Speaker 1: You're listening to Comedy Central. Wow from New York City,
Speaker 1: the only city in America. It's the Shoes and Intention News.
Speaker 1: Here's the Daily Shoes with your host send it Hers
Speaker 1: lovedy Time Live. And it's my last night as Guth's home.
Speaker 1: That's Settlin. Look, it's my last night as guests host.
Speaker 1: It's old her. I stripped the bed and I left
Speaker 1: the sheets on top of the washer and dryer. Now
Speaker 1: give me back my deposit, Comedy Central. But first we
Speaker 1: got a shutter new So let's get in the headlines. Now.
Speaker 1: As I said, this is my last night here, but
Speaker 1: as an Indian and as an American, I can't leave
Speaker 1: without shitting on the United Kingdom. So let's talk about
Speaker 1: the latest drama in the royal family, because apparently Prince
Speaker 1: Andrew is pissed that his brother, King Charles is trying
Speaker 1: to move him out of his thirty room mansion and
Speaker 1: into the tiny ten room Frogmore cottage. First of all,
Speaker 1: I get why he's upset that, because that's barely enough
Speaker 1: space for a teenage sex dungeon. But second, why are
Speaker 1: you complaining your house has a name. Any house with
Speaker 1: the name is next level. My house just has a
Speaker 1: number like a peasant moving on. According to a new survey,
Speaker 1: the average tooth fairy payout has now hit a record
Speaker 1: six dollars in twenty three cents per tooth, which is insane.
Speaker 1: Poor Nick Cannon's gonna be broke by the end of
Speaker 1: this one. Okay. As a parent, I want to know
Speaker 1: how other dads feel about this, which is why I
Speaker 1: turned the fellow Dad Roywood Junior. Why would junior? Every one?
Speaker 1: Are you and Dad? You are Dad? Kay? Thank you?
Speaker 1: I know your son is getting to tooth losing a
Speaker 1: Is he getting that sweet six bucks from the tooth fairy? Hell? No,
Speaker 1: I did the responsible thing. But my boy and I
Speaker 1: told him that the tooth fairy is did he told
Speaker 1: him the tooth fairy is dead. She's dead. She dead,
Speaker 1: She go she she tripped over my son's toys. He'd
Speaker 1: be laying laying on over the house. She stepped on
Speaker 1: the toy, broke her neck and chumped on the choked
Speaker 1: the death on her own tongue. Why would you say
Speaker 1: that to your own kid? Well, he's got a put
Speaker 1: his damn toys up now, I bet you will. Now, look,
Speaker 1: isn't like like I'm tired of him not cleaning up.
Speaker 1: And I'm tired of buying into this system. Man, listen
Speaker 1: to us. We're paying our kids just for losing teeth.
Speaker 1: And what are they learning from that? What are they learning?
Speaker 1: All your kids learn is that they can sell their
Speaker 1: body parts for money. No wonder, no wonder. I spent
Speaker 1: my whole twenty selling plasma, celling, blood selling, sperm selling,
Speaker 1: ball marrow dropped off for kidney. All the tooth Fairy
Speaker 1: did was teach me how to treat my body like
Speaker 1: a garage selling. But losing a tooth is a big moment.
Speaker 1: He shouldn't get something. He is getting something. You're getting
Speaker 1: the new tooths. That's the prize. You get to keep chewing.
Speaker 1: And let's just be real. How s where does it end?
Speaker 1: Lose a tooth? Six dollars? Oh you got your first zip?
Speaker 1: Here's ten dollars. Oh your body keep changing. I'm gonna
Speaker 1: have to keep tipping this little for growing hair on
Speaker 1: his back. No, he gets one present a year his birthday.
Speaker 1: That's it. Okay, Well, what about my prismas? Right? Wait?
Speaker 1: Wait what Christmas? Let's send a day too. I've told
Speaker 1: my sign that Santa Claus died from too much screen
Speaker 1: time on the iPad. Listen, man, for your son's sake, man,
Speaker 1: just here, just give this to Henry Tells from Uncle Hausan. Okay, wow,
Speaker 1: he lost two teeth, all right, Roy wou junor everybody,
Speaker 1: he just I know you got it right? All right.
Speaker 1: When we get back, we're gonna talk about the golden
Speaker 1: age of dryptings. So don't go away. I don't know
Speaker 1: if hold hold them back to the Daily Show. You know,
Speaker 1: over the past couple of years, I've been noticing something.
Speaker 1: Do you guys feel like scam artists are everywhere? Right?
Speaker 1: You obviously heard about FTX, right, the cryptocurrency exchange that
Speaker 1: lost eight billion dollars of investor deposits based on the
Speaker 1: reputation of this electrocuted nine year old. Yeah, it was insane,
Speaker 1: but you know what was crazier the people who helped
Speaker 1: him do it. I'm excited to be partnering with that
Speaker 1: TX to help make crypto accessible for everyone. I'm all in.
Speaker 1: Are you with FTX? Everything I need to buy, sell
Speaker 1: and trade crypto safe trading crypto FTX is the safest
Speaker 1: and easiest way to buy and sell crypto. It's the
Speaker 1: best way to get in the game. If there's ever
Speaker 1: a place I could be that I'm not going to
Speaker 1: get in trouble, it's going to be at FTX. Wow, Kevin,
Speaker 1: that prediction age so poorly. Leonardo DiCaprio just broke up
Speaker 1: with it. So obviously ftx's old news. But when the
Speaker 1: new CEO, John Wright, took over the company, he looked
Speaker 1: at the books and he said one thing that I
Speaker 1: cannot forget. He said that he has never seen a
Speaker 1: group of such inexperienced, unsophisticated, and potentially compromised group of individuals.
Speaker 1: This dude said that the situation was quote unprecedented, and
Speaker 1: he oversaw the bankruptcy of Enron. Okay, that's like if
Speaker 1: your doctor told you he had the weirdest penis he
Speaker 1: had ever seen, and then you found out his other
Speaker 1: patient was Rudy Giuliani. Now a lot of people have
Speaker 1: said we are living in the Golden Age of grifting.
Speaker 1: There's articles everywhere about it, But it's not the Golden
Speaker 1: Age of drifting because that makes it sound smart and sophisticated.
Speaker 1: The truth is the grifters of our age are fucking morons,
Speaker 1: just absolute dipshits, soft brain Neanderthals and that's the part
Speaker 1: that bothers me so much. I have friends that I
Speaker 1: grew up with that got duped by these cloud chasing sociopaths.
Speaker 1: That's why we need to know why it's gotten so stupid,
Speaker 1: so we never get back here. Let's talk about the
Speaker 1: golden age of dipshitttery in our latest installment of Long
Speaker 1: Story Short. Do you guys remember the O eight financial crisis? Yes,
Speaker 1: it was so complicated, remember the big short? What the
Speaker 1: hell is a credit default? Swappy? I have no idea,
Speaker 1: Margot Robbie explained it to me naked in a bathtub,
Speaker 1: and I still don't get it. But the scandals today,
Speaker 1: oh they're truly idiotic. Take coin Base, okay, very legit,
Speaker 1: app I have it on my phone. But it was
Speaker 1: recently at the center of the first crypto insider trading scandal.
Speaker 1: Now you're probably thinking, wow, us in crypto, it's got
Speaker 1: to be complicated, Ryan wrong. According to the DJ, here's
Speaker 1: how it worked. Right before coinbase listed a new coin,
Speaker 1: this dork who worked at coinbase would text his little
Speaker 1: brother to tell him to buy that coin, and at
Speaker 1: one point they just texted the dollar sign and is
Speaker 1: emoji you know, the universal symbol for insider trading. Just
Speaker 1: zero subtlety. Now it gets even dumber. When coin base
Speaker 1: caught him and tried to bring him in, each On
Speaker 1: emailed his coworkers that he would be quote out indefinitely
Speaker 1: because he had to fly back to India overnight. Eh,
Speaker 1: you dumbass, you're fleeing the country. You don't paying hr
Speaker 1: on slab. Just hey, Carol, running from the law, just
Speaker 1: looping you in, just bumping this for visibility. Thanks. Now,
Speaker 1: obviously crypto is full of idiots, but this dipshit drifting. Oh,
Speaker 1: it's everywhere, So don't feel bad if you've been duped.
Speaker 1: Even JP Morgan got swindled. Take the case of Charlie Javis. Okay,
Speaker 1: she found her a startup called Frank and she claimed
Speaker 1: to have a user base of almost four million customers.
Speaker 1: And in twenty twenty one, JP Morgan bought her company
Speaker 1: for a hundred and seventy five million dollars. She was
Speaker 1: in Forbes, she was the future. But now JP Morgan
Speaker 1: is suing her because it looks like those four million
Speaker 1: customers she had, oh she made them up. Almost all
Speaker 1: of them were baked. Do you know how JP Morgan
Speaker 1: found out they were fake after they bought the company,
Speaker 1: which is stupid. They emailed the list and then seventy
Speaker 1: percent of the emails bounced back. That's right. The person
Speaker 1: who blew the lid off this intricate plot was mailer demon.
Speaker 1: What the fuck is going on? I think they're three factors. Okay.
Speaker 1: Number one, Millennials have three times less money than boomers
Speaker 1: did at the same age, So we have this feeling
Speaker 1: as millennials where we want to catch up, pay for
Speaker 1: that marriage, that mortgage. We feel behind the game. We
Speaker 1: got to catch up fast. Now gen X they're behind two,
Speaker 1: but who gives a shit about them? They have Nirvana
Speaker 1: number two. Zero percent interest rates plus multiple COVID stimulus
Speaker 1: builds pumped a huge amount of money into the system.
Speaker 1: And the third reason there's more grifhs than ever might
Speaker 1: be the most important detail. Social media. From the moment
Speaker 1: you wake up and you pull out your phone, these
Speaker 1: grifters have root access to your brain. And it's never
Speaker 1: been easier for total idiots to pass themselves off as
Speaker 1: stock market gurus to millions of people. And there is
Speaker 1: no idiot and more total than this guy. My name
Speaker 1: is Tommy. I am from Tel Aviv, Israel. Now I
Speaker 1: live in Beverly Hills, California. Last year I turned three
Speaker 1: thousand dollars into four million dollars. We used to be broke.
Speaker 1: I am a stock trader md IP holy shit, and
Speaker 1: I am also the number sixty one DJ on the planet.
Speaker 1: This is Tommy Cooperman, aka the number one sixty one
Speaker 1: DJ on the planet, but he's hoping to drop down
Speaker 1: to six nine so he can go by DJ noise.
Speaker 1: Tommy and his friends promoting themselves on Twitter as financial gurus.
Speaker 1: Follow them and you could be a baller, and they
Speaker 1: amassed huge followings because they look really cool, right, especially
Speaker 1: the guy doing this. Yeah dude, yeah dude, But I
Speaker 1: want to talk about this guy with a photoshop ahead
Speaker 1: of Zach Morris. Now in reality, that's Edward Constantine. Edward
Speaker 1: loves to go on Twitter and show off his cars,
Speaker 1: his shoes, and his scooters. That's right, ladies, scooters. Edward
Speaker 1: loves scooters. He rides them all the time while being
Speaker 1: really cool. I mean they're like playable. No, because I
Speaker 1: am pretty, I'll making one hundred thousand dollars. I don't know.
Speaker 1: You know, your life evaluated, change, maybe get better to
Speaker 1: be your wife, your kids, or whatever. It's holding your bag.
Speaker 1: So yeah, guys, just you can do it too. Get
Speaker 1: a bike and start making a hundred thousand a day.
Speaker 1: I can honestly say I have never prayed harder for
Speaker 1: a car door to open. Okay, the person was how
Speaker 1: were these guys getting so rich from trading stocks? And
Speaker 1: the suspicion was they were running a pump and dump scam.
Speaker 1: That's when you buy a stock, you hype it up
Speaker 1: to your followers, so they buy it, which pushes the
Speaker 1: price up. Then you secretly sell your stock and then
Speaker 1: innocent people get left holding the bag. And you would
Speaker 1: think they would hide the evidence, right, Nope. Eddie would
Speaker 1: regularly post pictures like this, or he would regularly tweet
Speaker 1: that he loved pumping and dumping and then posted a
Speaker 1: photo of him and his friend flipping off the SEC. Yeah. Ra,
Speaker 1: And it went on like that until the SEC said,
Speaker 1: um no, do you knew this morning? On alleged one
Speaker 1: hundred fourteen million dollar fraud scheme involving self proclaimed stock
Speaker 1: market influencers, The SEC and d o J are charging
Speaker 1: eight social media influencers in the so called pump and
Speaker 1: dump plant prosecutors have a secretly recorded voice chat where
Speaker 1: the influencers even brag about the alleged scheme, saying, quote,
Speaker 1: we're robbing idiots of their money. Oh my god, these
Speaker 1: mouth breathing morons snitched on themselves. Oh no, bro. Now
Speaker 1: I got to give props to the SEC. They're clearly
Speaker 1: starting to send a signal to all grifters that it's
Speaker 1: twenty twenty three and the parties. Over last year, the
Speaker 1: SEC collected a record six point four billion in penalties
Speaker 1: with no sign of slowing down. Now, who knows if
Speaker 1: these guys are going to go to jail, But the
Speaker 1: SEC is making an example out of them, and it's working.
Speaker 1: After the SEC charged them, all of them stopped tweeting
Speaker 1: or deleted their accounts, although Scooter Douche Edward Constantine left
Speaker 1: us with one epic final tweet, I love my homies
Speaker 1: on here. The rest of you can keep swinging on
Speaker 1: my legs. Okay, I have to admit that is kind
Speaker 1: of money or just swinging on it. You know it's funny. Okay, okay,
Speaker 1: it's funny. It's funny. But one of the top responses
Speaker 1: to that tweet is not funny, and it reminds me
Speaker 1: of the people that I know that also got duped.
Speaker 1: One of the top responses, this dude writes, shame on me.
Speaker 1: I used to defend these guys thinking that they were
Speaker 1: going to help me pay off my wife's medical bills
Speaker 1: after her fighting breast cancer. I know I'm the one
Speaker 1: that clicked the buy button, but damn I lost a
Speaker 1: ton of money following their trades. This is the true
Speaker 1: damage of the grift. This is why there needs to
Speaker 1: be consequences, and the good news is there can be.
Speaker 1: If you think someone is running a scam on Twitter
Speaker 1: or TikTok, be a snitch. Yes, Hassan Minhaj is saying snitch,
Speaker 1: I am pro snitching. The SEC has a website to
Speaker 1: submit tipsy anonymously. You can go to this website and
Speaker 1: snitch on dipshit grifters. So long story short, start calling
Speaker 1: these motherfuckers out, drop kick them with cold consequence, because
Speaker 1: if you're not, in the words of the great Scooter philosopher,
Speaker 1: I don't know what the fuck you're doing with your life.
Speaker 1: When we come back, I'll talk to one of those
Speaker 1: people who is plugging that ps. You don't want to know.
Speaker 1: Welcome back, to the Daily Show. My guests tonight is
Speaker 1: a shark take investor in a venture capitalists. Please welcome
Speaker 1: Kevin O'Leary, Kevin elul They know you. Nice to see you,
Speaker 1: you too. What's happening. Well, I'm just I'm just I'm
Speaker 1: just drifting through town. Man. Thank you for coming on
Speaker 1: the show. You don't want to say this first and foremost.
Speaker 1: I always give people their flowers, so I want to
Speaker 1: say me and my dad love you on Shark Tank.
Speaker 1: Appreci Yes, Shark Tank is one of those shows a
Speaker 1: family can sit down, we can watch it together. We
Speaker 1: can cause players, entrepreneurs and vicariously live through a fun
Speaker 1: piece of unscripted semi reality content. So thank you for
Speaker 1: giving us that. It's fourteen seasons, right, fourteen Okay, But
Speaker 1: the truth is we don't script anything because we see
Speaker 1: them the same time you do. We had no idea
Speaker 1: it would just blow up this way. I mean, it's
Speaker 1: a remarkable platform, yes, and it supports American entrepreneurship. What's
Speaker 1: wrong with that? It's amazing. Now you've been making your rounds.
Speaker 1: We were speaking backstage just to give everyone context. Obviously
Speaker 1: we're talking about crypto FTX. You've been making the rounds,
Speaker 1: testifying before Congress, going on Squawkbox seventy eight times, and
Speaker 1: everybody's asking you about, you know, your endorsement of FTX,
Speaker 1: the fifteen million dollar bag, but nobody's asking you, how
Speaker 1: are you doing? How are you feeling? Well, let's just
Speaker 1: get the numbers, right. It was eighteen million, eighteen and
Speaker 1: it's all gone. And I get it, But you've got
Speaker 1: to understand something about venture investing. FTX was nothing but
Speaker 1: a startup. Okay, basically eighteen months old. That's it. An
Speaker 1: in can you take me through the relationship timeline of
Speaker 1: you and electrocuted? How long have you got we can
Speaker 1: run it? I told you. I was like, let's let's
Speaker 1: do it. So because because just for context, at first,
Speaker 1: you've been on Squawkbox, you've been on programs, and you're like,
Speaker 1: bitcoin is dogshit, this is awful. I'm paraphrasing. Yeah, I
Speaker 1: did say. I did say that because at that time
Speaker 1: the regulator was very very negative. Yes, and then countries
Speaker 1: like Canada, Switzerland, United Edwards in Australia they opened up. Yeah,
Speaker 1: but if you're an investor that like me, I invested internationally.
Speaker 1: I started to allocate to it. And then you start thinking,
Speaker 1: you go, look, you know SPFS, it's starting to open
Speaker 1: up internationally, it's it's becoming more regulated and in Switzerland
Speaker 1: and other countries, and so you know, clearly this guy
Speaker 1: who's running this Bahamian orgy um is running a responsible operation.
Speaker 1: So how did he how did he get in your dms?
Speaker 1: How did he penetrate that heart? So obviously at a
Speaker 1: time in twenty twenty one when FTX was out financing
Speaker 1: doing rounds at a twenty three billion valuation, that was
Speaker 1: the hottest steal on the street. If you look at
Speaker 1: the people that invested in that, it's the who's who
Speaker 1: have venture came to Dude, I was pissed that I
Speaker 1: wasn't asking yea. And when I look at that role
Speaker 1: and it's like Shaquille O'Neil, like Steph Curry, Tom Brady,
Speaker 1: that's how you know I haven't made it. Well, maybe
Speaker 1: in maybe let me get that call? Are even something
Speaker 1: my agent called me? Maybe you're lucky you didn't get
Speaker 1: that call. Okay, I think of it that way. Okay,
Speaker 1: So at the end of the day, when you invest
Speaker 1: in any startup, and this includes FTX and plenty of others,
Speaker 1: eight out of ten times you lose your money since
Speaker 1: nineteen fifty four where they started compiling these stats. Now,
Speaker 1: sometimes it's alleged fraud, sometimes bad executions, sometimes bad market,
Speaker 1: sometimes bad product, but forever reason eight out of ten
Speaker 1: times you lose money. So the people that invest in FTX,
Speaker 1: if people are asking me, well, isn't this going to
Speaker 1: change investing forever? No, nothing's going to change, sure, because
Speaker 1: obviously we're gunning for that two times where we make
Speaker 1: a thousand X on our money. The next morning after
Speaker 1: I lost that eighteen million, Yes, I was pissed, okay,
Speaker 1: but it didn't change anything about what I do as
Speaker 1: an investor, I get right up and I go at
Speaker 1: it again because I have If every time I had
Speaker 1: a loser investment, I had to go to Congress, I'd
Speaker 1: need an apartment there, right. I mean, we lose a
Speaker 1: lot of deals, but every list in a while, I
Speaker 1: get a monster hitting the pace. For all the mistakes,
Speaker 1: FTX is in the past for me, too bad. I
Speaker 1: feel sick about it. We all look like idiots, but
Speaker 1: we got to move on. We have to fund the
Speaker 1: next venture, We have to fund the next entrepreneurial. But
Speaker 1: how did he how did he penetrate? You didn't answer
Speaker 1: the question how did he get you? I know, like
Speaker 1: I got the five talking points? But how did he
Speaker 1: just how did he slide in the dms? How did
Speaker 1: he slide in the DMS? I know you're recording this.
Speaker 1: How did he slide in the DMS? Of your heart?
Speaker 1: That come on? So the way, because I've gotten the call,
Speaker 1: I've gotten the call in two places on this. Yeah,
Speaker 1: I was a paid spokesperson, yes, yes, but I was
Speaker 1: also an investor. I took millions of dollars and invested
Speaker 1: them in FTX International and US. So I'm getting squeezed
Speaker 1: on both sides on this point. At the end of
Speaker 1: the day. The way I look at it is, Okay,
Speaker 1: I have an agent. He gets contacted and says, look,
Speaker 1: do you want to be a paid spokesmist you to this,
Speaker 1: I said, I'm I'm interested in crypto. What do we
Speaker 1: know about this company? We know that it's got the
Speaker 1: biggest investor list I've ever seen. Yeah, But then but
Speaker 1: then you reply all to like Kevin O'Leary all agents
Speaker 1: at CIA dot com, and you go, I've said that
Speaker 1: this is dogshit, replied, and then you sent no and
Speaker 1: then they go, they go Kevin Comma enter, It's that's
Speaker 1: not the way this works. Is you going back and say, okay,
Speaker 1: one point eight billion raised, who's in the race? Who
Speaker 1: did the due diligence? Plenty of them did, and it's
Speaker 1: the heavy hitters, huge hitters. We all know each other
Speaker 1: in the private equity business. And I said, okay, somebody
Speaker 1: dillied this thing. Yeah, and the parents were compliance lawyers,
Speaker 1: sir out of Stanford. I mean that's pretty good. Yeah.
Speaker 1: So at the end of the day, it's a very
Speaker 1: unfortunate outcome, and everybody looks still because you do do
Speaker 1: your due diligence. I've seen you. You are a savage.
Speaker 1: Obviously obviously SPF and FTX, your boy has lost eight
Speaker 1: million dollars of investor funds, and clearly from the reports,
Speaker 1: no one did their due diligence. So I'm asking you,
Speaker 1: on behalf of the Daily Show, will you fly to
Speaker 1: pala Alto where he's on house arrest and play this
Speaker 1: down and hit them with the cattle from I'm not
Speaker 1: for the forty appearances. I'm not for the four minute
Speaker 1: segments on Squawkbox. Let's take a Southwest Plus flight tonight
Speaker 1: layover in Chicago. It's on me. We land SFO, my
Speaker 1: dad will pick us up and we will go to SBS.
Speaker 1: I think that's a little extreme, Okay, just a little
Speaker 1: I mean, look at the end of the day. Think
Speaker 1: about this, end of the day, a lot of people
Speaker 1: lost money. Retail got fleece. That's what happened at the
Speaker 1: end of the day. Okay, did Lehman Brothers change anything. No, Enron,
Speaker 1: no Bear Stearns, no long term capital. No, there's always
Speaker 1: going to be the bad actors. Sure, this is capitalism,
Speaker 1: and every once in a while there's a bad actor.
Speaker 1: You just went through a whole you know, litany of them,
Speaker 1: and the system self corrects. If you do bad things,
Speaker 1: shit happens to you, bad shit. And I think that's okay,
Speaker 1: that's our system. The whole idea is you can make
Speaker 1: money without being a fraudster. This is a great country.
Speaker 1: You can be an entrepreneur. You can start a company
Speaker 1: with a great product and become a multi millionaire. That's
Speaker 1: the path that people take ninety nine percent of the time.
Speaker 1: And we should celebrate that. This comes along, you know,
Speaker 1: alleged fraud like this, it's going to go through the system.
Speaker 1: Hopefully we're going to get a huge recovery for everybody
Speaker 1: that lost their money. Already, the rumors are where it's
Speaker 1: six out of eight billion, they found that six point
Speaker 1: one billion. Who knows what else will be coming. I
Speaker 1: want to help everybody on this situation, but I've moved on,
Speaker 1: and so is everybody else. I have a theory, Yeah,
Speaker 1: I have a theory. So in corporate America, I see
Speaker 1: a lot of urban professional elites with LinkedIn accounts here
Speaker 1: in the crowd tonight. In corporate America, they have a
Speaker 1: thing called CYA cover your ass. And I think, mister O'Leary,
Speaker 1: you're making the seventy appearances right now and testifying before
Speaker 1: Congress to let people know, hey, hr, something up happened.
Speaker 1: Someone burned down the house while mom and dad left,
Speaker 1: But you kind of were a part of the arson
Speaker 1: to begin with. Well, let me correct you on that
Speaker 1: for a moment. Okay, During the period when everybody was
Speaker 1: trying to get allocation to FTX, particularly FTX us hottest
Speaker 1: deal in the street in twenty twenty one, I got
Speaker 1: countless calls from people saying, let me in on your allocation.
Speaker 1: You owe me. We've been we've done business together. I said, guys,
Speaker 1: it's a startup. It's a big one. It's a twenty
Speaker 1: three billion dollars startup, but it's a startup. If I'm
Speaker 1: going to take this ride, I'll do with my own dough.
Speaker 1: I'm not going to put anybody else's money into it.
Speaker 1: Nobody lost money on that deal in terms of investing
Speaker 1: on it, except me, So I don't. I don't have
Speaker 1: the problem where I owe somebody, you know, an apology
Speaker 1: for investing beside me. I owe everybody and all of
Speaker 1: us involved owe an apology for not knowing it was
Speaker 1: an alleged fraud. But you know, this happens from time
Speaker 1: to time. But in my mind, I can go to
Speaker 1: sleep every night knowing that it was my money. I
Speaker 1: lost it. I ate it. Shame on me. It doesn't
Speaker 1: change what I do in the morning. I'm a very
Speaker 1: fortunate guy. I can take huge hits and I move
Speaker 1: on and I keep going. That is the essence of entrepreneurship.
Speaker 1: You're going to get kicked to the ground once in
Speaker 1: a whare. This was a big kick in the where
Speaker 1: it hurts, right. As somebody said to me, the one
Speaker 1: I remember the most, you know, the economist on a
Speaker 1: CNBC said to me, we came out of the green
Speaker 1: room after I'd had one of those countless presentations on
Speaker 1: there about it, said Kevin, eighteen million dollars, that's a
Speaker 1: lot of guitars. And he's right, yeah, you love guitars.
Speaker 1: He loves guitars. Just for he's he's telling a story
Speaker 1: that's not great because you have to set up the
Speaker 1: premise for the punchline. This is this is my comedy, sharks.
Speaker 1: I love this story. Okay, listen, here's what has to happen.
Speaker 1: You have to be able to expose your position when
Speaker 1: you say you lost money. The only way for us
Speaker 1: to truly know is if a forensic accountant comes in.
Speaker 1: I want that. You want, you want the full transparency everybody.
Speaker 1: You don't understand everybody. So you got the eighteen mil. Look,
Speaker 1: me and you were in Hollywood, not these regular normies.
Speaker 1: So let's let's let's have the big boy talk. I
Speaker 1: want to have the talk. So out of the eighteen mil,
Speaker 1: won't wait, hang on, let me let me get him
Speaker 1: in on it. It's out of the eighteen You guys
Speaker 1: don't know this. There's agents, managers, business managers, the irs
Speaker 1: all of them. Ka ka to say that. But out
Speaker 1: of that eighteen mil, my man, probably let's go six
Speaker 1: to seven. Now that's just straight cash, But we don't know.
Speaker 1: Some of it could be USD, some of it could
Speaker 1: be some of that sweet sweet equity position, but we
Speaker 1: won't know until a forensic accountant comes in, and we
Speaker 1: want that. I have a hunch, yeah, I think you
Speaker 1: didn't lose a whole lot of the shirt off your back.
Speaker 1: But retail did all of my money on the comp
Speaker 1: Just so you understand this, by the contract was in
Speaker 1: an FTX account, So eighteen comes in as you correct,
Speaker 1: about half of it paced taxes and agents and the
Speaker 1: unions and all that stuff. The rest goes into the account,
Speaker 1: and on Saturday morning, November tenth, it was scraped out
Speaker 1: along with all the trading records. Everybody there, including me,
Speaker 1: does not know where that money is or do they
Speaker 1: have the trading records. Do I want to hire a
Speaker 1: forensic account Absolutely, I've disclosed I had thirty two positions.
Speaker 1: It wasn't cash, it was crypto and all kinds of
Speaker 1: and tokens, and so they're all gone and I would
Speaker 1: like to find out where they are. So would another
Speaker 1: million people. But it was also house money. That's the
Speaker 1: key difference. How do you say that you're playing off
Speaker 1: of cake. What's coming to you? Hey, we're giving you
Speaker 1: a big a million cash I put into the equity. Sure,
Speaker 1: that's not a million cash, that's a million cash. I'll
Speaker 1: give you that. Thank you. Okay, So you've lost one
Speaker 1: US you've lost one million USD personal yes, okay, actually
Speaker 1: more it was I think one point two five million. Okay,
Speaker 1: So the only way. But but you're making that heuristic.
Speaker 1: You're making that heuristic based off of that six point
Speaker 1: six to seven million coming in. Look, we're gonna do
Speaker 1: but for a lot of things. The only way we
Speaker 1: can really come to the conclusion of this is if
Speaker 1: we do the old rule when you're sexting a partner,
Speaker 1: I'll show you yours if you show me. That's the
Speaker 1: only way. Let's not we don't need to dancer at it. Well,
Speaker 1: it's fine, it's fine, it's fine. My whole deal is
Speaker 1: I've been totally transparent with it. The reason I've gone
Speaker 1: on and talked about it openly is I think we
Speaker 1: can all learn a lesson from this, And I'm teaching
Speaker 1: this case at Harvard Actually, I think there's a lot
Speaker 1: to learn from it, because it's a great example of
Speaker 1: when you do portfolio work, when you put big money
Speaker 1: to work, you've got to know you're never safe. You
Speaker 1: just don't know what's going to happen, right, And this
Speaker 1: case is crazy. We haven't even seen the end of
Speaker 1: this yet. We don't know what's going to happen. The
Speaker 1: records are supposedly backed up on the Amazon servers and
Speaker 1: no one's seen them yet. I don't know where that
Speaker 1: money went. I'd like to find out. And that's the
Speaker 1: same question every institution has. I'm one of the only
Speaker 1: institutions walking around talking about it. But so what. It's
Speaker 1: a horrible outcome, it's a bad investment. I've made bad
Speaker 1: ones in the past, I'm going to make bad ones
Speaker 1: in the future. But I'm pretty good at good ones
Speaker 1: as well. So that's the way it works. I hear you,
Speaker 1: and I think there's a detail that you need to
Speaker 1: add to your Harvard class, which is and all the
Speaker 1: other places that you bring you with me. Sure, I'll
Speaker 1: pull up. I mean, if Kim Kardashion can pull up. Now, listen, Kevin, Kevin,
Speaker 1: let me let me just go. I will pull up.
Speaker 1: I will sincerely pull not. Okay, here's the thing. When
Speaker 1: you go on the Daily Show right now, or when
Speaker 1: you go on our friend Aaron Ross Sorkin's show right
Speaker 1: what when you say eighty percent of these companies fail,
Speaker 1: that is correct, and let's say it's even more, let's
Speaker 1: say it's ninety. Yeah, the stats have been around. But
Speaker 1: what you're what you're not accounting for, is you're speaking
Speaker 1: to the upper one percent that can lose that money.
Speaker 1: Everybody else that's listening should probably just put their money
Speaker 1: in ETF, set it aside, yet, go to sleep, wake
Speaker 1: up thirty years later. But but but you're not disclosing that.
Speaker 1: You're not disclosing again once again, your position. How much
Speaker 1: you've been personally paid upfront? I did? I told no, no,
Speaker 1: not not about fts, just in general, with the myriad
Speaker 1: of companies that you're Oh, I see, do you see
Speaker 1: what I'm saying? Guess what. I'm a capitalist, I'm an investor.
Speaker 1: It's what I do. I'm not I'm ashamed of it.
Speaker 1: I'd love to do what I do. I help all
Speaker 1: kinds of entrepreneurs and I'm proud of that. We don't
Speaker 1: make money all the time. It's the point I'm trying
Speaker 1: to make. When you invest, you take risks, and that's
Speaker 1: why you need diversity. You need a lot of socks.
Speaker 1: ETF's a good idea that has a lot of socks
Speaker 1: whatever at the end of the day. But it's not
Speaker 1: or whatever that position doing that. Putting your money in
Speaker 1: an spy SP five hundred for thirty years is going
Speaker 1: to benefit ninety five percent of the population. And the
Speaker 1: and the key problem is people turn to you, people
Speaker 1: like Kevin O'Leary, Mark Cuban, because they see you very
Speaker 1: differently than say Larry David. But we take it for
Speaker 1: Shaquille O'Neal or all the other people that were in
Speaker 1: the FTS commercial. Mister Wonderful says, this is a good
Speaker 1: position in reality. Every time you go on squawk Box
Speaker 1: or any of your many all the time remote crypto positions,
Speaker 1: I talk about platforms and diversity. I didn't do commercials
Speaker 1: and I never would because I don't advocate single products.
Speaker 1: You don't do commercials. I mean, you're on every third
Speaker 1: commercial during the commercial breaks of Shark Tank. You know
Speaker 1: I'm talking. You're talking about FTS though, right you're talking
Speaker 1: about FTX. I'm not talking about I'm saying in general, Yes, yeah,
Speaker 1: I understand. Okay, yeah, do you see what I'm saying? Yes,
Speaker 1: I guess, well yes, if you go to your YouTube channel,
Speaker 1: just on your YouTube channel, the fourth or fifth video
Speaker 1: on your YouTube channel is is this the bottom of
Speaker 1: the market? Do you know what that's signaling to retail investors.
Speaker 1: It's signaling them to either pop in or pop out,
Speaker 1: when in reality, you should just go, hey, hey, real talk.
Speaker 1: You should have one class at Harvard. It should be
Speaker 1: ten minutes. Listen to me right now. Listen to me.
Speaker 1: Put your money in Vanguard portfolio, bt sax Or S
Speaker 1: and P five hundred. Maybe do a bond position right
Speaker 1: now because it's giving you four percent. Set it aside
Speaker 1: in turn off squawk Box. Actually, don't even listen to
Speaker 1: what I have to say. You're being tough on Squawkbox.
Speaker 1: They do a service. People are interesting. Listen. I understand indexing.
Speaker 1: That's great. I do that too. But if you want
Speaker 1: to extraordinary your turns, you got to take risks on entrepreneurs.
Speaker 1: You have to back people that don't know their outcomes. Right,
Speaker 1: So then your podcast and TV show tell me you
Speaker 1: just had a chance to investing the evaluation was five
Speaker 1: million dollars. Which do you wish you did that? Sure? Yes,
Speaker 1: be hindsight is twenty twenty always, and you will lose
Speaker 1: that way, you will. You can lose ninety five percent
Speaker 1: at the time, that way trying to pick stocks, Kevin,
Speaker 1: you know this. Even the great Warren Buffett and Charlie Munger,
Speaker 1: the goats of capitalism, even they say, now these geriatric
Speaker 1: coffin Dodgers now at their shareholders meeting, go listen to me.
Speaker 1: Listen to me. If I could do it all over again,
Speaker 1: I would just put it in next one and what
Speaker 1: they should and tug it away and we'll play the
Speaker 1: cliff Heaven. It's on YouTube. Listen, Let's let's not do this.
Speaker 1: Can I ask you just a question? We can be
Speaker 1: back and forth. I just want to ask you this
Speaker 1: because I mean this sincerely. I've been trying to crack this.
Speaker 1: Are you a great investor? Or are you a great spokesperson?
Speaker 1: Because I think the ladder Okay, I don't agree with you.
Speaker 1: Let me tell you what's happened over the last ten years.
Speaker 1: The ability to tell a company's story, to get people
Speaker 1: to understand what their mission is and the benefit of
Speaker 1: their product is highly valuable, very because there's a million
Speaker 1: stories out there, and the biggest problem every company has,
Speaker 1: including giant SMP countries companies, is how do they get
Speaker 1: customer acquisition? How do they acquire customers? Eight out of
Speaker 1: ten companies fail in America after thirty six months because
Speaker 1: they're never able to get their customer acquisition costs but
Speaker 1: all the lifetime value. That's where I change the equation.
Speaker 1: If I invest in your company, I tell your story.
Speaker 1: That's what my job is to do. Yes, I take risk.
Speaker 1: I'm fortunate to have money to invest, but I get
Speaker 1: behind it and tell the story. And that's what we
Speaker 1: do on Shark Tank. Why are Sharktank companies so successful?
Speaker 1: Why do so many more of them make money than
Speaker 1: the traditional eight out of ten Because we tell their
Speaker 1: story to one hundred million people every year. That's the
Speaker 1: magic sauce. So I think I'm a great investor by
Speaker 1: being able to be a great storyteller too. People need
Speaker 1: to know what the product does, what the merits of
Speaker 1: it are. That's why they try it. That's why it's
Speaker 1: important to tell these stories. You talk to any guilty
Speaker 1: I hear what you're saying, so tell me you know
Speaker 1: because I go to couples therapy. Let me tell you
Speaker 1: what I'm hearing, but I mean this sincerely. Tell me
Speaker 1: if what I'm telling you is right around what I
Speaker 1: hear you're saying is no haas and I disagree with you.
Speaker 1: I think I am a great investor and a great
Speaker 1: spokesperson that you do both that if I see something
Speaker 1: a seat of a good idea in your company. I'm
Speaker 1: great at communication. I'm good at the microculture. True, I
Speaker 1: can communicate those things. Okay, So then you have I
Speaker 1: would imagine you would feel some level of guilt when
Speaker 1: some of the companies that you are promoting end up
Speaker 1: leaving retail investors holding the bag where you're like, damn,
Speaker 1: I because if here's why, you know, with certainty in
Speaker 1: venture investing investing in startups since the beginning of time,
Speaker 1: eight out of ten are going to fail. I know
Speaker 1: that you know that, and the whole world knows that.
Speaker 1: Because those are the stats. There's nothing you can do
Speaker 1: to do to change the system of you going on
Speaker 1: these shows. Squat Box is financial fomo, the graphs, the ticker,
Speaker 1: but you're guys are swinging kettlebells and greenwich. Do I
Speaker 1: gotta get an hour later. You know this, DoorDash ipo?
Speaker 1: Do I get it now? Later? Again? It's that fomo
Speaker 1: I gotta get in now. I think so philosophically mystery
Speaker 1: in our messaging. And I would agree with you on this.
Speaker 1: And I think if you're going to promote the idea
Speaker 1: of investing, you should also promote the idea of diversity. Diversification.
Speaker 1: You can't put it all in any one position or
Speaker 1: any one institution because you don't know when there's going
Speaker 1: to be an ex Lehman brother or Barristers, or when
Speaker 1: a stock goes to zero. By the way, big companies
Speaker 1: go to zero two they do oh yeah, and so
Speaker 1: that happens. So if you have diversification, and I learned
Speaker 1: this from my other never more than twenty percent in
Speaker 1: any one sector. We have eleven sectors in the American economy,
Speaker 1: never more than five percent and one stock. That is
Speaker 1: the definition of diversity. And that's what I do with
Speaker 1: my own portfolio. That's how you stay out of trouble. Okay,
Speaker 1: you obviously would agree with that. Sure, sure, I rest
Speaker 1: my case your owner. Yeah, wait a second, but when
Speaker 1: you are going on a six minute segment, if you
Speaker 1: did this. If you pulled up on your next Squawkbox
Speaker 1: segment and said that amazing, I do say, but you
Speaker 1: don't you give you must be you're not watching the
Speaker 1: right sec I've seen you do forty of them. I
Speaker 1: mean you're putting up shots, my man, and some of
Speaker 1: them are just airballs. Now listen. If you are a
Speaker 1: great investor, let me ask you this and the great
Speaker 1: spooks proud of my track record? Why are you on cameo?
Speaker 1: I love? Are great investors on cameo? Put up the
Speaker 1: graph video? That's put up the graph video. You can
Speaker 1: book a personalized video for fifteen hundred dollars. You can
Speaker 1: book a business video. I don't even know what that stand. Why?
Speaker 1: Because this helps entrepreneurs launched their products and services. That
Speaker 1: ninety nine percent of my cameos is a business that
Speaker 1: can't afford to go to an agent and pay half
Speaker 1: a million dollars. This is fantastic what they've done. My
Speaker 1: biggest mistake on Cameo was not to take down twenty
Speaker 1: percent of the stock when it was offered to me. Okay,
Speaker 1: I should have bought twenty percent. It was really a
Speaker 1: fantastic idea. Sorry, I'm an advocate and I'm gonna keep
Speaker 1: doing it, and people booked them because it helps them.
Speaker 1: I'll do anything to help an entrepreneurs. That's why do
Speaker 1: you let me ask us a few ques sub questions?
Speaker 1: First of all, cameo is, oh, these haven't been tough questions,
Speaker 1: sub questions, sub questions. First of all, cameos absolute doc shit.
Speaker 1: It's a it's a way for Rachel Dolas all to
Speaker 1: which you wish you happy birthday. I'm not joking. Number two,
Speaker 1: do you think big boy investors do cameos? Do you
Speaker 1: think Warren Buffett and Charlie Munger tap dance for sixty
Speaker 1: five not seem taleb is out here doing that business video.
Speaker 1: They're not venture investors that you don't start up entrepreneurs
Speaker 1: that do you need the fifteen hundred or sixty five?
Speaker 1: Do you need any of it? Listen, I spend plenty
Speaker 1: of dollars doing what I do, and I give to
Speaker 1: all kinds of philanthropics. It's not about charity. I'm talking
Speaker 1: about the actual qualitative, the quality of that that I do.
Speaker 1: That bak because people tell me, and they have for
Speaker 1: years doing it. This has really helped me. Okay, I'm
Speaker 1: happy to do it. Read the comments. I mean, if
Speaker 1: you want to be a critic, go ahead, but read
Speaker 1: the comments. I mean, I mean the content, the comment
Speaker 1: of a person asking for a fifteen hundred dollars used. Okay, sure,
Speaker 1: I don't do many fifteen hundred dollars. They're all the
Speaker 1: sixty five hundred ones. Unfortunately, I'm a little bit because
Speaker 1: if you're a business and if you want to use it,
Speaker 1: you got to you gotta pay. Very sorry for those people, Well,
Speaker 1: I'm sorry. You know I'm going to charge you twelve
Speaker 1: hundred for yours. I'm gonna give you a discount. Okay, Okay,
Speaker 1: I'm gonna do that. I get it. It's it's hard
Speaker 1: to rattle me on things I know that work. You know.
Speaker 1: I mean you didn't. I mean, the Cameo thing is
Speaker 1: really bad, man, It's a truly bad. Look. I don't agree.
Speaker 1: I don't agree. It's for grifters, sociopath sick offense and O. J. Simpson.
Speaker 1: I mean, like, there's the people that are on Cameo.
Speaker 1: It is your little negative on Cameo. Okay, do you
Speaker 1: guys like Cameo? No, don't poo, don't poo. I mean,
Speaker 1: I was just asking Okay, um, listen, this has been
Speaker 1: a This has been a very interesting nice about small
Speaker 1: business here. Yeah, let's do the small business. So we
Speaker 1: spoke backstage. He wants to plug the small business thing,
Speaker 1: but can I can I just say this one thing
Speaker 1: and we'll plug the small business and we're gonna do
Speaker 1: this whole. This is all gonna be online, so it's
Speaker 1: all good. So I think the reason why I'm very
Speaker 1: passionate about this is because I think there is ecosystem
Speaker 1: of a lot of VC people and and people with
Speaker 1: money going on these shows giving advice to retail and Look,
Speaker 1: I think entertainment is important, but when Skip Bayliss and
Speaker 1: Stephen A. Smith give their hot takes, it doesn't potentially
Speaker 1: affect people's, for oh one case, or their bank account.
Speaker 1: When you give financial tips, it's like a doctor giving
Speaker 1: a diagnosis to a patient. They can't even see. You
Speaker 1: don't know the number of people that you're inadvertently Let
Speaker 1: me tell you're advertently hurting. Let me tell you why
Speaker 1: I disagree with you. Do you think I should just don't?
Speaker 1: That's all I'm saying. Be careful when you people's bank accounts.
Speaker 1: Everybody in the audience, do you think I should go
Speaker 1: to high schools as I do and talk to them
Speaker 1: about financial literacy and about credit card debt and about
Speaker 1: stocks and bonds. Is that a good thing to do it?
Speaker 1: You should give them Jail Collins book, The Simple Path
Speaker 1: to Wealth, And one of the addendums should be turn
Speaker 1: off any program that I'm on beside schartag, beside chartage.
Speaker 1: So I'm very proud to be on Shartege fourteen. It's
Speaker 1: I teach, it's high schoolers and I teach graduate MIT engineers. Look,
Speaker 1: there is there is a You are allowed to have
Speaker 1: an opinion, and I'm glad you do it. It's an
Speaker 1: important part of the dialogue and the discussion we're having here.
Speaker 1: But at the end of the day, the more people
Speaker 1: that understand the financial system in this country, the better
Speaker 1: this country is. Now. You may not agree on the message.
Speaker 1: That's okay, and that's the one to think about this country.
Speaker 1: We can have this dialogue and we don't have to agree.
Speaker 1: And I don't agree on half the stuff you're saying,
Speaker 1: but I respect the facts. You have the opinion, that's
Speaker 1: good with me. I appreciate and I appreciate you and
Speaker 1: respects of real appreciate you want to do the small
Speaker 1: business thing. Yeah, I'll do my pitch and we'll write. Okay, okay,
Speaker 1: let's do it. So you wanted to talk about small business,
Speaker 1: we's talk about that and then we'll do my pitch. Team,
Speaker 1: let me tell you what we should be worried about
Speaker 1: in this country right now. And a new ambassadorship that
Speaker 1: I have. I know you'd like to be critic but
Speaker 1: I want to hear you criticize this one. Okay, are
Speaker 1: you ready? You're ready? So everybody remembers PPP. Yeah. Um,
Speaker 1: all of our companies came into I mean for them.
Speaker 1: If you're doing the cameos, you never know. I didn't
Speaker 1: do it a lot more than for the government. No,
Speaker 1: I didn't. That's fine. Anyway, you're not funny. All of
Speaker 1: marginal you could. You could got better jokes than that one.
Speaker 1: I'm going to give you a four out of ten.
Speaker 1: So look, let's get to the point. Is the program
Speaker 1: was launched and all small companies use it. They went
Speaker 1: to their bank and got it. At the same time,
Speaker 1: another program was launched called the Employee Retention Credit. You've
Speaker 1: never heard of it, have you? Okay, small business is
Speaker 1: really hurting now because rates have gone up so high
Speaker 1: on them. You know, people talk about six percent fed rates.
Speaker 1: Small business is boring at eighteen percent now. They used
Speaker 1: to borrow it nine or seven. So it's been hell
Speaker 1: for them for the last two years. The government has
Speaker 1: two hundred and fifty billion dollars sitting waiting for them
Speaker 1: to pick it up on their payroll because they forgot
Speaker 1: to go get it. It's sitting there. If you have
Speaker 1: a small business between five and five hundred people, you
Speaker 1: can make up to twenty six thousand dollars as a
Speaker 1: gift from the government towards your business one time. So
Speaker 1: if you have fifty employees, that's half a million dollars.
Speaker 1: If you have one hundred ployees, that's one point one million.
Speaker 1: I'm pounding the drum everywhere I can to tell every
Speaker 1: company in America that qualifies, because you only have twenty
Speaker 1: three more months to get it. Go file, go file
Speaker 1: for it. Thank you for sharing that information. Thank you.
Speaker 1: I mean, I think that's that's a very important thing
Speaker 1: to do. So before we get to tell me why
Speaker 1: that's a bad thing, I'm not. I think you're sharing
Speaker 1: a very important piece of information. Thank you. In a
Speaker 1: not entertaining way, but it's important. Nonetheless, but it's important.
Speaker 1: It's important, and it's great. How many people are entertained
Speaker 1: by one point one million dollars cash? There we go.
Speaker 1: I'm entertained. Okay, I have mister O'Leary on the show.
Speaker 1: I gotta pitch you go ahead. So here's my I
Speaker 1: think it's going to go badly. Yeah, here's my past,
Speaker 1: here's my pisch. I mean, I wonder why this is
Speaker 1: my fish? I think. You go on these shows. You
Speaker 1: are part of a system in the media, specifically financial
Speaker 1: hot take media, the CNBCS, the podcast appearances. People turn
Speaker 1: to you for financial advice. They ask you, how are
Speaker 1: the markets doing, what's up, what's down? What are you into?
Speaker 1: You give your opinions because people turn to you because
Speaker 1: you're mister wonderful. You obviously look like a successful entrepreneur
Speaker 1: and businessman. Advertently or inadvertently, you give people your opinion.
Speaker 1: People listen to that opinion and then make investment choices
Speaker 1: based on what they hear from you create let me
Speaker 1: just finish, Let me finish, let me finish. Okay, you
Speaker 1: give those opinions, It creates potential chaos and risk at scale.
Speaker 1: Because it's on the internet, and then you face no
Speaker 1: downside consequences when those people get fleeced. That's not fair.
Speaker 1: Totally disagree with you. Is this a pitch where I
Speaker 1: invest the second one? We haven't got to We haven't
Speaker 1: got that one. So let me tell you. I gotta
Speaker 1: get to the end. We gotta ge tell Okay, Well,
Speaker 1: now the second part is I've thought to myself in
Speaker 1: here somewhere, it's not the end, Okay. The second part
Speaker 1: is I've thought to myself, I go, hey, you've clearly
Speaker 1: made picks and taken some massive els. So he either
Speaker 1: cares about it and feels very bad about it, which
Speaker 1: you may, or you know you're taking those els. But
Speaker 1: if you keep the three card Monty going and keep
Speaker 1: appearing on other shows and make other picks, you'll just
Speaker 1: bury the els you had in the back. If you
Speaker 1: beat the algorithm, they can't even catch up to all
Speaker 1: the l's in the past. The problem is retail got
Speaker 1: left holding the bag a long time ago, yeah, or
Speaker 1: lost lost. So I think what you do is good.
Speaker 1: I think you are entertaining on Shark Tank when you
Speaker 1: leave that environment and give financial advice people, regular people,
Speaker 1: potentially get hurt. So I mean this humbly. This is
Speaker 1: my pitch to you. I want to quote the great
Speaker 1: Laura Ingram. I think you should focus on your strengths
Speaker 1: and shut up in shark tank. You reverse that, right,
Speaker 1: You want me to my strength to sharktak. You said
Speaker 1: you want me to shut up in financial literacy, which
Speaker 1: which one is? No, no no, your strength? So when okay,
Speaker 1: so jokes are great when you have to explain that,
Speaker 1: no, no no, no. So she told Lebron to shut up
Speaker 1: and dribble because dribbling has his strength. Right, So I said,
Speaker 1: shark tank is your strength? Yes, so then using that
Speaker 1: you just carry that so in sharking I used to.
Speaker 1: So my whole point is my actual daytime job is
Speaker 1: managing capital. That's what I do, and I've been doing
Speaker 1: it for thirty years, and you know, it's it's a career.
Speaker 1: I'm very proud of and I'm proud of my reputation.
Speaker 1: I had some mistakes and losers and bad investments, just
Speaker 1: like everybody else does. But long term, the best way
Speaker 1: to do it is always tell the truth and you
Speaker 1: never have to remember what you said. And so everything
Speaker 1: I've told you is the truth. It's not all good news.
Speaker 1: And by the way, in investing, you are going to
Speaker 1: have some losers. You've learned that tonight, right of course,
Speaker 1: and so I wish I could only have winners. I
Speaker 1: never will. And everybody that invests has learned, whether I'm
Speaker 1: involved in their lives or not, that there are losers
Speaker 1: in investing. That's what happens. But as you've suggested, the
Speaker 1: market does give you, on average about a nine percent
Speaker 1: return over a long period of time when it's an
Speaker 1: SNP five hundred. So the addendum is that you're in
Speaker 1: another tax bracket. Don't listen to what you're saying because
Speaker 1: you're bawling. And you can take the losses. That's it perfect,
Speaker 1: it's perfect. You can take the losses in retail care.
Speaker 1: It's for Kevin O'Leary. I want to say thank you
Speaker 1: so much, you very much and joining the show, and
Speaker 1: I want to say thank you for having this conversation
Speaker 1: and for us being in stock out of another helper
Speaker 1: sent thank you for thank you tell much person Kevin
Speaker 1: later that was fine, Thank you, and I'll pull up
Speaker 1: to the class, I mean up for the pod. That's
Speaker 1: our show for tonight. That's why I'm in the chair,
Speaker 1: but say food because he's guess house for next week
Speaker 1: is gonna be Marl A Way. Explore more shows from
Speaker 1: the Daily Show podcast universe by searching the Daily Show
Speaker 1: wherever you get your podcasts. Watch The Daily Show weeknights
Speaker 1: and eleven tenth Central, own Comedy Central, and stream full
Speaker 1: episodes anytime on Fairmount Flubs. This has been a Comedy
Speaker 1: Central podcast