Zero Hour with James Poulos: Episode 93 Summary

Title: Did Stallone Just Give Hollywood a KNOCKOUT Punch in New Film?
Guest: Dick Boyce
Release Date: April 13, 2025

Introduction

In Episode 93 of Zero Hour with James Poulos, host James Poulos engages in a profound conversation with Dick Boyce, a seasoned investor and former CEO of J. Crew. Boyce, who has significantly grown TPG Operating Group's assets from $1 billion to $75 billion, shares insights into his diverse ventures, including his latest collaboration with Sylvester Stallone on the film Lost on a Mountain in Maine.

Dick Boyce's Background

00:30 - 01:31

Poulos sets the stage by highlighting Boyce's illustrious career:

• Investment Success: Transitioned J. Crew from the brink to profitability.
• Corporate Leadership: Chaired major brands like Burger King and Del Monte Foods.
• Media Ventures: Co-produced a film with Sylvester Stallone, showcasing his multifaceted expertise.

Boyce: "From turning around J. Crew to cheering Burger King and co-producing now a film with Sylvester Stallone, Dick Boyce knows how to shake up industries." (01:09)

Lost on a Mountain in Maine: Genesis and Significance

01:31 - 03:40

Boyce discusses the inspiration and importance of his film:

• Historical Foundation: Based on a true story from 1939 where a boy survived nine days in the Maine wilderness, inspiring multiple generations, including Boyce's father.
• Timeless Themes: Emphasizes family, faith, and grit, reminiscent of classic Disney storytelling.
• Modern Relevance: Addresses contemporary parenting debates, especially helicopter parenting, by showcasing resilience and survival.

Boyce: "Something that someone you know 2000 years ago would understand. Why is this the movie that you wanted to make..." (01:54)
Boyce: "A boy spent nine days without food or shelter and survived. And a lot of parents come out of the movie saying, I don't think our kid could do that." (03:40)

Technology's Impact on Generational Interactions

05:02 - 06:57

The conversation shifts to the evolving dynamics between generations influenced by technology:

• Generational Gaps: While older generations may seem less tech-savvy, technology also unites people who are proactive versus those who are passive.
• Continuity Through Family: Despite rapid technological changes, the enduring thread of family remains a stabilizing force.

Poulos: "It's interesting seeing how different generations...one chunk is passive...another chunk is looking at what technology is doing to us..." (05:02)

Boyce: "I think there's some intelligent pushback on the intervention, on the impact of technology..." (05:02)

Hollywood's Current Landscape and Stallone’s Role

10:41 - 13:52

Boyce delves into Hollywood's struggles and Stallone's involvement:

• Industry Challenges: Union constraints, increased regulations, and the impact of COVID-19 protocols have hampered indie filmmaking.
• Stallone’s Contribution: His backing brings credibility and aligns with his conservative values of individualism and resilience.

Boyce: "We've been making movies about what man can endure for decades...there's some merit to the connection you're making, that he's sort of stepping into this new world..." (11:52)

Poulos: "Stallone being tapped to make Hollywood great again... it's a tall order." (10:41)

The Future of Indie Filmmaking

13:32 - 25:34

Discussion on the viability of indie films and the potential for revitalizing Hollywood:

• Economic Constraints: High costs related to unions and COVID protocols deter new projects.
• Sundance and Distribution: With the Sundance Model potentially shifting, there's a push towards more commercially viable indie films.
• Private Equity’s Role: Boyce argues that private equity can rejuvenate industries by focusing on long-term value and operational excellence.

Boyce: "If you look at the Sundance Film Festival...they've done the research...0.5% of indie films even make it to theaters." (23:36)
Poulos: "How do you get that flywheel turning again? Is it just a matter of allocating capital correctly?" (23:36)

Private Equity and Business Consolidation

25:34 - 36:06

The conversation explores the implications of private equity on businesses:

• Positive Outcomes: Revitalizing struggling companies by improving operations and focusing on customer satisfaction, as exemplified by Continental Airlines.
• Public Perception: Counteracting the negative image of private equity by showcasing successful turnaround stories.
• Economic Efficiency: Emphasizes that private equity investments lead to more productive and profitable businesses.

Boyce: "We brought in a new management team...ended up number one rated on all those elements." (25:34)
Boyce: "Private equity is really an attitude class...set better goals, we have to change things about the company..." (32:23)

AI, Job Displacement, and Economic Productivity

36:06 - 43:42

Boyce addresses the fears surrounding AI and its impact on the workforce:

• Historical Context: Drawing parallels with technological advancements like Microsoft and Lotus 1-2-3, which ultimately created more jobs.
• Optimistic Outlook: Believes AI will enhance productivity and generate new, unforeseen job opportunities.
• Population Growth: Stresses the importance of immigration and higher fertility rates to sustain economic growth.

Boyce: "I think AI is going to end up creating a lot more jobs, just different kind of jobs." (41:39)
Poulos: "What are you saying to those kids?" (42:40)
Boyce: "Innovation always creates more jobs..." (42:40)

DEI, Corporate Culture, and Common Purpose

43:42 - 56:59

The discussion turns to Diversity, Equity, and Inclusion (DEI) in the corporate environment:

• Critique of DEI: Boyce argues that focusing on diversity can undermine unity and that equity-based outcomes are detrimental.
• Merit-Based Culture: Advocates for equality of opportunity over equity, emphasizing the importance of a common mission to foster inclusion naturally.
• Market-Driven Solutions: Suggests that successful companies will inherently practice inclusion and unity without mandated DEI initiatives.

Boyce: "I want people to agree on what we're trying to accomplish as a company...equity, as you know, measures outcomes, which doesn't work for anybody." (53:12)
Poulos: "What do you think?" (53:12)
Boyce: "If you're not running your company well and including people, you're going to lose people." (54:53)

Conclusion and Final Thoughts

56:12 - End

Poulos and Boyce wrap up with reflections on America’s spiritual and economic future:

• Spiritual Resilience: Emphasizes the need for a renewed spiritual foundation to navigate technological and societal changes.
• Golden Age Optimism: Despite current challenges, there's hope for a resurgence of merit-based culture and economic revitalization.
• Call to Action: Encourages listeners to watch Boyce’s film and engage in constructive societal change.

Poulos: "Maybe that golden age is right around the corner. But until then, we'll watch the movie..." (56:59)
Boyce: "If you believe in merit, then you realize, I got to take that Chipotle job because I want to get to become the Chipotle manager because I want to run Chipotle someday." (47:27)

Notable Quotes

• Dick Boyce on Technology's Dual Impact:

  "I was torn on the whole thing. I think there's some intelligent pushback on the intervention, on the impact of technology..." (05:02)

• Boyce on Private Equity Success:

  "We ended up number one rated on all those elements." (25:34)

• On AI and Job Creation:

  "I think AI is going to end up creating a lot more jobs, just different kind of jobs." (41:39)

• Critique of DEI Initiatives:

  "Equity, as you know, measures outcomes, which doesn't work for anybody." (53:12)

• On Maintaining Work Ethic:

  "We have to maintain that work ethic. But we also have to have a culture, a culture that retains merit." (47:27)

Final Thoughts:
Episode 93 of Zero Hour with James Poulos offers a deep dive into the intersection of business acumen, technological advancement, and cultural shifts. Dick Boyce provides a balanced perspective on private equity's role in revitalizing industries, the optimistic potential of AI in job creation, and a critical view of current corporate DEI practices. His insights underscore the importance of unity, merit, and spiritual resilience in navigating America's evolving economic and cultural landscape.