What’s truly going on inside DOGE?

**Sam Parr** (0:00)
Dude, 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. Isn't that crazy?

**Shaan Puri** (0:19)
We're going to get a little current eventy, which we don't often, but I love current events, so I want to talk about a current event.
Last night, Elon did this thing where he was in Trump's office with his kid crawling all over him, climbing up on him, which is funny. He told this story about a mine where all the government files were. Did you hear what he said?

**Sam Parr** (0:42)
I didn't hear what he said. I saw a photo of this place, underground. Somebody said, it's the bureaucratic Gringotts from Harry Potter. It's like this underground bank vault.

**Shaan Puri** (0:54)
So Elon said something that I feel like it was like an offhanded comment, but it's actually led me down this rabbit hole. Basically, they were asking him about how he was like getting rid of all these jobs. And he was like, yeah, I want to like actually retire more people. But I was told that I could only retire 10,000 people a month. And I was asking, well, why is that? And he said, well, because all the retirement paperwork is manual, meaning it's literally on paper and it's written down on a piece of paper. And then it goes down a mine. There's literally a limestone mine where all the paperwork for people who want to retire is where it's stored. And so in order to actually make this work, the speed that we can move, the limiting factor is the speed at which the line shaft elevator can actually move down.
And you hear this story and you're like, what the hell are you talking about, man? And so I went down a rabbit hole and I had to figure this out. So can I tell you a little story about not just this mine, but this whole company that operates around this? So basically in the 1920s, there was this guy who grew mushrooms. And I guess in order to grow mushrooms in the part of America where he was growing mushrooms, he had to grow them in a cave. And so he was the mushroom king of America. At one point he was the largest creator or grower of mushrooms in America. He was this German immigrant and he was kind of like this like funny guy where like his advertisements, he called himself the mushroom king, whatever. And he had to rent a cave and grow mushrooms. And eventually he bought a cave. And that's where he grew mushrooms. And this cave that he bought was massive. It was a huge cave. And for some reason, starting in the 1950s, post World War II, those damn Europeans started undercutting them and started selling cheaper mushrooms. And he was like, my mushroom business is going to go under. This is not going to work. I got to figure out what to do. And so he bought a bank vault door that was $20,000 in 1950 And he installed it in his cave. He took out the mushrooms and he installed this bank vault door. And he went to a local bank and was like, hey, you guys have a lot of paperwork. You've got a lot of files that you have to store. I have the safest place on earth to store this paperwork. You want to make a business deal? And so he changed his business. And he started this thing called Iron Mountain. And it was called Iron Mountain because it was literally in a mine that was like, they would use the, I don't know how this all works, but they would use the rocks to make iron. And he grew this thing like crazy. And so basically this company, it's called Iron Mountain, Google Iron Mountain Market Cap.

**Sam Parr** (3:29)
Iron Mountain Inc. is a $30 billion company. Wow.

**Shaan Puri** (3:37)
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So this company, I looked it up since the year 2000, they have created a billion dollars at least, or roughly per year in free cashflow. And they now own something like, I think it was something like 80 million square feet of storage. And so they have everything. So it could be like Princess Diana's will is in there, but it's like Sony, the music company Sony, the record label Sony has all of their masters recordings, like literally like the tape stored in Iron Mountain. But their biggest customers, it's like an insurance company in Connecticut, who had been in business for a hundred years. They, for some reason, legal reasons, they have to keep their paper files, they have to save them for something like 75 years.