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Speaker 1: So my mother always said, I love this one. She's

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Speaker 1: like Melody, Money talks and wealth whispers.

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Speaker 2: Hey everybody, I'm TD Jason. I want to welcome you

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Speaker 2: to the Next Chapter podcast, And boy is this seduci.

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Speaker 2: I have a guest. If you don't know, you need

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Speaker 2: to know. Her name is Melody Opson and she is

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Speaker 2: in a class all by herself. She is the co

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Speaker 2: CEO and president of Aerial Investments. She's a passionate advocate

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Speaker 2: for financial literacy, diversity, and opportunity. In this episode, we

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Speaker 2: talk about how she manages her demanding schedule with grace,

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Speaker 2: how to ask for help the right way, and why

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Speaker 2: sticking together as a community matters more now than ever before.

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Speaker 2: We dive into her perspective on today's stock market and

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Speaker 2: the quiet power of not flaunting your finance, but letting

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Speaker 2: your purpose speak for itself. Now that the houses chapter one.

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Speaker 2: Managing schedule, I don't know where to begin. I gotta

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Speaker 2: start by telling to myself. So I called you and

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Speaker 2: had my office set up with your office a zoom

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Speaker 2: to ask you personally, because I figured it might be

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Speaker 2: a little bit harder than say no if we were

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Speaker 2: looking out of eye and you said yes so quick

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Speaker 2: that I was speechless. And I have to tell you

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Speaker 2: she did. She didn't give me no red tape, she

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Speaker 2: didn't send me to no fake numbers, she didn't give

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Speaker 2: me any fake news. And here I am. After I

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Speaker 2: hung up from the zoom, I'm spinning around in my chairs,

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Speaker 2: thanking God that you said. Yes. That's how bad I

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Speaker 2: wanted you in this room with us.

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Speaker 3: Him.

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Speaker 1: I keep telling him the same thing, which is, I

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Speaker 1: am a huge fan. So when you get a call

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Speaker 1: from TD Jakes, you were equally excited. And I wanted

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Speaker 1: to be here. And I told him my mother is

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Speaker 1: no longer here. She'd be beside herself.

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Speaker 3: She doesn't care.

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Speaker 1: She didn't care about Fortune or Forbes or anything. TD Jakes,

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Speaker 1: Jet Magazine.

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Speaker 3: Those were the things that I had made it.

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Speaker 2: I was on the cover of Time magazine, and my

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Speaker 2: mother thought that was cute. When I got on the

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Speaker 2: cover of Ebony, she said, child, you have a rat. Yes,

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Speaker 2: you have a rash.

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Speaker 3: That's a big deal.

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Speaker 2: That was a big deal and it still is. There's

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Speaker 2: so much I want to get out of this. I

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Speaker 2: want to jump right into it. There's so many amazing

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Speaker 2: things about you. Born and raced at Chicago, yet Chicago

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Speaker 2: makes some noise. One of six children, single mother, odds

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Speaker 2: against you. Least likely the world would say to succeed

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Speaker 2: and end up in the places that you are. Juxtapose

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Speaker 2: that against This woman has done so much that my

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Speaker 2: cars feel like I'm holding a Bible. I'm looking at

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Speaker 2: the Book of Ezekiel. She is currently the CEO of

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Speaker 2: ARA Investments, which oversees firm wide management, strategic planning, and growth.

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Speaker 2: Major chairs of the boards of Aerial Investment nearly twenty

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Speaker 2: years as president of ARIEL grew up through the ranks,

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Speaker 2: founded Project Levels in twenty twenty five, co founded Area Alternatives,

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Speaker 2: boarder directors for JP Morgan Chase, former chair of Starbucks Corporation.

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Speaker 2: Previously served on the board of Esta, Larder Companies and

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Speaker 2: dream Works Animations. She's done everything, I mean absolutely everything

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Speaker 2: in the world. The list goes on Lucas Lucas Museum

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Speaker 2: and she's a co chair chairman, after School, matters, on

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Speaker 2: and on and on, and I just you know, is

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Speaker 2: that the real you sitting there? Or do you? How

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Speaker 2: do you? How do you manage the multiplicity of demands

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Speaker 2: that are placed? Each one of these is is a

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Speaker 2: it's a weight, a responsibility, a worry. It's not like

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Speaker 2: you're over all of this stuff and it goes right.

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Speaker 2: All hell breaks loose in every one of these and

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Speaker 2: you're getting the calls and handling the decisions, and how

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Speaker 2: do you maintain your sanity and sense of self and

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Speaker 2: still have con troll in place.

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Speaker 1: Well, I think that's a very appropriate question today and

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Speaker 1: this week and over the last week, because my life

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Speaker 1: revolves around the stock market, right, And there's something about

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Speaker 1: I think I was sent to you today to help me.

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Speaker 3: Yeah, because these.

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Speaker 1: Times are very challenging, they're very hard, and the way

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Speaker 1: that you get through them is you think long term.

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Speaker 1: You have to tune out the noise, and you have

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Speaker 1: to be very very focused. And I've always been that

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Speaker 1: in each of the jobs that I have. I've always

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Speaker 1: tried to think long term and I've always tried to

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Speaker 1: stay very focused. But I will be the first to

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Speaker 1: tell you it does not always go well. People see

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Speaker 1: the highlight reel, but they don't see the day to

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Speaker 1: day where you're struggling, or you're questioning yourself, or you

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Speaker 1: are having to push extremely hard. I have willed a

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Speaker 1: lot of things to happen in my life, sometimes out

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Speaker 1: of desperation, you know. But I've also I think that

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Speaker 1: I have used all of those moments of truth to

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Speaker 1: build up the resilience that makes me better every time

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Speaker 1: I must confront something. But I also draw on the

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Speaker 1: strength of people. I have friends in my head that

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Speaker 1: I admire that helped me get through difficult times. I

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Speaker 1: think about you, I think about Oprah, I think about

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Speaker 1: Tyler Perry, my friend Lewis Hamilton. I can go through

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Speaker 1: a list of people who are loom very large for me,

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Speaker 1: that can be north stars in difficult times. And you

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Speaker 1: think Michelle Obama, Barack Obama, they've gone through hard things.

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Speaker 1: And my sister just last week, she was talking to

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Speaker 1: me because the market has been so tough, and she says, Melody,

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Speaker 1: you do heart things, Yes you do. She said, you

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Speaker 1: do hard things, and I do, and so you Those

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Speaker 1: kind of reinforcements and that kind of feedback helps me

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Speaker 1: to persevere and keep going. But I'm organized, and I

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Speaker 1: have really great people who work around me, not for me,

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Speaker 1: with me.

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Speaker 3: I want partners, not employees, right.

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Speaker 2: I think work ethic is important and organization is important

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Speaker 2: in order to run anything. And it starts in your house,

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Speaker 2: in your closet, in your personal life, and the most

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Speaker 2: simplest things that work ethic and that management ability is

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Speaker 2: practice at home. One of the great things about the Bible.

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Speaker 2: Almost every great leader in the Bible, God let them practice,

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Speaker 2: whether they're on the backside of the desert, you know,

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Speaker 2: practicing before you go before Favah. And if you everythink

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Speaker 2: that you're going to be before Favah, which you are

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Speaker 2: definitely before Favah and all of his friends, you get

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Speaker 2: to practic. Yeah, yeah, yeah, it is because you got

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Speaker 2: to go. But I mean you get to practice organization.

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Speaker 2: Something that hits you like lightning. Management isn't something that

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Speaker 2: hits you enlightening. I think God gives you trouble to

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Speaker 2: train you. What are some of the troubles that trained you?

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Speaker 3: I was trained early.

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Speaker 1: My husband says to me that, yes, I'm married Yoda's dad.

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Speaker 1: That's what I tell people. George's genius and wise, and

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Speaker 1: I also tell him he's also a version of a

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Speaker 1: crazy uncle.

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Speaker 3: I have both of those.

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Speaker 1: But the genius is genius. I mean really, there are

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Speaker 1: times he speaks to me and there's so much wisdom.

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Speaker 1: I'm grateful for just the opportunity to sit and hear him.

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Speaker 1: But he talks about the fact that when you're a child,

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Speaker 1: what happens to you really sticks with you. Because there's

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Speaker 1: a child, you don't have any advanced reasoning skills. You

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Speaker 1: also can't change your circumstance. Generally, you're at the effect

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Speaker 1: of what happens to you. So I think my formative

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Speaker 1: years as a child, I think that they set me

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Speaker 1: up for my entire life. And what I told Oprah

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Speaker 1: recently is that my trauma became my purfose. My trauma

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Speaker 1: was growing up as the youngest of six kids a

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Speaker 1: single mom. My mom was great, she was really special

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Speaker 1: and wonderful, but she also I had a mom who

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Speaker 1: I think sometimes believed in God in such a way

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Speaker 1: that she would trust things would work out and therefore

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Speaker 1: make decisions that weren't always great.

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Speaker 3: And so I told people.

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Speaker 1: She would buy Eastern dresses instead of paying a light beil,

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Speaker 1: so we wouldn't have lights, or we would get evicted,

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Speaker 1: or our phone would disconnect it, our cars would be repossessed,

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Speaker 1: And so that put me in a sense of great

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Speaker 1: anxiety as a child, because sometimes I didn't know where

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Speaker 1: we were going to live. I didn't know how things

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Speaker 1: were going to work out for us or not. Sometimes

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Speaker 1: we lived in abandoned buildings, and the only thing that

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Speaker 1: I could focus on that I could control in my

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Speaker 1: whole life myself was myself at school. So I became

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Speaker 1: very good at school. Wow, in school for me, I

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Speaker 1: saw very very early on, like five years old, that

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Speaker 1: if I was really good at school, maybe I could

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Speaker 1: have a better life. And so I focused on school.

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Speaker 1: And I tell people, I don't think it's an accident.

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Speaker 1: I work in the investment business because I was desperate

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Speaker 1: to understand money as a child, desperate. I wanted things

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Speaker 1: to go better for us, and so very early on

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Speaker 1: when I started to think about a career and things

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Speaker 1: that I could do, I don't know, the world sort

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Speaker 1: of took me. God took me to money, and then

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Speaker 1: it became my calling. So you're an evangelist, and I

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Speaker 1: am one too, But I evangelize around saving, investing, have

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Speaker 1: a better life, teaching your children so that they don't

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Speaker 1: repeat the same cycles. So you don't worry yourself until

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Speaker 1: you're sick, so you don't work until you actually die.

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Speaker 3: You know, all of these.

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Speaker 1: Things are things that I think about because I've had

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Speaker 1: the opportunity to observe them up close and afar. So

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Speaker 1: whatever you see that I have right now. No, it

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Speaker 1: wasn't always like this. No, it was rooted in a

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Speaker 1: very different place. We had our closing garbage bags. They

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Speaker 1: were always there so we could move them quickly. I mean,

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Speaker 1: the thoughts of it is is traumatizing to me at times.

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Speaker 1: I can show you pictures of me as a child

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Speaker 1: and it's like.

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Speaker 3: What are all those tracks? Bags? Are clothes?

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Speaker 1: So that but it also lit a fire at me.

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Speaker 1: And that fire that was lit as one that is

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Speaker 1: making me work this hard. I won't stop. It's not

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Speaker 1: about enough. It's not about what I have. It's about

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Speaker 1: what am I here to do?

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Speaker 2: I get it. I totally get it. Chet. You two

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Speaker 2: don't complain fixed problems. It's so funny because we're not

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Speaker 2: that different in alignment, because we meet at the intersection

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Speaker 2: of human need, and you cannot ignore money from human need.

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Speaker 2: The only reason we got in this building was money.

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Speaker 2: Caught a flight, got a hotel, got something to eat,

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Speaker 2: went to lunch. It takes capital. The Bible says that

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Speaker 2: money answers all things. If it's a thing, if it's

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Speaker 2: a thing, it answers. Some things are not things, they're

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Speaker 2: not tangible, but as it relates to tangible things. What

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Speaker 2: I found exciting about what you said it is something

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Speaker 2: that I really believe. Number One, pain if you unwrap

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Speaker 2: it always brings a gift, and you cannot if you

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Speaker 2: unwrap it, and it's painful to unwrap it. But if

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Speaker 2: you unwrap it, it always brought you a gift. And

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Speaker 2: you can't have triumph until you've had tragedy, because triumph

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Speaker 2: only works against the canvass of tragedy. Often it is

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Speaker 2: not what you're running too. Is what you're running from,

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Speaker 2: at least in the early stages, that pushes you into

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Speaker 2: the light. And there you are in the light. Okay,

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Speaker 2: extremely educated, honorary degrees, legitimate doctorate degrees, earned degrees, name

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Speaker 2: one of Times Magazine's one hundred most influential people in

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Speaker 2: the world. Amazing. No, the girl is the real deal.

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Speaker 2: Before you came out, I call your name, I said.

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Speaker 2: Anybody who doesn't know who Melody hops In is. That

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Speaker 2: is why you need to be in the room. Thank you,

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Speaker 2: because you should not live your life. Jesse Jackson said

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Speaker 2: under me when I first met him for the very

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Speaker 2: first time I was about thirty eight years old. He

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Speaker 2: came into my office. He said, I thought it would

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Speaker 2: be a shame for us to live and die in

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Speaker 2: the same world and never have ever met each other.

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Speaker 2: And I thought, wow, that's true, no matter what our

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Speaker 2: similarities or differences might be. People who affect the generation

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Speaker 2: to be able to tell your kids. I was in

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Speaker 2: the room with Melody Hops.

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Speaker 3: Oh you're very kind.

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Speaker 1: I don't think of myself that way, but I appreciate

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Speaker 1: your kind.

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Speaker 2: No, we never do see ourselves that way because we

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Speaker 2: can see everybody in the room but us. That's why

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Speaker 2: we need people who are secure enough to reflect us

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Speaker 2: to ourselves so that we understand who we are. But

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Speaker 2: Bloomberg calls you, okay, seeing mec calls you to respond.

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Speaker 2: I met you. You might not remember this, but we

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Speaker 2: were on Good Morning America when we first met, the

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Speaker 2: very first time I met you. Remember that, yes, and.

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Speaker 3: I will forget you.

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Speaker 2: Oh my god, Oh my god, you sound like Oprah.

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Speaker 2: I thought Oprah was mad at me one time. She said,

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Speaker 2: how can you be mad at Bishop Jakes? Like that's impossible.

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Speaker 2: It would be a fin Yeah, the amazing thing. I

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Speaker 2: was watching you at Oprah's Super sold Sunday, by the way,

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Speaker 2: and I was watching you move around the room, and

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Speaker 2: she floats around the room like a butterfly, you know.

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Speaker 2: And she's got this poison, this grace about her. But

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Speaker 2: her her wings are in the air, but her feet

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Speaker 2: never leaves the floor. She has never lost sight of

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Speaker 2: who she is because of what she did. How do

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Speaker 2: you maintain that kind of balance.

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Speaker 1: I remember talking to Brian Stevenson once, who I also admire.

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Speaker 1: As we all know, he does done amazing work. And

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Speaker 1: I went down to see the whole institution that he's built,

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Speaker 1: and it's just so amazing. I took my daughter, she

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Speaker 1: was about five years old. She's like, it's hot and

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Speaker 1: alab mamma. She just kept saying that open. Yeah, that's

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Speaker 1: what she did. But I will tell you that he said,

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Speaker 1: you must always maintain proximity. And I've never lost proximity

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Speaker 1: with my people, my family, my community.

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Speaker 3: And the world. You know.

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Speaker 1: I think people they retreat when good things happen to them,

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Speaker 1: as opposed to being out in the world. And I've

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Speaker 1: always been in the world. I've always had proximity. I've

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Speaker 1: never been away from the truth and the struggles of

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Speaker 1: real life, no matter where I've set, no matter what

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Speaker 1: advantage point I've been in, and I've also acknowledged my

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Speaker 1: own frailty and my own struggles. And so as a

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Speaker 1: result of that, I think that I've been able to

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Speaker 1: stay extremely empathetic to people without being condescending. You know,

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Speaker 1: I had someone say to me once, don't look down

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Speaker 1: on people you help.

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Speaker 2: Right.

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Speaker 3: I hate that, right, you know, I really do to

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Speaker 3: say that you.

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Speaker 2: Have not only been empathetic to have feelings for and

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Speaker 2: compassion for, but you have been a problem solver in

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Speaker 2: being philanthropic and setting up organizations to uplift people that

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Speaker 2: you didn't have to lift up. You could have got

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Speaker 2: up there and set on the throne and had somebody

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Speaker 2: fan you, but you decided to come down and do

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Speaker 2: good by doing well.

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Speaker 3: Well.

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Speaker 1: This is what we say in Ariel. We don't admire problems.

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Speaker 1: We don't sit around talking about what's wrong. We fix things.

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Speaker 1: That is the goal that we have as a society,

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Speaker 1: as an organization. So I don't sit around and talking

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Speaker 1: about kids not being financially literate. During COVID, I wrote

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Speaker 1: a book. I spent four years writing. I wrote a

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Speaker 1: children's book and everyone's like, oh, a sweet a children's book.

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Speaker 3: It's ten thousand words.

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Speaker 1: It's not three words on a page, right, It's well researched,

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Speaker 1: and it's entertaining. And when I wrote the book, from

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Speaker 1: the very beginning, I want to be a New York

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Speaker 1: Times bestseller. Literally put it out in the universe. I said,

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Speaker 1: that is going to happen. It's going to be something

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Speaker 1: people are going to want. So instead of just sitting

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Speaker 1: around and complaining, and I mean, it's hard because you

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Speaker 1: sacrifice to get things done, but I feel better about

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Speaker 1: myself because at least I've tried to move something forward,

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Speaker 1: even though at times we find our society moving backwards.

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Speaker 2: Chapter three. Start watching it brings me to the perplexity

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Speaker 2: of the times that we are living in now, when

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Speaker 2: they are in some ways the best of times, in

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Speaker 2: some ways the worst of times. Orson Wales could not

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Speaker 2: have been any more profetic than he is today. I

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Speaker 2: don't even want to open up mouthstock market. I don't

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Speaker 2: want to see my four O one K. I just

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Speaker 2: don't want to be that depressed. And if I watch it,

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Speaker 2: I want to watch it in the morning. What in

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Speaker 2: the world, in your view is going on with the

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Speaker 2: market and with our four oh one case in this

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Speaker 2: country at this time.

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Speaker 1: So it's not going to be pretty when you open it.

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Speaker 1: I'm going to tell you that. So I'm going to

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Speaker 1: be honest with you. I don't beat around the bush.

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Speaker 1: I believe in telling the truth. We have what I

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Speaker 1: consider a self inflicted crisis that has occurred, and this

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Speaker 1: self inflicted crisis is going to hurt. So let's start with.

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Speaker 3: That for now.

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Speaker 1: And the one thing we just wrote to our clients.

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Speaker 1: The letter just went out today, it's on our website.

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Speaker 1: Storms always end, you have to remember that, and storms

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Speaker 1: in the stock market end as well. If you look

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Speaker 1: at the worst drops in the stock market over the

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Speaker 1: last one hundred plus years, go back to the Great Depression,

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Speaker 1: you have world wars, you have COVID, you have many recessions.

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Speaker 1: I can go through all the bad things that happen.

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Speaker 1: But if you look at the market after the drop

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Speaker 1: a year later, two years later, three years later, the

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Speaker 1: story tends to be very, very positive. And so you

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Speaker 1: have to take a long term view. If you are

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Speaker 1: not retiring at the end of this month, you should

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Speaker 1: be living with the volatility and getting yourself used to

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Speaker 1: it and comfortable and knowing you got to ride it out.

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Speaker 3: Maybe even if you have.

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Speaker 1: The great thing about a four to win K plan

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Speaker 1: is that you're buying stocks when the market is really high,

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Speaker 1: like it was in November, and you're buying it when

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Speaker 1: it's low like it is now. Over the long term,

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Speaker 1: that fifty dollars or one hundred dollars or two hundred

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Speaker 1: dollars a month that you're putting in, you average a

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Speaker 1: better price high. Sometimes that means you get fewer shares low,

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Speaker 1: I'm getting a lot more shares. Over time, I average

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Speaker 1: out the better price. Over the long term, those bumps

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Speaker 1: smooth out. The American economy has been the best performing

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Speaker 1: economy in the world for a very long time, and

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Speaker 1: I have no reason to believe that will change, even

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Speaker 1: when you have self inflicted wounds. So we may be

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Speaker 1: doing one of these, But the thing that happens over

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Speaker 1: the long term, it still goes up.

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Speaker 3: And that's what you have to remember.

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Speaker 1: So right now, maybe you just say yourself, I'm not

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Speaker 1: going to open it, because the worst thing you could

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Speaker 1: do is to sell into this hold, at least until

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Speaker 1: the dust settles.

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Speaker 3: If you really can't take it.

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Speaker 1: That's another thing but you don't do it right in

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Speaker 1: the middle of the crisis.

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Speaker 3: If it's a bad storm, who walks outside? No one, right,

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Speaker 3: you wait.

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Speaker 1: Maybe the rain stops a little bit, or it's a

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Speaker 1: little clearer. It might still be raining, but it's not torrential.

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Speaker 1: It's not eighty mile an hour winds. So you don't

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Speaker 1: sell an eighty mile an hour wins. You wait through this.

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Speaker 1: But the better and the best thing to do is

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Speaker 1: to do nothing. There's a very famous investor he passed

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Speaker 1: away some time ago named Jack Bogel, And in these moments,

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Speaker 1: he'd say, don't do something. Stand there, the opposite of

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Speaker 1: how we think. Don't stand there, do something. Don't do something,

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Speaker 1: stand there. So this is the time you got to stand.

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Speaker 1: It takes a lot of courage, it takes a lot

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Speaker 1: of conviction.

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Speaker 3: You're gonna feel fear.

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Speaker 1: But if you can program yourself to say, this storm

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Speaker 1: will end, they never go on forever and there will

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Speaker 1: be sunny days. It's not hopeful thinking. I'm basing it

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Speaker 1: on actual history and facts. You just got to wait

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Speaker 1: through it.

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Speaker 2: When you wait through it, yeah, yeah, that's a clapping moment.

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Speaker 2: We need all the hope we can get. When you

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Speaker 2: wait through it. There is anxiety. Yes, all decisions ultimately

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Speaker 2: are affected or shaped by how we feel about it.

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Speaker 2: One person can go through the same thing that you

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Speaker 2: go through and have a completely different direction based on

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Speaker 2: the healthiness of their emotional reaction to trauma and stress.

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Speaker 2: While we're waiting, should we be? There are people who

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Speaker 2: are bad stocks to beat the band right now, you know,

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Speaker 2: because they're on sale and they're so low and they're

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Speaker 2: going to ride the wave up. Have we hit the

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Speaker 2: bottom yet?

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Speaker 3: We can't. We can't know.

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Speaker 1: I mean, I've never been through a trade war, no

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Speaker 1: one has in modern times, so this is new. It's

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Speaker 1: always something new. That's what I want to also emphasized.

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Speaker 1: We always are fighting the last war. So how many

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Speaker 1: times have you read stories about are we preparing for

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Speaker 1: the next pandemic? The next bad thing won't be a pandemic,

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Speaker 1: It'll be something you can't think of. So we had

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Speaker 1: a financial crisis, and so then everyone prepares for the

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Speaker 1: next financial crisis, not the problem pandemic. Then you have

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Speaker 1: a pandemic, and it's like, are we thinking about if

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Speaker 1: we have another pandemic? It's not a pandemic now it's

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Speaker 1: a trade war. It's always something that you don't expect.

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Speaker 1: So in this situation right now, and you're true. It's

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Speaker 1: true about the anxiety that people can feel. I can't

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Speaker 1: tell you if it's the bottom, but you can buy.

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Speaker 3: That's why I like four one K plans. You're buying

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Speaker 3: on the dips.

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Speaker 1: You're buying as it's going down, and then you'll benefit

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Speaker 1: as it goes up. Now, if you feel confident in

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Speaker 1: some area that you work in and you say this.

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Speaker 3: Is just crazy, this stock is so cheap, I'd buy.

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Speaker 1: It, especially if I'm going to take a long term view.

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Speaker 1: If you think you're going to make some instant money

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Speaker 1: and you're going to get rich in a month or

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Speaker 1: two months, bad idea. But if you say I like

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Speaker 1: this and I want to own it for the next

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Speaker 1: three to five years, I would say, you know, you

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Speaker 1: might go in slowly. You don't just go and run

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Speaker 1: in with a giant amount. You just might over the

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Speaker 1: next few months put money to work and see how

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Speaker 1: that works out for you.

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Speaker 2: Always, so if people don't invest anymore than you're willing

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Speaker 2: to lose, well, The.

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Speaker 1: Thing is I think that sometimes people they there's certain

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Speaker 1: aspects of the stock market in the way that it's

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Speaker 1: described that I always reject to. We'll say, for example,

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Speaker 1: you're playing the stock market. I'm like, there's nothing playing

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Speaker 1: about it. I can trust you. I can tell you.

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Speaker 1: It's if you are in a studied situation where you

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Speaker 1: know that you have some sense of the business.

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Speaker 3: I'm not saying go roll the.

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Speaker 1: Dice on something like crypto or you know, but if

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Speaker 1: you were talking about real businesses that are product or

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Speaker 1: service that is provided to people or other businesses over

436
00:25:27,240 --> 00:25:31,679
Speaker 1: the long term, a good, high quality company over the

437
00:25:31,720 --> 00:25:34,800
Speaker 1: long term will do well so they don't go to zero.

438
00:25:35,280 --> 00:25:35,960
Speaker 3: The ones that.

439
00:25:35,880 --> 00:25:39,000
Speaker 1: You're willing to lose that go to zero, those are

440
00:25:39,280 --> 00:25:43,439
Speaker 1: tend to be very, very speculative, and that is not

441
00:25:43,560 --> 00:25:46,480
Speaker 1: what I'm recommending, and I'm certainly not recommending it now,

442
00:25:46,760 --> 00:25:48,840
Speaker 1: because if you're a company that doesn't have the balance

443
00:25:48,840 --> 00:25:51,240
Speaker 1: sheet to last through this period, you.

444
00:25:51,160 --> 00:25:52,080
Speaker 3: Could go away.

445
00:25:52,560 --> 00:25:54,399
Speaker 1: But I'm not worried about that with some of the

446
00:25:54,400 --> 00:25:56,639
Speaker 1: big companies that are out there, or even some of

447
00:25:56,640 --> 00:25:59,280
Speaker 1: the smaller cap stocks that we invest in an aeriel,

448
00:25:59,600 --> 00:26:01,520
Speaker 1: because we I know what kind of businesses they are

449
00:26:01,560 --> 00:26:04,120
Speaker 1: and what kind of sustainability they have. But I will

450
00:26:04,160 --> 00:26:07,400
Speaker 1: tell you one thing which is your point about anxiety,

451
00:26:07,560 --> 00:26:13,680
Speaker 1: And this is something that I've taught and underscored in

452
00:26:13,800 --> 00:26:18,119
Speaker 1: many situations for many years now. Do not make big

453
00:26:18,200 --> 00:26:23,200
Speaker 1: financial decisions in times of great emotional stress. You will

454
00:26:23,200 --> 00:26:27,639
Speaker 1: make a bad decision. I see it with particularly women.

455
00:26:28,160 --> 00:26:30,800
Speaker 1: We make our most important decisions in times of great

456
00:26:30,800 --> 00:26:35,239
Speaker 1: emotional stress, often death or divorce of a spouse, and

457
00:26:35,280 --> 00:26:37,199
Speaker 1: that is when we do things that we shouldn't do.

458
00:26:37,280 --> 00:26:39,320
Speaker 1: So you have to sort of calm yourself down. Like

459
00:26:39,560 --> 00:26:42,840
Speaker 1: big emotion, big decisions in times of great emotional stress

460
00:26:43,240 --> 00:26:44,919
Speaker 1: generally lead to bad outcomes.

461
00:26:45,240 --> 00:26:48,040
Speaker 3: So at least the one thing you got to do is, if.

462
00:26:47,920 --> 00:26:49,480
Speaker 1: You have to make the decision, try to get the

463
00:26:49,480 --> 00:26:51,800
Speaker 1: stress level down a little bit before you make it

464
00:26:51,840 --> 00:26:53,200
Speaker 1: so you can make it with some clarity.

465
00:26:53,400 --> 00:26:56,840
Speaker 2: That's what I meant. You're talking about outcomes, and you're

466
00:26:56,880 --> 00:26:59,560
Speaker 2: absolutely right. You don't want to best stock since you

467
00:26:59,600 --> 00:27:02,000
Speaker 2: think are growing the plummet and go through the floor

468
00:27:02,359 --> 00:27:05,359
Speaker 2: at any time. You don't want to lose money. I

469
00:27:05,440 --> 00:27:06,320
Speaker 2: don't like that.

470
00:27:06,359 --> 00:27:06,920
Speaker 3: I hate losing.

471
00:27:07,320 --> 00:27:08,280
Speaker 2: I'm allergic to it.

472
00:27:09,080 --> 00:27:10,800
Speaker 3: Yeah, get them and the business.

473
00:27:10,880 --> 00:27:13,480
Speaker 1: I meant sometimes you do lose to win long term,

474
00:27:13,600 --> 00:27:14,960
Speaker 1: but I don't like it.

475
00:27:15,080 --> 00:27:18,600
Speaker 2: Any business. It shakes you up. I'm talking about in

476
00:27:18,680 --> 00:27:23,200
Speaker 2: between times. From a therapeutic perspective, you have to have

477
00:27:23,240 --> 00:27:26,720
Speaker 2: an attitude about it. I do. I have to have

478
00:27:26,840 --> 00:27:30,760
Speaker 2: the kind of attitude that should this go wrong, I

479
00:27:30,760 --> 00:27:35,720
Speaker 2: could sustain myself. And the reason it's important in this

480
00:27:35,880 --> 00:27:39,760
Speaker 2: crowd to establish that is that we are often taught

481
00:27:39,840 --> 00:27:41,560
Speaker 2: faith to our own peril.

482
00:27:42,320 --> 00:27:45,000
Speaker 3: That's my mother in the Eastern dress exactly.

483
00:27:45,280 --> 00:27:48,240
Speaker 2: Okay, so your God is going to fix a glory

484
00:27:48,280 --> 00:27:48,840
Speaker 2: that God out.

485
00:27:48,920 --> 00:27:50,199
Speaker 3: We have to help ourselves too.

486
00:27:50,440 --> 00:27:53,560
Speaker 2: Yeah, yeah, yeah, So step out on faith, but take

487
00:27:53,640 --> 00:27:59,400
Speaker 2: baby steps when it comes to your ability to tolerate

488
00:27:59,480 --> 00:28:03,800
Speaker 2: the turbuline of the market. I can't figure out. We

489
00:28:03,840 --> 00:28:08,640
Speaker 2: are the world's strongest GDP. We are excelling in many

490
00:28:08,680 --> 00:28:11,919
Speaker 2: many areas, or we were. I don't know if we

491
00:28:12,000 --> 00:28:14,199
Speaker 2: still are. I might not be up to speed on

492
00:28:14,280 --> 00:28:18,840
Speaker 2: the latest numbers. Yet we have terrible inflation. We have

493
00:28:19,280 --> 00:28:24,600
Speaker 2: a looming recession. That's enough to shape the market by itself,

494
00:28:25,359 --> 00:28:29,800
Speaker 2: and then you add the trade war to it. I

495
00:28:29,800 --> 00:28:32,880
Speaker 2: don't know which animal to shoot the line, the tiger

496
00:28:33,000 --> 00:28:37,119
Speaker 2: or the bear. What do you attribute to being the

497
00:28:37,240 --> 00:28:42,160
Speaker 2: biggest factor in the huge fluctuation Is it coming from

498
00:28:42,200 --> 00:28:45,360
Speaker 2: the trade war, Is it coming from the inflation and

499
00:28:45,440 --> 00:28:51,000
Speaker 2: the threat of recession? Is it coming from bad leadership decisions?

500
00:28:51,120 --> 00:28:53,360
Speaker 1: They're all in a related So I think the tear

501
00:28:53,360 --> 00:28:56,680
Speaker 1: offf conversation put a hot flame under all of this.

502
00:28:57,000 --> 00:28:58,200
Speaker 3: Okay, so the tear offfs.

503
00:28:58,200 --> 00:29:00,960
Speaker 1: Starting with the tariffs, we are going to put a

504
00:29:01,040 --> 00:29:06,800
Speaker 1: tariff on any product. That is, anyone who buys our

505
00:29:06,840 --> 00:29:09,520
Speaker 1: sells American products that we're going to put tariffs on

506
00:29:09,560 --> 00:29:14,040
Speaker 1: the products that they sell to America. A blanket, no

507
00:29:14,120 --> 00:29:16,400
Speaker 1: matter what the country, no matter who they are, there

508
00:29:16,480 --> 00:29:19,000
Speaker 1: is going to be this number. It didn't exist like

509
00:29:19,080 --> 00:29:22,000
Speaker 1: that before. And even if we've had trade and balances

510
00:29:22,000 --> 00:29:25,280
Speaker 1: in this country, which we have, there's no question about it,

511
00:29:25,400 --> 00:29:31,440
Speaker 1: we've actually still been the most thriving, vibrant, most successful

512
00:29:31,480 --> 00:29:34,880
Speaker 1: economy in the world, and we are the largest economy

513
00:29:34,880 --> 00:29:39,200
Speaker 1: in the world per capita. China is actually technically larger,

514
00:29:39,560 --> 00:29:41,880
Speaker 1: but they have a lot more people, so their per

515
00:29:41,920 --> 00:29:46,040
Speaker 1: capital wealth is much lower than ours, much lower. So

516
00:29:46,080 --> 00:29:49,680
Speaker 1: we have the largest economy in the world per capita.

517
00:29:49,760 --> 00:29:50,680
Speaker 3: We put the.

518
00:29:50,600 --> 00:29:53,440
Speaker 1: Tariffs on the whole world, and the whole world went

519
00:29:53,680 --> 00:29:57,680
Speaker 1: kind of crazy because it was going to affect their economies.

520
00:29:58,120 --> 00:30:04,600
Speaker 1: Think German carmaker that sell cars to America, think all

521
00:30:04,640 --> 00:30:07,440
Speaker 1: of the think an Apple phone. Okay, to just think

522
00:30:07,480 --> 00:30:10,320
Speaker 1: of all the things that get made and are brought here.

523
00:30:11,440 --> 00:30:14,280
Speaker 1: There are certain things, which is the problem, that we

524
00:30:14,640 --> 00:30:18,680
Speaker 1: just don't make, and so now we're putting tariffs on

525
00:30:18,760 --> 00:30:23,160
Speaker 1: things we don't make when reshoring them to America. Is

526
00:30:23,520 --> 00:30:27,600
Speaker 1: it's not necessarily the easiest solution because we may not

527
00:30:27,720 --> 00:30:30,640
Speaker 1: be able to do it as efficiently as cheaply.

528
00:30:31,080 --> 00:30:33,520
Speaker 3: So what does that do? Cause inflation?

529
00:30:34,560 --> 00:30:38,240
Speaker 1: Because we're going to pay more or the country that

530
00:30:38,280 --> 00:30:41,160
Speaker 1: we've put on the tifon is going to pass it

531
00:30:41,240 --> 00:30:44,920
Speaker 1: through to us because they're trying to maintain their profits.

532
00:30:45,840 --> 00:30:48,880
Speaker 1: So now we have inflation as part of the conversation

533
00:30:48,960 --> 00:30:51,480
Speaker 1: which we've been trying to wrestle to the ground for

534
00:30:51,560 --> 00:30:54,440
Speaker 1: the last couple of years. That inflation was born out

535
00:30:54,440 --> 00:30:57,160
Speaker 1: of all the stimulus, all the money we had to

536
00:30:57,200 --> 00:31:00,840
Speaker 1: print to support the economy during COVID, all those checks

537
00:31:00,880 --> 00:31:03,200
Speaker 1: people got that helps suspain.

538
00:31:02,880 --> 00:31:04,200
Speaker 3: Them and that PPP.

539
00:31:04,520 --> 00:31:07,400
Speaker 1: I think it was all of that we put into

540
00:31:07,440 --> 00:31:11,080
Speaker 1: the economy that keep us all standing. Well, when you

541
00:31:11,120 --> 00:31:14,400
Speaker 1: print money, you get inflation. That's just the way it works.

542
00:31:14,880 --> 00:31:19,600
Speaker 1: That's one oh one economics. So things ended up costing more.

543
00:31:20,040 --> 00:31:22,720
Speaker 1: They were starting to come down. Everyone was complaining about

544
00:31:22,760 --> 00:31:24,280
Speaker 1: things like eggs and the like.

545
00:31:24,800 --> 00:31:25,840
Speaker 3: We were getting that down.

546
00:31:26,200 --> 00:31:29,120
Speaker 1: But when you put the tariffs on, countries start to say,

547
00:31:29,120 --> 00:31:31,360
Speaker 1: well I have to charge more, or if we make

548
00:31:31,400 --> 00:31:33,640
Speaker 1: it in America, it's going to cost more.

549
00:31:34,920 --> 00:31:35,720
Speaker 3: One last thing.

550
00:31:36,240 --> 00:31:40,240
Speaker 1: So you've got that, you've got the prospect of inflation.

551
00:31:40,600 --> 00:31:43,920
Speaker 1: Then companies start getting scared and they're like, well, maybe

552
00:31:43,920 --> 00:31:46,680
Speaker 1: I shouldn't investment spend, or maybe I should lay people off,

553
00:31:46,840 --> 00:31:49,440
Speaker 1: or consumers say I don't think I should take that vacation,

554
00:31:49,920 --> 00:31:52,560
Speaker 1: I'm not going to the summit because it looks like

555
00:31:52,600 --> 00:31:55,280
Speaker 1: it might be challenging. That's when you start getting the

556
00:31:55,320 --> 00:31:56,160
Speaker 1: recession talk.

557
00:31:57,320 --> 00:31:58,800
Speaker 3: So those three things are.

558
00:31:58,680 --> 00:32:01,719
Speaker 1: Happening at once and are saying maybe we're already in

559
00:32:01,720 --> 00:32:04,480
Speaker 1: a recession. We just don't know it. Because this is

560
00:32:04,520 --> 00:32:08,480
Speaker 1: all happening in real time. It's a trifecta of not great.

561
00:32:08,760 --> 00:32:11,040
Speaker 1: I just want to be honest with you, But it

562
00:32:11,080 --> 00:32:15,120
Speaker 1: doesn't mean it can't work out, because we've already started

563
00:32:15,120 --> 00:32:18,120
Speaker 1: to see some at least step back from the edge

564
00:32:18,240 --> 00:32:21,880
Speaker 1: with the ninety day pause, not helped by the China

565
00:32:21,960 --> 00:32:24,480
Speaker 1: Tit for tat, which I have to tell you they

566
00:32:24,480 --> 00:32:26,760
Speaker 1: seem to be dug in both sides. And that's a

567
00:32:26,760 --> 00:32:29,920
Speaker 1: little discouraging, which is what the market is reacting to now.

568
00:32:30,600 --> 00:32:33,840
Speaker 1: And the market continues to fear that if the tit

569
00:32:33,880 --> 00:32:36,320
Speaker 1: for tat with China keeps going and the world leaders

570
00:32:36,320 --> 00:32:40,320
Speaker 1: stay as concerned as they are, and the absolute conversation

571
00:32:40,480 --> 00:32:43,640
Speaker 1: stays the way it is, you just birth a recession

572
00:32:44,000 --> 00:32:47,040
Speaker 1: to facto out of doing this because everyone just gets

573
00:32:47,080 --> 00:32:50,760
Speaker 1: really scared, stops spending. The growth of the country slows

574
00:32:51,440 --> 00:32:54,800
Speaker 1: while inflation goes up, which is this economic concept, and

575
00:32:54,840 --> 00:33:00,640
Speaker 1: I promise I will stop called stagflation. The worst Your

576
00:33:00,640 --> 00:33:05,360
Speaker 1: economy is slowing down while prices are going up. And

577
00:33:05,400 --> 00:33:08,640
Speaker 1: that is something that we getting out of place gets

578
00:33:08,920 --> 00:33:09,760
Speaker 1: very challenging.

579
00:33:10,120 --> 00:33:17,000
Speaker 2: Chapter four, think globally. You are saying a lot.

580
00:33:19,000 --> 00:33:20,680
Speaker 3: I hope it doesn't found no, no.

581
00:33:20,360 --> 00:33:23,160
Speaker 2: No, no, no no no, no no no. You're saying

582
00:33:23,880 --> 00:33:28,640
Speaker 2: a lot a very heavy thought for a group of

583
00:33:28,720 --> 00:33:34,600
Speaker 2: leaders who are not always taught to think globally. We

584
00:33:34,720 --> 00:33:38,560
Speaker 2: come from a generation of leadership that emphasize that we

585
00:33:38,640 --> 00:33:43,760
Speaker 2: think about our community. Okay, but when it comes to finances.

586
00:33:44,240 --> 00:33:46,040
Speaker 2: It's a global thought.

587
00:33:46,240 --> 00:33:49,040
Speaker 3: The world is global, Our products are global.

588
00:33:49,200 --> 00:33:52,400
Speaker 1: Everything that we consume there are pieces of it that

589
00:33:52,440 --> 00:33:58,239
Speaker 1: come from other places. The global community got interlocked a

590
00:33:58,280 --> 00:34:01,200
Speaker 1: long time ago. The problem is to break that apart.

591
00:34:02,040 --> 00:34:05,440
Speaker 1: I think that's very challenging. Trying to go back to

592
00:34:05,440 --> 00:34:07,600
Speaker 1: what it was is very very challenging.

593
00:34:07,600 --> 00:34:08,400
Speaker 2: It's very challenging.

594
00:34:08,400 --> 00:34:10,960
Speaker 1: And I'm not saying that as being anti American products

595
00:34:10,960 --> 00:34:15,520
Speaker 1: being created, anti labor, anti anything, but I'm saying that

596
00:34:15,560 --> 00:34:18,040
Speaker 1: we have to just recognize the situation that the world

597
00:34:18,160 --> 00:34:23,440
Speaker 1: is in. We are interdependent, Yes, yes, like never before.

598
00:34:23,480 --> 00:34:26,080
Speaker 2: And I think no matter what kind of leader you

599
00:34:26,160 --> 00:34:30,279
Speaker 2: are listening at us today it is it behooves you

600
00:34:30,400 --> 00:34:34,200
Speaker 2: to think globally when you think about everything, right down

601
00:34:34,280 --> 00:34:39,000
Speaker 2: to a post that you're posting something that they're reading

602
00:34:39,040 --> 00:34:43,400
Speaker 2: in Saigon. That their opinion that's coming back at you

603
00:34:43,520 --> 00:34:46,360
Speaker 2: may not be a reflection of who you are or

604
00:34:46,360 --> 00:34:49,320
Speaker 2: where you came from. Even if they used a picture

605
00:34:49,400 --> 00:34:52,200
Speaker 2: that looks like you, that doesn't mean that that picture

606
00:34:52,280 --> 00:34:56,480
Speaker 2: is authentic. We are in the final I don't know

607
00:34:56,480 --> 00:34:59,200
Speaker 2: if it's the final, but it may be the final one.

608
00:34:59,239 --> 00:35:04,000
Speaker 2: I see while wild West, Yes, our technology has exceeded

609
00:35:04,120 --> 00:35:08,400
Speaker 2: our habibility to legislate. Our laws have not caught up

610
00:35:08,400 --> 00:35:12,120
Speaker 2: with where we are. Neither has our defenses matched the

611
00:35:12,239 --> 00:35:17,040
Speaker 2: possibilities of the turmoil that we might go through. Everything

612
00:35:17,160 --> 00:35:20,840
Speaker 2: you buy now has got some kind of IP address

613
00:35:20,920 --> 00:35:24,480
Speaker 2: connected to it, right down to your refrigerator and your dryer.

614
00:35:24,880 --> 00:35:27,000
Speaker 2: So sometimes I come home, I think the whole house

615
00:35:27,080 --> 00:35:30,680
Speaker 2: is listening at me. I want to cover the whole

616
00:35:30,719 --> 00:35:34,680
Speaker 2: house with a mattress and then whisper. That's how much

617
00:35:34,920 --> 00:35:38,120
Speaker 2: we are losing privacy. And we were coming up in

618
00:35:38,160 --> 00:35:41,560
Speaker 2: a society where we've got to think differently about how

619
00:35:41,560 --> 00:35:45,120
Speaker 2: we market products, how we do business, how we communicate

620
00:35:45,160 --> 00:35:48,960
Speaker 2: with people. We can't just approach things from a black

621
00:35:49,080 --> 00:35:53,000
Speaker 2: and white issue and be effective in a global world

622
00:35:53,280 --> 00:35:58,160
Speaker 2: that runs on green that isn't green anymore. When it's orders.

623
00:35:58,160 --> 00:36:00,000
Speaker 2: The other day they told me we don't take care.

624
00:36:01,200 --> 00:36:05,920
Speaker 2: I thought, really, okay, So we're starting to learn in

625
00:36:05,960 --> 00:36:09,279
Speaker 2: the midst of the changing of cash, the changing of

626
00:36:09,320 --> 00:36:12,080
Speaker 2: the way we did business, the changing of the way

627
00:36:12,120 --> 00:36:16,319
Speaker 2: we thought. You're saying big stuff to us because you're

628
00:36:16,360 --> 00:36:20,719
Speaker 2: talking about China and Japan and you're talking about global markets,

629
00:36:20,880 --> 00:36:22,919
Speaker 2: and we're talking about South Central LA.

630
00:36:23,400 --> 00:36:25,319
Speaker 3: But not.

631
00:36:25,480 --> 00:36:28,960
Speaker 1: But and I can give you a lot of examples

632
00:36:28,960 --> 00:36:32,600
Speaker 1: of small businesses that have been lit up by the

633
00:36:32,640 --> 00:36:34,920
Speaker 1: opportunity to sell their products in other places.

634
00:36:35,080 --> 00:36:36,440
Speaker 2: Right con trees, there you go.

635
00:36:36,520 --> 00:36:39,880
Speaker 1: And we see it with influencers, we see it with

636
00:36:40,040 --> 00:36:43,560
Speaker 1: all sorts of things. So those borders have gone down

637
00:36:43,640 --> 00:36:47,000
Speaker 1: for us, and those barriers have also gone down for us. Yes,

638
00:36:47,080 --> 00:36:49,200
Speaker 1: and we have been able to benefit from that. And

639
00:36:49,200 --> 00:36:53,440
Speaker 1: that can be from the mundane to the most outrageous.

640
00:36:53,480 --> 00:36:57,920
Speaker 1: I mean everything from hair care products to food. And

641
00:36:57,960 --> 00:36:59,640
Speaker 1: it's just one of these things that I think we

642
00:36:59,680 --> 00:37:03,040
Speaker 1: are we can't miss the point that we can benefit to.

643
00:37:03,960 --> 00:37:07,640
Speaker 1: You know, if you do something great today, people can

644
00:37:07,760 --> 00:37:09,239
Speaker 1: actually find out about it.

645
00:37:09,480 --> 00:37:09,680
Speaker 2: Right.

646
00:37:10,000 --> 00:37:12,360
Speaker 1: We are not in a time of covered wagons and

647
00:37:12,440 --> 00:37:14,680
Speaker 1: news moving slowly by word of mouth.

648
00:37:15,200 --> 00:37:17,160
Speaker 3: You can actually get a viral thing.

649
00:37:17,080 --> 00:37:21,480
Speaker 1: To happen instantly and create a great phenomenon.

650
00:37:21,840 --> 00:37:23,719
Speaker 2: So this is what I want you to take away

651
00:37:23,760 --> 00:37:28,719
Speaker 2: from this. If you are being rejected, it doesn't necessarily

652
00:37:28,760 --> 00:37:31,839
Speaker 2: mean that your product is bad. It may be that

653
00:37:31,880 --> 00:37:40,240
Speaker 2: you haven't found your audience. Yes, check to six find

654
00:37:40,239 --> 00:37:46,560
Speaker 2: your audience. So let's widen the search for the audience.

655
00:37:47,400 --> 00:37:51,120
Speaker 2: The challenge in widening the search for the audience. That

656
00:37:51,200 --> 00:37:54,560
Speaker 2: I find is that the old rules as it relates

657
00:37:54,640 --> 00:37:59,640
Speaker 2: to media, whether social or physical media, has become more

658
00:37:59,719 --> 00:38:08,040
Speaker 2: challenge because it's become increasingly fragmented, increasingly diverse. The algorithms

659
00:38:08,080 --> 00:38:12,360
Speaker 2: are giving you the truth in the flavor you like. Okay,

660
00:38:12,800 --> 00:38:16,040
Speaker 2: And now you're in a situation whereas you had to

661
00:38:16,239 --> 00:38:20,000
Speaker 2: advertise on channel three, Channel eight and channel thirteen. Now

662
00:38:20,040 --> 00:38:23,120
Speaker 2: I'm dating myself when I go there. Now you've got

663
00:38:23,600 --> 00:38:26,280
Speaker 2: people don't even have that. They've got cable, they don't

664
00:38:26,320 --> 00:38:29,200
Speaker 2: have cable. They do this, they do that, they're listening

665
00:38:29,239 --> 00:38:33,279
Speaker 2: at satellite radio. You got about satellite radio. You got

666
00:38:33,280 --> 00:38:36,640
Speaker 2: to move into so many different ways that we don't

667
00:38:36,880 --> 00:38:42,480
Speaker 2: as small business leaders and spiritual leaders. We don't always

668
00:38:42,520 --> 00:38:45,480
Speaker 2: think that our next convert may be from Israel, that

669
00:38:45,600 --> 00:38:49,360
Speaker 2: our next convert may be from Afghanistan, that our next

670
00:38:49,840 --> 00:38:52,799
Speaker 2: I get comments from people in languages I can read,

671
00:38:54,120 --> 00:38:57,000
Speaker 2: so I have to get the translation button to see

672
00:38:57,000 --> 00:39:03,200
Speaker 2: whether I ought to be mad or not. So as

673
00:39:03,239 --> 00:39:07,520
Speaker 2: we think about the world more globally, how does that

674
00:39:07,600 --> 00:39:12,600
Speaker 2: affect the products you create, the language that you speak,

675
00:39:13,320 --> 00:39:17,200
Speaker 2: and the colloquialisms that you use. Tend to be a

676
00:39:17,239 --> 00:39:20,399
Speaker 2: reflection of where you came from. And I think all

677
00:39:20,400 --> 00:39:23,440
Speaker 2: of us, even if we only speak English, have to

678
00:39:23,480 --> 00:39:30,879
Speaker 2: be bilingual because church has its own language. Okay, business

679
00:39:30,920 --> 00:39:34,480
Speaker 2: hair products has its own language, AI has its own language.

680
00:39:34,760 --> 00:39:37,120
Speaker 2: But if you're going into the global market, you have

681
00:39:37,200 --> 00:39:40,160
Speaker 2: to be bilingual enough to have a conversation on a

682
00:39:40,239 --> 00:39:43,560
Speaker 2: multiplicity of languages to get into game. And how does

683
00:39:43,600 --> 00:39:48,960
Speaker 2: that start. It starts with reading things that you don't understand,

684
00:39:50,120 --> 00:39:53,400
Speaker 2: looking up things you have to google, talking to people

685
00:39:53,440 --> 00:39:57,320
Speaker 2: where you're drowning at the table, but you might drown.

686
00:39:57,480 --> 00:40:02,359
Speaker 2: She drowned me in a minute. I be underwater making bubbles. However,

687
00:40:03,080 --> 00:40:06,200
Speaker 2: I'm going to catch something and don't be afraid to

688
00:40:06,320 --> 00:40:10,120
Speaker 2: walk into the room, lack a fool, and leave like

689
00:40:10,160 --> 00:40:10,840
Speaker 2: a professor.

690
00:40:15,000 --> 00:40:17,680
Speaker 1: So I always tell people I heard this from the

691
00:40:17,719 --> 00:40:21,360
Speaker 1: CEO of Microsoft, Sacha Nadella, who was on the Starbucks

692
00:40:21,400 --> 00:40:24,000
Speaker 1: board with me for years, and he said, I don't

693
00:40:24,000 --> 00:40:25,320
Speaker 1: want to be a know it all, I want to

694
00:40:25,320 --> 00:40:28,160
Speaker 1: be a learn at all. Right, So I thought that

695
00:40:28,280 --> 00:40:31,200
Speaker 1: was a brilliant thing to say, especially for someone running

696
00:40:31,200 --> 00:40:34,319
Speaker 1: a company. We call it a three three t three

697
00:40:34,560 --> 00:40:38,279
Speaker 1: trillion dollars in value so he's running a three T

698
00:40:38,680 --> 00:40:41,719
Speaker 1: saying I don't want to be a know it all,

699
00:40:41,760 --> 00:40:43,600
Speaker 1: I want to be a learn at all. So one

700
00:40:43,680 --> 00:40:45,839
Speaker 1: is this perspective of learning. The other, which I think

701
00:40:45,920 --> 00:40:49,440
Speaker 1: is really important, is to understand there are niches to

702
00:40:49,560 --> 00:40:53,920
Speaker 1: markets where you can master a niche and become extremely successful.

703
00:40:54,400 --> 00:40:57,320
Speaker 1: The greatest Black entrepreneurs of all time, that's what they did.

704
00:40:57,760 --> 00:41:00,239
Speaker 1: That's what John Johnson did with Ebany, That's what George

705
00:41:00,320 --> 00:41:03,120
Speaker 1: Johnson did with Johnson products. We can grow down the

706
00:41:03,120 --> 00:41:06,479
Speaker 1: list of they first went to their community. So while

707
00:41:06,520 --> 00:41:09,279
Speaker 1: you're also thinking about Israel, don't forget about the next

708
00:41:09,320 --> 00:41:12,239
Speaker 1: door neighbor, because I sometimes think we do that. The

709
00:41:12,280 --> 00:41:14,160
Speaker 1: other thing that I say to people, which I think

710
00:41:14,200 --> 00:41:19,160
Speaker 1: is super important, why is your product or service better

711
00:41:19,960 --> 00:41:23,160
Speaker 1: or different? If you are me too, it's not going

712
00:41:23,200 --> 00:41:25,879
Speaker 1: to be great. You've got to tell me why it's

713
00:41:25,920 --> 00:41:28,400
Speaker 1: going to be better than whatever is out there, or

714
00:41:28,480 --> 00:41:31,360
Speaker 1: you've done something with a different spin on it, or

715
00:41:31,400 --> 00:41:35,480
Speaker 1: you've created a different service or something that is making

716
00:41:35,520 --> 00:41:38,600
Speaker 1: people's lives better in some way. So John Johnson took

717
00:41:38,680 --> 00:41:42,320
Speaker 1: Life magazine and made Ebony because we weren't in Life.

718
00:41:42,840 --> 00:41:45,400
Speaker 1: So a lot of customers came and said, well, I

719
00:41:45,440 --> 00:41:48,640
Speaker 1: want to see people look like me and created something

720
00:41:48,760 --> 00:41:52,480
Speaker 1: off of something but different that no one else had

721
00:41:52,520 --> 00:41:55,920
Speaker 1: the vision to do. John Rodgers, who started Aerial Investments,

722
00:41:56,080 --> 00:41:59,719
Speaker 1: is the first minority own mutual fund company in America.

723
00:42:00,480 --> 00:42:02,640
Speaker 3: He was twenty four years old and said.

724
00:42:02,480 --> 00:42:05,400
Speaker 1: I'm gonna start a mutual fun company like no black

725
00:42:05,440 --> 00:42:08,120
Speaker 1: person did that. But he said, I'm gonna do it

726
00:42:08,120 --> 00:42:10,440
Speaker 1: in a very specific way by investing in a very

727
00:42:10,520 --> 00:42:13,799
Speaker 1: specific kind of company and go against all type. They're

728
00:42:13,840 --> 00:42:16,040
Speaker 1: gonna think I'm a gunslinger and I'm gonna have a

729
00:42:16,080 --> 00:42:19,800
Speaker 1: turtle as a logo. I'm gonna like literally upset the

730
00:42:19,840 --> 00:42:22,560
Speaker 1: apple cart with what they think I'm gonna be versus

731
00:42:22,560 --> 00:42:24,640
Speaker 1: what I'm trying to be and what I deliver. That

732
00:42:24,920 --> 00:42:28,000
Speaker 1: was different, even tho the stocks that he was investing

733
00:42:28,000 --> 00:42:31,240
Speaker 1: in was different. So there may be thousands of investment firms,

734
00:42:31,600 --> 00:42:33,960
Speaker 1: but then he did it differently. So I always tell

735
00:42:34,000 --> 00:42:35,200
Speaker 1: people when they come and tell.

736
00:42:35,000 --> 00:42:37,040
Speaker 3: Me about their products, I'll tell you the rule of thumb.

737
00:42:37,080 --> 00:42:39,680
Speaker 1: I have a Aeriel, so I say, if you show

738
00:42:39,760 --> 00:42:43,359
Speaker 1: me from our marketing team aerial marketing materials and if

739
00:42:43,400 --> 00:42:45,759
Speaker 1: I can put my name over it and drop in

740
00:42:45,800 --> 00:42:48,600
Speaker 1: the name of any investment firm in the nation, and

741
00:42:48,680 --> 00:42:49,960
Speaker 1: it still makes sense.

742
00:42:50,640 --> 00:42:51,800
Speaker 3: It's not aerial.

743
00:42:52,920 --> 00:42:56,440
Speaker 1: Instead, I want you to show me those marketing materials

744
00:42:56,560 --> 00:42:58,600
Speaker 1: and if I put the name of an investment firm

745
00:42:58,600 --> 00:43:00,239
Speaker 1: in there, that is not us. I want some want

746
00:43:00,280 --> 00:43:04,640
Speaker 1: to say, why does Fidelity have aerials materials? Because they

747
00:43:04,760 --> 00:43:07,600
Speaker 1: know who we are and what we stand for, and

748
00:43:07,600 --> 00:43:10,520
Speaker 1: that doesn't even make sense that they would have these

749
00:43:10,600 --> 00:43:14,200
Speaker 1: materials that are borrowing something that is aerial. I'm using

750
00:43:14,200 --> 00:43:16,319
Speaker 1: that as an example. That's not an actual case, but

751
00:43:16,680 --> 00:43:18,880
Speaker 1: that's the way of thinking. So whatever the product or

752
00:43:18,920 --> 00:43:22,319
Speaker 1: services that you have, can someone just drop their name

753
00:43:22,400 --> 00:43:26,080
Speaker 1: into it and it's still fine or is it Nope,

754
00:43:26,560 --> 00:43:32,319
Speaker 1: that is Miss Shirley's product and has her logo and

755
00:43:32,400 --> 00:43:37,480
Speaker 1: her language and her branded reputation on it, and if

756
00:43:37,560 --> 00:43:40,520
Speaker 1: Loriel tried to do it, it would not make sense.

757
00:43:41,600 --> 00:43:45,760
Speaker 2: So we then have to think about what is unique

758
00:43:45,800 --> 00:43:49,319
Speaker 2: about us and then make sure that that story is

759
00:43:49,400 --> 00:43:55,840
Speaker 2: conveyed consistently through every medium of communication that is face

760
00:43:56,000 --> 00:43:59,360
Speaker 2: forward to the people. You can't be saying one thing

761
00:43:59,600 --> 00:44:03,360
Speaker 2: on and something different on Facebook and your website is

762
00:44:03,400 --> 00:44:07,040
Speaker 2: saying something different. There's too many versions of us because

763
00:44:07,080 --> 00:44:09,839
Speaker 2: we haven't thought through and I want to see if

764
00:44:09,880 --> 00:44:14,120
Speaker 2: you agree with this. We haven't thought through what is

765
00:44:14,200 --> 00:44:17,719
Speaker 2: our story, what is unique about us? And what did

766
00:44:17,719 --> 00:44:21,000
Speaker 2: we come into this world to do. I think those

767
00:44:21,080 --> 00:44:25,080
Speaker 2: thoughts are the thoughts that require you go sit up

768
00:44:25,160 --> 00:44:28,719
Speaker 2: under tree and maybe draw up some things and tear

769
00:44:28,800 --> 00:44:31,879
Speaker 2: up some things until you come down to some deliverable

770
00:44:31,960 --> 00:44:36,560
Speaker 2: promises that then become recognizable to people. But they can't

771
00:44:36,600 --> 00:44:40,359
Speaker 2: be recognizable to people if they're not recognizable to you.

772
00:44:40,719 --> 00:44:42,720
Speaker 2: And a lot of us are trying to be branded

773
00:44:42,800 --> 00:44:46,400
Speaker 2: by some outside company to be something that's not authentically

774
00:44:46,480 --> 00:44:49,280
Speaker 2: who we are. And there we are trying to memorize

775
00:44:49,360 --> 00:44:51,920
Speaker 2: something that they told us we ought to be because

776
00:44:51,960 --> 00:44:54,080
Speaker 2: they think it might be, and then we haven't tested

777
00:44:54,160 --> 00:44:54,720
Speaker 2: the market.

778
00:44:54,880 --> 00:44:57,360
Speaker 1: I was going to say, feedback is very important. Yeah,

779
00:44:57,400 --> 00:44:59,600
Speaker 1: No matter what I do, I always go to people

780
00:44:59,640 --> 00:45:04,239
Speaker 1: and I say, shred my idea. Tell me how dumb

781
00:45:04,320 --> 00:45:07,440
Speaker 1: I am naive? I didn't think this through melody. You've

782
00:45:07,440 --> 00:45:10,399
Speaker 1: got to be kidding. If you're eye rolling, eye roll

783
00:45:10,440 --> 00:45:13,160
Speaker 1: in front of my face, So tell me how bad

784
00:45:13,200 --> 00:45:16,000
Speaker 1: it is. Now a lot of times people are very reticent,

785
00:45:16,080 --> 00:45:18,640
Speaker 1: but I really want to know. Help me before I

786
00:45:18,680 --> 00:45:20,280
Speaker 1: go into the wilderness and fail.

787
00:45:20,800 --> 00:45:22,400
Speaker 3: And if you have experience, tell me.

788
00:45:22,440 --> 00:45:28,280
Speaker 1: But a lot of people don't want feedback. They really

789
00:45:28,360 --> 00:45:32,080
Speaker 1: don't you hit the oohs out there. I mean they

790
00:45:32,160 --> 00:45:34,479
Speaker 1: really don't. They wanted you to tell them how great

791
00:45:34,560 --> 00:45:37,279
Speaker 1: they are, and it might be great. But if you say,

792
00:45:37,280 --> 00:45:39,359
Speaker 1: but these three things I would think about, they get

793
00:45:39,360 --> 00:45:42,759
Speaker 1: an attitude with you right away. If you want to

794
00:45:42,800 --> 00:45:45,920
Speaker 1: be great, you take the feedback and you work around it.

795
00:45:45,960 --> 00:45:47,960
Speaker 1: And I can tell you my team will tell you.

796
00:45:48,040 --> 00:45:50,880
Speaker 1: I will call the most successful people in the country

797
00:45:50,880 --> 00:45:53,640
Speaker 1: and say, here's my idea. Can I send me to

798
00:45:53,680 --> 00:45:56,279
Speaker 1: the deck or can I pitch you? And then can

799
00:45:56,320 --> 00:45:59,560
Speaker 1: you critique me? To this day, I'm still doing it.

800
00:45:59,600 --> 00:46:02,400
Speaker 1: Tell me everything I haven't done right, write notes in

801
00:46:02,440 --> 00:46:05,480
Speaker 1: the margat and tell me where are your questions? Because

802
00:46:05,560 --> 00:46:08,239
Speaker 1: if I can stress test this idea with you and

803
00:46:08,320 --> 00:46:11,279
Speaker 1: your big time, then maybe I can actually break through

804
00:46:11,280 --> 00:46:12,320
Speaker 1: and make this work.

805
00:46:12,680 --> 00:46:14,839
Speaker 2: So if you can.

806
00:46:15,880 --> 00:46:18,279
Speaker 1: And sometimes it's a neighbor or friends, I mean, just

807
00:46:18,600 --> 00:46:21,160
Speaker 1: mine is I write a client letter every quarter to

808
00:46:21,200 --> 00:46:23,160
Speaker 1: all of our clients about how we've done for the quarter,

809
00:46:24,000 --> 00:46:27,400
Speaker 1: and I have expert readers read it, and the readers

810
00:46:27,440 --> 00:46:32,640
Speaker 1: are at all levels of sophistication. My assistant always reads,

811
00:46:32,719 --> 00:46:35,680
Speaker 1: I have a couple of friends read, I've senior people

812
00:46:35,760 --> 00:46:36,640
Speaker 1: lead read.

813
00:46:36,760 --> 00:46:38,360
Speaker 3: I have our co CEO read.

814
00:46:38,760 --> 00:46:42,200
Speaker 1: Because I want someone who is a school teacher, bus driver,

815
00:46:43,640 --> 00:46:45,279
Speaker 1: someone who works at Sephora to.

816
00:46:45,560 --> 00:46:46,760
Speaker 3: Understand what I write.

817
00:46:46,920 --> 00:46:49,000
Speaker 1: But I also want a CFO or a CEO to

818
00:46:49,080 --> 00:46:50,000
Speaker 1: understand what I write.

819
00:46:50,320 --> 00:46:51,400
Speaker 3: And I want both.

820
00:46:51,239 --> 00:46:54,640
Speaker 1: Of them to think, well, that's smart as opposed to

821
00:46:54,680 --> 00:46:57,520
Speaker 1: I wrote to some audience and I talked over or

822
00:46:57,640 --> 00:46:58,400
Speaker 1: under someone.

823
00:46:59,239 --> 00:47:00,640
Speaker 3: So I use those people to.

824
00:47:00,640 --> 00:47:03,319
Speaker 1: Critique my work. And when I was on GMA, I

825
00:47:03,360 --> 00:47:06,840
Speaker 1: used to say to Diane Sawyer on the way to

826
00:47:07,280 --> 00:47:12,880
Speaker 1: the show, I would do my segment with the driver

827
00:47:13,120 --> 00:47:17,759
Speaker 1: of the black car. Every single time. I would sit

828
00:47:17,800 --> 00:47:20,160
Speaker 1: in the front seat and I would say, can I

829
00:47:20,239 --> 00:47:22,919
Speaker 1: run through my segment. It'd be like four or five

830
00:47:22,960 --> 00:47:25,840
Speaker 1: in the morning in New York, earlier in the West Coast,

831
00:47:26,600 --> 00:47:29,359
Speaker 1: and they would say, okay, people I've never met, And

832
00:47:29,400 --> 00:47:32,640
Speaker 1: I said, tell me anything you don't understand that I say.

833
00:47:33,440 --> 00:47:35,400
Speaker 1: And I used the driver on the way to the

834
00:47:35,480 --> 00:47:38,960
Speaker 1: show to critique my answers so that I could get better,

835
00:47:39,320 --> 00:47:41,120
Speaker 1: so I could be clear with people that I was

836
00:47:41,160 --> 00:47:42,880
Speaker 1: trying to talk to That's wonderful.

837
00:47:43,239 --> 00:47:49,560
Speaker 2: That's wonderful. It also suggests, just like your resume, how

838
00:47:49,640 --> 00:47:54,960
Speaker 2: broad your net is. If your net reaches from the

839
00:47:55,080 --> 00:48:01,680
Speaker 2: uber driver to the fortune one hundred company C suite

840
00:48:01,760 --> 00:48:05,759
Speaker 2: person and you have both of them, how do you

841
00:48:05,880 --> 00:48:09,439
Speaker 2: go about widening we're not all you. How do we

842
00:48:09,480 --> 00:48:13,880
Speaker 2: go about widening our net? Beyond the parameters which most

843
00:48:13,960 --> 00:48:17,520
Speaker 2: preachers talk to preachers, doctors talk to doctors, Lawyers talk

844
00:48:17,560 --> 00:48:20,160
Speaker 2: to lawyers. We get stuck in a bubble that we

845
00:48:20,400 --> 00:48:23,880
Speaker 2: self create. How did you begin or where did you

846
00:48:24,000 --> 00:48:26,799
Speaker 2: learn to break out that bubble so that you would

847
00:48:26,880 --> 00:48:33,080
Speaker 2: have respect for the uber driver and access to the

848
00:48:33,120 --> 00:48:36,959
Speaker 2: corporate leader. I pay a lot of attention to both

849
00:48:37,000 --> 00:48:41,600
Speaker 2: sides too, and particularly I keep a handful of people

850
00:48:41,960 --> 00:48:46,440
Speaker 2: who only have ten minutes to talk oh yeah, because when.

851
00:48:46,280 --> 00:48:50,920
Speaker 3: They got yes, it's like three words.

852
00:48:50,640 --> 00:48:53,600
Speaker 2: Yes, yes. When people don't have a lot of time

853
00:48:53,680 --> 00:48:56,800
Speaker 2: to talk those people, that means number one, they're busy

854
00:48:56,880 --> 00:49:00,600
Speaker 2: doing things. They're productive, they're fruitful, but they're are going

855
00:49:00,680 --> 00:49:03,839
Speaker 2: to be on such a high level that even if

856
00:49:03,840 --> 00:49:06,600
Speaker 2: you're not ready for it. People who have too much

857
00:49:06,680 --> 00:49:10,680
Speaker 2: time for you can be dangerous and slip into things

858
00:49:10,719 --> 00:49:13,839
Speaker 2: that are really not wise and not well thought out.

859
00:49:14,239 --> 00:49:17,240
Speaker 2: Yet just because the person is pushing the mob doesn't

860
00:49:17,280 --> 00:49:19,880
Speaker 2: mean that they don't know what kind of detergent are

861
00:49:19,920 --> 00:49:22,560
Speaker 2: to be used in a building. And yeah, come on,

862
00:49:22,719 --> 00:49:25,200
Speaker 2: am I right about it? And we have to have

863
00:49:25,280 --> 00:49:29,000
Speaker 2: respect for both sides. You have to be a broad person.

864
00:49:29,840 --> 00:49:32,600
Speaker 2: You have to come up in Chicago raised by a

865
00:49:32,640 --> 00:49:36,160
Speaker 2: single mother to start a conversation with the uber driver

866
00:49:36,520 --> 00:49:40,000
Speaker 2: when you could be the lady sitting up in the stilettos,

867
00:49:40,360 --> 00:49:43,359
Speaker 2: riding in the backseat of the car talking about, oh,

868
00:49:43,400 --> 00:49:48,239
Speaker 2: it's too cold in here. There. What I found out

869
00:49:48,920 --> 00:49:51,640
Speaker 2: and I don't have money, but I have enough money

870
00:49:51,680 --> 00:49:54,439
Speaker 2: to know what money is. And what I found out

871
00:49:54,719 --> 00:49:57,440
Speaker 2: is that the people who are the most I'm going

872
00:49:57,520 --> 00:50:03,040
Speaker 2: to use a colloquialism bougie, are the Yeah, I bet

873
00:50:03,080 --> 00:50:04,480
Speaker 2: you haven't heard that for a minute.

874
00:50:04,719 --> 00:50:06,839
Speaker 3: The people, oh no, I do you do here?

875
00:50:07,560 --> 00:50:09,759
Speaker 2: The people who are the most boogie are generally the

876
00:50:09,760 --> 00:50:10,279
Speaker 2: most broke.

877
00:50:11,040 --> 00:50:16,480
Speaker 3: Yeah. So, my mother always said, I love this one.

878
00:50:16,680 --> 00:50:23,640
Speaker 1: She's like melody, money talks and wealth whispers. Yes, she

879
00:50:23,800 --> 00:50:26,799
Speaker 1: was like a whispers you no one has to know

880
00:50:27,600 --> 00:50:29,760
Speaker 1: and you you know, it's like you've never seen anything

881
00:50:29,800 --> 00:50:32,800
Speaker 1: on an Instagram or anything with me about a label,

882
00:50:33,239 --> 00:50:37,760
Speaker 1: a brand, wealth whispers, money talks.

883
00:50:38,760 --> 00:50:39,920
Speaker 3: Let me see the difference.

884
00:50:40,040 --> 00:50:44,040
Speaker 2: I learned that the hard way. You get a whole

885
00:50:44,080 --> 00:50:48,000
Speaker 2: new level of haters when you start speaking out about

886
00:50:48,040 --> 00:50:51,960
Speaker 2: every little thing, which is very easy to do when

887
00:50:52,000 --> 00:50:53,040
Speaker 2: you came from nothing.

888
00:50:53,600 --> 00:50:55,719
Speaker 1: But you know that usually is a sign of some

889
00:50:55,840 --> 00:50:59,600
Speaker 1: form of security. So I just I think most people

890
00:50:59,680 --> 00:51:02,919
Speaker 1: get or that phase, and I think they they end up.

891
00:51:03,360 --> 00:51:04,880
Speaker 1: You see this with a lot of people.

892
00:51:04,960 --> 00:51:08,080
Speaker 3: It's new. Be patient with them, you know it.

893
00:51:08,200 --> 00:51:11,280
Speaker 1: Really we all are learning. We're all works in progress.

894
00:51:11,680 --> 00:51:14,080
Speaker 1: Your point about, which I think is very important, is

895
00:51:14,560 --> 00:51:16,000
Speaker 1: accessing people.

896
00:51:16,160 --> 00:51:20,400
Speaker 2: Chapter numbers, how to ask for favors.

897
00:51:21,160 --> 00:51:25,640
Speaker 1: I have some rules, so first of all, I always

898
00:51:25,680 --> 00:51:29,720
Speaker 1: want to be if I call someone for anything, super crisp.

899
00:51:30,400 --> 00:51:33,520
Speaker 1: So I'll practice what I want to say before the

900
00:51:33,600 --> 00:51:35,320
Speaker 1: call so I can get it down as if you

901
00:51:35,520 --> 00:51:37,120
Speaker 1: you how many times if you want a call with

902
00:51:37,160 --> 00:51:37,920
Speaker 1: someone and you're like.

903
00:51:38,200 --> 00:51:39,360
Speaker 3: What do they want?

904
00:51:40,080 --> 00:51:42,160
Speaker 1: You know they're not getting to the point you're The

905
00:51:42,280 --> 00:51:45,960
Speaker 1: email is so long. I literally give it to my office.

906
00:51:46,000 --> 00:51:48,160
Speaker 1: I'm like, what do they want? My office will tell you.

907
00:51:48,200 --> 00:51:50,400
Speaker 1: I'm like, I cannot read this email. I do not

908
00:51:50,560 --> 00:51:53,440
Speaker 1: know what they want. Most people, when you really want

909
00:51:53,440 --> 00:51:56,600
Speaker 1: to like, get right to it, crisp. The second thing

910
00:51:56,680 --> 00:51:59,200
Speaker 1: is I have a rule. If I've never met you, yes,

911
00:51:59,480 --> 00:52:00,600
Speaker 1: I don't get to ask.

912
00:52:00,400 --> 00:52:01,080
Speaker 3: You for something.

913
00:52:03,239 --> 00:52:03,880
Speaker 2: I must shout.

914
00:52:05,920 --> 00:52:07,160
Speaker 3: I can only.

915
00:52:06,880 --> 00:52:11,560
Speaker 1: Ask you for advice, right and advice. I have found

916
00:52:12,080 --> 00:52:16,920
Speaker 1: people love to give love. It's like, how would you

917
00:52:16,960 --> 00:52:18,719
Speaker 1: do this? How would you think about it? And I

918
00:52:18,800 --> 00:52:21,440
Speaker 1: do that just to get them invested in the idea

919
00:52:21,600 --> 00:52:24,719
Speaker 1: of what I'm working on and me and generally once

920
00:52:24,760 --> 00:52:27,200
Speaker 1: they started, the wheels start turning. And then you come

921
00:52:27,239 --> 00:52:29,480
Speaker 1: back and said I did these three things in a

922
00:52:29,640 --> 00:52:34,759
Speaker 1: crisp email, not paragraphs. Then when you ask for time again,

923
00:52:34,800 --> 00:52:35,680
Speaker 1: it's like, can I.

924
00:52:35,600 --> 00:52:36,920
Speaker 3: Follow up on one point?

925
00:52:37,680 --> 00:52:42,200
Speaker 1: By the time you've established some kind of relationship, when

926
00:52:42,280 --> 00:52:45,080
Speaker 1: you ask for something, you've got some credibility behind you,

927
00:52:45,680 --> 00:52:48,799
Speaker 1: versus going in hot you've never met them.

928
00:52:49,480 --> 00:52:52,839
Speaker 2: That's why I waited several years to ask you to come.

929
00:52:54,719 --> 00:52:56,120
Speaker 3: You could have asked, well.

930
00:52:56,960 --> 00:53:02,920
Speaker 2: My point is, don't waste your favors. Don't waste your favors,

931
00:53:03,080 --> 00:53:06,640
Speaker 2: and don't let people talk to you into spending your

932
00:53:06,760 --> 00:53:11,880
Speaker 2: favor with somebody for their benefit because they will prostitute

933
00:53:12,360 --> 00:53:15,640
Speaker 2: your favor at your expense. And then when you really

934
00:53:15,719 --> 00:53:18,880
Speaker 2: need the person, you don't have the capital with the

935
00:53:18,960 --> 00:53:22,279
Speaker 2: person to be able to influence them because you have

936
00:53:22,480 --> 00:53:27,960
Speaker 2: wasted your favor. Are you hearing what I'm talking about? Yeah,

937
00:53:28,360 --> 00:53:31,680
Speaker 2: and you don't get that favor back again. Not because

938
00:53:31,680 --> 00:53:35,799
Speaker 2: she's not nice, not because she's not kind. This is respect,

939
00:53:36,800 --> 00:53:40,600
Speaker 2: respecting that she is busy, Respecting that she flew in

940
00:53:40,680 --> 00:53:42,560
Speaker 2: from somewhere and she's flying out of here in a

941
00:53:42,560 --> 00:53:45,520
Speaker 2: minute and got someplace else to go, and flying out

942
00:53:45,560 --> 00:53:47,920
Speaker 2: somewhere else in a minute and meet George in the

943
00:53:47,920 --> 00:53:50,800
Speaker 2: middle of the air and blow him a kiss. Understanding

944
00:53:50,880 --> 00:53:56,640
Speaker 2: that understanding that it's called respect. And if you don't

945
00:53:56,719 --> 00:54:01,920
Speaker 2: respect them, why call them? So I think it had

946
00:54:01,960 --> 00:54:05,240
Speaker 2: been maybe a year and a half, maybe two years

947
00:54:05,239 --> 00:54:09,000
Speaker 2: since we had talked. We were doing during COVID, we

948
00:54:09,000 --> 00:54:12,759
Speaker 2: were talking, okay, So it's been since COVID. She hadn't

949
00:54:12,840 --> 00:54:14,680
Speaker 2: heard a word from me. Maybe a thank you note

950
00:54:14,800 --> 00:54:16,400
Speaker 2: or something, but nothing else.

951
00:54:17,840 --> 00:54:19,080
Speaker 3: But I want to hear from you.

952
00:54:19,000 --> 00:54:19,759
Speaker 2: You want to hear from me?

953
00:54:19,840 --> 00:54:20,720
Speaker 3: I do?

954
00:54:20,480 --> 00:54:20,799
Speaker 2: I do.

955
00:54:20,920 --> 00:54:24,799
Speaker 1: I learned that from someone, really, Yeah, I did. I

956
00:54:24,800 --> 00:54:28,239
Speaker 1: had this rule. I have these rules, and I was like,

957
00:54:28,280 --> 00:54:32,640
Speaker 1: the people, I will never ask anything and bother them ever, ever, ever, ever.

958
00:54:33,360 --> 00:54:36,280
Speaker 1: I put Oprah in that category, and I put Michelle

959
00:54:36,280 --> 00:54:39,400
Speaker 1: Obama in that category. And I love Michelle like we

960
00:54:39,480 --> 00:54:44,200
Speaker 1: all do, love admire so much. And one day during COVID,

961
00:54:44,320 --> 00:54:46,839
Speaker 1: she said to me, you never call and I said,

962
00:54:46,880 --> 00:54:49,440
Speaker 1: I don't ever want to bother you. And she said,

963
00:54:49,719 --> 00:54:51,160
Speaker 1: maybe I want to talk to you.

964
00:54:53,440 --> 00:54:57,640
Speaker 2: Yeah, I have made.

965
00:54:56,480 --> 00:54:59,920
Speaker 1: And I was like, wow, She's like, you don't get

966
00:55:00,120 --> 00:55:02,120
Speaker 1: to make that decision for me. Maybe I want to

967
00:55:02,160 --> 00:55:05,480
Speaker 1: talk to you and that. It was so touching, but

968
00:55:05,560 --> 00:55:08,000
Speaker 1: it was also a great lesson. I am assuming a

969
00:55:08,040 --> 00:55:14,239
Speaker 1: lot and I am creating a one sided relationship with

970
00:55:14,400 --> 00:55:16,680
Speaker 1: someone that would like to engage with me and that

971
00:55:16,760 --> 00:55:20,400
Speaker 1: I could learn from based upon me just deciding that

972
00:55:20,480 --> 00:55:22,080
Speaker 1: I am an imposition to them.

973
00:55:23,239 --> 00:55:28,360
Speaker 2: But but but I would Devil's advocate because you're not going

974
00:55:28,400 --> 00:55:31,440
Speaker 2: to have all these people over at my house tomorrow.

975
00:55:31,640 --> 00:55:33,880
Speaker 2: I've literally I love you to death, but you are

976
00:55:33,920 --> 00:55:34,879
Speaker 2: not going to do me like.

977
00:55:34,880 --> 00:55:37,160
Speaker 3: That she invited.

978
00:55:38,080 --> 00:55:42,720
Speaker 2: That's the point that people miss. Let the other person,

979
00:55:42,800 --> 00:55:47,000
Speaker 2: the busiest person, make the invitation, correct, because you want

980
00:55:47,000 --> 00:55:49,239
Speaker 2: to make the invitation you want to be in a

981
00:55:49,280 --> 00:55:52,080
Speaker 2: position of strength. You don't want the person in the

982
00:55:52,120 --> 00:55:56,400
Speaker 2: position of strength that you are asking something that you

983
00:55:56,400 --> 00:55:58,640
Speaker 2: You are knocking on the door every time I turn

984
00:55:58,719 --> 00:56:00,480
Speaker 2: around and the police are picking you up in the

985
00:56:00,520 --> 00:56:02,960
Speaker 2: car to carry you in. I'm praying for you as

986
00:56:03,000 --> 00:56:06,399
Speaker 2: they take you down the driveway. You want to make

987
00:56:06,440 --> 00:56:12,040
Speaker 2: sure and then then eventually, as the relationship bills, you

988
00:56:12,160 --> 00:56:15,520
Speaker 2: gotta find something that you bring to the table.

989
00:56:15,520 --> 00:56:17,600
Speaker 3: That's how I was gonna say two Way Street. Yes,

990
00:56:17,719 --> 00:56:18,520
Speaker 3: I mean you can't.

991
00:56:18,800 --> 00:56:21,719
Speaker 1: They're givers and takers, and there are people who just take.

992
00:56:22,200 --> 00:56:23,719
Speaker 1: And I don't have a lot of time for those,

993
00:56:23,719 --> 00:56:25,799
Speaker 1: the ones who are sort of sucking the life out

994
00:56:25,840 --> 00:56:29,880
Speaker 1: of you. There's an endless list of requests. They never

995
00:56:30,040 --> 00:56:33,759
Speaker 1: ask you how you are. Ever, we know these people

996
00:56:33,880 --> 00:56:36,760
Speaker 1: right they go right to their ass. There's no howard

997
00:56:36,800 --> 00:56:39,320
Speaker 1: things going, or how's the family.

998
00:56:39,880 --> 00:56:42,919
Speaker 3: It's just sort of I need Yeah.

999
00:56:42,960 --> 00:56:46,520
Speaker 2: And it's a big difference between Melody Hopson calling Oprah

1000
00:56:46,520 --> 00:56:51,360
Speaker 2: winfree and Melody Johnson calling Oprah I bet you I

1001
00:56:51,440 --> 00:56:53,680
Speaker 2: hope he got telling Melody join.

1002
00:56:53,360 --> 00:56:56,319
Speaker 1: She was a superstar in Chicago. You know, these are

1003
00:56:56,560 --> 00:56:58,799
Speaker 1: these are people I used to write her letters right,

1004
00:56:58,920 --> 00:57:02,399
Speaker 1: telling how hard, how much, literally just letters saying I'm

1005
00:57:02,440 --> 00:57:06,279
Speaker 1: such a fan or not cheesy, but just you know

1006
00:57:06,360 --> 00:57:08,880
Speaker 1: you said this, and it actually made a difference in

1007
00:57:08,880 --> 00:57:12,520
Speaker 1: my life for that sort of thing, and not wanting anything,

1008
00:57:12,719 --> 00:57:19,360
Speaker 1: just expressing my admiration and appreciation. Not but I don't

1009
00:57:19,400 --> 00:57:21,520
Speaker 1: want to say that name in a way that's inappropriate.

1010
00:57:21,560 --> 00:57:24,600
Speaker 1: It's just there's so much respect there that I have,

1011
00:57:25,280 --> 00:57:28,280
Speaker 1: and I thought she's led away for people like me,

1012
00:57:28,480 --> 00:57:35,080
Speaker 1: Michelle has led away and they've been wonderful beacons of light.

1013
00:57:35,520 --> 00:57:38,360
Speaker 1: I mean literally, that's there. But I also recognize they're

1014
00:57:38,400 --> 00:57:42,440
Speaker 1: real people with real struggles and lots of stress, lots

1015
00:57:42,440 --> 00:57:44,920
Speaker 1: of pulls on them, and I just never wanted to

1016
00:57:44,920 --> 00:57:47,040
Speaker 1: be an additional version of that.

1017
00:57:47,240 --> 00:57:50,520
Speaker 2: We had a shooting in a major hospital in Dallas,

1018
00:57:51,000 --> 00:57:53,800
Speaker 2: and I wrote the CEO and the president of the

1019
00:57:53,840 --> 00:57:58,800
Speaker 2: hospital a letter of condolence and telling him how I

1020
00:57:58,920 --> 00:58:01,840
Speaker 2: was praying for the hospital during this time. I didn't

1021
00:58:01,840 --> 00:58:04,240
Speaker 2: even know him. I said, I'm praying for the hospital

1022
00:58:04,280 --> 00:58:06,919
Speaker 2: during this time. I know this is a difficult time

1023
00:58:06,960 --> 00:58:10,320
Speaker 2: to lead people who are depressed and broken hearted. And

1024
00:58:11,400 --> 00:58:14,720
Speaker 2: he never forgot it, he responded, He wrote back, just

1025
00:58:14,840 --> 00:58:17,880
Speaker 2: being kind to somebody in need. He didn't know who

1026
00:58:17,960 --> 00:58:22,640
Speaker 2: I was, but just to show compassion. Sometimes you don't

1027
00:58:22,680 --> 00:58:27,200
Speaker 2: have to have a relationship, to start a relationship at

1028
00:58:27,200 --> 00:58:31,520
Speaker 2: a moment of pain, simply by being thoughtful, being humanistic,

1029
00:58:31,640 --> 00:58:32,520
Speaker 2: and being caring.

1030
00:58:32,800 --> 00:58:35,960
Speaker 1: I think letters are really powerful, very perfect ferished.

1031
00:58:36,280 --> 00:58:38,560
Speaker 3: Yeah, and they pack a punch. People.

1032
00:58:38,640 --> 00:58:41,720
Speaker 1: Remember if you get a stack of mail, no one

1033
00:58:41,800 --> 00:58:45,800
Speaker 1: opens the bill first. If there is a personally addressed

1034
00:58:45,880 --> 00:58:48,680
Speaker 1: letter to you, you will one hundred percent open that

1035
00:58:48,800 --> 00:58:50,800
Speaker 1: letter first, and you will remember it.

1036
00:58:51,080 --> 00:58:52,640
Speaker 3: So I tell our team that all the time.

1037
00:58:52,680 --> 00:58:57,480
Speaker 1: I'm like, handwritten notes go a long way, a long way.

1038
00:58:57,400 --> 00:59:01,960
Speaker 2: Except when you write like me my wife. I always

1039
00:59:01,960 --> 00:59:05,920
Speaker 2: get my wife to write my letters. It looks like calligraphy.

1040
00:59:06,760 --> 00:59:12,960
Speaker 2: Chapter eight. Stick together. We're coming to close. We're running

1041
00:59:13,000 --> 00:59:16,680
Speaker 2: out of time. But it's very very important. How do

1042
00:59:16,760 --> 00:59:24,040
Speaker 2: we get through this just everych ordinary small business, regular,

1043
00:59:24,360 --> 00:59:28,040
Speaker 2: everyday black, brown and white people. How do we get

1044
00:59:28,480 --> 00:59:29,080
Speaker 2: through this?

1045
00:59:30,600 --> 00:59:33,400
Speaker 1: It's going to require us to be really resourceful and

1046
00:59:33,520 --> 00:59:38,320
Speaker 1: being really honest. It's going to be challenging. This is

1047
00:59:38,360 --> 00:59:40,920
Speaker 1: going to be a hard time for some of us,

1048
00:59:41,760 --> 00:59:43,680
Speaker 1: and I think that we will have to And this

1049
00:59:43,760 --> 00:59:46,760
Speaker 1: is my thing. I'm saying on every call, in every meeting,

1050
00:59:47,520 --> 00:59:50,480
Speaker 1: we are going to have to stick together. Your neighbor

1051
00:59:50,560 --> 00:59:52,720
Speaker 1: is going to need you and you are going to

1052
00:59:52,760 --> 00:59:56,400
Speaker 1: have to help them. And I think that we have

1053
00:59:56,480 --> 00:59:59,280
Speaker 1: to understand that's why we were put here. It may

1054
00:59:59,400 --> 01:00:01,680
Speaker 1: mean that we don't get to do everything we want

1055
01:00:01,720 --> 01:00:03,720
Speaker 1: to do, but this is a time where we have

1056
01:00:03,800 --> 01:00:07,000
Speaker 1: to shore up each other and for the sake of

1057
01:00:07,000 --> 01:00:07,880
Speaker 1: our community.

1058
01:00:08,640 --> 01:00:10,320
Speaker 3: And I hope that.

1059
01:00:12,120 --> 01:00:15,000
Speaker 1: What comes out of it is a stronger version of

1060
01:00:15,040 --> 01:00:19,080
Speaker 1: our own communities. And that could be the silver lining

1061
01:00:19,120 --> 01:00:23,560
Speaker 1: here that gets created, that we become formatable because in

1062
01:00:23,600 --> 01:00:25,960
Speaker 1: times of great stress, that's what we have been.

1063
01:00:26,360 --> 01:00:28,120
Speaker 3: When you look at the other difficult.

1064
01:00:27,680 --> 01:00:31,000
Speaker 1: Times we've had as people of color, as women, as

1065
01:00:31,000 --> 01:00:34,480
Speaker 1: whatever you want to call it, during economic strife, whatever

1066
01:00:34,520 --> 01:00:38,720
Speaker 1: it might be, there are times that that becomes a

1067
01:00:38,840 --> 01:00:41,760
Speaker 1: moment of truth that creates so much resilience and so

1068
01:00:41,920 --> 01:00:42,800
Speaker 1: much greatness.

1069
01:00:43,360 --> 01:00:43,919
Speaker 3: Some of our.

1070
01:00:43,840 --> 01:00:48,240
Speaker 1: Greatest people leaders moments have come out of the most

1071
01:00:48,280 --> 01:00:51,360
Speaker 1: difficult circumstances. And that's what I hold out to. But

1072
01:00:51,440 --> 01:00:54,080
Speaker 1: the only way we're going to get through is we

1073
01:00:54,320 --> 01:01:00,440
Speaker 1: have to stick together. That's it. If you call me Jakes,

1074
01:01:01,200 --> 01:01:03,600
Speaker 1: I am going to be there to the best of

1075
01:01:03,600 --> 01:01:07,080
Speaker 1: my ability, because if you say you need me, I

1076
01:01:07,160 --> 01:01:09,120
Speaker 1: have to believe you do, and I would hope you

1077
01:01:09,160 --> 01:01:09,560
Speaker 1: would do.

1078
01:01:09,520 --> 01:01:10,080
Speaker 3: The same for me.

1079
01:01:10,120 --> 01:01:13,000
Speaker 1: When I came here, I said I needed you, I

1080
01:01:13,080 --> 01:01:16,280
Speaker 1: needed your soul and presence today, which I was meant

1081
01:01:16,360 --> 01:01:18,840
Speaker 1: to be here so that you could help me. And

1082
01:01:18,880 --> 01:01:21,040
Speaker 1: that is what this conversation has done for me.

1083
01:01:21,120 --> 01:01:24,360
Speaker 2: Too quick questions. I'm going to get every drop of

1084
01:01:24,440 --> 01:01:26,520
Speaker 2: juice I can out of you. In the Romans, I

1085
01:01:26,560 --> 01:01:37,680
Speaker 2: have FDIC regulations, big banks doing business. Is our money safe?

1086
01:01:37,760 --> 01:01:39,480
Speaker 1: Yes, your money is safe. I'm on the board of

1087
01:01:39,560 --> 01:01:43,200
Speaker 1: JP Morgan. We are more than capitalized. I can tell

1088
01:01:43,240 --> 01:01:47,400
Speaker 1: you are not. Your money is insured and you're not

1089
01:01:47,480 --> 01:01:50,439
Speaker 1: having to worry about anything like bank failings or run

1090
01:01:50,520 --> 01:01:55,520
Speaker 1: on the bank. The banks actually reported earnings today and yesterday,

1091
01:01:56,000 --> 01:02:00,000
Speaker 1: and they have been today. Actually the earnings have been

1092
01:02:00,160 --> 01:02:03,600
Speaker 1: very strong, so that you can put off.

1093
01:02:03,400 --> 01:02:05,160
Speaker 3: To the side local banks.

1094
01:02:05,480 --> 01:02:10,640
Speaker 1: The local banks are also insured VICEDF. They are insured,

1095
01:02:10,760 --> 01:02:13,200
Speaker 1: so you are not. That is not something for you

1096
01:02:13,240 --> 01:02:16,480
Speaker 1: to worry about. Your money is safe unless you have

1097
01:02:16,720 --> 01:02:19,080
Speaker 1: now it's not insured if you have thirty million dollars

1098
01:02:19,160 --> 01:02:23,240
Speaker 1: in the bank. But everyday, Americans, your money is insured

1099
01:02:23,560 --> 01:02:25,840
Speaker 1: by the US government, and the way it works. I

1100
01:02:25,960 --> 01:02:27,440
Speaker 1: just want to tell you one thing, what happens when

1101
01:02:27,440 --> 01:02:30,000
Speaker 1: a bank fails, just so you know, we have bank

1102
01:02:30,040 --> 01:02:32,080
Speaker 1: failures regularly in our society.

1103
01:02:32,520 --> 01:02:35,880
Speaker 3: You remember Silicon Valley Bank a few years ago and

1104
01:02:36,560 --> 01:02:37,480
Speaker 3: First Republic.

1105
01:02:38,320 --> 01:02:41,919
Speaker 1: When they fail, the FDIC insurance is paid for by

1106
01:02:42,040 --> 01:02:47,120
Speaker 1: all of the other banks, So it's a self sustaining mechanism.

1107
01:02:47,800 --> 01:02:50,360
Speaker 1: And I have to tell you the US government whenever

1108
01:02:50,400 --> 01:02:52,840
Speaker 1: it's been a moment of truth there, I actually do

1109
01:02:52,920 --> 01:02:56,320
Speaker 1: believe Janet Yellen, if you go back to Hank Paulson,

1110
01:02:56,960 --> 01:02:59,920
Speaker 1: the Secretaries of Treasury, when we've had these bad moments,

1111
01:03:00,360 --> 01:03:03,560
Speaker 1: they have come together to make sure the banking system

1112
01:03:04,120 --> 01:03:08,720
Speaker 1: always stays in tax because that is the actual foundation

1113
01:03:09,480 --> 01:03:13,800
Speaker 1: of the American capitalist system. The banks cannot fail. That

1114
01:03:13,920 --> 01:03:16,160
Speaker 1: is not something you should worry about. I assure you

1115
01:03:16,520 --> 01:03:17,080
Speaker 1: they thought.

1116
01:03:16,920 --> 01:03:20,240
Speaker 2: I was joking when I brought up CDFs, But community

1117
01:03:20,480 --> 01:03:26,080
Speaker 2: development financial institutions have lower standards for you to be

1118
01:03:26,160 --> 01:03:29,600
Speaker 2: able to get homes, to get houses, and to get property,

1119
01:03:30,000 --> 01:03:32,840
Speaker 2: and it's very important to us that we understand that

1120
01:03:32,920 --> 01:03:36,640
Speaker 2: they survived. Secondly, we started out with if I remember

1121
01:03:36,640 --> 01:03:42,720
Speaker 2: correctly about one hundred and seventy five national banking institutions.

1122
01:03:43,120 --> 01:03:45,760
Speaker 2: Now we're down to about thirty three to thirty five.

1123
01:03:45,880 --> 01:03:47,960
Speaker 1: We've always had way more than the rest of the world.

1124
01:03:48,400 --> 01:03:49,760
Speaker 1: So just so you know, when you go to the

1125
01:03:49,800 --> 01:03:52,560
Speaker 1: rest of the world, the UK, all sorts of countries,

1126
01:03:52,920 --> 01:03:55,560
Speaker 1: they have very few banks. America had a lot more

1127
01:03:55,640 --> 01:03:58,800
Speaker 1: because we had banking regulation that did not allow for

1128
01:03:58,880 --> 01:04:03,360
Speaker 1: interstate banking, so you couldn't bank customers in another state

1129
01:04:03,400 --> 01:04:07,400
Speaker 1: without separate setting up a completely separate entity. Those rules

1130
01:04:07,480 --> 01:04:11,160
Speaker 1: changed years ago which allowed for national banks, which are

1131
01:04:11,200 --> 01:04:13,960
Speaker 1: the norm in Canada, are the norm in the UK,

1132
01:04:14,000 --> 01:04:16,800
Speaker 1: et cetera. So it made it actually more profitable and

1133
01:04:16,880 --> 01:04:19,840
Speaker 1: much less regulation. It was a good decision, and so

1134
01:04:19,960 --> 01:04:22,080
Speaker 1: we have fewer banks. But don't take that as a

1135
01:04:22,120 --> 01:04:25,600
Speaker 1: negative because the whole time, banking fees have come down.

1136
01:04:26,200 --> 01:04:29,400
Speaker 1: What you get charged for to bank in America has

1137
01:04:29,680 --> 01:04:33,360
Speaker 1: steadily declined over the same amount of times that banks

1138
01:04:33,360 --> 01:04:36,480
Speaker 1: have consolidated, so the numbers.

1139
01:04:36,200 --> 01:04:38,280
Speaker 2: Have gone down. You say, don't take that as a

1140
01:04:38,320 --> 01:04:41,360
Speaker 2: bad sign, but how do we keep thirty three from

1141
01:04:41,360 --> 01:04:42,720
Speaker 2: hemorrhaging down to three?

1142
01:04:44,240 --> 01:04:46,200
Speaker 1: Well, first of all, I don't think that's likely, but

1143
01:04:46,280 --> 01:04:48,080
Speaker 1: the other thing is that I just want to make

1144
01:04:48,120 --> 01:04:51,120
Speaker 1: a point about your CDFI comment. They are supported by

1145
01:04:51,120 --> 01:04:53,480
Speaker 1: the big banks, just so you know that. So they

1146
01:04:53,480 --> 01:04:57,360
Speaker 1: are not sort of in an island out there by themselves.

1147
01:04:56,480 --> 01:04:57,080
Speaker 2: I realize.

1148
01:04:57,160 --> 01:05:00,720
Speaker 1: And so I don't see a scenario where it goes three.

1149
01:05:01,040 --> 01:05:05,560
Speaker 1: But the big guys are big JP Morgan, City Bank,

1150
01:05:06,280 --> 01:05:09,640
Speaker 1: Bank of America, WELLS Fargo, They're very big. JP Morgan

1151
01:05:09,720 --> 01:05:12,040
Speaker 1: is the biggest bank in America, the eighth largest bank

1152
01:05:12,040 --> 01:05:14,680
Speaker 1: in the world. The seven largest banks in front of

1153
01:05:14,760 --> 01:05:20,320
Speaker 1: US are all Chinese. Just to give you a context.

1154
01:05:20,200 --> 01:05:22,320
Speaker 2: Wow, when you say that, oh see.

1155
01:05:22,440 --> 01:05:25,760
Speaker 1: But those Chinese banks don't do business in America.

1156
01:05:25,360 --> 01:05:30,120
Speaker 2: You're making it hard on me. How are we How

1157
01:05:30,200 --> 01:05:32,520
Speaker 2: are we going to do that? When those banks interact

1158
01:05:32,560 --> 01:05:36,160
Speaker 2: with each other every day based on their stock markets.

1159
01:05:36,160 --> 01:05:38,919
Speaker 2: In our stock markets, they engage in business every day

1160
01:05:39,560 --> 01:05:41,800
Speaker 2: most of the time. We're not even watching the tinker

1161
01:05:41,880 --> 01:05:44,360
Speaker 2: take flowing at the bottom of the thing to know

1162
01:05:44,400 --> 01:05:47,000
Speaker 2: how to get in the game. So it's almost like

1163
01:05:47,080 --> 01:05:51,000
Speaker 2: it's a foreign language to us. And yet currency has

1164
01:05:51,080 --> 01:05:57,160
Speaker 2: no boundary. Okay, currency is money in motion. It's flowing,

1165
01:05:57,440 --> 01:06:00,440
Speaker 2: it's moving. So the days of putting money in coffee

1166
01:06:00,440 --> 01:06:03,200
Speaker 2: cans and bearing them in the backyard like your grandmother

1167
01:06:03,240 --> 01:06:07,000
Speaker 2: did is over and foolish and unwise. And even putting

1168
01:06:07,000 --> 01:06:10,040
Speaker 2: it in a banking account, by the time you deduct

1169
01:06:10,080 --> 01:06:14,320
Speaker 2: the low interest rate from the taxation of the capital

1170
01:06:14,400 --> 01:06:16,760
Speaker 2: gains that you made on the money, you might be

1171
01:06:16,880 --> 01:06:19,200
Speaker 2: losing money. You might do better to put it in

1172
01:06:19,200 --> 01:06:20,520
Speaker 2: a can. Am I right? So far?

1173
01:06:20,600 --> 01:06:20,800
Speaker 3: Okay?

1174
01:06:20,920 --> 01:06:24,840
Speaker 1: I never like the can because just FYI, most people

1175
01:06:24,840 --> 01:06:30,760
Speaker 1: forget where the can is, especially as they age. FYI,

1176
01:06:31,320 --> 01:06:35,440
Speaker 1: my mom's can was the Bible, the big white Bible

1177
01:06:35,480 --> 01:06:36,080
Speaker 1: on the table.

1178
01:06:36,760 --> 01:06:38,320
Speaker 3: Money's in it. Yeah, it's like that.

1179
01:06:38,560 --> 01:06:40,600
Speaker 1: When we started to get really scarce, we were all

1180
01:06:40,640 --> 01:06:43,040
Speaker 1: shaking out the Bible to see if we could find

1181
01:06:43,040 --> 01:06:43,880
Speaker 1: any money in it.

1182
01:06:44,320 --> 01:06:47,320
Speaker 3: But I'm not recommending that you want your money if.

1183
01:06:47,320 --> 01:06:50,760
Speaker 1: You're saving in a traditional savings account so it's protected.

1184
01:06:51,200 --> 01:06:54,120
Speaker 1: That's very, very important when it comes to investing.

1185
01:06:54,160 --> 01:06:54,320
Speaker 3: Though.

1186
01:06:54,360 --> 01:06:57,080
Speaker 1: The one thing I tell especially our community, because this

1187
01:06:57,160 --> 01:07:00,000
Speaker 1: is new to us, why you don't learn about it

1188
01:07:00,000 --> 01:07:04,360
Speaker 1: investing in school in America. You can take wood shop

1189
01:07:04,760 --> 01:07:08,160
Speaker 1: or auto in a high school in America today and

1190
01:07:08,200 --> 01:07:11,360
Speaker 1: not a class uninvesting, which always leads me to ask

1191
01:07:11,440 --> 01:07:15,800
Speaker 1: audiences the same question. Who wittles in their spare time?

1192
01:07:17,000 --> 01:07:21,040
Speaker 1: Who is cleaning their own carburetor? No one, right, But

1193
01:07:21,120 --> 01:07:23,320
Speaker 1: you can take those classes and not take the investment

1194
01:07:23,360 --> 01:07:26,280
Speaker 1: class that is actually essential for the future of yourself

1195
01:07:26,280 --> 01:07:28,680
Speaker 1: and your family. So what can you do? I tell

1196
01:07:28,720 --> 01:07:32,360
Speaker 1: people start with a very simple thing. I am begging

1197
01:07:32,360 --> 01:07:36,920
Speaker 1: you to read a newspaper every day, begging and in

1198
01:07:36,960 --> 01:07:40,200
Speaker 1: the middle there's a business section, and even if it

1199
01:07:40,240 --> 01:07:45,320
Speaker 1: feels bad and unfamiliar, just read it to familiarize yourself.

1200
01:07:45,400 --> 01:07:49,560
Speaker 1: Over time, you start hearing words, you start reading about

1201
01:07:49,560 --> 01:07:53,680
Speaker 1: even local companies. It starts to give you some comfort.

1202
01:07:53,920 --> 01:07:57,480
Speaker 1: We go to the first page and the back, so

1203
01:07:57,520 --> 01:07:59,400
Speaker 1: we do the headlines on the first page.

1204
01:07:59,400 --> 01:08:01,600
Speaker 3: In sport, that's generally what we do.

1205
01:08:01,680 --> 01:08:03,480
Speaker 1: I'm just asking you to spend a little time in

1206
01:08:03,520 --> 01:08:05,720
Speaker 1: the middle. And as you spend a little time on

1207
01:08:05,760 --> 01:08:08,800
Speaker 1: the business page and it's you know, it's not a lot,

1208
01:08:09,560 --> 01:08:12,800
Speaker 1: it'll start to acclimate you to the language of money

1209
01:08:13,000 --> 01:08:15,600
Speaker 1: that will ultimately make you more comfortable. You'll see a word,

1210
01:08:15,600 --> 01:08:17,760
Speaker 1: you might look it up. You'll see a company, you say,

1211
01:08:17,400 --> 01:08:20,519
Speaker 1: what does it do? And over time, I'm not saying

1212
01:08:20,520 --> 01:08:23,040
Speaker 1: a month, I'm not saying three months, but over time

1213
01:08:23,360 --> 01:08:25,000
Speaker 1: you start to get more and more comfortable.

1214
01:08:25,080 --> 01:08:29,040
Speaker 3: My mom. Last thing about my mother. My mother had dementia.

1215
01:08:29,960 --> 01:08:32,559
Speaker 1: She died when she was eighty five years old, about

1216
01:08:32,560 --> 01:08:33,320
Speaker 1: eleven years ago.

1217
01:08:33,400 --> 01:08:34,759
Speaker 3: She had me when she was much older.

1218
01:08:36,040 --> 01:08:39,840
Speaker 1: My mom, until she died, had my sister reading her

1219
01:08:40,680 --> 01:08:44,719
Speaker 1: the Wall Street Journal and Cranes even when she couldn't

1220
01:08:44,800 --> 01:08:45,759
Speaker 1: understand anymore.

1221
01:08:45,880 --> 01:08:49,960
Speaker 3: It was a habit. My mother, who didn't graduate.

1222
01:08:49,479 --> 01:08:52,360
Speaker 1: From college, who had six kids. I've blorne through all

1223
01:08:52,400 --> 01:08:56,920
Speaker 1: the things, but she started because of me. I would say,

1224
01:08:56,960 --> 01:08:59,800
Speaker 1: just read a little bit, and then more than more.

1225
01:09:00,080 --> 01:09:02,760
Speaker 1: And when she my mother was blind because of diabetes,

1226
01:09:03,040 --> 01:09:05,920
Speaker 1: my sister read the Wall Street Journal and Cranes to

1227
01:09:05,960 --> 01:09:09,000
Speaker 1: my mother. And she learned when she was in her

1228
01:09:09,120 --> 01:09:12,519
Speaker 1: elderly years, which tells me anyone can learn.

1229
01:09:13,520 --> 01:09:19,479
Speaker 2: Chapter nine, Goes and Dreams. I'm a preacher. We get

1230
01:09:19,479 --> 01:09:24,160
Speaker 2: to close at least three times. Okay, in my mind,

1231
01:09:24,200 --> 01:09:31,680
Speaker 2: you have two children, Okay, Ariel and Everest, and you're

1232
01:09:31,760 --> 01:09:37,640
Speaker 2: kind of mommy over both. For Ariel, define to the

1233
01:09:37,720 --> 01:09:42,599
Speaker 2: audience what Aerials mission is, what it's about, and what

1234
01:09:42,640 --> 01:09:47,160
Speaker 2: your dream is for Ariel, and then tell us what

1235
01:09:47,200 --> 01:09:49,599
Speaker 2: your dream is Foreverest.

1236
01:09:49,320 --> 01:09:51,360
Speaker 1: We want to make money for people so they can

1237
01:09:51,400 --> 01:09:55,600
Speaker 1: live better lives. They can have the life of their dreams.

1238
01:09:55,840 --> 01:09:58,040
Speaker 1: They can send their kids to college, they can start

1239
01:09:58,040 --> 01:10:00,479
Speaker 1: a business if they want, they can buy that house.

1240
01:10:01,040 --> 01:10:05,759
Speaker 1: If it's an institution that the pension fund is making

1241
01:10:05,760 --> 01:10:08,400
Speaker 1: the money for the pensioneers, if it's an endowment or

1242
01:10:08,439 --> 01:10:11,120
Speaker 1: foundation that they can give away more money or do

1243
01:10:11,200 --> 01:10:13,360
Speaker 1: whatever it is that they do. We want to help

1244
01:10:13,400 --> 01:10:17,720
Speaker 1: people have better lives financially. That's our job, and we

1245
01:10:17,800 --> 01:10:20,200
Speaker 1: do that by investing in the stock market, and then

1246
01:10:20,240 --> 01:10:23,280
Speaker 1: we also buy private companies as well in our private

1247
01:10:23,280 --> 01:10:24,160
Speaker 1: equity business.

1248
01:10:24,439 --> 01:10:25,799
Speaker 2: How many people low staff?

1249
01:10:26,080 --> 01:10:27,479
Speaker 3: We have one hundred and forty people.

1250
01:10:27,560 --> 01:10:30,040
Speaker 1: We have offices in Chicago, which is our headquarters.

1251
01:10:30,240 --> 01:10:31,320
Speaker 3: We have a big office.

1252
01:10:31,080 --> 01:10:33,200
Speaker 1: In New York, and then I have an office also

1253
01:10:33,240 --> 01:10:34,000
Speaker 1: in San Francisco.

1254
01:10:34,000 --> 01:10:37,720
Speaker 2: How do you manage that many people by? How's your

1255
01:10:37,800 --> 01:10:38,720
Speaker 2: corporate infrasation?

1256
01:10:38,800 --> 01:10:41,200
Speaker 1: They have senior people that run departments. So we have

1257
01:10:41,200 --> 01:10:45,120
Speaker 1: a general counsel who's also chief administrative officer. She's responsible

1258
01:10:45,120 --> 01:10:48,599
Speaker 1: for operations and technology. We have Less Brun who runs

1259
01:10:48,560 --> 01:10:52,920
Speaker 1: Aerial Alternatives, who's responsible for our private equity business. We

1260
01:10:53,000 --> 01:10:56,720
Speaker 1: have John Rodgers who found at the firm who's responsible

1261
01:10:56,720 --> 01:11:00,400
Speaker 1: for all investing, So all the investment people report to him,

1262
01:11:00,479 --> 01:11:03,680
Speaker 1: and we are co CEOs, we're co leaders, which I

1263
01:11:03,680 --> 01:11:06,559
Speaker 1: don't know why more people don't do. He runs everything

1264
01:11:06,600 --> 01:11:09,200
Speaker 1: related to investing and I run everything related to the

1265
01:11:09,200 --> 01:11:09,960
Speaker 1: rest of the firm.

1266
01:11:10,520 --> 01:11:10,800
Speaker 3: And we.

1267
01:11:12,560 --> 01:11:17,400
Speaker 1: Have very different separate responsibilities where we engage and communicate

1268
01:11:17,520 --> 01:11:20,800
Speaker 1: throughout the day on our individual areas, which allows us

1269
01:11:20,840 --> 01:11:22,400
Speaker 1: to do more individually.

1270
01:11:23,479 --> 01:11:31,120
Speaker 2: So that's a clapping moment. That's a clapping moment because well,

1271
01:11:31,720 --> 01:11:36,519
Speaker 2: several things. What made you pick them? Because most of

1272
01:11:36,600 --> 01:11:38,439
Speaker 2: us are victims of hiring the wrong people.

1273
01:11:38,560 --> 01:11:41,439
Speaker 1: Yeah, so you can't hire friends and family. I mean,

1274
01:11:41,439 --> 01:11:44,439
Speaker 1: it's just like we got to start with that one.

1275
01:11:44,600 --> 01:11:48,400
Speaker 1: It's like, it's really because you just won't do the

1276
01:11:48,479 --> 01:11:51,800
Speaker 1: right thing. I assure you that when you have My

1277
01:11:51,880 --> 01:11:55,080
Speaker 1: husband always says to me, obviously he made movies, and

1278
01:11:55,120 --> 01:11:59,000
Speaker 1: he says, melody, it's not called friends business, it's called

1279
01:11:59,040 --> 01:12:02,160
Speaker 1: show business. And he always says to me, melody, it's

1280
01:12:02,200 --> 01:12:06,960
Speaker 1: not aeriel dot org, it's aerial dot com. He's like,

1281
01:12:07,000 --> 01:12:10,000
Speaker 1: you are not a nonprofit. You are not you know,

1282
01:12:10,080 --> 01:12:12,200
Speaker 1: you are a business. And when you have to be

1283
01:12:12,240 --> 01:12:15,680
Speaker 1: a business, you have to make some difficult decisions sometimes.

1284
01:12:16,120 --> 01:12:18,840
Speaker 1: I think that becomes very hard with a friends. You know,

1285
01:12:18,840 --> 01:12:20,640
Speaker 1: you got to take someone's bonus down. You're like, but

1286
01:12:20,680 --> 01:12:24,400
Speaker 1: their family is so close, or you know it's my cousin. No,

1287
01:12:25,479 --> 01:12:29,640
Speaker 1: it's easier if you you know, we start with professionals.

1288
01:12:30,000 --> 01:12:33,400
Speaker 1: We understand that we are working together and we are

1289
01:12:33,439 --> 01:12:34,439
Speaker 1: showing up for each other.

1290
01:12:34,520 --> 01:12:35,840
Speaker 3: I tell our team, I.

1291
01:12:35,840 --> 01:12:38,800
Speaker 1: Work for you, and I work for our clients, and

1292
01:12:38,880 --> 01:12:40,840
Speaker 1: you work for our clients, and you work for me

1293
01:12:41,040 --> 01:12:41,639
Speaker 1: and each other.

1294
01:12:41,760 --> 01:12:43,440
Speaker 3: That is super important.

1295
01:12:44,040 --> 01:12:46,000
Speaker 1: So how we find people the one thing I think

1296
01:12:46,040 --> 01:12:50,920
Speaker 1: people underestimate. It's so important and I can't believe that

1297
01:12:51,000 --> 01:12:55,439
Speaker 1: they don't do it. They don't check references. I mean,

1298
01:12:55,479 --> 01:12:58,760
Speaker 1: it is so basic. You can't give me enough references.

1299
01:12:59,200 --> 01:13:00,880
Speaker 1: You give me reference is I'm like, can I have

1300
01:13:00,960 --> 01:13:01,519
Speaker 1: five more?

1301
01:13:02,080 --> 01:13:02,360
Speaker 3: Why?

1302
01:13:02,479 --> 01:13:05,599
Speaker 1: Because you get insights from people, and if you had

1303
01:13:05,720 --> 01:13:08,400
Speaker 1: just check some people's references, you find out, oh, he

1304
01:13:08,560 --> 01:13:12,800
Speaker 1: stole at the last company, or you know, this is

1305
01:13:12,840 --> 01:13:14,960
Speaker 1: not a trustworthy person that you want to put in

1306
01:13:14,960 --> 01:13:16,960
Speaker 1: front of clients, or if you take them to a

1307
01:13:17,800 --> 01:13:18,880
Speaker 1: cocktail party, they're going.

1308
01:13:18,880 --> 01:13:19,759
Speaker 3: To drink too much.

1309
01:13:20,400 --> 01:13:23,000
Speaker 1: It would be good to know that before they're representing

1310
01:13:23,040 --> 01:13:23,719
Speaker 1: you in front.

1311
01:13:23,560 --> 01:13:26,000
Speaker 3: Of a client that has given you one hundred million dollars.

1312
01:13:26,479 --> 01:13:28,000
Speaker 3: You know, these are the kind of things I want

1313
01:13:28,040 --> 01:13:28,240
Speaker 3: to know.

1314
01:13:28,320 --> 01:13:31,160
Speaker 1: And you get insights from people not digging and asking.

1315
01:13:31,479 --> 01:13:33,559
Speaker 1: But just tell me what they're like, Tell me what

1316
01:13:33,640 --> 01:13:36,880
Speaker 1: areas of development they might have if I were managing them.

1317
01:13:36,920 --> 01:13:40,080
Speaker 1: What advice would you give me? Would you hire them again?

1318
01:13:40,680 --> 01:13:44,200
Speaker 1: You know, the person who just says nothing is telling

1319
01:13:44,240 --> 01:13:48,439
Speaker 1: you a lot too, You know a lot, right, And

1320
01:13:48,479 --> 01:13:50,599
Speaker 1: I think we want we get wishful thinking.

1321
01:13:50,640 --> 01:13:51,960
Speaker 3: We want to hear what we want to hear.

1322
01:13:52,000 --> 01:13:55,280
Speaker 1: But checking the references is huge and that's how you

1323
01:13:55,280 --> 01:13:58,439
Speaker 1: find people. But I make mistakes too, trust me, lots

1324
01:13:58,439 --> 01:13:59,120
Speaker 1: of mistakes.

1325
01:13:59,200 --> 01:14:04,639
Speaker 2: Jesus did he hired judas you know? So I figure

1326
01:14:04,680 --> 01:14:07,320
Speaker 2: one out of twelve I'm not doing too bad. But

1327
01:14:07,760 --> 01:14:12,000
Speaker 2: you know, when you think about that, and the person

1328
01:14:12,080 --> 01:14:15,040
Speaker 2: has to realize that they are not there in their name,

1329
01:14:15,160 --> 01:14:17,040
Speaker 2: but in the name of your company or in your

1330
01:14:17,120 --> 01:14:20,280
Speaker 2: nurse rats to represent the brand and the vision. And

1331
01:14:21,280 --> 01:14:23,719
Speaker 2: when you look at them, you have to ask yourself,

1332
01:14:24,200 --> 01:14:26,760
Speaker 2: is this what I want my company to look like?

1333
01:14:27,120 --> 01:14:30,320
Speaker 2: When I go into Microsoft's office, do I want them

1334
01:14:30,320 --> 01:14:33,519
Speaker 2: to look like dress like, smell like, act like, talk

1335
01:14:33,720 --> 01:14:36,519
Speaker 2: like this person is standing in front of me, And

1336
01:14:36,600 --> 01:14:39,519
Speaker 2: if you're a poor representation of that, then that's the

1337
01:14:39,560 --> 01:14:42,040
Speaker 2: first hint that you might have a problem. And the

1338
01:14:42,120 --> 01:14:44,439
Speaker 2: second hint is you can only act so long.

1339
01:14:45,560 --> 01:14:45,960
Speaker 3: Correct.

1340
01:14:46,400 --> 01:14:49,040
Speaker 2: So if you got a six month clause in the

1341
01:14:49,120 --> 01:14:52,040
Speaker 2: contract that says, you know, I've got six months before

1342
01:14:52,080 --> 01:14:55,040
Speaker 2: this finalizes, and you it's on a trial basis for

1343
01:14:55,080 --> 01:14:57,960
Speaker 2: six months, it also gives you room enough to catch

1344
01:14:58,000 --> 01:15:00,400
Speaker 2: them not acting. And if you hang aroun on them

1345
01:15:00,439 --> 01:15:01,840
Speaker 2: long enough, they're gonna stop out.

1346
01:15:01,880 --> 01:15:03,960
Speaker 3: This is my favorite piece of advice. Someone gave me.

1347
01:15:04,040 --> 01:15:06,280
Speaker 3: Okay so much we both gotta go.

1348
01:15:06,439 --> 01:15:11,679
Speaker 1: Okay, I gotta fight to Dallas, they said the interview

1349
01:15:11,760 --> 01:15:16,120
Speaker 1: is someone's best behavior. They are literally like they are

1350
01:15:16,200 --> 01:15:20,400
Speaker 1: saying everything you want to hear. If anything bugs you

1351
01:15:20,439 --> 01:15:27,200
Speaker 1: in the interview, magnify it a thousand times. So anything

1352
01:15:27,240 --> 01:15:30,760
Speaker 1: that stays with you, it's like that buggs me, it's

1353
01:15:30,800 --> 01:15:34,160
Speaker 1: going to be really bad. So just decide in the

1354
01:15:34,200 --> 01:15:37,720
Speaker 1: interview best behavior what stuck with you that you had

1355
01:15:37,760 --> 01:15:38,479
Speaker 1: doubts about.

1356
01:15:39,040 --> 01:15:41,040
Speaker 3: And when you can't decide the answer.

1357
01:15:40,720 --> 01:15:44,200
Speaker 2: Is no, Mommy melody, last question, you gotta go I

1358
01:15:44,240 --> 01:15:49,280
Speaker 2: gotta go, They gotta go. What do you want forever?

1359
01:15:50,920 --> 01:15:56,439
Speaker 2: And you? What do you want to stick to her?

1360
01:15:56,600 --> 01:15:59,599
Speaker 2: Like you sit here and talk about what your mother said,

1361
01:15:59,640 --> 01:16:03,439
Speaker 2: that's to you? What do you want to stick to her?

1362
01:16:05,160 --> 01:16:07,360
Speaker 1: I am so emotional about my kid, you know, I

1363
01:16:07,439 --> 01:16:09,400
Speaker 1: just I know what we all feel this way.

1364
01:16:09,439 --> 01:16:11,840
Speaker 3: It's like, how can you love a person more? Right?

1365
01:16:12,439 --> 01:16:18,040
Speaker 1: It is just my heart is gripped by what I

1366
01:16:18,080 --> 01:16:22,000
Speaker 1: want for her, and it is so simple. I want

1367
01:16:22,040 --> 01:16:25,280
Speaker 1: her to be happy. I can't make her happy, but

1368
01:16:25,320 --> 01:16:27,519
Speaker 1: I want to create the conditions from which she can

1369
01:16:28,080 --> 01:16:31,639
Speaker 1: her She can live at peace with herself and be

1370
01:16:31,960 --> 01:16:35,040
Speaker 1: good with herself, which is what my mother always wanted

1371
01:16:35,240 --> 01:16:35,599
Speaker 1: for me.

1372
01:16:35,680 --> 01:16:37,280
Speaker 3: She's like, I want you to be at peace.

1373
01:16:37,880 --> 01:16:39,679
Speaker 1: She would say that to me all the time because

1374
01:16:39,720 --> 01:16:44,160
Speaker 1: she saw anxiety in me. And I want Everest to

1375
01:16:44,360 --> 01:16:49,040
Speaker 1: care about the world. She has everything, but that doesn't

1376
01:16:49,080 --> 01:16:51,759
Speaker 1: mean she won't struggle. It doesn't mean she won't suffer.

1377
01:16:52,160 --> 01:16:54,759
Speaker 1: But I do want her to understand she was born

1378
01:16:55,360 --> 01:17:00,000
Speaker 1: and won the birth lottery, two parents, great resources, best educations,

1379
01:17:00,080 --> 01:17:02,360
Speaker 1: and goodbye bilingual and Chinese.

1380
01:17:02,439 --> 01:17:03,400
Speaker 3: I can go on and on.

1381
01:17:03,960 --> 01:17:06,360
Speaker 1: You don't get to have all that and not owe

1382
01:17:06,439 --> 01:17:09,760
Speaker 1: society a lot back, and I really want her to

1383
01:17:09,840 --> 01:17:11,440
Speaker 1: understand that she owes.

1384
01:17:11,160 --> 01:17:11,960
Speaker 3: That to the world.

1385
01:17:12,640 --> 01:17:14,640
Speaker 2: Ladies and gentlemen, Melody.

1386
01:17:14,320 --> 01:17:17,400
Speaker 3: Hupson, thank you so much, thank you, thank.

1387
01:17:17,200 --> 01:17:22,160
Speaker 2: You, thank you, thank you, thank you. Hey, everybody. I

1388
01:17:22,200 --> 01:17:24,559
Speaker 2: want to take this time to thank you for watching

1389
01:17:24,640 --> 01:17:29,920
Speaker 2: the Next Chapter podcast. If this conversation inspired you, helped

1390
01:17:29,960 --> 01:17:34,879
Speaker 2: you reflect on an idea, or spark something new inside

1391
01:17:34,920 --> 01:17:39,120
Speaker 2: of you, make sure to like, comment, and subscribe so

1392
01:17:39,280 --> 01:17:45,720
Speaker 2: you don't miss future episodes. Remember, life isn't about how

1393
01:17:45,800 --> 01:17:50,400
Speaker 2: you begin, it's about how you finished. Strong to start

1394
01:17:50,439 --> 01:17:56,280
Speaker 2: your next chapter with us right here every week