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February 17, 2025 • 1hr 5min
What’s truly going on inside DOGE?
My First Million
In this episode, Sam Parr and Shaan Puri discuss several fascinating business stories and current events, including the surprising story of Iron Mountain's document storage empire, Elon Musk's latest moves with OpenAI and Trump, and the value of experiencing things firsthand. They also explore work-life balance and announce a new position for the podcast.
What’s truly going on inside DOGE?
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Key Takeaways
- Iron Mountain is a $30 billion company that stores physical documents and files in underground mines and vaults
- The federal government's retirement paperwork system is still entirely manual and paper-based, stored in an Iron Mountain facility
- Elon Musk's offer to buy OpenAI's assets for $97 billion is likely meant to either acquire the company or make the conversion process more expensive for OpenAI
- The value of experiencing things "in situ" (in the actual situation/environment) versus just hearing about them secondhand
- The hosts announce a $100K/year position for an MFM field correspondent to visit and document interesting companies and operations
Introduction
In this episode, Sam Parr and Shaan Puri discuss several fascinating business stories and current events, including the surprising story of Iron Mountain's document storage empire, Elon Musk's latest moves with OpenAI and Trump, and the value of experiencing things firsthand. They also explore work-life balance and announce a new position for the podcast.
Topics Discussed
The Iron Mountain Story (0:00)
The hosts discuss the fascinating origin and current state of Iron Mountain, a $30 billion company that stores physical documents in underground mines.
- Started in the 1950s by a mushroom farmer who converted his cave into document storage
- Current operations include:
- 80 million square feet of storage space
- Stores important documents for major companies and government agencies
- Houses valuable items like Sony's master recordings and billions in art
- Generates approximately $1 billion in free cash flow annually since 2000
- "This vault, this giant filing cabinet is worth more than Snapchat. It's worth more than Pinterest. It's worth more than Twitter as a company." - Shaan Puri
Federal Government Retirement System (7:04)
The discussion turns to how the federal government's retirement system operates through Iron Mountain's facilities.
- Process remains entirely paper-based with files stored in a Pennsylvania mine
- Key details:
- 600 employees work in the facility
- Takes 60-90 days to process retirement paperwork
- Multiple failed attempts to digitize the system since the 1980s
- "Every single federal employee has a manila envelope in this mine in Pennsylvania that Iron Mountain runs." - Sam Parr
Current Events: Elon Musk (33:14)
The hosts discuss recent events involving Elon Musk, including his appearance at Trump's office and his offer to buy OpenAI.
- OpenAI acquisition offer:
- $97 billion bid for OpenAI's assets
- Could be attempt to acquire company or make conversion more expensive
- Stems from perceived betrayal over initial $40 million investment
- Trump office appearance:
- Took over press conference while Trump sat
- Demonstrated unusual dynamic between the two figures
Work-Life Balance and Time Value (44:16)
Discussion about how different successful people approach their time and work-life balance.
- Different approaches to valuing time:
- Some calculate strict hourly values ($1 million/hour)
- Others maintain balance by doing "low value" activities they enjoy
- "You only price things that you don't want to do. If you want to do it, you don't put a price on it." - Shaan Puri
In Situ Experiences (50:54)
Shaan explains the concept of "in situ" and its importance in understanding people and situations.
- Value of firsthand experience:
- Seeing how people actually live and work
- Understanding family dynamics and daily routines
- Picking up nuances that aren't apparent in interviews
- Examples of valuable in situ experiences:
- Visiting Joe Lonsdale's home and seeing his daily routine
- Spending time with Mohnish Pabrai and seeing his simple operation
- Understanding Tim Ferriss's lifestyle through direct observation
MFM Field Correspondent Announcement (58:09)
The hosts announce a new position for the podcast and discuss potential coverage areas.
- Position details:
- $100,000 annual salary
- Travel to document interesting companies and operations
- Create content similar to TechCrunch Cribs
- Potential coverage areas:
- AI companies with small teams and large revenues
- Large-scale operations like Cisco Foods
- Innovative technology companies and startups
Conclusion
This episode covered a wide range of topics, from the fascinating story of Iron Mountain to current events involving Elon Musk and the value of experiencing things firsthand. The hosts emphasized the importance of direct observation and announced an exciting new position for the podcast. The discussion highlighted how successful people approach their time differently and the value of maintaining work-life balance while pursuing success.