WEBVTT - EYL #252 Unlocking Billionaire Business & Investment Secrets with Mike Novogratz, David Barry, & Mel Carter 0:00:00.040 --> 0:00:03.600 An illegal alien from Guatemala charged with raping a child 0:00:03.680 --> 0:00:07.480 in Massachusetts. An MS thirteen gang member from Al Salvador 0:00:07.720 --> 0:00:11.840 accused of murdering a Texas man of Venezuelan charged with 0:00:11.920 --> 0:00:15.840 filming and selling child pornography in Michigan. These are just 0:00:15.920 --> 0:00:19.680 some of the heinous migrant criminals caught because of President 0:00:19.720 --> 0:00:23.320 Donald J. Trump's leadership. I'm Christy nom the United States 0:00:23.320 --> 0:00:28.120 Secretary of Homeland Security. Under President Trump, attempted illegal border 0:00:28.160 --> 0:00:31.680 crossings are at the lowest levels ever recorded, and over 0:00:31.760 --> 0:00:34.960 one hundred thousand illegal aliens have been arrested. 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Under President Trump, America's laws, 0:00:55.400 --> 0:00:57.840 border and families will be protected. 0:00:57.920 --> 0:01:00.000 Sponsored by the United States Department of Homeland Security. 0:01:00.200 --> 0:01:01.880 The time is come, ladies and gentlemen. 0:01:01.880 --> 0:01:03.600 Invest fest That's right, That's right. 0:01:03.680 --> 0:01:06.120 Invest Best twenty twenty three is here. 0:01:06.080 --> 0:01:09.760 August twenty fifth, twenty sixth, and twenty seventh in Atlanta, Georgia. 0:01:09.840 --> 0:01:12.160 We are taking into a new level, bigger than ever. 0:01:12.240 --> 0:01:17.080 This year we're going to do twenty thousand people in Atlanta, Georgia. 0:01:17.280 --> 0:01:19.119 I want you to do yourself a favor. Head over 0:01:19.160 --> 0:01:20.760 to Investfest dot com right now. 0:01:20.840 --> 0:01:24.679 We will have activations for on Friday, Saturday and Sunday, 0:01:24.880 --> 0:01:29.120 three days, musical performances, billionaires. Everything is going to be 0:01:29.120 --> 0:01:34.720 a completely life changing experience. Vendor, marketplace, food, truck village. 0:01:34.720 --> 0:01:35.440 You know how we do. 0:01:35.440 --> 0:01:37.240 Don't wait, don't hesitate that over now. 0:01:37.240 --> 0:01:40.840 All right, guys, welcome back, Eyl. We are back in 0:01:41.040 --> 0:01:46.480 Gotham City. Another one, Yes, another one. This is going 0:01:46.560 --> 0:01:49.240 to be a fun episode. I met two of the gentlemen. 0:01:49.400 --> 0:01:52.720 I haven't met the third gentleman, untwol today. So David, Yes, 0:01:52.760 --> 0:01:53.440 pleasure to meet you. 0:01:53.560 --> 0:01:54.400 Pleasure to me too. 0:01:54.520 --> 0:01:58.320 I appreciate it. So Mike Novagratz, he's actually been on 0:01:58.400 --> 0:02:01.400 market Mondays a market Moneys. You remember that. 0:02:01.520 --> 0:02:08.680 I remember. I love it. Some publications loved it, Yeah 0:02:08.800 --> 0:02:09.200 for sure. 0:02:09.440 --> 0:02:11.560 Did you see what happened with that business inside and 0:02:11.600 --> 0:02:16.000 all these things? Yeah, what happened he's talking about x 0:02:16.120 --> 0:02:16.320 r P. 0:02:16.680 --> 0:02:16.920 Yeah. 0:02:17.120 --> 0:02:18.440 I seemed to put my foot in my mother. 0:02:19.200 --> 0:02:21.240 Every time I opened it, I was like, wait, we 0:02:21.280 --> 0:02:22.760 made it to business inside. 0:02:23.760 --> 0:02:27.040 Yes, that was good, but it was good. Thanks, good content, 0:02:27.600 --> 0:02:30.680 some death threats out of that. Things in Best Fast 0:02:31.639 --> 0:02:33.920 He's the best fast stage. Yes, touch that. 0:02:34.840 --> 0:02:37.640 And we got Mel Carter Mel and somebody that we 0:02:37.680 --> 0:02:41.880 met in Abu Dhabi kicked it with good guy, very 0:02:41.880 --> 0:02:43.400 good connector of energy. 0:02:43.560 --> 0:02:46.560 Yes, that's some mutual acquaintances. 0:02:46.680 --> 0:02:52.720 Quite a few boy Larry Larry, great guy, and David 0:02:52.760 --> 0:02:57.880 Berry to round out the trio. Yes. So this is 0:02:58.240 --> 0:03:02.920 a unique group of eclectic individuals that have come together 0:03:03.440 --> 0:03:10.000 to create a powerhouse podcast that you are going to 0:03:10.200 --> 0:03:11.519 display very soon. 0:03:11.760 --> 0:03:12.560 Very very soon. 0:03:13.560 --> 0:03:18.239 Business untitled, Business, Business untitled. So this is gonna be 0:03:18.240 --> 0:03:19.680 a no conversation. I want to talk about each one 0:03:19.720 --> 0:03:22.720 of you guys individually and show and your mindset on 0:03:22.800 --> 0:03:24.840 business and investing in a variety of different things. But 0:03:25.200 --> 0:03:27.200 first and foremost, thank you for joining us. Appreciate it, 0:03:27.639 --> 0:03:30.320 thank you for having us. Sorry, sorry, sorry, sorry we 0:03:30.360 --> 0:03:30.839 made you wait. 0:03:31.440 --> 0:03:38.480 It's only forty five minutes. But it's fine. That was good. 0:03:39.200 --> 0:03:40.720 Yeah, you're supposed to be on our shots. 0:03:41.320 --> 0:03:44.880 You're supposed to come on. That's why they see you hours. 0:03:46.040 --> 0:03:50.600 Fine, all right, So how did you guys come together? 0:03:50.640 --> 0:03:54.040 First and foremost, how did how does this group actually happen? 0:03:54.080 --> 0:03:56.480 Because you're all you're different ages. 0:03:56.320 --> 0:04:01.240 Right, I think that's the first denominator, amongst other things. 0:04:01.640 --> 0:04:04.720 So how do you guys come together and actually form 0:04:04.760 --> 0:04:08.720 a friendship? And then a business high level? We met 0:04:08.720 --> 0:04:13.360 at a party. Mike has to see my watch, which 0:04:13.480 --> 0:04:17.599 was like, really is a Richard me? Lay took my watch, 0:04:17.920 --> 0:04:21.080 left for like three days, took your watch off your wrists, 0:04:21.279 --> 0:04:23.840 like yeah, let me see this, and that became it 0:04:23.920 --> 0:04:24.599 was that watch right there. 0:04:24.960 --> 0:04:26.640 It wasn't this watch. It was the one he forced 0:04:26.680 --> 0:04:28.360 me to sell two years ago that I made a 0:04:28.360 --> 0:04:32.760 ship ton of money on, but good trade. But took 0:04:32.839 --> 0:04:36.560 my watch and I was like, the guy I just 0:04:36.760 --> 0:04:39.200 met left with my watch and. 0:04:39.279 --> 0:04:42.520 Everybody was like, Oh, don't worry, he's a billionaire, like 0:04:42.920 --> 0:04:47.080 he'll find and I'm like, cook, here I have to 0:04:47.160 --> 0:04:49.600 do with him to do it with my watch, and 0:04:49.760 --> 0:04:52.640 I legit didn't hear from him for like three days, 0:04:52.720 --> 0:04:56.320 and at the time it's like my most valuable possessions, 0:04:56.360 --> 0:04:57.640 like one hundred and forty grand. 0:04:57.680 --> 0:05:00.120 At the time, I'm like, what the the. 0:05:00.240 --> 0:05:02.600 Fun and then one day I get a call from him, 0:05:02.680 --> 0:05:04.920 like three days later, like hey, come pick up the watch. 0:05:05.560 --> 0:05:08.280 Then he invited me to his house and uh. 0:05:08.520 --> 0:05:10.839 I walked to the door and it was like, uh, 0:05:11.440 --> 0:05:15.280 this old building bank downstairs, and I remember thinking, this 0:05:15.440 --> 0:05:16.640 is where a billionaire lives. 0:05:16.720 --> 0:05:17.480 This is so weird. 0:05:18.440 --> 0:05:21.680 And I walked in the house and it was definitely 0:05:21.720 --> 0:05:25.000 a billionaire's fucking house. He gave me back my watch, 0:05:25.400 --> 0:05:30.200 showed me around his billionaire house, and I can't get 0:05:30.279 --> 0:05:31.400 rid of him ever since. 0:05:31.240 --> 0:05:34.160 That five years ago. That's so like, was that a 0:05:34.279 --> 0:05:35.080 test or did you? 0:05:35.200 --> 0:05:35.240 Just? 0:05:35.320 --> 0:05:35.840 Like right now? 0:05:37.080 --> 0:05:39.880 There was more involved, Like I was hanging out with him, 0:05:40.200 --> 0:05:43.960 Meek was there, Uh, Meek's friends. The weed they smoke 0:05:44.080 --> 0:05:45.440 is a lot stronger than the weed I was used 0:05:45.440 --> 0:05:46.840 to smoking. And so I was at a bar. I 0:05:46.880 --> 0:05:47.520 didn't know where I was. 0:05:47.560 --> 0:05:48.279 I don't smoke. 0:05:48.360 --> 0:05:51.760 I'm i resection, and so these guys had me smoking 0:05:51.800 --> 0:05:54.680 the chronic. I went home. Jesus, I got a chain. 0:05:54.800 --> 0:05:56.920 I gotta watch what the hell happened? 0:05:57.080 --> 0:06:02.440 He just because man? Because party was it? 0:06:03.480 --> 0:06:06.640 It was a I think it was a kickoff. 0:06:08.680 --> 0:06:09.160 Ruben's house. 0:06:09.240 --> 0:06:15.360 One yeah house party figure. So it's interesting because the 0:06:15.520 --> 0:06:18.760 usual typical party. If somebody takes your watch, that's not 0:06:18.960 --> 0:06:22.040 something that's welcomed. But I was running around looking for 0:06:22.120 --> 0:06:26.400 him like that. Oh you so you felt the way 0:06:26.440 --> 0:06:28.840 about it? I didn't you all to say away when 0:06:28.880 --> 0:06:30.320 he did? Were you concerned? 0:06:30.880 --> 0:06:34.000 Yes? And that's where everyone kept don't be concerned. 0:06:34.800 --> 0:06:36.240 How did you get his number? How did you get 0:06:36.240 --> 0:06:36.640 your number? 0:06:36.640 --> 0:06:38.200 I don't even think I had his number. 0:06:38.440 --> 0:06:40.840 And he called, he came by. It's very nice. And 0:06:40.920 --> 0:06:42.400 then we met again at this Super Bowl. 0:06:42.680 --> 0:06:46.040 Yeah, so you just got so high you didn't You 0:06:46.080 --> 0:06:47.720 didn't know what she was doing. You didn't know, you 0:06:47.760 --> 0:06:49.479 didn't know he was taking his watch. You didn't realize 0:06:49.480 --> 0:06:49.880 it that moment. 0:06:49.960 --> 0:06:52.719 I probably don't remember. I had the watch, I had 0:06:52.760 --> 0:06:54.800 the chain. I was like, I guys, got to go home, guys, 0:06:54.839 --> 0:06:58.000 and no one said anything, So I just went home. Man. 0:06:59.040 --> 0:07:01.680 Yeah, I had a full on panics scrambling with this guy. 0:07:01.720 --> 0:07:04.240 And then you guys been rocking ever since we met 0:07:04.279 --> 0:07:06.440 in Super Bowl, like a few months later, and that's 0:07:06.520 --> 0:07:09.480 when we really want of his brothers, you can tell 0:07:09.560 --> 0:07:10.000 that story. 0:07:10.120 --> 0:07:11.640 Yeah, when Dawn, they were supposed to be me and 0:07:11.680 --> 0:07:13.880 my three brothers and one couldn't come, and so we 0:07:14.000 --> 0:07:16.000 had an empty spot and mel was staying at the 0:07:16.040 --> 0:07:18.560 same hotel, and so we were like, you want to 0:07:18.600 --> 0:07:21.320 hang and he just kind of hung with us, and man, 0:07:21.400 --> 0:07:22.720 the baby was everywhere at that day. 0:07:23.760 --> 0:07:24.520 Who is the baby? 0:07:24.600 --> 0:07:26.880 The guy is everywhere? And that became a joke and 0:07:27.040 --> 0:07:29.880 he just started to having fun and I haven't been 0:07:29.880 --> 0:07:30.640 able to shake him since. 0:07:30.800 --> 0:07:33.640 All Right, So, now, Dave, how did you come into 0:07:33.680 --> 0:07:36.600 this mix? Because you don't pay As a type that's 0:07:36.640 --> 0:07:38.160 going to leave with a chain or watch. 0:07:41.440 --> 0:07:44.800 More, I would say I'm more responsible than Mike. But 0:07:45.840 --> 0:07:49.679 so I've known Mike for man thirty years or something 0:07:49.760 --> 0:07:53.120 since we wrestled in college and happened to meet. We 0:07:53.200 --> 0:07:55.840 wrestled for opposing teams, actually, but I had a friend 0:07:55.920 --> 0:07:57.920 that went to Princeton. I went to Colombian, So we 0:07:58.040 --> 0:08:02.160 met really early on. And uh about ten years after 0:08:02.360 --> 0:08:06.000 college when we had started families and such, and we 0:08:06.080 --> 0:08:08.200 had a lot of small world connections, and so we 0:08:08.320 --> 0:08:11.160 just started hanging out and almost like co raised our 0:08:11.240 --> 0:08:13.160 families together in a sense. So we've been on a 0:08:13.280 --> 0:08:16.360 hundred trips together and have done a lot of different 0:08:16.400 --> 0:08:19.680 business ventures and friendships and parties and things like that, 0:08:19.840 --> 0:08:22.840 and so no, sooner than Mike meet mel Than mel 0:08:22.920 --> 0:08:25.120 and I hit it off like a house on fire. 0:08:25.640 --> 0:08:27.600 That was probably first that when we went to the 0:08:27.680 --> 0:08:30.520 Jackson Hole, right, yea, So he showed up to Jackson Hole, 0:08:30.640 --> 0:08:32.960 saw my eazys love at first sight. 0:08:32.920 --> 0:08:36.040 And that was that, right, you got to ski. Yeah, 0:08:37.760 --> 0:08:39.040 he had a great outfit. He was one of the 0:08:39.080 --> 0:08:40.640 best guys on the mountain. 0:08:40.880 --> 0:08:43.720 But well, oh it is very important and since then 0:08:43.760 --> 0:08:46.080 we've really like we spent a lot of time together. 0:08:45.920 --> 0:08:51.520 To invested a lot of stuff together. Yeah, that's kind 0:08:51.520 --> 0:08:52.160 of been it. 0:08:53.000 --> 0:08:56.640 So yeah, Mike, let's trilleders down a little bit. You 0:08:56.679 --> 0:08:58.840 came on Market Mondays and we know that you're a billionaire. 0:08:58.880 --> 0:09:02.319 You talked about cryptop We never really got your full story. 0:09:02.520 --> 0:09:04.600 How does it When does it start? Like, how did 0:09:04.640 --> 0:09:07.920 you get to what did you do to get to 0:09:08.040 --> 0:09:08.640 where you are now? 0:09:09.559 --> 0:09:12.040 I was a middle class kid. My dad was in 0:09:12.080 --> 0:09:14.319 the Army. I went to Princeton. I was a wrestler. 0:09:15.240 --> 0:09:17.120 When I got out of school, I was a helicopter 0:09:17.200 --> 0:09:18.680 pot in the Army. And then I came to Wall 0:09:18.679 --> 0:09:22.760 Street and kind of a traditional career. I started Golden Zachs. 0:09:23.440 --> 0:09:25.000 I was lucky enough to become a partner there when 0:09:25.040 --> 0:09:29.000 I was pretty young. Then I helped start a company 0:09:29.040 --> 0:09:32.640 called Fortress, and Fortress was the first hedge fund private 0:09:32.679 --> 0:09:35.000 equity company to go public, and I did that with 0:09:35.120 --> 0:09:36.880 kind of Wes Eden. Soon I owned the Bucks and 0:09:36.960 --> 0:09:37.840 Pete Brigger. 0:09:39.280 --> 0:09:40.080 And so that was fun. 0:09:40.360 --> 0:09:45.040 That's when I really made real money. Left that, you know, 0:09:45.120 --> 0:09:46.959 had a family office where I started investing in lots 0:09:47.000 --> 0:09:50.199 of different things, and crypto became kind of the thing. 0:09:50.400 --> 0:09:54.000 Well yeah, well yeah, what was that twenty fifteen? And 0:09:54.160 --> 0:09:57.760 so it was kind of a three chapter Wall Street 0:09:57.800 --> 0:10:00.400 career because they're all variations of the same thing. It's 0:10:00.720 --> 0:10:03.719 try to understand what's happening in the world and bet 0:10:03.800 --> 0:10:06.280 on it and then talk about it. Like once you 0:10:06.320 --> 0:10:08.079 bet on it, you talk about it, so people understand 0:10:08.080 --> 0:10:10.160 what you're betting on and you can get more people 0:10:10.240 --> 0:10:12.960 to invest in it, indeed, because they educated and more enthusiastic. 0:10:13.120 --> 0:10:15.640 Why'd you switch from stocks to crypto? You know, I 0:10:15.760 --> 0:10:19.199 was in macro, which is currencies and commodities and stocks, 0:10:19.280 --> 0:10:22.199 and so it's really understanding the big cultural shifts, the 0:10:22.240 --> 0:10:24.880 big economic shifts, the big political shifts, and that's what 0:10:25.080 --> 0:10:29.840 bitcoin is. So bitcoin at its essence and cryptoi essence 0:10:29.920 --> 0:10:32.800 is a macro movement, and so it was very natural 0:10:33.840 --> 0:10:37.200 and I still trade macro. You know it's in five 0:10:37.320 --> 0:10:40.040 to ten years, you'll see every trader on Wall Street 0:10:40.520 --> 0:10:43.839 on their screen. They'll have stocks and currencies and the 0:10:43.920 --> 0:10:46.960 long bond and gold and silver and bitcoin and ethereum, 0:10:47.360 --> 0:10:49.720 just like it's all the same. And we already seen 0:10:49.800 --> 0:10:50.479 that conversions. 0:10:51.240 --> 0:10:55.080 So that your back. That's your background. Now you said 0:10:55.280 --> 0:10:58.160 you invest in a lot of things, right with the guys, 0:10:58.360 --> 0:10:59.280 So you're back. 0:10:59.320 --> 0:11:04.920 I'll started in music. Yeah, my background started in music. 0:11:05.200 --> 0:11:09.960 I started managing acts, trying to get into music. Big 0:11:10.080 --> 0:11:13.880 fan of Damon ash jay Z, what they was able 0:11:13.920 --> 0:11:16.719 to do with Rockefeller as a kid watching them, and 0:11:16.800 --> 0:11:18.960 I was like, I know I can't rap, so I'll 0:11:19.040 --> 0:11:22.480 find someone that could sing or rap and manage them. 0:11:23.240 --> 0:11:26.800 Did know how to do that neither, but figured it out. 0:11:27.480 --> 0:11:31.000 Started managing. Got my first deal with this kid, Jovanni 0:11:31.080 --> 0:11:34.199 and Atlantic Records. That didn't work out the way I 0:11:34.320 --> 0:11:36.360 hoped it would, but it got my foot in the door, 0:11:37.040 --> 0:11:41.560 and then later on kept managing found this act City Morgue. 0:11:41.600 --> 0:11:45.120 They ended up blowing up, was offered to be the 0:11:45.200 --> 0:11:48.160 senior vice president of A and R at Republic Records. 0:11:48.280 --> 0:11:51.360 I took that job, did that for like five years 0:11:51.440 --> 0:11:54.719 while running my label, Kari Ultra had a ton of 0:11:54.760 --> 0:12:01.600 success with the merch business and that I met Mike 0:12:01.760 --> 0:12:04.679 shortly after that, and I never forget. We used to 0:12:04.880 --> 0:12:06.839 kind of not kind We used to sit and go 0:12:06.920 --> 0:12:10.839 over my finances and at the time I think I 0:12:10.920 --> 0:12:13.679 had like I don't know, like one point something million 0:12:13.760 --> 0:12:16.719 dollars in cash and he was like, you have more 0:12:16.800 --> 0:12:19.400 cash than like a guy that's worth ten million dollars. 0:12:19.440 --> 0:12:23.240 And I was like, what into bank account? Yeah, And 0:12:23.640 --> 0:12:25.079 he was like, you need to invest some of this 0:12:25.240 --> 0:12:29.200 money and just invested in things that like, don't even 0:12:29.240 --> 0:12:31.920 think about it again, and it's just if it comes back, 0:12:31.960 --> 0:12:38.959 it comes back, if it don't whatever. Who he make 0:12:39.040 --> 0:12:41.920 some money, and you know, I just listened to him, 0:12:42.080 --> 0:12:45.320 and that's how I kind of looked at investing ever since, 0:12:45.480 --> 0:12:50.400 Like I'd just rather take whatever money I have when 0:12:50.440 --> 0:12:53.440 I get large chunks of money and put it into something. 0:12:53.520 --> 0:12:57.040 And some of them came back really great. Some of 0:12:57.080 --> 0:12:59.040 them I'm still waiting on to come back. Some may 0:12:59.160 --> 0:13:01.800 never come back, and but I get a lot of 0:13:01.880 --> 0:13:05.480 opportunities between Mike and Dave and you know, we'll touch 0:13:05.559 --> 0:13:06.760 on some of the other things that did. 0:13:06.920 --> 0:13:08.800 But that was my start. Music was my start. 0:13:08.880 --> 0:13:11.720 So that the financial literacy piece, like you met them, 0:13:11.840 --> 0:13:14.240 met him, Yeah, and you're starting to gauge it prior 0:13:14.320 --> 0:13:16.560 to like did you google who. 0:13:16.440 --> 0:13:19.880 He was and not just like maybe at night when 0:13:19.880 --> 0:13:24.800 I was like fucking trying to find him, but I 0:13:24.880 --> 0:13:25.559 had no idea. 0:13:25.960 --> 0:13:28.800 So you you said something I was interesting. You said 0:13:28.840 --> 0:13:32.160 that he told you you had more cash than somebody 0:13:32.160 --> 0:13:35.079 that was worth ten million dollars. Yeah, I want to 0:13:35.080 --> 0:13:37.400 talk about that, But first, what did you invest in? 0:13:37.559 --> 0:13:39.319 Like the S and P five said to invest in 0:13:39.400 --> 0:13:39.959 stay safety. 0:13:40.200 --> 0:13:43.000 I invested in like a lot of things alongside him, 0:13:43.200 --> 0:13:47.679 like I don't know who say yeah, like whoop phase clan. 0:13:48.200 --> 0:13:49.880 So you just thought it did you just went straight 0:13:49.920 --> 0:13:51.920 to yeah, to investing in company. 0:13:51.840 --> 0:13:54.559 Like private bitcoin. I invested in bigcoin to get the 0:13:54.559 --> 0:13:55.080 stock market. 0:13:55.120 --> 0:13:56.200 You just went straight to the big. 0:13:56.240 --> 0:13:58.000 Straight to invest in At the time, I think I 0:13:58.080 --> 0:14:00.800 invested in bigcoin like six grand, like uh. 0:14:02.400 --> 0:14:05.200 A bio company, like just a bunch of stuff spread 0:14:05.240 --> 0:14:05.640 out like. 0:14:05.880 --> 0:14:07.559 So this is like This is like one of these 0:14:07.600 --> 0:14:10.440 weird movies. You meet a random white guy, Nick milk 0:14:10.520 --> 0:14:13.199 Point that's high. He takes your watch. Three days later, 0:14:13.280 --> 0:14:15.920 he invites you to his penthouse in Manhatan. You open 0:14:16.000 --> 0:14:19.360 the door, it's like the Batman Chamber. And then he 0:14:19.880 --> 0:14:22.560 looked at your portfolio and he's like, this isn't what 0:14:22.640 --> 0:14:24.800 you should be doing. You should be investing. And then 0:14:25.280 --> 0:14:29.560 he tells you to invest in Phase Clan. Bitcoin, all 0:14:30.040 --> 0:14:32.400 just all kinds of just random things that just skyrot 0:14:32.520 --> 0:14:33.240 out out to whoop. 0:14:34.240 --> 0:14:37.080 You're like, this is like what Eddie Murphy could have 0:14:37.120 --> 0:14:45.600 been in trading places the Blessing of Day. 0:14:46.600 --> 0:14:50.080 Because Mike is like Mike is you know, you know, 0:14:50.600 --> 0:14:53.680 but Dave kind of like they both keep me kind 0:14:53.720 --> 0:14:56.200 of like Mike is like and David's like, no, come 0:14:56.240 --> 0:14:58.440 back down here real quick. But Dave is also like 0:14:58.520 --> 0:15:01.480 a super risk taker, so he I feel like Dave 0:15:01.720 --> 0:15:04.520 balances out me and Mike, you know what I'm saying, 0:15:04.560 --> 0:15:06.280 and like he's greater investing. 0:15:06.400 --> 0:15:11.080 He'll tell his story. So like my mind set on 0:15:11.200 --> 0:15:13.840 the investing just kept growing, growing and growing and growing. 0:15:13.880 --> 0:15:15.920 But the one thing I learned from both of them 0:15:16.040 --> 0:15:19.200 is just take a risk and don't be scared and 0:15:19.320 --> 0:15:22.360 don't think about the risks after how much ward comes back? 0:15:22.480 --> 0:15:23.840 How much of that money did you invest? 0:15:23.960 --> 0:15:26.880 I think maybe one point too off the table. 0:15:26.960 --> 0:15:28.480 Do you have one point to many dollars to your 0:15:28.560 --> 0:15:29.560 name right now? 0:15:29.720 --> 0:15:29.760 No? 0:15:30.000 --> 0:15:32.240 At that moment, yeah, you had that to your name. 0:15:32.920 --> 0:15:35.720 He comes and says and to watch and to watch, 0:15:37.960 --> 0:15:40.440 and he says, invest you should, and you invest every 0:15:40.440 --> 0:15:41.640 single thing you have everything. 0:15:42.520 --> 0:15:44.920 That's how I always listen to some degree, because he 0:15:46.120 --> 0:15:47.880 mel was lucky enough or smart enough to have a 0:15:47.880 --> 0:15:49.600 good income. So he was making money for you. 0:15:49.840 --> 0:15:52.760 I was making man, I knew If I knew he 0:15:52.920 --> 0:15:55.280 was all that money, would you make it back in 0:15:55.360 --> 0:15:55.640 a year? 0:15:56.440 --> 0:15:58.960 He wasn't burden furniture, Yeah, like you were. 0:15:58.880 --> 0:16:00.720 Gonna have to sell? Yeah. 0:16:01.080 --> 0:16:04.040 Yeah, So Mike, you said, ten guys with ten million 0:16:04.040 --> 0:16:07.600 don't have that much money in cash? How much money 0:16:07.640 --> 0:16:09.600 should How much money should a person have in cash? 0:16:10.120 --> 0:16:12.560 Again, so much depends on how old you are, what 0:16:12.640 --> 0:16:14.880 your lifestyle is, and what your income is. Right, So 0:16:14.960 --> 0:16:17.720 if you have no income, like you retire, you better 0:16:17.760 --> 0:16:20.200 have a bunch of cash because you gotta pay your rent, 0:16:20.520 --> 0:16:22.280 you gotta pay a car bill, you got to have 0:16:22.320 --> 0:16:25.520 it incidental expenses. But if you know you're making one 0:16:25.600 --> 0:16:28.480 hundred thousand a month, right, you pretty much can cover 0:16:28.520 --> 0:16:31.200 anything you need to deal with. So you can you 0:16:31.280 --> 0:16:33.560 can really run your investment portfolio with low cash and 0:16:33.640 --> 0:16:36.600 high risk and so so much because your your personal 0:16:36.720 --> 0:16:39.360 risk tolerance and your opportunity set. What I what I 0:16:39.440 --> 0:16:41.720 realized and one of the things that I wanted to 0:16:42.960 --> 0:16:44.800 kind of experiment with in some ways. I mean it 0:16:44.920 --> 0:16:48.560 wasn't a mental experiment. But there's not a ton of 0:16:48.640 --> 0:16:51.920 black wealth, period, right, thirteen percent of the population, one 0:16:51.960 --> 0:16:53.600 and a half percent of the wealth in this country. 0:16:54.000 --> 0:16:57.720 Until that changes, our country's kind of broken. And one 0:16:57.760 --> 0:17:02.480 of the ways you create health. His network, right, Melissa, 0:17:02.640 --> 0:17:04.800 stunningly good networker. You put him in any room and 0:17:04.840 --> 0:17:07.200 everyone likes him. I know, it's his big smile or 0:17:08.040 --> 0:17:11.480 dopey face, I don't know. And so you know, he 0:17:12.560 --> 0:17:14.280 went to the Milking conference. Next thing you know, he's 0:17:14.280 --> 0:17:16.080 going to Saudi r Abia. He's in the Mid East, 0:17:16.160 --> 0:17:18.800 and you know he's friends with everybody he met, you guys, right, 0:17:18.880 --> 0:17:22.000 So that ability network, Well, if you grow up in 0:17:22.480 --> 0:17:25.720 a bad zip code, you're networking with you know, people 0:17:25.760 --> 0:17:28.400 that are aren't creating a lot of wealth. You put 0:17:28.440 --> 0:17:31.000 them in a room with wealth creators. He's going to 0:17:31.040 --> 0:17:33.520 network and get opportunities. And so now he's bringing more 0:17:33.560 --> 0:17:36.720 opportunities to Dave, and either we're bringing to him. And 0:17:37.440 --> 0:17:39.520 so a little bit as guidance, a little bit is 0:17:39.600 --> 0:17:42.480 just introducing people to the networks of money, Right, how 0:17:42.520 --> 0:17:45.000 do you raise capital, how do you find ideas, how 0:17:45.040 --> 0:17:48.360 do you use your political connections to get stuff done? 0:17:48.880 --> 0:17:53.800 All of that process that lots of people that don't 0:17:53.800 --> 0:17:56.320 grow up with that never have access to. And that's 0:17:56.320 --> 0:17:57.640 a little bit the idea of the podcast. 0:18:00.240 --> 0:18:04.440 So we got your story. Yeah, we got my story, Dave, 0:18:04.480 --> 0:18:06.200 we got we got to get your story. So I 0:18:06.359 --> 0:18:10.040 know you said Columbia. Yeah, but your background is in 0:18:10.280 --> 0:18:13.800 developing real estate, right primarily. Yeah, So so explain to 0:18:13.840 --> 0:18:16.600 the people how you've come to prowse at this level. 0:18:16.720 --> 0:18:17.280 Yeah, you've done it. 0:18:17.720 --> 0:18:20.200 So I was. I went to Columbia. I was a 0:18:20.240 --> 0:18:22.560 wrestler there. That was a big part of my life. 0:18:22.960 --> 0:18:26.879 I went to law school afterwards, to Georgetown and actually 0:18:27.280 --> 0:18:29.520 passed the bar in New York and Jersey and practiced 0:18:29.600 --> 0:18:34.560 law for about three years in New York and you know, 0:18:34.760 --> 0:18:35.680 learned what I had too. 0:18:35.760 --> 0:18:36.040 From that. 0:18:36.200 --> 0:18:37.840 It was I think it was a really good base 0:18:38.040 --> 0:18:42.879 for understanding contracts, how to communicate clearly, and things like that. 0:18:43.080 --> 0:18:46.920 And from that went with my brother into real estate 0:18:47.160 --> 0:18:51.359 in the let's say like early mid nineties. My father 0:18:51.560 --> 0:18:56.160 had done development of affordable housing kind of real estate, 0:18:56.240 --> 0:18:58.120 so I was I was schooled. I had a little 0:18:58.119 --> 0:19:01.560 bit of background in it, and you know, understood some 0:19:01.680 --> 0:19:04.520 things and and and that was a really good time 0:19:04.600 --> 0:19:06.800 to start investing in real estate. Back that was one 0:19:06.840 --> 0:19:09.240 of those times like we're almost in now. So we 0:19:09.400 --> 0:19:15.000 started with apartments in North Jersey, moved from there to 0:19:15.080 --> 0:19:20.840 the city. We got into hotels in say, early two thousands. 0:19:21.520 --> 0:19:26.080 W Standard Chiltern Firehouse came after that. And really at 0:19:26.119 --> 0:19:30.080 that point in time, as I started broadening my investments, 0:19:30.160 --> 0:19:35.800 started looking into technology, other food and beverage and hospitality platforms, 0:19:37.000 --> 0:19:41.080 biotech at this point in time, you know, mushrooms, crypto 0:19:41.800 --> 0:19:45.000 and so like. In a sense, I've been entrepreneurial the 0:19:45.040 --> 0:19:48.320 whole time. And if really, I know, you guys had 0:19:48.400 --> 0:19:51.560 had Steve Harvey on once and I watched the thing 0:19:51.640 --> 0:19:53.280 and he had like these five rules, and I thought 0:19:53.280 --> 0:19:54.639 they were pretty interesting, right. 0:19:54.720 --> 0:19:56.879 I think you had said something about it, and. 0:19:56.960 --> 0:20:02.760