Hunter Durham

Here's the timeline towards bankruptcy: HINT: Don't do this. Give your lessons time to simmer. Mar. 2019: Quit job at Facebook May: Joined largest client Sep: Got fired Oct 2019: Went down Warren Buffet rabbit hole. The idea of Impact Industry was born. Jan 2020: Found search funder community (should joined Twitter) Feb 2020: put together documents to buy a business. Mar. 2020: COVID happens E-commerce blows up. April: Start taking on new client's full time at Impact Industry marketing. May 2020: Have second child August: landed first 5-figure client. October: Go under contract to buy first company. 2020: Impact Industry Marketing: $250K Rev. Feb 2021: Close $1.2M deal for e-commerce furniture store. 10% down 10% Seller Finance. 6.5% interest. Agency at $35K MRR. Mar 2021: Freeze in Texas, main foam chemical supplier looses power. Massive foam shortage in industry. Lead times go from 14-16 weeks to 28-32 weeks. Apr. 2021: Everything going as planned. Aug 2021: Cracks start to appear in E-commerce business we bought, things are softening google traffic down. September: Agency hits $60K MRR. October: Go under contract for $2.6M on two furniture delivery businesses. End of 2021: E-com closes at $1.2M Agency closes at $562,000 Jan. 2022: Bring on a biz partner, this was the beginning of the end for me. February 2022: Transaction closes for $2.6M, 10% down, 0 seller finance. Now there are three businesses and I'm trying to spend time in each. March 2022: Biz partner gets really sick, loses control over his life, but still tries to work. April 2022: Lose $750K account. May 2022: Demote General Manager. June 2022: Accounts receivables balloon from $150K to $600K. Should have died here as we didn't have enough working capital. July: Heavy customer concentration is starting to form. went from 10% to 50% of the business as we grew the account. Didn't support with enough additional sales. August 2022: Shipping business needs full attention but we now have a floundering ecommerce website, the agency is still humming but starting to see cracks. Interest rates rapidly rising. September: Land a public company as client after working on them for a year. Mid 5-figure monthly contract. Nov. 2022: Biz partner no longer can work, given up a lot to him. Have to pivot and put someone else in place. End of 2022: Agency: $775K (Covered losses and expenses) Ecommerce: $775K (Huge Loss) Delivery Company: $5.7M (Serviced over $300K in debt) January 2023: Interest rates continue to rise, servicing about $40K a month now soon to be $45K by summer. February 2023: Major cracks are starting to form in all businesses. I don't have enough time to fill them and resources are getting constrained as i've had to personal supply working capital into shipping biz. March 2023: Things feel stable at shipping business for once but Ecommerce is getting into a cash crunch as overall demand as slowed. Churned a couple of clients on agency. June 2023: -Lost our largest client at the agency -Largest shipping customer owes us $400K and contemplating bankruptcy. -Ecommerce sales almost non existent. July 2023: We reach an agreement with shipping customer and get paid a large amount. -Agency loses all revenue and employees -E-commerce continuing to suffer. Third child born. August 2023: Mitchell Gold Bob Williams shuts down. Owes us $400K, Other businesses cease to exist at this point. September 2023: Working with bank to liquidate. Have a little over $2M in personally guaranteed loans.

@Seanfrank Amazing, congratulations man. Enjoy the journey

New character alert. Happy, healthy, ready to start a supplement brand.

@TheNathanRuff Probably one the highest ROI group ever. Built my first biz off of it as well. Just simply by posting value

I joined Trends Facebook group by The Hustle on Black Friday for $100 in 2020 That decision has the highest ROI of anything I’ve ever done 1. Made 1M+ off of contracts from people I met in the group. 3M+ when you include second degree network. 2. Met the guy who introduced me to @josiah_daves who’s Google ads changed my entire business and life 3. Became aware of @thesamparr

@SMB_Attorney Had three kid dates separately with all three kids today

I can’t think of anyone in real life who cares so I figure I’ll tell you guys. This is the happiest I’ve been in a long time. The sky is blue, I’m with my kids and I feel great. Things are okay in all categories and right now and that’s enough. I hope you have a great weekend!

@natelagos I ultimately think it’s more of a heart question. The LOVE of money is the root of evil. So if you work to benefit others, impact others, etc. The money and stuff is a biproduct

Question for other Christians in biz: How do you reconcile this verse with what we do for 40+ hours a week? Matthew 6:19-21 “Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal, but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal. For where your treasure is, there your heart will be also.

@girdley Sir…

Every bankrupt person I know has owned a boat.

@SuccessWithJake Paid or unpaid interns?

An intern cold emailed us 18 months ago. Turned out, she’s incredibly talented. After her internship was up, the decision was obvious. We hired her full-time. Now she’s a huge part of our design team. Lesson: Talent shows up in unexpected ways. Pay attention.

@eastdakota Asset light businesses will die a slow and painful death over the next 10 years

Vail Resorts ($MTN) likely to open tomorrow down to where if you invested 10 years ago you’d have done as well putting your money in a hole. It’s time for a change to become more asset-light, sell off resorts, and allow character and differentiation to return to skiing.

@bitcoinbutcher1 x.com/FreightAlley/s… Some great mfg signs across the board.

Ignore the noise. Regional manufacturing indexing are showing expansion which will likely feed into a good national number on Monday.

@rossiadam @RobertMSterling Going to a gifted school on Wednesdays every week and having all your 3rd grade friends ask you where you were and why can't they go on Thursdays is a special kind of hell as well...

@RobertMSterling Great point about our education system. It has never been great for the smartest kids, and it seems to be going in the wrong direction.

Most of the highest IQ people I know have nothing to show for it. They work dead-end jobs and spend their spare time playing video games and arguing over Star Wars minutiae on Reddit, contributing little to the world and producing nothing of value. It’s not because they’re misunderstood geniuses, whose brilliance is incomprehensible to us normies (as much as some of them would like to think this to be the case). It’s because the culture and the incentivizes of the K-12 school system and the academic world failed to teach them what society actually values. If you’re naturally smart, you can sail through the education system with ease, even at the post-grad level. You go to class (or don’t go to class, as the case may be!), write an occasional paper, study a little bit the night before your midterms and finals, and walk away with pieces of paper attesting to your a status as a Certifiable Smart and Capable Person™️. Because this is the only world you’ve known for the first 22 to 25 years of life, you mistakenly believe that this matters, that the broader world—the one in which, unbeknownst to yourself, one must create value for others in other to receive value for oneself—will appreciate you simply by virtue of your natural gifts. It’s not your fault for believing this. But it’s wrong. Because, as we normal people know, what our society—whatever every flourishing society in human history, for that matter—value is output. Deliverables. Product. Things of utility to other people, be they economic, cultural, intellectual, or any other nature that someone, somewhere, will be willing to exchange some measure of value to gain access to. (Side note: Let’s be honest, it’s all economic in the end.) Your natural talents—your high IQ, your analytical capabilities, your creativity, etc.—are INPUTS for these outputs, not outputs unto themselves. And, in a world that rewards production, not consumption, inputs only matter as a means to the end of delivering said outputs. So you now find yourself in a competitive environment, where the gifts that brought you heretofore in life are no longer celebrated for their own sake but are valued only in as much as they are useful in delivering work. For many, it’s a brutal awakening. But there’s a second lesson you’re about to learn that’s likely even more painful: Work requires… work. As in a work ethic. Discipline. Grit. Accountability. And you likely never developed those things. You didn’t need to. You were rewarded—celebrated, even—by virtue of NOT needing them. This is why gifted education in the K-12 system is so critical. It’s not just so that smart kids “don’t get bored” (though that, in its own right, is certainly important!). It’s because, if the best and brightest of our youth aren’t tasked with work commensurate with their abilities, they won’t be forced to actually work. And they’ll never won’t develop the skills and personality traits that society requires until, for too many of them, it’s too late. If we want more Isaac Newtons and fewer disgruntled Reddit trolls, that’s the change we need to make to our education system and the investment we need to make in these kids’ future.

@MB_Hogan It's all in their DNA as well, the brothers were primarily energy infrastructure builders before all this. Delivering H1 and H2 Microsoft should be the major catalyst of their strategy. And someone like Microsoft doesn't generally just fork over $2B as a prepayment for nothing

@huntercdurham well said

I’m not sure any hyperscaler would commit to buy an entire 1.4GW from $IREN. Just napkin math based on MWs would make that an $80B+ deal with extremely concentrated risk. Thoughts on this?

@TheNolanGore Not gunna lie, pretty happy we didn’t watch.

I pisses me off that I have to cover my kids eyes bc of the scream commercial in the first few min.

@rossiadam "The continuum of generational wisdom." Was reading John Mackey's new book and that line just stood as he talked about the passing of his dad.

I watched a group of entrepreneurs mass-order underwear during a retreat last week (between sessions of Kangaroo yoga and getting whipped by Sir Richard Branson at chess). I'm grateful to be part of an amazing group called "REBL Dads", and our third annual retreat brought entrepreneurs, our partners, and kids together on Necker Island. The conversations mainly centered on three things: • Family • Health • 100-year legacy The legacy discussions cut deep because most people don't know their great-grandparents' names. The ancient Romans knew their ancestors going back generations, celebrated them at festivals, kept death masks. We've lost that. So the question became: How do you pass down knowledge, values, and stories over generations? Personally I’m writing 100s of pages for my three kids and recording videos: about meeting their mom, why marriage matters, and what I got wrong, and right, and why. This year we brought the kids into panel discussions - from ages 10 to early 20s - and I want more of this. These kids have watched their parents build companies and raise families. They need their own development track too, not just activities. Health came up constantly. Guys comparing personal trainer routines, testosterone levels, nutrition. I shared my daily morning routine with my PT and the importance of having an accountability partner (otherwise I'll end up skipping) And I even delivered my PSA about ditching polyester underwear in favor of natural fiber (cotton, wool) which became a bit of a running joke but also a real shift: it’s one of those key levers we can pull for our hormone health. All three of my kids came. My older two missed their first week of college for it, and it was worth every minute. What I really walked away with: everyone eventually gets to the same place. You realize what you'll actually value on your deathbed isn't dollars in an account. It's how your kids feel about you, their happiness, the impact you made. REBL Dads just accelerates that shift by surrounding you with men who've built successful businesses and know family and health don't wait. Grateful to @DerekNHNotman for founding such an amazing group!

@DanReese21 @TylerPurcell24 Congrats!!

Thrilled to announce I’ve accepted the CEO role at Laundry Spot! @TylerPurcell24 and his partners have built something incredible and they’ve brought me on to help scale nationally via franchising. I’ll admit laundromats were not on my radar, but the more I learned about Laundry Spot the more intrigued I became. After seeing everything in person I was blown away. An opportunity like this may only come along once in a career and I had to be part of it. Why I’m so excited: > Laundromats are well positioned macro economically with resilient fixed demand. Laundry is a necessity. > Highly fragmented and slept on industry with massive opportunity for disruption. Many people think all laundromats are the same. This could not be further from the truth. > Ability to stack the deck in your favor. Sophisticated market analysis de-risks site selection. Offer customers in a trade area a better option and you’ll consolidate demand (as they’ve already done 4x in Cincinnati). > The Laundry Spot team has obsessed over every detail for 20 years. This is not some start up. They’re true operators with a depth of knowledge you can’t fake. In a world filled with noise and fluff, they bring substance. Talk to them about laundromats for 10 mins and you’ll see they’re the real deal. > World class line up of equipment vendors and tech (just wait to see what is being worked on behind the scenes, the amazing stuff isn’t even live yet). All these details ladder up to both a superior customer experience and more profit. > Tyler and the team are genuinely good people who do things the right way. Nearly all their employees have tremendously long tenure. > If well executed and operated, Laundry Spot stores have strong margins. > It’s an asset heavy business which enables huge tax benefits. Franchising only makes sense when the franchisor’s expertise and support more than justifies the expenses (fees + royalty). Otherwise you should just figure it out yourself. I’m confident we’ll bring a lot more value to our franchisees than 6% of revenue (5% royalty + 1% brand fund). Opening high end laundromats isn’t a game for the inexperienced. If you dig into what we provide and disagree that’s fine. You’re welcome to open your own laundromat. Capitalism is a beautiful thing. The customer is judge and jury. Provide them a vastly superior experience for the same price and you’ll likely win. I believe we’re set up to win. Game on.

Most people need friends But only have buddies

Kids bedtime is my favorite part of my day. Every night except when traveling I read three books (or chapters) to three kids (2,5,7) at the same time all in the same bed. Half the time I take a little nap, after I sing them the same 5 songs I’ve sang them the last 3 years.

Inside Floyd Mayweather's lavish, debt-filled post-boxing life trib.al/AiZFG16

@Agrippa_Inv @RHouseResearch @danroberts0101 My favorite was the bold move telling a Macquarie investment baker he doesn’t know basic financial modeling 🥲

There are 3 major flaws in your $IREN model: 1) Your CAPEX sequencing is off. With the initial 5 year deal, you are assuming that 100% of CAPEX occurs in year 0, with a 1 year delay until revenues kick in. In reality, CAPEX cash outflows (especially GPUs) happen in phases and occur just weeks prior to revenue generation. IRR is very time sensitive, so wrongfully assuming a 1 year gap between outflows & inflows does skew the results. 2) Your data center depreciation schedule is off. You modelled 3 identical deals back to back and assumed full depreciation by the end of year 15. In reality, these data centers will most likely last 20+ years. While IRR isn't directly affected by depreciation, you should account for some residual value of the data center at the end of year 15, which you aren't doing. 3) You used an IRR formula for a period with MULTIPLE capex cycles. This is the greatest mistake of them all & makes your model irrelevant for any serious discussions. You absolutely CAN’T model IRR over multiple CAPEX cycles, using a standard formula (which I know you used). IRR formulas are not meant to handle this level of complexity. As said earlier, IRR is extremely time sensitive, so modeling cash outflows (capex) in later years skews the entire picture (wrongfully). This is absolutely an amateur mistake and it makes me cringe how confident you are in your model, showing it off at any chance you get. There is an easy way to proof that I'm correct on this. Just model deals 2 & 3 out separately and look at their IRR. In your own model, you assume that deals 2 & 3 have identical terms and $0 data center CAPEX. Great, now just model out this scenario out in a separate 5-year term and see what IRR it yields. To save the readers some time, I have done exactly that. 👇 Unlevered IRRs for deal 2 & 3 (= no data center CAPEX) = 21.3% Meanwhile, deal 1, which got the initial $3b data center CAPEX expense, has a combined unlevered IRR of 6%. Now, if you average these 3 IRRs, you'd get 16.2% over the course of the 15 year period. Keep in mind, that ~16% figure doesn't even take into account the residual value at year 15 of the DC, so it's likely >17%. Your 8.4% figure is SEVERELY off from reality. It's obvious that you have no clue what you are doing...

Since @danroberts0101 deleted his tweet, posting my response below... Have a nice weekend, mate. Wrong. The $2B of prepayments are literally modeled as day-0 cash inflows. "We also have year-5 recontracting optionality across both colo and cloud, with minimal incremental DC capex expected.".. OK? As my model shows below, even if you recontract twice, with two incremental contracts that are in-line with the existing deal, the unlevered IRR is 8%, which is below your cost of capital. This exchange has actually been quite productive - the entire X feed can see you clearly lying and / or unable to comprehend basic financial modeling. As for my coverage on $IREN - it's been very objective. You just have a long history of deceiving investors for your own personal financial gain. A few examples: - $IREN's November 2024 earnings release included the statement that there was "potential for investor distributions in 2025." You shortly thereafter filed for a fresh $1B ATM and on the next call said you were no longer considering paying dividends. - You have stated on numerous occasions that $IREN generates "substantial free cash flow". One example of this was on the May 2025 earnings call where you stated “IREN continues to deliver consecutive quarters of profitability, substantial free cash flow”. IREN’s free cash flow for Q3-FY25 was a whopping NEGATIVE ($349.7MM). - During an August 2024 sell-side fireside chat, you stated, when asked if $IREN would issue converts: "On the converts themselves.. I actually struggle with it. I’m struggling to see why it’s not wrong way risk, ‘cause you’re signing up to a debt piece with an interest rate, which has blown businesses up in the past, in exchange for something that converts anyway at a 20 to 30 percent premium to your stock prices. And these stock prices move 20 to 30 percent in a day. Just given the track record of these instruments blowing up companies in this space and creating that ball and chain of debt, I struggle to see it happening again. But anyway, people make their own decisions." Since this statement, $IREN has issued $4B of convertible notes. LOL. - As outlined in IREN’s 10-K and Proxy Statement, “In May 2025… the Board amended the vesting conditions so that the Modified performance-based restricted stock units (PRSUs) will vest solely on a time-based schedule.” Why were your share-based compensation vesting conditions modified after your share price collapsed?

@moseskagan One of my favorite parts about my Puerto Rican church was we celebrated many Jewish things. As the Old Testament is actually half our faith. People seem to forget that

To: Everyone From: American Jews Re: Christmas No need to stammer out an awkward "M- m- Happy Holidays". Go ahead & wish us "Merry Christmas". It's cool - we know you mean well & we appreciate you! Merry Christmas, & thank you for your attention in this matter.

@THICKEN_PHC Seem it dozens of times where one kid family parents are the primary source of entertainment

@huntercdurham I held an event for kids over the holiday week and saw both sides of the spectrum: Twice, a family of 3 (one child) came in to play: the kid lasted 5 minutes before he was bored. Family of 7 came in and the parents spent 4 hours almost uninterrupted while the kids played.

If you want kids have two. The negative talk out of parents with one child annoy the crap out of me.