Valuetainment - Episode 366： Wolf of Wall Street Interviews Patrick Bet-David - Uncensored

00:00:00.000 30 seconds, one time for the underdog, ignition sequence start, let me see you put em up, reach

00:00:09.240 the sky, touch the stars up above, cause it's one time for the underdog, one time for the

00:00:16.220 underdog.

00:00:17.300 I'm Patrick with your host of IITEM and today's episode is interesting, Jordan Belfort aka

00:00:21.680 Wolf of Wall Street called me to go to his studio to do a podcast with him and let's

00:00:25.800 just say this is probably one of the most interesting podcasts I've ever done.

00:00:30.360 JB here, the wolf is in the house, in the wolf's den.

00:00:33.080 I am really excited because I have an awesome, awesome guest, someone I respect tremendously

00:00:38.840 for a number of reasons, short story, emigrated from Iran in the revolution, fled, I don't 0.57

00:00:46.280 blame the fuck, and then served in the military, the 101st Airborne, wow, all due respect, I 0.96

00:00:52.040 met Patrick, bet David, then came out, built a successful, you know, big time entrepreneur 1.00

00:00:56.920 and became famous from the, was it the 92nd?

00:01:00.920 Life of an entrepreneur, 92nd, yeah.

00:01:02.840 Unbelievable, so let's look at it, I have so much I want to ask you, right?

00:01:06.780 First of all, about growing up in Iran, you know, it's like one of these little black holes, 1.00

00:01:10.500 like I always say, like from my movies, I'm a household name everywhere, but I ran in North

00:01:14.300 Korea pretty much, right?

00:01:15.300 But I think they actually know me in Iran, not North Korea, so first of all, what was it

00:01:19.020 like, do you remember?

00:01:19.840 Oh, absolutely, yeah, didn't you, you spoke in Iran like a year ago or something like

00:01:23.700 I was supposed to speak in Iran, and what happened, was it right when Trump got elected, the whole

00:01:29.060 dynamic changed, and the economy crashed, and they, it just, it was this close.

00:01:34.240 Probably not a bad idea.

00:01:35.760 I know, I know.

00:01:36.120 The fact that you stayed here, but yeah, I mean, I remember all, I remember living there,

00:01:39.620 I was born October 1878, so revolution started in 78, and the Shah was in exile, end of January

00:01:48.560 1979, so I lived there 10 years, you know, I remember being bombed on 167 times on a single

00:01:55.100 day, one of the stores, I'll tell you, it's pretty wild, we're leaving Tehran, Tehran's

00:01:58.800 the capital, right?

00:01:59.620 Yeah, but we didn't, wasn't it like an amazing place though, like before?

00:02:03.300 Are you kidding me?

00:02:04.360 Unbelievable, right?

00:02:04.840 In the 70s, you have Burma, Cuba, and Iran were the top three countries in the world

00:02:09.200 for tourism.

00:02:10.240 Right, right.

00:02:10.620 Iran, I mean, Sinatra used to go there, the-

00:02:13.140 Wide open, unbelievable, beautiful women, all the way. 0.99

00:02:15.480 Yes, the ambassador of Iran to US dated Elizabeth Taylor, that should tell you something right

00:02:21.020 there, like what it was like, so, so I was born, lived there 10 years, war happened, was

00:02:25.220 pretty wild, and six weeks after Khomeini died, we escaped, we went to Germany, lived

00:02:30.540 there for a couple of years at a refugee camp, right in Erlangen.

00:02:33.960 West Germany.

00:02:34.720 West Germany, yeah.

00:02:35.420 Rammstein, Air Force Base, that whole area?

00:02:37.520 Absolutely, it's so wild, you're telling me that, so I was right next to a military base,

00:02:41.380 and I would always sneak in, and one time we went a little bit too much, we were blowing

00:02:44.780 stuff up, but it was like, you shouldn't be here, but we had a great time seeing these

00:02:48.040 guys blowing stuff up.

00:02:49.380 Maybe that's one of the reasons why I got inspired to go into the military later on.

00:02:52.360 What, so you were there when Khomeini was in power, right?

00:02:55.240 I was, yeah.

00:02:55.820 So, so you were, what, how old were you when the Shah was deposed?

00:02:59.720 I was just, I was born.

00:03:01.260 So you have no, okay.

00:03:02.240 I have no memories of Shah, so you don't know them.

00:03:04.600 Okay, so what was it like when you were, like, do you remember, like, was there anything

00:03:06.960 like, did you feel oppressed there, or are you just too young?

00:03:09.540 You're a Christian, right?

00:03:10.300 So you're not Muslim, right? 0.98

00:03:11.100 I am, yes.

00:03:11.140 Was it a problem for you being a Christian in, you know, a sect, in a very, like, sort

00:03:15.400 of, what sect is that of Muslim in Iran?

00:03:17.980 Is it different sects, or there's one?

00:03:18.880 Yes, there are.

00:03:19.640 There's Muslim, there's Baha'i, there's a lot of different ones.

00:03:21.900 So by the way, Baha'i, they're not for Baha'i as well. 0.99

00:03:24.920 Baha'i is almost like, how do I put it? 1.00

00:03:28.320 Imagine like an LDS or Jehovah to Christianity. 0.98

00:03:30.860 Right, right.

00:03:31.240 Or how they look, Christianity to Judaism, like how Jews look at Christianity. 0.99

00:03:36.340 But yeah, you know, I remember clearly, you couldn't tell people you were Christian.

00:03:39.260 People would ask me, what religion are you?

00:03:40.460 So ask my dad.

00:03:41.480 I don't know.

00:03:42.240 That's what we were told.

00:03:43.360 You know, you tell people you don't know what religion you are.

00:03:45.860 So you're, so what, you were like a mixed, what's the whole, give me the whole family 0.93

00:03:49.780 trio, because it's a crazy.

00:03:51.180 So mother's side, they're 100% communist.

00:03:54.020 They believe in communism.

00:03:55.240 Their Bible was Karl Marx.

00:03:56.740 That's, they swore by Karl Marx.

00:03:58.400 Why was that?

00:03:59.440 So, you know, it was this whole idea about the fact that rich people are greedy.

00:04:03.240 All they care about is money.

00:04:04.460 You know, they put people to work and, you know, they sit at the top, cash the checks,

00:04:08.400 big belly, and everybody else is doing the work.

00:04:10.060 So they hated rich people passionately.

00:04:12.080 So basically, you're one of those people that went, they say you developed the beliefs

00:04:15.340 of your parents, you go the exact opposite.

00:04:17.180 Well, you're the exact opposite.

00:04:18.720 That's right.

00:04:19.260 I'm the exact, but my dad on the opposite side, he said, poor people are lazy.

00:04:26.020 So my mom said, rich people are greedy.

00:04:28.000 My dad said, poor people are lazy. 0.73

00:04:29.780 And I'm in the middle.

00:04:30.420 By the way, all the debates they had, no debate you've ever seen on television comes close

00:04:35.020 to the debates my mom and dad had.

00:04:36.320 I mean, it was flying plates and things breaking.

00:04:39.400 It was entertaining at its best.

00:04:41.480 You know what they say, like, in, you know, in common, I know a lot about, I, also, I have

00:04:44.720 a great story.

00:04:45.160 So I dated a Russian girl back, you know, many years ago, famous Russian.

00:04:48.740 It was the first Miss Soviet Union.

00:04:50.300 You know, her boyfriend was before me, Cyrus Pahlevi.

00:04:53.400 It was the Shah's grandson, which I swear to God. 1.00

00:04:56.600 Really?

00:04:57.100 Yeah.

00:04:57.300 She was engaged to him.

00:04:58.400 What year was this?

00:04:59.180 This is 19, 2000.

00:05:01.740 So the late 99, 2000.

00:05:04.000 We had together three years, hated each other.

00:05:05.320 So now we made it three years.

00:05:06.320 God knows how.

00:05:07.200 Okay.

00:05:07.220 But, you know, but, but, you know, the whole thing with Russia was like, they'd say,

00:05:10.760 communism, we'll keep pretending to work.

00:05:13.280 If you keep pretending to pay me, workless rubles.

00:05:15.940 Yeah.

00:05:16.480 So it's like the whole, like, lack of work, no motivation.

00:05:19.840 It was like, you're not really, if you can't achieve anything on the communism, right?

00:05:22.900 So, so your, so your mother was basically the idea that, you know, everyone should be equal,

00:05:28.660 workers of the world unite, right? 1.00

00:05:30.240 And your dad was like, fuck it. 1.00

00:05:31.380 That's, I don't like lazy people. 1.00

00:05:33.000 I want to hurt. 0.96

00:05:33.380 A hundred percent.

00:05:34.400 I mean, you said it best, just like that.

00:05:35.980 A hundred percent.

00:05:37.340 Clash of ideas there.

00:05:38.760 And did they stay married?

00:05:40.000 Absolutely not.

00:05:40.820 They got divorced twice.

00:05:42.160 They got divorced after my sister was two years old and they got remarried.

00:05:45.640 Then I was born.

00:05:47.080 And then they got divorced 20 years later.

00:05:48.880 I don't get that.

00:05:49.940 So like, I've been married a few times. 0.99

00:05:51.600 I was like, how the fuck could you marry the same woman again after she tortures you or 1.00

00:05:56.300 vice versa, right? 0.99

00:05:57.200 I mean, it's wow.

00:05:57.860 It's like a love, hate relationship, right?

00:05:59.220 Well, in the Middle Eastern culture, it's the guilt aspect of it.

00:06:02.040 It's guilt.

00:06:02.720 You have, you know, I can't believe you did this to her.

00:06:05.220 I can't believe you're leaving her stranded.

00:06:07.160 So the guilt gets in and you say, you know what?

00:06:09.420 Maybe I'm going to try this one more time.

00:06:10.580 And so did they, did the second time trauma now?

00:06:14.260 Absolutely not.

00:06:15.280 Oh my God.

00:06:15.740 I'm all broken plates.

00:06:16.440 Let me put it to you this way.

00:06:17.380 When they got a divorce, when they got a divorce, it was 89, 90 when my dad served the divorce

00:06:21.140 paperwork while we were in Germany at the refugee camp.

00:06:23.480 My dad was in US.

00:06:24.500 He served my mom, the divorce paperwork.

00:06:26.760 While we're there and my mom got the divorce paperwork, my parents were in the same room for

00:06:31.340 20 years.

00:06:32.100 They were, they would not be in the same room for 20 years.

00:06:34.320 So I'm getting married and both of them are expecting to come to my wedding.

00:06:37.720 I said, you guys, what makes it to you come into the wedding?

00:06:39.720 They said, no, we're coming to your wedding.

00:06:41.060 I said, I'm not doing this.

00:06:42.560 I said, here's how we're going to do it.

00:06:43.660 I need you to come to my apartment complex.

00:06:45.540 This is years ago.

00:06:46.300 I said, I need you to come to my place.

00:06:48.020 You two need to sit together, talk to one another, and then you'll come to the wedding. 0.99

00:06:52.320 Then you get the invitation.

00:06:53.800 And they said, we're not doing this.

00:06:54.760 I said, then that's no problem.

00:06:55.840 You don't need to come to the wedding.

00:06:56.800 So then they call back.

00:06:57.560 They said, well, dude, they came to my house.

00:06:59.380 It was the most awkward hour and a half of them sitting there.

00:07:03.420 But I said, as long as you guys are good, then they came to the wedding.

00:07:05.940 So 20 years.

00:07:07.640 Wow.

00:07:07.880 All right, so you had this sort of yin-yang, right? 0.95

00:07:11.960 And then when did you come to the United States?

00:07:14.380 November 28, 1990.

00:07:16.220 OK.

00:07:16.800 And so how old were you then?

00:07:18.300 You were 12.

00:07:19.020 12 years old, right?

00:07:19.900 12 years old.

00:07:20.140 And where'd you settle?

00:07:21.980 Granada Hills.

00:07:22.660 Granada Hills, California.

00:07:23.760 OK.

00:07:24.340 So I'm an hour and a half from here.

00:07:26.160 So how was your English?

00:07:27.500 Your English is obviously flawless now.

00:07:28.820 So by the time you got it, did you speak English well from being in West Germany,

00:07:32.140 or you still struggle with it?

00:07:33.280 I took EFL, which is English as my fifth language, because we got Armenian, Assyrian, Farsi, German,

00:07:40.200 English.

00:07:40.960 Your first is Farsi, right?

00:07:42.280 First is probably Armenian, Assyrian, because that's when my parents spoke.

00:07:47.120 Right.

00:07:47.440 And then it's Farsi, because it's the country I lived in.

00:07:49.380 Then it's Germany. 0.77

00:07:50.120 Then it's English.

00:07:51.400 Yeah.

00:07:52.340 All right.

00:07:52.580 So how proficient, though, was your English, though, when you went?

00:07:55.740 Not at all.

00:07:56.980 Not good.

00:07:57.020 So it was tough when you got here.

00:07:57.940 I mean, yes.

00:07:58.600 Wedding's Day, right?

00:07:59.960 Remember Gilligan's Island?

00:08:00.940 Yeah, yeah.

00:08:01.260 I went to school.

00:08:02.060 They said, so what kind of shows you watch?

00:08:04.060 Gilligan's Island.

00:08:05.900 Because the S is not silent.

00:08:08.640 Government.

00:08:09.220 English is a tough language, right?

00:08:11.440 Yeah.

00:08:11.680 It's not like, because it's a lot of silent letters.

00:08:14.220 Well, listen.

00:08:14.700 It's not like Assyrian. 0.90

00:08:15.560 When you hear Assyrian speak, you literally think people are fighting with each other.

00:08:19.320 Kepo, Kspaila, Mubat, all this.

00:08:20.940 You know, it's not the most attractive.

00:08:23.200 Sometimes you wonder how Assyrians talk dirty to their girls, you know?

00:08:27.260 So are you married now?

00:08:29.600 I am married now.

00:08:30.240 How long are you married for?

00:08:31.200 Next week will be 10 years.

00:08:32.880 Me too.

00:08:33.420 10 years as well.

00:08:34.280 Yeah, I have the same woman, almost 11 years.

00:08:36.000 Yeah, I met your wife last time. 0.82

00:08:36.920 She's awesome. 0.83

00:08:37.520 That's cool.

00:08:37.920 And kids?

00:08:39.980 Three kids.

00:08:40.660 Three kids.

00:08:41.600 Seven, five, and a three-year-old.

00:08:43.080 Two boys and the youngest is a girl.

00:08:44.600 All right.

00:08:44.800 So let's take this in order now, all right?

00:08:46.320 So, okay.

00:08:46.720 So you come here, you're 12 years old, right?

00:08:49.380 Mm-hmm.

00:08:50.060 No money.

00:08:50.940 You know, family, right?

00:08:52.040 No one's got money, right?

00:08:53.180 You're just getting started.

00:08:54.040 You're in Granada Hills.

00:08:55.020 You have to learn the language, right?

00:08:56.840 So what did you do?

00:08:58.220 Did you always have this sort of entrepreneurial streak where you was like, it didn't matter.

00:09:02.120 You're a whatever-it-takes guy.

00:09:03.860 And so, you know, how did you transform from that to who you are today?

00:09:06.700 You know, what's crazy is, you know, when I was 11 years old in Germany, I'm at this

00:09:11.100 refugee camp, and this one family comes in, a Czechoslovakian family.

00:09:14.740 Last name is Štaf.

00:09:16.220 The son's name is Jan.

00:09:17.620 The daughter's name is Katarina.

00:09:19.420 Katarina was drop-dead gorgeous. 1.00

00:09:20.920 She was 10, I was 11.

00:09:22.020 I knew that somehow.

00:09:22.940 Yes, she's 10, I'm 11.

00:09:25.160 And I'm looking at this girl, I'm like, I like this girl.

00:09:27.740 So I find out Jan likes the Super Nintendo, okay?

00:09:31.760 So I said, okay, I'm not a big fan of the Super Nintendo, but I'm a fan of your sister.

00:09:35.160 So we got to figure something out.

00:09:36.880 So that summer, I went to the local swimming pool in Germany, in Erlangen.

00:09:41.120 And you know, Germany, they drink a lot of beer.

00:09:43.140 I said, look, you know, there's a lot of beer bottles here.

00:09:45.240 If I collect these beer bottles for you and I bring it to you, what are you going to give me?

00:09:49.420 He says, I'll give you five Pfennig.

00:09:50.660 So the owner and I brokered the deal at 11 years old.

00:09:55.040 I calculated how many bottles I needed, which was 5,000.

00:09:57.840 I brought the bottles to him.

00:09:59.440 He gave me 250 marks.

00:10:00.920 I went to Kyle Fowl.

00:10:02.060 I bought the Super Nintendo.

00:10:03.540 I brought it back to the refugee camp.

00:10:05.200 Jan played Super Nintendo.

00:10:06.300 I played with his sister.

00:10:07.380 So from that-

00:10:08.260 It's amazing what-

00:10:09.460 Women have so much power, right? 1.00

00:10:10.980 Never changes. 1.00

00:10:11.780 Fuck. 1.00

00:10:12.620 But I would tell you, you know, in school, I was a 1.8 GPA kid. 1.00

00:10:15.440 I worked, I was always tall.

00:10:17.780 So I lied on my age and I was working and telling them I was 16, 17.

00:10:21.840 My first job was at Haagen-Dazs as a 14-year-old kid.

00:10:24.440 So always trying to find a way to make money.

00:10:26.620 Right.

00:10:27.460 And when did you have your first real, like, so, you know, working, I guess up to the age,

00:10:33.360 I was always an entrepreneur myself, right?

00:10:34.620 But I never really excelled the jumps, like, that drove me crazy to work for an hourly wage.

00:10:39.360 But when did you have your first, like, entrepreneurial experience where you realized that, you know, 0.99

00:10:44.000 hey, I could be in business for myself, even some stupid, like a lemonade stand. 0.84

00:10:46.920 Did you have anything that was the first anchor experience for you? 0.99

00:10:49.340 So I went to school with two backpacks.

00:10:51.200 One of them was books.

00:10:52.040 The other one was hats I would buy from a 99-cent store.

00:10:56.260 And these hats I bought, sports teams were teams that were terrible.

00:10:59.460 So like the Clippers at the time, San Jose Sharks, the Mighty Ducks.

00:11:02.120 These are, no one's going to follow these guys.

00:11:04.300 But I would buy the starter hats for 99 cents and I would sell them for seven bucks.

00:11:07.740 And finally, my principal caught me and they said, why do you come to school with two backpacks?

00:11:12.840 But your GPA doesn't reflect the kid that would come to school with two backpacks.

00:11:16.640 So what year is this now?

00:11:17.800 This is 1994. 0.86

00:11:20.400 The Clippers sucked back then, right? 0.99

00:11:21.600 The Clippers sucked back then. 0.99

00:11:22.760 They had Danny Manning, they couldn't make the playoffs. 0.97

00:11:24.600 They needed me to play for their teams and I have no clue how to play basketball.

00:11:28.500 So wait, so, all right, so that's, by the way, it doesn't surprise me, right?

00:11:31.380 That you, you know, were buying hats for a buck, 99 cents, I mean, I did that on the beach with

00:11:37.440 ices, right?

00:11:38.300 I mean, so what you were, how old was that time?

00:11:41.920 1994, 15, 16 years old.

00:11:44.420 So like, you know, for me, I'll tell you this, I had an experience when I was 16 years old.

00:11:48.420 I went down to the beach, I think you probably know the story, right?

00:11:50.480 And I started selling ices blanket to blanket.

00:11:52.600 And the first day, like I made a hundred bucks in cash and back then I think the minimum wage

00:11:57.760 is a buck and a quarter.

00:11:58.640 I mean, it changed my life in terms of, you know, what, everything I thought about money,

00:12:03.500 hard work and, you know, it really was the, really the beginning.

00:12:07.100 I had stuff before that, but that was the foundation for who I was because I had, I mean, you know

00:12:11.440 that feeling like when you, like just, you know, you do something and it works and you 0.92

00:12:15.020 get a pile and you're like, fuck man, you're like, you know, so is that how you felt? 0.98

00:12:18.520 Like when you, you know, did you have a, did you make money doing that? 0.99

00:12:20.800 What was the most you ever made with the hats?

00:12:22.880 You know, listen, a hundred dollars, there was a lot of money.

00:12:24.960 You have a hundred dollars, you're like, are you kidding me?

00:12:26.580 I'm at a hundred bucks today.

00:12:27.700 Dude, so what was the ever again?

00:12:29.680 I'm sorry, what, what you said it was what?

00:12:31.120 95.

00:12:31.620 Okay.

00:12:31.900 So yeah, that's, that's like, like 250 today probably, or, you know, but also you're

00:12:37.180 a kid.

00:12:37.580 And it's cash and it's no taxes and you're a kid and you're like, wait a minute, I can

00:12:40.620 go buy baseball cards.

00:12:41.600 I can go buy basketball cards. 1.00

00:12:43.040 The best part for me was that the beach money was in fucking singles. 0.99

00:12:47.000 So it was like, it was like 500 bucks. 0.99

00:12:49.400 It's like more better than like $500.

00:12:52.600 This is what beach by the way?

00:12:54.020 Jones beach in New York.

00:12:55.120 Okay.

00:12:55.360 Got it.

00:12:55.720 So I was a vendor there and I put myself through school like that.

00:12:59.000 It was just, it wasn't the money.

00:13:00.340 It was just the experience of like, you know, and I had, I had three kids to offer me that

00:13:04.700 sold puka shells.

00:13:05.900 I mean, I don't fricking thing going, but let's talk about you.

00:13:08.560 So you start with the hats, right?

00:13:10.400 You have this experience.

00:13:11.360 You're already, now you're starting to make money.

00:13:12.900 You have a girlfriend in this point.

00:13:14.960 Yeah.

00:13:15.360 I, I, I was not, no, I didn't have a girlfriend at that point.

00:13:18.560 At 96, I had a girlfriend, but not at 95.

00:13:21.840 So you're making money though.

00:13:23.200 And you feel, I am making money.

00:13:24.360 And with this point now, so, you know, I mean, I could only imagine like, you know, you show

00:13:28.940 up speaking different language, right?

00:13:30.880 Was it, was like, were people, were the kids nice to you or do they resent you?

00:13:34.560 Do they, you know, I mean, like.

00:13:36.820 You know, I, I would say it's more making fun of you is what it was.

00:13:40.200 You know, the whole, uh, you're, you're a foe, you know, fob, fresh off the boat, you 1.00

00:13:43.880 know, you, you don't know how to pronounce the language.

00:13:45.920 You had a lot of.

00:13:46.900 Was it, was it cruel or you're a big guy, right?

00:13:49.700 So, I mean, I think people would be scared.

00:13:51.160 Yeah.

00:13:51.780 But like, was it sort of like, was it fun?

00:13:53.500 Like they were nice about it? 1.00

00:13:54.620 Were they assholes? 1.00

00:13:55.520 You know? 1.00

00:13:55.760 No, absolutely. 1.00

00:13:56.540 Kids could be assholes. 1.00

00:13:57.140 You get all of them. 1.00

00:13:57.940 Yeah.

00:13:58.100 You know, for me, I'll look at it in a different way, man.

00:14:00.260 I think a little bit of bullying is good for you.

00:14:02.440 I think to get bullied a little bit is, uh, at least for me, when I studied the guys

00:14:06.340 that make it to the top, somebody bullied them at some point and they have a memory

00:14:10.700 of that person or a chip or something, whether it's an older brother, older sibling, a friend,

00:14:15.600 a coach, a strong father, a cousin, somebody was a little bit bullied.

00:14:20.400 It could be with words.

00:14:21.340 It could be a lot of different things.

00:14:22.880 So it's interesting.

00:14:24.640 You take us, you know, it's funny.

00:14:25.500 Like, I mean, like I hate bullies and I think as adults, we all hate bullies and probably 0.99

00:14:29.300 when you're, you know, an airborne Ranger, you probably would fucking kick the shit out of 0.99

00:14:32.680 any bully you saw. 0.99

00:14:33.400 I don't know that about it.

00:14:33.940 Yeah.

00:14:34.060 So I guess, I guess you're saying like with it to up to a point, right?

00:14:37.880 Like there's, I think it crosses over to when it gets really destructive to someone.

00:14:42.460 But I think what you say is a little bit of like, you know, you know, in a sense of

00:14:45.820 like, you know, having to sort of deal with like the world's not a perfect place. 0.95

00:14:49.400 People are going to be assholes and sort of develop a little muscle and, you know, a 0.97

00:14:52.400 bit of armor is not the end of the world. 0.99

00:14:54.320 Yeah.

00:14:54.600 So you got to realize no one gets bullied more today in the world than the president.

00:14:58.660 Right.

00:14:58.900 Oh my God.

00:14:59.240 Okay.

00:14:59.560 So you see, there is nobody that gets bullied more.

00:15:03.040 So here's.

00:15:03.440 So here's a rule that we have in our family.

00:15:05.760 When I sit at night and I talk to my boys, my five-year-old and my seven-year-old, I ask

00:15:10.580 him, what do we do as a family?

00:15:12.160 Lead, respect, improve, love.

00:15:13.840 Okay, great.

00:15:14.900 I said, what do we pray for?

00:15:16.140 If you pray, what do you pray for?

00:15:17.320 Courage, wisdom, tolerance, understanding.

00:15:18.920 Great.

00:15:19.840 I said, do we bully?

00:15:21.260 No.

00:15:22.140 Do we get bullied?

00:15:23.420 No.

00:15:23.980 Let me tell you a story of what happened here.

00:15:25.640 A month and a half ago, my wife calls me.

00:15:28.600 She says, hey, babe, Patrick just got kicked out of soccer practice.

00:15:32.360 I said, for what?

00:15:33.600 He says, he punched a kid in the face.

00:15:35.240 I said, what do you mean punch a kid in the face?

00:15:36.920 He punched a kid in the face.

00:15:38.420 I said, come on.

00:15:39.400 I'm telling you, baby.

00:15:40.460 You're on speaker.

00:15:41.300 Talk to him.

00:15:42.240 So I said, Tico, did you really punch a kid in the face?

00:15:44.580 I did, daddy. 0.89

00:15:45.500 I did punch him in the face.

00:15:46.640 Why did you punch him in the face?

00:15:48.120 Because he punched me first in the stomach.

00:15:49.960 So I just did what you told me to do.

00:15:51.580 I don't want to get bullied.

00:15:52.600 I'm all for that.

00:15:53.380 So I called the school.

00:15:54.520 I called it a practice facility.

00:15:56.180 And I said, listen.

00:15:57.300 Self-defense.

00:15:58.080 What happened here?

00:15:58.880 And they said, well, your son punched a kid in the face.

00:16:01.700 That's why we kicked him out.

00:16:03.100 I said, you guys watch a videotape.

00:16:04.820 He says, no.

00:16:05.520 I said, I need you to watch a videotape because you just kicked my kid out of practice.

00:16:08.240 If he didn't do it, I want to get some war done. 0.99

00:16:10.520 So they called me back.

00:16:11.260 They said, we apologize.

00:16:12.620 Your son got punched first.

00:16:14.500 Then he reacted.

00:16:15.380 There you go.

00:16:15.820 So that part of it to me is you got to be strong here.

00:16:18.560 Because if you're not, people will bully you, especially in the business world.

00:16:22.340 When you're coming up, you're going to be bullied.

00:16:24.340 No doubt about it.

00:16:25.220 I guess for me, I was fortunate.

00:16:29.040 I wasn't really bullied as a kid.

00:16:30.740 But I know some kids that were.

00:16:33.260 And it's like, you're right. 1.00

00:16:34.720 You can't be a pussy. 1.00

00:16:35.720 You got to be able to stand up for yourself. 1.00

00:16:38.100 But kids can be fucking cruel sometimes. 0.98

00:16:40.780 So I think there's got to be some. 1.00

00:16:41.740 Worse than adults, by the way.

00:16:42.460 Yeah, much worse.

00:16:43.320 Especially girls. 0.99

00:16:45.220 Yes.

00:16:45.580 I had a daughter.

00:16:46.620 And she was like, she was a pretty girl.

00:16:48.320 And she had a one year, a really tough year.

00:16:50.580 With you or with abortion? 0.59

00:16:53.080 No, with other girls not liking her.

00:16:55.320 You know, they're vicious, right?

00:16:56.400 So and she, and actually, and interesting enough, it changed up for the better.

00:17:00.480 So, you know, a valid point you made.

00:17:02.540 I think she realized that, like, it was a shift for her, that there was a lot more to her than the way she looked.

00:17:07.400 She started focusing on her studies.

00:17:08.560 Now she's just graduating from NYU grad school.

00:17:10.960 Come on.

00:17:12.280 You know, summa cum laude.

00:17:13.620 Yeah, yeah.

00:17:14.220 So I think your point's, I guess the only thing is, like, if it crosses a line, then it's like, it's, you know, I don't think it's good.

00:17:20.840 But a little bit of, you know, you can't go through life and slide through the raindrops, right?

00:17:25.060 Yeah, I'll give you an idea.

00:17:25.640 When I was in the military, okay?

00:17:26.900 If you can't handle sarcasm, military's not for you.

00:17:30.520 Everything was about sarcasm.

00:17:32.160 Where everybody was just poking, all the drill sergeant.

00:17:34.760 Right.

00:17:35.080 Hey, you got a girl back at home? 0.95

00:17:36.540 I do.

00:17:36.960 Guess what she's doing right now? 0.99

00:17:37.980 What's she doing right now? 0.97

00:17:38.800 She's banging Jose. 0.96

00:17:39.940 Yeah, she's banging Jose, your best, who's your best friend.

00:17:42.640 Pancho, right.

00:17:43.200 He would never do that.

00:17:44.460 She's on top of him right now.

00:17:45.720 Right.

00:17:46.040 She's not even screaming your name.

00:17:47.220 She's screaming his name.

00:17:47.880 She's moaning, right?

00:17:48.220 Yeah, she's moaning. 0.97

00:17:49.160 So this was mental and emotional torture.

00:17:52.200 And so you saw that and you watch your peers.

00:17:54.920 You're like, oh my gosh, he can't handle that.

00:17:56.580 He cracked.

00:17:57.300 He broke.

00:17:58.360 And a big part of life is a tryout to see if you can stay strong during these times to

00:18:03.560 get to the next.

00:18:04.060 I firmly believe that because you go into business, when you go into business, I mean, nobody liked

00:18:10.120 you.

00:18:10.700 You're like, hey, what are you doing in New York?

00:18:12.460 Who is this guy coming up?

00:18:13.680 You know, we don't like somebody coming up this quickly.

00:18:15.500 So someone's going to try to bully you.

00:18:17.900 For me, by the way, you know, when I was, I was approached by the mob a bunch of times,

00:18:22.840 you know, and I had private security forces and stuff back then.

00:18:27.560 But I think the one thing I had going for me is that, of course, I was under investigation. 0.66

00:18:31.440 They're fucking scared to get involved because then they would like to get it. 0.55

00:18:34.560 We draw attention to them. 0.99

00:18:35.760 But they were on Wall Street back in the day.

00:18:37.700 They were pretty active trying to muscle the way into firms and, you know, and so on

00:18:41.120 and so forth.

00:18:41.380 They were coming to you?

00:18:42.280 Oh yeah, like more than once.

00:18:43.660 Trying to muscle you?

00:18:45.080 Uh-huh.

00:18:45.340 To come in and yeah, because listen, I was, if you think about it, what I was doing was

00:18:49.320 the perfect money laundering machine for the mob because I could essentially make anyone

00:18:55.780 money in a stock trade and have them take, give me back cash.

00:18:59.720 You could actually legitimize cash through stock.

00:19:02.100 And that happens a lot on Wall Street.

00:19:03.960 So, you know, I don't know if it happens as much now because of, you know, it's just

00:19:07.380 more difficult with computers and stuff. 0.99

00:19:08.880 Back in the day, fuck. 0.97

00:19:10.280 I mean, the 60s and since before I was even there, I heard stories where like, like there 1.00

00:19:14.300 was so much theft of stock certificates and it was just like the fucking wild west. 0.94

00:19:18.140 You wouldn't even believe it, right? 0.96

00:19:19.200 Now, this is not just penny stocks.

00:19:20.380 This is stocks, period.

00:19:20.980 Everything, the whole market before, so, you know, back in the 60s, believe it or not,

00:19:25.600 it was no electronic transfers of securities.

00:19:28.500 If you bought and sold stocks, people fucking run across the street with physical certificates 0.74

00:19:33.360 and, you know, just, just like, I think they would say that if you actually looked to see 0.96

00:19:37.880 where the certificates, they weren't really there. 0.98

00:19:40.220 Like a lot of shit was being stolen and laundered and stuff. 0.95

00:19:42.660 So that was back. 0.99

00:19:43.320 Then it all changed in the 70s.

00:19:44.720 Everything went, it was, I think a day call, it was one day where everything went electronic

00:19:48.700 and a lot of shit was uncovered, but anyway, so yeah, you know, I did have pressure at 0.54

00:19:54.040 some points. 0.95

00:19:54.920 I had a private security guy, you know, sort of that I had hired that kind of intervened,

00:19:59.220 but eventually I was on the investigation.

00:20:01.260 So they were scared to get, like, you don't get involved with me.

00:20:03.860 How was it for you in the streets at that time?

00:20:05.400 Like when you go to a restaurant, how was the, you know, when you were coming up, how

00:20:08.560 did the streets treat you?

00:20:09.840 Like when other brokers saw you from Morgan, Merrill, other places?

00:20:12.160 Well, I mean, I was treated well by them because in the sense that I was like an enigma

00:20:15.200 in that, like, you know, boiler room, right?

00:20:19.080 Sure.

00:20:19.460 That was not accurate.

00:20:20.920 Like that was, guy worked for me and it wasn't really accurate in the sense that my guys would

00:20:25.160 go to a place and get sneered.

00:20:26.820 It wasn't really like that so much.

00:20:28.740 I don't think they went to the city that much, by the way, but, but it was really, for me,

00:20:31.760 it was more like I was a huge spender, big spender.

00:20:35.460 I had a lot of friends at the bigger firms.

00:20:37.460 So there wasn't like a lack of respect as much of a lack of understanding.

00:20:40.600 You spent on them at the bigger firms?

00:20:42.840 No, no, no.

00:20:43.640 They did not.

00:20:44.480 I was going out into the city a lot, right? 0.96

00:20:46.900 And we'd have big tables and hookers and drugs and insanity. 1.00

00:20:50.340 Like at the movie, it was like almost an underestimate of what happened, right?

00:20:53.660 So the word spread all over Wall Street.

00:20:55.940 I was well known and I was well, like, no one resented it.

00:20:59.000 It was like sort of, it was no real clash of worlds, so to speak.

00:21:02.240 It was more like an enigma. 1.00

00:21:03.560 I got out of his fucking mind. 0.99

00:21:05.000 I was like, I mean, dude, my drug addiction was, I mean, you can't, have you ever been, 0.99

00:21:08.200 I don't think you've been, have you ever had a drug problem?

00:21:10.060 No.

00:21:10.280 No. 0.96

00:21:10.400 I, so, you know, for a bunch of years there, I was like just fucking wild. 0.93

00:21:14.460 You know what I'm saying? 0.95

00:21:15.000 So.

00:21:15.180 Was that known though?

00:21:16.180 Oh yeah.

00:21:16.820 So they knew you parted hard.

00:21:18.220 Dude, I would go to, it was a restaurant.

00:21:20.280 So it was a famous restaurant.

00:21:21.460 It was a friend of mine still, Mark Packer, right?

00:21:23.500 He owns Tao and he's very successful, right? 0.98

00:21:25.580 He had a restaurant called Canistels back in the day, which is the fucking place to be, 0.98

00:21:29.600 right? 0.99

00:21:29.940 In New York.

00:21:30.460 In New York, on 19th and Park, okay?

00:21:32.780 And it was a great place, great looking crowd.

00:21:35.220 He was an awesome dude.

00:21:36.740 And I would go to Canistels and like be four lewes deep and just like balancing off the 0.91

00:21:42.020 fucking walls and my bodyguard, no, you know, do you know Chuck Zito for the head of the 0.96

00:21:46.760 Hell's Angels? 1.00

00:21:47.240 He was my bodyguard. 1.00

00:21:48.220 So he'd follow me around and say, don't fuck with me. 1.00

00:21:50.420 But I was like, I was just out of my fucking mind, you know? 0.99

00:21:52.620 And then, and then it all made sense back then. 0.98

00:21:54.440 I got sober. 0.99

00:21:55.220 I was like, what the fuck am I doing? 1.00

00:21:57.060 Like, I look back, holy shit. 0.99

00:21:58.480 How long was that? 0.99

00:21:59.600 The whole run?

00:22:00.220 10 years?

00:22:00.620 10 years.

00:22:01.820 It's heavy, massive drug use for about eight solid years of just massive Quaalude use and

00:22:09.920 about three years of heavy cocaine use, right?

00:22:12.220 And that's sort of like, you know, it just, let's say like, you know, cocaine doesn't

00:22:17.520 really suit well.

00:22:18.440 I mean, it turns me into an animal.

00:22:19.740 I do terrible things.

00:22:21.580 It makes me into a different, you know, I don't want to get so sexual here, but just

00:22:24.640 say it brings out my perversions. 0.99

00:22:26.140 Like most men makes us into fucking beasts of, you know, whatever we are, right? 0.99

00:22:30.220 The question I was going to ask you was a follow. 0.99

00:22:31.700 I'm curious to know what you think about this.

00:22:33.340 You know, when the first time the debate was between Nixon and Kennedy, Nixon froze, Kennedy

00:22:37.860 didn't, and he became, you know, everybody's like, oh my gosh, this guy's more president.

00:22:41.080 But before that, we didn't debate that way.

00:22:43.060 It was radio.

00:22:43.900 Right.

00:22:44.100 So TV changed the game or who can communicate better, which is why Bill Clinton became president

00:22:48.640 or else George Boyd senior director of CIA with the kind of a resume you got.

00:22:52.520 Are you kidding me?

00:22:53.200 A thousand percent.

00:22:53.700 There's no way in the world the governor of Arkansas would have beaten him if it was just

00:22:56.760 stacked up resumes, who goes against who, right?

00:22:59.320 So do you think the current way of social media marketing, access to what we have, the

00:23:04.560 way we see videos on YouTube, Facebook, Twitter, do you think whoever delivers the message

00:23:09.540 better wins?

00:23:10.140 Do you think the talent plays a very big role to it into becoming a president?

00:23:13.860 I think Obama proved that the power of social media mobilizing voters, and he did a really

00:23:22.200 great job of that while Romney didn't, right?

00:23:24.440 That was a big, big deal, right?

00:23:25.940 I think Obama did a really good job.

00:23:29.420 The answer is yes.

00:23:30.420 I mean, it's a reality.

00:23:31.280 You have to be savvy. 0.99

00:23:32.560 Trump is fucking, I mean, this guy is, you know, I thought he was a little, I thought 1.00

00:23:37.820 some of the things they were really just big mistakes. 1.00

00:23:40.140 And he turned out to be right.

00:23:41.320 Like when he went so hard against the media, this guy's the ultimate counterpuncher, right?

00:23:46.540 And, you know, with his tweets, I mean, he called a grandma who says something, he's 0.99

00:23:49.940 like, I'm like, what the fuck is he doing? 1.00

00:23:52.120 I'm like, Mr. President, you got some fucking better shit to go. 1.00

00:23:54.660 Like a grandma said one bad thing. 1.00

00:23:56.420 It's like that fucking grandmother should go right in hell. 1.00

00:23:58.400 She's a loser. 1.00

00:23:59.260 She's a fucking loser. 1.00

00:24:00.340 You know, loser grandma, right? 1.00

00:24:02.060 You know, it's like no one gets away with it with the guy, right? 0.98

00:24:03.820 But on some level, I don't, I mean, I, you know, you can't argue with success.

00:24:10.740 My wife was approached very early on.

00:24:13.940 She was like, I like, you know, she's a libertarian.

00:24:16.120 My wife's a libertarian, right?

00:24:17.820 And she was just very pro-Trump because it was more like, for me, it was more anti-Hillary.

00:24:21.680 Was she before you pro-Trump?

00:24:23.980 Oh, yeah.

00:24:24.580 So you came later on.

00:24:25.960 You supported later on.

00:24:26.880 I never was, I never was pro-Hillary.

00:24:29.180 It was never a shot, but I was, I was, listen, here's the thing.

00:24:33.300 So.

00:24:33.520 Day one, when elections started, you have 16 candidates on the Republican side.

00:24:36.700 Who were you excited about?

00:24:37.380 I thought he would implode.

00:24:38.240 I did not think he.

00:24:38.920 Who did you think had a chance?

00:24:40.220 Day one.

00:24:40.820 I thought, I thought Jeb Bush would make it simply because the money.

00:24:43.500 140 million.

00:24:44.360 Would buy out.

00:24:45.020 I thought the family was pretty corrupt and I thought they would sort of, you know, push

00:24:49.480 it through, right?

00:24:50.400 But when I, it was a certain point in time that it came pretty obvious, right?

00:24:54.560 And then when the, so he was the interest when the tape came.

00:24:57.080 Right.

00:24:57.540 With the only grab the push. 0.99

00:24:59.120 And then he just went fucking harder at them. 0.99

00:25:01.760 I was like, oh my God, this guy. 0.98

00:25:03.540 But it, you know, it's a different, we live in a different world.

00:25:06.060 And you know what?

00:25:06.800 Here's what Trump is incredibly great at.

00:25:08.500 He's incredibly great at crystallizing simple thoughts for people to understand.

00:25:12.820 So true.

00:25:13.400 Make America great again.

00:25:14.840 He uses words.

00:25:15.660 He repeats them again and again.

00:25:17.380 I personally think that if he improved his communication like this much, he'd be even more

00:25:23.340 effective, but maybe I'm wrong.

00:25:24.760 I don't really know.

00:25:25.460 This guy's being attacked like no other president has ever been attacked.

00:25:30.320 So I wonder what I would do if I was being attacked as much as him. 0.99

00:25:34.880 Like, I wonder if I would almost like say, if even if the grandma from freaking Omar, fuck 1.00

00:25:39.760 you, grandma, you know, don't you dare say, I mean, cause this guy's under assault. 0.99

00:25:42.980 If, if Trump, like if Trump rescued 10 babies out of the, it's a, yeah, he, and he slaughtered

00:25:48.060 them afterwards or he's going to see, he did it for evil purposes. 0.99

00:25:50.300 It's pretty fucked up, you know? 0.99

00:25:51.600 And all I care about is this. 0.99

00:25:53.080 I'm very concerned about things like the budget deficit.

00:25:56.560 Like there's so I have real concerns here.

00:25:58.960 Not for me, you know, honestly, things have a way of saying they kick the can down the

00:26:02.940 road.

00:26:03.120 I don't think it's going to impact our lives, but I think it's going to impact our kids'

00:26:06.980 lives.

00:26:07.180 I think the things that are happening right now for millennials and that people have 0.97

00:26:11.420 come after, I don't know what the fuck they're going to do with this massive deficit that 0.96

00:26:15.660 keeps growing. 0.96

00:26:16.980 Does it really concern you?

00:26:18.040 It does concern me.

00:26:18.800 What part of it?

00:26:19.400 The debt we owe to China or is it more just the total deficit?

00:26:22.240 Just the total debt, the total debt, because I don't see, I think I'm a pretty smart guy

00:26:27.760 mathematically.

00:26:28.820 I don't really see a way out of it without some realignment of currency and global trade.

00:26:36.120 Meaning if somehow the, it was something happened with the U S dollar, but that would be called

00:26:40.180 a, have a cataclysmic effect.

00:26:42.040 So I don't really see how it ends.

00:26:43.600 The problem is, is that, you know, it's almost like too big to fail.

00:26:46.720 Mm-hmm is America too big to fail.

00:26:49.820 Is that kind of how you're looking at it?

00:26:50.860 Yeah.

00:26:51.040 So they'll, they keep, they keep printing more money.

00:26:53.500 Right.

00:26:54.260 And they, the Fed expands the balance sheet.

00:26:56.380 Right.

00:26:56.660 And it just, they sort of kicked the can down the road.

00:26:58.400 And the, I guess the idea is that if the economy grows so rapidly, then the, by cutting

00:27:04.020 taxes, the economy grows rapidly.

00:27:05.820 So that even though it's lower tax rates, the overall intake is much lower.

00:27:10.340 That's the theory.

00:27:11.000 And eventually you pay down the deficit.

00:27:12.500 So how much are you following right now with the 5g thing that's taking place with Huawei, with

00:27:15.920 China, with all that?

00:27:16.620 Are you following any of that stuff?

00:27:17.640 Yeah, of course I do.

00:27:17.900 Yeah.

00:27:18.080 So what do you think about that?

00:27:18.840 What do you think about the, so, so let me ask the question in different ways.

00:27:21.660 So you got the tariffs that's taking place, right?

00:27:23.980 Whether it's China, obviously Mexico tariff was more about the immigration and the wall.

00:27:27.260 Right.

00:27:27.760 Canada tariff was accidental because he was trying to get it to China.

00:27:30.640 He wasn't really dealing with Canada, but this tariffs is the issue really tariffs to

00:27:35.160 you.

00:27:35.320 Is it really 5g?

00:27:36.380 Is it really, what is the thing that you're most concerned about?

00:27:38.740 Biggest thing.

00:27:40.060 Okay.

00:27:40.260 So I think he's a hundred percent right that the trade deals that were cut for the U.S. 0.99

00:27:46.600 over the last 20, 30 years, which is fucking asinine. 0.98

00:27:50.440 I mean, honestly, like almost like it was kind of guilt, like to give away the store like 0.99

00:27:55.040 that.

00:27:55.260 Right.

00:27:55.460 Um, that being said, I think with China, the bigger problem is the theft of IP, a lack 0.99

00:28:03.680 of respect for intellectual property and theft of IP and especially, um, you know, high tech

00:28:09.140 stuff.

00:28:09.440 And I think that's a really major issue.

00:28:11.620 So it's not just about trade imbalances, so to speak that, you know, they, you know,

00:28:16.500 and I've done business in China and I've spoken in China and, and by the way, you know, 0.98

00:28:19.900 one thing you could say about the Chinese people, they're fucking peaceful. 0.96

00:28:22.640 When did they attack anybody? 0.99

00:28:24.520 Never.

00:28:24.800 They don't attack people.

00:28:26.000 And so, so look at it.

00:28:27.000 They're not a military, even though they're building up the military.

00:28:29.360 When is China had committed a war?

00:28:32.920 They've been attacked.

00:28:33.720 They've never really attacked people.

00:28:34.860 So they're, they're kind of a peaceful, they commit economic war in some respect.

00:28:39.140 Like I've been around Africa where they're very aggressive in buying stuff and they don't 1.00

00:28:42.900 always treat the countries.

00:28:44.900 Let's say they don't always, uh, they invest in a country.

00:28:47.820 It's more about grabbing out than putting back.

00:28:49.980 At least that's the narrative that I hear from countries, you know, and I, you know, I don't,

00:28:53.800 I don't have the proof of it.

00:28:55.140 It seems like they sort of are pulling out resources, not really building infrastructure.

00:28:58.420 So they build infrastructure.

00:28:59.520 That's only robust enough to last as long as the last piece of metal comes out.

00:29:03.900 Then it collapses on itself, right?

00:29:05.900 So it's not long-term infrastructure.

00:29:07.440 But the big thing I see with China is that they are stealing intellectual property. 0.99

00:29:13.980 And I think that's the, especially in the hot, the high tech era, I think that's the big

00:29:18.220 danger.

00:29:19.000 And without that, some check being put into place, I mean, it's a huge issue.

00:29:23.280 I think that Trump is right.

00:29:24.820 And I think he's the first president to stand up.

00:29:27.040 I don't just, you know, I don't think this spirals out of control much.

00:29:30.760 I really, I, maybe I'm wrong.

00:29:32.520 I don't think it's going to end up in a full-blown long-term trade war.

00:29:35.600 I think there'll be a reset.

00:29:36.700 I think they'll come to terms in, within the next six months.

00:29:39.520 I really do.

00:29:40.000 You think so?

00:29:40.300 I think so.

00:29:41.080 I do.

00:29:41.220 What do you think will be the cornerstone of that taking place?

00:29:44.180 Like what's going to cause that?

00:29:45.900 Well, I think that, listen, you know, Trump's, he had a classic statement, by the way.

00:29:50.920 His classic statement was like, he said to the, to the Democrats, like almost like, could 0.93

00:29:55.480 you at least fucking lie for me and pretend to be on my side so I can negotiate more effectively? 0.92

00:29:59.980 Like a lot of what Trump does is posturing and negotiating and threatening and basic 0.99

00:30:04.560 negotiations, right?

00:30:05.660 You have to kind of see through some of his tactics, right?

00:30:08.160 And I, I, I don't believe, I think he's smart enough to know, I know, I know Mnuchin, I met

00:30:12.500 him before in person. 1.00

00:30:13.640 He's not surrounded by idiots. 1.00

00:30:14.920 He's surrounded by smart people. 0.99

00:30:16.560 Everyone knows that, you know, that tariffs over the longterm really are not a good thing.

00:30:20.680 Okay.

00:30:20.940 But that being said, you know, as a short-term punitive measure, as a negotiating tactic, I

00:30:25.980 think it's important.

00:30:26.640 I think he's doing the right thing because you can't, I don't think it was sustainable with

00:30:29.680 China.

00:30:30.260 What they were doing was, is they're essentially exporting like crazy, putting up barriers.

00:30:35.900 They have barriers to import there, right?

00:30:38.700 And if you want to do business there, you have to essentially have, it's going to be operated

00:30:43.860 by Chinese company.

00:30:44.740 And that means your technology becomes open.

00:30:47.040 They steal the technology.

00:30:48.480 That's the whole made in 25, made in China, 2025 plan.

00:30:52.300 That's a big problem.

00:30:52.860 So what do you think about the whole speed of a 5G?

00:30:55.580 The fact that the EU, US, South Korea, Australia is not going to have it ready till 2025 and China

00:31:01.760 is saying they're going to have it ready by 2020.

00:31:03.860 I think that number one, the 5G rates based on the phones have to be ready.

00:31:09.720 Apple won't even have a phone ready.

00:31:11.140 5G, I think until 2020, right? 0.98

00:31:13.780 So like right now on my phone, I have this thing, it's called 5G is fucking scam, 5GE. 0.97

00:31:19.220 You know what it's called? 0.94

00:31:20.220 Yeah, 5G evolution.

00:31:21.160 It's nothing.

00:31:21.580 It's nothing.

00:31:22.180 It's 4G. 1.00

00:31:23.480 One day I'm like, what the fuck? 0.99

00:31:24.640 5G? 0.99

00:31:25.080 Where did this come from?

00:31:25.840 Right?

00:31:26.040 You know?

00:31:26.560 So from what I heard, right, they're rolling out a couple of cities this year.

00:31:31.340 I think the mass adoption is next year, right?

00:31:33.200 That's supposedly what they're saying.

00:31:34.220 You're talking about China?

00:31:34.900 No, in the US.

00:31:35.580 The US is next year, I hear.

00:31:36.660 The US is saying they're not going to be ready 5G till 2025.

00:31:39.500 Really?

00:31:39.920 Because I read an article.

00:31:41.180 Is that true?

00:31:41.780 I read an article that said that they were testing it, I thought in-

00:31:45.300 19 cities.

00:31:46.420 In next year.

00:31:47.140 But small cities.

00:31:48.540 I thought it was LA.

00:31:49.260 No, I thought it was LA.

00:31:50.600 I may have wrong.

00:31:50.960 I don't know.

00:31:51.280 The challenge you're having is with the trees, because it's not going through trees.

00:31:56.260 So China, the way they came out with the 5G, the biggest concern they have with 5G right

00:31:59.800 now is US, if we land 5G contract, because we got 4G, that increased GDP by $100 billion.

00:32:05.100 They're projecting 5G technology, if US gets it first, it's 3 million jobs, and half a

00:32:11.440 trillion dollars of GDP goes up, if we get 5G.

00:32:15.200 And so a big part of this, when you're looking at it, is saying, you know, Trump is a pretty

00:32:18.440 brilliant negotiator.

00:32:20.120 Why is he banning Huawei?

00:32:22.380 Is he banning Huawei because they potentially could come into the US economy and compete

00:32:27.840 and take some of the market share away from Apple?

00:32:31.300 You got three poster childs for each country.

00:32:33.400 You got Apple is US, Samsung is South Korea, Huawei is China.

00:32:37.080 So I think the problem with Huawei, is that pronounced Huawei?

00:32:40.480 Huawei, that's the right word, yeah, Huawei.

00:32:42.100 Huawei, okay.

00:32:42.800 So the problem with that, I think originally was that there was a suspicion that they were

00:32:48.900 embedding code in their phone, their computers, that would allow China to basically spy, tap 0.84

00:32:55.820 in.

00:32:55.980 So it was a big issue.

00:32:56.940 So it started with not allowing it to be involved in government organizations.

00:33:01.520 That's how it started, right?

00:33:03.220 And then it spread from there, right?

00:33:05.760 So I think that that's the big concern, is that there is things going on with their technology,

00:33:11.060 they're embedding stuff in there.

00:33:11.840 You believe that?

00:33:13.080 I wouldn't be shocked.

00:33:14.040 I mean, I think the Chinese are surveillance, I think it's a culture. 1.00

00:33:16.760 If you go to, you know, you go to, have you been to China recently?

00:33:18.980 No. 1.00

00:33:19.300 It's fucking, they have shit there. 1.00

00:33:21.060 Like, they have technology all over this fucking cameras and shit, like facial recognition 1.00

00:33:25.760 stuff. 0.99

00:33:26.180 Like, I saw this thing, it's like almost like the future, where like, they can track you

00:33:29.720 like in real time.

00:33:30.420 They had this thing where a guy commits a crime, it was like a mock thing, and the police

00:33:33.680 got the guy, like within 15 minutes, because like, they tracked the guy through facial, 0.67

00:33:36.900 it's fucking like Minority Report, like, you know, that movie, right? 1.00

00:33:40.640 It's crazy shit. 1.00

00:33:41.220 Let me ask you this, though. 0.99

00:33:41.940 Do you think US, because you know, iPhone has 900 million active phones.

00:33:45.540 Right.

00:33:46.020 Out of the 900 million active phones, 300 million roughly is out of China.

00:33:49.560 Don't you think China kind of says, well, wait a minute, you're spying on us through

00:33:52.440 Apple.

00:33:52.960 Don't you think they can potentially say, well, maybe US is China, you know, spying on us.

00:33:57.580 Why are you so worried about us, you know, spying on you?

00:34:00.460 It's a good question. 0.97

00:34:01.180 So I think that the perception, and by the way, you know, who fucking knows?

00:34:07.260 I'm out of tech, I'm out of coder. 0.97

00:34:08.820 I fuck around, I have coders here, right? 0.99

00:34:10.060 I always fuck around, I walk by and I say, oh, you left out a fucking colon there. 1.00

00:34:13.940 Put that on, I see a motherfucker's on their screen. 1.00

00:34:16.080 It's like the fucking matrix, right? 1.00

00:34:17.600 You know, like, what are you doing? 0.99

00:34:18.600 You left out an apostrophe, yeah. 0.99

00:34:19.940 The fucking thing never worked, you know? 0.99

00:34:21.260 These guys are brilliant young guys, right? 0.99

00:34:22.860 And they code and stuff.

00:34:23.840 And it's something that I never want to learn, right?

00:34:26.040 It's like, you know, I came too late. 1.00

00:34:27.520 I was born too early for that shit, right? 1.00

00:34:29.000 But I think that who knows what back doors and trap doors. 0.99

00:34:34.780 The thing is, the difference, I believe, is that there's much more transparency in the 0.93

00:34:42.080 US, and maybe I'm fucking naive, okay? 0.99

00:34:44.640 Maybe, for all you know, the NSA has got a trap door built into every fucking phone. 0.98

00:34:49.100 And listen, you know about the whole thing with the Suxnet virus they put around the world 1.00

00:34:53.340 with Israel, they did there to be able to shut people's electrical.

00:34:56.220 You know, I would always say, like, you know what? 0.98

00:34:57.980 But my problem with the whole Russian meddling thing was, I was like, we fucking meddling 0.98

00:35:02.180 everyone else. 1.00

00:35:02.740 I mean, just fuck. 1.00

00:35:03.760 So Russia's meddling. 1.00

00:35:04.820 What elections?

00:35:05.720 We go back to Iran, Mogadishu, right? 1.00

00:35:08.040 We fucking stole people all over the world. 0.98

00:35:11.420 I don't think that's a terrible thing. 0.98

00:35:12.980 Like, the US has a foreign policy, and, you know, they're actually trying to exert their

00:35:17.280 will. 1.00

00:35:17.440 So this whole thing that Russian, like, were trying to interfere, no fucking shit they're 1.00

00:35:21.460 trying to interfere with our election. 1.00

00:35:22.900 They've always tried.

00:35:23.820 And I think we always try to do it around the world, too, so I don't think it's, like,

00:35:27.060 the end of the world. 0.96

00:35:28.420 I think what happened was, frankly, it's the old fucking, the best defense is a good offense, 1.00

00:35:32.840 because Hillary, the dirty dossier, she says, fuck, let's deflect it away from me, because 0.99

00:35:36.900 I had this done by, you know, Fusion GPS with freaking Christopher Steele, so let's just 0.99

00:35:40.680 say Trump colluded with Russia, because this takes the burden off me, but now it's boomeranging

00:35:44.620 back, so I don't really-

00:35:45.840 It's a scary thought right there.

00:35:47.060 It's going to be very scary when I'm going to come.

00:35:48.240 So then, would you rather have a private company spy on you, or the government spy on you,

00:35:52.960 if you had a choice?

00:35:54.540 A private company.

00:35:55.480 A private company, because it's purely profit-based. 0.99

00:35:57.960 I think, by the way, you're fucking right. 0.94

00:35:59.960 Everybody looked at it that way, just intuitively. 0.98

00:36:01.780 I answered it intuitively, but that's, you're right, because, you know, I guess, like, their

00:36:05.960 own selfish interests.

00:36:07.340 It's like a process. 1.00

00:36:07.680 They just want to sell me shit. 1.00

00:36:08.540 It's an honest relationship. 1.00

00:36:09.240 They want to-

00:36:09.760 A hundred bucks, boom.

00:36:10.800 That's it.

00:36:11.140 There's no game. 1.00

00:36:11.620 They just want to fucking sell me shit, put the right things in front of me. 1.00

00:36:14.540 I always get nervous. 1.00

00:36:15.440 We laugh. 0.98

00:36:16.600 My wife and I will talk about something, and next day, it's fucking, like, on my, like, advertising. 0.98

00:36:22.040 I'm like, oh, my God. 0.96

00:36:23.460 I got nervous.

00:36:24.640 I turned off my Alexa. 1.00

00:36:26.100 I know it's probably stupid, but I turned the fucking bitch off. 1.00

00:36:28.900 A lot of people are doing that, by the way. 1.00

00:36:29.400 I got nervous. 0.99

00:36:30.120 I was like, what the fuck? 1.00

00:36:31.280 Is this woman listening to me? 1.00

00:36:32.080 Someone's listening to me the entire time.

00:36:34.240 And you know what?

00:36:34.860 Like, and here's the thing, right?

00:36:36.220 There is going to be a point, and I think it's coming soon, where, like, artificial intelligence

00:36:41.920 really is going to, you know, that moment of singularity, they call it, right?

00:36:46.020 I think Raymond Kurzweil coined that term.

00:36:48.700 Maybe he didn't, but this idea that computers will become more powerful than people, and

00:36:53.180 then who knows what the fuck's going to happen then, right?

00:36:55.480 But you think about it. 0.96

00:36:56.740 You have every, you know, we're so, I rely on it.

00:36:59.060 I'm sure you do, too, right?

00:37:00.180 My phone, right?

00:37:00.960 We're all over, right?

00:37:01.760 And it's a scary thing, because you are, I mean, I mean, thinking back before, so back

00:37:08.060 at night, it's not that long ago, when, like, we were in a non-digital world.

00:37:12.280 Like, I grew up in a non-digital world.

00:37:14.900 You know, it used to be a great thing.

00:37:16.100 You'd wait, you probably remember this, when it was like you were younger, and you wait

00:37:18.940 for a movie to come on TV.

00:37:20.240 It was a big deal, like, on, you know, be in the theaters, and if you missed it, you'd

00:37:23.560 wait two years, and you'd see, you know, like, a Sunday night.

00:37:25.760 And now it's like, everything's instant this.

00:37:27.540 That's right. 0.99

00:37:27.980 It's like a different fucking world, right? 0.99

00:37:29.980 You know, and here's another thing. 0.95

00:37:31.900 So, like, there's always unintended consequences for a lot of stuff.

00:37:35.180 Like, for example, like, social media, you brought it up.

00:37:37.120 It's a good point.

00:37:37.620 So, what do you think about social media?

00:37:38.580 Well, you know, on some level, it's great, because on one point, it gives every person 0.99

00:37:43.060 a voice, but it also gives every asshole a voice, right? 1.00

00:37:47.080 There's a lot of assholes out there, but here's the thing. 1.00

00:37:49.660 I think the problem is more the algorithms that companies like Facebook use, where they show 1.00

00:37:56.940 you more and more of what you like, so you end up in a fucking echo chamber. 0.90

00:38:01.120 And I really wish that, I wish, you know, sometimes I'm starting to really not like my 0.97

00:38:05.880 news feed, because it's the same, I don't want to see people who always agree with me.

00:38:10.060 I want to, every day, I read the New York Times, I'll watch, I don't watch CNN, because 0.99

00:38:14.960 it's fucking nonsense, right? 0.98

00:38:16.100 But I'll watch one of the regular mainstream news channels, and I'll watch Fox News, because 0.99

00:38:20.400 I want to see both sides.

00:38:21.560 I want to hear what everyone is saying.

00:38:23.100 I don't want to be in an echo chamber.

00:38:24.380 What happens on social media is they'll, if you start clicking on certain things, oh,

00:38:28.000 he likes that, they show you more of that, and before you know it, it almost evolves.

00:38:31.920 You disagree, you don't like that.

00:38:33.220 I don't like that.

00:38:34.060 So you know they're trying to change that, by the way.

00:38:35.660 I think it's, the problem is it puts you in an echo chamber, and you start to think

00:38:38.720 everyone agrees with you, and they don't.

00:38:41.180 There's a lot of, listen, there's a lot of really smart people who are liberal out there,

00:38:45.160 really normal, smart people.

00:38:47.020 I don't agree with them.

00:38:48.400 I love to debate with them about it, but people are entitled to have their views and have healthy

00:38:52.960 debate, and what happens with social media is that you end up in an echo chamber, and 0.99

00:38:57.400 that's dangerous, where you're only seeing the shit, and I've seen it happen myself. 0.99

00:39:01.040 My wife's a news feed, and she had to almost detach from it, because she ended up in this 0.99

00:39:04.360 ultra-conservative, not by choice, by accident.

00:39:08.000 I think that's a big problem.

00:39:10.020 Yeah, it's going to be funny to see what takes place here, moving forward.

00:39:12.800 What do you think about, so what do you think in terms of the next election?

00:39:15.040 How do you think social media plays into the upcoming election?

00:39:19.620 Well, I mean, I think Ron Paul changed the game.

00:39:21.500 I think it's all about Ron Paul.

00:39:22.680 Ron Paul changed the game in 2004.

00:39:24.040 2004, he raised $6 million on MySpace in 24 hours.

00:39:27.360 It was a Guinness Book of World Record.

00:39:29.200 Ron Paul, 69-year-old man, raises $6 million on MySpace in 24 hours.

00:39:33.880 Obama sees this saying, if this guy can raise $6 million in 24 hours, I'm going to raise $2

00:39:37.700 billion to be a president, become a two-term president.

00:39:39.760 Look what happened, right?

00:39:40.600 So I think it's going to play a very big role, and it's funny how Facebook is facing so much

00:39:46.440 backlash now, where they're being forced to be more transparent, and people are upset to

00:39:51.580 say that, hey, Facebook is not going to show what Trump's campaign is going to be doing,

00:39:55.980 all this stuff, and they're kind of being open about it, because they're forced to do

00:39:58.840 that, and Trump's kind of holding them accountable.

00:40:01.460 A lot of people are meeting with Facebook to see, are you guys going to be open or not?

00:40:04.640 But I don't think it's going to be much different.

00:40:06.900 Look at this, a couple of guys that are coming up on the Democrat side, right?

00:40:10.940 They're coming up to become candidates.

00:40:12.840 They're just doing social media better than the rest of the country.

00:40:15.080 Andrew Yang is coming out of nowhere.

00:40:16.580 This guy's talking about universal basic income, saying, let's give everybody $1,000

00:40:19.460 a month, $1.5 trillion a year is going to improve the economy.

00:40:23.500 Let's just print money and give it to them.

00:40:24.440 Whether they deserve it or not, right?

00:40:25.700 What do you think about that? 1.00

00:40:26.500 I think it's fucking the most stupid thing I've ever fucking heard. 1.00

00:40:29.180 I mean, you know, listen, no matter what, life is very, and some things are very simple. 1.00

00:40:35.060 If you give people something for nothing, they don't fucking value it, okay?

00:40:40.940 It's the same thing with, you know, I sell information products, right? 0.95

00:40:43.920 If you underprice something, I've actually tried, you know what?

00:40:47.020 I want to be a nice guy.

00:40:48.120 I'm going to just give this away very cheap.

00:40:50.140 People won't use it because they don't invest their money.

00:40:52.880 They don't, oh, whatever.

00:40:53.960 They're not invested in it, right?

00:40:55.560 That's right. 0.99

00:40:55.920 Versus charging a higher price, and people say, oh, fuck up my money. 0.99

00:40:59.100 Well, I better do this. 1.00

00:41:00.220 And I think by, you know, giving people money is idiotic, okay? 0.97

00:41:03.980 You know, and I always, by the way, you know, I always, my parents, I grew up in a very liberal 0.98

00:41:08.340 household, right?

00:41:09.540 Obviously, I had very different views than my parents growing up, but-

00:41:12.980 Even growing up?

00:41:13.540 Oh, my God, yeah.

00:41:14.380 Even growing up?

00:41:15.240 From as far back, I'd like to say, so my-

00:41:17.580 What caused it?

00:41:18.440 I'll tell you a story. 0.99

00:41:19.220 So back when I was 12, my brother, he's a fucking commie, right? 0.99

00:41:23.840 And he went to this camp that was like a communist fucking camp, right? 0.99

00:41:28.360 And I, you know, idolized my older brothers three years old. 0.99

00:41:30.260 I was like, oh, I want to go to the camp too.

00:41:31.580 You really know what it was about. 0.99

00:41:32.660 It was like a socialist fucking work camp, right? 0.99

00:41:34.560 So I go there, right? 0.98

00:41:36.300 And I, and I, and they say, okay, first thing you got to do is you got to share, you got

00:41:40.080 to put your money in.

00:41:41.640 I'm like, why?

00:41:42.840 Because we all pool on money. 1.00

00:41:44.620 Like, fuck. 1.00

00:41:44.720 They didn't say that. 1.00

00:41:45.600 Yeah. 1.00

00:41:46.060 I'm like, fuck that shit. 1.00

00:41:47.060 I'm like, I don't want to do that. 1.00

00:41:48.100 They fucking impound, I got impounded. 0.99

00:41:49.540 They put me in a fucking, like a lockdown situation, like, because I wouldn't share my fucking 1.00

00:41:53.420 money. 1.00

00:41:54.380 And I was like, I think I was green. 0.98

00:41:55.440 Like, why the fuck should I share my money with other people? 0.75

00:41:57.620 Like, you know, it's like, and not that I think I even worked for, because I was already 0.92

00:42:00.680 doing magic shows.

00:42:01.700 But I was like, so, I was so, but they threw me out.

00:42:03.760 I actually got, I got, I had to leave the camp early.

00:42:05.960 I got thrown out.

00:42:07.100 And like, and so I always just fall back as I can remember.

00:42:10.960 I always liked nice things.

00:42:12.720 I always was not scared to work for nice things.

00:42:15.420 And I think when my parents were amazing people, love my parents to death, but I noticed some

00:42:19.780 things about them. 0.98

00:42:20.320 I'm like, number one, brilliant, hardworking, educated, and fucking broke. 0.97

00:42:26.820 So I'm like, wait a second. 0.96

00:42:27.900 I'm like, okay, so wait a second.

00:42:28.740 So you can go to school, get degrees.

00:42:31.080 They're both the CPAs.

00:42:32.280 My mom's now even a lawyer.

00:42:33.380 Mom and dad both CPAs.

00:42:34.340 Both CPAs.

00:42:34.980 My mom was a CPA back in the fifties, like in Mad Men, but when women weren't in the 1.00

00:42:39.840 workplace, right?

00:42:40.340 She was there.

00:42:41.100 CPA in the fifties.

00:42:41.840 Oh yeah.

00:42:42.120 And she was rocking and rolling.

00:42:43.320 Brilliant woman, right? 0.85

00:42:44.040 My dad was a CPA.

00:42:45.620 And I remember when I was like 11 years old, I wanted a dirt bike.

00:42:49.720 And I said, huh, I want a dirt bike.

00:42:51.120 It was like 120 bucks.

00:42:52.440 And they said, we can't afford it. 1.00

00:42:53.380 I'm like, what the fuck? 0.99

00:42:55.360 What do you mean? 1.00

00:42:55.880 They're like, you guys are fucking accountants. 0.99

00:42:57.680 What do you mean you can't afford it? 1.00

00:42:58.560 I was like, we get my mom said, let me show you our budget. 0.99

00:43:01.160 And she actually showed me the, I was like, fuck, I was appalled. 0.99

00:43:06.360 I was like, that's all you fucking, I was like, I felt like, how dare you? 1.00

00:43:10.440 How old did you say you were? 0.99

00:43:11.440 I was 12, 11 or 12, something like that, right?

00:43:14.040 And they couldn't, and I couldn't have this dirt bike.

00:43:16.160 And the same thing happened with an electric guitar.

00:43:17.660 I wanted to play the guitars. 1.00

00:43:18.800 And I was like, fuck. 0.99

00:43:21.420 And it just sort of locked in this idea with me that there's something else. 0.99

00:43:26.340 Now let's talk about entrepreneurship.

00:43:27.500 You're a really well-known, well-respected entrepreneur.

00:43:30.420 We could talk all day, the two of us, right?

00:43:31.760 But I want to talk about entrepreneurship.

00:43:33.040 Tell me about how you, you had a big break, right? 1.00

00:43:35.780 Where you, so you go to the army, you're a fucking mad man, right? 0.99

00:43:38.520 And I respect you. 1.00

00:43:39.900 Anyone that serves the military, here's that I just fucking kudos for you, right? 0.92

00:43:43.020 That's great, right? 0.96

00:43:43.800 I appreciate it.

00:43:44.020 I really, I mean that from the bottom of my heart, right?

00:43:46.540 But then you come out, right?

00:43:48.100 And tell me your career and how did it really start as an entrepreneur.

00:43:50.780 Yeah, so I got out, I met a, I want to be bodybuilder.

00:43:54.200 That's what it was.

00:43:54.720 I was going to go be the Middle Eastern Arnold. 1.00

00:43:56.400 I was going to go win Mr. Olympia, go into Hollywood, marry Kennedy, be a governor.

00:44:00.000 That was the plan, right?

00:44:01.100 That's the route I was going to take.

00:44:02.800 Met a girl at Venice Beach, California.

00:44:05.600 She was a broker at Morgan Stanley Dean Woodard.

00:44:07.740 Okay.

00:44:08.160 And we'd go out.

00:44:09.100 She would always pick me up in a different car.

00:44:10.740 And finally I said, how do you make your money?

00:44:12.120 She says, I'm the advisor to Laker players.

00:44:14.420 That's what I do.

00:44:15.120 I'm a series seven, 66, the whole nine.

00:44:17.520 I said, how can I do it?

00:44:18.780 She said, well, you need to have a four-year degree.

00:44:20.400 Morgan doesn't hire without a degree.

00:44:21.880 And I was looking for JT Marlin, but JT Marlin wasn't out there, right?

00:44:26.540 So I said, how do I start working here?

00:44:29.160 A boiler room reference.

00:44:30.340 That's right.

00:44:31.220 So I said, let me go look for these guys, see if I can find something.

00:44:33.600 So I took my resume.

00:44:35.620 On the cover of the resume, I put a joke.

00:44:38.000 And on the bottom of the joke, I put, if you're laughing right now, this is exactly

00:44:42.080 how clients are going to feel when they invest with me.

00:44:44.680 If you want something like this part of your team, give me a call.

00:44:46.920 By the way, my resume had the following.

00:44:48.160 On Haagen-Dazs, Bob's Big Boy, Burger King, military bally. 0.81

00:44:52.060 That's no four-year degree, no two-year degree.

00:44:54.140 Come on.

00:44:54.400 Military helps out.

00:44:55.120 That's impressive, yeah.

00:44:56.020 So I was 21 years old.

00:44:57.040 I faxed it to 100 different places.

00:44:58.660 30 people called me back.

00:44:59.880 15 said, this is hilarious, but you don't qualify.

00:45:01.840 15 gave me an interview.

00:45:03.480 And eventually I got three offers.

00:45:05.060 I started off with Morgan Stanley Dean Woodard out of Glendale.

00:45:07.620 So 9-11 happens.

00:45:09.380 A day before 9-11 is my first day with Morgan Stanley Dean Woodard.

00:45:12.000 This is a Monday, 9-10.

00:45:13.820 Start off with them.

00:45:14.600 Get my Series 7, 66, 3126 Life and Health.

00:45:17.460 I go that route.

00:45:19.000 And start selling.

00:45:20.560 Next thing you know, I go to Transamerica.

00:45:22.220 I'm with them for seven and a half years.

00:45:24.040 Then October of 2009, we start our own insurance company.

00:45:26.600 66 agents out of Northridge, California.

00:45:29.100 66 agents, Northridge, California.

00:45:30.440 So you slot your own insurance company.

00:45:31.620 Fully, October of 2009.

00:45:32.920 I am 30 at the time, okay?

00:45:35.880 So I look at the marketplace.

00:45:37.020 I said, okay, no one's using social media in financial services.

00:45:42.060 They're afraid of it.

00:45:42.940 They're worried about it because you can't use it.

00:45:44.720 You can't post anything.

00:45:45.780 Everything with BD has got to get approved.

00:45:47.400 Broker dealers are not approving these emails.

00:45:49.460 All these things they're talking about.

00:45:50.820 Life is still flexible.

00:45:52.780 Securities is not.

00:45:53.800 I said, let's go do life.

00:45:54.640 So we eliminate a lot of a securities gig, and we strictly focus on life and annuities.

00:45:59.420 So we start off out of one office, Northridge, California.

00:46:01.760 And the next thing you know, we grew it from 66 agents to today.

00:46:05.460 10,500 agents, 49 states.

00:46:09.020 De La Jolla is one of our investors.

00:46:10.680 Gabriel Brenner is another one.

00:46:12.800 Adalia Fund out of New York is another one.

00:46:14.560 It's a $2 billion fund.

00:46:15.720 We raise it.

00:46:16.300 Our convention's coming up in the next six weeks.

00:46:18.380 Keynote speakers.

00:46:19.080 Billy Bean.

00:46:19.280 We got to stop.

00:46:20.280 We got to slow down.

00:46:20.960 I got to go back.

00:46:21.580 All right.

00:46:21.880 This is, you have to tell, okay, you owe it to my people here. 0.96

00:46:26.240 How the fuck did you, I want to know how you, let's break down your strategy, right? 0.97

00:46:29.540 If you could, let's break it down. 0.99

00:46:31.460 So like, I always think that like, well, it might seem like how the fuck did this guy 0.98

00:46:35.240 do it? 0.61

00:46:35.560 Like it's, in the end, there's always, you did some things that are duplicatable strategies.

00:46:40.080 100%.

00:46:40.440 Let's start, slow it down.

00:46:41.760 So tell me, what was it?

00:46:42.640 So you started in 2009?

00:46:44.900 2009, October of 2009.

00:46:46.060 And how much money did it take you to start this?

00:46:47.620 $600,000.

00:46:48.500 $600,000.

00:46:48.960 So did you borrow any or did you borrow your own money? 0.99

00:46:51.520 So you took the money you earned from financial services, you rolled the fuck in. 0.97

00:46:55.480 Now, was that like your last dollar or you had, did you like put it all in the line or 0.98

00:46:58.640 did you have some more in reserve?

00:47:00.040 I probably had a little bit more, but I put, I said, I'm going all in.

00:47:03.040 You put the bulk of your money.

00:47:04.160 I put the bulk of my money in.

00:47:05.380 And you were, how old was the time?

00:47:07.160 29, 30.

00:47:07.980 Okay.

00:47:08.360 And married at this point?

00:47:10.100 I got married three months prior to that.

00:47:12.200 No kids yet?

00:47:12.940 No kids yet.

00:47:13.540 Got it.

00:47:13.720 Okay, good.

00:47:14.120 Great time, right?

00:47:14.920 Yeah.

00:47:15.220 There's a lot of people watching or in that, you know, you can, it's almost as you get a

00:47:18.900 bit old.

00:47:19.280 You can always, you know, do things in life. 0.97

00:47:21.660 But when you're that age, no kids, you fucking can't afford to take risks, right? 0.93

00:47:24.900 Yeah. 0.97

00:47:25.160 So we, let me tell you what happened though.

00:47:26.840 You asked the question strategy that's going to be transferred to other people.

00:47:29.760 This is one of them.

00:47:30.460 I studied the industry.

00:47:31.600 I literally sat down and I read every single thing I could on the industry.

00:47:36.240 Everything.

00:47:37.420 Limra, every reports, demographic, who they are able to recruit, who they're not, what

00:47:41.880 clients are not getting any kind of service.

00:47:44.400 So I looked at the whole, do not call this.

00:47:46.300 Is it doing good things to the marketplace?

00:47:47.880 Is it doing bad things to the marketplace?

00:47:49.280 When it came out in November of 03, I'm looking at everything.

00:47:52.220 The average agent at the time was a 57 year old white male.

00:47:55.800 Today, the average agent is a 59 year old white male.

00:47:58.420 So I'm looking at the market.

00:47:59.620 Oh yeah.

00:48:00.000 Insurance.

00:48:00.840 I'm looking at the market.

00:48:01.980 They don't know how to tap into the Latino community. 1.00

00:48:04.200 There is no, they don't know how to tap into women selling insurance. 1.00

00:48:07.560 It's mainly men selling insurance.

00:48:09.600 They don't know how to tap into millennials.

00:48:11.340 They're not fully understanding social media.

00:48:13.060 They're afraid of social media.

00:48:14.820 So I wrote a book.

00:48:15.520 I wrote a book about specifically what our strategy was.

00:48:18.360 That was the five points.

00:48:20.000 So step one, in other words, you didn't just leap.

00:48:22.400 You actually did some research.

00:48:24.260 You identified a niche in the marketplace and you had a strategy.

00:48:27.620 Did you model someone and then, or, you know, typically like, you know, if there's some

00:48:31.980 model that you use, then you improved on it.

00:48:34.100 Or was it basically, was your model the culmination of all your research?

00:48:37.840 No.

00:48:38.220 I mean, my model was a model of five different people that I looked at.

00:48:42.120 I was watching.

00:48:42.920 You took what you liked from one, from another, from another.

00:48:44.880 Absolutely.

00:48:45.560 I will tell you what book had a big impact on my business was Blue Ocean Strategy.

00:48:49.740 Absolutely.

00:48:50.380 Okay.

00:48:50.760 I mean, I don't know if you read Blue Ocean Strategy.

00:48:52.540 I don't know.

00:48:52.920 Highly recommend it.

00:48:53.600 I'll read it.

00:48:54.020 A hundred percent recommend, especially now you're doing your podcast and what you'd highly,

00:48:57.620 highly recommend the Blue Ocean Strategy formula.

00:48:59.540 Tiffany, make a note.

00:49:00.660 Four and a half million copies sold.

00:49:01.960 I'll read it tonight.

00:49:02.140 The guy that wrote it was W.C. Chen.

00:49:03.460 You will not be able to put it down.

00:49:04.880 Great.

00:49:05.140 So I read the book and I'm like, okay, this strategy makes a lot of sense.

00:49:07.520 So we need to eliminate, we need to decrease, increase, create.

00:49:10.580 Perfect.

00:49:11.000 This is what it's making sense.

00:49:12.020 This is the direction we're going to go.

00:49:13.000 And I looked at it in insurance.

00:49:13.980 At the top, everybody was Caucasian.

00:49:15.520 We need some people that can connect with millennials and minorities.

00:49:19.600 So I said, that's the direction we're going.

00:49:21.280 So we started going, by the way, today we're 54% Latino and 51% women.

00:49:27.000 Our number one earner is a woman. 1.00

00:49:28.640 Interesting.

00:49:28.920 So you started, you started with how many agents?

00:49:32.000 66.

00:49:32.740 66.

00:49:33.320 How'd you start with 66 people?

00:49:35.240 I was already known in the marketplace in the San Fernando Valley area.

00:49:39.000 So you opened up your door.

00:49:40.100 Like imagine New York is San Fernando.

00:49:42.060 Right.

00:49:42.200 Okay.

00:49:42.500 In San Fernando, they knew what I was doing.

00:49:44.020 So you opened up, you had 60 desks with agents there, or they working from home,

00:49:48.040 or they were just an office, 60 agents, 60 phones.

00:49:50.740 Look at it as a co-op banker.

00:49:52.200 You got 60 realtors working with you.

00:49:54.220 Got it.

00:49:54.620 Yeah.

00:49:54.900 Got it.

00:49:55.240 Okay.

00:49:55.460 So I had 66 agents.

00:49:56.700 All right.

00:49:56.880 And you took those from people knew you in the industry.

00:50:00.720 So you basically had a-

00:50:01.680 These are guys I had trained for seven and a half years.

00:50:04.040 So you had a following.

00:50:04.820 Yep.

00:50:04.860 Had a following.

00:50:05.440 Yeah.

00:50:05.620 Got it.

00:50:05.660 Okay.

00:50:06.080 So you start with 66, right?

00:50:07.540 66 agents.

00:50:08.060 And does it just right out of the gate take off like a rocket?

00:50:11.560 No, no, no.

00:50:12.220 Not at all.

00:50:12.620 No, not at all.

00:50:13.460 Because right out of, I got sued on October 29th of 2009 from a $400 billion

00:50:17.920 company, Agon, October 29th.

00:50:19.700 Or what?

00:50:20.560 For potentially taking clients.

00:50:23.500 We didn't take any clients.

00:50:24.540 7,000 clients stayed.

00:50:26.100 Interferent.

00:50:26.460 We moved.

00:50:26.820 Portion interference.

00:50:27.540 Yes.

00:50:28.560 August, which is nine, 10 months later, we settled.

00:50:31.520 I've never been sued in my life.

00:50:33.040 That was the only time I got sued.

00:50:34.480 Wish I could say that.

00:50:35.400 Keep going.

00:50:35.800 Yeah.

00:50:36.220 So August, we settled.

00:50:37.560 We finalized.

00:50:38.200 We started moving.

00:50:39.960 And from there, the strategy was, I'm going to start with California.

00:50:43.920 Then I'm going to go Florida.

00:50:45.560 Then I'm going to go Texas.

00:50:46.780 Then I'm going to go Illinois.

00:50:47.620 Then I'm going to grow and expand.

00:50:49.520 Right.

00:50:49.720 So we went one office, two, three, four, five, six.

00:50:52.640 And now we're over 100 offices nationwide.

00:50:55.500 What was your, you say, your biggest pivot?

00:50:59.240 Like you had to, typically when you're doing that, you're starting and things are going

00:51:04.220 with it.

00:51:04.440 You make some little move.

00:51:05.740 And it just, was there one move that you made?

00:51:07.540 A hundred percent.

00:51:08.360 I can't even believe you asked that question.

00:51:09.980 Yeah.

00:51:10.100 So I was, so I'm sitting there and I'm looking at the comp plan.

00:51:15.740 And a company's comp structure attract certain kind of people.

00:51:19.960 Your comp plan, whatever way you pay your people.

00:51:22.400 A thousand percent.

00:51:22.780 It attracts exactly.

00:51:24.080 So I'm looking at it saying, what kind of people does this comp plan attract?

00:51:28.020 I changed my comp plan maybe a hundred times.

00:51:31.200 Maybe a hundred times.

00:51:32.180 Could be even more.

00:51:33.160 I kept changing.

00:51:34.060 We're changing this this month.

00:51:35.400 We're testing.

00:51:35.780 It's like test, test, test.

00:51:36.600 Finally, I came out with this comp plan in September, I don't know what, September 14

00:51:41.360 or 15, 15, I want to say September.

00:51:43.400 And I called it the great equalizer bonus program.

00:51:46.080 And it was five tiers.

00:51:47.580 And I said, I'm going to try it for one month, then two months, then three months.

00:51:50.160 The next thing you know, a guy that had only been with us for a year made 220, then 640,

00:51:55.240 then a million.

00:51:55.820 There you go, right.

00:51:56.220 Then he made 3.3 million in two and a half, three years.

00:51:59.120 And I was like, wait a minute, what the hell?

00:52:00.340 So then everybody followed this comp.

00:52:02.240 So the way you set up the comp gets the behavior that you want.

00:52:06.140 There are a lot of companies out there doing that.

00:52:07.960 I would not agree with you.

00:52:08.440 I always, by the way, when I, you know, I do a lot of consulting, right.

00:52:11.120 For Salesforce, I say some of the biggest mistakes are made in the compensation, because

00:52:15.520 if you have a competence flawed, it disincentivizes people to work or just to have a few clients

00:52:22.180 and stop, right.

00:52:23.060 So you have to almost make sure that someone just can't open a few big clients and then

00:52:26.160 rest on their laurels.

00:52:26.980 Right.

00:52:27.580 And then, likewise, also, you want to have people that are tied to the company you build

00:52:31.240 a lawyer with residual income, right.

00:52:32.560 So it's sort of this kind of dance you're doing with both.

00:52:34.640 So you hit on this comp plan, right.

00:52:36.540 People start making a lot of money.

00:52:37.780 They just almost start like pouring in.

00:52:39.500 It's just showing up your daughter for work, basically.

00:52:40.900 Yeah.

00:52:41.200 And then at the same time, in 2013, I was a private guy.

00:52:44.580 I'm like, listen, I'm not going to talk about my belief, you know, communist, how I was

00:52:48.040 raised, Iran, all this.

00:52:49.060 I'm a private guy.

00:52:49.880 I live my life.

00:52:50.540 I'm going to work.

00:52:51.060 I'm going to do my thing.

00:52:51.880 Libertarian.

00:52:52.640 Leave me alone.

00:52:53.240 Let me make my money.

00:52:53.860 Just don't bother me.

00:52:55.840 I kind of started noticing that we're living in a time where everybody's naked.

00:52:59.940 You can't hide today.

00:53:00.740 It takes two minutes for somebody to know you're Republican.

00:53:03.600 That's all.

00:53:03.980 You got to go on your Twitter account, Facebook account.

00:53:05.840 Okay.

00:53:05.980 This is what Jordan Belfort believes in.

00:53:07.360 Got it.

00:53:07.780 Next.

00:53:08.240 Boom.

00:53:08.520 Right.

00:53:09.400 So I said, rather than trying to live a private life, I'm going to start creating content.

00:53:12.640 So I was making content strictly privately for our agency, but I started doing it publicly.

00:53:17.560 Right.

00:53:18.000 Started a YouTube channel called it Patrick Bay David.

00:53:20.180 Two years later, changed it to value tainment.

00:53:22.440 And today we got 1.3, 1.4 million subscribers over a billion minutes watched.

00:53:26.340 Tell me this, this, this one thing I, I, I, you have this one major hit, right?

00:53:31.680 The 90 was the 90.

00:53:33.000 That was on Facebook.

00:53:33.860 Tell me what this is.

00:53:34.560 The 90.

00:53:34.860 Yeah.

00:53:35.060 So, you know, I put the video on YouTube.

00:53:37.180 It's called Life of an Entrepreneur 92nd.

00:53:39.320 All right. 0.99

00:53:39.820 That was a fucking, by the way, as soon as I heard, I'm like, bingo. 0.99

00:53:44.400 That's like just a catchy thing. 0.99

00:53:45.880 Title, right?

00:53:46.380 Yeah, yeah, yeah.

00:53:46.920 Yeah.

00:53:47.280 So tell me what, what was it?

00:53:48.500 Yeah.

00:53:48.720 So we put the video up and what's so crazy, the day we shot the video is the day my father-in-law

00:53:53.260 died and I went inside and my wife is crying and I'm like, I got to cancel this shoot.

00:53:57.540 I don't even know how to handle my wife. 1.00

00:53:58.600 I've never seen my wife lose, you know, her father.

00:54:01.720 So she's a mess. 1.00

00:54:02.840 She says, I said, I'm not shooting.

00:54:04.140 She says, no, babe, you go do your thing.

00:54:05.420 Guys, there's a camera.

00:54:06.080 Guys, eight people are outside, six o'clock in the morning.

00:54:08.760 You know, we're trying to set this whole thing up.

00:54:10.460 She says, no, go do it.

00:54:11.420 I know you guys have been planning this.

00:54:12.360 I said, okay, so we want a shot.

00:54:13.380 I'm just like, I'm a mess the entire day. 0.81

00:54:15.160 My mind is on the family, so I'm shooting.

00:54:17.500 And we came back.

00:54:18.600 These guys did a phenomenal job.

00:54:20.000 We put the video up on YouTube.

00:54:21.480 I said, let's see how it's going to do.

00:54:22.620 We called it the best motivational video 2015.

00:54:25.260 I love it.

00:54:25.740 I go to sleep.

00:54:26.460 I wake up.

00:54:26.940 It's only 2,000 views.

00:54:28.060 What a flop, you know?

00:54:30.840 So then we go upload it October 31st at 3.13 PM Pacific Standard Time.

00:54:36.720 I upload it on Facebook titled Life of an Entrepreneur in 90 Seconds.

00:54:40.680 And then we go out there, what do you call it?

00:54:42.800 A Halloween trick or treating my kids.

00:54:44.840 Two hours later, it's got 300,000 views.

00:54:46.760 I go to sleep, wake up, 5 million views.

00:54:48.480 A week later, 10 million.

00:54:49.460 And then all of a sudden, 31 million views.

00:54:50.960 So it just went crazy.

00:54:54.360 That's a great feeling, isn't it?

00:54:56.840 You know, it's like-

00:54:58.020 Especially when you don't expect it.

00:54:59.200 I know.

00:54:59.440 It's a defining moment, right?

00:55:00.760 Then you took that, right?

00:55:02.140 And then you ended up leveraging it to a book, right?

00:55:04.620 I leveraged it to a book.

00:55:05.740 So how the book was?

00:55:07.040 Life of an Entrepreneur in 90 Pages.

00:55:08.880 90 pages, great.

00:55:09.740 Right, and I'm sure the book was a huge bestseller, right?

00:55:12.280 We did well.

00:55:13.080 The book did well, yeah.

00:55:14.520 And how did that, in terms of your business,

00:55:17.880 did it impact your business per se?

00:55:19.600 Was it a separate thing?

00:55:20.740 Like, is your personal brand integrated into your business?

00:55:23.800 No, so here's what I don't do.

00:55:25.280 You will never hear me do a call to action with my following to go into what I'm doing

00:55:30.780 personally.

00:55:31.400 Never.

00:55:31.940 You will never hear me.

00:55:33.360 Matter of fact, let me give you what took place a month ago.

00:55:36.060 I told the value team of followers, I'm going to put a three-day conference once we cross

00:55:41.000 a million subs.

00:55:41.960 So we crossed a million subs.

00:55:43.380 And I put a three-day conference in Dallas.

00:55:45.020 We had two months to promote.

00:55:46.460 I said, we're going to do it in Dallas.

00:55:48.240 To my agency in the insurance company, I said, you are not allowed to come.

00:55:52.480 So I put a conference the following week.

00:55:54.200 I ran it out to Cowboy Stadium.

00:55:55.420 I put a conference the following week so it wouldn't, you know, kind of confuse each

00:55:59.660 other.

00:56:00.380 So value team and audience was one week.

00:56:02.560 Then the PHP audience was the following week.

00:56:04.660 We had people show up from 43 different countries to the value team and conference.

00:56:08.100 And it was great.

00:56:08.660 Three-day conference.

00:56:09.280 I had Peter Guber there.

00:56:10.300 I had Phil Heath there.

00:56:12.320 It was a great conference.

00:56:13.820 So now our conference, PHP, is five weeks from now.

00:56:15.880 I have President Bush there.

00:56:16.820 I have Kobe Bryant come in.

00:56:18.940 Jordan, that's going to be the one in five weeks.

00:56:20.360 That's at the Mirai.

00:56:21.220 So yeah, I've separated the two because I want the integrity of both.

00:56:26.860 That's worked very well.

00:56:28.120 And both audiences have a lot of respect that there's no commingling going on.

00:56:32.640 Two questions.

00:56:33.540 We're over.

00:56:34.460 I'm going to go a few more minutes here.

00:56:35.920 Lead the way.

00:56:36.480 Yeah, lead the way.

00:56:36.900 A couple of questions.

00:56:37.280 We're over, but you're an interesting dude.

00:56:39.680 I love talking to you.

00:56:40.580 So I'd love you to come back again.

00:56:42.540 A couple of questions.

00:56:43.260 Number one, for young entrepreneurs, right?

00:56:46.180 What's the best thing?

00:56:48.400 I'm not like what industry reaches.

00:56:50.200 Just what's the advice that you would give to a young guy, 20, 25 years old, wants to

00:56:56.240 go out, get rich, build a great life.

00:56:58.980 What advice, just overall advice would you give them?

00:57:01.760 It's very easy for me.

00:57:02.900 It's shadowing.

00:57:04.300 Go shadow somebody.

00:57:05.920 Go shadow somebody that's very good.

00:57:07.160 Proximity is power, right?

00:57:07.960 Not just proximity.

00:57:09.620 Proximity is, hey, Jordan, can I take you out to lunch and spend time with you?

00:57:13.400 That could be proximity.

00:57:14.560 I'm talking about, hey, can I work for Jordan?

00:57:18.780 Be your right-hand guy.

00:57:20.740 Be the movie American Gangster.

00:57:23.140 You see Frank Lucas sees his boss, shadows him for 10 years.

00:57:26.800 Then he becomes, you see this in business.

00:57:29.020 You see this in sports.

00:57:30.080 You see this Steve Kerr is shadowing Phil Jackson.

00:57:33.380 Then he shadows Popovich.

00:57:34.480 Now he's the best coach in the NBA outside of Popovich.

00:57:37.380 There's an element of shadowing.

00:57:38.980 So you got to find somebody locally where you say, look, I want to go work for this

00:57:42.480 guy.

00:57:43.140 And I'm going to spend three years with this guy and learn from him.

00:57:45.560 So the idea is that, like, let's say, you know, you're a born entrepreneur, right?

00:57:50.300 You know it's in your blood.

00:57:51.640 Yeah.

00:57:52.120 But as part of that, like there's a certain period of sacrifice to really, if you find

00:57:56.980 the right men, someone that you can really, you know, kind of really tap into, right?

00:58:01.280 And really learn from and grow with.

00:58:02.500 There's nothing wrong with spending a certain amount of time there and really, you know,

00:58:07.440 those grooming years, right?

00:58:08.940 I think a lot of people skip over that.

00:58:10.300 They don't, they don't want to sit there and kind of be subservient to someone else.

00:58:13.780 They even think of something inferior.

00:58:14.940 Like, you know, there's an entrepreneurial mindset to go work for someone else, but they're

00:58:18.140 not mutually exclusive.

00:58:19.300 No, it's just okay to do it if there's an end game in mind, right?

00:58:23.360 That you're, you know, you're not looking to be a lifelong servant, but to tap into whatever

00:58:27.360 you need, but then eventually when the time is right and you know what you need to know, you

00:58:30.940 have the connections, the respect, you go out on your own.

00:58:33.060 Is that sort of?

00:58:33.660 Absolutely.

00:58:34.280 I'm all about you.

00:58:34.980 If you shadow the right person, you shadow the right person.

00:58:37.980 And then for me, get to a point where you can have a power position with this person.

00:58:43.440 Get to a point where you can get, I'm talking to the person that's absolutely ambitious

00:58:46.040 driven.

00:58:46.380 I'm not talking to the guy that wants to do a role playing type of position.

00:58:50.080 I'm talking to somebody that says, I want to go be somebody and I want to go make tens,

00:58:54.880 if not hundreds chase the big dollars, but I want to be able to do it with somebody.

00:58:58.840 You find like a lot of times somebody goes and works for a guy who's doing very well.

00:59:02.720 He's known in a community, say the, the whoever of different cities, every city has somebody

00:59:07.220 that everybody wants to work for.

00:59:08.620 You go work for that guy.

00:59:10.140 Then it comes to a point where you're like, I'm going to go do my own thing.

00:59:12.860 It may not make sense for you to go do your own thing.

00:59:14.960 There's a lot of people right now being billionaires, being entrepreneurs, not entrepreneurs.

00:59:18.700 In certain industries by the like financial survey, you could tap into infrastructure.

00:59:22.200 It's easier, no doubt about it.

00:59:24.320 Absolutely.

00:59:24.720 Even Balmer, look what Balmer's worth, you know, 30, $40 billion.

00:59:27.800 He never started anything.

00:59:28.800 He worked with Gates.

00:59:29.560 So positioning is critical, knowing where your strengths are.

00:59:33.660 You know, this whole idea about, I can be that guy.

00:59:36.980 You can't be everybody.

00:59:38.040 You got to know it very early.

00:59:39.100 You cannot be everybody.

00:59:40.680 There are certain people you and I cannot be like.

00:59:42.820 There are certain personality traits.

00:59:44.160 No doubt.

00:59:44.860 No doubt about it.

00:59:45.500 So the sooner you understand.

00:59:46.480 Identifying your own strengths and accepting it.

00:59:48.540 Yes.

00:59:48.640 Right, yeah.

00:59:48.960 So style, like I, like, let's just say if I relate to your style, I'm like, you know

00:59:51.920 what?

00:59:52.060 I'm like his style.

00:59:53.220 Then I got to work for a guy like you.

00:59:54.960 Say different style of selling.

00:59:56.640 You go look at a guy's style of selling that's very proper, you know, very, you got to go

01:00:00.080 to that guy.

01:00:00.960 Somebody that fits your style that's killing it, then go shadow that person.

01:00:04.520 And a few years later, you can make some decisions on where you want to go.

01:00:07.920 I think that, you know, one of the things is important to point out with that is that

01:00:11.760 when you're modeling someone, you don't have to necessarily take every aspect of them.

01:00:17.580 You can extract the best, right?

01:00:19.720 Because I made that mistake because you're right.

01:00:21.720 I've done that and I did that and I actually had some guys, amazing traits, but he had

01:00:26.260 some bad ones too.

01:00:27.700 And I didn't realize I was young and naive and I took sort of the whole organism.

01:00:31.580 You can actually have one, two, three people and you did, you had five, you said you had

01:00:35.820 five entities and you sort of pulled the best from each one, started your company, pivoted

01:00:41.280 a couple of times, boom, took off.

01:00:43.400 So I think the key is, is that when you do what you say, because I think it's a great

01:00:47.300 thing to do, but you don't have to always take everything from someone.

01:00:52.040 You can take only the best traits and the ones that fit you and sort of leave, because

01:00:55.940 no one's perfect.

01:00:56.860 Everyone's got their flaws and stuff.

01:00:58.260 I mean, listen, one of the best advices I got many, many years ago was, you know, sons

01:01:03.720 and fathers or daughters and mothers go through three phases.

01:01:06.780 First they idolize, then they demonize, then they humanize.

01:01:09.900 So idolize, demonize, humanize.

01:01:12.740 Oh my gosh, my dad's my hero. 1.00

01:01:14.700 Dad, you're an asshole. 1.00

01:01:15.920 You know nothing. 1.00

01:01:16.800 You don't even understand what I'm going through.

01:01:18.700 Oh my gosh, my dad's not perfect.

01:01:20.360 He's a human being just like me.

01:01:21.660 So yeah, anybody you work with, you're going to go through it.

01:01:24.100 And the goal is to eventually get to the humanized phase because no one is going to be perfect.

01:01:28.120 And last question, right?

01:01:30.560 What do you think about 2020?

01:01:33.100 What do you think is going to win?

01:01:34.080 And, you know, how do you view what, like, does it concern you if the country takes a

01:01:40.360 rapid lurch to the left or, you know, what do you think is going to happen?

01:01:43.460 If you look at the pendulum, just go, I'm a, I'm a trend guy.

01:01:46.100 I'm a data predictive analytics guy.

01:01:47.580 This is why I'm bringing Billy B into our conference.

01:01:49.300 Cause I want to know that.

01:01:50.520 I love baseball because it's stats, right?

01:01:52.640 I'm a stats guy.

01:01:54.020 So president today's Republican.

01:01:56.320 Okay.

01:01:56.760 Trump prior to him, Obama, Democrat prior to him, Bush Republican prior to him, Clinton Democrat prior

01:02:01.860 to him, Bush Republican prior to him, you know, you can go Reagan and then Carter and then

01:02:07.560 Nixon.

01:02:08.220 And then, so you can go back and look at Ford and Nixon and John F.

01:02:11.520 But there's two terms versus one term, right?

01:02:13.580 So if you're asking a two-term question, I don't think the left has got a solid candidate.

01:02:17.780 I don't think Joe Biden's going to be able to face off with Trump.

01:02:21.580 I don't see that.

01:02:22.260 I think Bernie stands a better debate than him, debate wise.

01:02:25.440 Remember not philosophy.

01:02:26.560 I think Biden may be a better democratic president than Sanders would, but today personality

01:02:32.940 matters, energy matters, being able to move and rally, you know, every time Biden was

01:02:38.140 in Iowa, they didn't show up to his camp, but, but Sanders know how to rally people.

01:02:42.480 So Sanders was even better at rallying than Hillary was.

01:02:45.040 No doubt.

01:02:45.320 Well, listen, you know, she was a flawed.

01:02:47.600 Superdelegate.

01:02:48.220 She had it though.

01:02:49.040 She had the superdelegate.

01:02:49.720 Yeah, it was stolen basically.

01:02:51.160 Let me ask you a question.

01:02:51.980 If there's one last question, right?

01:02:53.860 I got to, you're a smart guy, right?

01:02:55.060 If there was a one piece of advice you could give to Donald Trump, that if there's one

01:03:00.360 thing you could change, what do you think that would make him even more effective?

01:03:03.400 One thing that he would, uh, uh, uh, uh, change, um, what style one, what is anything

01:03:09.700 that you would change or not?

01:03:10.640 Here's, here's what I would tell you.

01:03:11.780 I, I, I, okay.

01:03:13.880 So for me, it is very hard to give advice on personality that's worked for somebody for

01:03:22.040 74 flipping years.

01:03:23.940 There's nothing you can tell this guy.

01:03:26.460 He's going to sit there and say, do you know how many broads I've been with?

01:03:29.800 Do you know how many billions I've touched?

01:03:31.340 Do you know how many people I've had dinner with?

01:03:32.940 Do you know what kind of building you have no clue who the hell you are to give me advice

01:03:36.660 with?

01:03:36.960 I really think he's not a guy that takes advice from anybody.

01:03:39.660 I fully believe that.

01:03:40.740 I don't think he's an advice guy.

01:03:42.140 I think he processes with people.

01:03:43.560 Like I think hope picks was a good process.

01:03:45.780 I think Sarah Huckabee was a good person.

01:03:47.500 I think Kellyanne Conway was a good person to listen to him.

01:03:50.360 But so he takes it in and uses his own internal mechanism.

01:03:53.100 I will give one thing.

01:03:54.580 There's one thing I will say.

01:03:55.780 I will give one thing that in this negotiation that he's doing, I think he's starting to

01:03:59.920 realize the power of 5G because what it's going to do to self-driving cars and what it's

01:04:03.600 going to do to speed up technology.

01:04:04.900 And we're going to come up with technology better.

01:04:06.360 And the fact that Huawei, out of 188,000 employees, 75,000 of their employees are in R&D, research

01:04:13.120 and development.

01:04:13.960 We are, this 5G thing is going to be bigger than people realize it.

01:04:17.600 You know, I'm glad you brought this up because I have not focused enough on it.

01:04:21.240 I'm aware of it, right?

01:04:22.220 But I'm actually going to research it because it's a very important topic.

01:04:24.020 I think a guy like your brain, your brain, the way you're wired, like the way you explain

01:04:28.800 Bitcoin like that, I mean, your brain, the way you're wired, if you go down the rabbit

01:04:32.560 hole of Huawei.

01:04:33.120 Yeah, I'm going to.

01:04:33.620 You are going to, you, it's going to be like 50 layers and it's deeper than, by the way,

01:04:38.060 today.

01:04:38.700 The CEO's doors and she's still in there. 1.00

01:04:40.820 No, she was, man, the CEO's door.

01:04:42.620 In Canada, right?

01:04:43.140 She got arrested in Canada.

01:04:43.900 Is she still there or are they released?

01:04:45.020 No, no, she's back.

01:04:45.740 But Google dropped the contract.

01:04:47.320 There's 90 days.

01:04:48.080 And so the most important number there is 206 million phones were sold last year, Huawei.

01:04:53.660 They went from zero to 206 million in 10 years.

01:04:56.040 They've never sold smartphone.

01:04:57.080 They started in 1987.

01:04:58.140 First time they sold a smartphone was 2009.

01:05:01.340 206 million they sold last year.

01:05:02.580 Out of the 206 million, 105 is in US, 105 is in China, 101 is outside.

01:05:08.100 Google said, we're not letting use the operating system.

01:05:10.620 So they're going to lose.

01:05:11.700 They do their own opposite.

01:05:12.360 Yeah, yeah, yeah.

01:05:12.860 So now they're designing their own opera.

01:05:14.260 So they have to be very, as he's negotiating right now with China and using all of this stuff,

01:05:20.600 he can probably bully Mexico that he's doing a little bit and Mexico needs America tremendously. 0.52

01:05:27.620 China's got 1.5 billion people.

01:05:29.520 And if they all of a sudden come out, and I know Tim Cook was with Trump a few days ago.

01:05:32.880 If they all of a sudden come out and say, listen, we're banning something you're doing as well.

01:05:36.360 If they come and play that same game and Huawei is projected, according to Business Insider, it's dropping 30 to 40% of revenues this year projected.

01:05:46.420 They did 108 billion last year.

01:05:47.920 They could drop 30 to 40 billion of revenues this year, Huawei.

01:05:51.520 Anyway, if Huawei's president, Ren, who was friends with the prime minister of China, because Ren used to be part of the Chinese government and the military.

01:05:59.060 If he goes there and says, listen, look what just happened here.

01:06:01.980 And they retaliate against Apple.

01:06:04.360 Little bit of this bullying tactic Trump is using could backfire on the economy.

01:06:08.080 And then if the economy, like if Hillary wanted to play a manipulative game today, here's what I would be doing. 1.00

01:06:13.300 If Hillary wanted to play, like the whole dossier she wrote, this is what I'd be doing if Hillary wanted to play a manipulative game. 1.00

01:06:18.940 Okay, she would go to China, try to figure out a way to convince them to ban any China companies from doing business with Apple, hurting U.S. economy by 20% because Trump can no longer use, look what the economy is doing today versus when I first got started.

01:06:33.120 If Trump cannot use the economy card, he doesn't get reelected.

01:06:35.720 Yeah.

01:06:36.700 You know what I think?

01:06:37.760 I think my guess is, you know, back in like the days of Russia and the U.S. had this thing called MAD, mutually assured destruction. 0.80

01:06:46.000 I have a suspicion that cooler heads are going to prevail here because China doesn't want an economic war because they're trying to elevate so many people up out of poverty.

01:06:55.980 I've been there, right?

01:06:57.120 You know, back in the 80s, the story was Japan's going to take over the world, Japan, Japan, Japan, the rising sun, the movie, right? 0.97

01:07:05.060 And what the fuck could happen? 0.97

01:07:06.740 It was like zombie bags, right? 0.99

01:07:07.600 There's a big difference though.

01:07:08.600 But their population is decreasing.

01:07:10.540 Fair enough.

01:07:10.920 Right, but, you know, but my, there's something that tells me that there's a little bit of puffery, like, you know, you heard about the empty cities being built and, you know, like this, you know, not everything is always what meets the eye.

01:07:25.180 And I think that honestly, I think both sides need each other.

01:07:28.260 100%.

01:07:28.620 There's no question there.

01:07:29.240 Yes, I don't.

01:07:29.980 There's no question there.

01:07:30.640 I think that my guess is at the end of the day, maybe I'm wrong.

01:07:34.040 I think cooler heads will prevail.

01:07:35.380 I hope so.

01:07:35.940 I'll say this final thoughts for you to be thinking about this one.

01:07:39.400 I had a friend, very quiet guy.

01:07:41.440 I was telling this story today while we were driving up here.

01:07:43.520 He was 5'4", 150 pounds.

01:07:45.500 I love it. 0.98

01:07:45.940 I'm fucking big enough. 0.89

01:07:46.520 I love the guy right here. 0.96

01:07:47.420 He was so, his name was so, one night, it's three o'clock in the morning, we're in the parking lot and a guy pulls up the car and he turns off the, we're living in a bad community at that.

01:07:55.980 He pulls up the car, turns off the lights, points a gun at us.

01:07:58.720 He says, hey, Holmes, who are you?

01:08:01.020 What you doing, Matto? 0.99

01:08:02.500 And then he looks at me, he says, oh shit, what's up, Pat? 0.98

01:08:05.040 I said, the guy knew who I was, but he points a gun at my friend, Saul and my friends, my friends said, you don't pull a gun at me. 0.99

01:08:12.240 I don't care who you are.

01:08:13.180 He says, get out of the car.

01:08:14.380 He says, no, I say we're good.

01:08:15.320 He says, no, get out of the car.

01:08:16.360 He said, I'm not going to punch you while you're in the car.

01:08:18.160 He gets out of the car.

01:08:19.500 He says, let me know when you're ready.

01:08:21.520 Just let me know when you're ready.

01:08:23.040 He tells him, warning, let me know when you're ready that we're going to fight.

01:08:26.720 He says, I'm ready. 0.99

01:08:28.100 He beats the living shit out of this guy. 0.99

01:08:30.860 He's bouncing his head off the ground, scraping his face. 0.99

01:08:35.000 Here's the moral of the story.

01:08:36.500 Saul was a quiet guy.

01:08:38.800 Very quiet.

01:08:39.920 You don't talk to him.

01:08:41.660 China's quiet.

01:08:42.720 That's all I'm saying.

01:08:44.160 So you don't want to get him to the point where-

01:08:46.400 Peaceful.

01:08:46.760 Yeah, but they're peaceful.

01:08:48.140 But you don't, if you go too much, there's no one that's going to take too much.

01:08:52.380 So all I'm suggesting is maybe a little bit of slow rolling is all I'm saying. 0.99

01:08:56.800 Dude, you're a fucking legend, man. 0.99

01:08:57.920 I appreciate it, man. 0.99

01:08:58.480 And I'd love you to come back.

01:08:59.560 You're the best.

01:08:59.860 Oh, man.

01:09:00.420 All right?

01:09:00.820 It was a pleasure.

01:09:01.560 Good to be here.

01:09:02.360 Thanks, everybody, for listening.

01:09:03.580 And by the way, if you haven't already subscribed to Valuetainment on iTunes, please do so.

01:09:08.220 Give us a five-star.

01:09:09.640 Write a review if you haven't already.

01:09:11.100 And if you have any questions for me that you may have, you can always find me on Snapchat,

01:09:15.200 Instagram, Facebook, or YouTube.

01:09:17.140 Just search my name, Patrick David.

01:09:19.040 And I actually do respond back when you snap me or send me a message on Instagram.

01:09:24.040 With that being said, have a great day today.

01:09:25.680 Take care, everybody.

01:09:26.500 Bye-bye.

01:09:28.480 Bye-bye.

01:09:29.860 Bye-bye.

01:09:32.400 Bye-bye.

01:09:33.780 Bye-bye.

01:09:37.080 Bye-bye.

01:09:41.940 Bye-bye.

01:09:43.620 Bye-bye.

01:09:43.940 Bye-bye.

01:09:44.680 Bye-bye.

01:09:44.900 Bye-bye.

01:09:50.440 Bye-bye.

01:09:52.760 Bye-bye.

01:09:54.040 Bye-bye.

01:09:54.720 Bye-bye.

01:09:55.700 Bye-bye.

Valuetainment - September 13, 2019

Episode 366： Wolf of Wall Street Interviews Patrick Bet-David - Uncensored

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