Valuetainment - Episode 223： 10 Reasons To Love Capitalism

00:00:00.300 30 seconds. One time for the underdog. Ignition sequence start.

00:00:07.000 Let me see you put them up. Reach the sky, turn the stars up above.

00:00:11.120 Cause it's one time for the underdog. One time for the underdog.

00:00:17.320 I'm Patrick Bedev, your host of Valuetainment, and today we're going to talk about 10 reasons why I love entrepreneurship and capitalism.

00:00:23.560 Yes, I said it. I love capitalism, but it's going to be a complete different approach than you've ever heard in your life.

00:00:30.900 You will never look at capitalism the same way ever again after this podcast.

00:00:35.140 So first of all, before I get into telling you all these great things about capitalism,

00:00:37.860 I want you to know that it is very naive to think that any system is perfect.

00:00:42.420 I think a lot of times when people want to bash something, they're expecting 100% of people to do it right.

00:00:47.580 For example, there's a lot of bad teachers in the world, a lot of bad parents, bad CEOs, bad bosses, bad journalists, bad bloggers, bad YouTube channels.

00:00:57.940 There's a lot of anything that's bad that they abuse the power.

00:01:01.580 They're also bad capitalists.

00:01:03.920 But all of these guys give an opportunity for somebody who's a good parent, good CEO, good boss, good capitalist, good journalist,

00:01:13.040 to become a hero where somebody says, oh my gosh, look at the way this guy does this.

00:01:16.200 So I'm not here to be naive and tell you all the great things about capitalism because I read all the negative stuff about capitalism.

00:01:22.140 Here's an article. 0.96

00:01:23.560 Top 10 reasons why capitalism sucks. 0.97

00:01:26.300 People are unhappy. 0.99

00:01:27.700 Competition, destruction, adverse selection, externalities, monopolies, free riding, pointless cause, under consumption, inhumanity, inequality,

00:01:38.700 which by the way, monopolies don't exist without the help of government.

00:01:42.020 The only way a monopoly can happen is with the help of a government.

00:01:45.500 This is where you see crony capitalism taking place.

00:01:48.860 I'm simply talking about a system, on what a system does.

00:01:51.980 So here's what I want you to be thinking about.

00:01:53.400 Let's talk about some of the capitalists that they don't care about, you know, the environment.

00:01:58.520 They don't care about what the world looks like.

00:02:00.180 We're specifically talking about environment on point number one.

00:02:02.980 Say they don't care.

00:02:03.700 It's like, listen, I just want to make money, man.

00:02:05.300 Forget about it.

00:02:06.120 I don't care if the solar is going to be dirty.

00:02:07.760 I don't care if the sky's got all this smog because our cars barely pass the smog.

00:02:11.840 I don't care about that.

00:02:12.800 You know what that's perfect?

00:02:15.040 That's perfect because it opens up the opportunity for a young guy that's watching and saying,

00:02:20.160 oh my gosh, you know what?

00:02:21.780 What if we created cars that were driven by batteries and I could put chargers all over

00:02:27.340 the country, all over the world, and you just go, would go charge your battery for like

00:02:31.100 two hours and you go charge your battery for 20 minutes and you go for another 20 minutes.

00:02:34.820 What if I could do that?

00:02:35.880 And that guy's name is Elon Musk.

00:02:37.160 And then he becomes a hero and he creates Tesla.

00:02:40.180 And people who own Teslas, they swear by Teslas.

00:02:43.500 People who own Teslas.

00:02:44.220 I've never owned a Tesla before.

00:02:45.780 Every friend that I have who owns a Tesla, it's like they're part of a cult because they

00:02:50.520 feel good that they're making the world a cleaner place, right?

00:02:53.060 Now, what am I saying about this?

00:02:54.800 A capitalist that didn't care about the environment gave birth to Elon Musk.

00:03:00.340 Let me give you a different perspective here.

00:03:02.500 Environment.

00:03:03.640 I want you to watch this commercial here.

00:03:05.180 It's a two-minute commercial, Mario, let's put the link below if somebody wants to watch

00:03:08.400 the whole commercial, but I'm just going to give you 30 seconds of it and we're going

00:03:11.000 to play a game.

00:03:12.000 I want you to guess which company's commercial this is.

00:03:16.560 Watch it and tell yourself, I think it's such and such company.

00:03:20.540 Watch this commercial.

00:03:21.420 When we look across the globe, we have growing populations.

00:03:24.700 This really puts a lot of pressure and an increased demand on water supplies.

00:03:29.120 That's why we're intently focused on being good water stewards.

00:03:32.640 We do that through a wide variety of projects.

00:03:35.860 Most of them are around restoring and protecting watersheds or water resources.

00:03:40.280 Maybe it's connecting floodplains to streams.

00:03:43.700 It might be working with farmers or growers to implement better irrigation best management

00:03:48.860 practices.

00:03:49.860 It's a night and day difference between the before picture and the after picture.

00:03:53.460 We're really spreading new messages about what sustainability looks like, not just for

00:03:58.740 today, but even 20 years from now.

00:04:03.220 For those of you that had never seen this commercial before, in your wildest dreams,

00:04:06.960 did you think that was going to be a Coca-Cola commercial?

00:04:08.740 Be honest.

00:04:09.560 Be honest.

00:04:10.600 Did you think that was going to be a Coca-Cola commercial?

00:04:12.980 Now keep this in mind.

00:04:14.420 Coca-Cola's gotten a lot of heat.

00:04:16.540 Coca, right?

00:04:17.580 A lot of heat over the years.

00:04:19.020 In Iran, in the world, everywhere. 0.99

00:04:20.860 A lot of heat.

00:04:21.860 You know what they realize?

00:04:23.520 They better change it up.

00:04:25.820 They better start worrying about water.

00:04:27.800 You know why?

00:04:28.700 Because if all this water supply goes through, they're out of business.

00:04:32.380 They better pay attention to the water supply in the world.

00:04:35.500 They better pay attention to water being clean. 0.67

00:04:38.060 They better invest billions of dollars of research to make sure water's going to be okay.

00:04:42.860 Because without it, Coca-Cola doesn't exist.

00:04:45.720 What does that tell you?

00:04:46.500 Capitalism becomes a business that you have to pay attention to the environment or else

00:04:53.080 the capitalists running the business will be extinct.

00:04:56.160 Number two.

00:04:56.900 Here's the next great thing about capitalism.

00:04:58.420 Your vote actually matters.

00:05:00.500 You know, a lot of countries you live in or states you live in, in America, there are

00:05:04.180 some states that whether you vote or not, it's going to be Republican or it's going to

00:05:09.300 be Democrat.

00:05:09.960 Your vote doesn't matter in a lot of different places.

00:05:13.180 States like California or New York, your vote doesn't really matter a lot.

00:05:16.600 Illinois, your vote doesn't really matter a lot, right?

00:05:19.560 So a lot of people are like, does my vote really matter?

00:05:21.880 When it comes to business, it does.

00:05:23.540 Here's why.

00:05:24.640 There is no place to go complain about a government official.

00:05:28.020 Like there's not a Yelp for government officials.

00:05:29.860 There's not a Yelp for presidents.

00:05:31.060 There's not a Yelp for DMVs.

00:05:32.320 No DMV cares if you want to go out there and say bad things about them.

00:05:34.740 Businesses, complete different story.

00:05:38.460 People were unhappy with Uber.

00:05:41.080 You know what happens?

00:05:42.140 The following month, all the people that were using Uber, everybody went to who?

00:05:47.740 Lyft.

00:05:48.220 Because that's how we vote.

00:05:49.800 You're not happy with Starbucks?

00:05:51.660 Coffee Bean.

00:05:52.540 I am not happy with McDonald's, Burger King.

00:05:55.340 I am not happy with a gym, Bally's.

00:05:57.840 Used to be all over the place.

00:05:59.400 Gone.

00:05:59.800 LA Fitness, 24 Hour Fitness.

00:06:01.460 Your vote matters.

00:06:02.540 And businesses know.

00:06:03.480 And the reason, the reason that they know how much your vote matters, they have to treat

00:06:09.180 you better.

00:06:09.760 Because if they don't, you may be voting for somebody else very soon.

00:06:13.040 Number three.

00:06:13.800 You know, I'm always curious when the person that complains about a capitalism video I make

00:06:16.780 about entrepreneurship, something like that about business, the person complains.

00:06:20.200 Capitalism's the worst system.

00:06:21.480 And they're complaining on their iPhone or their smartphone, on YouTube, all started by

00:06:26.760 a capitalist.

00:06:27.340 Which, by the way, this is a complete different perspective to give you for you to be thinking

00:06:30.180 about.

00:06:31.480 What does innovation do for you?

00:06:33.660 Well, how many of you today watching this actually like what you do for a living?

00:06:39.140 How many love your jobs?

00:06:40.360 Do you love what you do?

00:06:41.200 By the way, would you replace doing what you do right now versus, I don't know, being

00:06:45.500 a farmer.

00:06:46.120 Would you want to be a farmer?

00:06:47.560 Would you want to work on a farm?

00:06:49.100 Let me explain to you what the conditions of a farmer is.

00:06:52.260 Keto bites all day, right?

00:06:54.720 Spiders.

00:06:55.660 You're working with dirt.

00:06:56.800 You're sweating.

00:06:57.640 Sun.

00:06:58.100 Maybe rain.

00:06:59.160 You've got to work.

00:07:00.580 You know, you've got to go through it.

00:07:02.400 And you've got to be working 12-hour days.

00:07:04.080 It's a lot of manual labor. 0.72

00:07:05.200 Would you want to be a farmer?

00:07:06.180 Would you want to be a farmer?

00:07:07.920 Would you?

00:07:09.140 If you said no, for some of you that are watching and saying, Pat, I don't get the

00:07:12.520 point here.

00:07:13.160 Does Pat want us to go back to being farmers and working in agriculture?

00:07:16.960 Here's what I'm saying to you.

00:07:19.020 In America, during colonial times, 90% of all workers in America worked in agriculture.

00:07:24.860 Everybody was a farmer.

00:07:26.240 Everybody.

00:07:26.540 You would have been a farmer today.

00:07:28.300 By the way, in 1900, 41% were farmers.

00:07:32.620 In 1900, in America, 41% of all of us, we'd be doing agriculture.

00:07:37.280 I wouldn't be running an insurance company where I know we're doing value team and videos.

00:07:40.580 I'd be on a farm.

00:07:41.560 I'm a pretty big guy.

00:07:42.380 I can probably pick up a lot of strawberries.

00:07:44.040 I can probably go on working pretty hard.

00:07:45.560 I'd be a farmer.

00:07:46.360 You'd be a farmer.

00:07:47.100 Dirt.

00:07:47.420 All this stuff, right?

00:07:48.900 Outside being around it.

00:07:50.660 But you're not a farmer today.

00:07:51.880 Today, only 2% of people in America are farmers.

00:07:55.780 We went from 90% to 41% to 2% today.

00:07:58.540 Are you glad?

00:07:59.200 Are you glad?

00:07:59.780 Are you glad that there's not a farmer today?

00:08:02.180 What happened there?

00:08:03.820 What happened there?

00:08:04.940 That's called innovation.

00:08:07.260 The capitalists said, we can figure out a better way of doing this.

00:08:10.540 Let's get to work.

00:08:11.960 And because of capitalists, they figured out ways to do it better.

00:08:16.080 They figured out ways to make it more efficient.

00:08:18.200 And that gave you the opportunity to have a different kind of a job where you can work

00:08:21.760 behind a desk or whatever it is that you do out there.

00:08:24.380 And you don't have to be outside 12 hours a day working hard because of a capitalist

00:08:28.200 figuring out a way to add advancement and innovation that gave you the opportunity to

00:08:32.480 do what you do today rather than being a farmer.

00:08:35.200 Number four.

00:08:35.980 You know, here's another thing that capitalism did.

00:08:37.800 Capitalism took us for the longest time wherever you live, you know, all over the world.

00:08:42.420 Most things that we did, we were forced to do.

00:08:45.360 It was forced to do a lot of things.

00:08:48.520 And capitalism brought the spirit of choices.

00:08:50.940 You don't have to do this.

00:08:52.900 You have a choice.

00:08:53.960 You don't have to work here.

00:08:55.600 It's a choice, right?

00:08:56.640 You don't have to do anything.

00:08:57.900 It's a choice.

00:08:58.340 Let me give you an example.

00:08:59.360 For many years in America, everybody, you know, if you were a certain age and if America

00:09:04.320 needed soldiers, you were forced to go into the army or the military.

00:09:09.080 It was called a draft.

00:09:10.540 And people hated it.

00:09:11.960 Many of the younger generation is not going to know about it.

00:09:14.540 When I was in the U.S. Army, I went by choice.

00:09:17.040 Because a lot of people would tell me stories who were older that it used to be by force.

00:09:21.160 You were drafted.

00:09:22.020 And people would, oh, I'm flat-footed.

00:09:24.160 Oh, I'm the only child.

00:09:25.700 Oh, I have health issues.

00:09:27.000 Oh, my blood type is this.

00:09:28.520 I don't see very well.

00:09:29.560 People would make up all these different excuses to avoid being drafted, right?

00:09:33.020 Do you know why the draft went away in America?

00:09:35.820 Why do we not have a draft in America today?

00:09:37.500 Well, a Nobel Prize winner named Milton Friedman, who, if you haven't watched any of his videos,

00:09:43.720 just go on Google, type in Milton Friedman, and watch every one of his debates.

00:09:47.900 He's fascinating, right?

00:09:50.140 He said, if America's about capitalism and capitalism's about choices, we should make

00:09:56.900 the same with military and get away with draft.

00:09:59.600 Why?

00:10:00.620 Because if you get people who join the army by choice, you have better soldiers.

00:10:05.800 Then you get people who you force to go to war.

00:10:08.860 Why not let people choose to serve their country where it matters to them, then force them to

00:10:13.860 go in?

00:10:14.180 It's like making somebody do something they hate.

00:10:16.900 The spirit of capitalism got away with the spirit of force.

00:10:21.380 And that's why there's no longer draft in America.

00:10:23.480 Number five.

00:10:24.340 So you know how you hear this entire thing about redistribution of wealth?

00:10:27.420 Oh, my God.

00:10:28.500 You know, socialism sucks because you've got to redistribute wealth. 1.00

00:10:31.540 Here's why it sucks. 0.99

00:10:32.740 It sucks because it forces you to redistribute your wealth, unlike capitalism. 0.99

00:10:40.240 Let me explain. 0.78

00:10:41.840 Bezos was recently interviewed, and they asked him, they said, hey, how do you feel about

00:10:47.340 the fact that you're worth $160 billion?

00:10:50.800 He says, I don't feel bad about it because the company's worth $1 trillion, and I'm worth

00:10:56.420 $160, that means I have redistributed wealth to other people and made them $840 billion.

00:11:05.840 Let me say this one more time.

00:11:07.900 A company, Amazon, goes from $0 to $1 trillion.

00:11:11.260 He is worth $160.

00:11:13.840 He gave 84% of the company to other people.

00:11:17.320 Redistribute by choice and effort, and result, $840 billion of wealth is spread amongst other

00:11:27.300 people that brought value or invested into Amazon.

00:11:30.440 Now, that is my kind of redistribution of wealth because it's by choice, not by force.

00:11:36.080 Number six.

00:11:37.020 So remember, the whole concept of capitalism is a lot of different spirits.

00:11:39.580 Another spirit about capitalism is the fact that you have to improve.

00:11:42.900 If you don't improve, you're going to take a hit.

00:11:44.720 And this happens all the time in business, but it also happens all the time in life.

00:11:48.680 How many times have you met somebody that doesn't take care of their health?

00:11:51.720 They eat McDonald's three times a day.

00:11:53.360 They go eat fast food all the time.

00:11:55.120 They eat cheesecake, sweets, Coke, all this stuff.

00:11:57.880 They smoke, they drink, and they just look unhealthy, right?

00:12:00.720 And people are surprised.

00:12:02.020 I can't believe this guy died at 49 years old.

00:12:04.440 I can't believe this person died at 52.

00:12:06.660 Now, look at this other person.

00:12:07.820 They live 93 years old, and 99 years old, and 91 years old.

00:12:10.960 And for some of you that always look for the anomaly,

00:12:13.480 well, I know my grandpa that smoked for 58 years, and he's 92 still alive.

00:12:17.960 Remember, I'm not talking about 100%.

00:12:20.080 I'm talking majority.

00:12:21.460 I'm not looking for a perfect formula.

00:12:23.100 The point I'm trying to make to you is the following.

00:12:25.740 Those who focus on improving last a long time.

00:12:28.620 Business is the same way.

00:12:29.880 If you don't improve your business, and your name is Sears,

00:12:33.360 you could potentially be put out of business by a guy named Amazon,

00:12:37.620 ran by Jeff Bezos, who constantly is focused on improving.

00:12:40.520 And by the way, here's the part that everybody has to realize.

00:12:43.320 There was a time that people said,

00:12:45.560 Sears will never file a bankruptcy.

00:12:48.140 They overcame a World War I or II, a Great Depression.

00:12:51.860 Well, you mean to tell me they cannot make it through this thing that Amazon's given them all this competition?

00:12:56.220 Yes.

00:12:56.780 Today, no one in the world thinks Apple will ever go out of business.

00:13:00.440 No one thinks today that Jeff Bezos, Amazon, will ever file bankruptcy.

00:13:04.920 Do you think that?

00:13:05.560 Do you think they'll ever do that?

00:13:06.620 Think about it.

00:13:07.180 No one thinks about that, right?

00:13:08.740 But that's today.

00:13:10.060 If Jeff Bezos all of a sudden got comfortable, the guy that replaces him does,

00:13:13.800 fast forward 10, 20, 30, 40, 50 years from now, a new company may come out

00:13:16.840 that is more focused on improving and making it better for you,

00:13:20.040 that puts them out of business.

00:13:21.520 This whole concept here is why prices went from being expensive to being cheap,

00:13:27.200 because somebody looks at it and says,

00:13:29.400 That's too expensive of a car.

00:13:30.660 That's too expensive for a book.

00:13:31.880 That's too expensive for food.

00:13:33.380 That's too expensive for this.

00:13:34.500 I don't like the way they're doing a fast food day.

00:13:36.120 That's not healthy.

00:13:37.180 This is not good.

00:13:38.260 And somebody else who is saying,

00:13:39.840 If you look at the people in the marketplace, they're looking for healthier.

00:13:43.200 If you look at the marketplace and you listen, they want speed.

00:13:45.900 If you listen to the marketplace, customer service is very high.

00:13:48.700 People want you to pay attention to social issues.

00:13:50.940 Why don't we do that and we improve and we'll gain the customers?

00:13:54.720 Those who improve will last.

00:13:56.640 Those who don't will eventually die.

00:13:58.400 Number seven.

00:13:59.240 So I want you to look at the list of Fortune 500 companies.

00:14:01.360 All these big companies, right?

00:14:02.740 Go on Fortune 500, look at the names.

00:14:04.300 And here's what I want you to search.

00:14:06.280 I want you to find a company that is a Fortune 500 company with one employee.

00:14:12.680 How many do you think you'll find?

00:14:14.200 How about with 50 employees?

00:14:15.740 You're not going to find it.

00:14:17.020 It's a lot of employees.

00:14:17.960 You know why?

00:14:18.320 The beautiful thing about capitalism is the capitalist starting the company needs, needs people.

00:14:26.860 They need people.

00:14:27.660 You see, when I was working at Ballets and I came out of the military, I had no idea what

00:14:31.440 it is to work in a sales environment.

00:14:33.380 I had never worked before in sales, ever.

00:14:34.860 I was always like this, you know, I sold hats and all this other stuff, but not an organized

00:14:38.720 people come to me and all this other stuff.

00:14:40.400 I worked at Bob's Big Boy.

00:14:42.100 I worked at Burger King.

00:14:44.200 I worked at Haagen-Dazs and it was in the military.

00:14:45.920 That was pretty much it.

00:14:46.600 I got into sales and I noticed, oh my gosh, that guy quit.

00:14:50.200 That guy got fired.

00:14:51.040 That guy did this and this guy did this.

00:14:52.760 I said, I'm going to learn sales so much and master the scripts on phone calls, on guests

00:14:59.100 coming in, on walk-ins, on telephone inquiries, on going and shaking hands with all the members.

00:15:04.420 They're working out.

00:15:04.940 I would literally walk around Ballets and I would see somebody that needs a set.

00:15:07.660 Hey, John, you need a set?

00:15:08.940 Yes.

00:15:09.140 By the way, how's your work?

00:15:09.920 How's everything?

00:15:10.400 You looking good?

00:15:10.920 Everything good?

00:15:11.320 Family good?

00:15:12.160 Any one of your friends?

00:15:12.880 Remember, anybody that wants a membership, you can come and talk.

00:15:14.700 Here's my card.

00:15:15.580 Hey, Larry, you need a spot.

00:15:16.600 Let me here.

00:15:16.980 Let me put your, I put my arm here.

00:15:18.440 Put your feet here.

00:15:19.100 Let's do the pull-ups. 0.88

00:15:19.740 You got it.

00:15:20.080 Two more.

00:15:20.420 Come on, buddy.

00:15:20.880 Let's go.

00:15:21.800 I went through it and all of a sudden I'm like, wait a minute.

00:15:24.040 These guys need me.

00:15:24.720 I got promoted.

00:15:25.300 Can you go to the bigger club?

00:15:26.220 Can you do this?

00:15:26.700 Can you do that?

00:15:27.520 That same principle was applied because people need people like that.

00:15:31.240 All corporations out there need talent like this.

00:15:33.480 There's this notion about saying that, well, you know, companies don't treat their people

00:15:37.160 right and they don't do all this other stuff.

00:15:38.540 Yes, there are those companies.

00:15:41.380 But at the same time, I also know a lot of people who have jobs who are entitled, who kind

00:15:46.220 of feel like, well, they got to do everything for me, yet they don't give that additional

00:15:49.140 part.

00:15:50.040 That's why bad employees, there are plenty of bad employees, just like there's plenty

00:15:54.920 of bad capitalists.

00:15:56.380 Bad employees allow the good employees who go above and beyond everybody else to constantly

00:16:01.920 rise up.

00:16:02.620 And eventually, if that's not going to work out in the company you're with, I guarantee

00:16:06.920 you, someone's going to need you.

00:16:08.620 Number eight.

00:16:09.400 So I got a question for you.

00:16:10.540 How long would you like to live?

00:16:12.220 Honestly, how long would you like to live?

00:16:13.560 What's your number?

00:16:14.560 Like in your mind, what do you say?

00:16:16.140 You say, I'm going to live 80 years, you know?

00:16:18.420 I'd love to live 100 years.

00:16:19.800 What is that age?

00:16:20.320 What do you think about it?

00:16:20.860 How long would you like to live?

00:16:22.960 And by the way, why are you not even thinking about the fact that maybe you only have two or three

00:16:27.880 years left to live?

00:16:29.860 What do you mean, Pat?

00:16:30.820 Let me tell you what I mean by this.

00:16:32.620 1900, the average life expectancy of a citizen of the world.

00:16:38.400 Somebody in the world, average.

00:16:40.620 You know how old the age was?

00:16:42.140 31.

00:16:43.520 1900.

00:16:44.480 That's not a long time ago.

00:16:45.980 That's just 120 years ago was 31.

00:16:49.280 Think about that right there.

00:16:50.300 By the way, 1950.

00:16:52.340 48.

00:16:53.200 You know what it is today?

00:16:54.220 World.

00:16:54.780 This is not America.

00:16:55.740 World.

00:16:56.840 Today, 72 years old.

00:16:58.760 We went from 31 to 72 years old.

00:17:01.240 You mean to tell me in 120 years, my life expectancy increased by 41 years?

00:17:09.800 Are you serious?

00:17:11.360 Yes.

00:17:11.980 So the question becomes this.

00:17:13.620 Why?

00:17:15.560 Why?

00:17:16.220 Why are we living longer?

00:17:17.780 Is it because global warming makes us live longer?

00:17:20.280 Is it because all of a sudden the trees are better trees?

00:17:23.680 Or is the oxygen we breathe better?

00:17:25.560 Is the water that much better?

00:17:27.520 No.

00:17:27.880 It's called advancement and capitalism.

00:17:31.680 Medicine gets better.

00:17:33.340 We live longer.

00:17:34.740 Ken Langone, one of the founders of Home Depot, wrote a book that said, I love capitalism.

00:17:39.080 He's 80 to 83 years old.

00:17:41.080 His father, I believe, died in his early 60s.

00:17:43.160 You know what he said?

00:17:44.220 He said, my dad died in his early 60s at a young age.

00:17:47.600 You know why?

00:17:48.400 Because back then, we didn't have blood thinners.

00:17:50.580 Ken has been on blood thinners for a while.

00:17:52.460 Because he's on blood thinners, he hasn't had a heart attack.

00:17:54.620 He's 83 years old.

00:17:55.400 He's still living.

00:17:56.180 Still.

00:17:56.580 He's on the new.

00:17:57.040 But if you look at him, you tell yourself, this man is probably going to go for another

00:18:00.320 20 years.

00:18:01.100 Why?

00:18:02.580 Advancement.

00:18:02.940 So the reason why you and I are living longer today is because somebody who is a capitalist

00:18:09.520 used their capital to advance medicine, which is why you and I live longer today.

00:18:15.540 Number nine.

00:18:16.360 You know, if you speak to any parent and you tell them, listen, what do you want your kid

00:18:19.400 to do when they grow up?

00:18:20.500 Most parents will say, I just want my kid to be happy.

00:18:23.400 I want him to be happy.

00:18:24.400 I want her to be happy.

00:18:25.380 Matter of fact, don't you want to be happy?

00:18:27.000 Are you happy?

00:18:28.100 You.

00:18:28.700 Are you happy doing what you're doing today?

00:18:30.500 You may say, yes, I am happy.

00:18:31.820 But happy to you may be different than happy it is to me.

00:18:34.680 Maybe happy to you is working nine to five, Monday through Friday, taking Friday afternoon

00:18:38.760 off to golf and you have Saturdays and Sundays off because that's what happy means to you.

00:18:43.120 Happy to me, that's miserable to me, right?

00:18:45.620 I may say happy to me is running and gunning, working 80 hours a week, building something

00:18:49.380 that's never been done before, spreading a message that's going to change the entire

00:18:52.840 world.

00:18:53.600 That's happy to me. 1.00

00:18:54.600 Somebody may say, Pat, you're absolutely miserable. 0.95

00:18:57.320 Who wants to work as hard as you do?

00:18:58.860 Somebody else may say, happy to me is working for a non-profit.

00:19:02.720 You have no idea how happy I am.

00:19:04.480 We go and we contribute to different areas.

00:19:06.180 Every time there's a crisis all over the world, I go and I contribute.

00:19:09.180 The other day there was a flood.

00:19:10.560 I was in Puerto Rico.

00:19:11.600 I went to Panama City.

00:19:12.980 I went and contributed when the earthquake happened.

00:19:15.060 That's happy to me.

00:19:16.180 I only make 32 grand a year, but I'm happy.

00:19:18.300 Here's the point.

00:19:19.940 There isn't only one kind of happy.

00:19:21.660 Everybody has a different kind of happy.

00:19:22.980 The problem is sometimes everybody's imposing their happiness on you.

00:19:25.840 You're like, for you to be happy like me, you have to be doing exactly what I'm doing

00:19:29.700 for you to be happy.

00:19:30.480 That's not true.

00:19:31.620 There's different types of happiness, right?

00:19:33.180 I'll give you an example.

00:19:34.640 I had a friend here who's the number one backgammon player in the world, Victor Ashkenazi.

00:19:38.020 Okay, he originally was born and raised in Russia, lived there for 20-some years, under

00:19:41.180 a communist stagnation, went to St. Peter's, but came to America, went to NYU.

00:19:45.480 After NYU, worked at Sun Guard, then goes to Goldman Sachs for 11 years.

00:19:48.700 Today, he's a grandmaster, backgammon player, the best one in the world.

00:19:51.120 So today, and we start talking, and one of the things that came up was a story about

00:19:55.200 a lady who would pick out my outfits at Nordstrom's, and I would go buy it from her, right?

00:19:59.700 And she was a person that was from Russia, and she left Russia because she had a son,

00:20:03.540 and she didn't think her son had the same opportunity in Russia as she would in America,

00:20:07.220 but she missed one thing about communism.

00:20:08.980 I said, what is it?

00:20:09.740 She would say, Pat, I miss the fact that after work, everybody would get home at 4 or 5 o'clock,

00:20:15.700 and we would just play cards, we would play games, we'd have drinks, we'd laugh, we'd play music.

00:20:21.020 Nobody worked, there was no competition.

00:20:22.940 It was like everybody was just hanging out.

00:20:24.800 There was none of this ego stuff.

00:20:26.540 We were just together.

00:20:27.440 It was so amazing to me, right?

00:20:28.760 Now watch this.

00:20:30.060 I said, that's amazing.

00:20:31.060 Very good point, by the way.

00:20:32.320 That is an element of happy to most people, me and you included.

00:20:35.200 We love our family, right?

00:20:36.740 But the question we've got to ask is the following.

00:20:38.340 What different types of happy can coexist in communism, in socialism, in capitalism?

00:20:45.380 What do you mean, Pat?

00:20:46.140 Watch this.

00:20:47.460 Elon Musk, what is happy to him?

00:20:49.420 Happy to Elon Musk is starting a business on the moon, right?

00:20:53.120 If you think about how Elon Musk is wired.

00:20:55.300 Do you think Elon Musk in a communistic nation would be happy?

00:20:58.960 Do you think Elon Musk in a socialistic nation like Greece would be happy?

00:21:02.900 Where all these regulations are there?

00:21:04.320 I don't know if he would be happy.

00:21:05.420 Now watch this other person in America.

00:21:06.680 America, the person in America who works for a non-profit organization, do you think she

00:21:11.020 or he can coexist in communism that they're giving back?

00:21:14.280 Probably she can't coexist there. 1.00

00:21:16.220 Do you think the person that's an executive here, they don't want to be an Elon Musk, but

00:21:19.860 they want to work 60 hours a week, and they want to make a half a million dollar of your

00:21:22.940 income, live in a good community.

00:21:24.220 They don't want to be celebrities.

00:21:25.220 They're low-key people, but they want to make a half a million.

00:21:27.300 Can that person coexist in Russia or in Greece?

00:21:30.920 They can't coexist in those places.

00:21:32.580 See, what capitalism allows to do is, it allows multiple different types of happiness to coexist.

00:21:40.320 Because Elon Musk can't live in America, that non-profit person can, the one that wants

00:21:44.080 to be an executive can, and the person that just wants to work nine to five and get Friday

00:21:46.980 afternoons off can coexist in capitalism.

00:21:50.180 This is why capitalism system allows all kinds of happy to just mesh and live together.

00:21:56.340 Number 10.

00:21:57.560 I want you to think about that relative that you have, that judges you all the time.

00:22:00.800 Every time you do something, they judge you.

00:22:02.600 I can't believe you just did this.

00:22:04.060 Look what you're doing.

00:22:04.880 How dare you do that?

00:22:05.860 Shame on you. 0.84

00:22:06.640 Shame on you.

00:22:07.760 How do we feel when somebody judges us all the time, right?

00:22:10.000 We can't stand it.

00:22:10.740 You don't like it.

00:22:11.260 I can't.

00:22:11.920 Nobody likes it, right?

00:22:13.200 You know what's the great thing about capitalism?

00:22:15.000 You know what's one of the great things about capitalism?

00:22:17.040 It forgives you.

00:22:18.260 It's very forgiving.

00:22:19.860 And by the way, it's got a memory.

00:22:21.840 Like, very quickly, capitalism gets over your old mistakes.

00:22:24.140 What do I mean by this?

00:22:25.240 See, you see a lot of people at the top that they make it, but you only see they'll find

00:22:29.380 a product.

00:22:30.220 You don't see what mistakes they made.

00:22:32.020 If I had to make my list, my list is a very, very long list.

00:22:34.600 Matter of fact, I even made a video about it called 12 Mistakes I Made As An Entrepreneur.

00:22:37.960 What's the point here?

00:22:39.460 You screwed up.

00:22:40.220 You built a business.

00:22:40.840 Didn't work yet.

00:22:41.400 You made a bad decision financially.

00:22:43.000 You lost everything.

00:22:43.940 You can go work another job, save your money, three years later, start a business and come

00:22:47.220 back up.

00:22:47.540 And by the way, you can fail once, twice, three times, four times, five times.

00:22:51.820 Because the only thing anybody matters, the only thing anybody cares about is your last

00:22:57.620 victory.

00:22:58.380 Because you win one time, everybody forgets all the past mistakes you made.

00:23:03.300 That's why capitalism is forgiven.

00:23:04.300 So you're watching this right now saying, oh my God, I just failed last year.

00:23:07.620 I made a big mistake two years ago.

00:23:10.260 Capitalism forgives you.

00:23:11.160 Thanks everybody for listening.

00:23:12.720 And by the way, if you haven't already subscribed to Valuetainment on iTunes, please do so.

00:23:17.300 Give us a five star.

00:23:18.760 Write a review if you haven't already.

00:23:20.200 And if you have any questions for me that you may have, you can always find me on Snapchat,

00:23:24.260 Instagram, Facebook, or YouTube.

00:23:26.220 Just search my name, Patrick VidDavid.

00:23:28.120 And I actually do respond back when you snap me or send me a message on Instagram.

00:23:33.120 With that being said, have a great day today.

00:23:34.860 Take care everybody.

00:23:35.440 Bye-bye.

00:23:41.160 Bye-bye.

Valuetainment - December 04, 2018

Episode 223： 10 Reasons To Love Capitalism

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