1 00:00:05,809 --> 00:00:09,010 Speaker 1: Welcome to Kobe Time, a podcast series on Markets and 2 00:00:09,010 --> 00:00:13,289 Speaker 1: Economies from DBS Group Research time, Ruby, chief economist. Welcome 3 00:00:13,300 --> 00:00:17,820 Speaker 1: to our 96th episode. Boy, those episodes are adding up, 4 00:00:17,820 --> 00:00:21,600 Speaker 1: aren't they? Today? We will talk about the world of 5 00:00:21,600 --> 00:00:23,029 Speaker 1: the ultra wealthy. 6 00:00:23,250 --> 00:00:27,090 Speaker 1: I see this podcast as a nice inverse of the podcast. 7 00:00:27,090 --> 00:00:29,860 Speaker 1: We had a few months ago when we talked to 8 00:00:29,870 --> 00:00:34,920 Speaker 1: two young Singaporeans about the Instagram handle, woke salaryman where 9 00:00:34,920 --> 00:00:39,599 Speaker 1: they handle financial literacy issues for people who are starting out. 10 00:00:39,830 --> 00:00:43,059 Speaker 1: Today. We're going to have Greg Wells, Chief Operating Officer 11 00:00:43,060 --> 00:00:45,960 Speaker 1: of Tiger 21. That would be the other end of 12 00:00:45,960 --> 00:00:50,140 Speaker 1: the spectrum. Tiger 21 is a premier pure membership organization 13 00:00:50,140 --> 00:00:54,200 Speaker 1: for high net worth world creators and preservers. Greg oversees 14 00:00:54,200 --> 00:00:58,490 Speaker 1: the organization's global strategy development and staff including its group 15 00:00:58,490 --> 00:01:01,650 Speaker 1: chairs and membership executives and he will elaborate on those 16 00:01:01,650 --> 00:01:05,800 Speaker 1: elements in detail later on Greg Wells. Welcome to Kobe Time. 17 00:01:06,440 --> 00:01:08,860 Speaker 2: Hi. It's great to be here with you. Looking forward 18 00:01:08,860 --> 00:01:10,559 Speaker 2: to spending time with you. It's 19 00:01:10,560 --> 00:01:14,610 Speaker 1: A pleasure always talking to you, Greg. Why? And how 20 00:01:14,610 --> 00:01:15,949 Speaker 1: was Tiger 21 founded? 21 00:01:16,430 --> 00:01:20,589 Speaker 2: Well, Tiger 21 as you mentioned is a membership organization 22 00:01:20,590 --> 00:01:23,860 Speaker 2: for ultra high net worth individuals. We've been around 23 23 00:01:23,860 --> 00:01:28,060 Speaker 2: years and it was founded by a gentleman named Michael Sonnenfeld, 24 00:01:28,060 --> 00:01:31,340 Speaker 2: who was an entrepreneur in New York City. And early 25 00:01:31,340 --> 00:01:33,130 Speaker 2: in his career, he was a member of a peer 26 00:01:33,130 --> 00:01:35,750 Speaker 2: group that was then called tech, which stood for the 27 00:01:35,750 --> 00:01:39,729 Speaker 2: executive committee and now that organization is known as Vestige 28 00:01:39,920 --> 00:01:43,610 Speaker 2: and Michael subsequently had several successful exits. He was in 29 00:01:43,610 --> 00:01:48,060 Speaker 2: the real estate business and almost all other peer groups 30 00:01:48,070 --> 00:01:50,730 Speaker 2: are for active C E O s. But after Michael 31 00:01:50,730 --> 00:01:54,330 Speaker 2: had his exits, um he saw an opportunity to form 32 00:01:54,330 --> 00:01:57,470 Speaker 2: a peer group that was different. One that was focused 33 00:01:57,470 --> 00:01:59,560 Speaker 2: on each member's financial well being 34 00:01:59,570 --> 00:02:03,930 Speaker 2: their investments and all the related components of wealth, which 35 00:02:03,930 --> 00:02:06,070 Speaker 2: is very different. Again, every one of the peer groups 36 00:02:06,070 --> 00:02:09,639 Speaker 2: that around are typically focused on running a business, but 37 00:02:09,639 --> 00:02:12,869 Speaker 2: he needed something now that wealth was at a much 38 00:02:12,870 --> 00:02:15,780 Speaker 2: higher level that he could lean into and find peers 39 00:02:15,780 --> 00:02:19,220 Speaker 2: that had a similar wealth situation. 40 00:02:19,389 --> 00:02:22,430 Speaker 2: So they came up with the name Tiger 21 and 41 00:02:22,430 --> 00:02:25,330 Speaker 2: get asked this often. But Tiger 21 is an acronym. 42 00:02:25,340 --> 00:02:30,240 Speaker 2: It stands for the investment group for enhanced results in 43 00:02:30,240 --> 00:02:34,299 Speaker 2: the 21st century. And its focus is to provide members 44 00:02:34,300 --> 00:02:37,859 Speaker 2: with an opportunity to develop their skills and abilities, to 45 00:02:37,860 --> 00:02:42,200 Speaker 2: be disciplined, investors, enhance their wealth and advanced personal goals 46 00:02:42,210 --> 00:02:43,419 Speaker 2: beyond investing. 47 00:02:44,160 --> 00:02:48,280 Speaker 1: Okay. Very interesting. Let's expand on that. A little more like, 48 00:02:48,290 --> 00:02:50,940 Speaker 1: give us a sense of the structure of the organization. 49 00:02:50,950 --> 00:02:53,050 Speaker 1: Is it like largely based out of the U S 50 00:02:53,050 --> 00:02:57,010 Speaker 1: or its global and the size and the, let's say 51 00:02:57,010 --> 00:02:57,770 Speaker 1: the wealth of the 52 00:02:57,770 --> 00:03:03,060 Speaker 2: Network? Okay. Yeah, exactly. Well, today we have 1230 members 53 00:03:03,070 --> 00:03:04,880 Speaker 2: around the globe around the world 54 00:03:05,050 --> 00:03:08,420 Speaker 2: And we're currently in 45 cities that are in five 55 00:03:08,419 --> 00:03:12,240 Speaker 2: different countries. The US, Canada, the UK, Switzerland and our 56 00:03:12,240 --> 00:03:16,190 Speaker 2: newest group in Portugal. But now we're focused on rounding 57 00:03:16,190 --> 00:03:19,310 Speaker 2: out that global vision, starting to put groups into the 58 00:03:19,310 --> 00:03:22,730 Speaker 2: Middle East and Asia with a particular focus on Singapore 59 00:03:22,740 --> 00:03:25,600 Speaker 2: where we are looking to establish our beachhead for this 60 00:03:25,600 --> 00:03:26,560 Speaker 2: part of the world. 61 00:03:26,730 --> 00:03:30,809 Speaker 2: We have 97 confidential groups today that are meeting with members, 62 00:03:30,810 --> 00:03:36,210 Speaker 2: monthly members are entrepreneurs, investors, top executives and each of 63 00:03:36,210 --> 00:03:39,840 Speaker 2: those have a minimum of 20 million us and investable assets. 64 00:03:40,090 --> 00:03:44,840 Speaker 2: Our members averages about 113 million. So you add that up. 65 00:03:44,850 --> 00:03:55,910 Speaker 2: Our members are collectively managing around $101.3 billion $40-$80 million. 66 00:03:55,920 --> 00:03:57,940 Speaker 2: We have a number of billionaires that will skew that 67 00:03:57,940 --> 00:04:00,360 Speaker 2: top number. But our sweet spot is probably that for 68 00:04:00,373 --> 00:04:04,853 Speaker 2: 40 to $80 million range. Each tiger group has 12 69 00:04:04,853 --> 00:04:07,243 Speaker 2: to 15 members and it's led by a chair who 70 00:04:07,243 --> 00:04:12,153 Speaker 2: is an accomplished professional and experienced facilitator. And that chair 71 00:04:12,153 --> 00:04:16,503 Speaker 2: basically takes members through an all day session, which has 72 00:04:16,503 --> 00:04:20,043 Speaker 2: a number of components to it all designed to really 73 00:04:20,053 --> 00:04:20,640 Speaker 2: help the 74 00:04:20,656 --> 00:04:23,116 Speaker 2: Different members around the table. And you can think of 75 00:04:23,116 --> 00:04:28,036 Speaker 2: this table as essentially one's personal board of directors. So 76 00:04:28,046 --> 00:04:30,356 Speaker 2: each of the members, you wouldn't have a group, for example, 77 00:04:30,356 --> 00:04:33,216 Speaker 2: of 15 real estate people because that's not diverse and 78 00:04:33,226 --> 00:04:35,726 Speaker 2: you're not going to get a different perspective if everybody's 79 00:04:35,726 --> 00:04:38,806 Speaker 2: in the same business or have the same wealth journey 80 00:04:38,806 --> 00:04:40,936 Speaker 2: or different asset class expertise. 81 00:04:41,089 --> 00:04:44,150 Speaker 2: So we build groups that are very diverse in terms 82 00:04:44,150 --> 00:04:48,460 Speaker 2: of age and background and experience, as well as asset 83 00:04:48,460 --> 00:04:51,510 Speaker 2: class and wealth journey. And this is designed so that 84 00:04:51,520 --> 00:04:54,290 Speaker 2: through all the elements of a monthly meeting, which are 85 00:04:54,300 --> 00:04:56,710 Speaker 2: a world update where everybody gets together and kind of 86 00:04:56,710 --> 00:05:00,070 Speaker 2: shares their perspective of the world. They've been in over 87 00:05:00,070 --> 00:05:02,880 Speaker 2: the last month with each other and new ideas and 88 00:05:02,880 --> 00:05:05,980 Speaker 2: things that they've seen and experience that can collectively help. 89 00:05:05,992 --> 00:05:09,192 Speaker 2: We then have what's called an issue, an opportunity section 90 00:05:09,202 --> 00:05:12,171 Speaker 2: where I think of this as your board of directors, 91 00:05:12,182 --> 00:05:15,752 Speaker 2: the focus of the group is on a particular opportunity 92 00:05:15,752 --> 00:05:17,842 Speaker 2: or an issue that a member may be working through. 93 00:05:17,842 --> 00:05:21,882 Speaker 2: So that board of director spends 2030 40 minutes solving 94 00:05:21,892 --> 00:05:24,802 Speaker 2: are working to solve an opportunity and issue a member 95 00:05:24,802 --> 00:05:28,762 Speaker 2: has we then have something called the portfolio defense that 96 00:05:28,762 --> 00:05:30,880 Speaker 2: we can get into a little bit later. But 97 00:05:30,894 --> 00:05:33,754 Speaker 2: essentially to help people kind of get a perspective of 98 00:05:33,754 --> 00:05:36,604 Speaker 2: their own financial situation and that our members are all 99 00:05:36,604 --> 00:05:39,784 Speaker 2: lifelong learners. We have something called the learning session, which 100 00:05:39,784 --> 00:05:42,514 Speaker 2: is really the chair in the group, determining what they're 101 00:05:42,514 --> 00:05:45,644 Speaker 2: learning agenda is and what they want to accomplish or 102 00:05:45,644 --> 00:05:48,344 Speaker 2: learn about whether it's financial, whether it's some of the 103 00:05:48,344 --> 00:05:49,874 Speaker 2: things going on in the world. There's a lot going 104 00:05:49,874 --> 00:05:53,454 Speaker 2: on today with, with, you know, geopolitics and inflation and 105 00:05:53,464 --> 00:05:55,779 Speaker 2: recession fears, but there's also a ton of 106 00:05:55,796 --> 00:05:58,346 Speaker 2: opportunities for people to see at this time. And so 107 00:05:58,356 --> 00:06:01,766 Speaker 2: all these things are discussed and then finally, it's all 108 00:06:01,766 --> 00:06:04,765 Speaker 2: capped even though we have these groups were connected in 109 00:06:04,766 --> 00:06:09,246 Speaker 2: a global community with, we call it learn access, connect 110 00:06:09,246 --> 00:06:11,766 Speaker 2: our members learn from each other at regional conferences and 111 00:06:11,766 --> 00:06:14,746 Speaker 2: global conferences from their ability to network online and in 112 00:06:14,746 --> 00:06:18,296 Speaker 2: person access to all sorts of thought leaders and talks. 113 00:06:18,296 --> 00:06:20,680 Speaker 2: We have tiger talks, TED talks 114 00:06:20,698 --> 00:06:24,888 Speaker 2: for our members and then lots of different global perspectives 115 00:06:24,888 --> 00:06:27,318 Speaker 2: that they get from being connected to each other around 116 00:06:27,318 --> 00:06:30,478 Speaker 2: the world. So it's a pretty vibrant, exciting community 117 00:06:30,488 --> 00:06:36,208 Speaker 1: Greg these regular gatherings, you talked about opportunities and issues. 118 00:06:36,218 --> 00:06:39,338 Speaker 1: I'm assuming there's also some consideration over risks. Like right 119 00:06:39,338 --> 00:06:42,418 Speaker 1: now the whole duration risk that's affecting banks in the 120 00:06:42,418 --> 00:06:45,597 Speaker 1: west coast. So it's also about managing risks. 121 00:06:45,930 --> 00:06:49,160 Speaker 2: Oh, absolutely. I think about, you know, a lot of 122 00:06:49,170 --> 00:06:53,140 Speaker 2: uh it's interesting because most of our members have come 123 00:06:53,140 --> 00:06:56,540 Speaker 2: from an entrepreneurial route into Tiger 21. And when you're 124 00:06:56,540 --> 00:06:59,930 Speaker 2: an entrepreneur, you're a risk taker and you've had to 125 00:06:59,930 --> 00:07:03,800 Speaker 2: be out there taking some risks that most people don't take. Your, 126 00:07:03,800 --> 00:07:06,350 Speaker 2: you had a vision, you, you grinding away to make 127 00:07:06,350 --> 00:07:07,350 Speaker 2: something happen. 128 00:07:07,520 --> 00:07:09,940 Speaker 2: And then, you know, for, for a small number of 129 00:07:09,940 --> 00:07:12,690 Speaker 2: them one day they get there, whether it's suddenly or 130 00:07:12,700 --> 00:07:15,960 Speaker 2: over 2030 40 years, but they're able to take some 131 00:07:15,960 --> 00:07:18,540 Speaker 2: money off the table or have an event. And all 132 00:07:18,540 --> 00:07:21,150 Speaker 2: of a sudden here they are with a chunk of money. Well, 133 00:07:21,150 --> 00:07:24,630 Speaker 2: those same skills that got you to be a successful entrepreneur, 134 00:07:24,640 --> 00:07:27,679 Speaker 2: don't necessarily translate over to the other side of the coin. 135 00:07:27,680 --> 00:07:31,700 Speaker 2: As an investor, investors by nature should be assessing risk should, 136 00:07:31,700 --> 00:07:34,300 Speaker 2: you know, be very diligent and where they go, that's 137 00:07:34,300 --> 00:07:35,080 Speaker 2: not the entrepreneur 138 00:07:35,090 --> 00:07:37,679 Speaker 2: Which generally is go, go, go, go forward and then 139 00:07:37,680 --> 00:07:41,570 Speaker 2: think backwards is that the right decision. So risk is 140 00:07:41,570 --> 00:07:43,540 Speaker 2: a big point. And part of being in a tiger 141 00:07:43,540 --> 00:07:47,580 Speaker 2: group is people that are newly minted as millionaires often 142 00:07:47,580 --> 00:07:51,590 Speaker 2: come in. And again, the perspective around the table. Somebody 143 00:07:51,590 --> 00:07:54,350 Speaker 2: who's been there back in 2008 when they've seen the 144 00:07:54,350 --> 00:07:57,900 Speaker 2: challenges can share their perspective and experience with someone who's 145 00:07:57,900 --> 00:08:01,270 Speaker 2: never been in that experience before. And it's magical how 146 00:08:01,270 --> 00:08:02,660 Speaker 2: we help each other in that way. 147 00:08:03,030 --> 00:08:07,460 Speaker 1: Sure Greg earlier, you talked about this stage. I can 148 00:08:07,460 --> 00:08:11,750 Speaker 1: also think about peer networks like YPO or EU. So 149 00:08:11,760 --> 00:08:14,040 Speaker 1: can you give us some sense of, you know, how 150 00:08:14,040 --> 00:08:17,000 Speaker 1: is Tiger 21 different from those peer networks? 151 00:08:17,670 --> 00:08:20,550 Speaker 2: Yeah, absolutely. Well, first of all, you know, you think 152 00:08:20,550 --> 00:08:24,520 Speaker 2: about Waipio and vestige there really two of the great 153 00:08:24,530 --> 00:08:28,080 Speaker 2: large CEO groups globally. Um And I want to emphasize 154 00:08:28,080 --> 00:08:32,080 Speaker 2: CEO because that is their membership is comprised mostly of 155 00:08:32,080 --> 00:08:34,949 Speaker 2: C E O s very different than ours, which is 156 00:08:34,950 --> 00:08:37,709 Speaker 2: comprised of individual wealth creators. But 157 00:08:37,720 --> 00:08:41,470 Speaker 2: YPO requires members to join before they're 45. There's a 158 00:08:41,470 --> 00:08:45,429 Speaker 2: higher percentage of members in that are ceos of Waipio 159 00:08:45,429 --> 00:08:47,910 Speaker 2: that are 40 and under and many of those are 160 00:08:47,910 --> 00:08:50,800 Speaker 2: running inherited business and it's great to run an inherited business. 161 00:08:50,800 --> 00:08:54,590 Speaker 2: But obviously, that journey goes a little differently than someone 162 00:08:54,590 --> 00:08:57,030 Speaker 2: that's had to start with very little and grow it 163 00:08:57,030 --> 00:08:57,760 Speaker 2: to a lot. 164 00:08:57,940 --> 00:09:02,859 Speaker 2: Um So essentially, but they're great organizations and I'll tell 165 00:09:02,860 --> 00:09:05,949 Speaker 2: you that as well. They're both focused on serving CEO 166 00:09:05,950 --> 00:09:09,300 Speaker 2: S who are running businesses. It's actually also interesting from 167 00:09:09,300 --> 00:09:12,620 Speaker 2: both of those organizations. They've been around about 65 years 168 00:09:12,620 --> 00:09:17,750 Speaker 2: each and both really amazingly have about 33,000 members around 169 00:09:17,750 --> 00:09:20,940 Speaker 2: the world. One is a nonprofit YP 170 00:09:21,016 --> 00:09:24,296 Speaker 2: as a nonprofit and once for profit vestige and they 171 00:09:24,306 --> 00:09:28,576 Speaker 2: really are both great organizations. Um Waipio has groups that 172 00:09:28,576 --> 00:09:31,736 Speaker 2: are member, facilitated. So you might be a member of 173 00:09:31,736 --> 00:09:34,756 Speaker 2: a forum which is 6 to 8 people that meet 174 00:09:34,766 --> 00:09:37,976 Speaker 2: and that would be self facilitated, vestige has groups that 175 00:09:37,976 --> 00:09:41,356 Speaker 2: are led by professional facilitators. So the best way I 176 00:09:41,356 --> 00:09:43,960 Speaker 2: think to explain how Tiger fits into this, 177 00:09:43,972 --> 00:09:47,502 Speaker 2: this is um you can think of both of Waipio 178 00:09:47,502 --> 00:09:51,261 Speaker 2: and this didn't even eo who's very respected and large 179 00:09:51,261 --> 00:09:53,472 Speaker 2: organizations around the world. You can think of those as 180 00:09:53,472 --> 00:09:57,382 Speaker 2: the Harvard and the Stanfords and the, you know, some 181 00:09:57,381 --> 00:10:01,442 Speaker 2: of the great universities um were essentially the graduate school. 182 00:10:01,452 --> 00:10:04,272 Speaker 2: So when someone, if you think about when, when each 183 00:10:04,272 --> 00:10:06,982 Speaker 2: of those members of those organizations have, 184 00:10:07,250 --> 00:10:08,980 Speaker 2: you know, you and I could be a member, let's 185 00:10:08,980 --> 00:10:13,090 Speaker 2: say of Waipio Vestige, you might have $100 million personally 186 00:10:13,090 --> 00:10:15,700 Speaker 2: at your name and I might have $100 to my name. 187 00:10:15,710 --> 00:10:18,590 Speaker 2: That's not going to be discussed in a Waipio Vista 188 00:10:18,590 --> 00:10:20,680 Speaker 2: G O media. We're gonna talk about our company 189 00:10:20,970 --> 00:10:24,770 Speaker 2: but Tiger is the place where once you've achieved a 190 00:10:24,770 --> 00:10:29,160 Speaker 2: certain minimum wealth, we have to, most of our members 191 00:10:29,160 --> 00:10:31,809 Speaker 2: need to have a discussion about their personal side which 192 00:10:31,809 --> 00:10:34,400 Speaker 2: may not relate to the focus of E O Waipio 193 00:10:34,400 --> 00:10:37,430 Speaker 2: and Vestige. So were the place to come once you graduated, 194 00:10:37,429 --> 00:10:39,939 Speaker 2: we kind of say success is where we begin when 195 00:10:39,940 --> 00:10:42,270 Speaker 2: you hit a certain threshold and you need to be 196 00:10:42,270 --> 00:10:42,569 Speaker 2: run 197 00:10:42,655 --> 00:10:45,806 Speaker 2: other peers that have made it to that particular level too. 198 00:10:45,816 --> 00:10:49,306 Speaker 2: So you can have conversations and look at opportunities and 199 00:10:49,306 --> 00:10:54,166 Speaker 2: really discuss things that are uniquely to uniquely put in 200 00:10:54,166 --> 00:10:56,726 Speaker 2: place for where you are in the world and both 201 00:10:56,726 --> 00:11:00,966 Speaker 2: those other organizations, by the way, they're terrific organizations, highest respect. 202 00:11:00,966 --> 00:11:02,795 Speaker 2: In fact, I used to be on the executive team 203 00:11:02,796 --> 00:11:04,330 Speaker 2: that visited for many years 204 00:11:04,342 --> 00:11:07,502 Speaker 2: and we don't see ourselves as competitive. We see ourselves 205 00:11:07,502 --> 00:11:10,302 Speaker 2: as really compatible. And in fact, many of our members 206 00:11:10,302 --> 00:11:13,131 Speaker 2: today are still vestige members are white tail members. There's 207 00:11:13,131 --> 00:11:15,522 Speaker 2: great value in both. It just depends where you are 208 00:11:15,522 --> 00:11:17,752 Speaker 2: in your life. And for people that have been fortunate 209 00:11:17,752 --> 00:11:21,161 Speaker 2: enough to create a good sum of wealth, you know, 210 00:11:21,162 --> 00:11:23,542 Speaker 2: we are that place where uniquely that place where you 211 00:11:23,542 --> 00:11:26,030 Speaker 2: can come and have those discussions in a peer group. 212 00:11:26,770 --> 00:11:31,610 Speaker 1: So let's think of the process of somebody becoming a 213 00:11:31,610 --> 00:11:35,170 Speaker 1: member of Tiger 21. How does that work? And also 214 00:11:35,179 --> 00:11:37,140 Speaker 1: in addition to what you talked about that, you know, 215 00:11:37,140 --> 00:11:41,010 Speaker 1: you have a pure network, you get confidential advice and 216 00:11:41,010 --> 00:11:44,660 Speaker 1: you explain your portfolio. Are there other things that these 217 00:11:44,660 --> 00:11:46,380 Speaker 1: members are getting from Tiger 21? 218 00:11:47,270 --> 00:11:51,150 Speaker 2: Oh, absolutely. It's, it's a really interesting um element. I 219 00:11:51,150 --> 00:11:54,240 Speaker 2: sometimes think that the most challenging job in the world 220 00:11:54,240 --> 00:11:58,370 Speaker 2: is to be Tiger 21's chief marketing officer because we're 221 00:11:58,370 --> 00:12:01,940 Speaker 2: not that well known, but that's actually probably on purpose 222 00:12:01,940 --> 00:12:05,160 Speaker 2: and frankly, um I think our members kind of enjoy 223 00:12:05,160 --> 00:12:08,460 Speaker 2: that we're kind of that secret organization below the below 224 00:12:08,460 --> 00:12:08,990 Speaker 2: the radar. 225 00:12:09,015 --> 00:12:11,854 Speaker 2: Uh because really you think about it there aren't that 226 00:12:11,855 --> 00:12:13,885 Speaker 2: many people in the world that would qualify for Tiger 227 00:12:13,885 --> 00:12:17,025 Speaker 2: 21 your minimum, the minimum to get into Tiger 21 228 00:12:17,025 --> 00:12:20,905 Speaker 2: is $20 million us and investable assets. So I think 229 00:12:20,905 --> 00:12:22,785 Speaker 2: the best counts that maybe a few million people in 230 00:12:22,785 --> 00:12:25,195 Speaker 2: the world that have that. So, you know, it's not 231 00:12:25,195 --> 00:12:27,775 Speaker 2: a big market when you're looking at Vestigial YP or 232 00:12:27,775 --> 00:12:30,205 Speaker 2: you know, that have millions and millions of ceos around 233 00:12:30,205 --> 00:12:30,760 Speaker 2: the world. 234 00:12:31,050 --> 00:12:32,890 Speaker 2: So I will tell you that the majority of our 235 00:12:32,890 --> 00:12:36,110 Speaker 2: members are nominated to Tiger 21 by a current member 236 00:12:36,110 --> 00:12:38,670 Speaker 2: or a Tiger 21 chair. But we also have prospective 237 00:12:38,670 --> 00:12:42,090 Speaker 2: members approach us who have heard about us. And once 238 00:12:42,090 --> 00:12:45,220 Speaker 2: you get on our radar, we would then do some 239 00:12:45,220 --> 00:12:48,660 Speaker 2: initial screening and vetting. And after that, put you in 240 00:12:48,660 --> 00:12:51,890 Speaker 2: touch with one of our Tiger 21 chairs, which just 241 00:12:51,900 --> 00:12:54,920 Speaker 2: are amazing individuals that lead these tiger groups around the world. 242 00:12:55,150 --> 00:12:59,099 Speaker 2: And the chair would go through a pretty serious and 243 00:12:59,100 --> 00:13:03,410 Speaker 2: rigorous vetting process in combination with Tiger. So you would 244 00:13:03,410 --> 00:13:06,309 Speaker 2: certainly meet with that chair first, a conversation that ultimately 245 00:13:06,309 --> 00:13:10,209 Speaker 2: an in person meeting to really understand your background, what 246 00:13:10,210 --> 00:13:13,310 Speaker 2: it is you're looking to get from Tiger 21 not 247 00:13:13,309 --> 00:13:15,670 Speaker 2: just what you want from Tiger 21 but what kind 248 00:13:15,670 --> 00:13:18,360 Speaker 2: of perspective member contribute to the local group or to 249 00:13:18,360 --> 00:13:19,620 Speaker 2: the broader community. 250 00:13:19,850 --> 00:13:22,900 Speaker 2: And so we go through this due diligence process with 251 00:13:22,900 --> 00:13:25,080 Speaker 2: something called the five CS and I used to be 252 00:13:25,080 --> 00:13:28,600 Speaker 2: a banker like you. And back in the day, we 253 00:13:28,600 --> 00:13:31,740 Speaker 2: looked at the Five C's of Credit, which was something 254 00:13:31,750 --> 00:13:35,300 Speaker 2: that we worked through to kind of understand somebody's ability and, and, 255 00:13:35,300 --> 00:13:38,110 Speaker 2: and to be a borrower. Well, I repurposed that here 256 00:13:38,110 --> 00:13:40,530 Speaker 2: at Tigers, we have the Five C's of membership, which 257 00:13:40,530 --> 00:13:44,540 Speaker 2: is character contribution. What are they going to contribute to 258 00:13:44,540 --> 00:13:46,150 Speaker 2: the groups that are going to get from the group's 259 00:13:46,160 --> 00:13:48,220 Speaker 2: capacity being in a tiger 260 00:13:48,345 --> 00:13:51,984 Speaker 2: Isn't about writing a check. It's really about showing up 261 00:13:51,995 --> 00:13:55,795 Speaker 2: being present and being a participant in the group. So 262 00:13:55,804 --> 00:13:58,415 Speaker 2: we have 11 meetings a year. If you remember, we 263 00:13:58,415 --> 00:14:00,304 Speaker 2: need our members, we ask them to be at eight 264 00:14:00,304 --> 00:14:03,305 Speaker 2: of the 11 meetings. They're busy people. But you know, 265 00:14:03,304 --> 00:14:06,025 Speaker 2: you need to kind of be there to get the 266 00:14:06,035 --> 00:14:08,344 Speaker 2: benefit of what Tiger is all about. So we want 267 00:14:08,345 --> 00:14:10,305 Speaker 2: to make sure you have the capacity not only to 268 00:14:10,304 --> 00:14:12,865 Speaker 2: be at the meetings but to participate in the community 269 00:14:12,875 --> 00:14:15,505 Speaker 2: to give feedback, to be available, to really be a 270 00:14:15,505 --> 00:14:16,840 Speaker 2: great member of the community. 271 00:14:16,990 --> 00:14:19,260 Speaker 2: There are certain conditions to be a tiger member which 272 00:14:19,260 --> 00:14:23,230 Speaker 2: is confidentiality, non solicitation, a number of other things. Each 273 00:14:23,230 --> 00:14:25,770 Speaker 2: member signs a code of conduct as to our chairs 274 00:14:25,780 --> 00:14:28,650 Speaker 2: and then finally, capital need to have at least $20 275 00:14:28,650 --> 00:14:33,990 Speaker 2: million verified us 20 million in us, investable assets verified. 276 00:14:34,000 --> 00:14:36,729 Speaker 2: So those are kind of our five seeds of membership 277 00:14:36,740 --> 00:14:39,830 Speaker 2: and you put this together and we do extensive background checks, 278 00:14:39,840 --> 00:14:41,300 Speaker 2: reference checks and 279 00:14:41,525 --> 00:14:45,065 Speaker 2: well verifications. And we do this ultimately to create an 280 00:14:45,065 --> 00:14:48,635 Speaker 2: amazing speed of trust amongst our members. Because you think 281 00:14:48,635 --> 00:14:52,835 Speaker 2: about it, we're talking about things that often our members 282 00:14:52,835 --> 00:14:55,615 Speaker 2: may have not spoken about two, sometimes a spouse or 283 00:14:55,615 --> 00:14:59,405 Speaker 2: significant other friends or relatives. This is a very money 284 00:14:59,405 --> 00:15:02,685 Speaker 2: and the things that happened with money are very introspective 285 00:15:02,685 --> 00:15:04,285 Speaker 2: for a lot of people and not something that's just 286 00:15:04,285 --> 00:15:05,760 Speaker 2: blatantly out there for everyone. 287 00:15:05,910 --> 00:15:09,190 Speaker 2: So this is a place where people find that unique 288 00:15:09,200 --> 00:15:11,380 Speaker 2: area to open up and to share and to be 289 00:15:11,380 --> 00:15:13,380 Speaker 2: with people that are going through that similarly. But if 290 00:15:13,380 --> 00:15:16,430 Speaker 2: we're going to have that environment, we have to absolutely 291 00:15:16,430 --> 00:15:19,600 Speaker 2: make sure that people in the room are really adhering 292 00:15:19,600 --> 00:15:21,920 Speaker 2: to those code of conduct and that members feel safe 293 00:15:21,920 --> 00:15:24,910 Speaker 2: for these conversations. And we've done a pretty darn good 294 00:15:24,910 --> 00:15:28,170 Speaker 2: job of that because the conversations and the outcomes from 295 00:15:28,170 --> 00:15:31,470 Speaker 2: those conversations and the experiences are really amazing. 296 00:15:31,680 --> 00:15:33,720 Speaker 2: And if you remember, I think the things that you 297 00:15:33,720 --> 00:15:37,020 Speaker 2: would be benefiting from, it's slightly different for everyone. I mean, 298 00:15:37,020 --> 00:15:39,620 Speaker 2: everyone doesn't have the same outcome because they're all in 299 00:15:39,620 --> 00:15:43,200 Speaker 2: their different journeys. But it could be anything from life 300 00:15:43,200 --> 00:15:48,170 Speaker 2: after an exit to lifestyle and their 2.0 version, many 301 00:15:48,170 --> 00:15:50,510 Speaker 2: of our members have had exits in their early 302 00:15:50,520 --> 00:15:53,250 Speaker 2: 40s and you know, before and even after that, and 303 00:15:53,250 --> 00:15:55,430 Speaker 2: there's a lot of years left after those folks, what 304 00:15:55,430 --> 00:15:57,020 Speaker 2: are they going to do with that? Now, they're in 305 00:15:57,020 --> 00:15:59,400 Speaker 2: this situation. So this is that place to explore and 306 00:15:59,410 --> 00:16:04,080 Speaker 2: look at that option. There's tax strategies, there's legacy planning philanthropy, 307 00:16:04,130 --> 00:16:06,050 Speaker 2: there's the list goes on and it really is an 308 00:16:06,050 --> 00:16:09,360 Speaker 2: individual journey that we try to curate with each member individually. 309 00:16:09,560 --> 00:16:12,780 Speaker 2: So we're big enough to be relevant and have resources 310 00:16:12,780 --> 00:16:15,700 Speaker 2: for all these people. But we're also small enough that 311 00:16:15,700 --> 00:16:17,810 Speaker 2: we can have an intimate experience with each one of 312 00:16:17,810 --> 00:16:21,340 Speaker 2: our members to really make sure their individual experience and 313 00:16:21,340 --> 00:16:24,460 Speaker 2: their journey is really worthwhile and valuable to each of them. 314 00:16:25,240 --> 00:16:29,540 Speaker 1: Greg. In recent years, we've seen the likes of Bill 315 00:16:29,540 --> 00:16:33,370 Speaker 1: Gates and Warren Buffett try to convince the ultraviolet in 316 00:16:33,370 --> 00:16:36,320 Speaker 1: the world that they should part with most of their 317 00:16:36,330 --> 00:16:39,830 Speaker 1: wealth before they pass away or, you know, not necessarily 318 00:16:39,830 --> 00:16:42,780 Speaker 1: leave most of it for their offsprings, but give it 319 00:16:42,780 --> 00:16:47,620 Speaker 1: to charitable causes, climate change or inequality. Whatever among your membership. 320 00:16:47,620 --> 00:16:50,230 Speaker 1: Do you see that message beginning to resonate? 321 00:16:51,110 --> 00:16:54,460 Speaker 2: You know, it's really interesting. As I mentioned, majority of 322 00:16:54,460 --> 00:16:56,830 Speaker 2: our members come to us from an entrepreneurial path 323 00:16:56,990 --> 00:16:59,150 Speaker 2: and when you're on that path, you're trying to make 324 00:16:59,150 --> 00:17:01,730 Speaker 2: a payroll, you're trying to grow a business. And I 325 00:17:01,730 --> 00:17:04,350 Speaker 2: know there are a lot of entrepreneurs that already early 326 00:17:04,350 --> 00:17:06,720 Speaker 2: on have a philanthropic, a well, you know, bend or 327 00:17:06,720 --> 00:17:10,190 Speaker 2: a gene or a focus, but the majority are really 328 00:17:10,190 --> 00:17:14,440 Speaker 2: focused on that company. And so it's really interesting when 329 00:17:14,440 --> 00:17:17,879 Speaker 2: they get to Tiger, we don't preach, we don't preach philanthropy. 330 00:17:17,880 --> 00:17:20,110 Speaker 2: We don't, certainly, we're not here to tell anybody how 331 00:17:20,109 --> 00:17:22,360 Speaker 2: to invest or what they need to do. It's really 332 00:17:22,359 --> 00:17:23,660 Speaker 2: a group conversation. 333 00:17:23,960 --> 00:17:28,820 Speaker 2: But what happens is people realize sometimes they go, wow. 334 00:17:28,830 --> 00:17:31,879 Speaker 2: I have enough money. I mean, I really have enough 335 00:17:31,890 --> 00:17:35,140 Speaker 2: money to take care of myself, my family, my needs 336 00:17:35,140 --> 00:17:37,670 Speaker 2: things down the road. And, you know, as far as 337 00:17:37,670 --> 00:17:40,670 Speaker 2: I've seen after we're gone, there's really only three places 338 00:17:40,670 --> 00:17:43,850 Speaker 2: that money can go. And that's to, you know, your Children, 339 00:17:43,859 --> 00:17:47,100 Speaker 2: a charity or the government or some, some notion of 340 00:17:47,100 --> 00:17:50,030 Speaker 2: all those three areas, right? And I think, you know, 341 00:17:50,030 --> 00:17:51,919 Speaker 2: people tend to start thinking about 342 00:17:51,940 --> 00:17:54,949 Speaker 2: because it could be more introspective of their life, their legacy, 343 00:17:54,960 --> 00:17:58,310 Speaker 2: it really opens up. Wow, I can do well by 344 00:17:58,310 --> 00:18:02,230 Speaker 2: doing good. Um you know, and helping people that are 345 00:18:02,230 --> 00:18:05,000 Speaker 2: maybe less fortunate or maybe getting behind things that I'm 346 00:18:05,000 --> 00:18:08,750 Speaker 2: very passionate about as an individual that have a philanthropic nature. 347 00:18:08,760 --> 00:18:12,520 Speaker 2: So we're super proud of our membership in terms of 348 00:18:12,520 --> 00:18:15,090 Speaker 2: their ability to impact the world. Some of the things 349 00:18:15,090 --> 00:18:17,719 Speaker 2: that our members have funded and done and got behind 350 00:18:17,730 --> 00:18:19,900 Speaker 2: their own projects. They started taking their aunt 351 00:18:20,150 --> 00:18:22,640 Speaker 2: real mindset and putting it now they have some more 352 00:18:22,640 --> 00:18:26,960 Speaker 2: time maybe into these, into these endeavors, their, their world 353 00:18:26,960 --> 00:18:29,939 Speaker 2: changing and life changing and story after story and then 354 00:18:29,940 --> 00:18:32,879 Speaker 2: every year at our annual conference, we call it the 355 00:18:32,880 --> 00:18:37,609 Speaker 2: Global Exchange. We tend to feature four of the most really, 356 00:18:37,619 --> 00:18:40,290 Speaker 2: there's somebody to choose from. But I guess we spotlight 357 00:18:40,290 --> 00:18:44,280 Speaker 2: or highlight for the most unique, interesting impactful endeavors that 358 00:18:44,280 --> 00:18:47,870 Speaker 2: members have done and showcase those and public service announcements. 359 00:18:47,890 --> 00:18:51,330 Speaker 2: And, you know, it's really an amazing moment to see 360 00:18:51,330 --> 00:18:54,419 Speaker 2: the recognition of those members get from their philanthropic efforts. 361 00:18:54,430 --> 00:18:57,080 Speaker 2: And it's, it catches because when I hear and learn 362 00:18:57,080 --> 00:18:59,350 Speaker 2: about other members in a group that are figured out 363 00:18:59,350 --> 00:19:00,980 Speaker 2: a way to do something and I realized that I 364 00:19:00,980 --> 00:19:02,900 Speaker 2: have the means to do something. I haven't thought about 365 00:19:02,900 --> 00:19:06,280 Speaker 2: it before. It really triggers some things and legacy really 366 00:19:06,280 --> 00:19:09,920 Speaker 2: becomes an important part for people. And these philanthropic areas, 367 00:19:09,920 --> 00:19:12,500 Speaker 2: as you well know, are certainly a way for people 368 00:19:12,500 --> 00:19:15,380 Speaker 2: to feel better beyond just, you know, making great amount 369 00:19:15,380 --> 00:19:15,850 Speaker 2: of money and 370 00:19:15,859 --> 00:19:17,629 Speaker 2: The difference they can lead in the world. We have 371 00:19:17,630 --> 00:19:20,360 Speaker 2: a number of networks in Tiger 21. Our members are 372 00:19:20,359 --> 00:19:23,950 Speaker 2: really active in the networks and you mentioned climate change, 373 00:19:23,960 --> 00:19:26,560 Speaker 2: you know, we're not a political organization by any way, 374 00:19:26,560 --> 00:19:29,530 Speaker 2: shape or form, but you tend to have, you know, 375 00:19:29,530 --> 00:19:34,169 Speaker 2: thought leadership and really amazing intellectual people in Tiger 21 376 00:19:34,170 --> 00:19:37,370 Speaker 2: and lots of discussions and some of those discussions lead 377 00:19:37,369 --> 00:19:40,070 Speaker 2: to people getting a checkbook out to, you know, put 378 00:19:40,070 --> 00:19:42,630 Speaker 2: their money where their passion is. So it makes it 379 00:19:42,630 --> 00:19:45,859 Speaker 2: really an interesting organization be very proud of. 380 00:19:46,570 --> 00:19:51,080 Speaker 1: Absolutely. Earlier, when you were talking about the five C's, 381 00:19:51,080 --> 00:19:55,640 Speaker 1: one of the seas were confidentiality. I'm curious to know 382 00:19:55,650 --> 00:20:00,020 Speaker 1: how you ensure a culture of transparency where everybody has 383 00:20:00,020 --> 00:20:04,340 Speaker 1: to show where they're investing. And then there's, you know, 384 00:20:04,340 --> 00:20:07,710 Speaker 1: the portfolio defense that we'll talk about momentarily is done. 385 00:20:07,720 --> 00:20:08,910 Speaker 1: But at the same time, 386 00:20:09,140 --> 00:20:11,389 Speaker 1: it's confidential. As you said, some of this stuff is 387 00:20:11,390 --> 00:20:15,909 Speaker 1: very sensitive and people keep a very small circle of 388 00:20:15,920 --> 00:20:19,980 Speaker 1: knowledge of those holdings. So is there a tension between 389 00:20:19,980 --> 00:20:21,580 Speaker 1: that or you have sort of figured out the secret 390 00:20:21,580 --> 00:20:24,950 Speaker 1: sauce of balancing transparency with confidentiality? 391 00:20:25,780 --> 00:20:28,820 Speaker 2: Well, it is, it's, it's a you have to thread 392 00:20:28,820 --> 00:20:31,629 Speaker 2: that needle carefully and I'm really proud of the things 393 00:20:31,630 --> 00:20:33,869 Speaker 2: that we've done for the last 23 years to really 394 00:20:33,869 --> 00:20:36,680 Speaker 2: ensure that takes place because that really is our secret sauce. 395 00:20:36,680 --> 00:20:39,179 Speaker 2: As you mentioned there, we take it serious. It's one 396 00:20:39,180 --> 00:20:41,680 Speaker 2: of the highest elements of our due diligence I should 397 00:20:41,680 --> 00:20:45,230 Speaker 2: say is one of the highest elements of satisfaction. And 398 00:20:45,230 --> 00:20:47,830 Speaker 2: we do a member satisfaction survey once a year. Interestingly 399 00:20:47,830 --> 00:20:48,010 Speaker 2: enough 400 00:20:48,240 --> 00:20:50,830 Speaker 2: for many of the things that members are satisfied in 401 00:20:50,830 --> 00:20:53,620 Speaker 2: Tiger at the top or the top five of that 402 00:20:53,619 --> 00:20:57,430 Speaker 2: list is our due diligence and the rigor we take 403 00:20:57,430 --> 00:21:01,850 Speaker 2: to vet potential members and make sure that our community 404 00:21:01,859 --> 00:21:06,109 Speaker 2: is as transparent at the same time full of making 405 00:21:06,109 --> 00:21:10,280 Speaker 2: sure there's non solicitation, making sure that confidentiality sticks. 406 00:21:10,450 --> 00:21:12,939 Speaker 2: So each member does have to sign a code of 407 00:21:12,940 --> 00:21:15,180 Speaker 2: conduct were very up front with members to show them 408 00:21:15,180 --> 00:21:17,780 Speaker 2: that code of conduct. And if someone is not going 409 00:21:17,780 --> 00:21:20,580 Speaker 2: to be comfortable with that, then we don't encourage anybody 410 00:21:20,580 --> 00:21:21,930 Speaker 2: to be a membership, in fact, 411 00:21:22,100 --> 00:21:26,070 Speaker 2: discouraged with the big capital D. And our chairs also 412 00:21:26,070 --> 00:21:28,340 Speaker 2: have to sign a code of conduct. You think about it. 413 00:21:28,340 --> 00:21:31,720 Speaker 2: Our chairs certainly are not here to their super successful 414 00:21:31,720 --> 00:21:34,440 Speaker 2: in their own lives. And they're amazing people. Many could 415 00:21:34,440 --> 00:21:37,300 Speaker 2: qualify to be a tiger member, but they're not here 416 00:21:37,300 --> 00:21:41,169 Speaker 2: to advance their own personal business endeavors. They're here because 417 00:21:41,170 --> 00:21:44,129 Speaker 2: they are also curious and have a desire to learn 418 00:21:44,130 --> 00:21:46,219 Speaker 2: and make a difference in the world and to be 419 00:21:46,220 --> 00:21:49,840 Speaker 2: around some amazing people themselves. So, um everybody who's in 420 00:21:49,840 --> 00:21:50,109 Speaker 2: tiger 421 00:21:50,119 --> 00:21:52,500 Speaker 2: staff this too, we have a code of conduct that 422 00:21:52,510 --> 00:21:54,510 Speaker 2: we're here to take care of our members, serving members 423 00:21:54,510 --> 00:21:57,490 Speaker 2: not to solicit. Um you know, the list goes on. 424 00:21:57,500 --> 00:22:02,129 Speaker 2: And so, you know, we look at that members get 425 00:22:02,130 --> 00:22:06,060 Speaker 2: reminded of that every single meeting. I think that, you know, 426 00:22:06,060 --> 00:22:08,479 Speaker 2: if there is some confusion around that or something, our 427 00:22:08,480 --> 00:22:11,290 Speaker 2: members are quick to, you know, ask about that in 428 00:22:11,290 --> 00:22:14,760 Speaker 2: the rare situation that something comes up. Um And it's 429 00:22:14,760 --> 00:22:18,129 Speaker 2: just something that hasn't really impacted us in a nega 430 00:22:18,260 --> 00:22:20,699 Speaker 2: way. And because I think it's in the D N 431 00:22:20,700 --> 00:22:23,410 Speaker 2: A and going back to how somebody becomes a member, 432 00:22:23,420 --> 00:22:25,540 Speaker 2: I think that's why we spend one of the reasons, 433 00:22:25,540 --> 00:22:29,000 Speaker 2: the benefits I should say from really taking our time 434 00:22:29,010 --> 00:22:32,619 Speaker 2: to pick our members and to spend time in multiple 435 00:22:32,619 --> 00:22:35,200 Speaker 2: sessions and for our chairs to meet with that person, 436 00:22:35,210 --> 00:22:38,260 Speaker 2: face to face. So we have a good understanding of 437 00:22:38,270 --> 00:22:40,609 Speaker 2: who they are as an individual and they have a 438 00:22:40,609 --> 00:22:43,430 Speaker 2: good understanding of who we are from our culture and 439 00:22:43,440 --> 00:22:46,150 Speaker 2: the membership and chairs and staff that we have. So 440 00:22:46,160 --> 00:22:50,770 Speaker 2: hopefully there's complete clarity coming in and you know, we 441 00:22:50,770 --> 00:22:53,770 Speaker 2: keep an eye on it, remind people and you know, it's, 442 00:22:53,780 --> 00:22:56,260 Speaker 2: it's been pretty significant at this point in terms of 443 00:22:56,260 --> 00:23:00,270 Speaker 2: our ability to create this environment where people really do 444 00:23:00,280 --> 00:23:02,629 Speaker 2: feel comfortable. I mean, it's amazing you could be a 445 00:23:02,630 --> 00:23:07,350 Speaker 2: member in London and our members have visitation opportunities to 446 00:23:07,359 --> 00:23:10,030 Speaker 2: if there's an empty seat at a table ahead of time, 447 00:23:10,030 --> 00:23:12,960 Speaker 2: they can work with the chair to attend a meeting. 448 00:23:12,970 --> 00:23:14,170 Speaker 2: So imagine you're 449 00:23:14,180 --> 00:23:16,639 Speaker 2: remember in London and you're flying to Los Angeles because 450 00:23:16,640 --> 00:23:18,890 Speaker 2: you're there for a business deal or maybe your daughter 451 00:23:18,890 --> 00:23:21,660 Speaker 2: goes to USC and you're coming to visit, you can 452 00:23:21,660 --> 00:23:26,520 Speaker 2: actually go on the members internal site, connect with that 453 00:23:26,520 --> 00:23:32,500 Speaker 2: chair and find yourself sitting in front of 14 complete strangers. 454 00:23:32,510 --> 00:23:36,490 Speaker 2: Although there Tiger members and because of the vetting process 455 00:23:36,490 --> 00:23:38,859 Speaker 2: and the fact that you're in Tiger, they're gonna welcome 456 00:23:38,859 --> 00:23:40,990 Speaker 2: you into that group in Los Angeles and you're gonna 457 00:23:40,990 --> 00:23:42,140 Speaker 2: be sitting front 458 00:23:42,200 --> 00:23:47,460 Speaker 2: Centre for some very deep, robust, insightful and personal conversation 459 00:23:47,460 --> 00:23:50,449 Speaker 2: with members. Um and it really is the speed of 460 00:23:50,450 --> 00:23:53,090 Speaker 2: trust that we create with our system and our ecosystem 461 00:23:53,090 --> 00:23:56,260 Speaker 2: and most of our members being nominated by other members 462 00:23:56,260 --> 00:23:58,970 Speaker 2: and chairs, you add all that together. It's a pretty 463 00:23:58,970 --> 00:24:03,070 Speaker 2: amazing culture and we've been able to balance those things 464 00:24:03,070 --> 00:24:07,240 Speaker 2: of transparency and confidentiality um for for 23 years and 465 00:24:07,240 --> 00:24:09,109 Speaker 2: we'll be doing it for a lot, a lot of 466 00:24:09,119 --> 00:24:10,219 Speaker 2: years in the future. 467 00:24:10,690 --> 00:24:14,980 Speaker 1: That's, that's powerful, that's a very powerful indeed well done. 468 00:24:14,990 --> 00:24:19,929 Speaker 1: Um Okay, portfolio defense, explain to me how that works 469 00:24:20,470 --> 00:24:24,609 Speaker 2: Well, that's a differentiating factor for sure. And, and people 470 00:24:24,609 --> 00:24:27,479 Speaker 2: asking about this all the time. So I would say 471 00:24:27,480 --> 00:24:30,670 Speaker 2: it really is the most unique aspect of Tiger 21 472 00:24:30,670 --> 00:24:33,870 Speaker 2: is this thing we call a portfolio defense. And you know, 473 00:24:33,869 --> 00:24:36,800 Speaker 2: the facts are, it really is one end, it is 474 00:24:36,800 --> 00:24:41,520 Speaker 2: an individual's balance sheet income statement. It's an analysis uh 475 00:24:41,530 --> 00:24:44,379 Speaker 2: and the purpose of their wealth. And so we use 476 00:24:44,390 --> 00:24:49,180 Speaker 2: two templates, one is qualitative and one is quantitative. 477 00:24:49,480 --> 00:24:52,710 Speaker 2: And for most of our members, the qualitative, which is 478 00:24:52,710 --> 00:24:55,629 Speaker 2: really your story for many of our members the first 479 00:24:55,630 --> 00:24:57,560 Speaker 2: time they do A P D. It's the first time 480 00:24:57,560 --> 00:25:00,680 Speaker 2: they've actually paused to think about. Wow, what's this journey 481 00:25:00,680 --> 00:25:02,940 Speaker 2: I've been on for 2030 40 years 482 00:25:03,119 --> 00:25:06,240 Speaker 2: and you know, I wasn't really an overnight success. It 483 00:25:06,240 --> 00:25:08,740 Speaker 2: was a long journey for many of our members. And 484 00:25:08,740 --> 00:25:10,220 Speaker 2: what did I learn along the way? And what are 485 00:25:10,220 --> 00:25:12,190 Speaker 2: my values and what I want my future to be? 486 00:25:12,190 --> 00:25:14,880 Speaker 2: And what's, what's the purpose of my wealth? And am 487 00:25:14,880 --> 00:25:17,780 Speaker 2: I giving a dollar or $100 million to my kids 488 00:25:17,780 --> 00:25:20,120 Speaker 2: or generational wealth? What am I trying to do? 489 00:25:20,310 --> 00:25:24,120 Speaker 2: So for many of our entrepreneurial members, they work with 490 00:25:24,119 --> 00:25:27,020 Speaker 2: their chair and they fill out the qualitative, which is 491 00:25:27,020 --> 00:25:30,399 Speaker 2: this story. It's often a 20 page analysis of, you know, 492 00:25:30,400 --> 00:25:32,690 Speaker 2: all the things I mentioned in many other things that 493 00:25:32,690 --> 00:25:35,980 Speaker 2: really causes them to think about where they are in 494 00:25:35,980 --> 00:25:38,129 Speaker 2: life and where they want to go. And the most 495 00:25:38,130 --> 00:25:42,410 Speaker 2: important thing from the qualitative side is to surface three 496 00:25:42,410 --> 00:25:43,230 Speaker 2: or four 497 00:25:43,690 --> 00:25:48,010 Speaker 2: Questions that going back to Tiger 21 group being your 498 00:25:48,010 --> 00:25:51,399 Speaker 2: personal board of directors. So this is that time when 499 00:25:51,410 --> 00:25:55,169 Speaker 2: for two hours, once a year, once every 12, 13, 500 00:25:55,170 --> 00:25:58,449 Speaker 2: 14 months, if I'm doing my PD for two hours 501 00:25:58,450 --> 00:26:02,070 Speaker 2: in that month, the group is solely focused on helping me. 502 00:26:02,080 --> 00:26:05,710 Speaker 2: So I'm gonna come in sharing my qualitative ahead of time. 503 00:26:06,010 --> 00:26:09,199 Speaker 2: And then ultimately, they're gonna see some additional numbers in 504 00:26:09,200 --> 00:26:12,250 Speaker 2: my financial situation at the meeting. But you add those 505 00:26:12,250 --> 00:26:14,879 Speaker 2: two together, each of the other members now has a 506 00:26:14,880 --> 00:26:19,139 Speaker 2: really comprehensive view of me so that I can then 507 00:26:19,150 --> 00:26:22,000 Speaker 2: with the help of my chair have surfaced three or 508 00:26:22,000 --> 00:26:24,060 Speaker 2: four questions that I'm going to ask the group 509 00:26:24,220 --> 00:26:26,980 Speaker 2: and over the course of those couple hours, the group's 510 00:26:26,980 --> 00:26:29,620 Speaker 2: going to do a deep dive to really now that 511 00:26:29,619 --> 00:26:32,000 Speaker 2: they know me and my journey and where I want 512 00:26:32,000 --> 00:26:34,990 Speaker 2: to go, they can really kind of shine a light 513 00:26:34,990 --> 00:26:37,570 Speaker 2: on some blind spots. They can, you know, I only 514 00:26:37,570 --> 00:26:40,270 Speaker 2: know what I know, but I'm with collective intelligence of 515 00:26:40,270 --> 00:26:42,310 Speaker 2: all these other folks around the room that have different 516 00:26:42,310 --> 00:26:44,230 Speaker 2: wealth journeys and different experiences 517 00:26:44,410 --> 00:26:48,540 Speaker 2: and different expertise in certain asset classes. So nobody is 518 00:26:48,540 --> 00:26:50,310 Speaker 2: there to sell many things. Nobody is there to do 519 00:26:50,310 --> 00:26:53,710 Speaker 2: anything other than be there for me to share some things. 520 00:26:53,710 --> 00:26:56,100 Speaker 2: Sometimes I may not have thought of sometimes things I 521 00:26:56,100 --> 00:26:58,340 Speaker 2: don't want to hear but maybe need to hear in 522 00:26:58,340 --> 00:27:01,070 Speaker 2: that perspective because it's nothing but the honest truth from 523 00:27:01,070 --> 00:27:05,120 Speaker 2: their eyes. And if we do this right, those questions 524 00:27:05,119 --> 00:27:07,889 Speaker 2: that I surface to the group get addressed and there, 525 00:27:07,900 --> 00:27:10,100 Speaker 2: you know, there's a lot of amazing advisors out in 526 00:27:10,100 --> 00:27:12,240 Speaker 2: the world. There's a lot of amazing books to read. 527 00:27:12,240 --> 00:27:14,320 Speaker 2: There's a lot of amazing ways to get information, 528 00:27:14,619 --> 00:27:18,270 Speaker 2: But it's pretty magical to get real time information from 529 00:27:18,270 --> 00:27:20,860 Speaker 2: people that know you and care about you in this 530 00:27:20,859 --> 00:27:24,330 Speaker 2: structure in this format, led by a chair that really 531 00:27:24,330 --> 00:27:27,310 Speaker 2: think about how you have to facilitate a conversation with 532 00:27:27,320 --> 00:27:31,919 Speaker 2: 14 amazing entrepreneurs and type a personalities around the table 533 00:27:31,920 --> 00:27:35,699 Speaker 2: full of knowledge and skill, helping give input to a 534 00:27:35,700 --> 00:27:39,580 Speaker 2: member who's opening themselves up. Somebody's got to manage that 535 00:27:39,590 --> 00:27:42,270 Speaker 2: and make sure that lands that plane at the right time. 536 00:27:42,270 --> 00:27:44,910 Speaker 2: And our chairs do amazing job in that. But that 537 00:27:44,910 --> 00:27:48,260 Speaker 2: is the experience. And so for many members, it's a 538 00:27:48,260 --> 00:27:50,979 Speaker 2: little bit nerve wracking. They think about what I'm going 539 00:27:50,980 --> 00:27:52,840 Speaker 2: to share this and do this. But again, we share 540 00:27:52,840 --> 00:27:55,910 Speaker 2: this upfront with people. So they join knowing and actually 541 00:27:55,910 --> 00:27:59,320 Speaker 2: many of them embracing this opportunity because they come out 542 00:27:59,320 --> 00:28:02,760 Speaker 2: of it with such different insights and perspectives on where 543 00:28:02,760 --> 00:28:04,550 Speaker 2: the rest of their journey can take them. 544 00:28:04,920 --> 00:28:08,000 Speaker 2: And then many members have been in Tiger for 23 545 00:28:08,000 --> 00:28:10,780 Speaker 2: years as long as we've been around and you can think, wow, 546 00:28:10,780 --> 00:28:13,540 Speaker 2: do I do one of these every year? Sometimes my, 547 00:28:13,550 --> 00:28:17,659 Speaker 2: my portfolio doesn't change that much. Well, it might not, 548 00:28:17,660 --> 00:28:21,010 Speaker 2: but we have other different defenses and that could be 549 00:28:21,010 --> 00:28:24,290 Speaker 2: a real estate defense, a life defense of philanthropy defense. 550 00:28:24,300 --> 00:28:28,750 Speaker 2: Really defense is nothing more than meant to think like the, you're, 551 00:28:28,750 --> 00:28:29,060 Speaker 2: when you're 552 00:28:29,400 --> 00:28:34,100 Speaker 2: your thesis and phd, it's not anybody's grilling you. It's 553 00:28:34,100 --> 00:28:36,790 Speaker 2: just to say here are information that you're bringing forward 554 00:28:36,790 --> 00:28:38,990 Speaker 2: of what your current situation, what your belief and your 555 00:28:38,990 --> 00:28:41,280 Speaker 2: structure is. And there's people that care about you to 556 00:28:41,280 --> 00:28:44,040 Speaker 2: challenge that. And as I mentioned, shine a light or 557 00:28:44,040 --> 00:28:47,950 Speaker 2: maybe share some different perspectives. And again, not just your portfolio, 558 00:28:47,950 --> 00:28:50,400 Speaker 2: but all these other elements. That's the power of having 559 00:28:50,400 --> 00:28:52,320 Speaker 2: a group of people that you get to know intimately 560 00:28:52,320 --> 00:28:53,570 Speaker 2: in the tiger environment 561 00:28:53,780 --> 00:28:57,330 Speaker 2: and through the different defenses that you can address or 562 00:28:57,330 --> 00:29:00,500 Speaker 2: be a part of over your lifetime. In Tiger, it's 563 00:29:00,500 --> 00:29:02,690 Speaker 2: phenomenal and it's really our secret sauce. 564 00:29:03,490 --> 00:29:08,200 Speaker 1: Now, I can't imagine very successful entrepreneurs who have done 565 00:29:08,200 --> 00:29:12,920 Speaker 1: very well finding this easy. They have accomplished their, a 566 00:29:12,920 --> 00:29:16,440 Speaker 1: certain degree of confidence and I'm sure it's not going 567 00:29:16,440 --> 00:29:19,620 Speaker 1: to be all cordial touchy, feely. It can get contentious. 568 00:29:19,630 --> 00:29:22,100 Speaker 1: So I'm sure there's an element of training your chairs 569 00:29:22,100 --> 00:29:25,870 Speaker 1: to deal with conflict or potential conflict resolution and making 570 00:29:25,870 --> 00:29:27,420 Speaker 1: it work for everybody's time. 571 00:29:28,080 --> 00:29:31,700 Speaker 2: Yeah, we, we, we do and we have uh you know, 572 00:29:31,700 --> 00:29:35,500 Speaker 2: we have a membership community today of 1230 members and 573 00:29:35,500 --> 00:29:39,590 Speaker 2: today we have 75 chairs and that's, that's another special community. 574 00:29:39,590 --> 00:29:44,360 Speaker 2: Our chairs are all really successful individuals. A number of 575 00:29:44,360 --> 00:29:47,270 Speaker 2: actually been tiger members that want to come over and 576 00:29:47,270 --> 00:29:51,200 Speaker 2: be a tiger chair and we meet regularly our new chairs, 577 00:29:51,210 --> 00:29:53,950 Speaker 2: we vet them and take them through a development session 578 00:29:53,950 --> 00:29:54,380 Speaker 2: when they become 579 00:29:54,510 --> 00:29:56,810 Speaker 2: a chair. And then our chairs, we gather around the 580 00:29:56,810 --> 00:30:00,030 Speaker 2: world globally. Once, once a year at our global conference, 581 00:30:00,030 --> 00:30:02,140 Speaker 2: we have a chair conference before that full of lots 582 00:30:02,140 --> 00:30:06,010 Speaker 2: of training and development from outside resources. But also our 583 00:30:06,010 --> 00:30:10,380 Speaker 2: chairs themselves. They're, they're living and breathing and interactive members 584 00:30:10,390 --> 00:30:14,690 Speaker 2: every day, all year long. And so they are developed amazing, 585 00:30:14,700 --> 00:30:18,590 Speaker 2: you know, learners and, and, and individuals themselves who are, 586 00:30:18,600 --> 00:30:20,700 Speaker 2: you know, lifelong learners so they lean in and 587 00:30:20,710 --> 00:30:23,690 Speaker 2: they love this stuff and they share the opportunities, you know, 588 00:30:23,690 --> 00:30:25,730 Speaker 2: as I mentioned at our chair conference and we have 589 00:30:25,730 --> 00:30:27,850 Speaker 2: different retreats. We bring our chairs too, so they get 590 00:30:27,850 --> 00:30:30,780 Speaker 2: together and then of course, they have online platforms and 591 00:30:30,780 --> 00:30:34,370 Speaker 2: cohorts that they spend time. So it really, it's the 592 00:30:34,370 --> 00:30:36,630 Speaker 2: learning on top of the learning and the desire to 593 00:30:36,630 --> 00:30:40,270 Speaker 2: help people achieve their best. And so our chairs, if 594 00:30:40,270 --> 00:30:42,209 Speaker 2: you really think about it, they're like the conductor of 595 00:30:42,210 --> 00:30:45,260 Speaker 2: an orchestra. If you didn't have a great conductor to 596 00:30:45,260 --> 00:30:47,010 Speaker 2: be able to make, you know, take these type, 597 00:30:47,020 --> 00:30:50,970 Speaker 2: talented musicians that are members in this, in this, in 598 00:30:50,970 --> 00:30:54,550 Speaker 2: this metaphor. But to create beautiful music, somebody has to 599 00:30:54,550 --> 00:30:56,770 Speaker 2: be up there with the baton, not playing the music, 600 00:30:56,780 --> 00:30:59,390 Speaker 2: but up there kind of bringing out the best or 601 00:30:59,390 --> 00:31:01,520 Speaker 2: kind of, you know, tampering it when it's a little 602 00:31:01,520 --> 00:31:04,760 Speaker 2: bit loud and our chairs do that with amazing skill 603 00:31:04,760 --> 00:31:09,200 Speaker 2: and competency and great emotional intelligence. And it's just, it's 604 00:31:09,200 --> 00:31:10,760 Speaker 2: really a badge of honor, I think to be a 605 00:31:10,760 --> 00:31:13,330 Speaker 2: tiger chair. And that's, 606 00:31:13,340 --> 00:31:15,640 Speaker 2: you know, you have this together, they just do amazing 607 00:31:15,640 --> 00:31:18,700 Speaker 2: things with our members and facilitate terrific meetings and even 608 00:31:18,700 --> 00:31:21,700 Speaker 2: beyond our chairs now facilitate many of our networks. We 609 00:31:21,700 --> 00:31:25,940 Speaker 2: have a number of learning opportunities and cohorts and collectives 610 00:31:25,940 --> 00:31:29,460 Speaker 2: that our members get involved with for their own learning 611 00:31:29,460 --> 00:31:31,810 Speaker 2: journeys outside of the group. And many of those are 612 00:31:31,810 --> 00:31:34,510 Speaker 2: led by our chairs too. So it's really a learning 613 00:31:34,510 --> 00:31:38,330 Speaker 2: community of our chairs and our members that began very, 614 00:31:38,330 --> 00:31:39,650 Speaker 2: very special community. 615 00:31:40,210 --> 00:31:44,120 Speaker 1: Very interesting. You said at the beginning that you're expanding 616 00:31:44,120 --> 00:31:49,330 Speaker 1: into Asia are Asian Tiger. 21 members any different from 617 00:31:49,330 --> 00:31:50,580 Speaker 1: the ones in US and Europe? 618 00:31:51,540 --> 00:31:54,860 Speaker 2: No, I don't, I don't think so. I don't think 619 00:31:54,860 --> 00:31:58,270 Speaker 2: the members are, um, you know, we currently have members 620 00:31:58,270 --> 00:32:01,030 Speaker 2: right now that live in Singapore that participate in some 621 00:32:01,030 --> 00:32:03,730 Speaker 2: sort of a group they're informing one right now they're 622 00:32:03,730 --> 00:32:07,990 Speaker 2: participating in groups in London or Zurich. And you know, entrepreneurial. 623 00:32:07,990 --> 00:32:10,820 Speaker 2: Some are second gens maybe they didn't start the business, 624 00:32:10,820 --> 00:32:13,730 Speaker 2: but I have to tell you there's a lot of individuals, 625 00:32:13,730 --> 00:32:16,870 Speaker 2: not just in Singapore, which is exciting for us, but also, 626 00:32:16,880 --> 00:32:19,260 Speaker 2: you know, as wealth is passed down, a lot of 627 00:32:19,260 --> 00:32:21,110 Speaker 2: our members, um 628 00:32:21,120 --> 00:32:24,780 Speaker 2: Children second gen are, are starting out maybe on first base. 629 00:32:24,780 --> 00:32:27,610 Speaker 2: They have a couple of dollars from, maybe they started 630 00:32:27,610 --> 00:32:30,850 Speaker 2: out with, but they themselves become wealth creators and take 631 00:32:30,850 --> 00:32:32,950 Speaker 2: that what they started with and add to that in 632 00:32:32,950 --> 00:32:35,850 Speaker 2: many ways. I think, you know, I have a number 633 00:32:35,850 --> 00:32:39,190 Speaker 2: of friends in Singapore that I met over coming to 634 00:32:39,190 --> 00:32:41,560 Speaker 2: college when they came over to the U S. And 635 00:32:41,560 --> 00:32:43,740 Speaker 2: I think that's a trend in Singapore and Asia that 636 00:32:43,740 --> 00:32:47,160 Speaker 2: happens a lot where people go to the US to school. 637 00:32:47,170 --> 00:32:49,880 Speaker 2: Um You know, the peer groups are pretty prevalent. People 638 00:32:49,880 --> 00:32:50,700 Speaker 2: are a bit open, 639 00:32:50,850 --> 00:32:54,410 Speaker 2: they come back and, you know, they're coming into this 640 00:32:54,410 --> 00:32:58,670 Speaker 2: world and comfortable place of sharing and getting pure responses and, 641 00:32:58,680 --> 00:33:01,880 Speaker 2: and being open to that feedback. So, um you know, 642 00:33:01,880 --> 00:33:04,390 Speaker 2: I think in many ways, it makes members very similar, 643 00:33:04,390 --> 00:33:07,620 Speaker 2: who have a desire to, you know, once they've achieved 644 00:33:07,630 --> 00:33:09,770 Speaker 2: some wealth, they certainly know that the world is a 645 00:33:09,770 --> 00:33:13,310 Speaker 2: bit different for them. Opportunities are different ways to kind 646 00:33:13,310 --> 00:33:14,219 Speaker 2: of leverage that to be 647 00:33:14,230 --> 00:33:17,850 Speaker 2: benefit their families. So those are felt across the world. 648 00:33:17,860 --> 00:33:20,750 Speaker 2: And so I think we're going to see very similar 649 00:33:20,750 --> 00:33:23,940 Speaker 2: elements for members in Singapore. Although I do think there 650 00:33:23,940 --> 00:33:28,220 Speaker 2: are cultural elements and there are opportunities that are taking place. 651 00:33:28,220 --> 00:33:31,180 Speaker 2: I look at the flux of wealth that's come down 652 00:33:31,180 --> 00:33:33,490 Speaker 2: from Hong Kong and the number of family offices that 653 00:33:33,490 --> 00:33:37,060 Speaker 2: now reside in Singapore. Um you know, and some are 654 00:33:37,060 --> 00:33:37,540 Speaker 2: new but 655 00:33:37,600 --> 00:33:40,260 Speaker 2: have been there for a while and people around the 656 00:33:40,260 --> 00:33:43,000 Speaker 2: world are seeing, you know, great wealth developers, seeing more 657 00:33:43,000 --> 00:33:46,890 Speaker 2: family offices come into play multi family office and single 658 00:33:46,890 --> 00:33:51,240 Speaker 2: family offices. And in fact, we're starting a program that 659 00:33:51,240 --> 00:33:52,830 Speaker 2: will have groups that will have a bit of a 660 00:33:52,830 --> 00:33:56,240 Speaker 2: focus on family offices for those folks that have a 661 00:33:56,240 --> 00:33:59,560 Speaker 2: single family office and have certain challenges that maybe some 662 00:33:59,560 --> 00:34:00,970 Speaker 2: of our other members don't have. 663 00:34:01,170 --> 00:34:03,830 Speaker 2: So, you know, it's gonna be interesting, I'm looking forward 664 00:34:03,830 --> 00:34:06,170 Speaker 2: to that journey as we go into different countries around 665 00:34:06,170 --> 00:34:09,820 Speaker 2: the world and respecting and loving, embracing the culture. It's 666 00:34:09,820 --> 00:34:13,009 Speaker 2: like hearing the same music that's played. We all know 667 00:34:13,010 --> 00:34:15,860 Speaker 2: a certain musical piece. We we know it, but you 668 00:34:15,860 --> 00:34:18,590 Speaker 2: play that music in a symphony in London or Las 669 00:34:18,590 --> 00:34:18,790 Speaker 2: Veo 670 00:34:18,800 --> 00:34:21,620 Speaker 2: Vegas or Los Angeles and Singapore. It may be a 671 00:34:21,620 --> 00:34:25,480 Speaker 2: little different because of the makeup of the musicians in 672 00:34:25,480 --> 00:34:27,930 Speaker 2: that area. In this case, the members or maybe the 673 00:34:27,930 --> 00:34:30,970 Speaker 2: chair has a different kind of cultural journey. But you 674 00:34:30,969 --> 00:34:34,259 Speaker 2: know that music and people have passion for that music. 675 00:34:34,270 --> 00:34:36,509 Speaker 2: So I think we'll see a lot of similarities. 676 00:34:36,520 --> 00:34:41,070 Speaker 1: Alright. Very, very well put Greg, I like the symphony metaphor. 677 00:34:41,080 --> 00:34:47,080 Speaker 1: I recently watch Michael Schonfeld, founder of Tiger 21 CNBC 678 00:34:47,350 --> 00:34:50,040 Speaker 1: And there are a couple of things he was talking 679 00:34:50,040 --> 00:34:53,310 Speaker 1: about certain insights that he has or you guys have 680 00:34:53,310 --> 00:34:56,290 Speaker 1: picked up from your members. I was struck by the 681 00:34:56,290 --> 00:35:00,279 Speaker 1: observation that 60% of Tiger 21 members believe a recession 682 00:35:00,280 --> 00:35:04,350 Speaker 1: is imminent and that the networks allocation of private equity 683 00:35:04,360 --> 00:35:06,279 Speaker 1: is at an all time high. 684 00:35:06,880 --> 00:35:10,530 Speaker 1: Okay. That's pretty interesting. Can you share with us a 685 00:35:10,530 --> 00:35:14,390 Speaker 1: few other insights on how? Well, I think? Yeah, 686 00:35:14,400 --> 00:35:16,870 Speaker 2: it is, it is interesting. I mean, obviously our groups 687 00:35:16,870 --> 00:35:21,420 Speaker 2: are very confidential and and members are also really um 688 00:35:21,430 --> 00:35:24,430 Speaker 2: they at the end of every meeting, you know, they 689 00:35:24,440 --> 00:35:27,950 Speaker 2: kind of share different surveys, responses to us and give 690 00:35:27,950 --> 00:35:30,510 Speaker 2: us some insight and a very confidential. So without knowing 691 00:35:30,510 --> 00:35:31,860 Speaker 2: who's sharing that information 692 00:35:32,010 --> 00:35:34,060 Speaker 2: but you aggregate that and you start to see some 693 00:35:34,060 --> 00:35:37,500 Speaker 2: interesting elements and then when a member does A P D, 694 00:35:37,510 --> 00:35:41,560 Speaker 2: we certainly don't know any members, individual financial situation. That's 695 00:35:41,560 --> 00:35:44,680 Speaker 2: not our business. We're not looking at that, but in percentages, 696 00:35:44,680 --> 00:35:47,090 Speaker 2: we do have a sense from each member's P D. 697 00:35:47,100 --> 00:35:49,790 Speaker 2: Uh you know, what is, what, what their, what their 698 00:35:49,800 --> 00:35:51,569 Speaker 2: allocation is. So, you know, 699 00:35:51,580 --> 00:35:54,840 Speaker 2: We've been tracking this for, Gosh, almost 20 some years. 700 00:35:54,850 --> 00:35:57,750 Speaker 2: And it's, it's presented a nice pattern. And cash has 701 00:35:57,750 --> 00:36:00,960 Speaker 2: always been in that, you know, 12% range, but we're 702 00:36:00,960 --> 00:36:03,940 Speaker 2: seeing cash go down a bit. And as, as you 703 00:36:03,940 --> 00:36:06,279 Speaker 2: mentioned earlier, we're seeing private equity go up. I think 704 00:36:06,280 --> 00:36:09,480 Speaker 2: it's 31, right now, which is, you know, typically it's 705 00:36:09,480 --> 00:36:11,140 Speaker 2: been in the 23% range. 706 00:36:11,380 --> 00:36:14,780 Speaker 2: But I think it's important to remember that um when 707 00:36:14,780 --> 00:36:17,730 Speaker 2: we say private equity, many of our members are investing 708 00:36:17,730 --> 00:36:21,390 Speaker 2: in smaller businesses, privately held businesses as opposed to the 709 00:36:21,390 --> 00:36:25,900 Speaker 2: public equity. So within that private equity asset allocation allocation, 710 00:36:25,900 --> 00:36:28,850 Speaker 2: there's a lot of venture capital dollars. And so in 711 00:36:28,850 --> 00:36:31,790 Speaker 2: stressful times like this or in times of uncertainty, when 712 00:36:31,800 --> 00:36:34,740 Speaker 2: things are in havoc everywhere, our members probably 713 00:36:34,750 --> 00:36:37,640 Speaker 2: tend to go where they're most comfortable. And since most 714 00:36:37,640 --> 00:36:42,130 Speaker 2: have made money on an entrepreneur, right, on an entrepreneurial journey, 715 00:36:42,130 --> 00:36:46,530 Speaker 2: on an entrepreneurial endeavor. When times are tough, they're actually 716 00:36:46,530 --> 00:36:48,270 Speaker 2: going back and saying, well, I have this cash, but 717 00:36:48,280 --> 00:36:50,880 Speaker 2: I'm gonna I'm gonna better put it into, you know, 718 00:36:50,880 --> 00:36:54,060 Speaker 2: into VC Fund or I'm gonna back a private company 719 00:36:54,060 --> 00:36:56,000 Speaker 2: that I know, or put it into somebody that I've 720 00:36:56,000 --> 00:36:58,030 Speaker 2: heard about Tiger. They may know a company 721 00:36:58,120 --> 00:37:01,710 Speaker 2: and I'm betting on that, the CEO or the founder 722 00:37:01,710 --> 00:37:05,320 Speaker 2: of that organization that's probably a bit more comfortable than 723 00:37:05,320 --> 00:37:08,570 Speaker 2: just having your money sitting there in cash and, and 724 00:37:08,570 --> 00:37:11,650 Speaker 2: not seen it doing anything. Although that changes because I 725 00:37:11,650 --> 00:37:13,880 Speaker 2: got to tell you, you've met one tiger member, you've 726 00:37:13,880 --> 00:37:17,180 Speaker 2: met one tiger member, you've seen one tiger group, you've 727 00:37:17,180 --> 00:37:19,969 Speaker 2: seen one tiger group. So, you know, you can talk 728 00:37:19,969 --> 00:37:21,480 Speaker 2: to a group in Denver and you can talk to 729 00:37:21,489 --> 00:37:25,000 Speaker 2: The group in London and when we get feedback from chairs, 730 00:37:25,010 --> 00:37:28,490 Speaker 2: some are, you know, are taking large chunks of money 731 00:37:28,489 --> 00:37:31,750 Speaker 2: and holding aside and others are really, as I mentioned, 732 00:37:31,750 --> 00:37:35,300 Speaker 2: deploying it into more of the private equity. So, you know, yeah, 733 00:37:35,300 --> 00:37:38,020 Speaker 2: great that over 1200 members, you get a picture, but 734 00:37:38,020 --> 00:37:40,160 Speaker 2: you really have to go down a bit more to 735 00:37:40,160 --> 00:37:43,330 Speaker 2: understand the nuances within each group and each member's kind 736 00:37:43,330 --> 00:37:44,859 Speaker 2: of personal choices there. 737 00:37:45,000 --> 00:37:47,170 Speaker 2: But the themes are that, I mean, cash is going 738 00:37:47,170 --> 00:37:51,180 Speaker 2: down just a little bit, but, you know, 10, to 10%. 739 00:37:51,190 --> 00:37:54,420 Speaker 2: That's a big change and particularly going into private equity. 740 00:37:54,430 --> 00:37:56,620 Speaker 2: It's going to be really interesting to see that what 741 00:37:56,620 --> 00:37:59,150 Speaker 2: happens to all of this and in real time, you know, 742 00:37:59,150 --> 00:38:02,540 Speaker 2: as we're having this conversation over the last few days, 743 00:38:02,540 --> 00:38:03,480 Speaker 2: the whole silicon 744 00:38:03,650 --> 00:38:06,850 Speaker 2: Silicon Valley Bank elements happening and some of the other 745 00:38:06,850 --> 00:38:10,020 Speaker 2: things that are happening in the financial sector and you 746 00:38:10,020 --> 00:38:12,230 Speaker 2: think about, you know, where people are going to put 747 00:38:12,230 --> 00:38:14,680 Speaker 2: money and where they'd rather have cash or where they'd 748 00:38:14,680 --> 00:38:16,780 Speaker 2: rather invest cash. And you know, there's a lot of 749 00:38:16,780 --> 00:38:18,870 Speaker 2: uncertainty which is great for tiger in the sense that 750 00:38:18,870 --> 00:38:21,090 Speaker 2: this is the place people come to talk about it 751 00:38:21,100 --> 00:38:23,830 Speaker 2: and to share ideas. And that's why you'll see some 752 00:38:23,830 --> 00:38:25,510 Speaker 2: changes in people's allocate 753 00:38:25,520 --> 00:38:28,700 Speaker 2: Because there is so much information coming right now and 754 00:38:28,700 --> 00:38:31,760 Speaker 2: being shared and being shared quicker than it ever has 755 00:38:31,760 --> 00:38:34,620 Speaker 2: shared before and are members of the type that are 756 00:38:34,620 --> 00:38:39,100 Speaker 2: proactive versus reactive. So again, not surprising and maybe it 757 00:38:39,100 --> 00:38:42,850 Speaker 2: won't be over then, of course, of the Choppy 2023 758 00:38:42,850 --> 00:38:45,850 Speaker 2: and hopefully not beyond that, likely, we'll see how the 759 00:38:45,850 --> 00:38:47,400 Speaker 2: allocations ebb and flow. 760 00:38:48,120 --> 00:38:50,460 Speaker 1: It's really interesting and I'm kind of struck by it 761 00:38:50,460 --> 00:38:53,750 Speaker 1: because I've heard Michael Sun Filled, I think recently also 762 00:38:53,750 --> 00:38:56,140 Speaker 1: in Bloomberg, talk about this issue, which is, 763 00:38:56,890 --> 00:38:59,250 Speaker 1: you see some of you are many of your members 764 00:38:59,250 --> 00:39:04,969 Speaker 1: simultaneously worried about rising geopolitical risk and political risk and 765 00:39:04,980 --> 00:39:08,580 Speaker 1: embracing risk investments like private equity or to your point 766 00:39:08,590 --> 00:39:13,850 Speaker 1: putting money into ventures that they know. Well, um is 767 00:39:13,850 --> 00:39:17,580 Speaker 1: that contradictory or do you see sort of a logical 768 00:39:17,580 --> 00:39:20,940 Speaker 1: threat between being worried at the same time? And embracing 769 00:39:20,940 --> 00:39:21,930 Speaker 1: risk at the same time. 770 00:39:22,960 --> 00:39:25,570 Speaker 2: You know, I think it's interesting. It's, it's, it's, it's, 771 00:39:25,580 --> 00:39:28,510 Speaker 2: it's kind of, we said, as I mentioned previously, you 772 00:39:28,510 --> 00:39:30,790 Speaker 2: met one tiger member, you've met one tiger member, you've 773 00:39:30,790 --> 00:39:33,900 Speaker 2: met 11 group, you met one group and were a 774 00:39:33,900 --> 00:39:37,770 Speaker 2: collection of all these amazing individuals. So as you step back, 775 00:39:37,770 --> 00:39:40,960 Speaker 2: it's easy to infer a pattern our pace and say 776 00:39:40,969 --> 00:39:45,149 Speaker 2: tiger members think this or tiger members are investing here. 777 00:39:45,160 --> 00:39:48,540 Speaker 2: We can certainly share that information. That's a beautiful inside 778 00:39:48,540 --> 00:39:50,830 Speaker 2: of having information from our members. 779 00:39:51,090 --> 00:39:54,310 Speaker 2: But again, I mean, you sit in groups of if 780 00:39:54,310 --> 00:39:56,709 Speaker 2: you were here, there, there are people that are strong 781 00:39:56,719 --> 00:39:59,890 Speaker 2: believers that a recession is coming and they're, they're taking, 782 00:39:59,890 --> 00:40:01,860 Speaker 2: you know, kind of some of the standard true measures 783 00:40:01,860 --> 00:40:03,719 Speaker 2: that you might and you mix that with inflation. By 784 00:40:03,719 --> 00:40:05,520 Speaker 2: the way, people are living in different, different around the 785 00:40:05,520 --> 00:40:08,420 Speaker 2: world that have different experiences that you're living in Europe 786 00:40:08,420 --> 00:40:10,510 Speaker 2: right now. You may have a different concern or fear 787 00:40:10,510 --> 00:40:15,020 Speaker 2: around war potential than in the US or Canada or 788 00:40:15,030 --> 00:40:18,020 Speaker 2: you know, so all those things emotionally play on you 789 00:40:18,300 --> 00:40:22,100 Speaker 2: that cause but but here's the thing about a tiger 790 00:40:22,100 --> 00:40:24,310 Speaker 2: group and a tiger meeting and being in this community. 791 00:40:24,780 --> 00:40:28,160 Speaker 2: Again, going back to if you are just the pure entrepreneur, 792 00:40:28,170 --> 00:40:32,149 Speaker 2: you might make some quick moves without really thinking here. 793 00:40:32,160 --> 00:40:34,600 Speaker 2: But this is the place where you can through a 794 00:40:34,600 --> 00:40:38,219 Speaker 2: chat discussion or your group meeting or a chapter meeting 795 00:40:38,219 --> 00:40:42,280 Speaker 2: or just conversations members you've met as you become a more, 796 00:40:42,290 --> 00:40:45,770 Speaker 2: you know, savvy investor. If you will hear, you learn 797 00:40:45,770 --> 00:40:48,020 Speaker 2: the notion to kind of take a beat sometimes and 798 00:40:48,020 --> 00:40:48,350 Speaker 2: really low, 799 00:40:48,360 --> 00:40:51,730 Speaker 2: look at other facts and try to ascertain things before 800 00:40:51,730 --> 00:40:55,390 Speaker 2: you make those decisions. And so people process those facts 801 00:40:55,390 --> 00:40:58,310 Speaker 2: differently and ultimately make their own decisions from that, which 802 00:40:58,320 --> 00:41:00,989 Speaker 2: leads to some of the conflicting messages you might see 803 00:41:00,989 --> 00:41:03,799 Speaker 2: or hear from different Tiger members. But the notion is 804 00:41:03,800 --> 00:41:07,430 Speaker 2: that they've probably done that with a bit more thought 805 00:41:07,440 --> 00:41:10,670 Speaker 2: and an introspective view of things versus just kind of 806 00:41:10,670 --> 00:41:11,950 Speaker 2: jumping pretty quick. 807 00:41:12,190 --> 00:41:15,450 Speaker 1: Um Okay, now a couple of decades of Tiger 21, 808 00:41:15,450 --> 00:41:17,560 Speaker 1: you have been associated with it from almost from the 809 00:41:17,560 --> 00:41:21,890 Speaker 1: very beginning. Um where does it go in the next decade? 810 00:41:21,890 --> 00:41:26,370 Speaker 1: It will keep on expanding. Is it reaching maturation phase? What's, 811 00:41:26,370 --> 00:41:27,239 Speaker 1: what's the sense? 812 00:41:28,239 --> 00:41:31,690 Speaker 2: You know, I think it's interesting. Um I think we 813 00:41:31,690 --> 00:41:34,880 Speaker 2: have a really big bright future Tiger 21. I mean, 814 00:41:34,880 --> 00:41:37,629 Speaker 2: you look at the wealth that's being created around the world, 815 00:41:37,640 --> 00:41:40,660 Speaker 2: you look at, you know, people that are coming into 816 00:41:40,660 --> 00:41:44,090 Speaker 2: it at different ages and people that want to really 817 00:41:44,090 --> 00:41:46,560 Speaker 2: kind of learn and embrace all that the universe and 818 00:41:46,570 --> 00:41:50,730 Speaker 2: The world keeps throwing at us and there's huge opportunities there. So, 819 00:41:50,739 --> 00:41:53,850 Speaker 2: um you know, as I mentioned, not the exact numbers, 820 00:41:53,860 --> 00:41:57,069 Speaker 2: I think we're 2.5 3.5 million people in the world. 821 00:41:57,070 --> 00:42:00,040 Speaker 2: Ultra high net worth investors have 30 million and above 822 00:42:00,050 --> 00:42:02,029 Speaker 2: and we're at 20 million. So trying to put a 823 00:42:02,030 --> 00:42:05,060 Speaker 2: number around that is a little bit of a moving target, 824 00:42:05,070 --> 00:42:07,049 Speaker 2: but that number is gonna get bigger when you look 825 00:42:07,050 --> 00:42:09,580 Speaker 2: at the transference of wealth that's coming down the road. 826 00:42:09,800 --> 00:42:12,340 Speaker 2: So I think that there is, you know, a big 827 00:42:12,340 --> 00:42:14,880 Speaker 2: need for what we offer for many years to come 828 00:42:14,890 --> 00:42:18,259 Speaker 2: as far as Tiger goes. You know, today we're in 829 00:42:18,260 --> 00:42:22,530 Speaker 2: 44 markets around the world, 44 cities. And our, our 830 00:42:22,530 --> 00:42:24,900 Speaker 2: short term range in the next 3 to 4 years 831 00:42:24,900 --> 00:42:27,550 Speaker 2: is to be in 60 markets around the world. And 832 00:42:27,550 --> 00:42:30,830 Speaker 2: those are the markets that people of accomplishment would find. 833 00:42:30,840 --> 00:42:33,750 Speaker 2: Um you know, places where you want to live, work, 834 00:42:33,760 --> 00:42:36,259 Speaker 2: do business play recreate. So that's where we're going to 835 00:42:36,260 --> 00:42:36,750 Speaker 2: establish 836 00:42:36,810 --> 00:42:38,989 Speaker 2: Tiger groups. And you put a couple of chairs in 837 00:42:38,989 --> 00:42:41,210 Speaker 2: each of those markets so that you can really have 838 00:42:41,210 --> 00:42:43,580 Speaker 2: an intermix of not just one group at several groups. 839 00:42:43,590 --> 00:42:46,609 Speaker 2: So we'll round out the rest of our markets is 840 00:42:46,610 --> 00:42:49,220 Speaker 2: a lot of it's the international markets that we're going 841 00:42:49,219 --> 00:42:52,410 Speaker 2: into right now. But we always want to state will 842 00:42:52,410 --> 00:42:56,529 Speaker 2: always be small. I mentioned Waipio and vestige early 33,000 members. 843 00:42:56,540 --> 00:42:58,230 Speaker 2: That's not going to be us. We're always going to 844 00:42:58,230 --> 00:43:02,200 Speaker 2: be small just because of the membership that we look 845 00:43:02,200 --> 00:43:03,800 Speaker 2: for and that we serve so 846 00:43:03,810 --> 00:43:05,650 Speaker 2: so I use the term Glow Teak. We want to 847 00:43:05,650 --> 00:43:08,600 Speaker 2: be global and big enough to have a global reach. 848 00:43:08,600 --> 00:43:10,570 Speaker 2: But we want to be boutique, we want to be 849 00:43:10,570 --> 00:43:13,270 Speaker 2: small and intimate, have intimate relationships. So for us, it's 850 00:43:13,270 --> 00:43:15,770 Speaker 2: kind of a Glow Tiki is our mantra, is our 851 00:43:15,770 --> 00:43:19,730 Speaker 2: North Star. And we're continuing to find those markets and 852 00:43:19,730 --> 00:43:21,480 Speaker 2: markets will change. By the way, there's a number of 853 00:43:21,480 --> 00:43:24,799 Speaker 2: markets that I'm sure we haven't thought about today that 854 00:43:24,800 --> 00:43:27,810 Speaker 2: will evolve and be very right places for Tiger 21 855 00:43:27,810 --> 00:43:30,810 Speaker 2: group to be established. 856 00:43:30,969 --> 00:43:35,379 Speaker 2: But interesting beyond that, we've seen through the pandemic, many 857 00:43:35,380 --> 00:43:37,200 Speaker 2: of us went on to zoom. Most people didn't know 858 00:43:37,200 --> 00:43:40,750 Speaker 2: how to spell zoom, let alone what Zoom was back 859 00:43:40,760 --> 00:43:44,500 Speaker 2: 34 years ago. But today it's embedded in our, embedded 860 00:43:44,500 --> 00:43:46,650 Speaker 2: in our world and we don't think about it twice. 861 00:43:46,660 --> 00:43:49,220 Speaker 2: And so we have now global groups. We have groups 862 00:43:49,219 --> 00:43:53,250 Speaker 2: that meet entirely online for a shorter period of time 863 00:43:53,250 --> 00:43:54,430 Speaker 2: each month. But members 864 00:43:54,450 --> 00:43:57,359 Speaker 2: from around the world can gather and have an amazing 865 00:43:57,360 --> 00:44:01,170 Speaker 2: robust conversation and experience. So we've established global groups and 866 00:44:01,170 --> 00:44:03,600 Speaker 2: have a number of those around the world. Now mentioned 867 00:44:03,600 --> 00:44:07,040 Speaker 2: earlier family office groups. We have focus groups that have 868 00:44:07,040 --> 00:44:11,580 Speaker 2: a particular focus on family office, single family offices and 869 00:44:11,580 --> 00:44:15,799 Speaker 2: and spotlighting and highlighting and processing issues and really discovering 870 00:44:15,810 --> 00:44:17,930 Speaker 2: ways to run those offices more efficient 871 00:44:18,090 --> 00:44:21,450 Speaker 2: And think about the impact those offices can have on 872 00:44:21,460 --> 00:44:25,950 Speaker 2: multi generations and legacy and philanthropy. So I think there's 873 00:44:25,950 --> 00:44:29,750 Speaker 2: an opportunity for us to, you know, dig deeper in 874 00:44:29,750 --> 00:44:33,890 Speaker 2: within our membership to kind of attach ourselves to things 875 00:44:33,890 --> 00:44:36,360 Speaker 2: that are really important to our members. And again, that's 876 00:44:36,360 --> 00:44:38,790 Speaker 2: the beauty of being a small nimble organization. We can 877 00:44:38,790 --> 00:44:43,440 Speaker 2: make those changes and adapt pretty quickly. So I'm excited 878 00:44:43,440 --> 00:44:46,009 Speaker 2: for Tiger 21 headed, I'm really proud of our past 879 00:44:46,010 --> 00:44:47,880 Speaker 2: and really excited to where we're headed. 880 00:44:48,469 --> 00:44:51,650 Speaker 1: That's great Greg. You may remember at the very beginning 881 00:44:51,650 --> 00:44:53,510 Speaker 1: of this podcast, I was 882 00:44:54,170 --> 00:44:58,739 Speaker 1: contextualizing our conversation with something that I had done last year, 883 00:44:58,739 --> 00:45:03,350 Speaker 1: which was talked to young podcasters who are working with 884 00:45:03,360 --> 00:45:06,910 Speaker 1: people who are starting out their financial journey, financial literacy 885 00:45:06,910 --> 00:45:10,480 Speaker 1: for the very young. I, I see some interesting commonality. 886 00:45:10,480 --> 00:45:13,250 Speaker 1: Of course, you know, your scale scope, everything is in 887 00:45:13,250 --> 00:45:16,280 Speaker 1: a completely different magnitude in the stratosphere. But 888 00:45:16,450 --> 00:45:19,430 Speaker 1: human instinct, whether people are starting out or whether people 889 00:45:19,430 --> 00:45:22,359 Speaker 1: have been very, very successful is about preservation of their 890 00:45:22,360 --> 00:45:26,040 Speaker 1: wealth coming up with some legacy thinking through where they 891 00:45:26,040 --> 00:45:29,140 Speaker 1: can go. Um And, and, and that to me is 892 00:45:29,150 --> 00:45:31,590 Speaker 1: almost universal. Um So 893 00:45:31,600 --> 00:45:33,330 Speaker 1: I'm kind of glad that, you know, I've sort of 894 00:45:33,340 --> 00:45:35,600 Speaker 1: to the course of my podcast and rounded the thing 895 00:45:35,610 --> 00:45:38,660 Speaker 1: starting with financial literacy for the very young to talk 896 00:45:38,660 --> 00:45:41,430 Speaker 1: to somebody like you who's looking at people who are, 897 00:45:41,440 --> 00:45:45,100 Speaker 1: who have arrived at the destination and the imperatives, human 898 00:45:45,100 --> 00:45:48,770 Speaker 1: imperatives are still pretty common. Greg Wells. Thank you so 899 00:45:48,770 --> 00:45:50,049 Speaker 1: much for your time and insights. 900 00:45:51,050 --> 00:45:54,200 Speaker 2: Thank you for having me and spending time with you. 901 00:45:54,200 --> 00:45:56,680 Speaker 2: It's been wonderful and always good to talk to you. 902 00:45:56,690 --> 00:46:01,230 Speaker 1: Absolutely, Greg, thanks also to our listeners, Kobe Time was 903 00:46:01,230 --> 00:46:04,910 Speaker 1: produced by Ken Del Bridge from split studios, Jz Sharma 904 00:46:04,910 --> 00:46:08,560 Speaker 1: and violently provided additional production assistants. Kobe Time is for 905 00:46:08,570 --> 00:46:11,990 Speaker 1: information only and does not represent any trade recommendations. All 906 00:46:12,010 --> 00:46:15,540 Speaker 1: 96 episodes of the podcast are available on youtube and 907 00:46:15,550 --> 00:46:20,150 Speaker 1: on all major podcast platforms including Apple Google and Spotify. 908 00:46:20,160 --> 00:46:22,630 Speaker 1: As for our research publications, webinars and live streams, you 909 00:46:22,630 --> 00:46:26,410 Speaker 1: can find them all by Googling DBS research library. Have 910 00:46:26,410 --> 00:46:27,149 Speaker 1: a great day.