1 00:00:02,279 --> 00:00:06,840 Speaker 1: This is Masters in Business with Barry Ridholts on Boomberg Radio. 2 00:00:09,560 --> 00:00:12,559 Speaker 1: This week on the podcast, I have an extra special guest, 3 00:00:12,680 --> 00:00:16,320 Speaker 1: and what can I say about Professor Scott Galloway. You 4 00:00:16,360 --> 00:00:19,480 Speaker 1: know him from The four UH. He is an outspoken 5 00:00:19,520 --> 00:00:24,280 Speaker 1: critic of various technology companies. He says exactly what he 6 00:00:24,320 --> 00:00:27,480 Speaker 1: thinks and feels. He does not mince words. He has 7 00:00:27,520 --> 00:00:30,360 Speaker 1: a brand new book out called The Algebra of Happiness 8 00:00:30,600 --> 00:00:33,840 Speaker 1: that is already getting delightful reviews. I read it over 9 00:00:33,840 --> 00:00:37,000 Speaker 1: the holiday weekend and found it to be a pleasant 10 00:00:37,120 --> 00:00:40,760 Speaker 1: and enjoyable romp filled with all sorts of good advices. 11 00:00:40,760 --> 00:00:43,840 Speaker 1: This is gonna be a stocking stuffer and a dad's 12 00:00:43,840 --> 00:00:47,360 Speaker 1: and grads present for some time to come. I can 13 00:00:47,520 --> 00:00:50,280 Speaker 1: babble for a long time explaining to you what's in 14 00:00:50,320 --> 00:00:54,080 Speaker 1: our conversation, but rather than do that, I'm just gonna say, 15 00:00:54,400 --> 00:01:03,840 Speaker 1: with no further ado, my conversation with Scott Galloway. Our 16 00:01:04,000 --> 00:01:08,280 Speaker 1: special guest this week is our returning champion, our first 17 00:01:08,720 --> 00:01:12,759 Speaker 1: four time Masters in Business UH guests. You know him 18 00:01:12,800 --> 00:01:16,960 Speaker 1: from his book The Four Amazon, Apple, Google, and Facebook 19 00:01:17,200 --> 00:01:19,880 Speaker 1: and how They're Destroying the World. He is a professor 20 00:01:19,920 --> 00:01:22,759 Speaker 1: at Marketing at n y U Stern School of Business. 21 00:01:23,240 --> 00:01:26,920 Speaker 1: His latest book, The Algebra of Happiness, just came out 22 00:01:26,959 --> 00:01:31,120 Speaker 1: to great reviews. Professor Scott Galloway, Welcome to Bloomberg. Thanks 23 00:01:31,200 --> 00:01:33,840 Speaker 1: very great to be here, and you are a returning champion. 24 00:01:33,959 --> 00:01:37,520 Speaker 1: You are our first four time guest at least here 25 00:01:37,520 --> 00:01:41,680 Speaker 1: in the studio. And you are the first person I 26 00:01:41,720 --> 00:01:44,320 Speaker 1: think I've had on consecutive books. No, that's not true. 27 00:01:44,360 --> 00:01:47,160 Speaker 1: I've had a few people for consecutive books. So let's 28 00:01:47,360 --> 00:01:51,640 Speaker 1: start um with a little background. You wrote the four 29 00:01:51,880 --> 00:01:55,040 Speaker 1: It was effectively a class you were giving at n 30 00:01:55,200 --> 00:01:59,080 Speaker 1: YU looking at marketing and technology. Tell us about that. 31 00:01:59,240 --> 00:02:01,200 Speaker 1: So the dirty seer great a business school is that 32 00:02:01,240 --> 00:02:03,360 Speaker 1: the second year is mostly a racket to try and 33 00:02:03,400 --> 00:02:05,880 Speaker 1: get double the tuition because you really just need the 34 00:02:05,880 --> 00:02:09,240 Speaker 1: first year. And by the way, that's the same racket 35 00:02:09,280 --> 00:02:11,000 Speaker 1: with law school. You really only need the first two 36 00:02:11,080 --> 00:02:15,320 Speaker 1: years to the third year is grav revenue for USMIL revenue. 37 00:02:15,320 --> 00:02:17,760 Speaker 1: And my belief is that if we were honest, we 38 00:02:17,800 --> 00:02:21,040 Speaker 1: would and focus on the kids economic security. We would 39 00:02:21,080 --> 00:02:24,160 Speaker 1: teach four courses the second year, Amazon, Apple, Facebook, and Google, 40 00:02:24,160 --> 00:02:28,639 Speaker 1: because to understand those four companies is to understand media. Retail, 41 00:02:28,880 --> 00:02:32,679 Speaker 1: the economy, society, etcetera. So I teach a session of 42 00:02:32,760 --> 00:02:35,720 Speaker 1: my class called the four. I do a video on 43 00:02:35,760 --> 00:02:38,680 Speaker 1: that class. I got a million views. Moon book. My 44 00:02:38,800 --> 00:02:41,440 Speaker 1: most o the way, that's how I found you was 45 00:02:41,520 --> 00:02:43,639 Speaker 1: the four Horseman of the Internet. Was one of your 46 00:02:43,639 --> 00:02:46,239 Speaker 1: first videos? Like who is this guy? This is really 47 00:02:46,280 --> 00:02:48,640 Speaker 1: fascinating stuff. Yeah that So I got one point one 48 00:02:48,680 --> 00:02:52,560 Speaker 1: million views, approached by Penguin Portfolio random House, which rolls 49 00:02:52,600 --> 00:02:55,960 Speaker 1: right off the tongue. Great, it's encouraging when you're when 50 00:02:55,960 --> 00:02:59,200 Speaker 1: you're publisher, can't get their name right. But anyways, the 51 00:02:59,240 --> 00:03:01,520 Speaker 1: most popular car This is a last session and it's 52 00:03:01,520 --> 00:03:04,160 Speaker 1: where I take a bunch of great research out there 53 00:03:04,280 --> 00:03:07,919 Speaker 1: and some of my own personal observations and experience, and 54 00:03:07,960 --> 00:03:10,799 Speaker 1: I tried to distill best practices around creating an arc, 55 00:03:10,840 --> 00:03:14,919 Speaker 1: an arc of satisfaction into some algorithms and some equations. 56 00:03:15,240 --> 00:03:18,720 Speaker 1: And it's called the Algebra Happiness. It's my most popular session. 57 00:03:19,400 --> 00:03:22,840 Speaker 1: Did a video two million views. Boom, next book and 58 00:03:22,919 --> 00:03:25,840 Speaker 1: that next book is the Algebra of Happiness. So two 59 00:03:25,919 --> 00:03:29,560 Speaker 1: million views? How many of those are people in the 60 00:03:29,639 --> 00:03:32,200 Speaker 1: United States? How much of that is international? Who is 61 00:03:32,280 --> 00:03:36,160 Speaker 1: watching a video called algebra of happiness. So I get 62 00:03:36,560 --> 00:03:39,640 Speaker 1: this is weird. I get se mail and about eight 63 00:03:39,720 --> 00:03:41,680 Speaker 1: percent of my audience is under the age of thirty five. 64 00:03:42,320 --> 00:03:46,080 Speaker 1: So I appealed to UM young males, and I write 65 00:03:46,080 --> 00:03:49,080 Speaker 1: a lot of this through the lens of the you 66 00:03:49,160 --> 00:03:52,200 Speaker 1: know the individual that is just inherently, you know, kind 67 00:03:52,200 --> 00:03:54,160 Speaker 1: of wrong when they show up, and that is a 68 00:03:54,200 --> 00:03:59,120 Speaker 1: white heterosexual male and that's me so but yeah, I 69 00:03:59,120 --> 00:04:02,040 Speaker 1: find there's an audience out there. I have a cottage 70 00:04:02,040 --> 00:04:05,400 Speaker 1: industry and coaching and counseling the sons of my friends 71 00:04:05,400 --> 00:04:09,400 Speaker 1: who are entering the workforce. But yeah, that's it's meant 72 00:04:09,440 --> 00:04:11,480 Speaker 1: to be sort of okay. You think you come to 73 00:04:11,480 --> 00:04:14,560 Speaker 1: business school for economic security, which you're really here for 74 00:04:14,880 --> 00:04:17,479 Speaker 1: is to develop the skills and domain expertise such as 75 00:04:17,520 --> 00:04:20,480 Speaker 1: can lead a rewarding life. And we go through these 76 00:04:20,480 --> 00:04:23,320 Speaker 1: observations UM in the last class, and the kids seem 77 00:04:23,360 --> 00:04:26,520 Speaker 1: to respond to it. So it's not about money. It's 78 00:04:26,560 --> 00:04:30,120 Speaker 1: not about the pursuit of more. Although you talk about 79 00:04:30,160 --> 00:04:34,560 Speaker 1: that UM in the book, there are some really pointing 80 00:04:34,640 --> 00:04:38,200 Speaker 1: quotes that that stayed with me. Um. Every wellthy person 81 00:04:38,240 --> 00:04:41,760 Speaker 1: I know measures their net worth and frightening detail, this 82 00:04:41,839 --> 00:04:45,920 Speaker 1: doesn't sound like happiness. How much happiness does money really buy? 83 00:04:45,960 --> 00:04:48,200 Speaker 1: So there is a correlation between money and happiness. Middle 84 00:04:48,240 --> 00:04:50,600 Speaker 1: income people are happier than lower income people. The affluent 85 00:04:50,640 --> 00:04:53,280 Speaker 1: are happier than middle income. But that's a bad news. 86 00:04:53,320 --> 00:04:55,920 Speaker 1: There is a correlation. We live in a capitalist society. 87 00:04:55,960 --> 00:04:59,880 Speaker 1: I believe that everyone has a responsibility to be economically sustained. 88 00:04:59,880 --> 00:05:03,479 Speaker 1: A uh so bust. A move towards economic security is 89 00:05:03,520 --> 00:05:05,000 Speaker 1: what I tell their kids. But once you get to 90 00:05:05,040 --> 00:05:09,839 Speaker 1: economic security, housing, healthcare, I can absorb in economic shock, 91 00:05:09,960 --> 00:05:13,200 Speaker 1: can take nice vacations, which, according to most data in 92 00:05:13,200 --> 00:05:15,359 Speaker 1: most cities somewhere between a hundred and hundred fifty thousand 93 00:05:15,360 --> 00:05:16,760 Speaker 1: dollars a year. I think in New York it's probably 94 00:05:16,760 --> 00:05:19,800 Speaker 1: closer to seven dollars a year. But once you get 95 00:05:19,800 --> 00:05:23,159 Speaker 1: to that point, the correlation between money or incremental revenue 96 00:05:23,320 --> 00:05:27,200 Speaker 1: moneies and happiness flatlines. So the key is at that 97 00:05:27,279 --> 00:05:29,240 Speaker 1: point in your life, once you get to economic security, 98 00:05:29,240 --> 00:05:32,480 Speaker 1: if you're fortunate to get there, the money. Additional money 99 00:05:32,480 --> 00:05:34,479 Speaker 1: is the ink in your pen, and that is it 100 00:05:34,520 --> 00:05:36,919 Speaker 1: can write different stories. It can make the current chapters 101 00:05:36,920 --> 00:05:39,680 Speaker 1: burn brighter, but it's not your story. There's also a 102 00:05:39,720 --> 00:05:42,200 Speaker 1: myth that billionaires are less happy than millionaires. They're not, 103 00:05:42,240 --> 00:05:45,119 Speaker 1: but they're no happier either. So there's a real skill 104 00:05:45,200 --> 00:05:46,920 Speaker 1: to saying, at what point do you stop howling in 105 00:05:46,960 --> 00:05:49,760 Speaker 1: the money storm and take pause and say, well, what 106 00:05:50,040 --> 00:05:52,560 Speaker 1: gives me satisfaction? Why am I happy? Because more money 107 00:05:52,960 --> 00:05:55,360 Speaker 1: won't give you more satisfaction. The terrible thing about a 108 00:05:55,480 --> 00:05:58,159 Speaker 1: number is similar to what you know in that Great 109 00:05:58,160 --> 00:06:00,520 Speaker 1: Star Wars episod where Luke Skywalker's trying it convinced Han 110 00:06:00,560 --> 00:06:03,599 Speaker 1: Solo to rescue Princess Leah. He says, if you do this, 111 00:06:03,760 --> 00:06:05,880 Speaker 1: you'll get more money than you'd ever imagine, and Han 112 00:06:05,920 --> 00:06:08,360 Speaker 1: Solo response, I don't know. I can imagine a lot 113 00:06:08,360 --> 00:06:10,479 Speaker 1: of money. So if I said to you Berry, I said, 114 00:06:10,480 --> 00:06:12,640 Speaker 1: all right, what were goals when you were twenty two 115 00:06:12,720 --> 00:06:15,120 Speaker 1: or twenty five? You said, well, by now, I would 116 00:06:15,200 --> 00:06:18,560 Speaker 1: probably hope that I had a good relationship with my wife, 117 00:06:18,800 --> 00:06:22,680 Speaker 1: some economic security, some relevance professionally, and good health. And 118 00:06:22,680 --> 00:06:24,200 Speaker 1: I'm going to guess that you have most are all 119 00:06:24,240 --> 00:06:27,800 Speaker 1: of those things, pretty much. But you you also know 120 00:06:27,839 --> 00:06:29,760 Speaker 1: how much you're worth, or you know approximately how much 121 00:06:29,800 --> 00:06:32,320 Speaker 1: you're worth, And it's pretty easy to imagine to five 122 00:06:32,400 --> 00:06:35,839 Speaker 1: and ten x dot number. And this is you can't 123 00:06:35,839 --> 00:06:38,400 Speaker 1: imagine ten x. You can imagine double, right, No, I 124 00:06:38,440 --> 00:06:40,400 Speaker 1: can imagine tennant. You can imagine that you're a smart guy, 125 00:06:40,400 --> 00:06:43,279 Speaker 1: you can imagine ten so, and that creates uh. You know, 126 00:06:43,360 --> 00:06:45,560 Speaker 1: it's easy to stay on the spinning wheel and and 127 00:06:45,800 --> 00:06:47,440 Speaker 1: or the hamster wheel. And I think it's important that 128 00:06:47,800 --> 00:06:50,400 Speaker 1: we have the discipline to say, Okay, I need to 129 00:06:50,400 --> 00:06:52,560 Speaker 1: at some point stop howling the money storm. If I'm 130 00:06:52,560 --> 00:06:55,080 Speaker 1: fortunate enough to have met you know, more than my 131 00:06:55,120 --> 00:06:58,120 Speaker 1: basic needs, and figure out what really is meaningful to me. 132 00:06:58,760 --> 00:07:02,040 Speaker 1: That's interesting. I know that I've made a number of 133 00:07:02,160 --> 00:07:06,720 Speaker 1: choices career wise where I've turned down more money that 134 00:07:06,839 --> 00:07:09,000 Speaker 1: I knew was just going to be a miserable slog 135 00:07:09,600 --> 00:07:11,920 Speaker 1: for what I think is a pretty reasonable lifestyle and 136 00:07:11,960 --> 00:07:14,440 Speaker 1: a pretty I mean, I work a lot, but my 137 00:07:14,480 --> 00:07:17,640 Speaker 1: wife calls me gainfully unemployed. I would be doing the 138 00:07:17,680 --> 00:07:21,000 Speaker 1: same thing whether someone's paying me or not. So there 139 00:07:21,000 --> 00:07:24,440 Speaker 1: are choices you can make to not take the bigger, 140 00:07:25,040 --> 00:07:29,560 Speaker 1: higher paying but horrific, soul sucking job and and just 141 00:07:29,960 --> 00:07:32,960 Speaker 1: pursue something. I like to think we're making a difference 142 00:07:32,960 --> 00:07:35,760 Speaker 1: in what we do that we're if we're not denting 143 00:07:35,760 --> 00:07:38,680 Speaker 1: the universe like Steve Jobs. At least we're having a 144 00:07:38,680 --> 00:07:42,440 Speaker 1: positive impact on people. Yeah, well, solgon reverse order. Steve 145 00:07:42,520 --> 00:07:45,040 Speaker 1: Jobs denied his blood under oath so he could avoid 146 00:07:45,080 --> 00:07:48,800 Speaker 1: child support payments um a court of a billion dollars. 147 00:07:48,840 --> 00:07:50,880 Speaker 1: So you know we need more engaged fathers, not a 148 00:07:50,920 --> 00:07:53,520 Speaker 1: better damn phone. But anyways, be that as a made 149 00:07:53,520 --> 00:07:56,040 Speaker 1: So you brought up the notion of turning down money 150 00:07:56,040 --> 00:07:58,480 Speaker 1: to pursue stuff that you would enjoy more. Thinks there's 151 00:07:58,520 --> 00:08:01,840 Speaker 1: a larger purpose. All that's important. However, However, I think 152 00:08:01,880 --> 00:08:04,480 Speaker 1: some of the worst advice that kids get it stern. 153 00:08:04,520 --> 00:08:06,600 Speaker 1: We invite two types of speakers. We have three speakers 154 00:08:06,600 --> 00:08:09,440 Speaker 1: a week for luncheon speakers, and it's either super interesting 155 00:08:09,480 --> 00:08:12,400 Speaker 1: people are billionaires. We have decided that if you've aggregated 156 00:08:12,400 --> 00:08:13,960 Speaker 1: a billion dollars, and you must be able to apply 157 00:08:14,080 --> 00:08:17,960 Speaker 1: on almost anything including life spirituality, you know you're you're 158 00:08:18,000 --> 00:08:20,560 Speaker 1: the master of all things because you've aggregated a billion dollars. 159 00:08:20,960 --> 00:08:22,520 Speaker 1: And they end with what I think is some of 160 00:08:22,520 --> 00:08:24,160 Speaker 1: the worst advice for most of the time, and that 161 00:08:24,280 --> 00:08:25,640 Speaker 1: is they tell the kids all one thing, and what 162 00:08:25,760 --> 00:08:28,080 Speaker 1: is that one thing? Follow your dream, follow your passion, 163 00:08:28,480 --> 00:08:32,719 Speaker 1: go for it. Such incredible bs because the guy I 164 00:08:33,160 --> 00:08:35,200 Speaker 1: tell people, if someone tells you to follow their passion, 165 00:08:35,559 --> 00:08:37,880 Speaker 1: your passion, it means they're already rich. And the guy 166 00:08:37,920 --> 00:08:40,640 Speaker 1: on stage telling you that is probably made his money 167 00:08:40,640 --> 00:08:44,560 Speaker 1: in iron or smelting, so not exactly a passionate. There 168 00:08:44,640 --> 00:08:47,440 Speaker 1: you go. So what I think are my advice to kids, 169 00:08:47,520 --> 00:08:49,920 Speaker 1: when I say kids young adults is find something your 170 00:08:50,000 --> 00:08:52,400 Speaker 1: job is gonna find your passion your job, find what 171 00:08:52,440 --> 00:08:57,360 Speaker 1: you're good at, and then invest the requisite great perseverance, frustration, 172 00:08:57,920 --> 00:09:00,920 Speaker 1: endurance around and the injustice that is called the workplace 173 00:09:01,240 --> 00:09:03,640 Speaker 1: and become great at it. And the accouterments of being 174 00:09:03,640 --> 00:09:07,120 Speaker 1: great at it, economic security, the respect to your colleagues, 175 00:09:07,160 --> 00:09:10,640 Speaker 1: the camaraderie you develop with people in the agency of 176 00:09:10,679 --> 00:09:14,320 Speaker 1: greatness will make you passionate about whatever it is. But 177 00:09:14,360 --> 00:09:16,560 Speaker 1: the problem with telling young people to follow their passion 178 00:09:16,679 --> 00:09:18,800 Speaker 1: is what ends up happening is work gets hard. It 179 00:09:18,880 --> 00:09:21,360 Speaker 1: does for everybody, and they think, well, maybe I'm not 180 00:09:21,400 --> 00:09:23,559 Speaker 1: successful here. I don't love it, so it must not 181 00:09:23,600 --> 00:09:26,480 Speaker 1: be my passion. I should move on. No, that's called work. 182 00:09:26,720 --> 00:09:29,000 Speaker 1: You can't hate it. I hated investment banking, and I 183 00:09:29,040 --> 00:09:30,800 Speaker 1: was no good at it, so that was a sign 184 00:09:30,840 --> 00:09:34,080 Speaker 1: to get out. But the idea that you know, jay 185 00:09:34,160 --> 00:09:36,839 Speaker 1: Z followed his passion and as a billionaire, assume you 186 00:09:36,920 --> 00:09:40,720 Speaker 1: are not jay Z. Assume that like most people, you're 187 00:09:40,720 --> 00:09:42,480 Speaker 1: gonna have to find something you're good at, invest a 188 00:09:42,520 --> 00:09:44,800 Speaker 1: ton of time, and become great at it. I have 189 00:09:44,920 --> 00:09:49,040 Speaker 1: to reference a disclaimer you have fairly early in the book. 190 00:09:49,040 --> 00:09:53,120 Speaker 1: You write, I have no academic credibility or credentials to 191 00:09:53,280 --> 00:09:57,320 Speaker 1: indicate I should counsel people on how to live their lives. 192 00:09:57,400 --> 00:10:00,199 Speaker 1: So why did you write this? So this is in 193 00:10:00,240 --> 00:10:02,400 Speaker 1: a journey of personal discovery. We were talking about this 194 00:10:02,440 --> 00:10:05,199 Speaker 1: off Mike. I struggle from what I would loosely call 195 00:10:05,320 --> 00:10:09,679 Speaker 1: mild depression and issues with anger. And my sister summarized 196 00:10:09,720 --> 00:10:11,680 Speaker 1: the problem perfectly a couple of years ago when I 197 00:10:11,679 --> 00:10:13,679 Speaker 1: was speaking to her, she said, why are you so 198 00:10:13,760 --> 00:10:15,760 Speaker 1: piste off all the time? And when I look at 199 00:10:15,760 --> 00:10:18,280 Speaker 1: my blessings and I look at my mood, they don't 200 00:10:18,280 --> 00:10:20,360 Speaker 1: foot to one another. And I decided that I would 201 00:10:20,400 --> 00:10:23,840 Speaker 1: do some research around what are the best practices around 202 00:10:23,880 --> 00:10:26,840 Speaker 1: people who are able to take stock of their blessings 203 00:10:26,920 --> 00:10:29,280 Speaker 1: and translate that to their mood and their satisfaction with 204 00:10:29,320 --> 00:10:32,760 Speaker 1: their own life. And there's a tremendous amount of great 205 00:10:32,800 --> 00:10:35,800 Speaker 1: research out there. There's best practices, there's worst practices, and 206 00:10:35,840 --> 00:10:38,480 Speaker 1: I try and summarize them for the kids and turn 207 00:10:38,559 --> 00:10:40,920 Speaker 1: it into a class. But it's also been, you know, 208 00:10:41,000 --> 00:10:43,480 Speaker 1: a great personal journey for me to try and figure out, Okay, 209 00:10:43,720 --> 00:10:46,680 Speaker 1: how can I ensure that I take that again, my 210 00:10:46,720 --> 00:10:49,960 Speaker 1: blessings foot to my mood so on that. There's a 211 00:10:50,080 --> 00:10:54,079 Speaker 1: huge body of research about the positive power of gratitude. 212 00:10:54,679 --> 00:10:57,559 Speaker 1: You discussed that in the book How how does one 213 00:10:57,679 --> 00:11:02,080 Speaker 1: live a more grateful life? Well, they're supposedly tricks, and 214 00:11:02,200 --> 00:11:04,360 Speaker 1: one of them is just writing them down. Suppose we 215 00:11:04,360 --> 00:11:05,880 Speaker 1: write them down, they cement them. But I think there's 216 00:11:05,920 --> 00:11:09,080 Speaker 1: other things too. I think with especially with men, we 217 00:11:09,200 --> 00:11:14,280 Speaker 1: have a problem communicating admiration and affection for other people. 218 00:11:15,000 --> 00:11:16,800 Speaker 1: As young men, especially when I grew up in the 219 00:11:16,880 --> 00:11:19,400 Speaker 1: seventies and eighties, affection meant one or two things. You 220 00:11:19,400 --> 00:11:21,720 Speaker 1: were trying to have sex with that person, or you 221 00:11:21,760 --> 00:11:24,000 Speaker 1: were a homosexual. And in the seventies or eighties, for 222 00:11:24,040 --> 00:11:25,920 Speaker 1: a head of sexual man, both of those things were 223 00:11:25,960 --> 00:11:30,240 Speaker 1: considered either suspect or a bad thing. Right, So times 224 00:11:30,240 --> 00:11:33,120 Speaker 1: have changed, and I think affection if you look at mammals, 225 00:11:33,160 --> 00:11:34,720 Speaker 1: if you look at where we're happiest, if you look 226 00:11:34,720 --> 00:11:36,839 Speaker 1: at what we're meant to do, we're pack animals and 227 00:11:36,840 --> 00:11:39,040 Speaker 1: we're meant to touch each other. Now, unfortunately, because of 228 00:11:39,080 --> 00:11:42,720 Speaker 1: just some outrageous and criminal behavior in the workplace, we've 229 00:11:42,760 --> 00:11:46,760 Speaker 1: conflated masculinity with toxicity, and we've said affection in the 230 00:11:46,760 --> 00:11:49,520 Speaker 1: workplace is a bad thing. And I understand that, but 231 00:11:49,559 --> 00:11:51,960 Speaker 1: I think men need to take back affection and be 232 00:11:52,040 --> 00:11:55,720 Speaker 1: affectionate with their children, expressive affection to their friends. And 233 00:11:55,720 --> 00:11:58,000 Speaker 1: the reality is it just doesn't take a ton of 234 00:11:58,000 --> 00:12:02,320 Speaker 1: common sense to recognize and affection isn't welcome, but affection 235 00:12:02,400 --> 00:12:06,000 Speaker 1: is a wonderful thing. And also just verbal admiration. Like Barry, 236 00:12:06,040 --> 00:12:07,960 Speaker 1: I think you're an impressive guy. I think you have 237 00:12:08,040 --> 00:12:10,880 Speaker 1: a really interesting career, and I love the fact that 238 00:12:10,960 --> 00:12:13,040 Speaker 1: you talk about your hobbies. You just seem like you 239 00:12:13,080 --> 00:12:14,480 Speaker 1: just seem like a guy that would be a great 240 00:12:14,520 --> 00:12:16,520 Speaker 1: mentor a great uncle, the guy people want to hang 241 00:12:16,520 --> 00:12:19,200 Speaker 1: out with. Saying that most men, when they say that, 242 00:12:19,320 --> 00:12:22,280 Speaker 1: feel as if they're giving up something. That admiration is 243 00:12:22,320 --> 00:12:25,319 Speaker 1: a currency that when I say that that it somehow 244 00:12:25,360 --> 00:12:28,320 Speaker 1: takes that away from me, especially young men. So what 245 00:12:28,360 --> 00:12:30,920 Speaker 1: I encourage people to do our young men is to say, look, 246 00:12:31,320 --> 00:12:33,520 Speaker 1: one of the greatest things that can take you off 247 00:12:33,559 --> 00:12:37,120 Speaker 1: track is that don't assume that people in your life 248 00:12:37,120 --> 00:12:40,680 Speaker 1: are telepathic. Thinking loving thoughts about your friends and family 249 00:12:40,760 --> 00:12:43,280 Speaker 1: doesn't make you a loving person. You have to express 250 00:12:43,320 --> 00:12:45,760 Speaker 1: these things. And the greatest untapped resource in the world 251 00:12:46,520 --> 00:12:48,920 Speaker 1: is the good things you feel about other people that 252 00:12:48,960 --> 00:12:53,120 Speaker 1: you don't articulate. We assume that people telepathically understand that 253 00:12:53,160 --> 00:12:55,319 Speaker 1: we admire them, that we respect them, that we're fond 254 00:12:55,360 --> 00:12:58,400 Speaker 1: of them. And I think the fastest way to increase 255 00:12:58,440 --> 00:13:02,000 Speaker 1: your short term happiness is to find the courage too 256 00:13:02,080 --> 00:13:04,280 Speaker 1: when you when you feel good things about other people, 257 00:13:04,320 --> 00:13:07,120 Speaker 1: to express them. And quite frankly, it's a little bit embarrassing. 258 00:13:07,240 --> 00:13:09,920 Speaker 1: You make yourself vulnerable. Sometimes it can even be off 259 00:13:09,920 --> 00:13:12,760 Speaker 1: putting to the other person. But on the whole, I 260 00:13:12,760 --> 00:13:15,280 Speaker 1: think it's one of the greatest hacks to feeling more 261 00:13:15,280 --> 00:13:17,720 Speaker 1: grateful and being more happy. It's just expressing all the 262 00:13:17,720 --> 00:13:20,160 Speaker 1: good thoughts that run between your ears every day. So 263 00:13:20,559 --> 00:13:24,319 Speaker 1: you're suggesting an individual can decide to be happy, can 264 00:13:24,480 --> 00:13:28,160 Speaker 1: decide to be grateful can implement hacks in order to 265 00:13:28,240 --> 00:13:31,080 Speaker 1: achieve that state. So I think there are best practices, 266 00:13:31,240 --> 00:13:33,280 Speaker 1: and I don't think there's an equation, and I also 267 00:13:33,360 --> 00:13:35,080 Speaker 1: don't I want to I want to be I wanna 268 00:13:35,080 --> 00:13:37,680 Speaker 1: disclose that. I think there are certain forms of depression 269 00:13:37,720 --> 00:13:41,120 Speaker 1: and erosies that require outside intervention, but there are through 270 00:13:41,200 --> 00:13:43,959 Speaker 1: and there is no one equation. So the title is 271 00:13:43,960 --> 00:13:46,760 Speaker 1: a little bit misleading. One happiness is a sensation. We 272 00:13:46,760 --> 00:13:49,520 Speaker 1: were talking about conomen before. When I'm really talking about 273 00:13:49,600 --> 00:13:52,360 Speaker 1: is the decisions and investments you make through the course 274 00:13:52,360 --> 00:13:54,360 Speaker 1: of your life such that the ark or the narrative 275 00:13:54,360 --> 00:13:56,240 Speaker 1: of your life is a little bit more satisfying, and 276 00:13:56,280 --> 00:13:58,800 Speaker 1: the highs and lows that we all experience swing on 277 00:13:58,800 --> 00:14:01,840 Speaker 1: a higher plane. I don't think there's any one equation. 278 00:14:01,880 --> 00:14:03,760 Speaker 1: People have to find their own route. But there are 279 00:14:03,920 --> 00:14:07,559 Speaker 1: best and worst practices. So the Harvard Grand Study, largest 280 00:14:07,559 --> 00:14:11,520 Speaker 1: study of its kind on happiness, found worst and best 281 00:14:11,960 --> 00:14:16,920 Speaker 1: tracked Freman over seventy five years, over eighty years. And 282 00:14:16,960 --> 00:14:19,400 Speaker 1: it's interesting started, I think in the twenties, and what 283 00:14:19,960 --> 00:14:21,600 Speaker 1: which gives you sort of insight into the way we 284 00:14:21,600 --> 00:14:24,000 Speaker 1: thought about people and what was important in the twenties 285 00:14:24,000 --> 00:14:25,680 Speaker 1: we decided to track four hundred men, right like who 286 00:14:25,720 --> 00:14:29,200 Speaker 1: shows about women's happiness? And no women, of course is 287 00:14:29,240 --> 00:14:32,240 Speaker 1: surprised by that. And we waited until we tracked them 288 00:14:32,240 --> 00:14:34,440 Speaker 1: for eighty years or that scientists tracked them for eighty 289 00:14:34,520 --> 00:14:37,240 Speaker 1: years everything they ate, what they did at work, all 290 00:14:37,280 --> 00:14:40,480 Speaker 1: of their relationships, their sporting activity or lack thereof their media, 291 00:14:40,800 --> 00:14:43,320 Speaker 1: and then queried them on a regular basis their levels 292 00:14:43,320 --> 00:14:46,160 Speaker 1: of happiness and satisfaction. And then aggregated the largest data 293 00:14:46,200 --> 00:14:49,280 Speaker 1: set on longitudinal happiness ever and then said, what are 294 00:14:49,280 --> 00:14:52,200 Speaker 1: the best practices among the people who are happiest or 295 00:14:52,200 --> 00:14:55,160 Speaker 1: seem more satisfied? What are the worst practices among people 296 00:14:55,160 --> 00:14:58,440 Speaker 1: who seem less satisfied? One and they had to swap 297 00:14:58,440 --> 00:15:01,000 Speaker 1: out four principal scientists. So let's start with the worst practice, 298 00:15:01,640 --> 00:15:05,880 Speaker 1: the one thing that was prevalent or consistent most often 299 00:15:05,920 --> 00:15:08,880 Speaker 1: across the cohort with the lowest level of happiness. And 300 00:15:08,960 --> 00:15:14,160 Speaker 1: he guesses alcohol. Alcohol, And that surprised me. And by 301 00:15:14,200 --> 00:15:15,840 Speaker 1: the way, this is like what I call it, do 302 00:15:15,920 --> 00:15:18,200 Speaker 1: what I say, not what I do. I love alcohol. 303 00:15:18,320 --> 00:15:20,080 Speaker 1: I feel as if I've gotten more out of alcohol 304 00:15:20,080 --> 00:15:21,880 Speaker 1: than it's gotten out of me. A great Churchill quote. 305 00:15:22,040 --> 00:15:24,720 Speaker 1: Although although you write in the book that in your 306 00:15:24,720 --> 00:15:27,400 Speaker 1: twenties and thirties alcohol mess with you, Yeah it did, 307 00:15:27,560 --> 00:15:30,480 Speaker 1: it did, And I'll come back to that. But basically, 308 00:15:30,560 --> 00:15:33,560 Speaker 1: alcohol was seen in a lot of instances as ruining relationships, 309 00:15:33,600 --> 00:15:38,000 Speaker 1: taking people's health off track, careers coming undone. Uh. And 310 00:15:38,160 --> 00:15:40,080 Speaker 1: when I when I look back when I first moved 311 00:15:40,120 --> 00:15:42,800 Speaker 1: to New York in the eighties and I took a 312 00:15:42,880 --> 00:15:45,480 Speaker 1: job with Morgan Stanley, every night, I'd go out and 313 00:15:45,520 --> 00:15:48,320 Speaker 1: get pretty much, you know, drunk with other people that 314 00:15:48,360 --> 00:15:51,120 Speaker 1: felt like they were successful, had a cool place downtown, 315 00:15:51,160 --> 00:15:53,040 Speaker 1: and it had sort of the sort of call artificial 316 00:15:53,080 --> 00:15:56,280 Speaker 1: relevance and fabulousness to it. And I found that over 317 00:15:56,320 --> 00:15:59,000 Speaker 1: time I was less effective at work. I lost touch 318 00:15:59,040 --> 00:16:01,120 Speaker 1: with a lot of people. I was investing in relationships 319 00:16:01,160 --> 00:16:03,920 Speaker 1: with my family, and I decided after two years of 320 00:16:04,040 --> 00:16:05,760 Speaker 1: that that I was just going to dial it back. 321 00:16:05,840 --> 00:16:08,000 Speaker 1: And the problem I find with young people is that 322 00:16:08,000 --> 00:16:11,160 Speaker 1: their litmus tests or whether they have a problem with substances, 323 00:16:11,200 --> 00:16:14,320 Speaker 1: as they say, am I addicted? Have I had an intervention? 324 00:16:14,400 --> 00:16:16,520 Speaker 1: Am I living under a bridge? And if they have 325 00:16:16,600 --> 00:16:18,440 Speaker 1: a job and they're well liked and they're doing well, 326 00:16:18,440 --> 00:16:20,120 Speaker 1: they think I don't have a problem with substances, but 327 00:16:20,160 --> 00:16:22,440 Speaker 1: it's not that black and white. There are nuances here, 328 00:16:22,520 --> 00:16:26,920 Speaker 1: and eight of substance abusers are functioning substance abusers. The 329 00:16:26,960 --> 00:16:30,440 Speaker 1: better question is if I dialed down X, Y, and 330 00:16:30,520 --> 00:16:33,840 Speaker 1: Z substances, whether it's trans fats, whether it's alcohol, whether 331 00:16:33,880 --> 00:16:37,160 Speaker 1: it's pot, whether it's shopping, would I just be better 332 00:16:37,240 --> 00:16:39,600 Speaker 1: at a bunch of things? And what I counsel my 333 00:16:39,720 --> 00:16:42,560 Speaker 1: kids on or my students is take stock of every 334 00:16:42,560 --> 00:16:47,280 Speaker 1: external substance and imagine you did a half two thirds more. 335 00:16:47,360 --> 00:16:49,400 Speaker 1: Because there's also I think this narrative it has to 336 00:16:49,400 --> 00:16:51,400 Speaker 1: be zero or one. You either have to totally give 337 00:16:51,400 --> 00:16:54,239 Speaker 1: it up or you don't have a problem. Everything in moderation. 338 00:16:55,920 --> 00:16:57,880 Speaker 1: But for me it was something where I felt a 339 00:16:57,920 --> 00:17:01,640 Speaker 1: lot healthier, a lot better on. But yeah, that's definitely 340 00:17:02,000 --> 00:17:05,760 Speaker 1: the one thing they found happiness the best practice if 341 00:17:05,760 --> 00:17:07,520 Speaker 1: there is a hack, and of course the students, I 342 00:17:07,680 --> 00:17:10,840 Speaker 1: want to get to. The one thing is they found 343 00:17:10,840 --> 00:17:14,320 Speaker 1: that the cohort that was happiest. It was pretty pretty straightforward. 344 00:17:14,840 --> 00:17:17,040 Speaker 1: It was based on the depth and number of meaningful 345 00:17:17,040 --> 00:17:19,680 Speaker 1: relationships in their lives at work. Do you feel respect 346 00:17:19,680 --> 00:17:23,040 Speaker 1: and admired and do you respect and admire other people? 347 00:17:23,080 --> 00:17:25,240 Speaker 1: Amongst your friends, do you get a sense of camaraderie 348 00:17:25,359 --> 00:17:28,520 Speaker 1: enjoy and do they sense camaraderie enjoy from you? And 349 00:17:28,600 --> 00:17:31,399 Speaker 1: at home, amongst your family, do you feel an intense 350 00:17:31,520 --> 00:17:34,679 Speaker 1: level of support and love? And just as importantly, do 351 00:17:34,720 --> 00:17:37,560 Speaker 1: you know they feel that sense of love and joy 352 00:17:37,640 --> 00:17:40,720 Speaker 1: from you? In this sense? The Harvard Grant study burned 353 00:17:40,720 --> 00:17:43,200 Speaker 1: through four principal sciences because they kept dying over the 354 00:17:43,280 --> 00:17:46,400 Speaker 1: course of those eight years. Summarize this, you know, hundreds 355 00:17:46,400 --> 00:17:49,040 Speaker 1: something paid report and it has the best opening line 356 00:17:49,119 --> 00:17:52,400 Speaker 1: of any academic study to summarize the findings, and it's 357 00:17:52,400 --> 00:17:55,879 Speaker 1: the following, happiness is love, full stop. And that is 358 00:17:55,920 --> 00:17:58,399 Speaker 1: the one thing we find across almost all these studies 359 00:17:58,400 --> 00:18:01,359 Speaker 1: on happiness that it's the ability to invest in and 360 00:18:01,440 --> 00:18:05,280 Speaker 1: maintain deep, meaningful relationships across your friends and at work 361 00:18:05,440 --> 00:18:09,480 Speaker 1: and at home. Let's talk about those students. And I 362 00:18:09,560 --> 00:18:11,760 Speaker 1: want to reference something in the book that I thought 363 00:18:11,880 --> 00:18:16,320 Speaker 1: was fascinating. There's a chart, effectively that looks like a 364 00:18:16,400 --> 00:18:20,600 Speaker 1: smile that shows where people in their life cycle are 365 00:18:20,680 --> 00:18:23,919 Speaker 1: happiness when they're young and when they're old. Tell us 366 00:18:23,920 --> 00:18:27,200 Speaker 1: about that. Yeah, it's difficult This is just gore. It's 367 00:18:27,200 --> 00:18:30,080 Speaker 1: gorgeous data because across all studies and across cutting across 368 00:18:30,119 --> 00:18:35,119 Speaker 1: ethnic groups, uh income, cohorts, cultures, we found or they 369 00:18:35,119 --> 00:18:37,960 Speaker 1: find something very similar, and that is people are generally 370 00:18:38,000 --> 00:18:40,840 Speaker 1: happiest in the beginning and the ends of the lives. 371 00:18:40,960 --> 00:18:42,920 Speaker 1: And that is from zero to twenty five, it's the 372 00:18:42,960 --> 00:18:48,199 Speaker 1: stuff of Disneyland, your first car, exploration of self, spilling 373 00:18:48,200 --> 00:18:51,760 Speaker 1: into adulthood, football games, you know, just magic, right, and 374 00:18:51,800 --> 00:18:54,080 Speaker 1: then kind of from twenty to forty five, that's what 375 00:18:54,119 --> 00:18:56,720 Speaker 1: I call the life gets real phase, and that is 376 00:18:56,760 --> 00:18:58,480 Speaker 1: you find that you're not going to have a fragrance 377 00:18:58,560 --> 00:19:00,560 Speaker 1: named after, You're likely not going to be a senator, 378 00:19:01,119 --> 00:19:05,680 Speaker 1: someone you love get sick and dies. Having children is stressful. 379 00:19:05,880 --> 00:19:07,560 Speaker 1: What's interesting we don't like to talk about is that 380 00:19:07,600 --> 00:19:09,720 Speaker 1: when we survey or when they survey people with kids 381 00:19:09,720 --> 00:19:12,080 Speaker 1: and without kids, on average, the people without kids are 382 00:19:12,119 --> 00:19:16,280 Speaker 1: actually happier, not that kids without kids. It is surprising. 383 00:19:16,320 --> 00:19:18,840 Speaker 1: Now at the end of life, people consistently say, we 384 00:19:18,880 --> 00:19:21,240 Speaker 1: have a hormone that releases that erases the bad times, 385 00:19:21,520 --> 00:19:25,119 Speaker 1: and we feel more rewarding and more fulfilled having had kids, 386 00:19:25,119 --> 00:19:28,640 Speaker 1: But during it they're less happy. It's stressful. Kids are stressful. 387 00:19:28,680 --> 00:19:31,600 Speaker 1: They put economic pressure on you. You know, one of 388 00:19:31,600 --> 00:19:33,840 Speaker 1: my favorite things is, you know, kids ruin everything. Babies 389 00:19:33,880 --> 00:19:36,480 Speaker 1: are awful, and they get less awful, but still it's 390 00:19:36,840 --> 00:19:40,240 Speaker 1: kids are Kids are difficult. So you have and then 391 00:19:40,280 --> 00:19:42,760 Speaker 1: you find it you face economic stress usually at some 392 00:19:42,800 --> 00:19:45,480 Speaker 1: point in your life with the cycles, and you find 393 00:19:45,520 --> 00:19:49,359 Speaker 1: you wake up oftentimes sometimes forty five and you're disappointed. 394 00:19:49,400 --> 00:19:51,520 Speaker 1: We have a tendency to anchor off the most successful 395 00:19:51,560 --> 00:19:54,320 Speaker 1: person we know. We have a tendency to believe what 396 00:19:54,480 --> 00:19:56,760 Speaker 1: college and our parents told us that we can be anything, 397 00:19:57,080 --> 00:20:00,320 Speaker 1: which is this is why Facebook Instagram is so toxic. Well, 398 00:20:00,400 --> 00:20:04,560 Speaker 1: it's especially toxic because again we have this wonderful competitiveness 399 00:20:04,560 --> 00:20:08,920 Speaker 1: gene that ensures that the next generation will be taller, faster, smart, stronger, 400 00:20:09,400 --> 00:20:11,720 Speaker 1: and by anchoring and aspiring off the most successful person 401 00:20:11,760 --> 00:20:14,399 Speaker 1: we do that has a very positive evolutionary benefit, but 402 00:20:14,480 --> 00:20:16,679 Speaker 1: it also makes us feel bad about ourselves. And the 403 00:20:16,720 --> 00:20:19,639 Speaker 1: thing about Instagram is that these people become somewhat relatable 404 00:20:20,040 --> 00:20:21,680 Speaker 1: and along the Bhutan, who I think is going to 405 00:20:21,760 --> 00:20:23,480 Speaker 1: go down? It's one of the more interesting thinkers, says 406 00:20:23,880 --> 00:20:26,080 Speaker 1: Envy is a function of familiarity, so we don't envy 407 00:20:26,119 --> 00:20:27,760 Speaker 1: the queen. We don't say, oh, I wish I were 408 00:20:27,800 --> 00:20:29,879 Speaker 1: the queen. I wish I were rolling around in that carriage. 409 00:20:30,119 --> 00:20:33,680 Speaker 1: But on Instagram, you not only see what you're missing 410 00:20:33,680 --> 00:20:35,680 Speaker 1: out on, you see it play out in real time 411 00:20:35,720 --> 00:20:38,600 Speaker 1: amongst your friends, and it's kind of their success is 412 00:20:38,600 --> 00:20:41,159 Speaker 1: shoved in your face, especially among young people who are 413 00:20:41,200 --> 00:20:45,680 Speaker 1: unable to really to really modulate that. But forty five 414 00:20:45,760 --> 00:20:49,280 Speaker 1: are usually is usually your least happiest time, and then 415 00:20:49,320 --> 00:20:52,240 Speaker 1: something wonderful happens in your fifties and in your or 416 00:20:52,320 --> 00:20:55,200 Speaker 1: younger if your soulful, and you start finding appreciation and 417 00:20:55,320 --> 00:20:57,720 Speaker 1: joy in places you didn't find it before. I used 418 00:20:57,720 --> 00:20:59,199 Speaker 1: to serve when I was younger because I thought I 419 00:20:59,200 --> 00:21:02,119 Speaker 1: was cool. Now I'm kind of fascinated by the idea 420 00:21:02,119 --> 00:21:03,520 Speaker 1: I can be out there. I wouldn't even call it 421 00:21:03,520 --> 00:21:06,280 Speaker 1: surfing anymore. It's me clean to a piece of fiberglass 422 00:21:06,320 --> 00:21:09,200 Speaker 1: for dear life. But the fact that several thousand tons 423 00:21:09,240 --> 00:21:11,880 Speaker 1: will emerge because of the geometry of the sand floor 424 00:21:11,960 --> 00:21:14,399 Speaker 1: and the way the sun feels and the I mean, 425 00:21:14,440 --> 00:21:18,280 Speaker 1: you just you're just joyous, right, these small things that 426 00:21:18,320 --> 00:21:21,160 Speaker 1: look like you called children become more joyous. You maybe 427 00:21:21,200 --> 00:21:23,200 Speaker 1: take stock your blessings, maybe have a little bit of 428 00:21:23,200 --> 00:21:27,040 Speaker 1: economic security. You realize life is finite. You appreciate your health, 429 00:21:27,119 --> 00:21:29,879 Speaker 1: You find joy and things you'd never find joy in 430 00:21:30,000 --> 00:21:34,119 Speaker 1: nature or art, and you get happier. And the cohort 431 00:21:34,119 --> 00:21:36,800 Speaker 1: that is happiest would logically be the cohort that should 432 00:21:36,840 --> 00:21:38,879 Speaker 1: be the least happy. And that's people who start to 433 00:21:38,920 --> 00:21:41,200 Speaker 1: have their health fail, and that as seniors who are 434 00:21:41,240 --> 00:21:44,760 Speaker 1: consistently the happiest. So the advice here is simple, and 435 00:21:44,840 --> 00:21:46,959 Speaker 1: your twenties and thirties among people who are having a 436 00:21:47,000 --> 00:21:49,720 Speaker 1: tough time, and that is this is a this is 437 00:21:49,760 --> 00:21:51,840 Speaker 1: a normal part of the journey, and the keys to 438 00:21:51,920 --> 00:21:54,560 Speaker 1: keep on keeping on the happiness waits for you. Let's 439 00:21:54,600 --> 00:21:57,240 Speaker 1: let's roll back from the fifties, sixties and and later 440 00:21:57,800 --> 00:22:00,480 Speaker 1: years to those thirties and forties you right the book, 441 00:22:01,080 --> 00:22:03,240 Speaker 1: this is the time of your life where you have 442 00:22:03,320 --> 00:22:05,359 Speaker 1: to make your bones, where you're gonna work hard, You're 443 00:22:05,400 --> 00:22:07,320 Speaker 1: gonna put in a lot of hours, but you need 444 00:22:07,400 --> 00:22:11,000 Speaker 1: to do that during those decades. So so the future 445 00:22:11,040 --> 00:22:15,320 Speaker 1: and happiness arises. Explain that. So I survey the kids again, 446 00:22:15,359 --> 00:22:17,639 Speaker 1: the students about where how much money they expect to 447 00:22:17,680 --> 00:22:20,960 Speaker 1: be making in ten, twenty, and thirty years, and nine 448 00:22:21,160 --> 00:22:23,920 Speaker 1: plus percent of them expect to be in the top one. 449 00:22:25,320 --> 00:22:27,600 Speaker 1: So granted, this is selection bias because the second year 450 00:22:27,640 --> 00:22:29,680 Speaker 1: of business school in New York, the average salary coming 451 00:22:29,680 --> 00:22:32,280 Speaker 1: out of school is a D eighteen thousand, which is 452 00:22:32,280 --> 00:22:34,480 Speaker 1: a lot of money that already the meeting across the 453 00:22:34,680 --> 00:22:38,399 Speaker 1: already puts them in kind of percentile, and they expect 454 00:22:38,480 --> 00:22:40,480 Speaker 1: to be in the n by the time they're thirty 455 00:22:40,520 --> 00:22:43,480 Speaker 1: five or forty. And my observation, and I believe there's 456 00:22:43,520 --> 00:22:45,320 Speaker 1: data back this up, is that if you expect to 457 00:22:45,320 --> 00:22:49,199 Speaker 1: be in the percentile, balance is a myth. And we 458 00:22:49,240 --> 00:22:51,600 Speaker 1: all know somebody who's good looking, in great shape, has 459 00:22:51,640 --> 00:22:53,800 Speaker 1: good relationships with their parents, donates time at the A 460 00:22:53,840 --> 00:22:56,000 Speaker 1: s p c A, and has a food block. Assume 461 00:22:56,040 --> 00:22:58,720 Speaker 1: you are not that person, unless you're smart enough to 462 00:22:58,760 --> 00:23:00,679 Speaker 1: inherit a lot of money. If you expect to be 463 00:23:00,720 --> 00:23:03,760 Speaker 1: in the top economic weight class, you should expect to 464 00:23:03,760 --> 00:23:07,120 Speaker 1: do not much else other than focus on your career 465 00:23:07,119 --> 00:23:08,719 Speaker 1: in your twenties and thirties. And by the way, I 466 00:23:08,720 --> 00:23:11,560 Speaker 1: want to acknowledge, that's not the road to happiness for everybody. 467 00:23:11,560 --> 00:23:13,200 Speaker 1: A lot of people say, I'm not going to howl 468 00:23:13,200 --> 00:23:15,560 Speaker 1: in the money storm. I'm gonna find a way to 469 00:23:15,600 --> 00:23:18,360 Speaker 1: lower my burn and I'm not gonna let money dictate 470 00:23:18,359 --> 00:23:21,240 Speaker 1: my happiness. We live in a capitalist society, and most 471 00:23:21,240 --> 00:23:23,520 Speaker 1: of the people we know have decided that they want 472 00:23:23,560 --> 00:23:26,639 Speaker 1: a certain level of economic securities and success, and it 473 00:23:26,760 --> 00:23:29,280 Speaker 1: has to be an honest conversation with yourself. In my 474 00:23:29,359 --> 00:23:31,400 Speaker 1: twenties and thirties, I don't I don't know about you, Barry. 475 00:23:31,680 --> 00:23:34,480 Speaker 1: I don't remember much else than working, and I want 476 00:23:34,480 --> 00:23:37,080 Speaker 1: to be clear, I came at a price. I'm bald, 477 00:23:37,320 --> 00:23:40,840 Speaker 1: I burned through my first marriage, and I'm not gonna 478 00:23:41,080 --> 00:23:44,280 Speaker 1: totally advocate personal responsibility for those failures. But I think 479 00:23:44,280 --> 00:23:46,400 Speaker 1: a lot of it was the fact that for two 480 00:23:46,440 --> 00:23:50,080 Speaker 1: decades I was very focused on economic security and not 481 00:23:50,240 --> 00:23:52,080 Speaker 1: much else. So I think young people just have an 482 00:23:52,119 --> 00:23:54,520 Speaker 1: honest I have to have an honest conversation because we're 483 00:23:54,560 --> 00:23:57,480 Speaker 1: told when we're young, you can have it all. Well, 484 00:23:57,600 --> 00:23:59,359 Speaker 1: I'm sorry, I'm not here with a message of hope. 485 00:23:59,400 --> 00:24:01,840 Speaker 1: It's difficult to have it all and there everything is 486 00:24:01,840 --> 00:24:04,640 Speaker 1: a trade off. So I have a lot of balance 487 00:24:04,720 --> 00:24:07,440 Speaker 1: now as you do, because I didn't have very much 488 00:24:07,440 --> 00:24:09,520 Speaker 1: when I was young, and that was a conscious decision 489 00:24:09,520 --> 00:24:13,160 Speaker 1: I made, quite quite interesting. So we talked a bit 490 00:24:13,200 --> 00:24:17,840 Speaker 1: about technology. Let's get into some of the details about this, 491 00:24:18,280 --> 00:24:23,119 Speaker 1: because your your previous book obviously um delved into some areas. 492 00:24:23,160 --> 00:24:26,879 Speaker 1: You made some bold forecasts, some of which were incredibly pressing. 493 00:24:26,880 --> 00:24:30,320 Speaker 1: In you said a year ahead of time, Hey, Amazon 494 00:24:30,359 --> 00:24:32,480 Speaker 1: should buy Whole Foods, will give him a giant footprint, 495 00:24:32,560 --> 00:24:35,720 Speaker 1: blah blah blah, and and they did. Were you at 496 00:24:35,760 --> 00:24:41,240 Speaker 1: all surprised by this whole Amazon HQ debacle? Well, so look, 497 00:24:42,520 --> 00:24:44,800 Speaker 1: and I'm I'm boasting here, But at the beginning of 498 00:24:44,880 --> 00:24:47,880 Speaker 1: two thousand and eighteen, I said, this isn't a contest, 499 00:24:47,920 --> 00:24:50,720 Speaker 1: It's a count, and that is I've been on seven 500 00:24:50,760 --> 00:24:53,320 Speaker 1: public company boards, a dozen private company boards, and I've 501 00:24:53,320 --> 00:24:57,440 Speaker 1: been through four headquarter relocations, and in retrospect, it all 502 00:24:57,480 --> 00:24:59,920 Speaker 1: came down to one thing, and that is where the 503 00:25:00,040 --> 00:25:02,520 Speaker 1: CEO wanted to spend more time, where he was here, 504 00:25:02,600 --> 00:25:05,560 Speaker 1: she was president of their golf club, or where his 505 00:25:05,760 --> 00:25:09,400 Speaker 1: next wife was living. When you are a fifty five 506 00:25:09,480 --> 00:25:13,000 Speaker 1: year old man where a hundred billion dollars, it means 507 00:25:13,040 --> 00:25:14,920 Speaker 1: that you have more options than anyone in the world, 508 00:25:14,960 --> 00:25:17,720 Speaker 1: and you are the master of no so queering me. 509 00:25:17,840 --> 00:25:21,160 Speaker 1: This a guy who is fifty five or D five 510 00:25:21,160 --> 00:25:24,480 Speaker 1: billion dollars, Is he going to spend twelve minutes, much 511 00:25:24,560 --> 00:25:28,840 Speaker 1: less twelve weeks in Indianapolis. Is the wealthiest man in 512 00:25:28,840 --> 00:25:31,160 Speaker 1: the world going to decide to roll in Columbus, Ohio? 513 00:25:31,240 --> 00:25:34,560 Speaker 1: And this is the sophisticated analysis I did Bury. The 514 00:25:34,600 --> 00:25:37,840 Speaker 1: bezos have four homes, one in Seattle, one in l A, 515 00:25:37,880 --> 00:25:39,879 Speaker 1: one on the Upper east Side, and one in Calorama. 516 00:25:40,000 --> 00:25:42,639 Speaker 1: D C. L A made no sense because they couldn't 517 00:25:42,680 --> 00:25:44,919 Speaker 1: justify that, because geographically would make no sense to have 518 00:25:44,920 --> 00:25:48,320 Speaker 1: a headquarters just down the coast. So I said on Fox, 519 00:25:48,320 --> 00:25:51,280 Speaker 1: CNN and CNBC, this is all of rous. They have 520 00:25:51,359 --> 00:25:56,080 Speaker 1: gamified this to extract a pound of flesh from municipal police, fire, 521 00:25:56,119 --> 00:26:00,159 Speaker 1: and school departments and transfer it to Amazon shareholders. They 522 00:26:00,200 --> 00:26:04,280 Speaker 1: have absolutely no intention of going anywhere but d C 523 00:26:04,640 --> 00:26:07,560 Speaker 1: in New York. And I was wrong. It was both right, 524 00:26:07,600 --> 00:26:09,960 Speaker 1: You said DC or New York said DC or New York, 525 00:26:10,000 --> 00:26:12,520 Speaker 1: and I was wrong. They picked both. This wasn't a contest, 526 00:26:12,520 --> 00:26:13,960 Speaker 1: It was a conum. By the way, while I'm on 527 00:26:14,000 --> 00:26:17,320 Speaker 1: a riff, you remember that terrible imagery that they are 528 00:26:17,320 --> 00:26:19,800 Speaker 1: that kind of race baiting that Reagan engaged in the 529 00:26:20,160 --> 00:26:23,200 Speaker 1: image of a welfare mother. He had a welfare queen right, 530 00:26:25,119 --> 00:26:28,560 Speaker 1: the cadillac an individual gaming the system right and taking 531 00:26:28,560 --> 00:26:31,159 Speaker 1: our tax dollars for their own benefit. The mother of 532 00:26:31,200 --> 00:26:35,040 Speaker 1: all welfare queens is Jeff Bezos because he never sells 533 00:26:35,040 --> 00:26:38,000 Speaker 1: his stock, triggering a capital game, meaning he never ever 534 00:26:38,200 --> 00:26:41,639 Speaker 1: leaks taxes, never pays taxes. So how does he finance 535 00:26:41,680 --> 00:26:43,560 Speaker 1: his lifestyle? Barry? He brows money at one and a 536 00:26:43,560 --> 00:26:45,679 Speaker 1: half to two and a half percent against his stock 537 00:26:46,200 --> 00:26:49,960 Speaker 1: at JP Morgan, and then sevent of every subsidy given 538 00:26:49,960 --> 00:26:52,960 Speaker 1: to Amazon, whether they located a data center or a headquarter, 539 00:26:53,240 --> 00:26:56,080 Speaker 1: goes into his pocket. So if you looked at our 540 00:26:56,119 --> 00:27:00,800 Speaker 1: economy with twenty trillion dollars five trillion government six billion 541 00:27:00,840 --> 00:27:03,800 Speaker 1: goes in the military or whatever is to social security, 542 00:27:04,320 --> 00:27:06,760 Speaker 1: an outflow is to the wealthiest man in the world. 543 00:27:06,920 --> 00:27:10,840 Speaker 1: Jeff Bezos is a is literally the mother of all 544 00:27:10,840 --> 00:27:15,159 Speaker 1: welfare queens, and Alexa is this a good thing? So 545 00:27:16,200 --> 00:27:18,720 Speaker 1: let me push back on that little bit, because I 546 00:27:18,720 --> 00:27:22,639 Speaker 1: I am no strangers to corporate welfare queens, and to me, 547 00:27:23,200 --> 00:27:27,439 Speaker 1: the biggest defenders are the Walmarts and the McDonald's, the 548 00:27:27,480 --> 00:27:30,680 Speaker 1: companies who have gains of the system, right, the ones 549 00:27:30,680 --> 00:27:34,080 Speaker 1: who figured out how to charge, how to pay as 550 00:27:34,119 --> 00:27:37,240 Speaker 1: little as they possibly can. And remember a couple of 551 00:27:37,280 --> 00:27:40,639 Speaker 1: years ago, McDonald's literally had a Mick helpline so that 552 00:27:40,680 --> 00:27:44,120 Speaker 1: they could get their employees on food stamps and aid 553 00:27:44,200 --> 00:27:48,000 Speaker 1: to dependent children. And when you look at the highest 554 00:27:48,080 --> 00:27:51,360 Speaker 1: employers of government assistant on a state by state basis, 555 00:27:51,800 --> 00:27:56,280 Speaker 1: it's invariably Walmart and and or McDonald's. Now, over the 556 00:27:56,320 --> 00:28:00,840 Speaker 1: past five years, they've improved a lot. I can't blame 557 00:28:00,880 --> 00:28:04,520 Speaker 1: Bezos for a not showing a profit by reinvesting their money. 558 00:28:04,520 --> 00:28:08,480 Speaker 1: They purposefully are low profit company. No profits mean no taxes, 559 00:28:08,800 --> 00:28:12,400 Speaker 1: and be if he chooses not to sell his stock again, 560 00:28:12,440 --> 00:28:15,679 Speaker 1: I can't push back too hard on that. But the 561 00:28:15,760 --> 00:28:17,760 Speaker 1: point that, hey, you're the wealthiest man in the world, 562 00:28:17,800 --> 00:28:19,639 Speaker 1: this is one of the highest market cap one of 563 00:28:19,760 --> 00:28:23,080 Speaker 1: three biggest market cap companies in the world. Pay your 564 00:28:23,119 --> 00:28:26,520 Speaker 1: fair share of tax that that nobody can argue with. 565 00:28:26,640 --> 00:28:28,600 Speaker 1: So you said a lot there, And I think at 566 00:28:28,600 --> 00:28:30,200 Speaker 1: the end of the day, we have to have greater 567 00:28:30,240 --> 00:28:33,960 Speaker 1: minimum wage. It hasn't kept pace with inflation and Walmart 568 00:28:34,119 --> 00:28:37,000 Speaker 1: and all of these companies should be probably paying more money, 569 00:28:37,480 --> 00:28:39,520 Speaker 1: and the government should be paying less to such that 570 00:28:39,560 --> 00:28:42,360 Speaker 1: these people can survive. I acknowledge the point now, whether 571 00:28:42,560 --> 00:28:45,560 Speaker 1: or not it's what is worse, having billions or tens 572 00:28:45,560 --> 00:28:47,840 Speaker 1: of billions of dollars spread across longcome people or the 573 00:28:47,840 --> 00:28:50,240 Speaker 1: working poor, or going out to the wealthiest man in 574 00:28:50,280 --> 00:28:53,000 Speaker 1: the world. I would argue that the latter is worse. 575 00:28:53,800 --> 00:28:56,200 Speaker 1: I don't think Jeff Bezos is doing anything wrong. I 576 00:28:56,240 --> 00:28:58,040 Speaker 1: think the man in the mirror. The guilty party here 577 00:28:58,080 --> 00:29:00,080 Speaker 1: is you and me who haven't elected officials who are 578 00:29:00,120 --> 00:29:02,760 Speaker 1: smart enough to recognize that the markets have gone through 579 00:29:02,760 --> 00:29:05,040 Speaker 1: a fundamental shift. And when a company can become the 580 00:29:05,080 --> 00:29:06,920 Speaker 1: third most valuable company in the world and is on 581 00:29:07,000 --> 00:29:09,280 Speaker 1: its way to becoming the most valuable company on the world, 582 00:29:09,840 --> 00:29:13,280 Speaker 1: when it can effectively pay no taxes because the markets 583 00:29:13,320 --> 00:29:16,920 Speaker 1: don't demand profits or meaningful profits, we have an economic 584 00:29:16,960 --> 00:29:19,920 Speaker 1: and taxation construct that no longer works for our society. 585 00:29:20,360 --> 00:29:22,960 Speaker 1: We can have a functioning economy when the most successful 586 00:29:22,960 --> 00:29:26,040 Speaker 1: company in the world, Amazon pays one point four billion 587 00:29:26,320 --> 00:29:28,479 Speaker 1: in taxes since two thousand and eight, and Walmart has 588 00:29:28,520 --> 00:29:32,040 Speaker 1: paid sixty four billion. I'm not saying they've done anything wrong, 589 00:29:32,120 --> 00:29:34,480 Speaker 1: but our economy can operate so even in France, and 590 00:29:34,520 --> 00:29:37,360 Speaker 1: we immediately think that any idea from anywhere else is 591 00:29:37,440 --> 00:29:39,760 Speaker 1: socialist or stupid. That we have we have a monopoly 592 00:29:39,760 --> 00:29:42,880 Speaker 1: on good ideas. But Frances basically said, look, we give 593 00:29:43,000 --> 00:29:45,920 Speaker 1: up your tax lawyers are smarter than our tax authorities, 594 00:29:46,120 --> 00:29:48,280 Speaker 1: so we're gonna tax you on your top line revenues. 595 00:29:48,360 --> 00:29:52,000 Speaker 1: Brazil is doing the same thing. In Britain. Google registers 596 00:29:52,040 --> 00:29:54,800 Speaker 1: about six billions sterling in business every year, and for 597 00:29:54,840 --> 00:29:58,880 Speaker 1: the purposes of profitability and taxation, they report a fifty 598 00:29:58,920 --> 00:30:01,640 Speaker 1: thou pound prof it every year on a product that's 599 00:30:01,680 --> 00:30:05,960 Speaker 1: got to be on sick note ten billions or seven 600 00:30:06,000 --> 00:30:08,520 Speaker 1: and a half, right, what seven? So about seven point 601 00:30:08,600 --> 00:30:11,720 Speaker 1: six billion, and they've decided what they report to the 602 00:30:11,720 --> 00:30:14,120 Speaker 1: government that can be taxes fifty thou pounds. And it's 603 00:30:14,160 --> 00:30:16,880 Speaker 1: expensive to do business in London, it's not that expensive. 604 00:30:17,360 --> 00:30:19,240 Speaker 1: So we are in a system now where when you 605 00:30:19,280 --> 00:30:21,720 Speaker 1: have the most successful company in the world not paying taxes, 606 00:30:22,000 --> 00:30:24,080 Speaker 1: when you have companies that game the system and can 607 00:30:24,120 --> 00:30:28,040 Speaker 1: avoid the avoid taxes by locating in the Isle of Jersey. 608 00:30:28,040 --> 00:30:31,520 Speaker 1: Apple's international headquarters is in a small, small island off 609 00:30:31,560 --> 00:30:34,400 Speaker 1: the British coast. I mean this is this is arguably 610 00:30:34,600 --> 00:30:37,840 Speaker 1: these companies are not only masters of technology or masters 611 00:30:37,840 --> 00:30:40,440 Speaker 1: in business, or masters of tax avoidance. And we haven't 612 00:30:40,440 --> 00:30:45,520 Speaker 1: elected elected officials that that acknowledge and will counter what 613 00:30:45,640 --> 00:30:48,400 Speaker 1: is a regressive tax, and that is the most successful people, 614 00:30:48,480 --> 00:30:51,800 Speaker 1: the most successful companies pay less taxes, and taxation is 615 00:30:51,880 --> 00:30:54,640 Speaker 1: largely a zero sum game, which means the following small 616 00:30:54,680 --> 00:30:57,960 Speaker 1: and medium sized companies have to pay more. So we 617 00:30:58,040 --> 00:30:59,880 Speaker 1: have basically said, all right, if you win the law 618 00:31:00,080 --> 00:31:03,520 Speaker 1: and lower in middle income people affect. So this is 619 00:31:03,680 --> 00:31:07,280 Speaker 1: we have. We have institutionalized a regressive corporate tax structure 620 00:31:08,120 --> 00:31:11,320 Speaker 1: and and that's problematic. And to go to your point 621 00:31:11,840 --> 00:31:16,719 Speaker 1: that Amazon headquarters search was a con today. Just today 622 00:31:16,800 --> 00:31:19,680 Speaker 1: we learned that they're looking to take fifty or a 623 00:31:19,760 --> 00:31:24,720 Speaker 1: hundred thousand space feet of space in Manhattan, regardless for offices. 624 00:31:25,720 --> 00:31:30,440 Speaker 1: Thing was just a nonsensus. They need to be at 625 00:31:30,480 --> 00:31:33,320 Speaker 1: this location, they need to have access to the talents 626 00:31:33,440 --> 00:31:36,120 Speaker 1: or whatever else is here. And the whole thing was 627 00:31:36,160 --> 00:31:39,280 Speaker 1: just I think this reflects poorl I think this reflects 628 00:31:39,280 --> 00:31:41,680 Speaker 1: that the board of Amazon and Jeff Bezos black character 629 00:31:41,720 --> 00:31:44,640 Speaker 1: and code, because this was nothing but an elegant transfer 630 00:31:44,680 --> 00:31:47,480 Speaker 1: of funds from municipal fire, police and school districts into 631 00:31:47,480 --> 00:31:51,800 Speaker 1: the shareholders pockets of Amazon shareholders. To their credit, Google 632 00:31:51,840 --> 00:31:54,760 Speaker 1: and Apple are all both adding thousands of jobs in 633 00:31:54,840 --> 00:31:57,840 Speaker 1: New York. Why we have three world class universities here. 634 00:31:58,160 --> 00:32:00,640 Speaker 1: It's a fantastic place to do business. And you know 635 00:32:00,680 --> 00:32:02,920 Speaker 1: what that comes at a cost. The worst poker players 636 00:32:02,920 --> 00:32:06,160 Speaker 1: in the world build a Blasio and in Governor Cuomo, 637 00:32:06,400 --> 00:32:09,200 Speaker 1: they were always coming here. They were always coming here. 638 00:32:09,200 --> 00:32:11,640 Speaker 1: And even when they pulled out and said, oh we're 639 00:32:11,680 --> 00:32:14,880 Speaker 1: angry now, they're coming here. They're just doing it quietly. 640 00:32:14,880 --> 00:32:17,320 Speaker 1: Because bottom line, the wealthiest man in the world doesn't 641 00:32:17,320 --> 00:32:20,400 Speaker 1: need to commute to Ohio. He's not going to. So 642 00:32:20,480 --> 00:32:23,160 Speaker 1: let's talk about a couple of our other favorite tech companies. 643 00:32:23,720 --> 00:32:28,200 Speaker 1: UM I read something fascinating, actually emailed you the story 644 00:32:28,240 --> 00:32:34,400 Speaker 1: about we Work and their new investment subsidiary that's gonna 645 00:32:34,520 --> 00:32:37,800 Speaker 1: buy the buildings that they're gonna sublet. Now, I haven't 646 00:32:37,840 --> 00:32:41,080 Speaker 1: brought into we Work as a Ponzi scheme, although and 647 00:32:41,120 --> 00:32:43,360 Speaker 1: I know you've said some harsh things about them, but 648 00:32:43,600 --> 00:32:46,960 Speaker 1: the idea that they're going to invest in the buildings 649 00:32:47,120 --> 00:32:51,160 Speaker 1: that they then sublet to themselves starts to smell like 650 00:32:51,280 --> 00:32:54,640 Speaker 1: old cheese a little bit. Yeah, it's so Look, the 651 00:32:54,680 --> 00:32:59,320 Speaker 1: most overvalued private company until about two months ago was Uber, 652 00:33:00,120 --> 00:33:02,120 Speaker 1: and they were claiming that they were worth a hundred 653 00:33:02,120 --> 00:33:04,280 Speaker 1: and twenty billion dollars. Now they're not even worth six 654 00:33:04,360 --> 00:33:08,120 Speaker 1: year seventy. This company could execute perfectly and still be 655 00:33:08,160 --> 00:33:12,360 Speaker 1: cut in half in terms of any reasonable memo. Do 656 00:33:12,400 --> 00:33:14,719 Speaker 1: you agree that they waited too long to go public 657 00:33:14,800 --> 00:33:17,040 Speaker 1: and left so much value on the table because they 658 00:33:17,120 --> 00:33:20,720 Speaker 1: got greedy or I think that they should have never 659 00:33:20,760 --> 00:33:23,400 Speaker 1: gone public and the private markets are now more amenable 660 00:33:23,400 --> 00:33:26,760 Speaker 1: to companies like this, And essentially here's a better prediction. 661 00:33:26,840 --> 00:33:28,680 Speaker 1: Everyone talks about is Uber or Tests are going out 662 00:33:28,720 --> 00:33:30,520 Speaker 1: of business. I think the NASTACK and the NYC are 663 00:33:30,560 --> 00:33:33,520 Speaker 1: going out of business. We'll come back to that roll 664 00:33:33,680 --> 00:33:37,280 Speaker 1: roll back a sec. Uber which has thirty of forty 665 00:33:37,320 --> 00:33:41,400 Speaker 1: billion in venture capital, How do they not go public? 666 00:33:41,440 --> 00:33:44,520 Speaker 1: There's no exit for tons and tons of vcs who 667 00:33:44,520 --> 00:33:46,800 Speaker 1: aren't looking for five percent a year for a million 668 00:33:46,880 --> 00:33:49,560 Speaker 1: years their secondary markets. Now in the private markets, there's 669 00:33:49,600 --> 00:33:51,480 Speaker 1: liquidity in the private markets and never used to be 670 00:33:51,600 --> 00:33:54,840 Speaker 1: not dollars worth not a hundred. Yeah, they raised eight 671 00:33:54,960 --> 00:33:56,720 Speaker 1: that's a fair point. They probably can raise a billion. 672 00:33:56,800 --> 00:33:59,400 Speaker 1: But there were secondary trades taking place, their secondary trades 673 00:33:59,480 --> 00:34:02,920 Speaker 1: right now and in in stocks, and and you know 674 00:34:02,960 --> 00:34:05,640 Speaker 1: you can buy shares in most private companies now with 675 00:34:05,720 --> 00:34:10,040 Speaker 1: secondary there's liquidity. Now again the retail investor who loses, 676 00:34:10,080 --> 00:34:12,160 Speaker 1: the retail investor now gets to buy stuff when it's 677 00:34:12,160 --> 00:34:14,319 Speaker 1: totally overvalued. And there's no other source of that kind 678 00:34:14,320 --> 00:34:17,759 Speaker 1: of capital. But going back to the most now, the 679 00:34:17,800 --> 00:34:20,839 Speaker 1: most overvalued private company in the world is we Work. 680 00:34:21,000 --> 00:34:23,799 Speaker 1: Supposedly it's being valued at forty billion dollars. I think 681 00:34:23,800 --> 00:34:27,120 Speaker 1: they did two billion in revenue and loss too. I 682 00:34:27,160 --> 00:34:29,279 Speaker 1: mean this, and they have their own metrics. They call it, hey, 683 00:34:29,360 --> 00:34:33,280 Speaker 1: that's margin there, and they call it community based EBITA. 684 00:34:34,239 --> 00:34:36,640 Speaker 1: So and if you do the analysis, and one guy, 685 00:34:36,680 --> 00:34:38,360 Speaker 1: I think maybe even you're a Bloomberg did the analys 686 00:34:38,400 --> 00:34:42,440 Speaker 1: and said, based on this valuation, the floor that we 687 00:34:42,520 --> 00:34:45,799 Speaker 1: Work leases is now worth more than the building, the 688 00:34:45,800 --> 00:34:48,160 Speaker 1: whole building, right. So, and you have you have a 689 00:34:48,160 --> 00:34:51,840 Speaker 1: company sort of investing long, taking out ten year leases 690 00:34:52,440 --> 00:34:55,759 Speaker 1: and then going short on its revenue because which and 691 00:34:55,800 --> 00:34:58,480 Speaker 1: that's the value is there are being a demand around 692 00:34:58,480 --> 00:35:02,080 Speaker 1: short term supply stops and they're in trouble, huge trouble. 693 00:35:02,480 --> 00:35:06,200 Speaker 1: And even again, if this company executes perfectly, it's not 694 00:35:06,280 --> 00:35:08,359 Speaker 1: worth I mean, it's a Regius with I P a beer, 695 00:35:08,440 --> 00:35:11,960 Speaker 1: Remember Regis, It's it's cooler. It's a great concept. They've 696 00:35:11,960 --> 00:35:14,120 Speaker 1: built a great brand. You know, I think you and 697 00:35:14,160 --> 00:35:16,120 Speaker 1: I could probably be a great brand around a two 698 00:35:16,120 --> 00:35:18,799 Speaker 1: billion dollar business. If we're allowed to lose two billion dollars. 699 00:35:18,840 --> 00:35:22,400 Speaker 1: This company is a train wreck in terms of evaluation. Really, 700 00:35:22,400 --> 00:35:24,200 Speaker 1: what's gonna happen with the I P O? Will there 701 00:35:24,200 --> 00:35:26,799 Speaker 1: be an IPO that It'll be really interesting to see 702 00:35:26,800 --> 00:35:28,520 Speaker 1: if we work and get out. I wonder if the 703 00:35:28,560 --> 00:35:33,840 Speaker 1: marketplace is starting to exit the concentral hallucination between Unicorn 704 00:35:33,880 --> 00:35:36,520 Speaker 1: status and all these B S words. I like to 705 00:35:36,560 --> 00:35:39,239 Speaker 1: do a word cloud across every perspective and then lift 706 00:35:39,239 --> 00:35:42,200 Speaker 1: a Nuber. You saw things like networking effect, flywheel effect, 707 00:35:42,239 --> 00:35:46,240 Speaker 1: autonomous driving. First off, there's no evidence that autonomous driving 708 00:35:46,520 --> 00:35:49,479 Speaker 1: will be either good nor bad for Uber and left. 709 00:35:49,560 --> 00:35:51,360 Speaker 1: It just means they don't have to pay the drivers 710 00:35:51,680 --> 00:35:53,319 Speaker 1: pay a little more for the car and they drive. 711 00:35:53,400 --> 00:35:56,080 Speaker 1: But quite frankly, their economic advantages they've figured out a 712 00:35:56,080 --> 00:35:58,440 Speaker 1: way to find four million people who will work for 713 00:35:58,560 --> 00:36:02,120 Speaker 1: below minimum wage. That's not a good thing. It's about 714 00:36:02,160 --> 00:36:05,080 Speaker 1: what about four million cars for zero age? But who 715 00:36:05,080 --> 00:36:07,600 Speaker 1: garners the economic value there? It'll be the engineers that 716 00:36:07,640 --> 00:36:09,960 Speaker 1: create that technology. And why is that going to be 717 00:36:10,040 --> 00:36:12,440 Speaker 1: Uber and not Google, which is the greatest concentration of 718 00:36:12,520 --> 00:36:15,120 Speaker 1: i Q Ever, anyways, I think you could argue both ways. 719 00:36:15,280 --> 00:36:17,919 Speaker 1: What's going to happen there. What Uber has been able 720 00:36:17,960 --> 00:36:20,239 Speaker 1: to figure out is a flywheel effect, and that is 721 00:36:20,280 --> 00:36:23,720 Speaker 1: has launched a new business on this incredible platform, Uber eats, 722 00:36:23,760 --> 00:36:26,880 Speaker 1: because there's real value in Uber. It's a global brand. 723 00:36:26,960 --> 00:36:29,280 Speaker 1: It's typically the first in the last brand the global 724 00:36:29,320 --> 00:36:32,000 Speaker 1: affluent interact with when they're in a foreign city. They've 725 00:36:32,000 --> 00:36:35,440 Speaker 1: got tremendous data, they've got a fantastic brand, a culture 726 00:36:35,440 --> 00:36:37,799 Speaker 1: of innovation. There's a lot of things they could do there. 727 00:36:37,840 --> 00:36:40,400 Speaker 1: So if they execute perfectly, they're only going to be 728 00:36:40,440 --> 00:36:43,480 Speaker 1: worth what BMW is worth, which is around thirty billion dollars, 729 00:36:43,520 --> 00:36:45,239 Speaker 1: or the stocks going to get cut in half. The 730 00:36:45,280 --> 00:36:47,279 Speaker 1: company that could go to zero if they don't get 731 00:36:47,280 --> 00:36:50,720 Speaker 1: acquired is Lift. There is no network effect there, there's 732 00:36:50,800 --> 00:36:53,880 Speaker 1: no global brand, there's no flywheel effect. It's just a 733 00:36:53,880 --> 00:36:56,680 Speaker 1: company hemorrhaging money. You don't think that there will be 734 00:36:57,239 --> 00:36:59,560 Speaker 1: space in the in the market for a number two. 735 00:36:59,600 --> 00:37:02,520 Speaker 1: To Uber is number one, I don't. Here's the thing 736 00:37:02,560 --> 00:37:05,520 Speaker 1: about so it's easy to talk down stocks. A company 737 00:37:05,560 --> 00:37:09,000 Speaker 1: that I think is undervalued is Airbnb, because what you 738 00:37:09,040 --> 00:37:12,040 Speaker 1: need with Airbnb is you need local you need local supply, 739 00:37:12,280 --> 00:37:14,319 Speaker 1: you need apartments. In the same way with right hailing, 740 00:37:14,360 --> 00:37:17,600 Speaker 1: you need local supply, you need drivers in Cleveland. But 741 00:37:17,680 --> 00:37:20,880 Speaker 1: with right hailing, all you need is local demand, and 742 00:37:20,920 --> 00:37:22,439 Speaker 1: that is you and I could start a right hailing 743 00:37:22,480 --> 00:37:24,760 Speaker 1: company here in New York and create demand and supply. 744 00:37:25,200 --> 00:37:29,160 Speaker 1: With Airbnb, you need local supply, but you need global demands. 745 00:37:29,160 --> 00:37:32,120 Speaker 1: The majority of people coming into Cleveland are from Scandinavia 746 00:37:32,200 --> 00:37:34,799 Speaker 1: and Cape Town and all all manner of sitason around 747 00:37:34,840 --> 00:37:39,720 Speaker 1: the world, so they have extraordinary moat around their business. 748 00:37:40,200 --> 00:37:43,400 Speaker 1: But ride hailing has very few moats, low entry, a 749 00:37:43,440 --> 00:37:46,600 Speaker 1: lot of local players. It's a price war. They convinced 750 00:37:46,600 --> 00:37:49,439 Speaker 1: the consumer that twenty dollars worth of service is worth 751 00:37:49,520 --> 00:37:52,160 Speaker 1: fourteen dollars. They're not afraid to go after each other. 752 00:37:52,239 --> 00:37:54,600 Speaker 1: They have a decent amount of cheap capital. This is 753 00:37:54,600 --> 00:37:58,160 Speaker 1: going to get very ugly. So Lift I think that's 754 00:37:58,440 --> 00:38:03,000 Speaker 1: either Lift gets maybe bought at some point, but you 755 00:38:03,040 --> 00:38:06,359 Speaker 1: can imagine Lift going to zero. There's real value in Uber, 756 00:38:06,880 --> 00:38:10,080 Speaker 1: real value, maybe even twenty or thirty billion dollars in value, 757 00:38:10,480 --> 00:38:14,400 Speaker 1: but at sixty that I have a difficult time making 758 00:38:14,400 --> 00:38:17,759 Speaker 1: the argument for how this company in any way justifies 759 00:38:17,760 --> 00:38:20,320 Speaker 1: that type of job. We have been speaking with Professor 760 00:38:20,320 --> 00:38:24,040 Speaker 1: Scott Galloway of n y U Stern. If you enjoy 761 00:38:24,160 --> 00:38:26,279 Speaker 1: this conversation, well, be sure and come back for the 762 00:38:26,320 --> 00:38:29,480 Speaker 1: podcast extras, where we keep the tapes rolling and continue 763 00:38:29,480 --> 00:38:34,960 Speaker 1: discussing all things technology and happiness related. We love your comments, 764 00:38:35,000 --> 00:38:39,360 Speaker 1: feedback and suggestions right to us at m IB podcast 765 00:38:39,400 --> 00:38:42,200 Speaker 1: at Bloomberg dot net. Be sure to check out my 766 00:38:42,280 --> 00:38:45,239 Speaker 1: daily column. You can find that on Bloomberg dot com. 767 00:38:45,239 --> 00:38:48,920 Speaker 1: Follow me on Twitter at rit Halts. I'm Barry Reholts. 768 00:38:49,040 --> 00:39:05,680 Speaker 1: You're listening to Masters in Business on Bloomberg Radio. Welcome 769 00:39:05,719 --> 00:39:08,080 Speaker 1: to the podcast, Scott, Thanks so much for doing this. 770 00:39:08,360 --> 00:39:10,600 Speaker 1: I have to tell you I I plowed through the 771 00:39:10,600 --> 00:39:14,920 Speaker 1: book over the holiday weekend. I found it like just 772 00:39:15,000 --> 00:39:18,360 Speaker 1: a fun fast read. It was literally sitting on the 773 00:39:18,360 --> 00:39:23,360 Speaker 1: beach out in the Hampton's and I really enjoyed it. Um, 774 00:39:23,400 --> 00:39:26,000 Speaker 1: I'm shocked at how revealing you are in the book. 775 00:39:26,600 --> 00:39:30,040 Speaker 1: You you basically say here, I'm naked, warts and all. Um, 776 00:39:30,080 --> 00:39:34,880 Speaker 1: that's a challenging thing to do. Yeah. What I found, though, Barry, 777 00:39:35,000 --> 00:39:37,400 Speaker 1: is that when you when you when you're authentic and 778 00:39:37,440 --> 00:39:40,480 Speaker 1: you try and be open about like I'm very good 779 00:39:40,520 --> 00:39:44,080 Speaker 1: at talking about my victories. I can do pretty well 780 00:39:44,640 --> 00:39:46,879 Speaker 1: so talking about my shortcomings and some of the things 781 00:39:46,960 --> 00:39:49,319 Speaker 1: that I've struggled with. What you find is there's a 782 00:39:49,320 --> 00:39:51,920 Speaker 1: lot of people out there, some that you know very well, 783 00:39:52,080 --> 00:39:54,120 Speaker 1: some strangers, and they reach out and you find out 784 00:39:54,120 --> 00:39:56,480 Speaker 1: other people struggle with stuff. See. See, I would be 785 00:39:56,520 --> 00:39:59,919 Speaker 1: horror so I happen to know what a deep, dark, 786 00:40:00,040 --> 00:40:03,120 Speaker 1: depraved person I am on the inside, and I would 787 00:40:03,160 --> 00:40:07,520 Speaker 1: be really mostly braved. I would be that deep, but 788 00:40:07,600 --> 00:40:10,759 Speaker 1: you're just mostly depraved. The depravity has depths, That's what 789 00:40:10,800 --> 00:40:13,160 Speaker 1: I was refining to But I would be sort of 790 00:40:13,200 --> 00:40:17,640 Speaker 1: afraid for people to so I I personally think I've 791 00:40:17,680 --> 00:40:20,239 Speaker 1: come a long way, but I think people would be 792 00:40:20,280 --> 00:40:23,160 Speaker 1: shocked to know the sort of screw up I was 793 00:40:23,680 --> 00:40:27,799 Speaker 1: in my twenties. You mentioned, first of all, I know 794 00:40:27,800 --> 00:40:29,960 Speaker 1: what to do with myself. The functional families are the 795 00:40:29,960 --> 00:40:33,640 Speaker 1: ones who don't know. Barry, maybe in my twenties, I 796 00:40:33,680 --> 00:40:35,840 Speaker 1: don't know what to do with myself. If you grow 797 00:40:35,960 --> 00:40:38,359 Speaker 1: up on Long Island and you're a Jewish male and 798 00:40:38,400 --> 00:40:41,239 Speaker 1: you're don't you know, you don't have a purpose, well 799 00:40:41,400 --> 00:40:45,080 Speaker 1: you go to law school. That pretty much the lead 800 00:40:45,160 --> 00:40:48,400 Speaker 1: in the aimless That's exactly right. And so by the 801 00:40:48,480 --> 00:40:51,720 Speaker 1: time I got out of law school, I knew two things. 802 00:40:52,040 --> 00:40:56,840 Speaker 1: I knew I was fascinated by the intellectual debate surrounding jurisprudence, 803 00:40:57,120 --> 00:40:59,400 Speaker 1: and I knew for sure I did not want to 804 00:40:59,400 --> 00:41:01,239 Speaker 1: be a lawyer. But it took me. But it's a 805 00:41:01,280 --> 00:41:06,680 Speaker 1: great education, fantastic education. Arguably, I've made the claim that 806 00:41:06,760 --> 00:41:10,400 Speaker 1: law school is superior education to business school because at 807 00:41:10,480 --> 00:41:13,279 Speaker 1: least the way business school used to be taught, it 808 00:41:13,640 --> 00:41:16,839 Speaker 1: would fill people's heads with how business should be run, 809 00:41:17,280 --> 00:41:23,919 Speaker 1: whereas law school teaches you how to think and and so, 810 00:41:25,080 --> 00:41:27,680 Speaker 1: you know, I was a screw up in my twenties, 811 00:41:27,719 --> 00:41:29,759 Speaker 1: and even in my early thirties. It took me till 812 00:41:29,800 --> 00:41:31,840 Speaker 1: I was you know, my wife kicked me in the 813 00:41:31,840 --> 00:41:33,640 Speaker 1: button said, figure out what the hell you're gonna do 814 00:41:33,680 --> 00:41:35,920 Speaker 1: and go do it. You're sort of I don't kid yourself, 815 00:41:35,920 --> 00:41:39,520 Speaker 1: you're still a screw up. Yeah, don't sell your short right, 816 00:41:39,560 --> 00:41:41,680 Speaker 1: You're you're quite We're all trying to figure out the 817 00:41:41,760 --> 00:41:43,560 Speaker 1: kids are. You're putting one step, one ft in front 818 00:41:43,600 --> 00:41:46,080 Speaker 1: of the other and then hopefully along the way making 819 00:41:46,120 --> 00:41:48,960 Speaker 1: small investments and relationships. And one of the you know 820 00:41:48,960 --> 00:41:51,680 Speaker 1: we talked about there's a finance show or a business show. 821 00:41:52,120 --> 00:41:54,480 Speaker 1: You we talked about the magic of compound interest. Put 822 00:41:54,480 --> 00:41:57,319 Speaker 1: a thousand dollars a month, a quarter, a year. When 823 00:41:57,360 --> 00:41:58,960 Speaker 1: you're a young person, you wake up and you have, 824 00:41:59,320 --> 00:42:02,040 Speaker 1: you know, a couple hundred ground you're older. The same 825 00:42:02,120 --> 00:42:05,120 Speaker 1: is true of relationships. There's evidence that small investments when 826 00:42:05,120 --> 00:42:08,400 Speaker 1: you're a younger person that are consistent a quick text message, 827 00:42:08,440 --> 00:42:11,480 Speaker 1: a call, uh, you know, a note saying hey, I'm 828 00:42:11,480 --> 00:42:15,720 Speaker 1: sorry I heard about this, or congratulating people, finding time 829 00:42:15,719 --> 00:42:19,680 Speaker 1: for the reunion, finding time for weddings. You wake up 830 00:42:20,000 --> 00:42:22,520 Speaker 1: and when you've made those little investments, you find that 831 00:42:22,560 --> 00:42:25,160 Speaker 1: you have a lot of meaningful relationships, or that you 832 00:42:25,160 --> 00:42:27,640 Speaker 1: wake up in that meaning that relationships is more meaningful. 833 00:42:27,719 --> 00:42:30,279 Speaker 1: And so just as we tell young people to be 834 00:42:30,320 --> 00:42:34,160 Speaker 1: disciplined amount making short term investments or small investments as 835 00:42:34,200 --> 00:42:37,000 Speaker 1: they're young. I think all of us can start away, uh, 836 00:42:37,239 --> 00:42:39,800 Speaker 1: start right away, and start making little investments across a 837 00:42:39,840 --> 00:42:42,080 Speaker 1: broader set of relationships, and then I think you do 838 00:42:42,160 --> 00:42:44,120 Speaker 1: wake up one day and think, Wow, there's a lot 839 00:42:44,160 --> 00:42:46,800 Speaker 1: more in this bank than I'd ever imagined. That that 840 00:42:46,960 --> 00:42:51,360 Speaker 1: does compound interest applies to relationships. Most people want asked 841 00:42:51,360 --> 00:42:54,280 Speaker 1: what is the singular relationship, singular relationship in their life, 842 00:42:55,520 --> 00:42:59,600 Speaker 1: Most say or across their mom. Really, and when you 843 00:42:59,600 --> 00:43:02,440 Speaker 1: think of out at why is that? Some of it's instinctual, 844 00:43:02,480 --> 00:43:04,960 Speaker 1: but a lot of it is that your mom is 845 00:43:05,000 --> 00:43:07,960 Speaker 1: the premier investor. She began making little investments in you 846 00:43:08,120 --> 00:43:10,960 Speaker 1: every day from a very very early point, and you 847 00:43:11,080 --> 00:43:14,280 Speaker 1: end up with a relationship that is singular when you're older. 848 00:43:14,760 --> 00:43:16,680 Speaker 1: And I think that's a lesson in the importance of 849 00:43:16,719 --> 00:43:19,600 Speaker 1: not only investing and saving early, but making an effort 850 00:43:19,640 --> 00:43:23,000 Speaker 1: to make small, tiny, regular investments in relationships from a 851 00:43:23,120 --> 00:43:25,120 Speaker 1: young age. I'm going to tell you something that you 852 00:43:25,160 --> 00:43:29,000 Speaker 1: did for me unknowingly. You write about giving your mom 853 00:43:29,040 --> 00:43:31,839 Speaker 1: a good death in the book, and it's actually very 854 00:43:31,880 --> 00:43:34,840 Speaker 1: touching story. And how you explain how significant that is 855 00:43:34,840 --> 00:43:37,680 Speaker 1: to you personally. So my mom is fairly healthy, but 856 00:43:37,800 --> 00:43:44,040 Speaker 1: she's eighty three. You don't live forever. Oblivion beckons and early. 857 00:43:44,200 --> 00:43:46,200 Speaker 1: And it was something that wasn't actually from the book, 858 00:43:46,200 --> 00:43:48,800 Speaker 1: it ended up in the book. It was from No 859 00:43:48,960 --> 00:43:53,000 Speaker 1: Malice from your website Mercy No Malice, And basically you 860 00:43:53,120 --> 00:43:55,960 Speaker 1: talked about that. Maybe it was in the original post 861 00:43:56,440 --> 00:44:01,480 Speaker 1: about um your mom and it my mom is. There's 862 00:44:01,480 --> 00:44:03,759 Speaker 1: two problems with my mom. She's giant pay in the 863 00:44:03,800 --> 00:44:07,480 Speaker 1: neck and I'm just like but no, no, but even worse, 864 00:44:07,640 --> 00:44:09,640 Speaker 1: I'm just like her. I used to I used to 865 00:44:09,800 --> 00:44:12,719 Speaker 1: jokingly tell my wife, you know, I was born into 866 00:44:12,760 --> 00:44:16,000 Speaker 1: a wealthy family. Just the wrong family took me home. 867 00:44:16,200 --> 00:44:19,279 Speaker 1: I really should have been you know, royalty. The wrong 868 00:44:19,320 --> 00:44:22,319 Speaker 1: family took me home. And she goes, I've met your mother. 869 00:44:22,520 --> 00:44:25,200 Speaker 1: There's no way the wrong family took you home. And 870 00:44:25,280 --> 00:44:27,959 Speaker 1: the fact that I'm her clone, and so I get 871 00:44:27,960 --> 00:44:31,120 Speaker 1: to be irritated by all her habits that I have 872 00:44:31,440 --> 00:44:35,759 Speaker 1: in spades your your post on that last year sort 873 00:44:35,800 --> 00:44:40,759 Speaker 1: of softens how I interact with her for the better. Yeah. Look, 874 00:44:41,040 --> 00:44:43,799 Speaker 1: everyone has I don't wanna call love hate, but you know, 875 00:44:44,320 --> 00:44:47,120 Speaker 1: she installed all the buttons. Not only does you know 876 00:44:47,120 --> 00:44:48,919 Speaker 1: how to push your buttons to make you crazy, she's 877 00:44:48,920 --> 00:44:50,520 Speaker 1: the one who installed that. And just look at how 878 00:44:50,600 --> 00:44:53,160 Speaker 1: your wife treats her parents. You're just like, how come 879 00:44:53,200 --> 00:44:56,520 Speaker 1: you're so impatient with them? But anyways, for me, there's 880 00:44:56,520 --> 00:44:58,640 Speaker 1: a lot of research and a lot of literature out 881 00:44:58,680 --> 00:45:00,839 Speaker 1: there on the reward or lack their have a raising kids. 882 00:45:00,880 --> 00:45:02,760 Speaker 1: I don't think what we talk a lot about because 883 00:45:02,760 --> 00:45:05,560 Speaker 1: it's I guess it's scary is the reward of giving 884 00:45:05,600 --> 00:45:07,560 Speaker 1: someone a good exit. And I recognize them doing a 885 00:45:07,560 --> 00:45:09,600 Speaker 1: lot of virtue signaling here, but I was in a position. 886 00:45:10,280 --> 00:45:13,480 Speaker 1: By the way, signaling is just an ad hominem attack 887 00:45:13,520 --> 00:45:16,400 Speaker 1: against people you don't like. Hold that aside. I'll so 888 00:45:16,440 --> 00:45:18,280 Speaker 1: I don't like myself. No, no, I mean when people 889 00:45:18,320 --> 00:45:21,520 Speaker 1: accuse you of virtue signaling, they're not attacking your idea. 890 00:45:21,560 --> 00:45:24,160 Speaker 1: They're saying, oh, you're just we're gonna own the liver. 891 00:45:24,400 --> 00:45:26,600 Speaker 1: It's imposter syndrome where I think I sound like a 892 00:45:26,640 --> 00:45:28,480 Speaker 1: better person than I am and I want to acknowledge. 893 00:45:29,080 --> 00:45:33,319 Speaker 1: We can talk about hold me barry. Anyways, I was 894 00:45:33,360 --> 00:45:36,000 Speaker 1: in a position and a lot of people aren't. But 895 00:45:36,160 --> 00:45:37,960 Speaker 1: my mom was a lot of my life, raised me 896 00:45:38,000 --> 00:45:40,840 Speaker 1: alone on a secretary salary. But it's not a sob story. 897 00:45:40,880 --> 00:45:42,760 Speaker 1: We had a nice life. There's a lot of discipline 898 00:45:42,760 --> 00:45:44,799 Speaker 1: and a lot of love in my household. And I 899 00:45:44,840 --> 00:45:47,759 Speaker 1: decided I had the resources and I had the flexibility 900 00:45:47,840 --> 00:45:50,399 Speaker 1: to take uh some time off and I moved in 901 00:45:50,440 --> 00:45:53,000 Speaker 1: with her. I asked her what when she was diagnosed 902 00:45:53,000 --> 00:45:55,719 Speaker 1: with terminal cancer. I said, what's on your bucket list? Right, 903 00:45:55,760 --> 00:45:57,799 Speaker 1: That's what a son does, right. Instead, I only have 904 00:45:57,840 --> 00:45:59,480 Speaker 1: one thing on my bucket list, and I said what's 905 00:45:59,480 --> 00:46:01,360 Speaker 1: that and said, I want to die at home. I'm like, okay, 906 00:46:01,400 --> 00:46:03,120 Speaker 1: we can make that happen. It's not gonna be easy, 907 00:46:03,120 --> 00:46:05,319 Speaker 1: but I can figure that out. I moved in with her. 908 00:46:05,400 --> 00:46:07,960 Speaker 1: So I moved into the Dell web Active Living seniors 909 00:46:07,960 --> 00:46:10,839 Speaker 1: community and summerly Nevada. And during the day I would 910 00:46:10,880 --> 00:46:13,239 Speaker 1: manage my mom's healthcare and we watched Jeopardy and look 911 00:46:13,239 --> 00:46:15,320 Speaker 1: at old photos. And to night I'd go downtown to 912 00:46:15,360 --> 00:46:17,319 Speaker 1: the strip, get drunk, com party with strippers. It was 913 00:46:17,360 --> 00:46:20,840 Speaker 1: a very unusual, yet very rewarding part of my life, 914 00:46:21,760 --> 00:46:24,040 Speaker 1: and I will cherish that. I'm most proud I think 915 00:46:24,040 --> 00:46:28,520 Speaker 1: of my children, my professional or modest professional success and 916 00:46:28,560 --> 00:46:31,719 Speaker 1: also just giving my mom the right exit. And I'm 917 00:46:31,719 --> 00:46:34,400 Speaker 1: blessed because a lot of people can't do that. But 918 00:46:34,480 --> 00:46:36,120 Speaker 1: what I say to people is, if you're in a 919 00:46:36,239 --> 00:46:39,240 Speaker 1: if you're in a position to help your parents exit 920 00:46:39,280 --> 00:46:41,680 Speaker 1: me more dignified. And I'm not talking about it's the 921 00:46:41,800 --> 00:46:44,640 Speaker 1: right thing and you're a good person. It's very rewarding. 922 00:46:45,000 --> 00:46:48,279 Speaker 1: It was she and I really nothing went unsaid, and 923 00:46:48,520 --> 00:46:50,880 Speaker 1: it was it was a nice it was just a 924 00:46:51,000 --> 00:46:53,600 Speaker 1: very rewarding opportunity, and it's something that I'll cherish the 925 00:46:53,600 --> 00:46:56,280 Speaker 1: rest of my life. I found that to be really 926 00:46:56,360 --> 00:47:00,000 Speaker 1: inspirational in something that was UM was really in true 927 00:47:00,040 --> 00:47:02,600 Speaker 1: sting in the book. UM. Let's talk a little bit 928 00:47:02,600 --> 00:47:04,480 Speaker 1: about some other things from the book that I thought 929 00:47:04,600 --> 00:47:09,399 Speaker 1: was was fascinating. While you're young, get credentials and get 930 00:47:09,440 --> 00:47:12,319 Speaker 1: yourself to a city. Sure, explain so we live in 931 00:47:12,320 --> 00:47:14,520 Speaker 1: a cast system. We like to think it's a meritocracy. 932 00:47:15,360 --> 00:47:17,840 Speaker 1: Us is very much and increasingly become a cassist and 933 00:47:17,880 --> 00:47:20,200 Speaker 1: explain what that cast system is. It's simple, it's where 934 00:47:20,200 --> 00:47:23,759 Speaker 1: you went to college and that is show me two things. 935 00:47:23,800 --> 00:47:25,279 Speaker 1: I can tell you how much someone is going to 936 00:47:25,360 --> 00:47:29,359 Speaker 1: make within fairly type band based on two things. Where 937 00:47:29,360 --> 00:47:32,080 Speaker 1: they're certified, Where they're credentialed in terms of the college 938 00:47:32,080 --> 00:47:34,680 Speaker 1: they went to and their zip code. Show me someone 939 00:47:34,760 --> 00:47:37,040 Speaker 1: who has an engineering degree from Dartmouth who lives in 940 00:47:37,080 --> 00:47:38,839 Speaker 1: New York or San Francisco. I'm gonna show you someone 941 00:47:38,840 --> 00:47:41,160 Speaker 1: who's making a d fifty k a year by the 942 00:47:41,160 --> 00:47:43,320 Speaker 1: time the thirties. Show me someone who's a high school 943 00:47:43,360 --> 00:47:46,239 Speaker 1: dropout living in Little Rock, Little Rock. That person is 944 00:47:46,280 --> 00:47:48,960 Speaker 1: likely if they're making fort k by the time they're thirty. 945 00:47:49,239 --> 00:47:52,200 Speaker 1: We live in a cast system. Get certified, and I 946 00:47:52,239 --> 00:47:55,960 Speaker 1: recognize that college isn't always the right thing for everybody. 947 00:47:56,200 --> 00:47:58,240 Speaker 1: I don't care if it's a Class three driver's license 948 00:47:58,280 --> 00:48:02,239 Speaker 1: and asthetitions license or a member a union card. You 949 00:48:02,320 --> 00:48:05,600 Speaker 1: have to get credential. Also, while you're young, get to 950 00:48:05,640 --> 00:48:07,640 Speaker 1: a city. Two thirds of the economic growth is going 951 00:48:07,680 --> 00:48:09,440 Speaker 1: to happen in the top twenty cities in America over 952 00:48:09,480 --> 00:48:12,319 Speaker 1: the next twenty to thirty years. It gets harder and 953 00:48:12,400 --> 00:48:13,960 Speaker 1: harder to be in a city when you get older 954 00:48:14,000 --> 00:48:16,319 Speaker 1: and start collecting dogs and kids. So get there while 955 00:48:16,320 --> 00:48:18,879 Speaker 1: you're young. But people constantly come up to me and say, 956 00:48:18,960 --> 00:48:21,239 Speaker 1: my son's thinking about dropping out of college. Maybe it's 957 00:48:21,239 --> 00:48:23,480 Speaker 1: the next Steve Jobs. And I assume your kid is 958 00:48:23,520 --> 00:48:27,120 Speaker 1: not Steve Jobs. And we have these very well publicized 959 00:48:28,200 --> 00:48:31,640 Speaker 1: examples of college dropouts going on to do well, and 960 00:48:32,120 --> 00:48:35,719 Speaker 1: that is three of them, that Bill Gates, Mark Zuckerberg, 961 00:48:35,760 --> 00:48:38,719 Speaker 1: and Steve Jobs. How many of tell me about the 962 00:48:38,760 --> 00:48:42,360 Speaker 1: rest of the fortune one thousand top one people in 963 00:48:42,400 --> 00:48:44,560 Speaker 1: those companies. How many of those dropped out of college 964 00:48:44,560 --> 00:48:47,080 Speaker 1: have very few and most have graduate degrees increasingly fear 965 00:48:47,160 --> 00:48:49,319 Speaker 1: but almost all of them have college trees. Now the 966 00:48:49,360 --> 00:48:52,480 Speaker 1: problem is is the man in the mirror tests academics. 967 00:48:52,520 --> 00:48:55,279 Speaker 1: We have become drunk on exclusivity. We no longer see 968 00:48:55,320 --> 00:48:58,800 Speaker 1: ourselves as public servants. We see ourselves as luxury brands. 969 00:48:58,840 --> 00:49:01,480 Speaker 1: And we brag about the fact that the people that 970 00:49:01,520 --> 00:49:03,520 Speaker 1: apply to n Y You don't get in, which is 971 00:49:03,560 --> 00:49:06,120 Speaker 1: tantamount to a housing or a homeless shelter, bragging that 972 00:49:06,120 --> 00:49:08,799 Speaker 1: they turned away of the people who showed up to 973 00:49:08,800 --> 00:49:11,160 Speaker 1: sleep there that night. That is not a good thing. 974 00:49:11,560 --> 00:49:13,799 Speaker 1: You and I both went to remarkable schools. They gave 975 00:49:13,840 --> 00:49:16,600 Speaker 1: us remarkable opportunities, and we've talked about this. Both you 976 00:49:16,680 --> 00:49:20,839 Speaker 1: and I were remarkably unremarkable. And if we hadn't had 977 00:49:20,880 --> 00:49:24,919 Speaker 1: the generosity of New York and California taxpayers, respectively pick 978 00:49:25,040 --> 00:49:26,960 Speaker 1: us up by the scruff of our neck and fling 979 00:49:27,080 --> 00:49:30,120 Speaker 1: us forward into opportunity. You and neither you nor I 980 00:49:30,160 --> 00:49:32,319 Speaker 1: would be here right now. So let's talk about that 981 00:49:32,360 --> 00:49:35,839 Speaker 1: a set because it touches on both the credentials and 982 00:49:35,960 --> 00:49:39,160 Speaker 1: your mom. I love this story from the book You've Gotten. 983 00:49:39,280 --> 00:49:42,360 Speaker 1: You had gotten rejected by U c l A. And 984 00:49:42,400 --> 00:49:45,480 Speaker 1: your mother kicks you in the button says, reapply. I 985 00:49:45,560 --> 00:49:48,200 Speaker 1: just got rejected three months ago. It doesn't matter. Reapply, 986 00:49:49,320 --> 00:49:52,239 Speaker 1: you write to them. I'm a native son of California, 987 00:49:52,360 --> 00:49:55,640 Speaker 1: raised by an immigrant single mother who is a secretary. 988 00:49:55,760 --> 00:49:57,719 Speaker 1: If you don't let me in, I'm going to be 989 00:49:57,760 --> 00:50:00,719 Speaker 1: installing shelving for the rest of my life. And my 990 00:50:00,719 --> 00:50:02,680 Speaker 1: parents both dropped out of school and we're taking out 991 00:50:02,680 --> 00:50:04,279 Speaker 1: of school when they were thirteen to work for their 992 00:50:04,280 --> 00:50:08,000 Speaker 1: families in London, in in in Glasgow, and they came 993 00:50:08,040 --> 00:50:10,879 Speaker 1: here and I either I could either live at home 994 00:50:10,880 --> 00:50:12,399 Speaker 1: and go to U c l A. Or I wasn't 995 00:50:12,400 --> 00:50:14,359 Speaker 1: going to college. We just didn't have the money for that. 996 00:50:14,440 --> 00:50:16,800 Speaker 1: And people say, well, that the world is your oyster. 997 00:50:16,920 --> 00:50:19,880 Speaker 1: You can do anything. In America. No, it wasn't. I 998 00:50:19,920 --> 00:50:22,760 Speaker 1: didn't know. I didn't have that confidence. We didn't have money. 999 00:50:22,800 --> 00:50:25,280 Speaker 1: There was just I just I find that the downside 1000 00:50:25,280 --> 00:50:28,680 Speaker 1: of a meritocracy and capitalism is that we assume anybody 1001 00:50:28,719 --> 00:50:31,640 Speaker 1: can be anything, and if you're not successful, you're a loser. 1002 00:50:31,680 --> 00:50:34,120 Speaker 1: You screwed up, because we live in a society supposedly 1003 00:50:34,360 --> 00:50:37,840 Speaker 1: where anyone could do anything. And my dad, he was 1004 00:50:37,880 --> 00:50:39,880 Speaker 1: well meaning, but not what i'd call, you know, a 1005 00:50:40,000 --> 00:50:42,640 Speaker 1: very worldly guy, said you don't need college. I'm gutting. 1006 00:50:42,680 --> 00:50:44,600 Speaker 1: I'm getting you a job at stalling shelving, which, by 1007 00:50:44,640 --> 00:50:46,799 Speaker 1: the way, was gonna be eighteen bucks an hour, which 1008 00:50:46,800 --> 00:50:48,439 Speaker 1: seems like a lot of money to me and could 1009 00:50:48,480 --> 00:50:51,759 Speaker 1: fulfill my dream of getting or trans am, which was 1010 00:50:51,800 --> 00:50:53,920 Speaker 1: the only goal I had at the age of At 1011 00:50:53,960 --> 00:50:56,759 Speaker 1: the age of eighteen, and my mom said, you need 1012 00:50:56,800 --> 00:50:58,360 Speaker 1: to appeal to U. C. L A. You have to 1013 00:50:58,360 --> 00:51:00,720 Speaker 1: go to college. She was smart enough, and the truth 1014 00:51:00,760 --> 00:51:03,359 Speaker 1: has a nice ring to it. I literally said, I'm 1015 00:51:03,600 --> 00:51:05,600 Speaker 1: you're letting me in or I'm installing shelving. And I 1016 00:51:05,640 --> 00:51:08,239 Speaker 1: remember the day they called me at home and this 1017 00:51:08,280 --> 00:51:10,919 Speaker 1: woman said, you're a sub standard student, but you don't 1018 00:51:10,920 --> 00:51:13,560 Speaker 1: test well, but your native stunt of California, and we're 1019 00:51:13,560 --> 00:51:15,680 Speaker 1: gonna let you in. And I rewarded them with a 1020 00:51:15,719 --> 00:51:17,480 Speaker 1: two point two seven g p A from U c 1021 00:51:17,600 --> 00:51:19,880 Speaker 1: l A. And then they took another chance, tell me 1022 00:51:19,920 --> 00:51:21,799 Speaker 1: and let me into grad school at Berkeley. How did 1023 00:51:21,840 --> 00:51:25,399 Speaker 1: you get into Berkeley with media into grades? Uh? So, 1024 00:51:25,520 --> 00:51:29,160 Speaker 1: my my only saving grace is I'm an idiot savant 1025 00:51:29,239 --> 00:51:32,040 Speaker 1: with standardized tests. Yeah, so whereas my wife would say, 1026 00:51:32,200 --> 00:51:34,400 Speaker 1: you're half of that. So I'm just an idiot when 1027 00:51:34,440 --> 00:51:37,520 Speaker 1: it comes to that's the head. But so I was 1028 00:51:37,560 --> 00:51:39,440 Speaker 1: able to get into grad school. How did you get 1029 00:51:39,480 --> 00:51:41,600 Speaker 1: into Berkeley from U c l A with bad grades 1030 00:51:41,600 --> 00:51:45,399 Speaker 1: and bead tests? Again generosity of a woman named fran Hill. 1031 00:51:45,680 --> 00:51:48,360 Speaker 1: You know, I had some positive attributes. I had finagled 1032 00:51:48,360 --> 00:51:50,920 Speaker 1: my way into Morgan Stanley. I had offered from several 1033 00:51:50,920 --> 00:51:53,440 Speaker 1: investment banks. I interview, Well, I took a job with 1034 00:51:53,480 --> 00:51:55,880 Speaker 1: Morgan Stanley because I heard they didn't check transcripts and 1035 00:51:55,920 --> 00:51:58,319 Speaker 1: I lied about my grades. I heard they didn't drug 1036 00:51:58,320 --> 00:52:00,719 Speaker 1: it was a room, or they don't check trans whips. Yeah, 1037 00:52:00,719 --> 00:52:02,640 Speaker 1: well they didn't back then, and then a kid and 1038 00:52:02,640 --> 00:52:04,200 Speaker 1: then a kid had found out they found out a 1039 00:52:04,239 --> 00:52:06,600 Speaker 1: kid was accused of insider trading, had never graduated from 1040 00:52:06,600 --> 00:52:09,720 Speaker 1: the University of Illinois, and they started checking everybody transcripts. Anyways, 1041 00:52:10,000 --> 00:52:12,759 Speaker 1: that was the benefit of an analog age is that, uh, 1042 00:52:12,960 --> 00:52:15,040 Speaker 1: you show it with stuff like that. And they also 1043 00:52:15,160 --> 00:52:17,080 Speaker 1: I heard they didn't drug tests, which ended up being 1044 00:52:17,120 --> 00:52:20,160 Speaker 1: a live But anyways, I went to Morgan Stanley. I 1045 00:52:20,239 --> 00:52:22,120 Speaker 1: was involved in a lot of activities. I was an 1046 00:52:22,120 --> 00:52:23,600 Speaker 1: athlete to u c l A. So I had some 1047 00:52:23,640 --> 00:52:25,680 Speaker 1: pause of stuff. But I remember them calling me and saying, 1048 00:52:26,400 --> 00:52:29,000 Speaker 1: we we love your application, but we think there's an air. 1049 00:52:29,640 --> 00:52:31,680 Speaker 1: It says that your GPS two point two seven, which 1050 00:52:31,719 --> 00:52:34,359 Speaker 1: keep in mind, is not easy to do because if 1051 00:52:34,360 --> 00:52:36,799 Speaker 1: you get less than two point oh, you get academic 1052 00:52:36,840 --> 00:52:39,040 Speaker 1: probation and then you go subject to dismissal. So you 1053 00:52:39,080 --> 00:52:40,520 Speaker 1: gotta get a bunch of d's and then you got 1054 00:52:40,600 --> 00:52:42,759 Speaker 1: to get above at two point oh to reset the 1055 00:52:42,800 --> 00:52:46,200 Speaker 1: clock for two more semesters. So I came perilously close. 1056 00:52:46,200 --> 00:52:48,120 Speaker 1: I would sleep walking through life like a lot of 1057 00:52:48,120 --> 00:52:51,279 Speaker 1: twenty two year olds, uh to not getting into you know, 1058 00:52:51,520 --> 00:52:53,080 Speaker 1: getting kicked out of u c l A. But again, 1059 00:52:53,120 --> 00:52:55,920 Speaker 1: Berkeley took a chance on me, got my act together 1060 00:52:56,000 --> 00:52:57,200 Speaker 1: I think like you, I was a bit of a 1061 00:52:57,239 --> 00:53:00,960 Speaker 1: late bloomer, and you know, start it an upward spiral. 1062 00:53:01,000 --> 00:53:03,000 Speaker 1: But if it hadn't been for the generosity and vision 1063 00:53:03,160 --> 00:53:06,200 Speaker 1: of California taxpayers and the reasons of you, see, Berkeley 1064 00:53:06,239 --> 00:53:08,680 Speaker 1: will graduate more kids from low income households this year 1065 00:53:08,719 --> 00:53:12,040 Speaker 1: than the entire IVY League combined. Seven of the seven 1066 00:53:12,080 --> 00:53:14,799 Speaker 1: of the ten universities with the greatest income diversity are 1067 00:53:14,840 --> 00:53:18,600 Speaker 1: all University or University of California schools. But in general, 1068 00:53:18,640 --> 00:53:21,320 Speaker 1: I would argue that universities in the US have lost 1069 00:53:21,360 --> 00:53:23,840 Speaker 1: the script see themselves as luxury brands. We need to 1070 00:53:24,040 --> 00:53:26,920 Speaker 1: massively increase the number of seats. We need to tax 1071 00:53:27,000 --> 00:53:29,360 Speaker 1: endowments if they don't grow their seats faster than inflation. 1072 00:53:29,560 --> 00:53:32,719 Speaker 1: Stanford has tripled, that has tripled the number of applicants. 1073 00:53:32,800 --> 00:53:36,640 Speaker 1: They haven't increased their freshman seats hardly at all. That is, 1074 00:53:36,680 --> 00:53:39,000 Speaker 1: in my opinion, a crime. The head of admissions at 1075 00:53:39,000 --> 00:53:41,640 Speaker 1: Harvard says, we could have doubled our freshman class without 1076 00:53:41,680 --> 00:53:45,200 Speaker 1: sacrificing any quality with a thirty eight billion dollar endowment. Well, Boston, 1077 00:53:45,239 --> 00:53:48,759 Speaker 1: why aren't you doing that? This has literally become we 1078 00:53:48,880 --> 00:53:50,720 Speaker 1: have to get to a point where we're more like Canada, 1079 00:53:51,040 --> 00:53:54,240 Speaker 1: where more kids have access to the greatest, the greatest 1080 00:53:54,320 --> 00:53:56,759 Speaker 1: lubricant for upward mobility in the world, and that is 1081 00:53:57,120 --> 00:54:00,759 Speaker 1: higher education. And speaking of lubricants, the high education, you've 1082 00:54:00,800 --> 00:54:03,880 Speaker 1: made a number of gifts to both Berkeley and n Y. 1083 00:54:04,000 --> 00:54:07,120 Speaker 1: You tell us what motivated that? Is that just gratitude 1084 00:54:07,160 --> 00:54:10,359 Speaker 1: and giving back, you know, I just that was an 1085 00:54:10,360 --> 00:54:12,520 Speaker 1: easy one for me. That was just an easy one. 1086 00:54:12,560 --> 00:54:15,920 Speaker 1: I got really lucky, and uh, you know, I just 1087 00:54:16,000 --> 00:54:19,280 Speaker 1: want that that was just easy. It's if it hadn't 1088 00:54:19,320 --> 00:54:22,479 Speaker 1: been for Unfortunately, college is a lot more expensive now, 1089 00:54:23,200 --> 00:54:26,880 Speaker 1: and that was just an obvious nod to to again 1090 00:54:26,960 --> 00:54:31,160 Speaker 1: California taxpayers and the jewel of California, the University of California. 1091 00:54:31,239 --> 00:54:34,480 Speaker 1: So that was just an overdue nod to, uh, to 1092 00:54:34,520 --> 00:54:37,000 Speaker 1: the University of California. So so let's talk about luck 1093 00:54:37,040 --> 00:54:40,160 Speaker 1: because it's a really I don't want to call it 1094 00:54:40,200 --> 00:54:43,759 Speaker 1: a theme, but it's a thread that runs through the book, 1095 00:54:43,800 --> 00:54:47,560 Speaker 1: and it's worth exploring a little bit. You reference how 1096 00:54:47,600 --> 00:54:52,399 Speaker 1: incredibly lucky you've been. I've had numerous people sitting their 1097 00:54:52,440 --> 00:54:55,160 Speaker 1: seats and that seat where you are, and they've all 1098 00:54:55,200 --> 00:54:59,520 Speaker 1: said billionaires, Nobel laureates, um masters in business. We have 1099 00:54:59,600 --> 00:55:02,759 Speaker 1: all said, you know, but for a lucky break here, 1100 00:55:02,840 --> 00:55:05,480 Speaker 1: or the way the bull bounced there, I wouldn't be 1101 00:55:05,520 --> 00:55:08,360 Speaker 1: here today. Well, look, it's easy to credit your character 1102 00:55:08,360 --> 00:55:10,120 Speaker 1: and your grit for your successes and the markets for 1103 00:55:10,120 --> 00:55:12,319 Speaker 1: your failures. I have no such delusions. And it's not 1104 00:55:12,360 --> 00:55:14,319 Speaker 1: a humble bragg It really isn't. And it can be 1105 00:55:14,920 --> 00:55:17,640 Speaker 1: tiny switches in your DNA or the way you're born. 1106 00:55:17,760 --> 00:55:19,839 Speaker 1: My we I think I've talked about this with you, 1107 00:55:19,920 --> 00:55:23,200 Speaker 1: my freshman roommate in the fraternity. To be born in 1108 00:55:23,280 --> 00:55:27,440 Speaker 1: n a white heterosexual male in the greatest United States, 1109 00:55:27,760 --> 00:55:29,759 Speaker 1: in the United States, the greatest country in the world, 1110 00:55:29,800 --> 00:55:32,320 Speaker 1: and in California, which was about to experience the greatest 1111 00:55:32,400 --> 00:55:36,320 Speaker 1: increase in value. And yet there was more value creating 1112 00:55:36,320 --> 00:55:39,400 Speaker 1: a seven mile radius of Sfo from nine than all 1113 00:55:39,400 --> 00:55:41,360 Speaker 1: of Europe since World War Two. And I would just 1114 00:55:41,400 --> 00:55:43,080 Speaker 1: happen to be at the right place at the right time, 1115 00:55:43,719 --> 00:55:47,040 Speaker 1: luckiest person in the world. Right a white guy, heterosexual, 1116 00:55:47,120 --> 00:55:49,799 Speaker 1: we had advantages that other people did not have, and 1117 00:55:49,840 --> 00:55:51,920 Speaker 1: that's unfair. But the reality was I was all of 1118 00:55:51,960 --> 00:55:54,759 Speaker 1: those things, and so I got very lucky. There was 1119 00:55:54,880 --> 00:55:59,080 Speaker 1: one other question. I wanted to get to um before 1120 00:55:59,160 --> 00:56:01,120 Speaker 1: some of our fear of head questions, and I have 1121 00:56:01,280 --> 00:56:06,040 Speaker 1: variations of our favorite questions. All Right, you mentioned that 1122 00:56:06,120 --> 00:56:08,880 Speaker 1: you were selling assets, you were moving to cash. Have 1123 00:56:09,000 --> 00:56:11,560 Speaker 1: you still are you still in that stupid I was 1124 00:56:11,600 --> 00:56:15,240 Speaker 1: a reaction and I was angry about Trump's selection, and 1125 00:56:15,920 --> 00:56:17,840 Speaker 1: I got advice from you always be in the market. 1126 00:56:17,880 --> 00:56:20,160 Speaker 1: We can't time the markets. And also at the motorants 1127 00:56:20,160 --> 00:56:22,160 Speaker 1: told me the same thing. I went back in the markets, 1128 00:56:22,200 --> 00:56:24,879 Speaker 1: and I thank god I did. It's been an unbelievable 1129 00:56:25,360 --> 00:56:27,239 Speaker 1: right up. I do think there are certain canarias in 1130 00:56:27,239 --> 00:56:30,000 Speaker 1: the coal mine, though. I think when modestly talented twenty 1131 00:56:30,000 --> 00:56:31,920 Speaker 1: five year olds are getting a hundred and fifty thousand 1132 00:56:31,920 --> 00:56:34,600 Speaker 1: dollars a year because they know how, they know python, 1133 00:56:35,400 --> 00:56:38,759 Speaker 1: when midtown or downtown real estate and bad, you know, 1134 00:56:38,840 --> 00:56:41,200 Speaker 1: kind of marginal areas is getting fifty or sixty bucks 1135 00:56:41,239 --> 00:56:45,000 Speaker 1: to square foot. You know, just I see mediocre restaurants 1136 00:56:45,000 --> 00:56:47,279 Speaker 1: you can't get reservations at. There's a certain I feel 1137 00:56:47,320 --> 00:56:50,719 Speaker 1: like we're late cycles like that, we're ready, we're due. 1138 00:56:50,920 --> 00:56:53,680 Speaker 1: So here's the interesting thing. Coming out of a financial crisis, 1139 00:56:54,040 --> 00:56:57,680 Speaker 1: you tend to have a longer, more modest This is 1140 00:56:58,320 --> 00:57:01,200 Speaker 1: Ryn Horton Roths research. You have a longer but more 1141 00:57:01,320 --> 00:57:06,600 Speaker 1: modest um economic expansion. So here we are. The procession 1142 00:57:06,719 --> 00:57:11,239 Speaker 1: ended technically two thousand, it's nine years later. It's a 1143 00:57:11,320 --> 00:57:14,960 Speaker 1: pretty long run. Is the longest ever? I mean this 1144 00:57:15,040 --> 00:57:17,520 Speaker 1: is kind of yours. It's pretty close to it. I 1145 00:57:17,520 --> 00:57:19,640 Speaker 1: mean you could you could go through earlier periods and 1146 00:57:19,960 --> 00:57:21,840 Speaker 1: post war wear two periods and find it. Although there 1147 00:57:21,840 --> 00:57:25,560 Speaker 1: were a lot of small recessions late fifties, early sixties. Um, 1148 00:57:25,720 --> 00:57:29,680 Speaker 1: so we're the problem is it's such an artificial period 1149 00:57:29,760 --> 00:57:33,600 Speaker 1: with FED stimulus etcetera, etcetera. It's it's if it's the 1150 00:57:33,600 --> 00:57:36,600 Speaker 1: longest one, it's the longest one with an asterisk. Although 1151 00:57:36,680 --> 00:57:38,960 Speaker 1: when you look around the world, Australia went more than 1152 00:57:38,960 --> 00:57:42,200 Speaker 1: twenty five years without a recession in the boom period 1153 00:57:42,240 --> 00:57:45,440 Speaker 1: of China's growth, So that's kind of interesting, isn't all this? 1154 00:57:45,560 --> 00:57:50,160 Speaker 1: Basically our generation has gotten really smart. I'm just on 1155 00:57:50,200 --> 00:57:52,920 Speaker 1: the tail of the baby boom, as in our generation 1156 00:57:53,000 --> 00:57:55,120 Speaker 1: just perfectly gamed the system and figured out a way 1157 00:57:55,120 --> 00:57:58,120 Speaker 1: to elect officials and basically said we want the greatest 1158 00:57:58,160 --> 00:58:01,360 Speaker 1: transfer and wealth ever occurred ever registered in history to 1159 00:58:01,440 --> 00:58:05,520 Speaker 1: be from every other cohort two baby boomers. So basically, 1160 00:58:05,600 --> 00:58:07,800 Speaker 1: big tech is a vessel of the transfer of wealth 1161 00:58:07,840 --> 00:58:09,680 Speaker 1: from the entire world to the US and then to 1162 00:58:09,800 --> 00:58:13,920 Speaker 1: the coast, and everything from social security to artificially suppressing 1163 00:58:13,960 --> 00:58:16,960 Speaker 1: interest rates with drive ups asset values, to social security, 1164 00:58:16,960 --> 00:58:19,920 Speaker 1: to mortgage tax deduction to capital gains, there's nothing but 1165 00:58:20,000 --> 00:58:23,120 Speaker 1: a giant transfer of wealth from every cohort to baby boomers. 1166 00:58:23,120 --> 00:58:27,560 Speaker 1: From the future pulled back listen. So I would argue, 1167 00:58:28,520 --> 00:58:32,439 Speaker 1: I would art, you're technically not a baby boomer. You're 1168 00:58:32,600 --> 00:58:35,720 Speaker 1: sort of in the valley between the Boomers and the 1169 00:58:35,800 --> 00:58:38,520 Speaker 1: gen X. Like to me, the baby Boomers ended in 1170 00:58:38,600 --> 00:58:42,480 Speaker 1: nineteen nine. If you were born in the sixties, you're 1171 00:58:42,600 --> 00:58:44,960 Speaker 1: just so. My sister was born in sixty four. I'm 1172 00:58:45,040 --> 00:58:47,920 Speaker 1: I get two and a half years on you. You 1173 00:58:47,960 --> 00:58:50,480 Speaker 1: don't really feel like a baby boomer. That's a whole 1174 00:58:50,480 --> 00:58:53,480 Speaker 1: different Like I don't relate to the boomers. I kind 1175 00:58:53,480 --> 00:58:55,720 Speaker 1: of look at them as skans, but I also look 1176 00:58:55,760 --> 00:58:59,480 Speaker 1: at Gen X, which is totally different than than me. Um. 1177 00:58:59,520 --> 00:59:01,840 Speaker 1: But I think the Boomers are the worst generation, and 1178 00:59:01,880 --> 00:59:04,120 Speaker 1: I think history will bear that out. The greatest generation 1179 00:59:04,680 --> 00:59:07,080 Speaker 1: absolutely and everything in my view. We talked about there's 1180 00:59:07,080 --> 00:59:08,880 Speaker 1: a one on I go on Fox once a week 1181 00:59:08,880 --> 00:59:12,640 Speaker 1: because I like to go behind enemy lines and they can't. 1182 00:59:12,640 --> 00:59:15,000 Speaker 1: By the way, I love watching you on that because 1183 00:59:15,120 --> 00:59:16,680 Speaker 1: they don't know what the hell to do with you. 1184 00:59:16,680 --> 00:59:20,800 Speaker 1: You're clearly a capitalist. They you just sold L two 1185 00:59:20,840 --> 00:59:23,400 Speaker 1: to Gardner last year, You've sold how many companies have 1186 00:59:23,480 --> 00:59:26,560 Speaker 1: gone public or have been purchased? Three four? Yeah, I'm 1187 00:59:26,680 --> 00:59:30,360 Speaker 1: three four and two. Okay, So that's a great track record. Really, 1188 00:59:30,560 --> 00:59:33,360 Speaker 1: you're listen, you know, that's what's great about America's guys 1189 00:59:33,360 --> 00:59:35,400 Speaker 1: like making survive. I'd be in some sort of prison 1190 00:59:35,440 --> 00:59:37,800 Speaker 1: if I If you're a venture capitalist, you're gonna make 1191 00:59:37,840 --> 00:59:40,000 Speaker 1: a hundred investments you're looking for the one home run. 1192 00:59:40,360 --> 00:59:42,320 Speaker 1: Three four and two is a great track record for 1193 00:59:42,720 --> 00:59:45,760 Speaker 1: stop and think about how many startups fell most of 1194 00:59:45,960 --> 00:59:49,000 Speaker 1: One of my questions of success is really resilience. There's 1195 00:59:49,040 --> 00:59:51,800 Speaker 1: a lot to that. You keep mentioning grit um, but 1196 00:59:52,440 --> 00:59:55,040 Speaker 1: they don't know how to deal with you because you're 1197 00:59:55,080 --> 00:59:58,520 Speaker 1: you are a capitalist. But you talk about empathy and 1198 00:59:58,640 --> 01:00:03,560 Speaker 1: about um helping others and about things beyond mirror money, 1199 01:00:03,880 --> 01:00:06,120 Speaker 1: and they're perplexed by it. Well, it's it's so that 1200 01:00:06,560 --> 01:00:08,920 Speaker 1: they had this. It was hilarious. They had this Socialism 1201 01:00:09,000 --> 01:00:12,160 Speaker 1: Versus Capitalism week on Fox and guess what capitalism won? 1202 01:00:13,120 --> 01:00:15,360 Speaker 1: And so they invited me on, and for some reason 1203 01:00:15,400 --> 01:00:17,200 Speaker 1: they always introduced me as a socialists. And I like 1204 01:00:17,240 --> 01:00:20,080 Speaker 1: those guys, Stuart Varney and Nick Neil Cavuto. I think 1205 01:00:20,080 --> 01:00:24,200 Speaker 1: they're really really intelligent, interesting guys, and they're generous to me, 1206 01:00:24,200 --> 01:00:25,520 Speaker 1: and they're nice to me. I actually I really like 1207 01:00:25,600 --> 01:00:27,840 Speaker 1: the people over there, despite being a sort of a 1208 01:00:27,880 --> 01:00:30,120 Speaker 1: you know, the spinning up hate on a regular basis, 1209 01:00:30,360 --> 01:00:33,080 Speaker 1: other than the hate based business model, they're fantastic. But 1210 01:00:33,160 --> 01:00:34,800 Speaker 1: I'm writing, and I'm going to need your help on this. 1211 01:00:34,840 --> 01:00:37,040 Speaker 1: I'm writing an article for The Economist, or I'm claimed 1212 01:00:37,040 --> 01:00:40,960 Speaker 1: to be writing an article, and they on on capitalism 1213 01:00:41,040 --> 01:00:44,280 Speaker 1: and socialism is nothing but okay, the means of production 1214 01:00:44,280 --> 01:00:46,800 Speaker 1: controlled by the state and divvied up by and the 1215 01:00:46,840 --> 01:00:51,320 Speaker 1: spoils divvied up. Tariffs are socialists of artificially suppressing interest 1216 01:00:51,400 --> 01:00:55,280 Speaker 1: rates are socialist's competitive telling. Telling an air conditioning company 1217 01:00:55,320 --> 01:00:59,040 Speaker 1: to locate in Michigan is socialist. Child labor laws are socialist. 1218 01:00:59,400 --> 01:01:02,760 Speaker 1: Capital game ends, tax cuts socialists. So you me and 1219 01:01:02,800 --> 01:01:05,320 Speaker 1: the president walk into a bar. Two of us are capitalists. 1220 01:01:05,320 --> 01:01:08,400 Speaker 1: The president of a socialist and they have the entire 1221 01:01:08,480 --> 01:01:13,680 Speaker 1: reimbursing farmers who supported him against Chinese tasks. How is 1222 01:01:13,760 --> 01:01:16,120 Speaker 1: that social? I mean, we're really going up script now. 1223 01:01:16,200 --> 01:01:18,880 Speaker 1: But you look at the initially thought, Okay, I'm a 1224 01:01:18,880 --> 01:01:21,840 Speaker 1: fan of actually going after China for unfair trade. I 1225 01:01:21,880 --> 01:01:24,480 Speaker 1: believe that we have this unbelievable ecosystem where the greatest 1226 01:01:24,520 --> 01:01:28,200 Speaker 1: universities into the world, train some incredible human talent, and 1227 01:01:28,240 --> 01:01:32,160 Speaker 1: then concert with incredible financial system, we create innovation that's 1228 01:01:32,200 --> 01:01:35,080 Speaker 1: just unparalleled. The Chinese then steal it and then cell 1229 01:01:35,160 --> 01:01:36,960 Speaker 1: bactist for thirty cents in the dollar. So I am 1230 01:01:37,000 --> 01:01:40,040 Speaker 1: all for a trade war. But here's the problem. One, 1231 01:01:40,200 --> 01:01:42,520 Speaker 1: we could have done it with partners, and two the 1232 01:01:42,640 --> 01:01:45,160 Speaker 1: Chinese sinking twenty and thirty year increments. They are willing 1233 01:01:45,160 --> 01:01:47,400 Speaker 1: to shut down towns and say, uh, sorry, you need 1234 01:01:47,440 --> 01:01:51,200 Speaker 1: to relocate. The tariffs are bad. We don't care relocate. 1235 01:01:51,520 --> 01:01:53,760 Speaker 1: It is what it is. A farmer goes out of 1236 01:01:53,760 --> 01:01:56,720 Speaker 1: business and MSNBC is out there and the president is 1237 01:01:56,760 --> 01:01:59,400 Speaker 1: trying to bail them out. We just don't have It's 1238 01:01:59,400 --> 01:02:01,200 Speaker 1: like fight, it's going to war with Russia. You can 1239 01:02:01,200 --> 01:02:04,040 Speaker 1: have better tanks, you can have better officers. Their willingness 1240 01:02:04,080 --> 01:02:07,000 Speaker 1: to endure suffering is just gonna It's just gonna end 1241 01:02:07,000 --> 01:02:09,120 Speaker 1: badly for whoever invades him. And I think the same 1242 01:02:09,200 --> 01:02:12,400 Speaker 1: is true of this trade war unfortunately. So normally around now, 1243 01:02:12,560 --> 01:02:15,000 Speaker 1: I would go to my favorite questions, but you've done 1244 01:02:15,040 --> 01:02:17,640 Speaker 1: them so many times I had to come up with 1245 01:02:17,720 --> 01:02:21,840 Speaker 1: some nuance variations on them. So so let's um, let's 1246 01:02:21,840 --> 01:02:25,200 Speaker 1: speed around this. So alright, So normally around now, I 1247 01:02:25,200 --> 01:02:26,959 Speaker 1: asked what the first car you own? But I'm gonna 1248 01:02:26,960 --> 01:02:29,960 Speaker 1: ask what's the next car you're gonna buy. You know, 1249 01:02:30,000 --> 01:02:32,440 Speaker 1: you're a car guy. So I'm in the midst of 1250 01:02:32,480 --> 01:02:34,439 Speaker 1: a midlife crisis that I think I'm going to grow 1251 01:02:34,440 --> 01:02:37,320 Speaker 1: out of in about thirty or forty years. So I'm 1252 01:02:37,400 --> 01:02:39,560 Speaker 1: buy the car. It's cheaper than I got. Okay, that's right. 1253 01:02:40,120 --> 01:02:42,080 Speaker 1: So I have a gl five fifty. I have a 1254 01:02:42,120 --> 01:02:48,640 Speaker 1: truck right now, I merseaches, that's an amazing car. I're 1255 01:02:48,680 --> 01:02:51,080 Speaker 1: all up, bits of baby. I look so German and 1256 01:02:51,160 --> 01:02:56,600 Speaker 1: so interesting in that car. Most of them like cars cars, 1257 01:02:56,600 --> 01:03:00,640 Speaker 1: so I mean they you know, they just designed it, 1258 01:03:00,680 --> 01:03:02,840 Speaker 1: and when you look at it, you can't unless they're 1259 01:03:02,880 --> 01:03:05,439 Speaker 1: side by side. You can't even test a fantastic change. 1260 01:03:05,440 --> 01:03:08,680 Speaker 1: I have the Model X, the Tesla. I don't like electric. 1261 01:03:08,880 --> 01:03:10,600 Speaker 1: I like, I just don't like the feel of it. 1262 01:03:10,640 --> 01:03:12,880 Speaker 1: I like an internal combustion engine. It's a great car. 1263 01:03:13,080 --> 01:03:14,600 Speaker 1: I don't enjoy. I don't like. But by the way, 1264 01:03:14,640 --> 01:03:17,760 Speaker 1: go on YouTube watch the videos of the Model exploding 1265 01:03:17,760 --> 01:03:21,720 Speaker 1: with Ferraris and Lamborghin. It is a superior car. But 1266 01:03:22,280 --> 01:03:25,040 Speaker 1: Elon Musk called the cave diver trying to save young 1267 01:03:25,080 --> 01:03:27,920 Speaker 1: people's lives a pedophile. And I went on CNBC the 1268 01:03:27,960 --> 01:03:30,320 Speaker 1: next day and I announced I was selling it. So 1269 01:03:30,400 --> 01:03:32,439 Speaker 1: I have to sell the thing, right And by the way, 1270 01:03:32,480 --> 01:03:36,680 Speaker 1: the depreciation on those bad words enormous. So I said, okay, 1271 01:03:36,680 --> 01:03:38,680 Speaker 1: I gotta get another car. And you, I merely waged 1272 01:03:38,720 --> 01:03:40,480 Speaker 1: in and said, and I'm thinking I want to get 1273 01:03:40,480 --> 01:03:42,800 Speaker 1: a range over because I'm all about signaling my worth 1274 01:03:42,840 --> 01:03:45,240 Speaker 1: as a man and as a mate. So I need 1275 01:03:45,280 --> 01:03:47,560 Speaker 1: to find some ridiculously over problem. But you have the 1276 01:03:47,640 --> 01:03:50,360 Speaker 1: g Wagon, so I would picture you in the h 1277 01:03:51,560 --> 01:03:54,160 Speaker 1: the g Wagon, Oh, I thought, stupid car, that's what 1278 01:03:54,200 --> 01:03:57,640 Speaker 1: I thought you were talking about. Oh, so you have 1279 01:03:57,760 --> 01:04:03,960 Speaker 1: the longer longer you, I immediately assumed you went g wagon. No, no, no, 1280 01:04:05,120 --> 01:04:08,400 Speaker 1: I'm in secure, but I'm not pathetic. That's what I'm 1281 01:04:08,840 --> 01:04:12,920 Speaker 1: back against. I missed the that's literally like, okay, it's 1282 01:04:12,920 --> 01:04:15,000 Speaker 1: a German military view. I need to find a way 1283 01:04:15,040 --> 01:04:17,200 Speaker 1: to spend more money than owning a Hummer. It's like 1284 01:04:18,080 --> 01:04:22,520 Speaker 1: I own at the AMG version of it. It's like ridiculous. 1285 01:04:22,760 --> 01:04:25,440 Speaker 1: So so the g L. I'm asking you a question. 1286 01:04:25,480 --> 01:04:28,120 Speaker 1: You know me pretty well. What's my next car? Pick it? 1287 01:04:28,640 --> 01:04:31,400 Speaker 1: Pick it? So what's my next So you're you're a 1288 01:04:31,480 --> 01:04:35,600 Speaker 1: dual city. Yeah right, yeah to me, I don't see 1289 01:04:35,600 --> 01:04:38,000 Speaker 1: how you don't have a nine eleven convertible down Dude, 1290 01:04:38,000 --> 01:04:41,000 Speaker 1: I can't fit in a Porsche. I'm six three. I 1291 01:04:41,000 --> 01:04:43,320 Speaker 1: have buddies with six six. By the way, I am 1292 01:04:43,360 --> 01:04:46,480 Speaker 1: not a problem. I am not a problem. I do 1293 01:04:46,520 --> 01:04:48,240 Speaker 1: not fit in a Porsche. I'd have an elbow out 1294 01:04:48,280 --> 01:04:51,320 Speaker 1: each window. That is a ridiculous car. It's a beautiful car. 1295 01:04:51,440 --> 01:04:53,760 Speaker 1: I don't think it's beautiful. It's just a very fast 1296 01:04:53,800 --> 01:04:57,320 Speaker 1: and good handling car. Eleven. You want a pretty car, 1297 01:04:57,360 --> 01:04:59,120 Speaker 1: go buy a Bentley go By. And I'm not asking 1298 01:04:59,200 --> 01:05:02,680 Speaker 1: mar guy. Um alright, So then what is what is 1299 01:05:02,720 --> 01:05:05,200 Speaker 1: the big dog rolling? Come on, so I have an 1300 01:05:05,320 --> 01:05:08,800 Speaker 1: M six convertible that's M sex. Now let me just 1301 01:05:08,920 --> 01:05:12,960 Speaker 1: explain it ridiculous. Let me just explain. I'm also a 1302 01:05:13,040 --> 01:05:14,840 Speaker 1: cheap s ob, so I won't go out and spend 1303 01:05:14,840 --> 01:05:17,120 Speaker 1: a hundred. That's called not having kids. You don't have kids, 1304 01:05:17,360 --> 01:05:19,200 Speaker 1: have kids. I have, I have a house. I have 1305 01:05:19,280 --> 01:05:22,720 Speaker 1: five cars in a boat. But hold that aside. I 1306 01:05:22,760 --> 01:05:28,440 Speaker 1: bought this car off of lease from Indianapolis Christine condition, 1307 01:05:28,960 --> 01:05:30,640 Speaker 1: and I paid less the guy that used to serve 1308 01:05:30,720 --> 01:05:33,400 Speaker 1: through the recycler when you're a teenager, No, well to 1309 01:05:33,480 --> 01:05:35,400 Speaker 1: look at car? Sure a right enough for you? Back 1310 01:05:35,400 --> 01:05:38,440 Speaker 1: to me, what car do I buy? Serry sell a car? 1311 01:05:38,560 --> 01:05:42,880 Speaker 1: Masters in business? What car do I guess? See irustrated 1312 01:05:42,960 --> 01:05:47,240 Speaker 1: professor angry range rover HSC sport is that's what I 1313 01:05:47,240 --> 01:05:51,600 Speaker 1: should do? Is? Now understand rangerovers are wildly overpriced. Right. 1314 01:05:51,680 --> 01:05:55,360 Speaker 1: They lease out terribly, they purchased terribly. They're not known 1315 01:05:55,400 --> 01:05:59,600 Speaker 1: for their for their mechanical range. But if you want 1316 01:05:59,600 --> 01:06:03,720 Speaker 1: to sit the yeah, that's your SA. I think that's 1317 01:06:03,760 --> 01:06:06,480 Speaker 1: the way to go. Even though I can give you 1318 01:06:06,480 --> 01:06:08,480 Speaker 1: a million reasons why no one should buy that car, 1319 01:06:08,840 --> 01:06:12,360 Speaker 1: but the signaling to show your worthiness to take care 1320 01:06:12,400 --> 01:06:16,680 Speaker 1: of Sara. You get me, even though you should be 1321 01:06:16,800 --> 01:06:18,920 Speaker 1: in some cute little sports car. I don't see you 1322 01:06:19,000 --> 01:06:21,479 Speaker 1: in a Baily or anything. Um So in the book, 1323 01:06:21,520 --> 01:06:23,920 Speaker 1: I discovered a fast anything about one of your mentors. 1324 01:06:24,560 --> 01:06:29,160 Speaker 1: Your mentor taught the exact same class in marketing and 1325 01:06:29,240 --> 01:06:32,080 Speaker 1: branding that you teach. My class is based on David 1326 01:06:32,120 --> 01:06:35,200 Speaker 1: Acker's course Father and Modern Branding. I didn't know what 1327 01:06:35,280 --> 01:06:37,439 Speaker 1: I wanted to do. As we referenced before, business school 1328 01:06:37,520 --> 01:06:39,600 Speaker 1: is mostly for the elite in the aimless. It's people 1329 01:06:39,640 --> 01:06:42,840 Speaker 1: who want out of the profession they're in. I knew 1330 01:06:42,880 --> 01:06:44,520 Speaker 1: I didn't know what I wanted to do. Just knew 1331 01:06:44,520 --> 01:06:46,320 Speaker 1: I didn't want to go back to investment banking. Took 1332 01:06:46,400 --> 01:06:49,280 Speaker 1: this second year class of David Acker. You talked about 1333 01:06:49,320 --> 01:06:52,920 Speaker 1: the importance of yellow and how intangible has created more 1334 01:06:52,960 --> 01:06:56,840 Speaker 1: shareholder value than any other any other system or construct 1335 01:06:56,880 --> 01:06:59,120 Speaker 1: in history. He really kind of identified and encapsulated the 1336 01:06:59,160 --> 01:07:00,960 Speaker 1: brand era and I thought, this is what I want 1337 01:07:00,960 --> 01:07:02,480 Speaker 1: to do with my life. And I went to him 1338 01:07:02,480 --> 01:07:04,400 Speaker 1: and said, I'm starting a consulting firm based on your 1339 01:07:04,400 --> 01:07:07,160 Speaker 1: principles called Profit. I'd like you to join. You said, 1340 01:07:07,280 --> 01:07:09,200 Speaker 1: no way, I'm not interested in working with you your 1341 01:07:09,240 --> 01:07:12,720 Speaker 1: second year student. But long story short, and profit ultimately 1342 01:07:12,800 --> 01:07:14,160 Speaker 1: was sold, was it? Yeah, we grew up to four 1343 01:07:14,200 --> 01:07:16,120 Speaker 1: hundred people. It's still around today. I think it's about 1344 01:07:16,160 --> 01:07:20,120 Speaker 1: five hundred people now. Sold it to den Sue tremendously rewarding. Ultimately, 1345 01:07:20,200 --> 01:07:23,120 Speaker 1: David did join as vice chairman. But you know, what 1346 01:07:23,200 --> 01:07:24,919 Speaker 1: do you want when you go to school. You want 1347 01:07:25,520 --> 01:07:27,960 Speaker 1: to find someone who inspires you and sets you off 1348 01:07:28,000 --> 01:07:31,440 Speaker 1: on a career that is rewarding personally and economically. And 1349 01:07:31,480 --> 01:07:34,800 Speaker 1: I got that from David Ocker. So around now, I 1350 01:07:34,920 --> 01:07:37,320 Speaker 1: asked the book question, tell me about your favorite books. 1351 01:07:37,360 --> 01:07:39,360 Speaker 1: But we've done that already, So I'm gonna ask you 1352 01:07:39,400 --> 01:07:42,600 Speaker 1: a different book, different book question. Tell me about a 1353 01:07:42,720 --> 01:07:47,439 Speaker 1: book that changed the direction of your life. It's weird. 1354 01:07:47,560 --> 01:07:49,760 Speaker 1: He just died. Actually, I read my first kind of 1355 01:07:49,840 --> 01:07:52,280 Speaker 1: real novel was in high school, and it's not that dramatic. 1356 01:07:52,320 --> 01:07:54,160 Speaker 1: I read a book by Herman Wook called The Winds 1357 01:07:54,240 --> 01:07:59,240 Speaker 1: of War and just learning about and just learning about 1358 01:07:59,720 --> 01:08:02,000 Speaker 1: World War two and the you know what, it was 1359 01:08:02,080 --> 01:08:04,640 Speaker 1: probably the kind of the defining conflict of our century 1360 01:08:04,720 --> 01:08:08,600 Speaker 1: and what different groups from learning about the Holocaust. It 1361 01:08:08,760 --> 01:08:11,800 Speaker 1: just sort of got me thinking about things I had 1362 01:08:11,920 --> 01:08:14,080 Speaker 1: never thought about and sort of changed, got me interested 1363 01:08:14,120 --> 01:08:16,600 Speaker 1: in history, got me inntertioned in war history. So that 1364 01:08:16,720 --> 01:08:18,080 Speaker 1: for me was sort of my you know, kind of 1365 01:08:18,160 --> 01:08:21,519 Speaker 1: first adult book, if you will. So you are an 1366 01:08:21,600 --> 01:08:24,439 Speaker 1: open book and you reveal yourself warts and I'm an 1367 01:08:24,479 --> 01:08:28,439 Speaker 1: open book very but tell us something we don't know about, 1368 01:08:28,479 --> 01:08:32,880 Speaker 1: Scott Galloway, Uh is there anything we don't know about? 1369 01:08:33,280 --> 01:08:35,439 Speaker 1: Pretty much learn all out there. I was the bruined 1370 01:08:35,520 --> 01:08:39,400 Speaker 1: bear mascot. In my sophomore year at UCL I won 1371 01:08:39,479 --> 01:08:42,280 Speaker 1: most Comical in Junior high school. In junior high school, 1372 01:08:42,520 --> 01:08:45,160 Speaker 1: junior high school most Comical, I didn't know they voted 1373 01:08:45,200 --> 01:08:48,479 Speaker 1: for that. And Steve Martin. That's I'm aging myself. I 1374 01:08:48,520 --> 01:08:51,000 Speaker 1: got Steve Wait wait wait, and since then I haven't 1375 01:08:51,040 --> 01:08:54,320 Speaker 1: had a single award. Wait Steve Martin. You know they do. 1376 01:08:54,560 --> 01:08:56,320 Speaker 1: Remember in high school and junior high they would do 1377 01:08:56,360 --> 01:08:57,880 Speaker 1: like you know, and just to give you with the 1378 01:08:57,920 --> 01:08:59,920 Speaker 1: age I went to high school, I got Steve Martin. 1379 01:09:00,520 --> 01:09:03,160 Speaker 1: That was like my thing in the high school poll. Oh, 1380 01:09:03,280 --> 01:09:05,680 Speaker 1: so most likely to be like Steve Martin, not not? 1381 01:09:05,880 --> 01:09:07,920 Speaker 1: You went to school with Steve Martin. No, no, I 1382 01:09:07,960 --> 01:09:12,000 Speaker 1: think is a decade for sure. Um, so tell us 1383 01:09:12,080 --> 01:09:14,720 Speaker 1: what you do for fun outside of class, outside of 1384 01:09:14,760 --> 01:09:19,559 Speaker 1: occasionally holding onto a fiberglasses Pretty pretty boring, not that interesting. Uh, 1385 01:09:19,800 --> 01:09:22,599 Speaker 1: you know, time with kids, a lot of Netflix. Um, 1386 01:09:23,040 --> 01:09:25,960 Speaker 1: what are you watching on Netflix? Oh, my new favorite 1387 01:09:25,960 --> 01:09:28,600 Speaker 1: show is I'm like everyone else, I'm obsessed with a 1388 01:09:28,640 --> 01:09:30,280 Speaker 1: Game of Thrones. I think Veep is the best written 1389 01:09:30,320 --> 01:09:33,560 Speaker 1: show on TV. The new show that I love is Fleabag, 1390 01:09:33,680 --> 01:09:35,400 Speaker 1: which you may or may not have heard of. The 1391 01:09:35,479 --> 01:09:39,439 Speaker 1: person who wrote Fleabag wrote something else. I'm trying to 1392 01:09:39,520 --> 01:09:43,240 Speaker 1: remember what it was. I haven't started Fleabag. It's outstanding. 1393 01:09:43,280 --> 01:09:45,760 Speaker 1: And also killing Eve is really wonderful. Really. Yeah, So 1394 01:09:45,840 --> 01:09:47,679 Speaker 1: every Thursday night I do the same thing. I commute 1395 01:09:47,680 --> 01:09:50,320 Speaker 1: between her and Florida. I go home, I take a iron, 1396 01:09:50,479 --> 01:09:52,160 Speaker 1: I come back, I put my kids to bad I 1397 01:09:52,320 --> 01:09:54,840 Speaker 1: vape with my wife. I'm finally confident enough to say that. 1398 01:09:55,439 --> 01:09:58,120 Speaker 1: And then we watched television. So I think the key 1399 01:09:58,439 --> 01:10:01,600 Speaker 1: I think the defining art form of this age is television. No, 1400 01:10:02,040 --> 01:10:04,400 Speaker 1: we are in the golden age of television. I'm going 1401 01:10:04,439 --> 01:10:08,720 Speaker 1: to give you three recommendations for it. One of them 1402 01:10:08,760 --> 01:10:10,599 Speaker 1: I don't know if you're gonna like you like sci 1403 01:10:10,720 --> 01:10:14,920 Speaker 1: fi at all? Lay it on the Expanse, the Expanse. 1404 01:10:16,040 --> 01:10:21,000 Speaker 1: Where's that? So the Expanse TV. It's either Netflix or Amazon. 1405 01:10:21,560 --> 01:10:24,280 Speaker 1: So the Expanse takes place in the not too distant future. 1406 01:10:24,840 --> 01:10:28,719 Speaker 1: You have three political powers. You have Earth, you have Mars, 1407 01:10:28,920 --> 01:10:32,200 Speaker 1: and then you have the belts out where the miners 1408 01:10:32,240 --> 01:10:36,599 Speaker 1: are out pulling stuff off. Anyway, fashioning science fiction really 1409 01:10:36,680 --> 01:10:41,120 Speaker 1: kind of interest? Watch the terror I don't. I watched 1410 01:10:41,240 --> 01:10:44,080 Speaker 1: Black Mirror and oh I love Ridley Scott one of 1411 01:10:44,120 --> 01:10:47,599 Speaker 1: the best. Um Black Mirror and Electric Dreams is another. 1412 01:10:49,280 --> 01:10:52,720 Speaker 1: But the two comments I want to share with you, Um, 1413 01:10:52,840 --> 01:10:56,479 Speaker 1: have you started seeing on Netflix? I'm sorry, I haven't. 1414 01:10:56,560 --> 01:10:59,680 Speaker 1: Is that great? It's so picture if I had a 1415 01:10:59,720 --> 01:11:04,280 Speaker 1: sum up in thirty seconds, female comedy writer married with 1416 01:11:04,479 --> 01:11:08,120 Speaker 1: a little girl, picture of female version of Curb Your 1417 01:11:08,200 --> 01:11:12,679 Speaker 1: Enthusiasm not as nasty but more of a sitcom funny, 1418 01:11:13,560 --> 01:11:15,599 Speaker 1: very very good. And the new one I just started 1419 01:11:15,800 --> 01:11:17,919 Speaker 1: the new one I just started watching with Christine Applegate 1420 01:11:18,040 --> 01:11:20,240 Speaker 1: dead to Me. That's good, that really really And so 1421 01:11:20,360 --> 01:11:23,880 Speaker 1: along those lines, watched Ricky Gervais's new series already went 1422 01:11:23,920 --> 01:11:29,680 Speaker 1: through fantat that's life something like that. Fabulous. Um, all right, 1423 01:11:29,800 --> 01:11:33,960 Speaker 1: our last two questions and the problem I can't ask 1424 01:11:34,000 --> 01:11:37,400 Speaker 1: you the advice you'd give a millennial, because your whole 1425 01:11:37,439 --> 01:11:40,840 Speaker 1: book is advice to millennials. What advice do you wish 1426 01:11:41,040 --> 01:11:43,280 Speaker 1: you got when you got out of college that nobody 1427 01:11:43,360 --> 01:11:46,960 Speaker 1: told you it's gonna everything's gonna be okay? I was insecure. 1428 01:11:47,040 --> 01:11:52,320 Speaker 1: I yeah. But in the book there they've survey seniors 1429 01:11:52,320 --> 01:11:55,120 Speaker 1: on what piece of advice they would give themselves to 1430 01:11:55,200 --> 01:11:57,559 Speaker 1: their younger selves, and consistently it comes back and it's 1431 01:11:57,560 --> 01:12:01,200 Speaker 1: sort of the same advice. Uh, they wish there one 1432 01:12:01,280 --> 01:12:03,240 Speaker 1: wish and they advised themselves as they wish they'd been 1433 01:12:03,320 --> 01:12:05,680 Speaker 1: less hard on themselves. Go ease you in yourself and 1434 01:12:05,800 --> 01:12:09,680 Speaker 1: that is Look life, you're gonna screw up and bring forgiveness. 1435 01:12:10,000 --> 01:12:11,840 Speaker 1: I mean, one of the keys of long term relationships 1436 01:12:11,960 --> 01:12:14,720 Speaker 1: is forgiveness. It's difficult to maintain a long term relationship 1437 01:12:15,160 --> 01:12:17,719 Speaker 1: unless you assume the other person who's going to occasionally 1438 01:12:18,120 --> 01:12:20,560 Speaker 1: screw up, and you need to bring forgiveness to the relationship. 1439 01:12:20,760 --> 01:12:22,920 Speaker 1: And you also need to bring that to yourself and 1440 01:12:23,000 --> 01:12:25,400 Speaker 1: be a little at because in the moment it seems 1441 01:12:25,439 --> 01:12:27,439 Speaker 1: like a big deal. But if you again the one 1442 01:12:27,439 --> 01:12:29,479 Speaker 1: piece of advice yours would give themselves, they wish they 1443 01:12:29,479 --> 01:12:32,200 Speaker 1: hadn't been so hard on themselves. So it's gonna be 1444 01:12:32,360 --> 01:12:35,679 Speaker 1: you know, it's gonna be okay, quite fascinating. Scott Galloway, 1445 01:12:35,760 --> 01:12:40,320 Speaker 1: This has been absolutely delightful. And you sold the range 1446 01:12:40,400 --> 01:12:42,880 Speaker 1: Rover and I sold the right and hsc be sure 1447 01:12:42,920 --> 01:12:46,680 Speaker 1: to get with the upgraded UM package that stops and 1448 01:12:47,000 --> 01:12:49,400 Speaker 1: does the lean of ones warning UM. And I'm not 1449 01:12:49,479 --> 01:12:51,640 Speaker 1: a fan of that car, but that's got your name 1450 01:12:51,640 --> 01:12:53,840 Speaker 1: written all over it. You know a dog. We have 1451 01:12:54,080 --> 01:12:56,799 Speaker 1: been speaking with n y U Stern School of Business 1452 01:12:56,880 --> 01:13:01,960 Speaker 1: Professor Scott Galloway, author of The Algebra of Happiness. If 1453 01:13:02,000 --> 01:13:04,840 Speaker 1: you enjoy this conversation, well look up an intro down 1454 01:13:04,880 --> 01:13:10,439 Speaker 1: an Inch on Apple, iTunes, um Overcast, Stitcher, Spotify, wherever 1455 01:13:10,560 --> 01:13:13,320 Speaker 1: finder podcasts are sold, and you can see any of 1456 01:13:13,479 --> 01:13:17,240 Speaker 1: the previous UH two and fifty or so conversations we've 1457 01:13:17,320 --> 01:13:20,719 Speaker 1: had over the past five years. We love your comments, 1458 01:13:20,800 --> 01:13:24,919 Speaker 1: feedback and suggestions right to us at m IB podcast 1459 01:13:25,040 --> 01:13:27,360 Speaker 1: at Bloomberg dot net. Be sure and hits the like 1460 01:13:27,560 --> 01:13:30,640 Speaker 1: button UH that you might see on whatever site you're on. 1461 01:13:30,760 --> 01:13:33,439 Speaker 1: Give us a review. I would be remiss if I 1462 01:13:33,520 --> 01:13:36,360 Speaker 1: did not thank the crack crew that helps put this 1463 01:13:36,520 --> 01:13:41,400 Speaker 1: podcast together each week. Medina Parwana is my task master 1464 01:13:41,920 --> 01:13:45,960 Speaker 1: slash producer. UH Michael Boyle is our booker. Michael bat 1465 01:13:46,080 --> 01:13:49,600 Speaker 1: Nick is our head of research. Atika val Brunn is 1466 01:13:49,680 --> 01:13:53,920 Speaker 1: our project director. I'm Barry Rihults. You've been listening to 1467 01:13:54,080 --> 01:14:03,400 Speaker 1: Masters in Business on Bloomberg Radio. Take taking to s