the companies that you found and to have held them as long as you have; what are the next two or three of these over the next 15 years?
D. Gardner: We've talked about that on all the other shows this year, so there's 51 other weeks for you to listen and get that answer, Tom.
T. Gardner: OK, good.
D. Gardner: But this week...
T. Gardner: I want a free stock pick.
D. Gardner: ... we are living back in the...
T. Gardner: For Mac Greer. So, we can see if Mac buys it 10 years from now.
D. Gardner: Got it. Mac, when we talked about this show ahead of time, you said, "We're going to start with a meatier course."
D. Gardner: "Then we're going to go with a palate cleanser."
Greer: Right, and that's where we are now.
D. Gardner: OK, and then maybe to...
T. Gardner: Fruity.
D. Gardner: To light dessert or something crazy.
T. Gardner: You guys need a pill.
Greer: Lighten it up.
D. Gardner: I am excited, Mac, because I've just cleansed my palate. Where are we headed next?
Greer: Well, we are going to lighten it up here, a bit. Well, not lighten, but love and money. Big topic and one of our favorite guests over the years.
T. Gardner: I know where we're going.
Greer: You know where we're going. Every Valentine's show.
D. Gardner: I'd like to guess where we're going.
T. Gardner: I could perform this statement, now, I think.
Greer: I think you could. Dr. Ruth would join us...
T. Gardner: Bear market.
Greer: ... every Valentine's Day. For people who don't know, Dr. Ruth was a longtime and is still a sex therapist and can talk about love and relationships.
D. Gardner: Dr. Ruth Westheimer.
Greer: Yup, and we asked her about money. This was from a 2000 interview.
Ruth Westheimer: If a relationship is a good one, then even if they have some worries about money, that should actually lead to intimacy, to hugging and kissing, and to say to each other, "Look, I'm here for you. I'm here for you not only when you can buy me diamonds and champagne. I'm here for you, also, when there is some trouble."
D. Gardner: But Dr. Ruth, can you have good sex in a bear market?
D. Gardner: OK. I needed to have the definitive word.
Westheimer: Yes! And you have to make sure that you are not too tired, you have to make sure that you are not exhausted, and you also have to make sure that you help at home.
D. Gardner: OK.
Westheimer: Do the dishes, bring flowers...
D. Gardner: Oh, these all read like condemnations for me.
Westheimer: Do something that is of interest to your partner.
D. Gardner: OK, that is one of, I think, our classic clips. Mac, that was pretty awesome. What I love about that is that Dr. Ruth did not even hesitate, as I asked her...
T. Gardner: She doubled down. She doubled down.
D. Gardner: ... can you have good sex in a bear market? Yes!
T. Gardner: And then yes again.
D. Gardner: Yes, again!
T. Gardner: I wonder what's in Dr. Ruth's investment portfolio.
D. Gardner: I'm not sure we'll ever know.
T. Gardner: I have a feeling she's a seer. I have a feeling she's a seer across a number of industries.
Greer: Yeah, I think that's probably right. We asked her about it at one point. I remember she was pretty conservative. She did not like to lose money. I remember that part.
T. Gardner: She wasn't willing to risk going through a bear market.
Greer: Yeah, I think that's right.
D. Gardner: Now Mac, was she our most frequent guest on the Motley Fool Radio Show back in the day?
Greer: She was up there. I think Jack Bogle was probably No. 1.
D. Gardner: Excellent.
T. Gardner: Who was somebody who came on never to be heard from again?
T. Gardner: Who's an example of the least frequent?
Greer: Well, we had a number of quits.
T. Gardner: It was brief and end to end.
Greer: We had Stephanie Powers. We had Soupy Sales. We had a number of one and done.
T. Gardner: Kirk Douglas?
D. Gardner: But was Dr. Ruth an easy book? Like would you call her and she was like, "Yes, Mac! Let's go!"
Greer: Yes, she was great.
T. Gardner: I mean, Jeff Bezos was an easy book for a couple of years, there.
D. Gardner: Yeah.
T. Gardner: He got the word out about Amazon.
D. Gardner: We've talked about #Macsandra, a developing, trending hashtag right now on Twitter.
Greer: Hey, I mean a lot of the stuff... In fact, a lot of the stuff that he said holds up, still, so we've got that 2002 interview.
D. Gardner: Yeah.
T. Gardner: Are you afraid of Soupy Sales?
Greer: Soupy Sales, one and done. When I tried to book Soupy Sales [and I was successful]...
T. Gardner: Will we be running a Soupy Sales clip?
Greer: No, we won't.
T. Gardner: No.
D. Gardner: That will be for Blast from the Radio Past, Vol. II.
T. Gardner: Can I share what I remember from that that I loved?
Greer: Yes, and we should explain for people...
T. Gardner: Soupy had the most popular children's show and it was back with three channels, so that means millions and millions of children watching Soupy Sales. And he gave the advice to go into your dad's wallet and described what it looked like. Or go into your mom's purse...
Greer: Mommy's purse...
T. Gardner: ... and look for anything green, and put it in an envelope, and send it to Soupy Sales...
D. Gardner: Send it to Soupy!
T. Gardner: At NBC Networks, yada yada, New York, NY. And he got fired for it.
D. Gardner: Yeah, because...
T. Gardner: It was like $1 million in ones was sent in.
D. Gardner: Thousands and thousands of dollars started pouring in.
T. Gardner: And then he got his job back.
D. Gardner: He was just joking.
T. Gardner: He did get his job back. Do you remember the popular dance of that show?
Greer: Was it the chicken? No. It was the...
T. Gardner: You know it really, Mac. Are you pretending?
Greer: No, I'm not pretending.
T. Gardner: Do you remember it?
D. Gardner: No. Help me!
Greer: The mouse!
T. Gardner: The mouse!
Greer: No, I don't remember that.
D. Gardner: Mac, anything more you want to say about Dr. Ruth?
Greer: So, she is timeless and someone else who is timeless and we're celebrating this year the 50th anniversary of his show. There's a documentary this summer coming out about him.
D. Gardner: Oh, and it looks like it's going to be great.
Greer: And there's a movie with Tom Hanks. I don't know why...
D. Gardner: Plain.
Greer: ... you would have a movie playing this guy. That's saturation.
D. Gardner: Presbyterian minister.
T. Gardner: I think Tom Hanks would play you in The Motley Fool movie, Mac.
Greer: That's OK, but Tom Hanks should not play Mr. Rogers, because there's only one Mr. Rogers, and I think that's sacrilege for anyone to play Mr. Rogers.
D. Gardner: I'm so glad you brought the Fred Rogers clip. Which one do you have? He's so quotable, Mac. Can we roll it?
Greer: This is from 2002. We've got two clips we're going to share. And this is in the wake of Enron and a number of corporate scandals, and that sets up this question.
T. Gardner: Let's talk a little bit more about justice just briefly. Some of our listeners may not know that you're also an ordained Presbyterian minister, and as someone who's spent your life talking about values, living those values, what's your take on some of the scandals that have played out in corporate America over the last few years? Speaking about not taking care of the people that we work with in many cases?
Fred Rogers: Exactly. Well, what do you think it is that drives people to want far more than they could ever use or need? I, frankly, think it's insecurity. How do we let the world know that the trappings of this life are not the things that are ultimately important for being accepted? That's what I've tried to do all through the years with the Neighborhood.
You know, it's you I like. It's not the things you wear; it's not the way you do your hair; but it's you I like. The way you are right now; the way down deep inside you; not the things that hide you. Not your fancy toys. They're just beside you. But it's you I like. Every part of you. Your skin, your eyes, your feelings, whether old or new. I hope that you'll remember, even when you're feeling blue, that it's you I like; it's you yourself, it's you.
T. Gardner: I remember Buffett was asked about Ken Lay or Enron and things that had gone wrong in companies and he said, "I think that they lack gratitude, because they had far more than they needed, and they weren't thankful enough for it." That seems to integrate nicely with Mr. Rogers' comments. And I don't want to make light of this, because that's such a beautiful expression, but it does convince me that we could probably lower your pay this year, Mac.
Greer: Now, why is that?
T. Gardner: Because it's you I like. It's not the things you have. It's not the clothes you wear.
Greer: Well, to your point...
T. Gardner: It's not the car you drive, Mac.
D. Gardner: It's your hair!
T. Gardner: It's you I like. It's that you have hair.
Greer: I'm not focused on monetary compensation.
T. Gardner: Is that true?
Greer: I'm just grateful. I'm grateful! I'm all about gratitude!
T. Gardner: One of the fun things in life -- and I wouldn't say in any significant way -- but Rick Engdahl behind the glass working on the Rule Breaker Investing podcast is driven a little bit more by capital. So, would you be willing to share some of your resources with Rick?
Greer: Absolutely! Absolutely!
T. Gardner: OK, good! So, that's Venmo.com. This segment of Rule Breaker Investing Podcast is brought to you by Venmo. Let's make it happen.
D. Gardner: Tom, I'm really pushing for you. Did you hear your voice as we let in?
T. Gardner: Yes, I think I weigh more, now. I'm just guessing that I put on some weight this evening.
D. Gardner: My question -- we can live this rhetorical -- but who knew Tom was slurring drunk?
T. Gardner: Was I drunk then? Really? It sounded drunk?
D. Gardner: Just the start of that clip, Rick. Just that one more time.
T. Gardner: OK, that's good. I think it's fair.
D. Gardner: I mean, inquiring minds.
T. Gardner: Drunk? OK.
T. Gardner: Let's talk a little bit more about justice just briefly. Some of our listeners may not know that you're also an ordained Presbyterian minister.
D. Gardner: You just caught it right there. I think we heard all we need to hear. [Laughs]
T. Gardner: Yes, I guess maybe it was a night on the town the night before.
D. Gardner: Well, it was Enron. It was a tough time for all of us.
T. Gardner: It was hard times.
D. Gardner: And that's why it was so great, Mac, that you brought Fred Rogers to the microphone on the Motley Fool Radio Show. That is such a classic. I mean, obviously that was one of his poems, I'm assuming. I'm pretty sure that wasn't off the cuff, but if it was he's even more of a genius than I thought.
But I'll say this. That serves as a wonderful trailer for this summer's Fred Rogers documentary.
D. Gardner: If you haven't already watched that trailer online...
Greer: It's incredible.
D. Gardner: ... bring a handkerchief with you as you watch the two minutes that is up there, because it's beautiful.
T. Gardner: I can't believe I got drunk before interviewing... Fred Rogers. I mean that is...
D. Gardner: Oh, the legend grows.
T. Gardner: ... childhood. Everything.
Greer: I'm not going to judge.
D. Gardner: Now, Mac, you said there's another Fred Rogers.
Greer: There is another Fred Rogers clip. This clip is on our show. I think it's fair to say we were not afraid to ask the tough questions or let me rephrase that. To ask questions that other people weren't asking... be they tough or not. So, this is one of those questions for Mr. Rogers.
D. Gardner: Mr. Rogers, since both Tom and I grew up watching your show, we're well aware of you as a persona. That's why I have to ask. Is Fred Rogers Fred Rogers?
Rogers: My wife says it best. People say to her, "Is he really like that?" And she said, "What you see is what you get."
D. Gardner: Mm-hmm.
Rogers: And I don't know whether you sense that from our visit here today, but I think the greatest gift that anybody can give anybody else... As a matter of fact, the only unique gift that anybody can give is his or her honest self. You know, nobody could give you, Dave, to anybody else. Nobody could give you, Tom, to anybody else. You're the only one who can give yourself to somebody else.
D. Gardner: All right. I mean, yeah!
T. Gardner: I mean, I feel bad doing this.
D. Gardner: Where are you...
T. Gardner: Could we go back to David asking the questions, because... when he said persona, he sounded drunk to me. Sounded drunk.
D. Gardner: Mr. Rogers, uh, since both Tom and I grew up watching your show, um, we're well aware of you as a per-son-a...
D. Gardner: All right. I may be...
T. Gardner: You were so honest there...
D. Gardner: I may be. Maybe.
T. Gardner: A glass of wine.
D. Gardner: Now, I want to make it clear. Since Rule Breaker Investing -- we take pride in this and I mentioned this before on the podcast -- has a clean lyrics stamp...
T. Gardner: Mm-hmm...
D. Gardner: ... on iTunes...
Greer: Yes, there is no drinking.
D. Gardner: ... I want everybody to know that we did not drink in or on the shows. This is a mere joke, I thought.
T. Gardner: I thought you were saying we had to bleep out one or two things that Fred Rogers said.
Greer: Absolutely not!
D. Gardner: But he's sure not bad either.
T. Gardner: As you can see, he was going in a direction that needed...
D. Gardner: Did you notice he said, "What you see is what you get." That's what his wife said about him. And I think we all know the acronym for that is WYSIWYG. And to think that Microsoft ripped that off as badly as they did and never paid Fred Rogers a dime for WYSIWYG. Shocker!
T. Gardner: And now you're attacking Microsoft.
Greer: Good point. But it's true. He was...
T. Gardner: If Microsoft's legal department is listening, that was David Gardner.
D. Gardner: I don't recall Gates or Ballmer ever joining us on the Motley Fool Radio Show, so open season, right?
Greer: I'm just glad he was who he appeared to be.
T. Gardner: If you don't show up on the Rule Breaker Investing podcast, your company is at risk.
D. Gardner: I'll say this. I love my Xbox.
T. Gardner: What's our next clip?
Greer: Our next clip is one of my favorite interviews that we've done. She was probably one of the first country music superstars...
T. Gardner: One of my favorite interviews...
Greer: ... Loretta Lynn, and we're going to play a clip, here, where we had asked her. You're not going to hear the question, but we'd basically asked her if she could have ever imagined, as a coal miner's daughter growing up poor, if she could ever imagine the success she had.
Loretta Lynn: Well, you know, I was too little to ever think of that. I didn't dream that big. But Daddy had an old Philco radio, and we'd turn it on, on Saturday night and listen to the Grand Ole Opry. It didn't come in great, but it come in good enough that we could hear Ernest Tubb, and every time Ernest Tubb would sing, I would cry. And Mommy would say, "I'll turn it off, Loretta, if you don't quit crying." I don't know why I'd cry when he'd sing, but I did. I really don't know. But later on, when I come to Nashville, that guy at records asked Ernest Tubbs. Said, "I'm going to record you with a female artist. Who do you want to sing with?"
T. Gardner: Wow!
Lynn: And Ernest Tubb said, "You know that little girl singer that just come to town?" And he said, "Yes." And he said, "I want to sing with her."
T. Gardner: One of the great country music couples, Loretta Lynn and Johnny Cash. Just kidding. I love that movie. I thought that was a great movie, Walk the Line. And it was great. No, Loretta Lynn. Also, I remember that she said in that interview...
D. Gardner: Coal Miner's Daughter.
T. Gardner: I remember that she said in that interview... We were asking about her investing and what money meant to her in life, and it was something along the lines of like, "If there is a haystack I can lay down in..."
T. Gardner: "If I got a small meal on the table..."
Greer: Warm bed, hot meal.
T. Gardner: "And the people I love are right there, that's all I need."
Greer: That's it. Yeah. She was incredible.
D. Gardner: Easy to book, Mac. Was what it like? You know the metagame. The behind the scenes for so many of these. Just the talent.
T. Gardner: Just how much of the value were you creating? Was this easy?
Greer: I don't remember that one, but I really enjoyed that interview. I think I earned my keep for that one interview.
D. Gardner: But this is all just a reminder of... I'm going to say it again, guys.
T. Gardner: The motley.
D. Gardner: ... a deep vault of audio gold that we will be mining on behalf of our listeners at various points in the coming months and years.
T. Gardner: Who owns the IP? Is that Mac's? The vault? Does Mac own the IP of all our radio? Are there contracts we signed?
D. Gardner: I think that...
Greer: The Motley Fool. We own it. We own it all collectively.
T. Gardner: Just checking. Just checking if Mac had worked something behind the scenes over the years.
D. Gardner: Mac, what do you have for us next? In fact, how many more do we have, here?
Greer: Three more clips. Another company that... Well, it didn't turn out too well. Planet Hollywood. And we had Ben Stein on the show several times...
D. Gardner: Oh, yeah!
Greer: Star of Ferris Bueller's.
D. Gardner: And Win Ben Stein's Money.
Greer: Exactly. And we asked Ben Stein about Planet Hollywood.
D. Gardner: Ben, where were you with Planet Hollywood? Were you part of the Van Damme, Sly Stallone team?
Ben Stein: No, Planet Hollywood is the exact opposite. Planet Hollywood was not a solvent, well-run company. Hard Rock Cafe was run by Peter Morton, who's one of the geniuses of hospitality in this country. He now owns the Hard Rock Casino. "Quiet, you fool! I'm on the phone!" That's my assistant. She's having a... I'm being interviewed on the phone by some very important people, you fool. This is my assistant and that's interesting that she walked in at this moment, because her husband is a big stock market plunger and he got me to put a whole bunch of money [women screaming in the background] into a lot of high-tech funds where I lost an astonishing amount of money. I lost an astonishing amount of money this spring.
D. Gardner: That is just too great. It's not sometimes the interview itself. It's the stuff that happens around the interview.
Greer: Yeah. Always winning.
D. Gardner: Ben Stein. A graduate of Yale Law School. He was the valedictorian of his class, and he also won an Emmy for Win Ben Stein's Money. This is a very accomplished gentleman. Ben, these days, is clocking in at about 73 years old. I'm sure hearty and healthy, I sure hope. He was a fun, return, repeat guest on the Motley Fool Radio Show. I'm thinking maybe Ben's another guy we should have back.
T. Gardner: He's a Fool.
Greer: Yes, indeed.
Greer: So, yeah, I started in 1998, and in 1999 on our then AM radio show we interviewed what I would call a successful...
T. Gardner: This is like Luis Tiant. Line of sight.
Greer: ... successful real estate developer who... Very active in Manhattan. Becoming more of a television personality.
D. Gardner: I have to add that I had literally forgot that we had interviewed this particular person.
Greer: We had.
D. Gardner: I'm so glad you went deep!
Greer: I did go deep...
D. Gardner: ... into the wide and deep vault of audio gold.
Greer: And there's a backstory to our then interview with Donald Trump and it was that the stock was a short, correct?
D. Gardner: Indeed, yes. And it's something that I've covered before on this podcast and "I Own the Water." You can go back and google it. It's probably one of my more enjoyable episodes to put together where I told the story of us shorting the Donald. But Mac, I truly had forgotten that we had him on the radio show a year or two later.
T. Gardner: I had, too. I think we had John McCain on a number of times...
Greer: We did.
T. Gardner: ... and it would be an incredible Rule Breakers podcast later this summer to have the president and Senator McCain on. At the same time.
D. Gardner: Dick Cheney.
Greer: That would be a doozy. And Elvira.
T. Gardner: And Elvira.
D. Gardner: The Mistress of the Dark definitely made multiple Motley Fool Radio Show appearances.
T. Gardner: She did make a number of appearances.
D. Gardner: I mean, that is going to be coming, probably, Blast from the Radio Past, Vol. II.
T. Gardner: I think I recall that she was an incredibly shrewd businessperson.
D. Gardner: Nice.
T. Gardner: She knew what she was doing all the way through in a beautiful, very Foolish and fun way.
Greer: She bought the rights to that character.
T. Gardner: I can't believe that that wasn't part of today's. That just shows how much there is.
Greer: I'm disappointed in myself.
T. Gardner: Nah!
Greer: But I appreciate your gratitude.
D. Gardner: Actually, half an hour before we taped Mac said, "Guys, I've got it down to 26 clips. I know we need to get it down to about half that."
T. Gardner: He was crying. By the way, he was crying when he said that.
Greer: It's tough.
T. Gardner: His glasses were at an angle.
D. Gardner: He put in a lot of time. He really has, and we appreciate that, Mac.
Greer: Which kid do you love the most?
D. Gardner: All right, so let's hear the clip.
Greer: So, this is our interview with Donald Trump from 1999.
D. Gardner: OK, in closing, one thing we try to do, here, at The Motley Fool, is educate young people about money. Now, you have a daughter, Ivanka, who we believe is a fan of The Motley Fool.
Donald Trump: That is true.
D. Gardner: OK. What is the single biggest lesson about money that you try to teach your daughter? And one quick follow-up after that. Since my brother Tom is single, any chance you could set Tom up with Ivanka?
Trump: Well, I don't know if I could trust Tom with her, but I will tell you. She is a big fan of Motley Fool and the reason I called you originally, a few months ago, was because you guys were killing me, and nobody was talking about it but my daughter and her friends. So, that means you have a young, bright audience and I had to straighten that out because I couldn't let my daughter hear how dumb I was. All right?
But I think what I'd really like to tell Ivanka is to be very conservative. Fortunately, she's in a position where she doesn't have to be a wild risk-taker as I really had to be when I was building up this company. And I'd like to see her -- and my other children, for that matter -- be very conservative. And I'm sure that your brother, Tom, would make a wonderful candidate for Ivanka, but maybe we should wait a couple of years.
D. Gardner: OK. I think that's probably really good advice.
T. Gardner: She's well out of my league, Donald. I apologize for my brother.
D. Gardner: And that... And that is a pretty great clip. In fact, Tom, I wanted to bring that one out just briefly to celebrate because Tom, you are turning 50 this week.
T. Gardner: Five zero.
D. Gardner: You're keeping it really low profile, and this is just a small thing on this podcast, but I asked Mac to go back and grab a fun Tom Gardner clip and you've got our president talking about Ivanka. But seriously, thank you for not just being 50 years a great brother...
T. Gardner: I'm glad I was born. I'm glad I was born.
D. Gardner: ... but in this week's context, thank you for being such a wonderful co-host for all those years and, of course, co-partner in our business today.
T. Gardner: How many years of radio programming did we do, Mac?
D. Gardner: Seven.
Greer: Yeah, seven. Three on AM, and four on NPR. So, if you do the math...
T. Gardner: Then we had the PBS Special together...
Greer: Three hundred a show.
T. Gardner: ... that we worked on.
Greer: The moneymaking, life-changing special.
T. Gardner: What, in your opinion, was the single lowest moment for us as a team? Like what did we get through? Tough times. Hard times. We're on the road somewhere.
D. Gardner: The right way to answer this is, guys, I can't talk about the lowest, but I'll talk about the 37th lowest moment.
Greer: Yeah. We had some...
D. Gardner: Tough times.
Greer: ... shows and interviews that didn't always work. There was some brotherly discord. There was some discord with your producer.
T. Gardner: There were times where David and I would be arguing. I remember this...
Greer: It's true.
T. Gardner: ... and one of us would just go silent for like seven minutes on the show.
Greer: And it was a live show.
D. Gardner: I mean, you know. You're there with your brother.
T. Gardner: That's right. It's true. You're working through things.
D. Gardner: You betcha.
Greer: It's true.
T. Gardner: 25 years.
Greer: But we just had Dan Heath speak here, and he talked about the concept of peak moments and that's really what you hold onto. And that's what I hold onto. When you think of all these interviews, then I forget that we ever interviewed Kenny Baker or Verne Troyer. Stephanie Powers.
T. Gardner: Oh, Stephanie Powers. We had peak moments.
Greer: Oh, Stephanie Powers. Totally forgotten.
D. Gardner: These will come back. My dear listeners, if you've enjoyed this week's zany show, please know that this was Blast from the Radio Past, Vol. I. If you want to request at some point -- maybe late this summer -- guys, bring out Vol. II.
T. Gardner: And if you really want it to be a couple of years from now, we'd also understand.
D. Gardner: Let us know. RBI@fool.com or you can talk about it in this month's mailbag. This has been a long show, but it's been a long and lovely show, and I want to thank most of all Mac Greer, who dived in, went through hours of clips to come...
T. Gardner: Clips of all these people.
D. Gardner: To say nothing of the shows, themselves.
T. Gardner: Produce the show.
D. Gardner: But just the work he put in the last two weeks to make this possible. Mac, thank you very much! And Tom Gardner, my brother, happy 50th birthday this upcoming week!
T. Gardner: Respect!
D. Gardner: You rock, and it was so much fun to do this with you.
T. Gardner: Great stuff. Thank you, David!
Greer: Thank you!
T. Gardner: Thank you, Mac!
D. Gardner: That closes out this week's show. Next week I'm going to either and/ or review five stocks picked on this show a year or two ago, and/ or pick five new ones as a sampler coming to Rule Breaker Investing next week. In the meantime, thanks for joining with us. Fool on!
As always, people on this program may have interest in the stocks they talk about, and The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. Learn more about Rule Breaker Investing at RBI.Fool.com.
John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Teresa Kersten is an employee of LinkedIn and is a member of The Motley Fool's board of directors. LinkedIn is owned by Microsoft. David Gardner owns shares of Amazon, Booking Holdings, Netflix, and Walt Disney. Mac Greer owns shares of Amazon, Netflix, and Walt Disney. Tom Gardner owns shares of Netflix. The Motley Fool owns shares of and recommends Amazon, Booking Holdings, eBay, Netflix, and Walt Disney. The Motley Fool has a disclosure policy.