Transcription
I think that the need for every single part of your business to make money, which is imposed by finance, okay, is actually an obstacle to existing businesses creating what you might call these ecosystems where, I mean, an example of an ecosystem would be catwalk fashion.
Okay, doesn't make any money, right? Paris fashion week, nobody wears those clothes, nobody buys them. Not many people are both rich enough and attractive enough to walk around with their breasts hanging out. Right. Okay. Right. Okay. There may be people who are attractive enough. There may be people who are rich enough, but the overlap on that Venn diagram probably isn't all that big. Okay. Now, or, or the third, the third circle is comfortable with doing such a thing. Okay. What you do is you, you run that business effectively as a flagship for your diffusion brands. Okay.
And so what's quite interesting about what the business we're in, which is sort of personal broadcasting, okay, it's a very complicated ecosystem where you write a book, you do paid talks, you do podcasts, some of which make more money than others, but effectively in combination, you make more money if you do all of those things than if you only do two of them. Okay. This is so, okay, let's try going on the US financial speaker circuit, which is the most insanely lucrative in terms of payment by the hour. The US business speaker circuit is ludicrously well paid. And the financial circuit is literally, you know, if you got a Nobel Prize for economics, it's kind of like $100,000 a a pop. Okay.
Now, the point is, what the kind of the the financial logic would say is just do those things. Don't write a book because it's much less profitable as a use of your time. Okay? Don't appear on podcasts. Um, uh, you know, don't do anything that isn't speaking to the Deutsche Bank annual conference in, you know, Florida or wherever it might be. Okay. However, the real money is to be made in actually doing all of those things, some of which, yes, when separated out, are more lucrative than the than others, but they're not really separable in terms of the overall value equation. And the same thing will be true there with with fashion, where catwalk fashion is effectively done, uh, for the halo effect. Yes, so you sell a lipstick at a margin of 90% because there's someone with their breasts out walking down a catwalk in Paris. Okay. Now, it'll be very, very easy to say, let's get out of that business, but when you get out of that business, uh, you can no longer sell the lipstick. It's the sum of the whole.
And so similarly, I mean, well, there's a chef called Tommy Banks who's, uh, he's got the one of the best restaurants I think I've ever been to up north, and it's a destination restaurant called the Black Swan in Oldstead. I've heard of it. Marvelous. Never been there. Unreal. Like the food was just a [ __ ] It was amazing. Anyway, he then again in, so that's his, that's his halo. Then he's got the the fusion one, which is his, um, got another restaurant in York called Roots, another pub called the by, by land in or something like that. Anyway, I just saw on Instagram last night he is selling pies at at York Farmers Christmas Market for 3 weeks, but because he's got the Michelin Star, uh, credentials, those pies are going to fly out like hot cakes or part or hot pies I should say because because he's got that whole that sort of brand ecosystem.
Um, and if he wants to, he can wander along to Dish Patch or any of those. Sorry. Then he's got Maiden Oldstead. So he's he's already got that. He's already. So he's got. So that's on Shopify presumably as he's. I might have seen that on Shopify. For some strange reason, the Shopify the shop app seems to recommend quite a lot of pies to me. I don't know. I don't know why that might be. Um, but I I've got a vague idea that that's appeared on my shop app, um, recommendation. What pies do you like? Um, I think the pie is one of the great British contributions to food. If you look at, if you look at British food, okay, we excel at breakfast and tea, not lunch and dinner. And we also is that northern tea like like we also we also but also tea time food. I mean, you know, those kind of finger sandwiches, scones, etc. And we also seem to excel at food that's portable. Whether it's the pasty, the pie, the sandwich, all of them seem to have originated with us. If you want food that you can carry around, okay, you know, British food's your thing.
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