#79 - Ric Elias: Earning the gift of life
Episode Stats
Length
1 hour and 41 minutes
Words per Minute
200.29988
Summary
Rick Elias is a dear friend of mine who I first met in 2013 when I saw him speak at TED Med MedMed Med, a conference that I was speaking at. In this episode, we discuss why we don't run ads on this podcast, why I don't want to, and why I think a subscription model is the best way to support the podcast.
Transcript
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Hey everyone, welcome to the Peter Atiyah drive. I'm your host, Peter Atiyah. The drive
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is a result of my hunger for optimizing performance, health, longevity, critical thinking, along
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with a few other obsessions along the way. I've spent the last several years working
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with some of the most successful top performing individuals in the world. And this podcast
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is my attempt to synthesize what I've learned along the way to help you live a higher quality,
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more fulfilling life. If you enjoy this podcast, you can find more information on today's episode
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Hey everybody, welcome to this week's episode of the drive. I'd like to take a couple of minutes
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to talk about why we don't run ads on this podcast. If you're listening to this, you probably already
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know, but the two things I care most about professionally are how to live longer and how
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to live better. I have a complete fascination and obsession with this topic. I practice it
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professionally and I've seen firsthand how access to information is basically all people need to
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make better decisions and improve the quality of their lives. Curating and sharing this knowledge
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is not easy. And even before starting the podcast, that became clear to me. The sheer volume of material
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published in this space is overwhelming. I'm fortunate to have a great team that helps me continue learning
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and sharing this information with you. To take one example, our show notes are in a league of their
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own. In fact, we now have a full-time person that is dedicated to producing those and the feedback has
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mirrored this. So all of this raises a natural question. How will we continue to fund the work
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necessary to support this? As you probably know, the tried and true way to do this is to sell ads.
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But after a lot of contemplation, that model just doesn't feel right to me for a few reasons.
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Now, the first and most important of these is trust. I'm not sure how you could trust me if I'm
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telling you about something when you know I'm being paid by the company that makes it to tell
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you about it. Another reason selling ads doesn't feel right to me is because I just know myself. I
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have a really hard time advocating for something that I'm not absolutely nuts for. So if I don't feel
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that way about something, I don't know how I can talk about it enthusiastically. So instead of selling
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ads, I've chosen to do what a handful of others have proved can work over time. And that is to
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create a subscriber model for my audience. This keeps my relationship with you both simple and
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honest. If you value what I'm doing, you can become a member in exchange. You'll get the benefits above
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and beyond what's available for free. It's that simple. It's my goal to ensure that no matter what
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level you choose to support us at, you will get back more than you give. So for example,
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members will receive full access to the exclusive show notes, including other things that we plan
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to build upon. These are useful beyond just the podcast, especially given the technical nature
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of many of our shows. Members also get exclusive access to listen to and participate in the regular
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ask me anything episodes. That means asking questions directly into the AMA portal and also
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getting to hear these podcasts when they come out. Lastly, and this is something I'm really excited
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about. I want my supporters to get the best deals possible on the products that I love. And as I said,
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we're not taking ad dollars from anyone, but instead what I'd like to do is work with companies
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who make the products that I already love and would already talk about for free and have them pass
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savings on to you. Again, the podcast will remain free to all, but my hope is that many of you will
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find enough value in one, the podcast itself and two, the additional content exclusive for members.
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I want to thank you for taking a moment to listen to this. If you learn from and find value in the
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content I produce, please consider supporting us directly by signing up for a monthly subscription.
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My guest this week is Rick Elias. Rick is a dear friend. I got to meet him in 2013. I had seen his
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TED talk, which at the time was, and to this day remains my favorite TED talk of all time.
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And I was speaking at TED Med. Someone there knew what a fan I was of Rick and a few minutes following
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my talk introduced me to Rick and it sort of became a love at first sight. He is someone I consider a dear
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friend, an amazing mentor. And this podcast is really an opportunity to allow me, I guess,
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to, through a discussion with Rick, share so much of Rick's wisdom with all of you as listeners.
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We begin our discussion by talking about the day that would change Rick's life forever,
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but we also go a lot deeper. And after we finished recording this podcast, you know, Rick said, man,
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I have never been pushed so far and so deep into what really happened and transpired that day and
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how it, how it impacted my life. So I'm honored that we were able to have that discussion and that
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he was able to sort of trust me enough to share so much so broadly. I don't think there's much more
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honestly that I need to say about this. There's so many things that we talked about that go beyond
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surviving this plane crash. We talk a lot about Rick's incredible role as a CEO of an enormous
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company, his remarkable work in philanthropy, but I think it's just better that you hear this one
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from the horse's mouth. So without further delay, I hope you enjoy my conversation with my dear friend,
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Rick Elias. Rick, thank you so much for making time. I know you're super busy this week, but when your
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office was able to coordinate us getting together, I was delighted. It is so much fun to be with you
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today, Peter. I'm a huge fan of your podcast and we're dear friends. So when you asked me to be on it,
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that was honored. A lot of people have heard me talk about you. I wrote a blog post, I don't know,
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probably five years ago about how your Ted talk was at the time and actually still remains my favorite
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Ted talk of all time. It's a very short talk and I'm sure for folks who haven't heard it yet,
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we'll make sure we link to it, but I can't resist starting with that story. So let's just put the
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profundity niceties aside and just go straight to it. Thursday, January 15th, 2009, you're in New York City.
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Why were you here? I was here because one of our partners, DirecTV at the time was here and I was
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having lunch with the CMO. The night before I had dinner with a good friend of mine and was having
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a couple of small meetings in the morning and then I was flying home to coach my son's basketball team
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when I landed in Charlotte. The flight was going from LaGuardia to Charlotte. How many times did you
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take that shuttle, that flight? That's probably a common flight. A hundred times. Yeah. Do you remember
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having breakfast that morning? I went to play hoops in the Reebok club on the Upper East Side and it was
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a cold morning and it was snowing, big flakes and I chose to walk because it was so beautiful.
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How would you describe your life at that point in time? How big was Red Ventures, your company?
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We had about 700 employees. We'd gone in this really nice growth spurt after really struggling
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the first four years. We started in 2000. So we were doing really well, but we were at risk of
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two bad things happening and not having a business. So there was this kind of constant juxtaposition of
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this is not going to last. I actually told our employees, enjoy the good old days. They won't last
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forever. And they were annoyed by me saying that, but it was the reminder that this was very fleeting.
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Would you have described yourself as a happy person? Like how would people describe Rick back
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then? Yeah, generally I'm a very positive person. I like to think that I've lived through a lot of
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great things in my life. Some that have actually happened. So that's like how I see world. And since
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I was a kid, that said, I was super stressed and I was trying to build a business so that we could tell
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it and I could go do other things in life. Your kids at the time were how old?
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My daughter was in first grade. My son was in second grade.
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And so how were you thinking about balancing the incredible stress of running a 700 person company,
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the travel that comes with that, and then being the dad, being the coach, being the husband?
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Was that balance, did it feel in balance to you?
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Looking back, it was completely out of balance. And it was, I kind of rationalized myself around
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quality over quantity. And I would literally talk myself into, well, at least I'm coaching my son or
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I was like, many of us are during those stages, just really taxed mentally. And my wife really
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carried the burden of raising our kids. And I look back on it and it was 95.5 when it should have been
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You were staying at a hotel that morning when you got up?
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I don't remember the hotel. It was in the Upper East because of basketball in the morning,
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This is pre-Uber, I'm guessing, yeah, 2009. So you probably took a taxi to LaGuardia.
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Do you remember anything about your transit from getting through security, getting on that plane,
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anything about it? It was hard given that it's such a routine for you.
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Yes. I do remember because of that impact, everything around it becomes kind of much
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more real, but it's a wacky story. I remember I was a little early, which I never was. And I went
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and got a soft serve ice cream at McDonald's and I worked out really hard that morning. And that was
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the only place where I did this. And, you know, I think that it'll change that whole eating area,
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but I'm making love to this ice cream. It just tastes so freaking good. I'm literally just enjoying
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my vanilla ice cream while I wait for whatever, an hour for my flight. And I started walking to
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the gate and it was so good that I turned around and went and had another one, which I'd never done.
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I can relate to that as well, by the way. Although soft serve ice cream isn't a particular weakness
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of mine, but there are other airport weaknesses I have. Trail mix is my airport weakness.
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That's why you look the way you do and the way I look.
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I don't know. I would say the ice cream is probably no worse for you than the trail mix,
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by the way. So they call you guys to board on the plane. You're sitting at the front of the plane.
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Yeah. It was a really kind of crappy day. It was gray, it was cold, it was wet, kind of gone out of
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snow and rain. So it was not the most pleasant day in New York. So I boarded, I was in first class,
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so we boarded first. And I remember sitting in my seat and kind of processing, okay, here's all the
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stuff I got to do on the plane. As soon as I land, I got to do this. And then when I come back,
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my brain is super busy just thinking about the non-never-ending list of things to accomplish.
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You listening to music or anything? Do you know?
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I'm not. I'm just sitting there kind of vegging a little bit, just thinking about life.
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So 2009, we would have been sort of third generation. iPhone and BlackBerry were probably
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I had just switched, literally like two days before.
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An early iPhone. And then the first row, so you can't have a bag under your legs. They have to
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go up. And so I'm sitting there and it was a little bit of a slow departing. I think because
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It was like at 2.30 or something like that. And I remember kind of dozing, you know, the
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plane puts you to sleep. And so I was kind of going in and out of that as the plane took
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off. And I was very cognizant when we kind of took off. I was kind of in and out of consciousness
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How long after the takeoff do you know something is not right?
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So about three minutes. I think we're about 4,500 feet up or something like that. There's
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a massive explosion. Bam! Like a pipe bomb. And this was 10 years after September 11th,
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but it's still September 11th. And for all of us who lived through that, and I had the really
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lucky seat because I can see the flight attendant kind of kitty corner. I looked at her. We were
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still flying. We were horizontal. And I looked at her, and she was calm. Her eyes were calm. And I
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was like, okay. We probably lost an engine. And for the next couple minutes, Peter, all you could
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hear was the engine struggling. Clack, clack, clack, clack. Like they were starting to restart it.
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Once you go look at the transcript, that's where they were doing. There was a really nasty smell
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going into the cabin. So it smelled like a really bad...
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Yeah. Burnt. Like burned and kind of not. He had turned the plane pretty quickly. We were heading
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back into New York. And in my mind, I'm like, okay, I'm not coaching today. The flight attendant's
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eyes told me all I had to hear, which is, is there going to be a long travel day?
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So when you're leaving LaGuardia, you're up and circling around. So you're sort of over Queens.
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And you shouldn't be coming back over Manhattan, correct?
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I am in the aisle, so I'm not really seeing out the window necessarily. I'm just literally for
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this two minutes, just going like, wow, this is really bizarre. I got to figure out who the
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coaches practice for my son. And that's all I was thinking about.
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Was the next sign that something was wrong, the reduction in sound in the cabin?
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So about 90 seconds before we hit down. So two minutes pass of this.
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Right. And then Captain Sullenberger gets on the voice system for the first time.
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And he only says three words. He says, brace for impact.
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At the same time, they turn off the struggling engines and he lines up the plane with the Hudson
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River. You and I have been here long enough, long enough that there's no runway right at the end of
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the Hudson River. So I knew in that moment, a hundred percent with certainty that we were going
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to die. I looked at the flight attendant's eyes and it was no longer annoyance. It was complete
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terror. I didn't know this, but in airline speak, that means we're not landing at an airport.
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And all of this happened in 90 seconds from when you...
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Two minutes. So there's the two minutes from hitting to when he does that. And then there's 90
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seconds as he's gliding the plane down that you literally...
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Because you're now at the very top of Manhattan when this is happening, right?
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And you have 90 seconds to basically say goodbye to your life. What is really unique about that
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experience is you are a hundred percent certain you're going to die. If anything, I was saying
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to myself, please blow up. I don't want this to break in 50 pieces and drown in this cold water.
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So you're kind of playing all these things out and you are just realizing that there's
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no suffering. So you're not burning or drowning or something that wouldn't make it different,
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But you still don't know what that end is like, do you? I mean, it's not to get too morbid,
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but if I were in that situation, I wouldn't actually understand what the end is.
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I've just seen enough documentaries to know that planes don't land on water.
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Yeah. They break into a million pieces and they spiral.
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I didn't know how, but I know what was going to happen.
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And at this point it's silent in the cockpit or are people screaming?
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It was more silent than screaming. I'm first row, so I can't hear a ton. And you go into,
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imagine the amount of adrenaline that is going through your system as you are literally trapped
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Did you think I have time to make one phone call?
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Yeah. It was very cleansing. I look back and I was raised Catholic. So
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first thing that crosses my mind is like, okay, I'm not a practicing Catholic, but
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you can repent and all sorts of good things could happen. Right. And I asked myself that question,
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am I going to do something that I have chosen not to believe in this part of my life? And I didn't.
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Meaning I'm going to live with the choices I've made.
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Yes. Which was interesting for me to, after my relationship with religion and so forth,
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but it was very powerful 90 seconds because the most important thing I realized was, wow,
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this all changed in an instant. I thought I had years and now it's all over.
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Yeah. I thought we tend to believe we're going to live forever and it would all change in an
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instant. And there was, I really had a ton of regret about the things that I did not get to.
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Things, experiences, people I needed to ask for forgiveness from, people I wanted to say again,
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I love you. People wanted to hug one more time. And you're like, wow, it all changed. And then
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there's no going back and there's no turning that back. And that was one emotion. The other emotion
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and also around regret was really how much I had allowed my ego to become very active in my life and
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how I spent so much time being wronged by people or just spending so much time trying to be right
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versus choosing to be happy. I realized, wow, I've lived my life in a very wasteful way because so
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much of my energy has been spent on things that did not matter with people that did.
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Think about all the fights you've had with pick your wife. You don't even remember 90, you know,
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30 days later what you fought about yet you were so passionate about it. It just doesn't freaking
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matter. Yeah. You know, and then the last kind of regret, because that's what it felt like was this
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notion that I had not focused on the thing that matters most in my life. I inherently knew that my
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most important responsibility was to make sure my kids were the best versions of themselves. And I had
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completely delegated that to my wife in a very unfair way. And I had prioritized not just work,
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but just everything else. And so those were regrets. And I literally thought about all of that. But you
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know what was really interesting, Peter? Dying to me was not scary. I've always thought it would be a
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scary moment. It was super sad because I didn't want to go. I really liked my life. I really wasn't
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done. I had lots of regrets, but it was not scary. And that in itself also has been clarifying for me.
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Had you spoken or have you since spoken about this with the other people on the flight? And do you know
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if any of them felt that? I have not. I have not. I had so much support when I landed on love and all
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that, that I kind of stayed within my realm of comfort. And then immediately after, there were
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all sorts of things, books and lawsuits and this, and it all felt so disingenuous to me. The US Airways
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sent us a check for $10,000 and I refused to. I've seen your check. You've seen it. It's sitting in
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Jay Walker's library. Yes. Yeah. You're probably the only person that didn't cash that check.
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You know what? It just, that's bad karma. I didn't want to cash that check. And it's not
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the right thing. No matter how big it would have been a million bucks, I would have not cashed it.
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I was given the ultimate gift and the ultimate gift was to say goodbye to your life, to close your
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eyes, to touch your own arm, say, I love you, to wish for it to blow up and to open your eyes and
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realize that you had a second chance. As the plane is coming down, do you see the George
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Washington Bridge? Can you see it? Oh yeah. I saw it more as we were going over it and you can see
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the cars at a scarily close place. Like literally we... You see cars in a level, you never see them
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in an airplane. Like I wonder... You see the level of detail.
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We almost took on that bridge. I don't know if you've seen the movie, but if he chooses to go to
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Teterboro, we take out a bunch of buildings. He literally made all these calculations that he didn't
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have enough thrust to get there. And he said, the only chance I have is to go in the water. And you
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will relate to this story because I know the struggle or your internal fight against authority
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when it's not well placed. And we've talked a lot about this. So when he communicates to the tower
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and said, I'm going in the water. And the tower goes like, please repeat because they can understand
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that. And basically he was done with protocol. He's like, I'm going to do my best to try to land
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this thing. There's all sorts of mathematical equations here. We landed, I think at 151 miles an
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hour or something like that. If we are 153, we blow up at 149. We tip. The wind was like 12 and a
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half miles an hour at 14. There were so many things that had to be within such a small degree,
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all compounding into a moment that you can land a cylinder with 158 people full of gas.
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Yeah. I just know that from sort of the literature on people who jump off bridges
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and into water. And when you jump off the Golden Gate Bridge, which is something like 220 feet up,
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much lower than where you guys are coming from, it is like hitting cement. And the only people who
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survive that jump are generally people who land exactly feet first. They end up breaking most
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bones. They break every bone in their feet, ankles, compress the spine, but at least they don't pivot,
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land sideways, have a rib tear through their liver or something awful like that. So yeah,
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it's like a cement, a wet cement landing. I don't know if I've ever told you this story,
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but about five years ago, I met a guy through a friend. We were in Houston and the three of us
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were having dinner. And somehow it came up that this guy was in a helicopter crash. He was the
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only one that survived. It was a pilot, three, maybe three or four other people in the helicopter
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and him. And there was a technical malfunction in the helicopter. I don't remember exactly what it was,
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but it was one of those things where it was clear they were crashing and it was clear they were all
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going to die. I mean, helicopters just look like the most unstable things when they're out of control.
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And interestingly, it was about the same length of time. He had about two minutes of crashing
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and he hadn't heard of you. So he hadn't seen your Ted talk after the fact he did. Of course,
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I directed him to it. And what blew my mind, Rick was the similarity in the way he described that
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two minutes. He said, he said, Peter, you'll think this is crazy, but I just wasn't afraid to die.
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But boy, was I sad. He was about your age. He was probably 40 when this happened. He was hurt in the
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crash. I mean, he broke both his legs. I mean, he was, again, the only survivor, but walked away
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with his life. I'll never forget that, how he explained something about not being afraid, but
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just being so sad. Yeah, it makes me wonder how many other people on that plane would echo that same
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thought. Obviously, I can't relate, so I don't know what that means. I feel like I'd be afraid, but
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I'm looking at a man who's been through it and tells me that that's not what he felt.
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So when did you close your eyes? How far do you think you were above the water?
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You know, when you fly a lot, you can almost sense when you're going to hit. Even if you're
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dozing off, you feel the ground coming, right? So in about 10 seconds left, I can feel the countdown
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in my system. And 10, 9. And that's when I grabbed my arm and I said, I love you.
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I think I had a sense of needing comfort as you exit life. I probably
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there was probably a lot of acceptance in that statement subconsciously.
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Prior to that, were you someone who struggled with loving yourself? Were you hard on yourself?
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No. No, no, no, no. I have many issues. That's not one of them.
00:23:20.280
That's interesting. I'm very hard on myself. I wonder if I would even have the foresight to
00:23:24.900
think that. It's a beautiful sentiment. What was the sound like?
00:23:28.780
It was, he puts the tail and then kind of the nose just jams. So it was a violent accident.
00:23:36.580
And then we skid to the left. I have my eyes closed. I open my eyes and I am completely disoriented
00:23:44.380
because I'm expecting to being upside down. Like if I left my eyes open, I think I would
00:23:50.440
have been much more oriented. And it took me a split second to realize that this looked like
00:23:55.660
a cruise ship. We had this plane sitting on the water kind of all around us.
00:24:01.400
When your eyes open, the plane is still moving?
00:24:03.400
I don't remember. I don't, I don't think so. I think I come to a stop or close to coming to a stop.
00:24:09.180
Was there any part of you that thought this is death? I'm dead. This is an afterlife. This is
00:24:14.000
sort of a few circuits firing in what remains of my central nervous system, but I'm actually dead.
00:24:21.680
It didn't to me. You would think that that would be a very realistic, it just was so quick, right?
00:24:26.660
That it was confusing. It was unusual. You know, when you have zero probability of something and
00:24:32.180
it happens, you're like, did that really happen? And immediately we went into kind of, holy cow,
00:24:39.820
Do you have a moment of realizing what has happened or do you immediately shift into business mode of,
00:24:47.540
okay, now it's an emergency excavation. Now it's like all that stuff that nobody pays attention to
00:24:52.280
when the plane is taking off the slide. How does the slide work? Who takes the door off? How many
00:24:58.000
doors are there? Where is the nearest door? All that stuff. You guys go right into that mode.
00:25:02.880
And is it orderly? Is it chaotic? Are people screaming, clapping, crying? What's happening?
00:25:08.180
That plane was not equipped for water. That's why people were standing on the wings, not on rafts.
00:25:14.240
I don't understand. What do you mean it wasn't equipped for water?
00:25:15.940
So if you look, first class, there's rafts. But in the coach section, there were no rafts because
00:25:21.600
that plane was not supposed to go over water. So that's why nothing deployed when you open those
00:25:26.320
emergency doors. Only you can stand on the wings.
00:25:32.260
No. If the plane had landed on the east side, there's not the ferries and the hustle and bustle of
00:25:38.040
where we landed. That thing was taking water. They evacuated the people from the wing because we were
00:25:42.360
sinking. So there were so many things. There were a bunch of ferries around us as soon as we landed.
00:25:47.700
So it never felt like we were not going to be safe in that regard. But on the east side,
00:25:53.680
How cold was the water? Do you remember the feeling?
00:25:55.760
It was very cold. But adrenaline takes over. So it's only cold after it wasn't cold in the moment.
00:26:00.900
And I'll tell you a story that I have really not shared with many people.
00:26:05.300
I think because I was tired from hooping and staying out late and working and all this stuff
00:26:11.840
and eating so much sugar before getting on the plane, I'm kind of comatose sitting there on my
00:26:15.500
seat as people are boarding. Late in the boarding process, an elderly lady in a wheelchair in her
00:26:21.720
is coming down the ramp. And my voice inside of me, and I've done this before, says, get up,
00:26:27.940
give up your seat. Go sit and coach. I'm 6'5", but you know what? It's the right thing to do.
00:26:33.400
And then I'm like, I'm tired. You know, it's not a long flight. I'm being completely selfish.
00:26:39.760
And then her daughter's behind the person that is helping the lady. I'm out. There's two of them.
00:26:44.300
We can't do it. And I'm pretty sure this guy won't give the seat, right? So I rationalize
00:26:48.140
myself to being completely selfish. So once we are in the raft, and I know that this elderly lady is
00:26:54.960
in the back of the plane, I start freaking out because I know she can't walk. So I start screaming,
00:27:00.720
where's the lady? Where's the lady? We're in the raft. And by the way, it was really interesting
00:27:04.520
in the raft. In our side, some people were completely frozen. They couldn't understand
00:27:10.420
anything. Some people were panicking in the raft. And then there was a handful of us who were like,
00:27:14.280
okay, let's problem solve. And eventually the older lady comes to the front of the plane. They
00:27:19.120
bring her in because they got to put her in a raft. And I grab her and I'm sitting there and she's
00:27:25.200
completely traumatized by this. And I'm just thinking about, oh my goodness, my last act would
00:27:31.620
have been one of my most selfish acts. That was an interesting emotion. And then when we got to the
00:27:36.620
ferry, we had to climb about 10 steps. Everybody evacuated. I'm the bigger guy. I'm saying,
00:27:42.220
I'll bring this lady up. The guys were trying to hold her. Peter, I think something crazy happened as
00:27:49.540
I'm going up this frozen ladder with no gloves, no anything, no jacket. And I'm holding her basically
00:27:55.340
in my chest. My hand slips. I was within a split second of dropping an 80-year-old in the water.
00:28:03.760
And I grabbed. And that was a very, all of this is happening in this moment. As soon as I got to
00:28:10.680
the top of the boat and she was safe, we were all safe. I started crying. Like the river of emotion
00:28:17.460
was insane. What about others? Did they experience that? I mean, I'm guessing that different people
00:28:25.800
are processing this at totally different speeds. There are probably still people who don't actually
00:28:31.220
understand what has happened. It sounds like you've moved. You're in post-processing on some level.
00:28:40.360
No. Everybody, as soon as one of the people in the ferry, I grabbed the phone. I really wanted to call
00:28:46.380
my wife. By then, she was at the pediatrician with the kids. And her sister called her and goes,
00:28:53.380
where's Rick? And she's like, he's coming from New York. She goes, turn the TV on. And Brenda turned
00:28:58.140
the TV. And she thought that we all had died. So she's crying at the pediatricians. The kids are
00:29:02.720
screaming. And I call from a random number. And as she tells the story, she thinks it's the police
00:29:07.660
saying, hey, your husband died. Right. Random New York number.
00:29:11.740
It's like, uh, and I call and I say, honey, I'm okay. And like, she screams, he's alive. He's alive.
00:29:20.240
And the kids are completely confused. They just lost their dad, but he's alive. And, um, so everybody,
00:29:27.040
we were passing on this phone and all of that. Where was the crew at this time?
00:29:30.420
Yeah. So most people ended up on the New York side. Some people ended up in the New Jersey side.
00:29:34.960
I ended up in the New York side and I think it was pier 42. And my guess is the crew is the last
00:29:40.220
to get off the plane. They have to make sure everybody's off. And I'm guessing Sully is the
00:29:44.800
last of the last. A hundred percent. And he ends up, I'll tell you a quick story on Sully. So we end up
00:29:50.120
in, and by the way, New York is an amazing city in so many ways. Yeah. If something's going to go
00:29:56.060
wrong, this is the city to have it happen. You've got the best rescue. You've got.
00:29:59.320
Unbelievable. The first responders, by the time we got to the pier, they were like.
00:30:03.880
The Red Cross. And you know, there were priests and rabbis and everybody. And they're kind. And
00:30:09.100
like, it was amazing. Like we were sitting there and they're interviewing everybody because they
00:30:12.580
don't know if I'll play or whatever, right? Before they release anybody, they need to interview
00:30:16.420
everybody. Three hours later, they release, they start putting us in buses to take us to a hotel
00:30:21.460
and Captain Sullenberger standing there, what it looked like fully dressed, stoic, probably
00:30:29.260
contemplating what in the world just happened. And I went up to him. There was nobody around
00:30:33.480
him. And I went up to him and I said, Captain, I didn't know his name. I said, thank you for
00:30:37.320
saving our lives. And Peter, he said something to me that day that I say to myself all the
00:30:43.040
time when someone thanks me for something. I don't say it out loud much. You know what
00:30:48.840
he said to me? He said, I was just doing my job. Can you imagine if we all just kind of
00:30:56.280
did our jobs at every level? That really shocked me that that was his process. So they put us
00:31:04.400
on a bus and the media is there and all of that. And we get to the hotel and there's food
00:31:10.160
and they were amazing. And they're like, okay, you want a hotel? The train is tomorrow? I don't
00:31:16.160
know. Many people lived here and I looked at the lady and I said, I need to get on the next flight
00:31:20.840
or what time is the next flight? And she looked at me like I got hit in the head, right? She's
00:31:26.260
calling the concussion protocol. Like this guy has completely lost it. And the way I said it to
00:31:32.440
myself was like, listen, the probability of this happening twice is like if this plane goes down
00:31:37.700
and I die, it's me. God is coming to see, right? Let's go get this over with. If it dies and I
00:31:43.160
don't die, Oprah Winfrey and I are going to share a stage somewhere. And if I get on this plane,
00:31:47.400
I'll never be afraid of flying again. Did you fly out that night? I flew out that night.
00:31:51.480
What did you feel like when that plane was taking off? How did it feel different?
00:31:57.680
I remember the next time I took a flight, which was maybe a couple of weeks later. And I had a seat.
00:32:04.540
And again, I got upgraded first class and I gave it up and I wanted to sit in the first
00:32:08.620
seat of coaching. I wanted to see me on that plane. And I sat on the left-hand side of the plane and I
00:32:15.180
just watched and I needed to relive all of that. That flight, I just wanted to come home. My mom and
00:32:21.640
dad picked me up because my wife was at home with the kids. They're young and our home got 60 people
00:32:27.760
within an hour and they all came and like everything, but nothing had really happened. We were fine,
00:32:31.900
but it's just beautiful love and beautiful expression of support and community. And
00:32:36.220
so my parents picked me up and there's media and everybody there. And I like squirt around
00:32:41.640
and I don't want any, like people are talking to the cameras and whatever. And you can see
00:32:46.240
when you look at the footage, I'm like pretending I'm a normal passenger on the plane.
00:32:49.520
And my mom, it's all a five, three at the time she was 70. So she's about to turn 80. And I remember
00:32:58.780
giving a hug to my dad and giving a hug to my mom and feeling like this was the safest place in the
00:33:06.340
world. A little lady hugging a six, five foot guy was the safest place. And I remember feeling like a
00:33:12.400
kid again. I had asthma as a kid and that was the only place that I could breathe. And it was so
00:33:17.340
beautiful to embrace my mom in a way that again, it started this journey of, I am not taking anything
00:33:24.100
for granted. And that hug, it was like the switch. And there's not a day that goes by that I will not
00:33:35.000
do something and remind myself, I'm not taking this for granted. And I'd love that hug with my mom. My mom
00:33:41.540
has fairly advanced Alzheimer's now, as you know. And so those hugs are not there anymore the same
00:33:47.760
way, but I'm so glad I was able to be a kid again as it relates to hugging her.
00:33:53.080
We were together a few months ago and you mentioned to me that you had never seen
00:33:57.780
Captain Sullenberger since that day you saw him on the docks. And then you saw him for the first time.
00:34:03.820
You had just seen him for the first time. Tell me about that.
00:34:06.200
So one of our companies is the points guy and the points guy has a big award show here at the
00:34:13.220
Intrepid. And he was going to be the guest of honor. And Brian, who is the points guy and a good
00:34:19.700
partner and a good friend, he's like, Hey, would you like to introduce him? And I said, I will be
00:34:24.040
honored. Why had you not sought him out earlier? I wasn't ready. I have a big idea that I have,
00:34:31.620
I've been working on and I'm going to do something my way. I just, I had said thank you to him that day.
00:34:37.720
And I know he had been overburdened. And I said, the world will bring our energies again. And so
00:34:43.280
we're in the red carpet, this big event, hundreds and hundreds and hundreds of people, all sorts of
00:34:47.960
things. And he knows that I'm introducing him and he knows that I was a passenger. And I'm like,
00:34:53.320
I am so curious as to how I'm going to react. I see him, I shake his hand. We embrace, we lock
00:35:01.200
up. And Peter, not a word came out of my mouth. There was nothing coming out of my mouth and it
00:35:08.120
was amazing. And it didn't have to come out of my mouth. He could see my eyes, what I wanted to say
00:35:14.060
in a way that was so deep. And he understood. And I saw in his eyes, a connection that two human
00:35:20.100
beings can't manufacture. It was really an amazing moment to see the person that saved your life.
00:35:26.080
And then to have the honor of introducing him a couple hours later and give him an award.
00:35:31.300
How did you even think about and prepare for making introductory remarks in that setting?
00:35:39.960
I planned it, but I didn't write it. Just like the TED talk. I'm not a great memorizer,
00:35:45.020
but I need to have a framework and I need to let my heart go.
00:35:47.620
So I told a few stories when I introduced him up that day of a very kind guy that basically
00:35:53.260
gave everything he had that day to all of us. And he was going under. And I talked about the
00:35:58.180
first responders and I told the story of him doing his job as the core of this. But what was unique
00:36:05.160
to him is literally he had prepared for that moment his whole life. And I went through his background as
00:36:12.520
a, as an instructor and maybe as a glide instructor, all the things that he had done was because he
00:36:19.920
will tell other pilots, you're only a pilot when you lose an engine. And he literally had prepared
00:36:25.940
his whole life to be a pilot, not for the tens of hours he flown, but the, for the moment that he lost
00:36:31.760
an engine that he didn't think it would be two. So I admired him doing his job.
00:36:39.360
Do you get the sense from all you now know about the details of that, what percentage of pilots that
00:36:45.900
fly commercial airlines could have done that under the same setting? I mean, we can never know the
00:36:52.100
answer to that. And I'm guessing the answer isn't a lot, but I know very little about this, of course,
00:36:56.820
but, um, watching the movie, reading the book, that sort of thing. But it seemed like improbable
00:37:04.480
that a lot of people could have acted the way he did because of the length of time they had to
00:37:10.200
process it. To me, it was, maybe I'm incorrect by the way, because I'm not a pilot. Maybe I don't
00:37:13.900
even understand all the nuance, but to me, the single most important thing was how quickly he could
00:37:20.580
process information and make a decision about what to do. And even a pilot with more technical
00:37:26.800
skill. And I'm not, I don't know how much more technical skill one could have or need,
00:37:30.540
but if you took an extra 15 seconds to come to the same decision, it wouldn't have mattered.
00:37:36.260
To your point earlier, if he had tried to go to Teterboro, no way you're plowing over land,
00:37:43.100
if not hitting the bridge on the way to New Jersey. If he tried to turn to LaGuardia,
00:37:48.020
he's probably plowing through Manhattan at that point. So I don't know. I mean, I just,
00:37:54.260
I think the answer is close to zero, if not zero, because there are a bunch of factors. I think
00:37:59.140
he, because he was a gliding instructor, I don't know how many of them are out there, but it was
00:38:04.460
what allowed him to place that plane in the water in a way because he had taught flying for so long
00:38:13.220
and he had prepared pilots for this. But more importantly, there were all those factors that
00:38:18.160
all had to fit within a very narrow margin. So even him in other moments where other factors go,
00:38:24.680
and then there's a lot of luck. One of those wings tips the water and we go through it. So
00:38:30.260
the odds of that kind of situation happening, it's close to zero.
00:38:34.900
Do you remember the scene in Saving Private Ryan at the end of the movie when the character played by
00:38:40.900
Tom Hanks is dying and Private Ryan, who's been saved, basically is sort of coming to grips
00:38:48.060
with the realization that in an effort to save his life, an entire group of men have died.
00:38:52.560
And the character played by Tom Hanks basically says to him just two words, earn this. Did you feel
00:39:00.600
some sense of, look, I've always lived my life. I didn't know you before this, but I'm imagining you
00:39:08.200
were not that different a person. I don't think you like you overnight became the great guy you are
00:39:12.000
today. But did you feel a bigger sense of obligation to your community, both your immediate
00:39:18.800
community, meaning your family, but your larger community, which is your company, and then the
00:39:23.480
even broader community than that, which is the world around you? Has that changed in any way?
00:39:27.340
A hundred percent. A couple of days later in my own quietness, I was trying to make sense of all of
00:39:33.020
this now. And I made a commitment to myself. I made a promise to myself that when I die in six months,
00:39:43.820
six years, or 60 years, if you help me live long, hopefully longer, I am going to ask myself one
00:39:49.120
question. And this is how I would judge my life. And that question is, did I earn my gift?
00:39:58.660
And I was given the ultimate gift because we in our evolution can't process death. Otherwise we
00:40:06.900
would have never left the cave. I left the cave. I was given the gift. And that gift is a
00:40:14.860
responsibility, not a gift. Who do you think was the first person around you to see that difference?
00:40:21.680
I mean, I have to guess your wife must've just because of her proximity to you and how close the two of you
00:40:27.360
are. What do you think she noticed first? Once the dust settled, meaning the months that followed.
00:40:33.820
Now think about the clarity of not postponing anything, not dealing with negative energy
00:40:41.180
and focusing on what matters. So my three thoughts at the plane was landing of no regrets. I try to live
00:40:49.420
a life of no regrets and by no means is perfect. But if I was to, I don't know, index the amount of
00:40:56.960
negative moments I've had with my wife. I bet you they're under 10% of what they used to be.
00:41:02.000
I ask for forgiveness, not because I may have done something wrong, but because someone was
00:41:07.800
offended by what I did. I choose to be happy, not righteous. I want to sort of focus on that a
00:41:13.080
little bit because even just, if nobody listening to this can relate to that, I still want the benefit,
00:41:17.520
but I suspect I'm not alone. When I was a kid, actually in high school, and I was a struggling
00:41:23.400
high school student and I showed, I wouldn't say I showed no potential, but it was certainly not
00:41:28.840
clear what I was supposed to be when I grew up. All I wanted to be was a professional boxer,
00:41:32.420
but they made me take this aptitude test. And it was not about sort of academic aptitude,
00:41:38.040
but more of emotional, like where would you fit? And I remember the result of the test was
00:41:44.400
the strongest signal they had ever seen for someone who values justice and things to be in
00:41:53.300
correct order. And they were like, well, you've probably got a career in law enforcement ahead
00:41:58.220
of you, son. You know, you really ought to consider joining the police force, or maybe you end up going
00:42:04.220
to law school and you'll become a judge, but you really have this strong arc of justice. You just want
00:42:09.780
justice. And I think that that's sort of a detriment sometimes. I think it's because you do,
00:42:15.420
you get into these arguments with your spouse. And even if you're going to be objective in some
00:42:20.180
situations, they're wrong and you're right, but you're right. This idea that what is the upside to
00:42:25.260
that? You could very easily just drop this case, quote unquote, and get back to just being a happy
00:42:32.140
existence with the world. So were you someone who would argue a point if you felt you were right?
00:42:39.500
Because I've never known that side of you, it's so hard for me to imagine you having any of that
00:42:44.060
streak in you that I have, for example. I'm Latin and hotheaded. Less than that,
00:42:51.260
I would be too passionate about certain things. But think about it. There's always three sides to
00:42:56.320
an argument. Yours, theirs, and the truth. And if you start every argument understanding that you
00:43:01.280
don't have the truth, you have your truth, it's really easy to surrender to that. And most things in
00:43:09.240
life are a shade of gray and not completely black and white. And the problem is when we believe
00:43:15.340
we're right, we have made something black and white. Do you think that that is something you
00:43:20.600
knew beforehand and choose to ignore? Or is it something that you somehow came to you as an
00:43:26.300
epiphany as a result of this? This is my mom's teachings. But I ignore them.
00:43:31.040
Yeah. Yeah. Yeah. Yeah. My favorite, I plagiarized most of the things I said in being Puerto Rican and
00:43:38.400
learning English when I came to college here. I literally, I'm constantly collecting new thoughts
00:43:43.560
from others. I had an original thought after the plane crash, like mine. Like I could literally claim
00:43:49.760
this set of words, may have been odder, but I've never heard them. And it is that I collect bad wines.
00:43:56.040
You know, now I plagiarize that from you. Oh, good. Finally. Tell us why you do that. Because
00:44:01.480
I love it. I collect bad wines is the trigger thought for not postponing anything. And the
00:44:10.100
thought is if you go to my house, I have a lot of bad wine because if the wine is ready and the person
00:44:15.480
is there, I'm opening my best one. This changes in an instant. I don't want to leave with a bunch
00:44:20.620
of good wine that I never drank. And it's a way of living. It's a way of living in everything.
00:44:26.900
So collecting bad wines means so much. It just means taking the trip, making the call, taking the
00:44:33.540
risk, having the courage, forcing yourself to things that you know you need to do. I know you know this,
00:44:40.320
but I was 45 pounds heavier at the time when this happened. And this was a commitment to me and saying,
00:44:46.400
I'm doing all of this. It becomes very centering. Which, by the way, a little counterintuitive.
00:44:52.220
Some would argue, good thing you had those two ice creams. Like, wouldn't you have regretted it if
00:44:57.940
that plane's crashing and you're like, man, I just wanted those two ice cream. You know,
00:45:01.360
you can take these things to two different extremes. And there is a bit of a contrast,
00:45:05.420
which is on the one hand, you're living for the moment, in which case we should be as hedonic as
00:45:10.980
possible. But at the other hand, you've lost 45 pounds. You were healthy to begin with,
00:45:15.160
but you're much healthier today. You're probably 10 years younger physiologically,
00:45:19.520
which is a very forward-looking point. How do you reconcile those completely at odds
00:45:25.900
behaviors? Behaviors is the wrong word, but viewpoints.
00:45:29.380
I still have the ice cream. I think, again, it's a notion of balance. I think it's defining the game.
00:45:37.740
So there's a book that it's coming out called The Infinite Game. And I believe in The Infinite Game.
00:45:45.160
Before the book, Simon Sinek, and he's great. He's a friend. And he wrote this book. It's very
00:45:50.660
much a philosophy of which I live life, which is the whole purpose of the game is to play the next
00:45:56.520
game. There's no winning. There's no outcome. There's no end. So because I play The Infinite Game
00:46:04.420
in life, I want to be healthy enough to continue to play the game. I can win the game of complete
00:46:10.880
pleasure for a day, a month, a year, but then I lose my ability to keep playing the game. It's
00:46:15.740
called The Infinite Game. It's phenomenal. Yeah, I've heard him speak about it. I'm looking forward
00:46:19.160
to it very much. I want to go back to sort of the winter and spring of 2009. You did mention in
00:46:26.480
your TED Talk that, I don't know if it was weeks later or some period later, you're at a recital for
00:46:31.300
your daughter. Tell me about that. Do you ever watch the movie Ghost?
00:46:35.000
Ghost. That's the Bruce Willis or... No, Patrick Swayze and Demi Moore. Yes, many,
00:46:40.240
many years ago. Many years. And there's a scene in that movie where he's dead and he's the ghost and
00:46:44.000
he's watching. He's seeing life as it's happening. And I felt like I was sitting there and it was
00:46:50.020
probably two weeks later or something. It was a very recent. And I felt like I was the ghost.
00:46:55.360
Like, I was not supposed to be there. And here I'm watching my daughter and just
00:47:02.500
completely bawling. And the people around me, I'm like, this is supposed to be a happy play,
00:47:07.500
dude. And I was bawling because I was giving that gift of seeing her on that stage. And by the way,
00:47:17.600
it doesn't have to be a stage. It doesn't have to be a play. The magic of seeing your kids every day
00:47:22.860
grow up, if you want to choose to see it that way, can be equally powerful. So it was a moment
00:47:30.300
where I realized, wow, this is the gift is to be able to watch my kids grow up. And it was centering
00:47:37.340
around that of all my priorities is my most important one. How did your travel schedule and
00:47:45.420
your relationship with work change as a result of this? Was that a quick change? Was it a gradual
00:47:50.080
change? I remember you sat me down six years ago and showed me your calendar. And we walked through
00:47:57.880
sort of the way you ran things. Tell me a little bit more about that today.
00:48:02.220
Time is our only currency. It's the only thing that matters. In our civilization, we solve for
00:48:08.660
wealth first. But find any really rich person that is old or sick, and they'll trade it all for more
00:48:17.300
time. Right? So it's worth pausing on that for a moment because most people listening to this
00:48:21.620
think, sure, sure, sure. Yeah, yeah, yeah. That's easy to say. But I've asked the following question
00:48:26.420
to probably 50 patients and more than a hundred people, I'm sure. And the answer is always the
00:48:33.140
same, which is you ask someone who's at the age of 40, 50, 60, would you trade places with someone
00:48:40.760
who's 90 years old in exchange for a trillion dollars? And everybody thinks about it for a
00:48:47.160
second and goes, well, no. I actually do the math. I said, well, take your age now, subtract it from the
00:48:53.640
age of 90, take that delta, divide it by the trillion. You're telling me that you value time
00:49:00.560
more than this. You could actually make a calculation and it's telling you how valuable time is to you.
00:49:05.920
When phrased that way, most people don't appreciate that. I certainly at times fail to appreciate just
00:49:11.080
how much of a premium I truly place on time. And yet, like, you know, even today, before we started
00:49:15.700
this podcast, I was lamenting the fact that I agreed to take a call as a favor to somebody and it like
00:49:21.200
ate into an hour of my day. And I was sort of like, sometimes I just don't say no enough. I don't protect
00:49:26.820
time enough. And yet if I did that calculation more, I would. So how did you calculate that and how did
00:49:32.760
you implement it? I'll tell you, but you reminded me of one of my favorite stories. And I tell this
00:49:37.320
story to kids. I go speak in a lot of middle schools and I just, or younger kids, and they're
00:49:42.960
all caught up in all this material stuff. And I said, okay, I'm going to give you a million dollars,
00:49:48.440
but you have to give me your arms. And all the kids are, no, no, no, I'm going to give you five
00:49:53.900
million dollars. You're going to give me your arms and your legs. No, no, no. Okay. I'll give you
00:49:58.460
$10 million, but you're going to give me your arms, your legs, and your eyes. And the value of the
00:50:03.660
story is you're already rich because you have your health. Money really can't buy that. So value how
00:50:11.440
lucky you are. The talk is around the power of luck. And most of the things that show up as unlucky
00:50:17.080
things end up being lucky things in life if you choose to see them that way. And so you just reminded
00:50:21.980
me of that story. So listen, I waste no time. I waste no time. I only do things that I find that
00:50:29.140
are aligned to what I want to, what I'm prioritizing or that I enjoy a lot or that put me in a path
00:50:35.640
forward of what I want. And as a result, I am really comfortable saying no all the time. I'm very
00:50:40.980
thoughtful and polite. I don't join any outside boards. I have demoted friends that I outgrew so that
00:50:47.880
I can make room for new friends. I travel light. I travel light through light because I need to
00:50:53.220
figure out a way to increase the value of my time. I have an amazing chief of staff who solves for 40%
00:51:01.320
of the stuff that I shouldn't be doing and all that stuff. So I put enough structure around me that I can
00:51:06.320
be really efficient with my time, but it's really finding always more ways to do it. But saying no is
00:51:12.480
everything. How do you say no? First of all, if someone says, Hey, would you come speak at this
00:51:19.540
event? My answer is pretty standard. I'm honored that you would ask. I'm humble that you would ask
00:51:23.780
right now. My priorities are my family and growing our company. And as it is, I don't have enough time.
00:51:30.800
Eventually I hope to have time to do things like this. And if you would have me, I would love to do it.
00:51:36.180
Does it feel bad to say no? Oh no. Because when you're saying yes, you're saying no to something else.
00:51:41.620
So everything in life has a price. You know, it's so funny. I interviewed a good friend of
00:51:46.740
mine, Jason Freed, and he said the exact same thing, which is such a beautiful way to think
00:51:50.580
about it is every time you say yes, you're actually saying no to a number of things that
00:51:54.600
you can't anticipate between now and then. It's easy to say, Oh, do you want A or B? It's hard to say
00:51:59.400
you want A or door number B and you don't know what it is. And most times we don't know. Opportunity
00:52:04.040
cost is really, it's by the way, one of the keys to business is not settling for good and waiting for
00:52:10.440
great. How many days a month do you think you traveled prior to 2009?
00:52:15.560
I went and tracked it. I was probably on the road 15 nights.
00:52:26.060
Yeah, yeah, yeah. I mean, time away from family.
00:52:29.100
And it's literally decreased like one per year. And I track it.
00:52:34.620
This is the first year I'm going to break, but meaning I'll be less than 10 days a month
00:52:39.820
away from family. I'll average through December 31st. I'll hit 9.9.
00:52:47.040
That's the way to go. We focus on what we measure. It's just our brains are destined. So that's what
00:52:53.180
they say. It's a dream until you write it down and then it's a goal. It's the same thing,
00:52:58.200
Do you think your kids at the time knew what happened?
00:53:02.940
Yeah. They kind of understood that something really big had happened, but it really impacted
00:53:07.320
him. My son just did a project of his identity in life. And one of the central story was this
00:53:14.060
story. I didn't even know. And he's 18, right? So it tells you how hopefully it gave him context
00:53:22.720
You said something earlier that I just thought was so incredible and I can't stop thinking
00:53:26.300
about it. This idea that Sully basically said, you are only a pilot when you lose an engine.
00:53:33.840
Like everything you've done is sort of preparation for that one defining moment of your life. Have you
00:53:41.760
thought about ways that that extrapolates to what it means to be a father, what it means to be a
00:53:47.700
husband, what it means to be a CEO? What are the equivalents of the engine losing moment when the rubber
00:53:54.240
hits the road and all that other stuff is just there to prepare you for that moment?
00:54:00.120
The easy answer on the business side is you're only a leader in a moment of crisis. Otherwise,
00:54:07.680
you're just in charge. So, and you as a leader have to prepare yourself for the moment of crisis
00:54:13.060
and it's going to come. And unfortunately, because economically we've been in such a benign,
00:54:18.780
10 year period, there's a lot of people that don't have the temperament to deal with what's
00:54:23.780
coming. Maybe in a year, maybe in three, maybe next month. It doesn't matter. It's coming. There's
00:54:27.600
going to be a year. So that's the easier one is bringing your organization along to understand that
00:54:33.780
when things change, we're going to have to lead and doing fire drills around it and doing scenario
00:54:38.800
planning around, okay, what happens if we have a data breach? What happens if we have this issue?
00:54:43.240
What happened? Like all those things we do not constantly, but we do them enough to create
00:54:47.760
consciousness about it. And then time will tell. When the crisis comes, are you going to be able to lead or not?
00:54:54.100
I find it interesting when people call themselves leaders and they've never done anything in a time
00:54:58.880
of crisis. I'm like, oh, you're in charge. I'm not sure you're a leader yet. I think with kids,
00:55:04.160
we, like many other families, have had to deal with our share of experiences with teenagers that
00:55:09.060
are very, very hard. And our kids are in a good path and they're going to be great, but it hasn't been
00:55:14.180
easy at all. And has been really, and Brenda and I talk about it a lot, not only has it united us even
00:55:21.100
stronger to help our kids through their situations, but it is, I've learned more about myself through
00:55:27.980
being a dad because hard driving people like you and I think we know. And what you realize that your
00:55:34.000
key of being a father or mother is to find their gift and then to help them get to their gift and
00:55:42.200
accept them for their strengths and their weaknesses. And the last thing you want a kid to feel is shame.
00:55:47.860
And when we want something different for our kids than what they seem to want, there's a high chance you end up
00:55:56.980
shaming them without wanting to or guilting them. So I think for a parent to lead is to meet the kid where they are
00:56:07.300
and finding their natural bent and encouraging it and making them their various version of themselves. And that was not
00:56:14.860
apparent to me when I signed up for this. This has been with two teenagers that are super gifted and
00:56:20.400
super kind, but they are teenagers and they have to deal with a lot of stuff. You and I didn't have to
00:56:25.500
deal with. It's not easy. I'm dreading every second of it, truthfully, because I do think kids today
00:56:30.400
live in a world, maybe every parent says that. Maybe my parents felt the same way. Who knows? But
00:56:35.460
I think it's, I think it looks brutal to be a teenager today. Maybe what I'm telling you is that
00:56:41.400
you're going to have to grow up a lot to be able to do that. Well, that's what we've seeked a lot
00:56:47.260
of help and it's been great. And we have dug in and we've done a lot of research and we tried a lot
00:56:53.100
of things that haven't worked and it's a real commitment. And by the way, we're not out of the
00:56:57.820
woods yet. It's a, it's a, well, I mean, I'm just going to get incredibly selfish for a moment and just
00:57:03.120
ask for some advice. So how do you handle things like electronics and social media? Like what have you
00:57:08.360
learned? And this doesn't necessarily have to be at the expense of your own relationship with your
00:57:12.100
kids, but even from other parents, again, you have a company of thousands of employees. You have a
00:57:17.560
purview into the lives of more than just your own. What advice do you give parents who are trying to
00:57:22.880
think through those issues? I'll tell you an anecdote. So last week, my daughter's school had
00:57:27.720
a trip to Disneyland and my daughter is one of the few kids in her class that does not have a
00:57:31.280
smartphone or a cell phone at all. So most of the kids do. And they're driving up and it's my wife
00:57:36.760
and another mom that are driving up in sort of the minivan. And there's the four kids are in the
00:57:40.640
back and three of them have a phone. And my daughter gets my wife's phone and they're playing
00:57:45.240
with it. And at one point my wife looks back and she says, all four of them are glued to the phones.
00:57:49.600
They're not talking. They're not interacting at all. It's like a road trip and they're all glued
00:57:54.520
to these phones. And so she sort of says, Hey guys, let's put the phones away and you guys got to do
00:57:58.540
something. You got to talk, you got to play a game, you got to whatever. Okay. Well, extract that moment
00:58:04.180
for a second. And you realize there is a lot of stuff that they're missing. And you could argue,
00:58:08.860
look, maybe they're getting things we didn't get that were better for them. Who knows? But to see
00:58:13.500
the lack of basic socialization concerns me, how do you, or what advice do you have to navigate that?
00:58:20.840
I don't have better advice than others. I think kids should be kids, meaning parents should decide
00:58:26.700
what are the controls. You don't give kid a remote to the TV and say, do whatever you want.
00:58:31.780
And I think my mom said, which I love raising teenagers is a tug of war. You ultimately must
00:58:37.620
lose because that's how they become adults. So there has to be enough tension. You can't lose
00:58:42.900
at 13. It's at 19. They have, but you have to be losing incrementally. Yeah. You can't be winning
00:58:48.280
and then lose. So it's a tug of war that you're the resistance. So you also have to think about it.
00:58:53.240
Kid specific. Every kid is different age specific, but you also don't want them to be the misfit.
00:58:59.100
You also don't want them to be missing out. And we kind of tend to project our reality into others.
00:59:05.000
They're going to live in a world where your kids are probably never going to drive. Your kids are
00:59:10.700
going to live with probably not even a cell phone. They're going to see screens in their glasses.
00:59:15.840
They're going to do all this stuff that you can't even understand. They're going to live in a mix of a
00:59:20.380
VR world and a real world. You want your kid to be able to be successful, happy, settled,
00:59:26.060
whatever it is, your goal in that world, not in 1982 of the VHS. So you also got to remind yourself
00:59:33.400
that this is a, you can't hold onto the past so much. And you know, I find very interesting. I have
00:59:38.800
this conversation with lots of friends. If you ask anybody, what is your goal for your kid?
00:59:43.700
They'll tell you some version of the same thing. Happy, well-adjusted, contributing, growing,
00:59:49.120
finding their passion, whatever BS we'll talk. And we mean it,
00:59:52.220
but then you watch the way we raise kids is overschedule, two sports, a trainer,
00:59:59.560
a this, a that, another coach, pre-SAT, pre-SAT, pre-this, take it six times. Did that really help?
01:00:06.460
Did stressing kids out to that extent, they're like, oh, why are they so stressed? Well,
01:00:09.860
we're making them super stressed. This culture is stressful enough. And I think as parents, we
01:00:13.820
judge so much of our own self-esteem by what others think about our kids that we fail to understand
01:00:20.180
what really is our goal. If you really want your kid to be happy, adjust or whatever,
01:00:24.400
you will do a lot of things differently. So back to your question of just remind yourself,
01:00:29.080
what is it that you're trying to do and try to align to that.
01:00:32.880
It's a great point you make about, you know, I was telling you a story before we started about my son
01:00:37.340
and that moment I had in that experience where I realized, man, how is it that I've let my ego
01:00:43.240
become tied up in his behavior? How is it that how he behaves in public as a five-year-old
01:00:49.180
and when he has a temper tantrum? I somehow internalize that as people are looking at me
01:00:53.780
as a bad parent. I mean, it's, it feels so silly to even say that out loud, but I don't think I'm
01:00:59.740
the first person that's felt that. And that gets carried forward. I think that is such a big part
01:01:05.440
of the overscheduling, overdoing it. It's hard. We make so many mistakes ourselves and we look at
01:01:11.620
each other. I'm like, what are we doing? Like it's a long race. I do believe, I think it was
01:01:16.300
outliers or whatever, but I do believe that the more you make kids feel comfortable and successful
01:01:21.540
in the race they're on, we judge ourselves against our relatives set. So put kids in situations that
01:01:27.560
they feel like they are progressing and they'll find whatever their ceiling is in a long enough
01:01:34.680
time. So many kids quit sports because we push them too hard too early. And they're like, this doesn't
01:01:40.000
feel good. This has produced no endorphins at all in the country. Right? So I think a lot of the
01:01:46.880
issues with kids in this age is the parents, not the kids. And we want to blame electronics and all
01:01:52.140
this stuff that are issues. But the issue is really that I don't think we're that honest as parents in
01:01:57.520
terms of our goals and our actions. Why do you think that has changed in a generation? I mean,
01:02:02.760
you've spoken a little bit about your parents and it's kind of amazing, right? So they seem to be wise
01:02:08.720
beyond their years. Your mom's comment about the tug of war that has to slowly be lost is honestly one
01:02:15.620
of the most insightful things I've ever heard about parenting. Were your parents as educated as you
01:02:20.660
are? I was born in a Latin family and my dad is an amazing guy, but my mom raised us four kids in
01:02:26.200
six years. And I think that the definition of one's life success is where do you come from and where did
01:02:33.100
you win? Did you help advance the cost of our race, the human race? And you do that through your family
01:02:39.080
first. And if you're lucky enough through your community, if you're lucky enough in a broader way
01:02:42.980
like you who are impacting a broader set of people. But I think the ultimately goal of life is to make
01:02:49.860
it better for others, starting with your kids. And I think my mom is the most successful person I know
01:02:54.980
because of what she was given versus what she gave us. How old were you guys when you left Puerto Rico?
01:02:59.680
I came to the U.S. to go to college. So I came to Boston College in January of 1990.
01:03:07.900
Yeah. Okay. What was that like to show up in Boston at 18 or whatever you were?
01:03:12.860
Ignorance is a wonderful bliss. If I knew what I didn't know, I would have never come.
01:03:19.820
I really think that ignorance is a bliss. I showed up as a second semester freshman because it was the
01:03:24.580
year after Doug Flutie and there were no dorms. And my parents are like, we're not paying for an
01:03:28.660
apartment. So I came as a second semester freshman. And they put me on a plane. They gave me 200 bucks.
01:03:33.780
My dad said, go be a man. And I got on a plane. I didn't even know how to go to the gate by myself,
01:03:38.920
travel a few times out of Puerto Rico. And what I realized as soon as I got to Boston is I didn't
01:03:43.840
really understand English. And I was ill-equipped to go to college. But overcoming that was the
01:03:49.640
Why did you go so far into such a cold place? Why didn't you go to school in Florida, for example?
01:03:54.060
I don't know. My uncle said, Boston is great. So I said, Boston is great. Doug Flutie said,
01:03:59.700
I was raised in a Catholic school. So Boston College was Catholic. So I just, I landed. I'm
01:04:05.500
like, what in the world is this? And I ended up in the freshman camp.
01:04:09.220
Because you said second semester. So it's winter when you showed up.
01:04:11.500
And I showed up five days before anybody. I had 200 bucks. And I have lots of stories of like
01:04:16.480
completely embarrassing things that happened as I went through this. And because I was ill-equipped,
01:04:22.000
I was a misfit in every regard. And I never faced racism, which I did at the time. I faced all sorts
01:04:27.400
of things that I'm glad I did. Because it made me a lot more aware of what other people go through.
01:04:32.420
What had your parents or your mom even specifically done to prepare you for that moment?
01:04:42.700
Did the two above you leave Puerto Rico for college?
01:04:45.640
My brother, one above, is in Kansas City as a doctor. And my sister went and then came back.
01:04:59.980
I think I gave him something in Spanglish and he wrote them and I got in.
01:05:07.880
If so, we'll find somebody to give you an honorary one instead.
01:05:11.000
Tell me about the remainder of those three and a half years though.
01:05:13.380
Obviously, it set you on a good path and you decided to stay.
01:05:16.480
Yeah. I came here wanting to go back to Puerto Rico and halfway through and I'm like,
01:05:19.860
I love this country. I love what this is about. I worked at Fenway Park as a security guard. I drove
01:05:24.760
a limo in the summers. So I was hustling, making money. My dad said, I'll pay a third. You get
01:05:29.760
loans for a third and I had an academic scholarship for a third, but you're responsible for your own
01:05:34.900
money. So it was the greatest thing. Yet, I don't know why I wouldn't do that to my kids
01:05:40.940
Do you think about that? Do you think about your story of coming here as an immigrant,
01:05:45.920
having nothing is a story that many people can relate to. And because of your success,
01:05:50.900
your kids have a privilege that you've never had. How do you think about imparting on them
01:05:56.700
some of the, I don't know if lessons is the right word or internal fortitude or whatever,
01:06:03.940
call it what you want to call it. How do you think about that?
01:06:06.280
I actually think about it almost the inverse of what you said. I think it's really hard to
01:06:11.400
be our kids. I think we're giving them not privilege. We're giving them a big, big cross
01:06:18.460
to carry. And I feel a lot of responsibility for not bearing so much of a shadow that my kids can't
01:06:26.460
find their own son. And we travel, we travel in certain ways and whatever. What are you setting
01:06:30.940
our kids up for? I think it's really hard. It's a lot easier to grow up the way I did, which
01:06:35.920
I can do better. I think it's harder. And you have to set up a different game. You have to set
01:06:41.120
up a game that they feel they can win. And you have to get them thinking about the infinite game
01:06:46.460
of there's no end here. That's why so many of them end up in drugs and end up in other things,
01:06:50.700
because they say that's not something I can be successful at.
01:06:53.660
First of all, I actually think you're correct. I think both of the statements are correct. So
01:06:57.940
it's harder and easier and that the hardness and easiness are actually coexisting and creating that
01:07:04.320
dynamic. So you can't dim your own light. I mean, as you said, especially someone like you,
01:07:11.560
who's been kind of given this gift, we haven't even got to talking about Red Ventures, which I
01:07:14.980
want to in a minute. You can't not be Rick Elias. So how can they be your kids?
01:07:21.520
I think, first of all, it's not what you say, it's what you do. I work really, really hard.
01:07:26.580
I want them to understand that working hard is part of the way you achieve things in life.
01:07:34.380
To me, I don't have any issues with that. And as long as it's protecting our family time and what
01:07:39.300
matters to us, I think secondly, is how you treat other people. The best thing that you can do to
01:07:45.960
teach your kids how to live is to treat strangers with kindness. They're watching your every action.
01:07:52.560
They're watching. And by the way, you are a teacher all the time and not with your words
01:07:59.100
because they won't hear you, but with your actions. So every time you find yourself, which we all do,
01:08:04.220
getting upset about something with a driver or a waitress because something was cold or a manager
01:08:09.340
because they made you wait and you get a little righteous, which we all do, you're doing the
01:08:15.540
opposite. You're teaching them a behavior that is not going to help them. So I view our responsibility.
01:08:20.640
The best thing I can do is model hard work, model giving and kindness, model good energy to other
01:08:26.840
people, respect. We're lucky to know a lot of people that others will consider super famous.
01:08:31.560
And I treat them exactly the same way that a stranger that is doing whatever job and they see
01:08:37.080
that. So those are the things, the only things you can do. You can't apologize for your success and
01:08:41.160
you can't run away from it, but you have to talk to them about not, Hey, I want you to get into an
01:08:48.180
Ivy league school and I want you to do all this stuff. I, you know, I want you to find your gift
01:08:53.100
and I want you to figure out a way to give that gift to others. Again, that's a, I think that's
01:08:58.800
so well said. It's hard. And I'm, this is not a perfect journey, right? We're full of flaws in it.
01:09:04.040
Were you ever a person that struggled to apologize before 2009? And if so, is it easier for you to
01:09:10.060
apologize today? It was very hard. I'm very proud. I'm very competitive in those two things. And I can
01:09:15.880
rationalize anything as to why I was right. You know what, Peter, I apologize for things. I don't
01:09:20.500
even know what I did because I don't give a shit. If it's creating negative energy, I can really easily
01:09:26.120
say, listen, I am really sorry I offended you. It was not my intent. That's it. Move on. And I don't
01:09:32.160
seek to understand and argue the counter argument. I was like, does this really matter? Am I going to
01:09:36.700
remember it in six months? Is it going to change anything? Just move on. It's like a leakage of energy.
01:09:43.020
And when you leak energy, it consumes time. And that's your only currency. Imagine if you were
01:09:48.160
like your toilet was running of a hundred dollar bills nonstop. Like that's the visual. That's what
01:09:53.980
a silly fight is. You know, you probably have the longest list of anybody I know of things that don't
01:10:00.460
matter. What is on your list of things that do matter? What is worth fighting for? What is worth
01:10:05.380
being upset about? Those are two different questions. So that's why I might pause things that matter and
01:10:10.020
things worth being upset about. I think injustice is worth being upset about.
01:10:15.080
And obviously, based on everything you've said, it's not about your own injustice. When the Uber
01:10:18.800
driver doesn't show up and when the waitress spills your soup, that's not injustice.
01:10:23.020
It's, as you know, I'm attracted to places where the system fails people that can't help themselves,
01:10:29.740
that want to help themselves. That's kind of our sweet spot in all our social impact work.
01:10:35.460
I think to whom much is given, much is expected. And I think the best way to do
01:10:40.420
any type of social impact work is using your platform, not just using your wallet, if you can.
01:10:46.960
And so here I am, I have a thriving company with a lot of young people that are exceptional. How do I
01:10:53.020
put them to do something that matters to them, which is give back, thickens our culture, but also allows
01:10:59.980
us to do something that gives us a real purpose, which is leaving our woodpile higher than we found
01:11:04.960
it. That's what we talk about as a company. That's the only purpose of the company. We're not going
01:11:08.980
to go public. We're not going to sell. This is the infinite game. Someday it'll go to zero. Hopefully
01:11:14.020
someone else is running it. This is a way that we spend our energy together, the people we work with
01:11:18.580
and the problems we solve and all of that. So when you put it in that context of none of this really
01:11:24.380
ultimately matters other than advancing the game, I am attracted to injustices where the system is not
01:11:29.540
working. I'll give you an example will be undocumented kids. They're known as DACA now and
01:11:34.620
the Supreme Court is here in the case. And these are kids that were brought here without two years
01:11:40.440
old, four-year-old, six-year-old illegally. The parents brought them here illegally, but we don't
01:11:45.600
check education for primary school, secondary school, or high school. So many of these kids don't even know
01:11:50.740
Spanish or whatever the language is. They never really remember being in their country. And by the time
01:11:55.220
they get to 18, we said, sorry, you can't go to college. There's no federal financial aid because
01:12:00.560
they're not citizens. And then there is no in-state tuition in about 26 states. So their chances of
01:12:06.140
going to college are basically zero. And I'm not talking there's like thousands of these. There
01:12:10.300
was about a million of these in 2010. Kids that were zero to 18 that were investing all this money.
01:12:16.760
So even if you want to take the Republican side of this, which is a valid argument, they're going to
01:12:20.540
be a lot more productive if you educate them. That's the whole reason to do this. So they'll
01:12:25.180
pay a lot more taxes. So DACA is Obama passes his executive order where he says, okay, if you
01:12:30.660
graduate college and you are undocumented and you're within these ages, you can get a work permit.
01:12:35.440
So now going to college makes sense because it used to be that you got an education. There was no way
01:12:40.600
to get a job. And that's, what's getting debated right now. There's like 600,000 of these kids
01:12:46.340
with work permits. We have about, I don't know, probably 50 of them working at Red Ventures
01:12:51.540
right now. So what I did is- How many? 50. Wow. But we have 300 plus going through college
01:12:58.100
that we're supporting. So Golden Doors College got launched. We did our first class of 12,
01:13:02.720
then 17, then 25, then 30. We're now reviewing applicants for the next class. And this is the
01:13:08.980
first time we're using non-doc. So if you're undocumented, we're going to take a stance for you.
01:13:13.620
And if you deserve to go to college, you are going to go. Our top 200 candidates, Peter,
01:13:18.400
3.91 unweighted GPA. Unweighted. Think about the waste of talent. None of those kids are going to
01:13:25.420
college. Tell me what happens to those kids if they don't go to college. They end up working in a fast
01:13:31.040
food place or just waste time. Many times they don't even find a job because- Do they ever go back
01:13:36.280
to the country that they were born in? That's the problem. They don't feel culturally assimilated.
01:13:40.180
They're American. A lot of them don't find out that they're undocumented until they go take a
01:13:44.640
driver's license or something. They're like, you can't. It's very, very cruel for these kids. And
01:13:49.820
they're your kids' friends. And they're as American as our kids are. I find those kids did not commit a
01:13:56.200
crime. Those kids did not have a choice to move here at two years old. Those kids have done everything
01:14:00.760
we've asked them of the system. What is this country all about? Isn't this the country where if you want to
01:14:06.220
put in the work, we give you a chance? And so I find that to be a place that we put a lot of energy
01:14:11.240
towards. 18 to 24, there's about 5.5 million young adults in the U.S. These are not undocumented. These
01:14:17.840
are citizens. Out of school or out of work, terminally underemployed. 5.5 million. And I think
01:14:25.860
companies can do a lot more for them. So we set up a 501c3 call, Road to Hire, where we're training
01:14:31.460
these kids in coding, in tech, back tech, and all this stuff. And we're now opening the platform for
01:14:37.220
the company. So BOVA and Novant and other companies in Charlotte are literally hiring these kids. We
01:14:42.540
train them. It's an adulting school for six months. And we pay them to adult them. We train them skills
01:14:47.300
and then we put them in a two-year apprenticeship program. And we hold our hands for two years. We have
01:14:51.560
another program called Live Sports. Eighth graders in Title I schools in Charlotte are two years behind
01:14:58.680
on reading. Charlotte is probably no different than other places. Title I schools is assisted
01:15:03.580
lunch. And our belief is that hope has an expiration date. And that expiration date educationally comes
01:15:10.520
about that age. And sports is a universal language. So we have basketball, soccer, girls basketball,
01:15:18.340
where we bring these kids in out of the worst schools every day. We give them usually their last
01:15:23.680
meal of the day. We give them an hour worth of reading because we think if they can catch up with
01:15:27.960
reading, they'll extend their hope. And then we give them an hour and a half worth of exercise.
01:15:31.860
Every weekend there's activities. We have 250 kids now in the program. We started it two and a half
01:15:35.980
years ago. We're going to grow. We're going to build our own facility. So we're just trying to do our
01:15:38.960
part. Like it's our drops in the water, but they matter. And then for me matter after Hurricane Maria
01:15:44.700
that I did something for Puerto Rico. So we launched 7-8 forward 7-8-7. That's the area code. So we're
01:15:50.280
training right now. We're training about 70 young Puerto Ricans in the U.S. that we want to reverse the brain
01:15:56.900
drain. So we're going to bring them back. We're giving them real digital chops and we're going to
01:16:00.840
move businesses to Puerto Rico so that we can bring people back to Puerto Rico.
01:16:05.300
I want to go back to the first of those because you're not a dogmatic guy. You're not a self-righteous
01:16:11.800
guy. You're a very empathetic person. Help me see my blind spot, which is like you. Well, no,
01:16:19.820
no, you're one ahead of me. I'm first generation. So my parents came to the country with the $100 in the
01:16:24.600
pocket sort of thing. Worked like crazy and now we get to live this better life. And because I saw a
01:16:30.640
lot of that, I never really understood the sentiment against immigration. Now, part of that is because I
01:16:36.200
grew up in Canada. So Canada, very different from the United States on many levels. If you were to try
01:16:41.900
to explain from the standpoint of empathy, what do you think is the view that sort of opposes
01:16:48.460
immigration or opposes immigration reform? Because even though you're very clearly on this side,
01:16:54.600
you strike me as someone who can also see the other person's viewpoint.
01:16:58.200
I think immigration is one of the hardest issues for us to contend because philosophically,
01:17:03.680
this is a country of immigrants. Practically, this is a country that has lots of issues with
01:17:08.600
its own people. So this is not an easy answer that you say, okay, here's the solution to immigration
01:17:14.860
and anything that we as a country decide as a policy will have pros and cons. So I don't tend to
01:17:22.420
profess that we need to have immigration and we need to have immigration reform and we need to have
01:17:27.100
better controls and we need to figure out what we do with 10 million immigrants. By the way,
01:17:31.620
if we take all the illegal immigrants out of this country, we will not function because so many jobs
01:17:38.380
that get done today that you and I rely directly and indirectly, no one wants to do. Our unemployment
01:17:44.440
rate is sub 4%. So it's not like we have 18% unemployment rate and a line of people who want to do these jobs
01:17:50.520
and immigrants are doing them for half the money. No. There's no people that are sitting waiting to
01:17:56.640
do a job and these jobs no one wants to do. So I think this, we underestimate, but it's a real issue
01:18:03.120
and I think we have to deal with those 10 million people. I think kids should be dealt with separately.
01:18:09.900
These are the DACA kids. And by the way, both Republicans and Democrats agree on the undocumented
01:18:14.420
kids, but they don't want to give it up because then you give up all immigration issue.
01:18:18.820
Meaning it's the thin end of the wedge. Yes. Towards a slippery slope of this.
01:18:22.440
Right. And so that's what the argument has been. Well, I'll give you that. But if we do this and
01:18:26.840
I don't know if the answer is a wall or no wall, I'm not educated enough. We need controls. We need
01:18:31.700
smart immigration. We need, you know, the fact that we have all these PhDs that we're educating at
01:18:36.860
Stanford and all these places, and then we're sending them back when they want to stay here.
01:18:41.240
That doesn't make sense. Right. But it's not an easy answer. And there's a really good argument to say,
01:18:45.660
listen, we can't take our resources. And you open up the gate with Mexico and you have tens of
01:18:51.180
millions of people from Central America and all that coming in. We don't have our house in order
01:18:55.680
enough to be able to absorb that as much of a humanitarian as you want to be. But there should
01:19:00.600
be a thoughtful way that we allow different types of people to come in. Some decisions could be very
01:19:07.820
easy, which is any PhD out of our system. Some can be very humanitarian. We're going to bring in
01:19:12.580
this amount of people. Some of them can be very thoughtful in terms of skills. But everything,
01:19:17.840
again, I don't know enough, but there can be a lot around work permits. The problem here is that
01:19:22.540
it's an underground. It's an underworld. If you brought it above board and, you know.
01:19:27.380
About five years ago, maybe six years ago, I visited you at Red Ventures and I got to spend a full day
01:19:34.160
watching something you call the business review. I don't know why I came for that, but I knew I was
01:19:41.340
really looking forward to it. We must have been speaking about the way you manage teams. I think
01:19:47.320
it just interested the heck out of me. And I was like, can I come and spend a day watching? And you
01:19:52.120
were like, of course, we'd be honored to have you. I'll preface this by saying, I don't have a degree
01:19:57.140
in business. You went to Harvard, you have an MBA. But I was around a lot of Harvard MBAs and Stanford
01:20:02.280
MBAs and stuff because I worked at McKinsey. So I know, I mean, I've been around the block. I can talk
01:20:06.260
the talk a little bit. And I mean, they at least know enough to recognize when people know what
01:20:09.960
they're talking about. I have never seen anything like I saw that day, Rick. Your ability to process
01:20:18.320
information, to multitask, to make decisions, to sift through what was not relevant and to always be
01:20:27.040
asking the jugular question in the setting and context of more information than could be processed
01:20:33.140
by any person, blew my mind. And to this day, more than five years later, I still talk about that
01:20:39.820
day constantly. And when I ran into Dan, your partner, your co-founder, a few months ago, it was
01:20:47.580
the first thing I asked him about. How are the business reviews? Can you explain to people listening
01:20:54.120
how this idea came about? Because I suspect that anybody who leads a team in any domain will find this
01:21:01.140
to be illuminating. Yeah. First, I am humbled by your words. I'm not really sure that I buy all of
01:21:06.740
that. I think that I heard a quote that I love in life. There's two kinds of people. I heard it
01:21:12.300
recently from a good friend of mine, the humble and those that are about to be humbled. I think our
01:21:19.200
journey was such a struggle for the first four years. I don't know if you remember, we raised $2 million
01:21:23.540
and by November, we had no revenues and a hundred grand left. And it took us three years to get back to
01:21:28.900
zero. So when you taste your own blood for a long enough period of time, you realize that a lot of
01:21:34.920
this is you got to fight the fight and you got to stay with it and you have to stay hungry. And a lot
01:21:40.260
of this for me is avoiding complacency and all the things that end up killing most organizations.
01:21:49.440
You basically tasted death on January 15th, 2009. And you tasted death a few years earlier than that
01:21:56.760
Yeah. And for me, I gave my word to my friends that I was going to do all I could. And I wanted
01:22:04.160
to go to my reunions. I decided we're going to hustle and we hustle. And by the way, I am so glad.
01:22:09.540
It's such a rich part of who we are, the humility that you see in our building. We have this beautiful
01:22:14.880
campus, but I see car payments. People see success and stuff. So the business reviews have evolved and
01:22:21.520
continue to evolve. One of our basic, and you know that I don't-
01:22:24.240
Maybe tell folks for a moment what Red Ventures does, even though I don't think that's relevant
01:22:27.420
to the story. I think if you were running any business, it would be the same way, but just
01:22:30.840
So it's changed twice since you were there, but today we are a significant network of digital assets
01:22:37.980
that all have deep integrations into the different service providers. So we are trying to aggregate
01:22:43.720
lots of services that consumer price by owning assets like the Point Sky or Bankrate of
01:22:49.660
All Connect or Healthline. So we have about 130 million uniques every month into our network
01:22:54.800
of assets. And then we do very deep integrations with all the services providers, all the card
01:23:00.820
issuers, all the banks, everybody in healthcare, and basically trying to change the consumer
01:23:05.740
experience digitally. That's a very different business than we were when you were there kind
01:23:09.940
of five years ago. I don't know if you remember, but I don't believe that business should be
01:23:15.300
run with values. And I had this really interesting debate with Meg Whitman at the same
01:23:21.620
Yeah. And she's a much more accomplished CEO than I will ever be and all of that. And we
01:23:25.760
were talking about culture and she said, hey, it's all about your values. And then they asked
01:23:29.000
me and I said, well, to me, values is a noun. And I don't know how to run a business with nouns.
01:23:34.420
I know how to run them with verbs. So we have a set of belief statements. By the way, we're not
01:23:38.600
right, just the way that we choose to use the word, but we have a series of belief statements
01:23:43.080
that anchor our culture. And in the middle of that belief statement, the core one in the
01:23:47.760
middle is everything is written in pencil. It's a wonderful belief statement because
01:23:52.020
it helps us recruit. If you're somebody who wants certainty, you want all this stuff, you're
01:23:56.740
never going to fit in. It allows us to evolve and change our mind because the world is changing
01:24:02.100
so fast. So we're not anchor. And then it really gives us permission to experiment because
01:24:08.080
everything is written in pencil. The last one is we believe that our leaving the woodpower
01:24:12.220
then we found it is our purpose. So that's the...
01:24:15.540
The first one is we believe in running up the escalators. So that means that businesses have
01:24:20.180
to play with pace. This is not about speed, speed, speed. This is about pace. The more reps
01:24:24.660
you get, the more you iterate through problems. And Business Review is an example of a place that
01:24:30.420
forces reps. And what that means is how do you organize your organizational design? How do you
01:24:35.820
compensate people? All those things really, really matter. Running a company is really like an
01:24:40.560
orchestra. There's no right way. There's no perfect song as long as the orchestra is in harmony.
01:24:47.040
Where you get in trouble is where there's dissonance in the orchestra and you see instruments kind of
01:24:51.260
going their own way. So for us, it's really important that we're playing at a high space.
01:24:55.960
That doesn't mean we work till 7 p.m. every night, but we work hard. We're very purposeful. We're small
01:25:00.320
teams. We're decisive. We're okay. Most things in business are pass fail, yet we are trained our whole
01:25:07.440
lives for grades. And I think where a lot of leaders get in trouble is this is why people have
01:25:12.700
a hard time prioritizing. This is a pass fail event. I'll put in 20% of the effort. I just passed.
01:25:17.720
So in the business, really understanding what's pass fail and what's great is a really important
01:25:22.220
kind of skill. And you do that when it's pass fail, you just run up the escalator. So that will
01:25:27.780
be another example. We're great people to work with. We believe that we want to be great people to work
01:25:31.540
with. And I think diversity really matters in a company because you make better decisions.
01:25:35.940
People not only feel accepted, they feel welcome. It is a way that it is important. But I think what
01:25:41.980
diversity does, it's lends the opportunity to create inclusion. And if you think about a lot
01:25:47.540
of our social impact work and all of this, it's about creating inclusion for people that are not
01:25:51.480
getting access to certain opportunities that we were lucky to have. So being great to work with is
01:25:56.440
to being very, very much attuned that we all bring something unique to the company and to the table and
01:26:02.040
so forth. But since they're all written in pencil, they're all going to change.
01:26:04.860
So explain how business review works. I know it has changed, by the way, but even the example of
01:26:09.700
the one I saw, not that you could possibly remember that day five years ago or whatever,
01:26:13.760
but you were basically in a room and you sat at a conference table and there were business leaders
01:26:21.100
basically all presenting to you. And what was the format? How did it work?
01:26:25.460
It's 20 minute meetings. No charts are passed, nothing in color, none of that. A couple of charts on the
01:26:32.900
screen are fine, but you got to be able to get to your point, right? No big PowerPoint decks were
01:26:36.900
being passed out. No. And you had to start the meeting. Okay. Here's the problem we're trying to
01:26:41.740
solve or here's what we're trying to talk about. Like you have to define your problem and then you
01:26:46.220
went through it and then we concluded with something. So there's many ways to organize
01:26:50.140
meetings. Amazon does it with, you got to write something. I think it's five pages and you come
01:26:54.580
prepared to the meeting. There's no right way of doing anything. As long as people understand
01:26:58.320
how you are going to calibrate work. But the pace of this was like nothing I'd ever seen
01:27:04.320
because I remember when I was getting ready to come forward and I wanted to sort of be
01:27:08.620
mindful of what I was about to see. So I could, if nothing participate by asking a question that
01:27:13.560
could be helpful. I remember them saying, okay, so it's a, I forget the numbers, 27 meetings.
01:27:20.200
And I was like, well, what do you mean 27 meetings? And they said they're 20 minutes each.
01:27:23.880
It's a 10 hour day. You know, there's an hour break in there and we keep it. Everybody understands
01:27:28.920
the clock. There is no, you play to the clock. One person would stand up there and explain some
01:27:33.520
problem about, Hey, we're doing this deal with AT&T and it's got to look like this and it's got
01:27:37.600
to look like this, but boy, we can't get this deal done because blah, blah, blah, blah. And you would
01:27:41.200
ask five incredibly pointed questions. And I was like, wow, I mean, that's amazing because 10 minutes
01:27:47.920
earlier you were hearing about something totally unrelated and you could pivot so quickly to this.
01:27:52.880
And then you'd exit with a plan, which is okay. Great. Here's an idea. You're going to go back
01:27:57.120
to your counterpart at AT&T. This is going to be the idea you're going to pitch. Boom, boom, boom,
01:28:00.680
boom, boom, boom, boom. We'll see you in a month. Let me open a window. I think it's an interesting
01:28:04.420
thing. I learned this from a good friend of mine that anything you do in life should be a three for
01:28:08.520
meaning at least three for some things can be a four for. And most people are happy to get a two for
01:28:13.580
in what I mean is you can do something that has many purposes. The quick example is you're going to go
01:28:18.700
play golf because you play golf. That's a one for if you go play golf at a beautiful
01:28:22.480
course. That's a two for at a beautiful course with your best friends and with great weather.
01:28:26.680
Great. So in business, the business review is the four for for us. It's a way to force
01:28:32.480
prioritization. It's a way to train people how to present. It's a high stakes environment.
01:28:39.060
Your team was so impressive. You're absolutely right about that. I've watched people. I mean,
01:28:42.840
I am a real stickler for having information presented and it just kills me to watch people
01:28:48.060
who can't get to the point. And there was not one example in 27 meetings of somebody who couldn't
01:28:54.220
get to the point. I think our strength is there's 2,000 25 year olds at Red Ventures that have been
01:28:59.920
trained at a level because of all this exercise that it's great. It's the best business school for
01:29:05.620
a lot of these young adults. The third is it forces decision making. A lot of those things were
01:29:10.720
tough decisions and the worst decision is a no decision. So it forces decision. And the fourth
01:29:16.580
is that acculturates. So it's a very much, there were teaching moments. There were things that
01:29:21.700
happened. You showed up with certain things, some things. So I'd like to set up as an organization,
01:29:27.880
if we're going to invest that kind of energy and time, something that has currency in many
01:29:31.900
different directions. How did you sharpen your sword to get to that point? Is it literally just
01:29:36.920
the reps? It's reps. Intuition is nothing else. I haven't seen something before. And when you start
01:29:42.060
getting all this pattern recognition, it's because you've seen so many times a movie. And the key is
01:29:46.480
not to see the movie, Peter. I think it's to be introspective about what happened in the movie.
01:29:51.960
So a lot of times I'll finish a negotiation and I'm like, oh, I screwed that up. I did not read
01:29:57.180
that cue. I was too aggressive. Last night I had a dinner and it was really great. In the last five
01:30:01.600
minutes, I fumbled it. As soon as I got in the car, I'm like, what did you just do?
01:30:05.920
I don't want to make you talk too much about it, but can you say a little bit more about what it is
01:30:09.440
that you think you fumbled? When you do a lot of interpersonal skills, the other person is talking to you
01:30:14.820
nonstop without words. And a lot of this is knowing when you stop. In my last two statements,
01:30:21.800
I lost some of the momentum I got with the other 55 minutes and I just knew it in their eyes. That
01:30:28.060
doesn't matter, right? That's just part of the journey. So my point being is you got to be super,
01:30:33.980
self-awareness is really important in life. Self-management is the key to success. Most people
01:30:39.700
are like, I'm self-aware. Well, can you self-regulate? Can you self-manage? Can you think about all the
01:30:43.760
things you think about and you teach around longevity and nutrition and all that? It's the
01:30:47.600
self-management part of that that matters. I would take it one step further. I mean,
01:30:51.560
I think the self-management on the emotional level might be the single most important of them all.
01:30:55.620
To manage how you eat and exercise, I think is much easier than to manage your thoughts and your
01:31:01.500
emotions in terms of how you interact with the world. That's so true. Yesterday morning,
01:31:05.720
I had a negotiation. Someone flew in before I came to New York and he was a pro. And the moment
01:31:10.540
he sat down, I'm like, oh, this is going to be a good one. He was a master chess player.
01:31:15.720
So I knew every time they asked something, he wasn't asking something. So you're constantly going,
01:31:19.780
okay, what's the question behind the question? What is it that you're trying to angle? What is
01:31:23.160
it you're trying to find? And good negotiation is when you can find currency that they value more
01:31:29.360
than you do. And then you find a way to make it work for everybody. When someone is a very good
01:31:34.500
negotiator and they're trying to do that, then you can almost play the inverse game. It's like,
01:31:38.260
can you create an impression of something so that you can create value for something so that you can
01:31:42.820
get something else? And then you're reading what they're doing. So it's really fun.
01:31:45.520
Do you teach this deliberately to your teams? Because I got to tell you, I don't think that
01:31:51.060
reps alone are sufficient. In other words, you could put me into a hundred deals to negotiate.
01:31:56.540
I don't think I could ever extract the insights that you seem to extract. I think you're doing
01:32:01.820
something at a meta level that few of us do, which is, it's what you said. It's not just seeing the
01:32:06.580
movie. It's knowing what the movie means and knowing how to recreate pieces of the movie in
01:32:13.320
subsequent movies. That's a totally different skill. I don't have it. I know that for a fact.
01:32:17.280
To start, by the way, I don't think I'm great at it. I think there's much better people. So this is
01:32:21.380
a journey that there's always someone better than you. So I'm in this constant journey and want to
01:32:25.060
get better. Out of all this aspect, so the moment you think, I'd finish negotiations, discussions,
01:32:30.580
we're like, oh, there was a pro at the table and it wasn't me. That was a masterful event.
01:32:39.420
It's happening. You kind of laugh, but when you're so attuned to it, every interaction is a game of
01:32:45.000
influence with your kids, with your spouse, with everything else. And it's not a negotiation.
01:32:50.120
Negotiation means someone wins, someone loses. You're constantly trying to influence with your
01:32:54.440
thoughts and then you're allowing other people to influence you.
01:32:56.660
What type of person do you run from in business?
01:33:05.080
What are the telltale signs of that? Because when that's obvious, those people usually don't
01:33:08.740
even get in the door. What are the subtle signs of that?
01:33:16.260
Yes, but it's the subtlety on when you say it. Are you taking the credit for things?
01:33:21.000
So you may use the we, but it's all about you, right? So it's the next level of all of that.
01:33:26.420
So how do you internalize things? I'm looking for people that are really ambitious for something
01:33:31.660
bigger than themselves. And in that journey, they want to do well. They want to provide whatever
01:33:35.640
it is, but it's much bigger. If someone is interested in just one thing, I think we all
01:33:41.160
have a competitive drive, for example. So when I look at people, I'm trying to understand,
01:33:45.160
and this is a little bit what I'm trying to explore in the current podcast we're doing
01:33:48.520
with all the super athletes is what's driving your competitive spirit. And I've kind of honed it
01:33:53.580
down. And again, I plagiarized this from somebody. But you're either driven by competing and killing
01:33:59.880
a competitor. Think of Muhammad Ali or somebody, right? Like he needed to see the other person
01:34:04.160
stand over them. You're driven by fear of failure. I just interviewed Andy Roddick in the first episode
01:34:10.620
of this podcast. And you can tell he's like, listen, I was driven completely by fear. But what you see
01:34:15.520
is the first person is a warrior. And the warrior, unless they evolve, they know they'll lose the last
01:34:22.940
battle. And therefore they quit. And you see it. And sometimes in boxing, they come back for one more
01:34:29.320
and that's when they lose and whatever. The person that is motivated by fear eventually taps out out of
01:34:36.020
exhaustion. And the more successful that they become, the harder they fall. They're like, I got to run.
01:34:41.780
And I see a lot of friends of mine who quit at 48, 50, 52, and they have all this gas in the tank.
01:34:47.700
And I realize that many of them are driven by fear of failure. And they just don't want that.
01:34:52.720
The value of success is so much less than the pain of failing that they can't take the trade anymore.
01:34:59.380
The success became too significant. The third, and where I'm like really focused on is,
01:35:05.320
is the people that love to compete because they just love to get better all the time.
01:35:10.340
It's a race against themselves. One is like a race against somebody. The other one is a race against
01:35:15.400
fear. The other one is a race against yourself. And I find people that have that energy have a
01:35:22.500
better balance about it and can run the longer race. And if you see people like, I know lots of
01:35:28.280
guys that are in their 60s or 70s that are still refusing to let the old man or old woman in is
01:35:34.280
because they're driven by the game by getting better. Professionally, how much of your energy
01:35:39.040
is into your business versus your philanthropy? Not time, but energy.
01:35:43.780
It was 0% six years ago. It's probably 15% now. Going to go to 30. Eventually, it will be 50.
01:35:52.020
What do you want to accomplish philanthropically that you have not yet accomplished? And not just
01:35:57.280
necessarily at scale. Is there a problem that you have not yet gone after? Because A, you haven't
01:36:04.080
acquired the knowledge. B, you haven't thought of the angle at which you can have the most leverage.
01:36:10.860
Again, because there's no winning. You're just advancing something forward. I am very motivated by
01:36:17.440
reversing a bunch of the trends in Puerto Rico. I'm not going to solve Puerto Rico. I may barely
01:36:23.400
do anything, but I think I can do something to start reversing some of the trends. I think the
01:36:28.340
bigger opportunity I see is how do companies become a force of good? How do business leaders
01:36:33.840
see themselves and their responsibility to be a force of good in their communities?
01:36:37.600
I think these platforms or businesses are so powerful, not just monetarily, but as engines
01:36:43.640
of people and problem solving and access to opportunities that I want us to become a bit
01:36:49.620
of a beacon of like, wow, you can be successful and be good at the same time. And they don't
01:36:57.760
Do you think that public companies can do that? Is that part of your decision to stay private?
01:37:02.440
I just, I don't like authority. So I hate having a stock ticker on my head. So that's why I don't
01:37:07.320
want to be public. But I think public companies today, this is a Milton Friedman kind of challenge.
01:37:13.700
And Simon talks about it in that book. It's a shareholder at the center. That's changing. Look
01:37:18.240
at what the business council just announced in the last couple of months. Hey, there's a bunch
01:37:21.680
of stakeholders here. These are pendulums that swing. When we get a fairly far left precedent in
01:37:28.220
our country, a lot of this stuff may change. And so these are pendulums. This is not new.
01:37:34.620
What challenges you the most in your business today? You get a great challenge. You play
01:37:38.700
basketball. It's still such a huge part of your life. You are so competitive with yourself
01:37:43.240
in basketball. What are you trying to sharpen your sword in business? I mean, you talked a
01:37:47.140
lot about negotiation. Obviously I can sense in you this passion to be better and better
01:37:51.540
and better at that and to understand the relationship and the dynamic because obviously
01:37:55.900
the best negotiation is one and when both people win. What other skills are you honing?
01:38:00.880
The answer you may not like, but I feel like I'm over my head right now. This is so much
01:38:06.860
fun. I'm like trying to run the matrix. We are in seven industries from financial services
01:38:12.500
to healthcare to entertainment. We're building a lot of tech and I'm not a techie and we're
01:38:17.940
a techie company. We have 800 engineers and I'm not an engineer.
01:38:23.840
We have 200 employees in London. We have 110 in Brazil. So you got to know countries. You
01:38:28.960
know, got to know markets. And most challenging is we grew organically for a long, long time.
01:38:34.660
So we were almost like a culture of settlers. So you came through our system and we've done
01:38:39.960
a number of acquisitions and now we become a culture of immigrants. And when your culture
01:38:45.820
is your competitive advantage, which I think a hundred percent it is, and you have added so
01:38:50.980
much newness to it, you know, leading our way through it is really challenging. And I have
01:38:55.600
no idea what I'm doing. I'm like Forrest Gump. I just show up every day and I give it
01:38:59.760
a really, you know, all my effort and I can't get fired, which is good. And if it goes to
01:39:07.760
No, for sure. I am a hundred percent sure that if Red Ventures went to zero.
01:39:13.520
In 30 days, I'll be super happy to go to zero. I'm found purpose in something else. None
01:39:18.700
There are a few people who can say that with more certainty than you. But of course, that's
01:39:23.560
probably exactly why it doesn't happen. I'd certainly bet against it. If you go back
01:39:28.740
to the morning of Thursday, January 15th, 2009, and you could run into yourself as he's leaving
01:39:35.500
his hotel, rushing to the airport and you couldn't tell him what was going to happen, but you could
01:39:41.500
Don't miss that flight. That was the most remarkable, remarkable gift I ever got. And I feel bad.
01:39:50.720
There's people that were on that flight that will never fly again. I know there are people
01:39:55.400
on that flight that still can't sleep well. And I am really sorry for that. I'm really lucky that
01:40:00.240
the way it landed in my system was it gave me urgency, it gave me purpose, it gave me humility.
01:40:07.060
It gave me a game to play, which is a game of no regrets.
01:40:11.820
Rick, I can't thank you enough. I don't know what I did deserve two hours of your time today,
01:40:15.340
but you've given a great gift to a lot of people.
01:40:17.240
It's an honor to be here. You are one of a kind. I learn so much from you every time,
01:40:25.920
You can find all of this information and more at peteratiamd.com forward slash podcast.
01:40:31.200
There you'll find the show notes, readings, and links related to this episode.
01:40:35.460
You can also find my blog at peteratiamd.com. Maybe the simplest thing to do is to sign up for my
01:40:40.940
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01:40:59.800
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01:41:04.760
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01:41:09.140
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01:41:14.520
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01:41:19.880
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01:41:24.040
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01:41:29.540
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01:41:33.760
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01:41:39.480
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