Codie Sanchez
@Codie_Sanchez
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Investing millions in Main Street businesses & teaching you how to own the rest | HoldCo + VC Fund | We should own our communities and corner stores.
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Joined February 2011
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Our 2023 Annual Investment Letter.
I haven’t written an investor letter since 2019 when I left my PE fund and decided to invest with largely my own capital.
Investor letters always felt like pain to me.
Long, tedious, often unread.
It can also feel a bit egotistical — “Let me…
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I have a friend who is 40 and damn near a billionaire.
I asked him what his one key to investing well is... here's what he told me:
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You only need to know 3 things to understand finance.
I could have saved myself:
- 2 years for my MBA
- $160,000 to pay for it
- 7 years at Goldman
If I just learned to read these 3 financial statements:
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If you don't understand debt, you'll never be truly wealthy.
Here's what you need to know about how the rich use debt:
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My richest mentor told me...
"I win more for one reason. I move fast. By the time most people are done analyzing, I've already made three mistakes and found a better way."
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Every night my husband and I do this one thing, it's called the TEAM method...
It may completely change your relationship, it did for ours:
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You want to get rich... build relationships with:
- Lawyers
- Accountants
- Bankers
- Investors
- Owners
They understand the game.
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You want to get rich... build relationships with:
- Lawyers
- Accountants
- Bankers
- Investors
- Owners
They understand the game.
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Be the type of person who reaches out to others... when you don't need something.
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Life hack.
Always the stairs, never the elevator.
9 other underrated life hacks:
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Most successful people I've met aren't that smart.
They move fast, they take risk, they work a lot. That's it.
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If you want to get rich, master negotiation.
• A salary raise
• An investment
• Business deals
It doesn't matter.
13 negotiation secrets from 20+ years in business (that have made me millions):
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75M baby boomers will retire by 2030.
8 tools for finding and buying their businesses (before someone else does):
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7 graphs that will challenge your intuition:
1. The Relative Value of Higher Education
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I’ve read 100+ books on money.
50% were a waste of time.
20% were not relevant to me.
But these 8 changed my financial life:
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Every time my husband and I get into an argument, we use one thing to defuse it...
The "Too-Small Trigger"
It may completely transform your relationship, it did for ours:
We were having trouble “picking our battles.” I’m a fiery latina who thinks they’re ALL battles. He’s an…
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ChatGPT and AI will kill industries.
11 ways it will impact you and your businesses (+ how to win now):
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You want to get rich... build relationships with accountants. They understand the game.
10 accounting terms you need to know in under 3 minutes:
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Amazon is facing an $8B/year problem.
• ~75% of employees leave the company
• Only 1/3 of new hires stay for >90 days
• 100% employee turnover in warehouses (double the industry average)
But it gets even worse.
Let me explain:
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Every Sunday I use the 1 in 60 rule, it may help you change your life:
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I don’t post politics. But this is too important.
The Texas border.
@elonmusk
@BillAckman
& former FBI all asking why Biden administration is not letting the national guard, guard the nation?
This is how nations fall.
I know it’s hard enough in our business and just…
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If you don't understand taxes, you'll never be truly wealthy.
There's a capital gains strategy that could save you millions.
Here's how you can leverage it (in 3 minutes):
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If you don't understand taxes, you'll never be truly wealthy.
Owning a small business is the best tax deal in America.
Here's everything you need to know about how to leverage it (in 3 minutes):
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Anyone who says owning real estate is passive income has never owned real estate.
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Everyone wants to make money or be an investor...
But most people don't speak the language of investing.
Here are 16 terms every VC knows but most investors don't:
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Unpopular opinion:
The biggest change in wealth happened for me when I realized $1,000,000 is not a lot of money.
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Waking up at 5:45 am solves 99.9% of daily issues.
12 other unreasonably simple habits to change your life:
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After 13 years in finance and managing hundreds of millions...
Here are 21 truths that will make you more money than any business degree:
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The world is run by:
- C students
- failed employees
- and probably people less smart than you.
Don't underestimate yourself.
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Every night my husband and I do this one thing, it's called the TEACH formula...
It may completely change your relationship, it did for ours:
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The greatest muscle you can build is urgency.
Decrease the time between having an idea and getting it done. Everything changes.
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I thought my laundromat would be a good investment.
But I didn’t know it would be on track to make $5M after ~ two years…
Here's the exact framework we used to scale the business (so simple it's scary):
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If you don't understand taxes, you'll never be truly wealthy.
Owning a small business is the best tax deal in America.
Here's everything you need to know about how to leverage it (in 3 minutes):
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You're going to die someday.
Sorry.
Here are the 7 most common end-of-life regrets (you can avoid after reading this):
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Why are we more depressed and anxious than ever?
By design:
- less friends
- less sex
- more drugs
- sit for 8 hours a day
- in a cubicle
- social fakeness
- identity politics
- no God
- processed food
- valued by networth
- no nuclear family
It's a recipe with no surprise.
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Why most people don't make money:
They invest in assets when they should be investing in themselves.
I’ve spent $120,000 on business coaching - and I have zero regrets.
9 lessons I paid $120k for (free for you):
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If you want to be a millionaire, you don't need to invent the next Uber.
Here are 7 ways to start making $1 million in a year without a brilliant idea:
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My friend took a company to $100Million in revenue and profitability w/o VC funding.
I sat with him to learn how to do the same; here's what he told me:
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My dad had the best line about entrepreneurship:
"You aren't truly in the game unless you find yourself in the dead of the night, head in hands, sitting in the dark, with no idea what to do next."
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Waking up at 5:45 am solves 99.9% of daily issues.
12 other unreasonably simple habits to change your life:
1. Grab your to-do list. Do the thing you want to do least, first.
2. Stop all 60 min meetings, make them 45 minutes. Tighter meetings, more time.
3. No social media,…
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I just read a Reddit post on someone's $25k/year side hustle.
• The gig: Renting wedding arches
• Average revenue per job: $521
• Time commitment: ~1 hour per job
Here's how it works:
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Most successful people move with this mindset:
Entitled to nothing, willing to earn everything.
10 other truths of the ultra-successful:
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If you want to be a millionaire, you don't need to invent the next Uber.
Here are 7 ways to start making $1 million in a year without a brilliant idea:
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Before I met my husband, I was:
Stressed, had little fun, worked all the time, & thought that was the only way to win.
After him: We've been around the world, AND had multiple 8-figure businesses.
13 lessons from him on his birthday (so he can change your life a little too):
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Uber: Valued at $85 billion, loses $500 million per year
My Laundromat: Bought for $100k, nets $67k per year
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Self care isn't a bubble bath, it's multiple income streams.
8 income streams you could start today:
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The Funnel to Nonconformity:
+Become a funnel for ideas
+Let ideas fight based on merit, not emotion
+Find courage to act in nonconformity
= Opportunities others never see, or are too scared to act upon
An uncrowded market leads to outsized returns in life, and wealth.
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Everyone talks about the same companies every day.
Uber. Google. Facebook. Tesla.
It's corrupting our youth.
Here’s how Silicon Valley misled an entire generation about startups and wealth (and what you can do about it):
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I'm not interested in clean-shaven boys with suits and ties and standard jobs.
Give me men with dirt under their fingernails, desperate dreams, wrinkled skin from too much sun and eyes too hard from the things they've seen.
Those are the builders.
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The five levels of rich:
Level 1 - No car
Level 2 - Cheap car
Level 3 - Range Rover
Level 4 - Ferrari
Level 5 - No car
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My dad always said he "sold marble and granite."
He never used the words Entrepreneur, Founder, or Owner.
There's a lesson there.
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If you speak the language of money, you usually make more of it.
11 money-making basics they teach on day one of an MBA (in plain language):
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Working smarter not harder is a beautiful lie.
You will not know how to work smart until you've worked very hard for an irrationally long time.
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Being a leader is the hardest job I’ve ever had.
Leadership principles I know at 32, I wish I knew at 22:
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People ask how I’m productive enough to run multiple companies.
The secret: DO LESS.
Time is such an easy thing to waste...
Here’s the three steps I apply to save 20-30 hours each week.
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When you move from a worker to the leader, you have to change everything.
What no one tells you about being a CEO:
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The most underrated secret to success.
You say you will do a thing, then you actually do the thing.
90% do not do this.
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"Smart men go broke three ways - liquor, ladies and leverage." - Charlie Munger
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Age 25.
Tired, unfulfilled, ground down by the corporate world.
Now, I'm 37.
Invested $12.1M in the last year, through my OWN funds, owning 24 businesses.
Here's a breakdown of last year's investments:
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If you want to get rich, master negotiation.
• A salary raise
• An investment
• Business deals
It doesn't matter.
7 negotiation secrets so you can finally get what you’re worth:
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Want to set yourself up for a successful week?
Start on Sundays.
This routine will change your life:
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The best time management advice I’ve ever followed:
Be easy to find, hard to reach...
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I’ve hired 50+ CEOs.
Wild.
Here are the top things I've learned about human nature & high performers:
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Life hack... You never have to check out of a hotel.
Just leave.
Why does no one do this including my husband?
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13 contrarian views that changed how I see the world (and got me to my first $10 million):
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$50million in revenue in 2 years?
My friend Ann McFerran went from starving artist to 8 figure entrepreneur... fast.
Her story is incredible, so are these lessons she taught me:
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#3
Reading As A Diet
Be careful what you read, it becomes the way you think.
Words are heard, then internalized, then repeated, and then habituated.
Curate what you let into your brain as you do with your body.
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Elon musk is a legend.
This is why we all want FU money.
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Warning: I will bully every one of you into doing deals, lifting heavy weights, committing to a partner, reading books and building something.
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Ever heard of Native deodorant?
Their story's wild:
• Exited for $100M
• Within 2.5 years
What's even crazier:
• They ONLY raised $500k total
It's the kind of biz that inspires you to just *start* something... Here's the story:
Moiz Ali got the idea for Native after…
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You have anxiety because deep down you know you could be doing bigger things.
9 other uncomfortable truths to challenge your thinking:
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Stripe just shut down a small biz we own and said they "may give our money back in 30 days." Criminal.
People for years have said Stripe was awful for small guys and bankrupted people. I didn't believe it.
Now I do.
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People don’t care what you’re doing unless you answer their real question:
“What’s in it for me?”
19 other uncomfortable business truths:
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Quote that stuck with me.
I’m going to pray like it's up to God.
I’m going to work like it’s up to me.
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10,000 boomers retire a day
8-10% own a biz
2.4 million boring bizs for sale
Problem: Their kids want to Tik Tok not take over a plumbing company, and scaling SMBs is hard
Solution = invest in picks & shovels
Enter, Contrarian Thinking Capital: boring biz infrastructure fund
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I asked my followers:
“What’s your single best question to ask when job interviewing someone?”
Here are my 11 favorite answers...
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One of my wealthiest friends told me this, and I've never forgotten it.
Most people complain about taxes, then pay them...
Rich people study taxes then outsmart them.
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#1
Don’t Believe In Anger
Anger is useful in physical fights but a killer of logic.
It’s a trick of the mind pushing you into a fight or flight. Let me tell you what you can’t do well when you’re fighting or flighting... think.
Remove your anger.
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When you're building, it gets lonely.
Choose growth over company.
18 other controversial (but needed) decisions:
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What is the most profitable business you've ever seen?
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Life Hack:
Get in rooms where your dreams are others' realities.
11 other hacks learned the hard way across 20+ years:
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How to lose good employees:
• Give them work that doesn't matter
• With no room to grow
• No clear expectations
• And surround them with low performers
How to hire AND retain A-players:
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I spent the week with two former CIA agents.
They blew my mind.
Here’s what I learned that everyone should know:
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Surround yourself with owners, the conversation is just different.
The 11 best pieces of advice my million-dollar biz owner friends have given me:
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Unpopular opinion: The biggest change in wealth happened for me when I realized $1,000,000 is not a lot of money.
Here’s why:
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If you dream about financial freedom but never take any action, read this:
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My only dating advice. Be everything you want in a partner:
Fit, kind, smart, driven, and successful.
Don’t settle for anyone less. Get in circles where others hang out.
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The best founders do one thing brilliantly...
Hire.
It sounds easy. It’s not.
Here's the hiring matrix I'm building from lessons learned hiring 100s of people:
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Want to set yourself up for a successful week?
Start on Sundays.
This routine will change your life:
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You don't need advice, you need to finish your to-do list.
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What boring business should you buy or start?
Here's my framework (SOWS) + a list of 130+ businesses I like.
Want the breakdown & guide? Like & reply 🔥 below and it'll DM you the link.
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Your anxiety is lying to you. You will be fine. You've survived this far, the odds actually are in your favor.
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My favorite type of business model:
Turning expenses into profits.
Example:
• Roughly 1/3 of the world's food is wasted
• That’s about 1.3 billion tons per year
• Worth $230 billion globally
Here are businesses turning that into $:
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