Brew Markets: “Boring Businesses” that Build Wealth w/ Codie Sanchez & RTR Soars

Date: December 19, 2025
Host: Ann Berry
Guest: Codie Sanchez (Founder & CEO of Contrarian Thinking, author of Main Street Millionaire)

Episode Overview

This episode of Brew Markets explores the concept of "boring businesses" as vehicles for stable wealth-building, delving into why these under-the-radar operations often offer more opportunity for everyday investors and entrepreneurs than hyped tech startups. Ann Berry engages with Codie Sanchez on how individuals, including everyday workers, can take actionable steps toward financial stability, and contrasts the culture of Silicon Valley venture capital with the persistent power of Main Street businesses. The episode also touches on Rent the Runway’s surprising rebound and lessons for retail investors.

Key Discussion Points & Insights

1. The “Average Worker” Question and the Pursuit of the American Dream

• Listener Mail (“Average Mailman Joe”) – Joe voices concerns on achieving a modest American dream without excessive risk or entrepreneurial drive, highlighting a sentiment shared by many (01:23).
  • Ann Berry: “Most of us want to just invest intelligently without having the time to follow every market move, every minute.”

2. What Are "Boring Businesses" – And Why Are They Attractive?

• Codie Sanchez built her career and platform (Contrarian Thinking) around investing in businesses with steady cash flows and “high survival rates.”

• Codie Sanchez: “We should try to have companies that are enduring and profitable… we have somehow lost that plot with Silicon Valley coming in and infusing all of this capital and this idea of a burn rate being normal.” (06:08)

• Examples Mentioned:

  • Laundromats – “my gateway drug” to small business (05:21)
  • Waste Management
  • REITs, commercial laundry, self-storage

3. Public Market Equivalents of Boring Businesses

• You can apply the boring business thesis in the stock market: Think Cintas, Procter & Gamble, Waste Management, and REITs.
  • Codie Sanchez: “If you can't buy the trash company, perhaps you buy part of it and you buy Waste Management.” (07:31)

4. Challenging the Hype: Silicon Valley, Startups, and Risk

• 94% of startups fail, but society is enamored with tech disruption and entrepreneurs.
  • Codie Sanchez: “You cannot make unreasonable wealth doing reasonable things… hype often does not equal actual cash flow and wealth creation for the many.” (08:28)
• AI boom likely echoes the dot-com era: “9 out of the 10 companies will fail and the one or two companies that are left… will make some people an exorbitant amount of money, but overall will not make the many a ton of money.” (08:57)

5. Incorporating Tech Into Boring Businesses

• Codie’s investment firm avoids tech-for-tech’s-sake and instead backs pragmatic tech, such as AI-powered robots for warehouses or software to optimize laundromat operations.
  • Codie Sanchez: “You’ve got a great opportunity here to invest in the picks and shovels, and remember, that's usually where all the money is.” (11:38)

6. Codie’s Four-Step Path to Wealth

• Learn: Build a marketable skill set.
• Earn: Increase income via pay raises, upskilling, taking more risk.
• Invest: Deploy surplus into stocks, partial business ownership.
• Ownership Risk: Take entrepreneurial or ownership risk – the “last stage most people never get to.”
  • Codie Sanchez: “If you don’t take risk, you can never get rich... Our generation is taking less risk than ever, which is scary.” (13:06)

7. Speculation vs. Smart Risk: Angel Investing

• Angel investing is “great if you’re already wealthy,” but not for early-stage investors.
  • Codie Sanchez’s mentor: “Your first $500,000 in angel investing should be somebody else's, because you're going to lose it.” (14:59)
  • Focus first on cash-flowing assets and stability.

8. The Value of Trade Skills and Non-Traditional Paths

• Trade school careers (plumbing, electrician, HVAC) can offer more financial security and opportunity than average white-collar jobs, especially when paired with financial education and leadership skills.
  • Codie Sanchez: “If you are a hard worker who is competent and willing to do hard things… you can jump over some of these Silicon Valley jobs…” (18:08-19:53)

9. Are Boring Businesses “Picked Over”?

• Despite talk of private equity “rolling up” small businesses, the opportunity pool remains huge for individuals ready to do the work.
  • Codie Sanchez: “The math simply says that although we are talking about this a lot as a society, the actual doing is still incredibly low. And so I do not think this is picked over.” (20:37)

10. Global Investing and Latin America

• LATAM presents opportunity, but risk depends on country and political cycles.
  • Chile and Brazil: strong business environments.
  • Mexico: volatile, presidency-dependent; Argentina: “been burned too many times.”
• For most, a classic diversified stock and bond portfolio (with some emerging markets exposure) is best.
  • Codie Sanchez: “Most people should have a diversified 60/40, 70/30… keep your costs as low as humanly possible…” (24:02)

11. Codie’s Personal Journey & Lessons Learned

• Finance disillusionment: “I just looked down the hall and… I didn’t like who I saw at the end of it… kind of an obsession with materialism... no building of anything.” (25:49)
• Her first solo boring-business investment: laundromat partnership with industry expert.
• Sanchez’s advice:
  1. Have an “investment committee” or deal room, including skeptics and risk-takers.
  2. Involve an industry expert on every deal.
  3. Build a team—attorney, accountant—to help structure deals properly.
  • “I say steal my scars, get my homework. Because that first $500,000 loss is real.” (28:41)

Memorable Quotes & Moments

• Ann Berry: “Most of us want to just invest intelligently without having the time to follow every market move, every minute.” (01:23)
• Codie Sanchez: “Laundromats seem to be cool. I don’t know what happened.” (05:21)
• Codie Sanchez: “We should try to have companies that are enduring and profitable… we have somehow lost that plot with Silicon Valley coming in and infusing all of this capital and this idea of a burn rate being normal.” (06:08)
• Codie Sanchez: “You cannot make unreasonable wealth doing reasonable things…” (08:28)
• Codie Sanchez: “If you don’t take risk, you can never get rich... Our generation is taking less risk than ever, which is scary.” (13:06)
• Codie’s mentor: “Your first $500,000 in angel investing should be somebody else's, because you're going to lose it.” (14:59)
• Codie Sanchez: “If you are a hard worker who is competent and willing to do hard things for a continual amount of time, you can jump over some of these Silicon Valley jobs...” (18:08)
• Codie Sanchez: “I say steal my scars, get my homework. Because that first $500,000 loss is real.” (28:41)

Timestamps of Important Segments

• Listener Mail about Achieving the American Dream: 01:23
• Introduction to “Boring Businesses” & Sanchez’s Thesis: 05:21
• Application to Public Markets: 06:08–07:31
• Silicon Valley Culture and Risk: 08:28–09:57
• AI in Boring Businesses, “Picks and Shovels” Approach: 10:42–11:58
• Codie’s Four-Step Wealth Path: 12:33
• Risks and Angel Investing: 14:33–15:05
• Trade Skills vs. White Collar Paths: 18:08–19:53
• Market Saturation of Boring Businesses?: 20:37–22:13
• Latin America Investment Outlook: 22:41–24:02
• Portfolio Structuring/Advice for Most Listeners: 24:02–25:26
• Codie’s Journey from Finance to Entrepreneurship: 25:49–27:13
• Advice on First Small Business Acquisition, “Steal My Scars”: 27:19–28:41

Rent the Runway (RTR) Segment: Update & Lessons (31:16)

• RTR soars 100% after recapitalization wipes out $200 million in debt.
• Ann Berry: The debt-for-equity swap is a “stay of execution,” not a definite turnaround.
  • “I just think it’s on borrowed time… it just hasn’t gotten its unit economics to work.” (32:49)

Resources and Recommendations

• Main Street Millionaire, Codie Sanchez’s book.
• Contrarian Thinking (platform and community).
• “Big Deal” podcast (Codie Sanchez).
• Codie’s holiday workbook for kids – teaching entrepreneurship early.

Final Thoughts

This episode demystifies “boring businesses” and reframes them as the backbone of sustainable wealth and financial freedom—counter to mainstream focus on tech unicorns and hot trends. Codie Sanchez and Ann Berry provide actionable frameworks for transitioning from employee to owner, advocate for calculated ownership risk, and caution listeners against relying on hype or speculation. For listeners seeking a resilient financial path, this conversation provides both inspiration and tactical guidance.