Episode 366： Wolf of Wall Street Interviews Patrick Bet-David - Uncensored
Episode Stats
Length
1 hour and 9 minutes
Words per Minute
232.17238
Summary
In this episode, I sit down with Jordan Belfort aka Wolf of Wall Street to talk about growing up in Iran in the late 70s and early 80s. He talks about his experiences growing up as a Christian in a country that was ruled by a religious cult, how he got into the military, and what it was like to live through the revolution.
Transcript
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30 seconds, one time for the underdog, ignition sequence start, let me see you put em up, reach
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the sky, touch the stars up above, cause it's one time for the underdog, one time for the
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I'm Patrick with your host of IITEM and today's episode is interesting, Jordan Belfort aka
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Wolf of Wall Street called me to go to his studio to do a podcast with him and let's
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just say this is probably one of the most interesting podcasts I've ever done.
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JB here, the wolf is in the house, in the wolf's den.
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I am really excited because I have an awesome, awesome guest, someone I respect tremendously
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for a number of reasons, short story, emigrated from Iran in the revolution, fled, I don't
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blame the fuck, and then served in the military, the 101st Airborne, wow, all due respect, I
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met Patrick, bet David, then came out, built a successful, you know, big time entrepreneur
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Unbelievable, so let's look at it, I have so much I want to ask you, right?
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First of all, about growing up in Iran, you know, it's like one of these little black holes,
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like I always say, like from my movies, I'm a household name everywhere, but I ran in North
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But I think they actually know me in Iran, not North Korea, so first of all, what was it
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Oh, absolutely, yeah, didn't you, you spoke in Iran like a year ago or something like
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I was supposed to speak in Iran, and what happened, was it right when Trump got elected, the whole
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dynamic changed, and the economy crashed, and they, it just, it was this close.
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The fact that you stayed here, but yeah, I mean, I remember all, I remember living there,
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I was born October 1878, so revolution started in 78, and the Shah was in exile, end of January
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1979, so I lived there 10 years, you know, I remember being bombed on 167 times on a single
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day, one of the stores, I'll tell you, it's pretty wild, we're leaving Tehran, Tehran's
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Yeah, but we didn't, wasn't it like an amazing place though, like before?
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In the 70s, you have Burma, Cuba, and Iran were the top three countries in the world
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Wide open, unbelievable, beautiful women, all the way.
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Yes, the ambassador of Iran to US dated Elizabeth Taylor, that should tell you something right
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there, like what it was like, so, so I was born, lived there 10 years, war happened, was
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pretty wild, and six weeks after Khomeini died, we escaped, we went to Germany, lived
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there for a couple of years at a refugee camp, right in Erlangen.
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Absolutely, it's so wild, you're telling me that, so I was right next to a military base,
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and I would always sneak in, and one time we went a little bit too much, we were blowing
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stuff up, but it was like, you shouldn't be here, but we had a great time seeing these
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Maybe that's one of the reasons why I got inspired to go into the military later on.
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What, so you were there when Khomeini was in power, right?
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So, so you were, what, how old were you when the Shah was deposed?
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I have no memories of Shah, so you don't know them.
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Okay, so what was it like when you were, like, do you remember, like, was there anything
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like, did you feel oppressed there, or are you just too young?
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Was it a problem for you being a Christian in, you know, a sect, in a very, like, sort
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There's Muslim, there's Baha'i, there's a lot of different ones.
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So by the way, Baha'i, they're not for Baha'i as well.
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Imagine like an LDS or Jehovah to Christianity.
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Or how they look, Christianity to Judaism, like how Jews look at Christianity.
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But yeah, you know, I remember clearly, you couldn't tell people you were Christian.
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You know, you tell people you don't know what religion you are.
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So you're, so what, you were like a mixed, what's the whole, give me the whole family
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So, you know, it was this whole idea about the fact that rich people are greedy.
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You know, they put people to work and, you know, they sit at the top, cash the checks,
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big belly, and everybody else is doing the work.
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So basically, you're one of those people that went, they say you developed the beliefs
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I'm the exact, but my dad on the opposite side, he said, poor people are lazy.
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By the way, all the debates they had, no debate you've ever seen on television comes close
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I mean, it was flying plates and things breaking.
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You know what they say, like, in, you know, in common, I know a lot about, I, also, I have
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So I dated a Russian girl back, you know, many years ago, famous Russian.
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You know, her boyfriend was before me, Cyrus Pahlevi.
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It was the Shah's grandson, which I swear to God.
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But, you know, but, but, you know, the whole thing with Russia was like, they'd say,
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If you keep pretending to pay me, workless rubles.
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So it's like the whole, like, lack of work, no motivation.
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It was like, you're not really, if you can't achieve anything on the communism, right?
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So, so your, so your mother was basically the idea that, you know, everyone should be equal,
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They got divorced after my sister was two years old and they got remarried.
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I was like, how the fuck could you marry the same woman again after she tortures you or
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Well, in the Middle Eastern culture, it's the guilt aspect of it.
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You have, you know, I can't believe you did this to her.
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So the guilt gets in and you say, you know what?
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And so did they, did the second time trauma now?
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When they got a divorce, when they got a divorce, it was 89, 90 when my dad served the divorce
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paperwork while we were in Germany at the refugee camp.
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While we're there and my mom got the divorce paperwork, my parents were in the same room for
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They were, they would not be in the same room for 20 years.
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So I'm getting married and both of them are expecting to come to my wedding.
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I said, you guys, what makes it to you come into the wedding?
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You two need to sit together, talk to one another, and then you'll come to the wedding.
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It was the most awkward hour and a half of them sitting there.
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But I said, as long as you guys are good, then they came to the wedding.
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All right, so you had this sort of yin-yang, right?
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And then when did you come to the United States?
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So by the time you got it, did you speak English well from being in West Germany,
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I took EFL, which is English as my fifth language, because we got Armenian, Assyrian, Farsi, German,
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First is probably Armenian, Assyrian, because that's when my parents spoke.
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And then it's Farsi, because it's the country I lived in.
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So how proficient, though, was your English, though, when you went?
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It's not like, because it's a lot of silent letters.
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When you hear Assyrian speak, you literally think people are fighting with each other.
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Sometimes you wonder how Assyrians talk dirty to their girls, you know?
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Did you always have this sort of entrepreneurial streak where you was like, it didn't matter.
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And so, you know, how did you transform from that to who you are today?
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You know, what's crazy is, you know, when I was 11 years old in Germany, I'm at this
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refugee camp, and this one family comes in, a Czechoslovakian family.
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And I'm looking at this girl, I'm like, I like this girl.
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So I find out Jan likes the Super Nintendo, okay?
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So I said, okay, I'm not a big fan of the Super Nintendo, but I'm a fan of your sister.
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So that summer, I went to the local swimming pool in Germany, in Erlangen.
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And you know, Germany, they drink a lot of beer.
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I said, look, you know, there's a lot of beer bottles here.
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If I collect these beer bottles for you and I bring it to you, what are you going to give me?
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So the owner and I brokered the deal at 11 years old.
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I calculated how many bottles I needed, which was 5,000.
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But I would tell you, you know, in school, I was a 1.8 GPA kid.
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So I lied on my age and I was working and telling them I was 16, 17.
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My first job was at Haagen-Dazs as a 14-year-old kid.
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And when did you have your first real, like, so, you know, working, I guess up to the age,
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But I never really excelled the jumps, like, that drove me crazy to work for an hourly wage.
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But when did you have your first, like, entrepreneurial experience where you realized that, you know,
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hey, I could be in business for myself, even some stupid, like a lemonade stand.
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Did you have anything that was the first anchor experience for you?
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The other one was hats I would buy from a 99-cent store.
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And these hats I bought, sports teams were teams that were terrible.
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So like the Clippers at the time, San Jose Sharks, the Mighty Ducks.
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These are, no one's going to follow these guys.
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But I would buy the starter hats for 99 cents and I would sell them for seven bucks.
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And finally, my principal caught me and they said, why do you come to school with two backpacks?
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But your GPA doesn't reflect the kid that would come to school with two backpacks.
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They had Danny Manning, they couldn't make the playoffs.
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They needed me to play for their teams and I have no clue how to play basketball.
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So wait, so, all right, so that's, by the way, it doesn't surprise me, right?
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That you, you know, were buying hats for a buck, 99 cents, I mean, I did that on the beach with
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I mean, so what you were, how old was that time?
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So like, you know, for me, I'll tell you this, I had an experience when I was 16 years old.
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I went down to the beach, I think you probably know the story, right?
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And the first day, like I made a hundred bucks in cash and back then I think the minimum wage
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I mean, it changed my life in terms of, you know, what, everything I thought about money,
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hard work and, you know, it really was the, really the beginning.
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I had stuff before that, but that was the foundation for who I was because I had, I mean, you know
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that feeling like when you, like just, you know, you do something and it works and you
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get a pile and you're like, fuck man, you're like, you know, so is that how you felt?
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Like when you, you know, did you have a, did you make money doing that?
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You know, listen, a hundred dollars, there was a lot of money.
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You have a hundred dollars, you're like, are you kidding me?
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So yeah, that's, that's like, like 250 today probably, or, you know, but also you're
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And it's cash and it's no taxes and you're a kid and you're like, wait a minute, I can
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The best part for me was that the beach money was in fucking singles.
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So I was a vendor there and I put myself through school like that.
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It was just the experience of like, you know, and I had, I had three kids to offer me that
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I mean, I don't fricking thing going, but let's talk about you.
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You're already, now you're starting to make money.
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I, I, I was not, no, I didn't have a girlfriend at that point.
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And with this point now, so, you know, I mean, I could only imagine like, you know, you show
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Was it, was like, were people, were the kids nice to you or do they resent you?
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You know, I, I would say it's more making fun of you is what it was.
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You know, the whole, uh, you're, you're a foe, you know, fob, fresh off the boat, you
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know, you, you don't know how to pronounce the language.
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Was it, was it cruel or you're a big guy, right?
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You know, for me, I'll look at it in a different way, man.
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I think a little bit of bullying is good for you.
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I think to get bullied a little bit is, uh, at least for me, when I studied the guys
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that make it to the top, somebody bullied them at some point and they have a memory
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of that person or a chip or something, whether it's an older brother, older sibling, a friend,
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a coach, a strong father, a cousin, somebody was a little bit bullied.
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Like, I mean, like I hate bullies and I think as adults, we all hate bullies and probably
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when you're, you know, an airborne Ranger, you probably would fucking kick the shit out of
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So I guess, I guess you're saying like with it to up to a point, right?
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Like there's, I think it crosses over to when it gets really destructive to someone.
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But I think what you say is a little bit of like, you know, you know, in a sense of
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like, you know, having to sort of deal with like the world's not a perfect place.
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People are going to be assholes and sort of develop a little muscle and, you know, a
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So you got to realize no one gets bullied more today in the world than the president.
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So you see, there is nobody that gets bullied more.
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When I sit at night and I talk to my boys, my five-year-old and my seven-year-old, I ask
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She says, hey, babe, Patrick just got kicked out of soccer practice.
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I said, what do you mean punch a kid in the face?
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So I said, Tico, did you really punch a kid in the face?
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And they said, well, your son punched a kid in the face.
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I said, I need you to watch a videotape because you just kicked my kid out of practice.
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If he didn't do it, I want to get some war done.
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So that part of it to me is you got to be strong here.
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Because if you're not, people will bully you, especially in the business world.
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When you're coming up, you're going to be bullied.
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So and she, and actually, and interesting enough, it changed up for the better.
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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.
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Now she's just graduating from NYU grad school.
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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.
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But a little bit of, you know, you can't go through life and slide through the raindrops, right?
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If you can't handle sarcasm, military's not for you.
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Where everybody was just poking, all the drill sergeant.
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Yeah, she's banging Jose, your best, who's your best friend.
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And a big part of life is a tryout to see if you can stay strong during these times to
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I firmly believe that because you go into business, when you go into business, I mean, nobody liked
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You're like, hey, what are you doing in New York?
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You know, we don't like somebody coming up this quickly.
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For me, by the way, you know, when I was, I was approached by the mob a bunch of times,
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you know, and I had private security forces and stuff back then.
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But I think the one thing I had going for me is that, of course, I was under investigation.
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They're fucking scared to get involved because then they would like to get it.
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They were pretty active trying to muscle the way into firms and, you know, and so on
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To come in and yeah, because listen, I was, if you think about it, what I was doing was
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the perfect money laundering machine for the mob because I could essentially make anyone
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money in a stock trade and have them take, give me back cash.
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You could actually legitimize cash through stock.
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So, you know, I don't know if it happens as much now because of, you know, it's just
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I mean, the 60s and since before I was even there, I heard stories where like, like there
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was so much theft of stock certificates and it was just like the fucking wild west.
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Everything, the whole market before, so, you know, back in the 60s, believe it or not,
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If you bought and sold stocks, people fucking run across the street with physical certificates
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and, you know, just, just like, I think they would say that if you actually looked to see
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where the certificates, they weren't really there.
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Like a lot of shit was being stolen and laundered and stuff.
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Everything went, it was, I think a day call, it was one day where everything went electronic
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and a lot of shit was uncovered, but anyway, so yeah, you know, I did have pressure at
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I had a private security guy, you know, sort of that I had hired that kind of intervened,
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So they were scared to get, like, you don't get involved with me.
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How was it for you in the streets at that time?
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Like when you go to a restaurant, how was the, you know, when you were coming up, how
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Like when other brokers saw you from Morgan, Merrill, other places?
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Well, I mean, I was treated well by them because in the sense that I was like an enigma
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Like that was, guy worked for me and it wasn't really accurate in the sense that my guys would
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I don't think they went to the city that much, by the way, but, but it was really, for me,
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it was more like I was a huge spender, big spender.
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So there wasn't like a lack of respect as much of a lack of understanding.
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And we'd have big tables and hookers and drugs and insanity.
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Like at the movie, it was like almost an underestimate of what happened, right?
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I was well known and I was well, like, no one resented it.
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It was like sort of, it was no real clash of worlds, so to speak.
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I was like, I mean, dude, my drug addiction was, I mean, you can't, have you ever been,
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I don't think you've been, have you ever had a drug problem?
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I, so, you know, for a bunch of years there, I was like just fucking wild.
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It was a friend of mine still, Mark Packer, right?
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He had a restaurant called Canistels back in the day, which is the fucking place to be,
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And I would go to Canistels and like be four lewes deep and just like balancing off the
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fucking walls and my bodyguard, no, you know, do you know Chuck Zito for the head of the
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So he'd follow me around and say, don't fuck with me.
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But I was like, I was just out of my fucking mind, you know?
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And then, and then it all made sense back then.
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It's heavy, massive drug use for about eight solid years of just massive Quaalude use and
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And that's sort of like, you know, it just, let's say like, you know, cocaine doesn't
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It makes me into a different, you know, I don't want to get so sexual here, but just
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Like most men makes us into fucking beasts of, you know, whatever we are, right?
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The question I was going to ask you was a follow.
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You know, when the first time the debate was between Nixon and Kennedy, Nixon froze, Kennedy
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didn't, and he became, you know, everybody's like, oh my gosh, this guy's more president.
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So TV changed the game or who can communicate better, which is why Bill Clinton became president
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or else George Boyd senior director of CIA with the kind of a resume you got.
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There's no way in the world the governor of Arkansas would have beaten him if it was just
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stacked up resumes, who goes against who, right?
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So do you think the current way of social media marketing, access to what we have, the
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way we see videos on YouTube, Facebook, Twitter, do you think whoever delivers the message
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Do you think the talent plays a very big role to it into becoming a president?
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I think Obama proved that the power of social media mobilizing voters, and he did a really
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Trump is fucking, I mean, this guy is, you know, I thought he was a little, I thought
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some of the things they were really just big mistakes.
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Like when he went so hard against the media, this guy's the ultimate counterpuncher, right?
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And, you know, with his tweets, I mean, he called a grandma who says something, he's
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I'm like, Mr. President, you got some fucking better shit to go.
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It's like that fucking grandmother should go right in hell.
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You know, it's like no one gets away with it with the guy, right?
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But on some level, I don't, I mean, I, you know, you can't argue with success.
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She was like, I like, you know, she's a libertarian.
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And she was just very pro-Trump because it was more like, for me, it was more anti-Hillary.
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It was never a shot, but I was, I was, listen, here's the thing.
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Day one, when elections started, you have 16 candidates on the Republican side.
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I thought, I thought Jeb Bush would make it simply because the money.
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I thought the family was pretty corrupt and I thought they would sort of, you know, push
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But when I, it was a certain point in time that it came pretty obvious, right?
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And then when the, so he was the interest when the tape came.
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But it, you know, it's a different, we live in a different world.
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He's incredibly great at crystallizing simple thoughts for people to understand.
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I personally think that if he improved his communication like this much, he'd be even more
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This guy's being attacked like no other president has ever been attacked.
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So I wonder what I would do if I was being attacked as much as him.
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Like, I wonder if I would almost like say, if even if the grandma from freaking Omar, fuck
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you, grandma, you know, don't you dare say, I mean, cause this guy's under assault.
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If, if Trump, like if Trump rescued 10 babies out of the, it's a, yeah, he, and he slaughtered
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them afterwards or he's going to see, he did it for evil purposes.
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I'm very concerned about things like the budget deficit.
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Not for me, you know, honestly, things have a way of saying they kick the can down the
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I don't think it's going to impact our lives, but I think it's going to impact our kids'
00:26:07.180
I think the things that are happening right now for millennials and that people have
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come after, I don't know what the fuck they're going to do with this massive deficit that
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
00:26:28.820
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
00:26:43.600
The problem is, is that, you know, it's almost like too big to fail.
00:26:51.040
So they'll, they keep, they keep printing more money.
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
00:27:05.820
So that even though it's lower tax rates, the overall intake is much lower.
00:27:12.500
So how much are you following right now with the 5g thing that's taking place with Huawei, with
00:27:18.840
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.
00:27:27.760
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
00:27:36.380
Is it really, what is the thing that you're most concerned about?
00:27:40.260
So I think he's a hundred percent right that the trade deals that were cut for the U.S.
00:27:46.600
over the last 20, 30 years, which is fucking asinine.
00:27:50.440
I mean, honestly, like almost like it was kind of guilt, like to give away the store like
00:27:55.460
Um, that being said, I think with China, the bigger problem is the theft of IP, a lack
00:28:03.680
of respect for intellectual property and theft of IP and especially, um, you know, high tech
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,
00:28:19.900
one thing you could say about the Chinese people, they're fucking peaceful.
00:28:27.000
They're not a military, even though they're building up the military.
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
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,
00:28:55.140
It seems like they sort of are pulling out resources, not really building infrastructure.
00:28:59.520
That's only robust enough to last as long as the last piece of metal comes out.
00:29:07.440
But the big thing I see with China is that they are stealing intellectual property.
00:29:13.980
And I think that's the, especially in the hot, the high tech era, I think that's the big
00:29:19.000
And without that, some check being put into place, I mean, it's a huge issue.
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.
00:29:32.520
I don't think it's going to end up in a full-blown long-term trade war.
00:29:36.700
I think they'll come to terms in, within the next six months.
00:29:41.220
What do you think will be the cornerstone of that taking place?
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
00:29:55.480
you at least fucking lie for me and pretend to be on my side so I can negotiate more effectively?
00:29:59.980
Like a lot of what Trump does is posturing and negotiating and threatening and basic
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
00:30:16.560
Everyone knows that, you know, that tariffs over the longterm really are not a good thing.
00:30:20.940
But that being said, you know, as a short-term punitive measure, as a negotiating tactic, I
00:30:26.640
I think he's doing the right thing because you can't, I don't think it was sustainable with
00:30:30.260
What they were doing was, is they're essentially exporting like crazy, putting up barriers.
00:30:38.700
And if you want to do business there, you have to essentially have, it's going to be operated
00:30:48.480
That's the whole made in 25, made in China, 2025 plan.
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.
00:31:13.780
So like right now on my phone, I have this thing, it's called 5G is fucking scam, 5GE.
00:31:26.560
So from what I heard, right, they're rolling out a couple of cities this year.
00:31:36.660
The US is saying they're not going to be ready 5G till 2025.
00:31:41.780
I read an article that said that they were testing it, I thought in-
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
00:32:15.200
And so a big part of this, when you're looking at it, is saying, you know, Trump is a pretty
00:32:22.380
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?
00:32:33.400
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?
00:32:42.800
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
00:32:56.940
So it started with not allowing it to be involved in government organizations.
00:33:05.760
So I think that that's the big concern, is that there is things going on with their technology,
00:33:14.040
I mean, I think the Chinese are surveillance, I think it's a culture.
00:33:16.760
If you go to, you know, you go to, have you been to China recently?
00:33:21.060
Like, they have technology all over this fucking cameras and shit, like facial recognition
00:33:26.180
Like, I saw this thing, it's like almost like the future, where like, they can track you
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,
00:33:36.900
it's fucking like Minority Report, like, you know, that movie, right?
00:33:41.940
Do you think US, because you know, iPhone has 900 million active phones.
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
00:33:52.960
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?
00:34:01.180
So I think that the perception, and by the way, you know, who fucking knows?
00:34:10.060
I always fuck around, I walk by and I say, oh, you left out a fucking colon there.
00:34:13.940
Put that on, I see a motherfucker's on their screen.
00:34:23.840
And it's something that I never want to learn, right?
00:34:29.000
But I think that who knows what back doors and trap doors.
00:34:34.780
The thing is, the difference, I believe, is that there's much more transparency in the
00:34:44.640
Maybe, for all you know, the NSA has got a trap door built into every fucking phone.
00:34:49.100
And listen, you know about the whole thing with the Suxnet virus they put around the world
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?
00:34:57.980
But my problem with the whole Russian meddling thing was, I was like, we fucking meddling
00:35:12.980
Like, the US has a foreign policy, and, you know, they're actually trying to exert their
00:35:17.440
So this whole thing that Russian, like, were trying to interfere, no fucking shit they're
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,
00:35:28.420
I think what happened was, frankly, it's the old fucking, the best defense is a good offense,
00:35:32.840
because Hillary, the dirty dossier, she says, fuck, let's deflect it away from me, because
00:35:36.900
I had this done by, you know, Fusion GPS with freaking Christopher Steele, so let's just
00:35:40.680
say Trump colluded with Russia, because this takes the burden off me, but now it's boomeranging
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,
00:35:55.480
A private company, because it's purely profit-based.
00:35:59.960
Everybody looked at it that way, just intuitively.
00:36:01.780
I answered it intuitively, but that's, you're right, because, you know, I guess, like, their
00:36:11.620
They just want to fucking sell me shit, put the right things in front of me.
00:36:16.600
My wife and I will talk about something, and next day, it's fucking, like, on my, like, advertising.
00:36:26.100
I know it's probably stupid, but I turned the fucking bitch off.
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?
00:36:48.700
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?
00:36:56.740
You have every, you know, we're so, I rely on it.
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.
00:37:16.100
You'd wait, you probably remember this, when it was like you were younger, and you wait
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.
00:37:31.900
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.
00:37:38.580
Well, you know, on some level, it's great, because on one point, it gives every person
00:37:43.060
a voice, but it also gives every asshole a voice, right?
00:37:47.080
There's a lot of assholes out there, but here's the thing.
00:37:49.660
I think the problem is more the algorithms that companies like Facebook use, where they show
00:37:56.940
you more and more of what you like, so you end up in a fucking echo chamber.
00:38:01.120
And I really wish that, I wish, you know, sometimes I'm starting to really not like my
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
00:38:16.100
But I'll watch one of the regular mainstream news channels, and I'll watch Fox News, because
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.
00:38:34.060
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
00:38:41.180
There's a lot of, listen, there's a lot of really smart people who are liberal out there,
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
00:38:57.400
that's dangerous, where you're only seeing the shit, and I've seen it happen myself.
00:39:01.040
My wife's a news feed, and she had to almost detach from it, because she ended up in this
00:39:04.360
ultra-conservative, not by choice, by accident.
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.
00:39:24.040
2004, he raised $6 million on MySpace in 24 hours.
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.
00:39:40.600
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?
00:40:12.840
They're just doing social media better than the rest of the country.
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.
00:40:26.500
I think it's fucking the most stupid thing I've ever fucking heard.
00:40:29.180
I mean, you know, listen, no matter what, life is very, and some things are very simple.
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?
00:40:43.920
If you underprice something, I've actually tried, you know what?
00:40:50.140
People won't use it because they don't invest their money.
00:40:55.920
Versus charging a higher price, and people say, oh, fuck up my money.
00:41:00.220
And I think by, you know, giving people money is idiotic, okay?
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
00:41:09.540
Obviously, I had very different views than my parents growing up, but-
00:41:19.220
So back when I was 12, my brother, he's a fucking commie, right?
00:41:23.840
And he went to this camp that was like a communist fucking camp, right?
00:41:28.360
And I, you know, idolized my older brothers three years old.
00:41:32.660
It was like a socialist fucking work camp, right?
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
00:41:49.540
They put me in a fucking, like a lockdown situation, like, because I wouldn't share my fucking
00:41:55.440
Like, why the fuck should I share my money with other people?
00:41:57.620
Like, you know, it's like, and not that I think I even worked for, because I was already
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.
00:42:07.100
And like, and so I always just fall back as I can remember.
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
00:42:20.320
I'm like, number one, brilliant, hardworking, educated, and fucking broke.
00:42:34.980
My mom was a CPA back in the fifties, like in Mad Men, but when women weren't in the
00:42:45.620
And I remember when I was like 11 years old, I wanted a dirt bike.
00:42:55.880
They're like, you guys are fucking accountants.
00:42:58.560
I was like, we get my mom said, let me show you our budget.
00:43:01.160
And she actually showed me the, I was like, fuck, I was appalled.
00:43:06.360
I was like, that's all you fucking, I was like, I felt like, how dare you?
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.
00:43:21.420
And it just sort of locked in this idea with me that there's something else.
00:43:27.500
You're a really well-known, well-respected entrepreneur.
00:43:33.040
Tell me about how you, you had a big break, right?
00:43:35.780
Where you, so you go to the army, you're a fucking mad man, right?
00:43:39.900
Anyone that serves the military, here's that I just fucking kudos for you, right?
00:43:44.020
I really, I mean that from the bottom of my heart, 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.
00:43:54.720
I was going to go be the Middle Eastern Arnold.
00:43:56.400
I was going to go win Mr. Olympia, go into Hollywood, marry Kennedy, be a governor.
00:44:05.600
She was a broker at Morgan Stanley Dean Woodard.
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?
00:44:18.780
She said, well, you need to have a four-year degree.
00:44:21.880
And I was looking for JT Marlin, but JT Marlin wasn't out there, right?
00:44:31.220
So I said, let me go look for these guys, see if I can find something.
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.
00:44:48.160
On Haagen-Dazs, Bob's Big Boy, Burger King, military bally.
00:44:52.060
That's no four-year degree, no two-year degree.
00:44:59.880
15 said, this is hilarious, but you don't qualify.
00:45:05.060
I started off with Morgan Stanley Dean Woodard out of Glendale.
00:45:09.380
A day before 9-11 is my first day with Morgan Stanley Dean Woodard.
00:45:24.040
Then October of 2009, we start our own insurance company.
00:45:37.020
I said, okay, no one's using social media in financial services.
00:45:42.940
They're worried about it because you can't use it.
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.
00:46:16.300
Our convention's coming up in the next six weeks.
00:46:21.880
This is, you have to tell, okay, you owe it to my people here.
00:46:26.240
How the fuck did you, I want to know how you, let's break down your strategy, right?
00:46:31.460
So like, I always think that like, well, it might seem like how the fuck did this guy
00:46:35.560
Like it's, in the end, there's always, you did some things that are duplicatable strategies.
00:46:46.060
And how much money did it take you to start this?
00:46:48.960
So did you borrow any or did you borrow your own money?
00:46:51.520
So you took the money you earned from financial services, you rolled the fuck in.
00:46:55.480
Now, was that like your last dollar or you had, did you like put it all in the line or
00:47:00.040
I probably had a little bit more, but I put, I said, I'm going all in.
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
00:47:21.660
But when you're that age, no kids, you fucking can't afford to take risks, right?
00:47:26.840
You asked the question strategy that's going to be transferred to other people.
00:47:31.600
I literally sat down and I read every single thing I could on the industry.
00:47:37.420
Limra, every reports, demographic, who they are able to recruit, who they're not, what
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.
00:48:01.980
They don't know how to tap into the Latino community.
00:48:04.200
There is no, they don't know how to tap into women selling insurance.
00:48:15.520
I wrote a book about specifically what our strategy was.
00:48:20.000
So step one, in other words, you didn't just leap.
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
00:48:34.100
Or was it basically, was your model the culmination of all your research?
00:48:38.220
I mean, my model was a model of five different people that I looked at.
00:48:42.920
You took what you liked from one, from another, from another.
00:48:45.560
I will tell you what book had a big impact on my business was Blue Ocean Strategy.
00:48:50.760
I mean, I don't know if you read Blue Ocean Strategy.
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.
00:49:05.140
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.
00:49:15.520
We need some people that can connect with millennials and minorities.
00:49:21.280
So we started going, by the way, today we're 54% Latino and 51% women.
00:49:28.920
So you started, you started with how many agents?
00:49:35.240
I was already known in the marketplace in the San Fernando Valley area.
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.
00:49:56.880
And you took those from people knew you in the industry.
00:50:01.680
These are guys I had trained for seven and a half years.
00:50:08.060
And does it just right out of the gate take off like a rocket?
00:50:13.460
Because right out of, I got sued on October 29th of 2009 from a $400 billion
00:50:28.560
August, which is nine, 10 months later, we settled.
00:50:39.960
And from there, the strategy was, I'm going to start with California.
00:50:49.720
So we went one office, two, three, four, five, six.
00:50:59.240
Like you had to, typically when you're doing that, you're starting and things are going
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.
00:51:24.080
So I'm looking at it saying, what kind of people does this comp plan attract?
00:51:36.600
Finally, I came out with this comp plan in September, I don't know what, September 14
00:51:43.400
And I called it the great equalizer bonus program.
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,
00:51:56.220
Then he made 3.3 million in two and a half, three years.
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.
00:52:08.440
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
00:52:23.060
So you have to almost make sure that someone just can't open a few big clients and then
00:52:27.580
And then, likewise, also, you want to have people that are tied to the company you build
00:52:32.560
So it's sort of this kind of dance you're doing with both.
00:52:39.500
It's just showing up your daughter for work, basically.
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
00:52:55.840
I kind of started noticing that we're living in a time where everybody's naked.
00:53:00.740
It takes two minutes for somebody to know you're Republican.
00:53:03.980
You got to go on your Twitter account, Facebook account.
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.
00:53:18.000
Started a YouTube channel called it Patrick Bay David.
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?
00:53:39.820
That was a fucking, by the way, as soon as I heard, I'm like, bingo.
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.
00:53:58.600
I've never seen my wife lose, you know, her father.
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.
00:54:30.840
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.
00:55:02.140
And then you ended up leveraging it to a book, right?
00:55:09.740
Right, and I'm sure the book was a huge bestseller, right?
00:55:20.740
Like, is your personal brand integrated into your business?
00:55:25.280
You will never hear me do a call to action with my following to go into what I'm doing
00:55:33.360
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
00:55:48.240
To my agency in the insurance company, I said, you are not allowed to come.
00:55:55.420
I put a conference the following week so it wouldn't, you know, kind of confuse each
00:56:04.660
We had people show up from 43 different countries to the value team and conference.
00:56:13.820
So now our conference, PHP, is five weeks from now.
00:56:18.940
Jordan, that's going to be the one in five weeks.
00:56:21.220
So yeah, I've separated the two because I want the integrity of both.
00:56:28.120
And both audiences have a lot of respect that there's no commingling going on.
00:56:50.200
Just what's the advice that you would give to a young guy, 20, 25 years old, wants to
00:56:58.980
What advice, just overall advice would you give them?
00:57:09.620
Proximity is, hey, Jordan, can I take you out to lunch and spend time with you?
00:57:23.140
You see Frank Lucas sees his boss, shadows him for 10 years.
00:57:30.080
You see this Steve Kerr is shadowing Phil Jackson.
00:57:34.480
Now he's the best coach in the NBA outside of Popovich.
00:57:38.980
So you got to find somebody locally where you say, look, I want to go work for this
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?
00:57:52.120
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?
00:58:02.500
There's nothing wrong with spending a certain amount of time there and really, you know,
00:58:10.300
They don't, they don't want to sit there and kind of be subservient to someone else.
00:58:14.940
Like, you know, there's an entrepreneurial mindset to go work for someone else, but they're
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.
00:58:34.980
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
00:58:46.380
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
00:59:10.140
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.
00:59:24.720
Even Balmer, look what Balmer's worth, you know, 30, $40 billion.
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.
00:59:40.680
There are certain people you and I cannot be like.
00:59:46.480
Identifying your own strengths and accepting it.
00:59:48.960
So style, like I, like, let's just say if I relate to your style, I'm like, you know
00:59:56.640
You go look at a guy's style of selling that's very proper, you know, very, you got to go
01:00:00.960
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.
01:00:19.720
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
01:00:27.700
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
01:00:43.400
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
01:00:58.260
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.
01:01:16.800
You don't even understand what I'm going through.
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.
01:01:34.080
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.
01:01:47.580
This is why I'm bringing Billy B into our conference.
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
01:02:08.220
And then, so you can go back and look at Ford and Nixon and John F.
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.
01:02:22.260
I think Bernie stands a better debate than him, debate wise.
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.
01:02:55.060
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
01:03:13.880
So for me, it is very hard to give advice on personality that's worked for somebody for
01:03:26.460
He's going to sit there and say, do you know how many broads I've been with?
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
01:03:36.960
I really think he's not a guy that takes advice from anybody.
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.
01:03:55.780
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
01:04:04.900
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
01:04:13.960
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.
01:04:22.220
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
01:04:33.620
You are going to, you, it's going to be like 50 layers and it's deeper than, by the way,
01:04:48.080
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.
01:05:02.580
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.
01:05:14.260
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.
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.
01:05:47.920
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.
01:06:04.360
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.
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.
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.
01:06:37.760
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.
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.
01:06:57.120
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?
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.
01:07:30.640
I think that my guess is at the end of the day, maybe I'm wrong.
01:07:35.940
I'll say this final thoughts for you to be thinking about this one.
01:07:41.440
I was telling this story today while we were driving up here.
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.
01:08:02.500
And then he looks at me, he says, oh shit, what's up, Pat?
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.
01:08:16.360
He said, I'm not going to punch you while you're in the car.
01:08:23.040
He tells him, warning, let me know when you're ready that we're going to fight.
01:08:30.860
He's bouncing his head off the ground, scraping his face.
01:08:44.160
So you don't want to get him to the point where-
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.
01:09:03.580
And by the way, if you haven't already subscribed to Valuetainment on iTunes, please do so.
01:09:11.100
And if you have any questions for me that you may have, you can always find me on Snapchat,
01:09:19.040
And I actually do respond back when you snap me or send me a message on Instagram.