3 killer businesses hiding in plain sight

The Soaring Cost of Monkey Testing [01:55]

• The price of a single monkey used for drug testing has dramatically increased to almost $20,000.
• This is a significant jump from the pre-COVID price of around $2,000 per monkey.
• The demand for monkeys surged during the pandemic for testing medicines and vaccines.

  "each monkey costs guess how much a monkey costs a thousand almost 20 000."

China's Export Halt and Supply Shock [03:15]

• China, which supplied 60% of the world's non-human primates (NHPs), stopped all exports.
• This decision created a severe supply shock in the global market for testing animals.
• Prices for monkeys escalated to $50,000 per animal at their peak.

  "china just went cold turkey they just went cold monkey they just stopped exporting."

New Suppliers Emerge [04:19]

• Cambodia, Vietnam, and other islands have stepped in to provide monkeys for testing.
• This shift is driven by the US's need for these primates for research and development.
• The sourcing of these monkeys is now more complex and geographically diverse.

  "and cambodia steps in and vietnam steps in and the mauritius whatever that is islands step in and they start providing these monkeys."

Charles River Labs' Dominance [04:56]

• Charles River Labs is a major player in the testing services industry, working with 80% of biotech companies.
• The company generates $4 billion in annual revenue and holds a near-monopoly in the market.
• They acquired a monkey breeding business for $500 million to control their supply chain.

  "charles river labs is like in boston or something like this they do this as like research uh testing as a service for all the biotech companies."

Questionable Practices in Monkey Sourcing [07:20]

• While companies claim to breed monkeys for testing, instances of unethical practices have surfaced.
• A director of wildlife in Cambodia was arrested in the US for allegedly passing off wild monkeys as lab-bred ones.
• This highlights the potential for fraud and misrepresentation in the NHP supply chain.

  "because they feel like the monkeys from the from wildlife were being passed off as like lab testing monkeys bread bread monkeys."

The Entrepreneurial Mindset: Noticing Gaps [08:43]

• The podcast emphasizes that "nothing is here by accident" and every element of the world is a business.
• Entrepreneurs identify and fill gaps in the market, often in unexpected areas.
• This perspective rewires the brain to see opportunities rather than fixed problems.

  "the world is full of these projects and it's bigger than you think and it's always bigger than you think."

The Power of Niche Businesses [10:00]

• Many successful businesses operate in obscure niches that are unknown to most people.
• Examples include making tread for conveyor belts or manufacturing the dye for the color blue.
• These businesses can generate significant wealth by serving specialized needs.

  "i own an almond farm i met a guy who makes the dye that makes the color blue because blue is not really a naturally occurring you know substance you find you have to like make it."

Warren Buffett and the Soybean Oil Scandal [11:08]

• A look at Warren Buffett's American Express investment, triggered by a soybean oil fraud.
• A scam artist used fake soybean oil inventory to secure loans, with American Express verifying the nonexistent oil.
• When the oil price crashed, the fraud was exposed, leading American Express to pay a massive fine.

  "and because american express was the guarantor they're the ones who had to pay this massive fine."

The "Soybean Oil Checking Business" [12:58]

• American Express was involved in verifying soybean oil inventory, a business unknown to most.
• This venture, though strange, was reportedly a multi-hundred-million-dollar-a-year operation.
• It illustrates how hidden, specialized businesses can be highly profitable.

  "and you'd no idea how many strange variety businesses exist and by the way it was like a multi-hundred million dollar a year business to like be in this soybean checking oil business."

Finding Your Niche: The "Daydream Dental" Example [15:35]

• A Stanford graduate founded "Daydream Dental" to manage the complex billing and insurance claims for dental offices.
• The company uses AI and specialized staff to improve revenue collection, which is often lost in traditional dental practices.
• This business, born from the founder's mother being a dentist, achieved nearly $10 million in revenue in its second year.

  "we will use ai and smart people and computers to basically do a better job of that than debbie can."

Servicing Generators: A Hidden Industry [17:25]

• Another example of a niche business is servicing industrial generators for critical facilities like nursing homes and hospitals.
• This essential service ensures continuous power, preventing major disruptions.
• The founder's entry into this field was through a winding path of consulting and introductions.

  "his job was installing and servicing generators and this business might eventually become a hundred million dollar maybe billion dollar company."

The Art of Noticing and Creativity [18:50]

• Studying creative individuals reveals that "noticing" is a key superpower.
• Comedians, writers, and musicians often derive insights from everyday struggles and observations.
• As success grows, the detachment from common experiences can hinder creative output.

  "it is actually why comedians when they get rich and famous they fall off because it's the struggles of the everyday person that led them to an insight."

Noticing as a Superpower for Entrepreneurs [21:00]

• Paul Graham's essay "How to Do Great Work" suggests following the path of most excitement.
• Genuine interest provides motivation and endurance, leading to less competition.
• At the "frontier" of a field, one can identify gaps that others overlook.

  "it's the motor that motivates you and it's the rudder that guides you which way to go."

Jerry Seinfeld's Daily Joke Writing Habit [23:15]

• Jerry Seinfeld's dedication to writing jokes daily for 40 years, compiled in his book "Is This Anything?"
• His process involves noticing absurdities in everyday language, like the common phrase "I don't know what happened" after a dropped call.
• This consistent practice of noticing and refining observations is crucial for comedic insight.

  "i don't know what happened as if you had any power control or knowledge into the way my phone is magically connecting with yours."

Enthusiasm: An Underrated Trait [25:00]

• Enthusiasm is a powerful, yet often overlooked, trait for success.
• While perceived as low-status by some smart individuals, it attracts people and fuels perseverance.
• Mastering traits like noticing and enthusiasm can lead to dominating less competitive fields.

  "it's a low status thing for a smart person to do is be enthusiastic and you seem sort of like dumb like a golden retriever."

Finding Your Obsession: Childhood Clues [26:45]

• To find something to be obsessed with, look back at childhood interests and free-time activities.
• Children naturally pursue what they love without self-consciousness.
• Patterns in these interests, like strategy games or treasure hunts, can reveal core passions.

  "look into your childhood yeah that's what robert green says."

Dan Brown's Treasure Hunt Inspiration [29:00]

• Author Dan Brown's passion for treasure hunt stories stemmed from his father creating Christmas scavenger hunts.
• This childhood experience directly influenced his bestselling novels, like "The Da Vinci Code."
• Paying serious attention to seemingly trivial childhood interests can lead to significant adult success.

  "every christmas instead of presents under the tree his dad would put a treasure map."

Elan Lee: The "Grown-Up Kid" [31:30]

• Elan Lee, co-creator of Exploding Kittens, exemplifies embracing childhood interests.
• He continues to design games, build elaborate Lego creations, and test escape rooms globally.
• Lee's approach is to "let your freak flag fly," integrating his passions into his work and life.

  "he's like an old man kid and he's on his hands and knees and he's like all right so you just got this card."

The Emotion of Awe in San Francisco [35:00]

• San Francisco is presented as a city that uniquely induces the emotion of awe.
• Awe is defined as experiencing vastness that breaks mental frameworks, leading to a recalibration of thought.
• This emotion can reduce anxiety and depression by shifting focus away from self-centered problems.

  "awe is a strong feeling of deep respect wonder and amazement often mixed with a bit of fear or nervous dread."

Entrepreneurial Awe and Quirky Founders [37:15]

• San Francisco fosters a "quirky" and "nerdy" entrepreneurial spirit, distinct from other cities.
• Founders often pursue unusual ideas, like an Indian man using robots to make fettuccine alfredo.
• While many ideas may fail, the pursuit of these "undiscovered" concepts can lead to finding "gold."

  "what i like about san francisco is there seems to me an outsider it felt like there was a significantly higher quirky attribute."

The Art Thief: A Code of Honor [39:00]

• The story of an art thief who stole $3 billion worth of art without ever selling it.
• He operated with a personal code, stealing in the daytime and not harming others.
• His passion for art, inherited from his grandfather's treasure hunting, drove his actions.

  "he said this art shouldn't be in a museum where there's going to be some tour guide telling you some like written story about it."

Admiration for a Criminal? [41:00]

• The speaker expresses admiration for the art thief's dedication and adherence to his code, despite his criminal actions.
• This relates to the concept of awe, where one can be amazed by actions that are morally wrong.
• Enthusiasm and passion, even in unconventional pursuits, can be captivating.

  "it's weird to just really honor and admire this absolute criminal because i do."