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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Welcome back to the Deal. I'm Jason Kelly, I'm Alex Rodriguez.

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Speaker 2: All right, a very special episode. This is something a

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Speaker 2: little bit different for us. First of all, it feels

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Speaker 2: like world's colliding. Ray Dalyio, founder of Bridgewater Associates, best

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Speaker 2: selling author, and Bill Belichick kind of needs no introduction,

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Speaker 2: an incredibly successful NFL coach now coaching in the college ranks.

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Speaker 2: Their buddies sort of an unlikely partnership, kind of like

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Speaker 2: you and me exactly.

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Speaker 3: And here are two guys that are from two different

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Speaker 3: worlds but have been masters at pattern recognition, and they

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Speaker 3: also share a lot of the same core values and principles.

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Speaker 2: Yeah, so principles is the key word there. It was

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Speaker 2: the book that Ray Dalio wrote, runaway bestseller. It inspired

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Speaker 2: Bill Belichick to write the Art of Winning. They're gonna

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Speaker 2: dig deep and tell us about the lessons that they learned.

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Speaker 2: I'm so excited. Let's get after it.

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Speaker 4: Let's do it.

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Speaker 2: We have two people who you might be a little

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Speaker 2: bit surprised to see together. This is so cool for us.

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Speaker 2: A very special conversation. Ray Dalio, Bill Belichick, Welcome to

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Speaker 2: the deal.

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Speaker 5: Thank you, thank you. It's great to be here.

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Speaker 2: All right. So we have you here because you guys

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Speaker 2: are buddies, like we're buddies, your buddies, Like you know

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Speaker 2: how I got to ask you to start? Ray? How

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Speaker 2: does this happen?

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Speaker 5: Like?

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Speaker 2: How does this friendship come together?

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Speaker 4: I get a call from them? Whoa Bill Belichick call?

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Speaker 2: When is this from there? When is this Bill?

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Speaker 5: About? Four years ago? Four years ago I read Ray's

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Speaker 5: book and Principles Times bestseller, and we're about the same age.

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Speaker 5: And he's going through his life. I'm relating to the

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Speaker 5: Times and he's going through his career and Principles every

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Speaker 5: page is like that's what I'm trying to do. God,

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Speaker 5: I love the way he articulated that. And it's page

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Speaker 5: after page after page, and this is amazing. I mean,

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Speaker 5: I just I fell in love with the book, but

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Speaker 5: I connected. I felt like to every single principle, not

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Speaker 5: just one, but ABCD and then the little numbers with

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Speaker 5: it too. And so I called him and I said, Ray,

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Speaker 5: I'd love to talk to you. This is an amazing book,

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Speaker 5: best I've.

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Speaker 4: Ever read, Principles of Success. Like what was so incredibly

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Speaker 4: cool is here we are in totally two totally different domains,

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Speaker 4: and we have the exact same principles for success, which

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Speaker 4: we believe are universal principles for success. Like out of

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Speaker 4: his book, I've got a bunch here. If people understand

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Speaker 4: these principles, whatever they're doing, it is a path to success.

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Speaker 3: And Ray talking about these principles, and I know we're

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Speaker 3: going to get into a few of those. This is

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Speaker 3: such an porn writing. When did you formulate this idea

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Speaker 3: and then share with the world which you're doing, you know,

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Speaker 3: God's work right now, because I can't wait to hear

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Speaker 3: more about these principles.

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Speaker 4: Well, two things. When I was making investment decisions, I thought, well,

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Speaker 4: what are my criteria for making the investment decisions? So

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Speaker 4: I should write them down, see how they would have

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Speaker 4: worked in the past, and so on. How do you

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Speaker 4: keep a team of fifteen hundred people tight? What are

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Speaker 4: you doing? Why am I making the decisions? So I

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Speaker 4: would write down principles. Then I started realize, same things

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Speaker 4: happen over and over again, right, same things happen in

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Speaker 4: his game and my game, your game, same thing. So

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Speaker 4: then you start thinking about principle, you know, not just

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Speaker 4: the thing that you're doing at the time, and when

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Speaker 4: I started to do that, it became a habit in

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Speaker 4: my life. And so that was what was incredibly cool

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Speaker 4: when he called and same principles. These are the gifts

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Speaker 4: that he and I want to give, right and I'm

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Speaker 4: sure that they'll resonate with you. But their principles for

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Speaker 4: success whatever your domain is.

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Speaker 2: Yeah, all right, so that's your meat cute. There's a

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Speaker 2: meat cute between YouTube that has echoes of that, I

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Speaker 2: think right out.

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Speaker 3: Yeah. I mean, I've always admired Bill and everything he does,

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Speaker 3: the way he comports himself. Obviously, I'm friendly with Tom

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Speaker 3: and just Tom Brady. Tom Brady, I'm sorry, and he's

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Speaker 3: just Tom around. You know the fact that one of

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Speaker 3: the things you have an economics degree, okay, but you're

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Speaker 3: also a world class communicator and one of the greatest motivators.

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Speaker 3: And I think you know, pat Riley is another guy

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Speaker 3: we've spoken about that's an incredible motivator. I'm wondering, and

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Speaker 3: I'll get back to how we connected, But where did

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Speaker 3: you learn that the ability to motivate and articulate at

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Speaker 3: a really high level.

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Speaker 5: I think it's one of those I was an only child,

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Speaker 5: so didn't have any siblings to communicate with. But I

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Speaker 5: think it was really from being around my dad, around

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Speaker 5: the Naval Academy, around those Navy football teams, and watching

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Speaker 5: the way that they interacted, the way they taught, the

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Speaker 5: way the coaches taught the players, learn the communication and

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Speaker 5: the interaction between the staff, the players and those teams.

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Speaker 5: As I was growing up hanging around my dad and

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Speaker 5: hanging around those great Navy teams of the sixties and

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Speaker 5: the Roger Staubach, Tom Lynch, Pat Donaldy, Jim Campbell and

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Speaker 5: those guys that were just they're my heroes. They are

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Speaker 5: my idols, and I learned a lot from watching them.

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Speaker 5: I didn't know I was really learned it, but I

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Speaker 5: think in retrospect that's where a lot of it came from,

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Speaker 5: because they were great communicators, great teammates, very unselfish, and

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Speaker 5: there was never any indecision. It was clear cut, here's

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Speaker 5: the way it is, then we do it, execute it.

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Speaker 2: So I do want you to tell the story only

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Speaker 2: because I do think one of the interesting lessons that

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Speaker 2: we hear on this show, and we're certainly hearing from

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Speaker 2: you guys, is this idea of if you want to

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Speaker 2: meet somebody like reach out to them. Now, you know

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Speaker 2: you got to call from Bill Belichick, you got to

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Speaker 2: call from Alex Rodriguez. You're picking up the phone and

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Speaker 2: maybe Jason Kelly, I don't know, but tell us about

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Speaker 2: the moment where you because you've been very good about

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Speaker 2: this throughout your career, Alex of being like, yeah, I

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Speaker 2: want to learn from that. So what inspired you to

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Speaker 2: call him?

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Speaker 3: I mean people like Ray and Bill, they're some of

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Speaker 3: the greats of all time, right, And I just reached

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Speaker 3: out and they didn't think I will get a text

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Speaker 3: back because we don't really weally know each other.

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Speaker 2: So you just hit them with like a hey bro.

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Speaker 3: I actually text him. I got his I said, hey,

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Speaker 3: Alex Rodriguez, I'm kind of paraphrasing obviously a big fan

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Speaker 3: of you. Congrats on your past season. If you're ever

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Speaker 3: in Florida, maybe we can go to lunch, go to dinner.

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Speaker 3: And he reached back very nice. He goes, you know,

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Speaker 3: he's a big baseball fan too, and we have a

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Speaker 3: lot of major friends, Joe Tory and all the people.

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Speaker 3: And he said, sure, I'll be down in Florida. I'll

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Speaker 3: give you a call when i'm down there. So I

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Speaker 3: went down to Florida. We went a couple times, We've

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Speaker 3: had a nice dinner, and we've had a really really

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Speaker 3: nice time.

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Speaker 2: You know, you have developed these relationships, close relationships with

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Speaker 2: athletes over your entire career, and you talk about sort

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Speaker 2: of admiring the guys who played for your dad. But

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Speaker 2: when an athlete like Alex reaches out, like what are

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Speaker 2: you thinking and what are you thinking in terms of

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Speaker 2: like what you can learn? Because that actually goes right

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Speaker 2: into some of the principles that are here in this book.

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Speaker 5: Well, one thing about pro sports and competitive sports is

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Speaker 5: other people in your sport aren't that excited about helping you.

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Speaker 5: Ah oh, And so you go to another coach in

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Speaker 5: the NFL, and how much does he really want to

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Speaker 5: help you? How much you really want to help him.

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Speaker 5: You can have a good friendship and a relationship with him,

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Speaker 5: but it's a little holding back. And I think that

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Speaker 5: a lot of my closer relationships with people like Alex

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Speaker 5: and Joe and Tito fran Conan the baseball world, because

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Speaker 5: I would, you know, I came to the Yankees camp

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Speaker 5: several times and watch you guys work and talk to

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Speaker 5: Joe and how Joe managed his professional athletes and how

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Speaker 5: other coaches pat Riley and other coaches and other sports

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Speaker 5: handled their athletes, and there's Tony LaRussa. There's some common

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Speaker 5: ground there different sports, but coaches handling pro athletes and

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Speaker 5: pro teams, and the conversation is a lot easier, yeah,

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Speaker 5: than it is when you're trying to oh he told

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Speaker 5: me something about that player. Oh he told me something

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Speaker 5: about that play. You know, you're kind of holding back there.

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Speaker 5: And so you know, Alex and I had dinner several

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Speaker 5: times when we talked and it was a great conversation

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Speaker 5: and free flowing. It's nothing to hide, right, It's the Israeli.

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Speaker 5: It was a very open conversation and relationship and I

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Speaker 5: love that.

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Speaker 4: So all I'm hearing, but just so you know what

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Speaker 4: it's like to go through my ears, is like I

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Speaker 4: want that guy's principles, Like don't you want Bill Belichick's

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Speaker 4: yeah principles, Yes, Okay, don't you want that guy's principles.

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Speaker 4: Every decision that's made is just an execution of those

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Speaker 4: principles to the formula of success. So you can imagine

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Speaker 4: the conversation we had.

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Speaker 2: So on that point, Ray like, what is something from

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Speaker 2: Bill's book that is a commonality, like, what is something

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Speaker 2: you saw that he's done in football that you were like, yeah,

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Speaker 2: I do that as an investor. Or. You know, people

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Speaker 2: who are listening or watching can apply that to their businesses.

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Speaker 4: There's being successful yourself, and then there's running an operation

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Speaker 4: that's successful. Right, So there are principles for each of

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Speaker 4: those things in mind are identical. Okay, they're just applied. Now,

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Speaker 4: can I read you a few? I'll give you Okay.

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Speaker 2: Give us one that you're most excited about it.

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Speaker 4: I'm going to give you a few. Okay, Okay, I'm sorry,

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Speaker 4: I have to give you you So picking somebody, he says,

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Speaker 4: do you love the game? Do you work hard? Are

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Speaker 4: you intelligent? If the answers are yes, yes, and yes,

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Speaker 4: we're good to go. Okay, So now think about that.

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Speaker 4: That's absolutely right. Okay, what do I want? You have

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Speaker 4: to love the game? This is true in my game?

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Speaker 4: I play a game, okay, very competitive game.

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Speaker 2: Uh, investing, you're talking about investing.

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Speaker 4: You know how every minute of every day you get

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Speaker 4: either punched in the face or rewarded.

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Speaker 2: Can I take a beat on that one?

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Speaker 4: Sure?

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Speaker 2: I want to come back to another principle, because when

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Speaker 2: you tell that story. I think about one number. It's

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Speaker 2: a page in your book that's dedicated to a very

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Speaker 2: specific person whose name has already come up, and that's Tom.

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Speaker 3: Brady, right, so page one N I love this because

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Speaker 3: Tom Brady was the one hundred and ninety ninth pick.

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Speaker 3: Like so the date, I would probably suggest Bill, each

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Speaker 3: body should stay away from this guy. But there's somebody

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Speaker 3: specifically that you saw on Tom that nobody else saw.

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Speaker 5: That's it. Yeah, you know. Tom Brady played as a

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Speaker 5: backup quarterback to Greasy. Greasy went in the NFL. Tom

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Speaker 5: was a senior. This is University of Michigan. It's University

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Speaker 5: of Michigan. Tom was a senior, and evidently they had

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Speaker 5: promised Drew Henson, who was a big recruit as a freshman,

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Speaker 5: playing time as a freshman. So Tom was the starter,

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Speaker 5: but Henson played a lot and it didn't look like

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Speaker 5: he was quite ready to play. Tom would play and

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Speaker 5: then you know, Henson had some issues and then Tom

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Speaker 5: would finish the game. And finally in the Orange Bowl

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Speaker 5: against Alabama, it was Tom's best game, his final game,

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Speaker 5: and you could really see him play. Talent was, you know,

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Speaker 5: was okay, but he was very smart. He loved football

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Speaker 5: and he worked extremely hard, and so he came in

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Speaker 5: as our fourth string quarterback in two thousand fourth, which

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Speaker 5: no team carries four quarterback right, and honestly, two the

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Speaker 5: guys in front of him weren't all that good, so

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Speaker 5: that's where he was. But he became great, and day

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Speaker 5: after day after day after day, he just kept improving,

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Speaker 5: and I signed a player, Damon Hewart. I signed a

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Speaker 5: player from Miami as a backup quarterback in two thousand

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Speaker 5: and one because I wasn't sure Tom was going to

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Speaker 5: be a backup quarterback. Tom beat him out in training

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Speaker 5: camp and became the number two, and then unfortunately, when

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Speaker 5: Bledsoe got hurt, Brady got his opportunity and he played well.

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Speaker 5: We had a good team. He played well. We won

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Speaker 5: a championship, but we weren't great offensively. We only scored

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Speaker 5: three touchdowns in three postseason games. And then in two

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Speaker 5: thousand and two. By two thousand and three, he became

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Speaker 5: really good for great and had a great, great career.

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Speaker 3: I want to double up on that because specifically, as

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Speaker 3: he walked around the hallways in the locker room, in

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Speaker 3: the weight room, in the video room, was there somebody

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Speaker 3: specific that you just kept looking at this guy and go,

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Speaker 3: this guy the real deal. He's not messing around. He

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Speaker 3: is consistent. What was it about him? But you said, huh,

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Speaker 3: let me take a double look at Tom.

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Speaker 5: His improvement, his work ethic, and his improvement and his leadership.

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Speaker 5: We had a young team in two thousand and he

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Speaker 5: kept a lot of the rookies and first year players

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Speaker 5: out and they would just run plays after practice by themselves,

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Speaker 5: and he ran it, you know, and you could see

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Speaker 5: his leadership that hey, we're doing this wrong on the play,

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Speaker 5: or hey you need to go a motion faster, or

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Speaker 5: you know, whatever it was. And you could see his

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Speaker 5: leadership start to take over amongst the rookies, not as

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Speaker 5: a team leader, but as the rookies. And then once

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Speaker 5: he became the quarterback, then his leadership really accelerated. He

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Speaker 5: worked out with the offensive lineman, he hung out with

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Speaker 5: the offensive lineman. He was just one of the guys.

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Speaker 5: He wasn't some prima on a quarterback. He connected to everybody,

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Speaker 5: the guy who picked up the towels in the locker room,

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Speaker 5: to the owner, to everybody in between. And I was,

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Speaker 5: you know, fortunate that year I met with him. Unfortunately,

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Speaker 5: our quarterback coach died that year, and so Charlie and

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Speaker 5: I kind of, you know, co coached Brady and double

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Speaker 5: teamed him in terms of, you know, trying to accelerate

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Speaker 5: his his knowledge and his experience. But you know, he

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Speaker 5: became a special guy and his work ethic, his competitiveness

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Speaker 5: is toughness is intelligence, eventually took him past other players

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Speaker 5: who were more talented. Yeah.

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Speaker 2: Interesting, Just to follow up on that, you write something

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Speaker 2: into your book that I found so interesting, which is

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Speaker 2: he was And keep me honest here. I believe you

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Speaker 2: wrote he was hard to coach because he was so prepared. Yes,

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Speaker 2: and so how do you do it? Like I mean,

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Speaker 2: I would imagine this is something you run into in

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Speaker 2: your business.

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Speaker 4: It's identical. Now, if you're listening to him the way

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Speaker 4: I'm used to listening, he was describing Tom Brady. Okay,

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Speaker 4: he's also describing the recipe. He was coachable, he was humble. Okay,

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Speaker 4: Now you can write these things down. That's the formula.

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Speaker 4: Once you start to think about the I look for

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Speaker 4: the same things, right. Okay, So now if you're thinking

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Speaker 4: how do I run a team, and you write them

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Speaker 4: down in the general case, not just the particular, there's

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Speaker 4: Tom Brady. That's the story of him. But if you say,

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Speaker 4: what's a winner, how do you pick a winner? It's

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Speaker 4: the same.

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Speaker 2: Qualities, right, And so in the case of Tom Brady, Bill,

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Speaker 2: he's harder to coach. So how do you do it?

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Speaker 2: Because again, I'm thinking about Rai's business, I'm thinking about

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Speaker 2: Alex's business, I'm thinking about my business. You have these

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Speaker 2: superstars who like show up, they work hard, they're ready

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Speaker 2: to go. So how what's the secret to managing them?

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Speaker 5: Well, I always felt like I was really well prepared

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Speaker 5: when I went and talked to Tom and I tried

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Speaker 5: to teach him from a coaching standpoint what he needed

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Speaker 5: to know, which was what the defensive coordinator was thinking

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Speaker 5: on the other side of the field. That was the

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Speaker 5: big thing. Wow, And we got into a situation where,

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Speaker 5: you know, I went in there and I said, you know, Tom,

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Speaker 5: here's what they're playing. And it was a coverage that

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Speaker 5: they could have made an adjustment to. And I said,

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Speaker 5: I've never made seen him make that cover adjustment. I

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Speaker 5: don't think they have that in their system. And Tom

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Speaker 5: kind of let me down easy. He said, well, I

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Speaker 5: don't know. I saw something last year against Green Bay.

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Speaker 5: I don't know if that's what they were doing or not. Well,

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Speaker 5: that's exactly what they were doing. Wow. He just didn't

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Speaker 5: embarrass me.

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Speaker 4: Wow.

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Speaker 5: I went back and watching like, Okay, he was better

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Speaker 5: prepared for that meeting than I was. I'm not going

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Speaker 5: to let that happen again. Right, And so now I'm

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Speaker 5: not only going through the games this year, I'm going

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Speaker 5: back through the games last year too. He forced me

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Speaker 5: to be better prepared and be a better coach because

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Speaker 5: he was so well prepared, and it was always like

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Speaker 5: a little competition like, hey, have you see that player?

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Speaker 5: Did you see that play? Remember that played from three

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Speaker 5: years ago? And so But you know, I love that

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Speaker 5: because Tom did it with grace. He could have been

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Speaker 5: he could have just said, hey, coach, once you go

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Speaker 5: look at this game, right, But he didn't. But that's

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Speaker 5: kind of the way he and because he was so

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Speaker 5: well prepared. Yeah, forced me to be And when I

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Speaker 5: say he was hard to coach, I mean that truly

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Speaker 5: is a compliment, right. Right.

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Speaker 3: So I have a question for Rank. Yeah go, so Ray,

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Speaker 3: going on your principles, I'm really interested that you build

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Speaker 3: Bridgewater with the experience you have today. How do you

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Speaker 3: think about building a work structure and an organization, and

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Speaker 3: how do you apply those principles? You meet so many

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Speaker 3: great people, so many talented men and women. How do

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Speaker 3: you go about picking your top people? Talking about your principles?

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Speaker 4: I think he described it so well. It's the same

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Speaker 4: you're building a machine. You have to look, Okay, what

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Speaker 4: is your machine? I don't know where exactly here it is,

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Speaker 4: but basically he describes it very well. Okay, what is

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Speaker 4: a team like? What are the positions they play? What

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Speaker 4: are the characteristics of the qualities that are necessary to

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Speaker 4: play that position? Well? How does that person then have

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Speaker 4: to interact with you? They've got to understand what you

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Speaker 4: want in terms of that job. How do they react

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Speaker 4: to pain? How do they react to failure? I have

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Speaker 4: a principle pain plus reflection equals progress. Right in other words, so,

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Speaker 4: how do you feel about when you're knocked back? What

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Speaker 4: do you do with that? Do you hide it? Are

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Speaker 4: you embarrassed about your mistakes? Or do you go at it?

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Speaker 4: Do you find it? So it's these elements. So you

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Speaker 4: have to build a machine, and the machine is what

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Speaker 4: that organization is? What are your goals? You'd have to

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Speaker 4: know where your goals are, how do you build the machine?

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Speaker 4: What is the attribute for each one of those? How

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Speaker 4: do I do the testing? I do testing of people.

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Speaker 4: He does testing of people. We do testing. How do

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Speaker 4: they fit into that He's looking for attributes, I'm looking

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Speaker 4: for attributes. What is that attribute necessary for that job?

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Speaker 4: How do they work together? And how do you orchestrate it?

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Speaker 4: It's the same. All of this can be even systemized

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Speaker 4: and computerized. These principles and the ways you do it.

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Speaker 3: So if I'm talking about testing, let's just role play

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Speaker 3: right now, because I want to see how you apply

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Speaker 3: those principles. If you're trying to hire a great managing

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Speaker 3: director or a CIO for Bridgewater back in the day,

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Speaker 3: and you love him, I mean, he's a ten out

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Speaker 3: of ten, He's a Tom Brady for you, but he

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Speaker 3: wants ten dollars and you think he should be meaning

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Speaker 3: six dollars. How do you fill that gap? Do you

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Speaker 3: just quit or do you just keep pursuing.

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Speaker 4: We talk about goals and values and what are you after? Okay,

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Speaker 4: what matters to me? To me, like, I have certain

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Speaker 4: values in the culture. You have to have a culture.

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Speaker 4: Mine is meaningful work and meaningful relationships. Through radical truthfulness

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Speaker 4: and radical transparency. Does it mean something to be on

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Speaker 4: this particular team? And also the other side of it?

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Speaker 4: Am I fair with you? I believe that I have

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Speaker 4: to be the far side of fair. I've got to

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Speaker 4: be generous to you. How are we with each other?

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Speaker 4: And what is our ultimate goal? These are the things

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Speaker 4: that we have to agree on.

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Speaker 2: And so Bill Ray said something a minute or so

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Speaker 2: ago that is very interesting and really jumped out at

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Speaker 2: me as I was reading your book. And because this

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Speaker 2: is a family show and a family network, I'm going

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Speaker 2: to use the sanitized version, which is four important words.

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Speaker 2: I messed that up. It's not what are you saying?

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Speaker 2: And I admire you your transparency and your directness in this,

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Speaker 2: but admitting mistakes and that's something we all make them.

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Speaker 2: Tell us how you got to that, how you learned

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Speaker 2: about that, and how to best deal with mistakes that

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Speaker 2: you made?

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Speaker 5: Well. I think the number one area for me, Jason

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Speaker 5: is when time is of the essence, and that's in

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Speaker 5: a game. You come to the sideline, something bad happened

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Speaker 5: out on the field. We gotta fix it. What's wrong?

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Speaker 5: And the quickest way to fix it is if I

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Speaker 5: can say I messed that up. It's my fault. Everybody else.

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Speaker 5: Keep doing what you're doing. I'll make the adjustment that

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Speaker 5: it all takes care of it.

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Speaker 2: Yeah.

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Speaker 5: But if we all sit there and it's like, well,

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Speaker 5: should I do this? Should I have done that? Should

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Speaker 5: he have done something else? Well, sometimes you have to

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Speaker 5: figure that out. Okay, you've play a little bit wider,

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Speaker 5: you pay a little bit tighter, you get back up

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Speaker 5: a little bit. Here's how we're going to handle that.

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Speaker 5: But sometimes it's as simple as just screw it up. Yeah,

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Speaker 5: it's my fault. Keep doing what you're doing. We're fine.

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Speaker 5: I'll make the adjustment. It won't happen again.

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Speaker 2: Is there a time that really sticks out in your mind?

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Speaker 2: When that happened?

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Speaker 5: Multiples and I've done it. It was a bad call.

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Speaker 5: I called the wrong defense against the wrong personnel group. Yeah,

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Speaker 5: it was a bad call. I'll never do that again.

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Speaker 5: That's my fault. Forget that play. Next play. Yeah, okay, hey,

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Speaker 5: it was my fault. I should have been in this gap.

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Speaker 5: I was too wide. I got it. Okay, great, we

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Speaker 5: don't talk to everybody else. Keep doing what they're doing.

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Speaker 5: But in football, you give them a twenty yard run,

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Speaker 5: should I have done this? Should I have done that?

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Speaker 5: Should I've done this? Should I? You have four or

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Speaker 5: five guys thinking like, hey, was it me? It was?

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Speaker 4: Okay?

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Speaker 5: No, here's what it was. Right, Just takes care of it. Okay,

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Speaker 5: we're done.

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Speaker 2: Because one of the things you point out in the

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Speaker 2: book is that by doing that as a leader, you

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Speaker 2: essentially give people who work for you permission to do

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Speaker 2: the same thing and also set the expectation that they

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Speaker 2: will also own their mistakes. And do you remember it

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Speaker 2: when it's just like.

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Speaker 5: You said, we all make them. Yeah, we all make them.

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Speaker 5: So own them, correct them, and put it behind us.

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Speaker 5: And it's every day we make them every day.

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Speaker 4: Multiple the attitude about mistakes, the attitude about failures, the

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Speaker 4: attitude about weaknesses, that's everything. I mean, that's a huge

432
00:21:18,040 --> 00:21:20,480
Speaker 4: part of it. In any business, you will be into it.

433
00:21:20,680 --> 00:21:23,639
Speaker 4: It's the attitude. And you could see the attitude. So

434
00:21:23,720 --> 00:21:27,840
Speaker 4: when it's clear and you reinforce that, okay, and so

435
00:21:27,960 --> 00:21:28,840
Speaker 4: you create a culture.

436
00:21:29,400 --> 00:21:31,200
Speaker 3: And one of the two things that you guys share,

437
00:21:31,240 --> 00:21:33,640
Speaker 3: one of the things that I really admires the radical

438
00:21:33,760 --> 00:21:36,919
Speaker 3: transparency and honesty and just getting to the point I

439
00:21:36,920 --> 00:21:39,080
Speaker 3: feel like so many people bs around and you never

440
00:21:39,119 --> 00:21:41,280
Speaker 3: get anywhere. You're like dancing around and it's like that

441
00:21:41,359 --> 00:21:43,880
Speaker 3: makes it awkward. Where did you get that and why

442
00:21:43,920 --> 00:21:47,040
Speaker 3: did you think that was so important to build up Bridgewater? Well,

443
00:21:47,040 --> 00:21:48,400
Speaker 3: as one of your principles.

444
00:21:47,960 --> 00:21:50,560
Speaker 4: I mean, it's exactly the same. He's playing a game.

445
00:21:50,800 --> 00:21:53,280
Speaker 4: I'm playing a game. There's the in the moment, and

446
00:21:53,359 --> 00:21:56,480
Speaker 4: then there's going into it on the next day. Whenever day,

447
00:21:56,520 --> 00:21:58,840
Speaker 4: you sit back and you watch the films and you

448
00:21:59,119 --> 00:22:02,320
Speaker 4: learn from it, right, So you know that fundamentally you've

449
00:22:02,359 --> 00:22:05,720
Speaker 4: got to do this right. And so for me, it's

450
00:22:05,880 --> 00:22:11,520
Speaker 4: always reflection on mistakes and learning personal mistakes, systematic mistakes.

451
00:22:12,200 --> 00:22:15,520
Speaker 4: You can't avoid it. If you want to be a winner, well,

452
00:22:15,560 --> 00:22:18,320
Speaker 4: it'll sort you out right. You don't do these things,

453
00:22:18,320 --> 00:22:19,440
Speaker 4: you're gone, right.

454
00:22:19,520 --> 00:22:21,440
Speaker 3: So how would you use those principles? I'm going to

455
00:22:21,480 --> 00:22:23,320
Speaker 3: ask you, not for some advice, Ray, as a new

456
00:22:23,320 --> 00:22:26,200
Speaker 3: owner of an NBA team and WNBA team, how would

457
00:22:26,200 --> 00:22:29,560
Speaker 3: you apply your principles to build out a great team?

458
00:22:30,040 --> 00:22:32,159
Speaker 4: Okay, know what your goals are, what your trade offs are,

459
00:22:32,160 --> 00:22:34,879
Speaker 4: built the goals. Everything is a five step process. Know

460
00:22:34,920 --> 00:22:37,760
Speaker 4: what your goals are. On the way to your goals,

461
00:22:37,800 --> 00:22:42,560
Speaker 4: you're going to encounter your problems, your obstacles. Okay, identify

462
00:22:42,640 --> 00:22:45,840
Speaker 4: your obstacles. You have to identify them and not tolerate them.

463
00:22:46,400 --> 00:22:50,600
Speaker 4: Number three is diagnose them to the root cause. The

464
00:22:50,720 --> 00:22:53,439
Speaker 4: root cause is that root cause a weakness of you,

465
00:22:53,640 --> 00:22:56,720
Speaker 4: a weakness of them, something. What is the root cause.

466
00:22:57,440 --> 00:22:59,840
Speaker 4: Once you have that root cause, you have to change

467
00:22:59,840 --> 00:23:03,159
Speaker 4: that thing to make good. Number four is then you

468
00:23:03,200 --> 00:23:05,760
Speaker 4: have to design to make a change. You have to

469
00:23:05,760 --> 00:23:08,680
Speaker 4: do something. It's the person, is it, the behavior you're

470
00:23:08,720 --> 00:23:12,040
Speaker 4: misgene working? And then once you make the design, you've

471
00:23:12,080 --> 00:23:14,000
Speaker 4: got to do it. You've got to follow through in

472
00:23:14,080 --> 00:23:16,760
Speaker 4: doing it. And in my opinion, just life is these

473
00:23:16,800 --> 00:23:19,960
Speaker 4: five steps over and over. What is my goal? You

474
00:23:20,000 --> 00:23:22,359
Speaker 4: get it clear? Okay, on the way there, I'm going

475
00:23:22,400 --> 00:23:25,440
Speaker 4: to have my problems and obstacles, diagnose them their root cause,

476
00:23:25,640 --> 00:23:27,960
Speaker 4: get the right players and anyway, that's it.

477
00:23:28,600 --> 00:23:31,760
Speaker 3: Bill, You've played for multiple owners. No needs to mention names.

478
00:23:31,760 --> 00:23:35,359
Speaker 3: That's not important. What is important is from your experience

479
00:23:35,440 --> 00:23:38,360
Speaker 3: and your lens. What makes a good owner, good management

480
00:23:38,359 --> 00:23:40,240
Speaker 3: team to support what you do on the field.

481
00:23:41,480 --> 00:23:43,680
Speaker 5: Well, again, I think it starts with what Rajas said

482
00:23:43,960 --> 00:23:46,679
Speaker 5: is what are your goals? What are your goals? Is

483
00:23:46,720 --> 00:23:49,800
Speaker 5: it the bottom line? Is it financial? Is it championships?

484
00:23:50,280 --> 00:23:53,160
Speaker 5: You know, and you've been a player, and I'm sure

485
00:23:53,160 --> 00:23:55,639
Speaker 5: that you felt like as a player, you wanted a

486
00:23:55,640 --> 00:23:58,399
Speaker 5: path to a championship, and when something got in the

487
00:23:58,440 --> 00:24:02,159
Speaker 5: way of that path, you wanted it removed whatever it

488
00:24:02,240 --> 00:24:06,960
Speaker 5: happened to be, whether it's travel or personnel or the

489
00:24:06,960 --> 00:24:10,520
Speaker 5: way something was handled that it affected your performance as

490
00:24:10,520 --> 00:24:14,280
Speaker 5: a player. And I would say those two don't necessarily align,

491
00:24:14,880 --> 00:24:18,840
Speaker 5: you know, financial success and on the field success, that

492
00:24:19,000 --> 00:24:21,240
Speaker 5: there could be a trade off there that I think

493
00:24:21,240 --> 00:24:23,080
Speaker 5: as an owner you have to make a decision as

494
00:24:23,160 --> 00:24:25,880
Speaker 5: to you know what you probably want the best of both,

495
00:24:26,320 --> 00:24:29,680
Speaker 5: but ultimately which one is the driving force? And that's

496
00:24:29,800 --> 00:24:31,640
Speaker 5: probably like that in a lot of businesses. You know,

497
00:24:32,240 --> 00:24:34,960
Speaker 5: what are your goals and if goals are you know,

498
00:24:35,040 --> 00:24:37,560
Speaker 5: truly winning. You know as a player that you want

499
00:24:37,560 --> 00:24:40,040
Speaker 5: to remove every obstacle that could be in the way

500
00:24:40,080 --> 00:24:45,480
Speaker 5: of a manager or a player of achieving his winning goals. Financially,

501
00:24:45,520 --> 00:24:46,400
Speaker 5: that could be expensive.

502
00:24:47,200 --> 00:24:49,159
Speaker 2: So Ray, it's interesting, you know, over the years of

503
00:24:49,280 --> 00:24:52,000
Speaker 2: you know, covering Wall Street and investing for Bloomberg, I

504
00:24:52,040 --> 00:24:54,840
Speaker 2: got to watch you build this firm and part of

505
00:24:55,600 --> 00:24:58,680
Speaker 2: one of the underlying principles I believe is this notion

506
00:24:58,720 --> 00:25:04,040
Speaker 2: of innovation and always of changing and evolving and both

507
00:25:04,080 --> 00:25:06,040
Speaker 2: of you and we'll get to coach in the second.

508
00:25:06,080 --> 00:25:08,800
Speaker 2: Have you know, sort of pushed into new markets? How

509
00:25:08,840 --> 00:25:11,360
Speaker 2: do you think about that? How do you think about innovation?

510
00:25:11,480 --> 00:25:14,639
Speaker 2: What's your what are the principles underlying how you go

511
00:25:14,800 --> 00:25:16,560
Speaker 2: on and build into something new?

512
00:25:17,040 --> 00:25:19,360
Speaker 4: I don't know if it's much thinking about it as

513
00:25:19,440 --> 00:25:21,680
Speaker 4: much as feeling it. You know, you feel the excitement,

514
00:25:21,720 --> 00:25:25,560
Speaker 4: you feel the poll one of the principles that he's

515
00:25:25,600 --> 00:25:29,000
Speaker 4: praised so well. And I also is being comfortable being

516
00:25:29,080 --> 00:25:34,040
Speaker 4: uncomfortable okay? Or I might say also the reverse, I'm

517
00:25:34,119 --> 00:25:40,080
Speaker 4: sometimes uncomfortable if I'm coomfortable okay, okay? Because we were

518
00:25:40,119 --> 00:25:43,120
Speaker 4: talking about this, what the feeling is like like that.

519
00:25:43,440 --> 00:25:48,040
Speaker 4: Partially it's the striving for something, you know, beyond yourself,

520
00:25:48,080 --> 00:25:51,800
Speaker 4: the growth, the excitement of that feeling, and then partially

521
00:25:51,960 --> 00:25:55,600
Speaker 4: it's also the knowing that you, okay, what is it

522
00:25:55,680 --> 00:25:59,119
Speaker 4: that can make you better? Or where should I worry about? Now?

523
00:25:59,160 --> 00:26:02,400
Speaker 4: I got another prince. If you worry, you don't need

524
00:26:02,440 --> 00:26:05,959
Speaker 4: to worry. And if you don't worry, you need to worry. Okay,

525
00:26:06,440 --> 00:26:09,639
Speaker 4: because if you worry, then you'll take care of what

526
00:26:09,680 --> 00:26:12,600
Speaker 4: you're worrying about. And if you don't worry, it's going

527
00:26:12,640 --> 00:26:15,240
Speaker 4: to hit you probably. Yeah, So there's a little bit

528
00:26:15,280 --> 00:26:17,240
Speaker 4: of this in both of us as we start to

529
00:26:17,280 --> 00:26:20,720
Speaker 4: think about striving for things getting better, because it's not

530
00:26:20,840 --> 00:26:24,600
Speaker 4: where you are, it's the action. It's the evolution that

531
00:26:24,720 --> 00:26:26,960
Speaker 4: gets you excited to be better and better. Why is

532
00:26:26,960 --> 00:26:28,840
Speaker 4: he doing what he's doing? Why am I doing what

533
00:26:28,960 --> 00:26:29,800
Speaker 4: I'm doing? Still?

534
00:26:42,000 --> 00:26:45,760
Speaker 2: So, I mean, let's talk about a major decision bill

535
00:26:45,880 --> 00:26:51,200
Speaker 2: that you make. You're arguably, maybe inarguably the best NFL

536
00:26:51,240 --> 00:26:54,879
Speaker 2: coach of all time that widely considered that and you

537
00:26:54,920 --> 00:26:56,800
Speaker 2: know could have gone off and done a lot of

538
00:26:56,840 --> 00:26:58,920
Speaker 2: things in the same way that you know Alex could

539
00:26:58,920 --> 00:27:00,440
Speaker 2: have gone off and done a lot of things when

540
00:27:00,440 --> 00:27:03,960
Speaker 2: he retired from baseball. Instead, you're like, you know what,

541
00:27:04,359 --> 00:27:07,240
Speaker 2: I'm going to go into one of the most challenging

542
00:27:07,600 --> 00:27:13,119
Speaker 2: sports environments in probably history, which is college sports and

543
00:27:13,160 --> 00:27:17,679
Speaker 2: specifically college football today, and that's what you're doing. You're

544
00:27:17,720 --> 00:27:20,800
Speaker 2: at UNC. How do you make that decision? Were you

545
00:27:21,160 --> 00:27:23,960
Speaker 2: were you thinking that? You know, maybe you were too

546
00:27:23,960 --> 00:27:26,080
Speaker 2: comfortable and you wanted to be uncomfortable, Like, how does

547
00:27:26,119 --> 00:27:27,000
Speaker 2: that decision happen?

548
00:27:27,800 --> 00:27:29,920
Speaker 5: I've always wanted to be in college football. I probably

549
00:27:29,960 --> 00:27:32,800
Speaker 5: grew up in it at the Naval Academy, and I

550
00:27:32,840 --> 00:27:35,439
Speaker 5: tried to go into college football after college, but that

551
00:27:35,680 --> 00:27:38,240
Speaker 5: didn't really work out. So I ended up with the

552
00:27:38,240 --> 00:27:40,760
Speaker 5: Baltimore Colts and coach marcharbro to there and then that

553
00:27:41,000 --> 00:27:43,960
Speaker 5: path kind of led me through the NFL and that's

554
00:27:44,000 --> 00:27:46,520
Speaker 5: worked out all right. But it was an opportunity to

555
00:27:46,600 --> 00:27:49,200
Speaker 5: go to, you know, to a great school, great institution

556
00:27:49,760 --> 00:27:52,520
Speaker 5: with a great brand, yeah that you know hasn't achieved

557
00:27:52,520 --> 00:27:55,600
Speaker 5: what they want to achieve on the football field, and

558
00:27:55,680 --> 00:27:57,359
Speaker 5: so there's a lot of newness, a lot of learning.

559
00:27:57,480 --> 00:27:59,760
Speaker 5: But that's qite exciting for me and I have embraced it.

560
00:28:00,200 --> 00:28:03,080
Speaker 5: I don't know. Sometimes I feel like on the golf course,

561
00:28:03,119 --> 00:28:05,119
Speaker 5: some more comfortable in the trap than I am in

562
00:28:05,160 --> 00:28:07,440
Speaker 5: the middle of the fairway because it's usually going to

563
00:28:07,480 --> 00:28:10,399
Speaker 5: go in the trap. Yeah, and once I'm there, you know,

564
00:28:10,400 --> 00:28:12,520
Speaker 5: you've already got a bogie, so just you know, get

565
00:28:12,560 --> 00:28:15,159
Speaker 5: down in three from the trap. But yes, it's the

566
00:28:15,280 --> 00:28:18,200
Speaker 5: challenge and the newness and learning and finding out new

567
00:28:18,240 --> 00:28:21,280
Speaker 5: things and figuring out how you can apply principles in

568
00:28:21,320 --> 00:28:24,399
Speaker 5: a different environment. It's really exciting to me and I

569
00:28:24,520 --> 00:28:25,280
Speaker 5: enjoy the process.

570
00:28:25,640 --> 00:28:28,639
Speaker 2: Yeah, I mean, and it's so interesting too, because I

571
00:28:28,640 --> 00:28:31,719
Speaker 2: don't know if there's ever been a coaching change, you know,

572
00:28:31,880 --> 00:28:36,280
Speaker 2: especially from pro to college that has actually increased the

573
00:28:36,320 --> 00:28:38,800
Speaker 2: attention on somebody in the way that it has with you.

574
00:28:38,840 --> 00:28:40,880
Speaker 2: I mean, it reminds me a little bit. I mean,

575
00:28:40,960 --> 00:28:43,760
Speaker 2: you come in here like it's almost like moving from

576
00:28:43,880 --> 00:28:46,719
Speaker 2: the the Rangers to the Yankees in terms of the

577
00:28:47,080 --> 00:28:48,600
Speaker 2: of the scrutiny. I mean, don't you think.

578
00:28:48,720 --> 00:28:51,360
Speaker 3: Yeah, that was a real awakening for me because, Coach,

579
00:28:51,400 --> 00:28:53,360
Speaker 3: the thing we've talked about this, we had like three

580
00:28:53,440 --> 00:28:56,280
Speaker 3: or four beat writers in Texas, probably two in Seattle,

581
00:28:56,720 --> 00:28:58,760
Speaker 3: and then you get to New York and there's forty

582
00:28:58,800 --> 00:29:02,200
Speaker 3: or fifty people literally watching your every move and what

583
00:29:02,200 --> 00:29:05,240
Speaker 3: you're hitting and what page. It was a lot of attention. So, coach,

584
00:29:05,240 --> 00:29:06,640
Speaker 3: how do you deal with that? How do you deal

585
00:29:06,680 --> 00:29:08,360
Speaker 3: with the attention? How do you do that in your

586
00:29:08,400 --> 00:29:09,440
Speaker 3: world over your career?

587
00:29:09,800 --> 00:29:13,360
Speaker 5: Yeah, control what you can control, the noise, the expectations,

588
00:29:14,640 --> 00:29:16,600
Speaker 5: you know, all the things that are going on on

589
00:29:16,640 --> 00:29:19,600
Speaker 5: the periphery. Just focus on your job and control what

590
00:29:19,680 --> 00:29:22,080
Speaker 5: you can control. And the biggest thing for me really

591
00:29:22,440 --> 00:29:24,880
Speaker 5: and probably the number one principle in my life, is

592
00:29:24,920 --> 00:29:28,880
Speaker 5: just improvement. And how do you improve? You know, you

593
00:29:28,960 --> 00:29:32,000
Speaker 5: do your job, you pay attention to the details that

594
00:29:32,040 --> 00:29:34,480
Speaker 5: will help you do your job, You work hard, and

595
00:29:34,520 --> 00:29:37,000
Speaker 5: then ultimately put the team first and the team successful.

596
00:29:37,120 --> 00:29:42,760
Speaker 3: Unto Cincinnati, yes, that's just the greatest signs Just to Cincinnati.

597
00:29:42,400 --> 00:29:43,240
Speaker 5: And keep improving.

598
00:29:43,680 --> 00:29:46,080
Speaker 2: Wait, remind us of that line. What's unto Cincinnati?

599
00:29:46,320 --> 00:29:48,600
Speaker 3: What I remember is, you know, some reporter was asking

600
00:29:48,640 --> 00:29:51,440
Speaker 3: them some silly questions over and over again or something, and.

601
00:29:51,400 --> 00:29:54,000
Speaker 5: Well, we had just gotten we had just gotten slaughtered

602
00:29:54,400 --> 00:29:57,520
Speaker 5: in Kansas City on Monday night. And you know, when

603
00:29:57,520 --> 00:30:01,200
Speaker 5: your team plays bad, it's not the pl I mean,

604
00:30:01,240 --> 00:30:03,080
Speaker 5: the players might have played bad too, but it's obviously

605
00:30:03,120 --> 00:30:05,360
Speaker 5: bad coaching, right, I mean, your team goes out there

606
00:30:05,400 --> 00:30:08,120
Speaker 5: and gets beat by four touchdowns. It's not all the players.

607
00:30:08,120 --> 00:30:11,120
Speaker 5: There's some bad coaching, So take accountability for that. You know,

608
00:30:11,200 --> 00:30:14,520
Speaker 5: you're the one responsible for it. So we got murdered

609
00:30:14,560 --> 00:30:17,360
Speaker 5: out there. And is this the end of the Patriots?

610
00:30:17,360 --> 00:30:18,920
Speaker 5: This is the end of Tom Brady? Is this the

611
00:30:18,960 --> 00:30:20,880
Speaker 5: end of Belichick's This is the end of the Patriots

612
00:30:21,240 --> 00:30:23,280
Speaker 5: and we played Cincinnati next week and you know what,

613
00:30:23,720 --> 00:30:25,080
Speaker 5: you can't say the game was over. It was in

614
00:30:25,120 --> 00:30:27,719
Speaker 5: the books, there's nothing wen about it. And we're just

615
00:30:27,760 --> 00:30:30,360
Speaker 5: gonna go on and get ready for Cincinnati, and we

616
00:30:30,960 --> 00:30:32,720
Speaker 5: bounce back beat them and ended up betting the Super

617
00:30:32,760 --> 00:30:34,920
Speaker 5: Bowl that year. But a lot of people counted us

618
00:30:34,920 --> 00:30:37,600
Speaker 5: out after that crushing loss. In kan't say it was

619
00:30:37,880 --> 00:30:41,560
Speaker 5: absolutely the dominant team that night, both coaching, playing, and

620
00:30:41,640 --> 00:30:45,040
Speaker 5: everything else. Yeah, but we controlled, we controlled, We moved

621
00:30:45,040 --> 00:30:47,560
Speaker 5: on to the next challenge, and we actually got better

622
00:30:47,600 --> 00:30:49,280
Speaker 5: over the course of the year and we're able to

623
00:30:49,320 --> 00:30:52,200
Speaker 5: beat Seattle in the Super Bowl, which was a you know,

624
00:30:52,240 --> 00:30:55,040
Speaker 5: a big win and a really big turning points for

625
00:30:55,080 --> 00:30:57,760
Speaker 5: the season because we still played good football several years

626
00:30:57,800 --> 00:30:58,400
Speaker 5: after that too.

627
00:30:58,720 --> 00:31:00,600
Speaker 3: But Jason, the reason why that meant so much to me,

628
00:31:00,640 --> 00:31:01,960
Speaker 3: and Ray I'm going to bring you in on this,

629
00:31:02,000 --> 00:31:04,760
Speaker 3: is because it taught me a lesson coaches. There. Maybe

630
00:31:04,760 --> 00:31:07,040
Speaker 3: it was a Tuesday morning or Tuesday after practice.

631
00:31:07,240 --> 00:31:07,760
Speaker 5: He's got his.

632
00:31:07,720 --> 00:31:09,640
Speaker 3: Hoodie, you know, his gray hoodie, and you know, looking

633
00:31:09,680 --> 00:31:12,840
Speaker 3: all cool, and the guy asked two or three different

634
00:31:12,960 --> 00:31:16,240
Speaker 3: questions the same question different ways, and he said it

635
00:31:16,280 --> 00:31:18,200
Speaker 3: two or three times he goes like I said, we're

636
00:31:18,240 --> 00:31:20,680
Speaker 3: onto Cincinnati. We're onto Cincinnati. And what that means to

637
00:31:20,720 --> 00:31:22,640
Speaker 3: me is we're on to the next bat, We're on

638
00:31:22,680 --> 00:31:24,880
Speaker 3: to the next trade, We're on to the next interview.

639
00:31:25,200 --> 00:31:27,520
Speaker 3: And in life and business and everything, will your kids.

640
00:31:27,680 --> 00:31:30,560
Speaker 3: You got to move on. And what I've learned is

641
00:31:30,880 --> 00:31:34,600
Speaker 3: traders hitters. They can't adjust and they can't move on.

642
00:31:34,640 --> 00:31:37,480
Speaker 3: They're still on the Kansas City game. Right, that's over.

643
00:31:37,560 --> 00:31:40,120
Speaker 3: We got to move forward. So I'm sure that's maybe

644
00:31:40,200 --> 00:31:40,480
Speaker 3: one of you.

645
00:31:40,640 --> 00:31:43,760
Speaker 4: It's fundamental, right, Okay, he wants to improve, he wants

646
00:31:43,760 --> 00:31:47,920
Speaker 4: to learn. Okay, that's passive. And then the past is past.

647
00:31:48,280 --> 00:31:51,280
Speaker 4: What you get is lessons. There's only the future.

648
00:31:51,480 --> 00:31:53,280
Speaker 3: Can't change the past, no, but.

649
00:31:53,200 --> 00:31:56,080
Speaker 4: There's the future. So it's okay. What you do is

650
00:31:56,120 --> 00:31:59,479
Speaker 4: you think about those mistakes, mistakes, and now your approach

651
00:31:59,520 --> 00:32:02,600
Speaker 4: to the mistake. We're saying it again. You approach the mistakes,

652
00:32:02,880 --> 00:32:05,400
Speaker 4: and how do I then learn from those mistakes that

653
00:32:05,600 --> 00:32:09,280
Speaker 4: people who learn from those mistakes. You know, pain plus

654
00:32:09,280 --> 00:32:13,120
Speaker 4: reflection equals progress. If you learn from those mistakes every time,

655
00:32:13,160 --> 00:32:15,600
Speaker 4: then you go on, then you'll be better. It's a journey.

656
00:32:16,160 --> 00:32:18,200
Speaker 5: I think the big thing for me has always been

657
00:32:18,880 --> 00:32:23,000
Speaker 5: don't blame anybody and don't make excuses, figure out what

658
00:32:23,040 --> 00:32:26,000
Speaker 5: went wrong, correct it, and move on.

659
00:32:26,280 --> 00:32:29,480
Speaker 2: Yeah, and so you know, when you think about just

660
00:32:29,520 --> 00:32:33,520
Speaker 2: going back to your new job, Bill, you get into this,

661
00:32:33,600 --> 00:32:35,800
Speaker 2: you know, sort of exciting thing. Maybe some days it

662
00:32:35,840 --> 00:32:38,760
Speaker 2: does feel like you're in the trap, but there is

663
00:32:39,280 --> 00:32:42,160
Speaker 2: massive upside opportunity in college sports right now.

664
00:32:42,480 --> 00:32:42,719
Speaker 4: You know.

665
00:32:43,320 --> 00:32:45,320
Speaker 2: I think it's fair to say we've never been in

666
00:32:45,360 --> 00:32:48,280
Speaker 2: a moment like this where the business of college football

667
00:32:48,400 --> 00:32:53,960
Speaker 2: and college sports are so dramatically in flux. And so,

668
00:32:54,960 --> 00:32:58,200
Speaker 2: what's your playbook going into a situation like this when

669
00:32:58,200 --> 00:33:00,320
Speaker 2: you're bringing all of this professional experien and you have

670
00:33:00,360 --> 00:33:02,920
Speaker 2: a deep knowledge of the college game, obviously going back

671
00:33:02,920 --> 00:33:05,400
Speaker 2: to when you were a kid. What are the things

672
00:33:05,400 --> 00:33:08,840
Speaker 2: that are on your mind that you can contribute to

673
00:33:08,920 --> 00:33:11,800
Speaker 2: the success of UNC. But also, let's be honest, people

674
00:33:11,800 --> 00:33:14,120
Speaker 2: are going to be looking to you as a model

675
00:33:14,160 --> 00:33:16,360
Speaker 2: for what college football looks like going forward.

676
00:33:17,160 --> 00:33:20,080
Speaker 5: Right Well, I'd say the coaching is the coaching, Football

677
00:33:20,120 --> 00:33:23,360
Speaker 5: is football. The hash marks are different, there's some modifications,

678
00:33:23,400 --> 00:33:25,520
Speaker 5: but that is what it is. I think the big

679
00:33:25,560 --> 00:33:27,600
Speaker 5: thing is, we'll see what the rules are in college

680
00:33:27,600 --> 00:33:30,760
Speaker 5: football once the House Settlement is in place, and I'm

681
00:33:30,760 --> 00:33:33,200
Speaker 5: sure there'll be some modifications in that as we go forward,

682
00:33:33,240 --> 00:33:36,400
Speaker 5: as different things happen and get modified in one way

683
00:33:36,440 --> 00:33:38,920
Speaker 5: or another. We'll see what all that is. But we'll

684
00:33:38,920 --> 00:33:40,880
Speaker 5: have to adapt. We'll have to adjust. That's part of life.

685
00:33:40,920 --> 00:33:41,520
Speaker 5: That's part of your.

686
00:33:41,440 --> 00:33:44,120
Speaker 2: Job, right, And just as a reminder that the House

687
00:33:44,120 --> 00:33:46,560
Speaker 2: Settlement for those listening who haven't followed it is like

688
00:33:47,040 --> 00:33:50,600
Speaker 2: closely as all of us have, is essentially a settlement

689
00:33:50,720 --> 00:33:54,200
Speaker 2: between the NCAA and the US House of Representatives that's

690
00:33:54,240 --> 00:33:56,840
Speaker 2: going to give back pay essentially to college athletes and

691
00:33:56,880 --> 00:34:00,000
Speaker 2: then set a cap effectively going forward for how much

692
00:34:00,080 --> 00:34:03,480
Speaker 2: much colleges can pay their athletes. Is that a fair overview?

693
00:34:03,840 --> 00:34:08,680
Speaker 5: Yes, yes, it's pay, it's roster size, it's a whole

694
00:34:08,719 --> 00:34:10,799
Speaker 5: host of things. How the accounting is going to work,

695
00:34:11,120 --> 00:34:14,760
Speaker 5: what the disciplinary process will be, and what the discipline

696
00:34:14,760 --> 00:34:17,719
Speaker 5: will be for violations, and so forth and so on. Really,

697
00:34:17,760 --> 00:34:19,719
Speaker 5: I'm sure it'll be very comprehensive, and I'm sure it

698
00:34:19,719 --> 00:34:22,319
Speaker 5: will have multiple revisions, right, you know, over the next

699
00:34:22,360 --> 00:34:25,200
Speaker 5: several months or a couple of years as things start

700
00:34:25,239 --> 00:34:25,680
Speaker 5: to settle.

701
00:34:25,840 --> 00:34:28,400
Speaker 3: Yeah, Coach we were talking about. You have an economics

702
00:34:28,400 --> 00:34:31,400
Speaker 3: degree from college, so you're really good with numbers. You

703
00:34:31,440 --> 00:34:33,600
Speaker 3: were really really clever and smart on how you dealt

704
00:34:33,600 --> 00:34:35,879
Speaker 3: with salary cap. That was always kind of a dance.

705
00:34:36,480 --> 00:34:38,120
Speaker 3: You got a lot of players to take some less

706
00:34:38,120 --> 00:34:39,720
Speaker 3: money because they wanted to be part of your team

707
00:34:40,080 --> 00:34:42,840
Speaker 3: and your culture to win championships. Now you fast forward

708
00:34:42,880 --> 00:34:46,000
Speaker 3: to college, how is your pitch different to Tom Brady

709
00:34:46,280 --> 00:34:48,080
Speaker 3: or to a seventeen year old quarterback you're trying to

710
00:34:48,120 --> 00:34:49,240
Speaker 3: recruit to go to North Carolina.

711
00:34:50,000 --> 00:34:52,200
Speaker 5: Well, again, my job is the same as has always been,

712
00:34:52,280 --> 00:34:53,960
Speaker 5: is to try to help the player become the best

713
00:34:53,960 --> 00:34:56,200
Speaker 5: player that he can be, and he of our team

714
00:34:56,440 --> 00:34:58,200
Speaker 5: be as successful as they can be on the field

715
00:34:58,480 --> 00:35:01,600
Speaker 5: and off the field. So those are really the goals,

716
00:35:01,640 --> 00:35:05,120
Speaker 5: and I'll do my best to help every player achieve

717
00:35:05,719 --> 00:35:08,280
Speaker 5: his goals. And I believe in our process, in our program,

718
00:35:08,320 --> 00:35:10,440
Speaker 5: and if they truly want to be great and they

719
00:35:10,440 --> 00:35:12,000
Speaker 5: were willing to come in and put in the work,

720
00:35:12,200 --> 00:35:14,240
Speaker 5: then I'm confident that we'll get them to a position

721
00:35:14,280 --> 00:35:16,600
Speaker 5: where they'll be ready for the next level or they'll

722
00:35:16,600 --> 00:35:17,600
Speaker 5: reach their full potential.

723
00:35:17,920 --> 00:35:19,279
Speaker 3: You imagine if you had a son and it gets

724
00:35:19,280 --> 00:35:21,839
Speaker 3: a back for coach, but the phone rings and it's

725
00:35:21,880 --> 00:35:24,200
Speaker 3: like can I talk to Well, It's like, what, okay,

726
00:35:24,320 --> 00:35:28,479
Speaker 3: I'm going to North Carolina? Yeah, exactly, coach your day.

727
00:35:28,719 --> 00:35:30,840
Speaker 3: How is it different being the head coach of the

728
00:35:30,840 --> 00:35:34,280
Speaker 3: Patriots versus being the head coach of North Carolina Football?

729
00:35:34,520 --> 00:35:38,279
Speaker 5: Pretty similar? There are a lot of similarities. I would

730
00:35:38,280 --> 00:35:40,680
Speaker 5: say one of the biggest differences in college football from

731
00:35:40,680 --> 00:35:44,239
Speaker 5: the NFL is the recruiting aspect of it. Next year

732
00:35:44,280 --> 00:35:47,879
Speaker 5: will be our twenty sixth recruiting class, but we're also

733
00:35:47,960 --> 00:35:51,280
Speaker 5: recruiting twenty seven players and even some twenty eight players.

734
00:35:52,200 --> 00:35:57,200
Speaker 5: We just finished a portal, and the volume of players

735
00:35:57,800 --> 00:36:00,799
Speaker 5: is a lot processes kind of the same. It's just

736
00:36:01,480 --> 00:36:03,840
Speaker 5: high school instead of college, but the volume is is

737
00:36:03,880 --> 00:36:04,760
Speaker 5: significantly bigger.

738
00:36:04,880 --> 00:36:06,600
Speaker 2: Yeah, that's an industrate. I hadn't really thought about that.

739
00:36:06,640 --> 00:36:08,880
Speaker 2: The ecosystem is a little bit different in terms of

740
00:36:08,880 --> 00:36:10,880
Speaker 2: like who's coming in around these but I mean, like,

741
00:36:11,160 --> 00:36:13,960
Speaker 2: I mean, I guess it's evolved, even always evolving.

742
00:36:14,160 --> 00:36:14,319
Speaker 4: You know.

743
00:36:14,440 --> 00:36:17,200
Speaker 5: There's also a lot more movement. Yeah, kids are transferring

744
00:36:17,239 --> 00:36:20,680
Speaker 5: in high school to different high schools, and obviously with

745
00:36:20,760 --> 00:36:24,160
Speaker 5: the portal, the transfers in college football are you know,

746
00:36:24,160 --> 00:36:27,799
Speaker 5: those numbers are escalating, you know, exponentially, and so just

747
00:36:27,880 --> 00:36:30,440
Speaker 5: trying to keep track of everybody, how many years they

748
00:36:30,480 --> 00:36:33,880
Speaker 5: have left, what their eligibility is, processing through the academics

749
00:36:33,880 --> 00:36:36,440
Speaker 5: and all that, just a volume that goes with it.

750
00:36:36,520 --> 00:36:39,040
Speaker 5: Is different than the NFL, where you, okay, here's the

751
00:36:39,120 --> 00:36:43,920
Speaker 5: draft class. They're all draft eligible. Draft them, which when

752
00:36:43,920 --> 00:36:47,040
Speaker 5: you get your turn and then you know, play them.

753
00:36:47,480 --> 00:36:50,799
Speaker 5: It's a little more straightforward. They're definitely more moving parts. Well.

754
00:36:50,840 --> 00:36:54,040
Speaker 2: Also in general in the NFL, you're dealing with contracts,

755
00:36:54,239 --> 00:36:57,080
Speaker 2: the players under contract, right I mean like that alone.

756
00:36:57,120 --> 00:37:00,040
Speaker 2: I mean, you have effective free agency in college.

757
00:36:59,719 --> 00:37:02,040
Speaker 5: Right now now, at least for the moment, without contract,

758
00:37:02,080 --> 00:37:04,959
Speaker 5: without contract. So the contract issue is one that needs

759
00:37:05,000 --> 00:37:07,560
Speaker 5: to be at some point addressed, you know in the

760
00:37:07,600 --> 00:37:11,960
Speaker 5: college landscape it will be, but right now it's in flux.

761
00:37:12,640 --> 00:37:15,640
Speaker 2: What's been the biggest surprise for you, coach, Like getting

762
00:37:15,680 --> 00:37:18,040
Speaker 2: to getting to UNC and sort of the college level.

763
00:37:18,600 --> 00:37:21,840
Speaker 5: I'd say, no, no, real great surprises. It's you know,

764
00:37:21,920 --> 00:37:25,240
Speaker 5: I've been aware of college football based on our recruiting

765
00:37:25,320 --> 00:37:28,960
Speaker 5: process and scouting process, but some of the working for

766
00:37:29,000 --> 00:37:31,359
Speaker 5: a public company or a public university is a little

767
00:37:31,400 --> 00:37:33,560
Speaker 5: bit different than working for a private team. I'd say

768
00:37:33,560 --> 00:37:36,200
Speaker 5: that's that's one difference. And you know, the age of

769
00:37:36,200 --> 00:37:37,719
Speaker 5: the kids is a little bit different, but in the

770
00:37:37,800 --> 00:37:40,560
Speaker 5: end they have less bad habits, and so I think

771
00:37:40,640 --> 00:37:43,680
Speaker 5: you're able to, you know, build more good habits. But

772
00:37:43,719 --> 00:37:45,600
Speaker 5: they're not as experienced as the players we get at

773
00:37:45,640 --> 00:37:49,200
Speaker 5: the National Football League level. So but again, it's just adjusting,

774
00:37:49,360 --> 00:37:52,360
Speaker 5: and it's there's a level of newness and a little

775
00:37:52,440 --> 00:37:55,080
Speaker 5: level of learning that I need to acquire and I'm

776
00:37:55,120 --> 00:37:56,040
Speaker 5: in the process of doing that.

777
00:37:56,480 --> 00:38:01,160
Speaker 4: It's exciting, and what's interesting about them is his principles

778
00:38:01,160 --> 00:38:02,680
Speaker 4: for dealing with that excitement.

779
00:38:02,840 --> 00:38:05,759
Speaker 2: Yeah, all right, get let's go there.

780
00:38:06,120 --> 00:38:08,800
Speaker 4: And I think about your principles about the big things

781
00:38:08,880 --> 00:38:12,960
Speaker 4: the little things details. In other words, there's the big game,

782
00:38:13,440 --> 00:38:16,560
Speaker 4: and then there's the every game, and it's the everything

783
00:38:16,680 --> 00:38:20,759
Speaker 4: that you're doing every day. And so there's lots of

784
00:38:20,800 --> 00:38:24,719
Speaker 4: times in your book he describes the big attention the

785
00:38:24,719 --> 00:38:28,160
Speaker 4: big game, but it's how you do every day and

786
00:38:28,200 --> 00:38:30,560
Speaker 4: what that's like. And so I think, in terms of

787
00:38:30,920 --> 00:38:33,480
Speaker 4: thinking about him in that position, that's how I think

788
00:38:33,520 --> 00:38:35,440
Speaker 4: he'll be in that position, I think that that's how

789
00:38:35,480 --> 00:38:39,000
Speaker 4: you are. It's that the glamour that all of that. Okay,

790
00:38:39,200 --> 00:38:42,560
Speaker 4: that's secondary. It's back to those basics and that's where

791
00:38:42,600 --> 00:38:43,080
Speaker 4: you'll go to.

792
00:38:43,360 --> 00:38:46,320
Speaker 2: I know it is that a fair distillation.

793
00:38:46,520 --> 00:38:48,919
Speaker 5: Yeah, everybody needs to get their hands dirty and get

794
00:38:48,920 --> 00:38:52,319
Speaker 5: ready to go to work. Everything matters. You know, you're

795
00:38:52,320 --> 00:38:54,520
Speaker 5: in a lot of close games. It's very competitive. And

796
00:38:54,880 --> 00:38:57,080
Speaker 5: what makes the difference, I don't know, you know, is

797
00:38:57,120 --> 00:38:59,960
Speaker 5: it this detail? Is it that detail? Is it another detail?

798
00:39:00,239 --> 00:39:03,560
Speaker 5: Is it training? Is it execution? Is it communication? You

799
00:39:03,600 --> 00:39:05,239
Speaker 5: want to try to raise all of them to the

800
00:39:05,280 --> 00:39:07,759
Speaker 5: highest level possible, and you know, put the best team

801
00:39:07,800 --> 00:39:09,439
Speaker 5: out on the field that can compete with other great

802
00:39:09,440 --> 00:39:10,480
Speaker 5: schools in that conference.

803
00:39:10,800 --> 00:39:12,319
Speaker 4: And that's what he's focusing on.

804
00:39:12,480 --> 00:39:14,799
Speaker 2: Yeah, put on your hoodie, sweatshirt and get to work.

805
00:39:16,239 --> 00:39:17,680
Speaker 2: I think that's what we're talking about here. All right,

806
00:39:17,680 --> 00:39:19,040
Speaker 2: one last principle and then we're going to do a

807
00:39:19,120 --> 00:39:19,680
Speaker 2: lightning round.

808
00:39:21,680 --> 00:39:26,120
Speaker 4: Okay. Life. Life is an adventurous journey in which it's

809
00:39:26,160 --> 00:39:28,960
Speaker 4: going to take you through all this evolution, and I

810
00:39:28,960 --> 00:39:31,560
Speaker 4: think it's important to know where you are in that

811
00:39:31,680 --> 00:39:36,160
Speaker 4: journey and what reality is like and that discovery process.

812
00:39:36,239 --> 00:39:38,359
Speaker 4: And then so I'm at a phase of my life.

813
00:39:38,400 --> 00:39:40,960
Speaker 4: He's in a phase of his life, and how we

814
00:39:41,000 --> 00:39:43,520
Speaker 4: are now make the most of that phase of the life,

815
00:39:43,880 --> 00:39:45,840
Speaker 4: to make it some of our missed journey, so that

816
00:39:45,880 --> 00:39:48,200
Speaker 4: when we sit there at the end, we feel good

817
00:39:48,200 --> 00:39:51,359
Speaker 4: about our journey. I think that's most important to put

818
00:39:51,400 --> 00:39:55,680
Speaker 4: it in perspective and realize it's all a machine with

819
00:39:55,760 --> 00:39:57,600
Speaker 4: lots of love and other feelings about that.

820
00:39:57,960 --> 00:39:59,759
Speaker 2: What do you think, pil what's the one thing you

821
00:39:59,840 --> 00:40:01,520
Speaker 2: want want people to take away from your book?

822
00:40:02,239 --> 00:40:06,080
Speaker 5: Again? My whole life is improvement. How do you get better?

823
00:40:06,640 --> 00:40:10,400
Speaker 5: Learning every day, understanding what it is you can do,

824
00:40:10,520 --> 00:40:14,280
Speaker 5: how to do it, and then applying yourself and whatever

825
00:40:14,560 --> 00:40:18,600
Speaker 5: aspect of life that is always learning, always trying to

826
00:40:19,080 --> 00:40:22,040
Speaker 5: find better ways or find more efficient ways, or find

827
00:40:22,080 --> 00:40:24,880
Speaker 5: ways to work better for you. And so learning is

828
00:40:24,880 --> 00:40:26,920
Speaker 5: a big part of teaching. You know, I'm a teacher,

829
00:40:27,600 --> 00:40:29,520
Speaker 5: but I need to learn to teach better.

830
00:40:29,840 --> 00:40:31,960
Speaker 4: Evolve well, evolve.

831
00:40:31,560 --> 00:40:33,520
Speaker 5: Well, that's the key. I like that.

832
00:40:45,280 --> 00:40:47,080
Speaker 2: All right, we're going to move to rapid fire. So

833
00:40:47,120 --> 00:40:50,759
Speaker 2: this is ten questions. We'll you know, go back and forth. Bill,

834
00:40:50,800 --> 00:40:53,560
Speaker 2: you answer first, then Ray, and then we'll just do it. So,

835
00:40:54,280 --> 00:40:56,200
Speaker 2: first thing that comes to your mind, starting with Bill,

836
00:40:56,719 --> 00:40:59,279
Speaker 2: what's one word to describe your deal making.

837
00:40:59,000 --> 00:41:01,560
Speaker 5: Style, value and fair.

838
00:41:02,160 --> 00:41:09,120
Speaker 4: You use two words, yeah, fair, Valu. I like his words.

839
00:41:09,320 --> 00:41:13,280
Speaker 3: Okay, okay, seconded, what's more important to you your gut

840
00:41:13,520 --> 00:41:14,960
Speaker 3: or data when making decisions?

841
00:41:15,400 --> 00:41:19,560
Speaker 5: Depends on the decision some data, some gut, Tom Brady

842
00:41:19,800 --> 00:41:22,960
Speaker 5: data right.

843
00:41:23,120 --> 00:41:26,080
Speaker 4: I think for me it's aligning them. They have to

844
00:41:26,120 --> 00:41:29,480
Speaker 4: both line up, if they both line up, But I

845
00:41:29,520 --> 00:41:31,120
Speaker 4: would if I had to pick one, it would be

846
00:41:31,160 --> 00:41:31,520
Speaker 4: the gut.

847
00:41:32,640 --> 00:41:34,520
Speaker 2: Right. Who's your dream deal making partner?

848
00:41:34,600 --> 00:41:36,200
Speaker 5: Bill? Right?

849
00:41:36,760 --> 00:41:42,040
Speaker 2: Good answer, right, Bill? Okay, that was going to be

850
00:41:42,080 --> 00:41:44,160
Speaker 2: weird if you didn't say that the other way? Go ahead.

851
00:41:44,480 --> 00:41:46,480
Speaker 3: What's the best piece of advice you've ever received on

852
00:41:46,520 --> 00:41:49,720
Speaker 3: deal making or business control?

853
00:41:49,800 --> 00:41:52,719
Speaker 4: You can control who you're with is everything?

854
00:41:53,400 --> 00:41:55,719
Speaker 2: What's the worst advice you've ever been given? Bill?

855
00:41:57,080 --> 00:42:02,279
Speaker 5: The word no or cam h scratch out the tea.

856
00:42:02,520 --> 00:42:07,040
Speaker 4: Can be successful in the conventional ways of making a

857
00:42:07,040 --> 00:42:13,520
Speaker 4: lot of money and having all the stardom as be

858
00:42:13,680 --> 00:42:18,719
Speaker 4: successful in that way, that's a mistakes Instead means what

859
00:42:18,840 --> 00:42:20,040
Speaker 4: are you really going for?

860
00:42:20,920 --> 00:42:23,480
Speaker 3: What's your hype song before a big meeting or a

861
00:42:23,480 --> 00:42:25,799
Speaker 3: big negotiation or big game or a big game.

862
00:42:27,200 --> 00:42:31,520
Speaker 5: I'll say bounce bon Jovi, Oh, I like that right

863
00:42:32,480 --> 00:42:33,960
Speaker 5: my way. There you go.

864
00:42:34,120 --> 00:42:37,520
Speaker 2: Not all right. We've discussed both of your books and

865
00:42:37,640 --> 00:42:42,600
Speaker 2: you have multiple ray what's your favorite, either your favorite

866
00:42:42,680 --> 00:42:47,640
Speaker 2: memoir or your favorite book though principles? There we go,

867
00:42:47,960 --> 00:42:49,520
Speaker 2: There we go, and yours.

868
00:42:49,200 --> 00:42:52,080
Speaker 4: Joseph Campbell, Heroes of a Thousand Faces.

869
00:42:52,320 --> 00:42:54,799
Speaker 3: Okay, if you can only watch one sport for the

870
00:42:54,840 --> 00:42:56,319
Speaker 3: rest of your life, which one is it?

871
00:42:57,160 --> 00:43:03,279
Speaker 4: For me? It's global macro? What's going on in the

872
00:43:03,320 --> 00:43:05,040
Speaker 4: world right now? And betting on it?

873
00:43:06,040 --> 00:43:09,160
Speaker 2: The most bloomberg answer that's ever been given on this show.

874
00:43:09,320 --> 00:43:12,480
Speaker 2: Good lord, all right, what team do you want to

875
00:43:12,480 --> 00:43:14,439
Speaker 2: see win a championship more than any?

876
00:43:14,480 --> 00:43:16,600
Speaker 5: Bell? North Carolina.

877
00:43:16,680 --> 00:43:18,360
Speaker 2: I figured I was hoping no one's going to be

878
00:43:18,400 --> 00:43:23,120
Speaker 2: your answer. It's going to be like the Federal Reserve

879
00:43:23,280 --> 00:43:26,520
Speaker 2: or something. What do you even say? What team you?

880
00:43:26,600 --> 00:43:27,680
Speaker 5: What team?

881
00:43:27,719 --> 00:43:31,719
Speaker 4: Our team? Okay, our national team? Their new administration.

882
00:43:32,160 --> 00:43:32,520
Speaker 5: Okay.

883
00:43:32,680 --> 00:43:34,279
Speaker 3: So I think for both of you, you both have

884
00:43:34,400 --> 00:43:36,120
Speaker 3: great admirers out there, people that want to have a

885
00:43:36,120 --> 00:43:38,600
Speaker 3: career like yours. If there's a young person out there

886
00:43:39,080 --> 00:43:41,520
Speaker 3: that wants to have a career just like coach Bill Belichick,

887
00:43:41,719 --> 00:43:43,799
Speaker 3: what advice would you give them?

888
00:43:44,000 --> 00:43:49,200
Speaker 5: Embrace starting at the bottom.

889
00:43:47,280 --> 00:43:50,520
Speaker 4: Right, play the game when I was starting. I started

890
00:43:50,560 --> 00:43:53,440
Speaker 4: at twelve. You can play the game when you're twelve,

891
00:43:53,960 --> 00:43:56,600
Speaker 4: you know, get in the markets and make your decisions

892
00:43:56,760 --> 00:43:57,880
Speaker 4: and then go from there.

893
00:43:58,640 --> 00:44:00,319
Speaker 2: All right, we knew this was going to be really

894
00:44:00,320 --> 00:44:03,239
Speaker 2: interesting conversation, and you guys really delivered. Thank you so much,

895
00:44:03,320 --> 00:44:05,320
Speaker 2: Ray Dalio, Bill Belichick. It was a pleasure.

896
00:44:05,440 --> 00:44:06,680
Speaker 4: Thank you, Thank you.

897
00:44:13,800 --> 00:44:17,920
Speaker 1: The Deal is a production from Bloomberg Podcasts and Bloomberg Originals.

898
00:44:18,560 --> 00:44:21,720
Speaker 1: The Deal is hosted by Alex Rodriguez and Jason Kelly.

899
00:44:22,080 --> 00:44:25,759
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900
00:44:25,840 --> 00:44:29,840
Speaker 1: Stacy Wong. Original music and engineering by Blake Maples.

901
00:44:30,239 --> 00:44:30,640
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902
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903
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904
00:44:41,960 --> 00:44:45,919
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905
00:44:46,440 --> 00:44:50,160
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906
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907
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908
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909
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910
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911
00:45:13,560 --> 00:45:16,600
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912
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