How AMERICA is SABOTAGING Young People’s Future | Scott Galloway
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Hey, and welcome back to those who put in the work. This is the big deal podcast and i'm cody sanchez. Okay, guys.

So we just had on one of actually my favorite people on the internet, Scott galloway and tom max and want his head to get big. But Scott is fascinating. He's written a billion books.

He's got one of my favorite newsletters out. They're called no mercy. No Alice. He's a very well known professor. He's also made millions, hundreds of millions, ever lost hundreds of millions, and is played this game of wealth incredibly well.

But the part that actually like the best about Scott for all of you is that he's willing to tell the ridiculously hard truths on both sides of the coin, and then back IT up with a massive amount of data and a pretty giant brain. And he does IT in a funny way that was like hard, did not pay attention to. In fact, Scott is so much of rascal that this is some of the stuff that people said about him.

A walking applause break, bill in suffrable numbskull, new on mask, intelligent, thoughtful, sometimes sarky and often humorous half post as this new book now called the drift that I just hammed through before listening to this podcast that already read a bunch of his other books like algebra, happiness in the big four. They're really good. They're really digestible.

And also, if you're wondering what the fuck is going on in the U. S. Right now, a drift is kind of like, let me tell you what's going on in hundred church. So you've got milks use even if you don't like to read up, dad, you could definitely read this book. Let's just get into IT because it's too good.

And I as I was sent to the guys here on the podcast, my job is super easy because I just kind of go his skat you like stuff and then he gives me a dissertation. So without further, do Scott galloway, you can find them on all the social that Scott galloway or prof. E and no mercy, no malaya is the newsletter.

Hey, guys started interpret the pod. But I got to share this quick business step that i've been thinking about a lot lately. It's eliminate, automate and delegate famously from tim ferris.

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If you want to try IT for yourself, get riverside in the link in the description and use the code code for an exclusive discount that's good with. I want to to start out with because I I think one of the best ted talks i've ever seen from you recently about stealing from the youth to give to the old in this country. What do things happen in? And how did we get where we are today?

Well, the D. N. Democracy is working a little bit too well, and that is old people who figured out to invoke themselves more money. And people are aged on vote in the same kind of the same volume.

So the incomes will blame IT on things like network of facts are globalization, but there has been a purposeful transfer of wealth from Young, old. And over the last four years, the tax codes got from four hundred pages to four thousand. And those thirty six hundred pages aren't there to help the Young.

In middle class, there are transfer money from people your age to my age of some specific examples. The largest capital transfer in history happens every year. It's called social people your age.

So used to be twelve of you for everyone, retired person, others three. And the wealth est generation in the history of the planet gets one point to retrying lion as a year in the form of security. And not sandwich, do a way with such security.

But I don't think, you know, I shouldn't get IT. There's just such an absolutely should be moved back. People living much longer.

You mean means test that. Look at the two bigger tax reductions are more generous rate and capital gains. Who earns homes and makes money selling stocks, people my age, who rents and makes money with current income, people your age. And then the two things really need to get ahead, are a college education and to build kind of the future and start talking about family housing. And if you look at the Price of housing to ninety amatis before a covet for ten now interest rates.

So I think one of the reasons that Taylor swift t is so huge as I think people given up on saving for our house, I think the reason I B B some of people are traveling is like we can't afford a house. So I see IT all combinations in a couple very scare stats. The average seventy year old is seventy two percent wealth or than they were forty years ago.

The average forty year old is twenty four percent of the age of forty years, twenty four percent last wealthy. And for the first time in our nation's history, thirty year old man or woman, isn't his wealthy assist, or her parents were at thirty, which in my opinion, is fundamental breakdown in the compact we have between us in america. And when that happens, IT creates so much shame and rage that every opportunity to infection turns into full blown numa. So whether it's me too, where the black lives matter or it's some other anti israel protest on campus, i'm not saying those aren't rights movements with their own their own momentum. But there's fuel port on everything because I think Young people are just pissed off.

I've never thought about that being sort of a powder keg that ignites these one off instances that it's it's like any time you have hyper concentration of wealth in the hands of the few, then the many are kind of constantly on edge. That's that's really interesting. So that would you assume when you say that it's never been easier to be a billionaire but harder to become a millionaire in this country?

Three other kids, my class, and you turn in though each of those classes is .

a billionaire.

H ah but someone .

of I I introduce and I just .

call him big, big. No but would be someone will be in a billion ary to all turn investments probably had found, but a small chance one of a mumble, join or start a tech company. Also, probably about ten percent of them end up being supported by their parents.

Or when I got to school, I was pretty much, everyone made a very good living. Some people did really well, but everyone did fairly well. So our economies definitely become more of a hunger games that sh cofidis gone up.

And some people would argue that a good thing, we believe in winners and losers. But I would argue, and I kind of got to hire red on this, that when I applied U. C, L.

A, the admission seventy six percent Better, and I didn't get in. I was one to twenty four percent I rejected. I applied a second time, and I got, issues can be nine percent. And they artifically sly, constrained supply among the leader institutions.

And the comic is stalls in amErica that we want to identify a super class of frequent, remarkable kids, and then turn them in the millionaires, as opposed to try to let them as many kids as possible and give them a shot of being millionaire. So I think IT, the guitar has changed a little bit in the us, where we're trying we romanticize these stories of people dropping out of school and becoming billionaire. But I can I can guarantee every parent that ninety nine percent of your kids are not on the top one percent. And he feels like we sort of fAllen out of love with the unremarkable kids.

Yeah, I agree. I also find that shocking how big the endings of the universities are at the same time that we have education costs for universities going up so high and sort of like a decline in orally that kids are get IT from universities. What do you think about IT? Because you you're not quiet about the things that you don't like about universities.

While also working in one well, my industry is argued, the one of the most corrupt me with expected of social media. I work in a corrupt industry, people under the impression that we are nice people with our labor doors. Watching pbs every night, there were noble people. We, like everybody else.

We academics and administrators wake up every morning working them here and ask themselves the same question and that, how do I increase my compensation while reducing my accountability? And we found the ultimate business strategy, and that's to request to the majority of public from the freshman class and artificially constrain the free, the freshman seat. So harvard, fifty four billion dollars in an endowment.

In it's grown its endowment in four thousand percent in the last thirty or forty years of forty four it's grown its fresh from classic four percent. So IT admits fifteen hundred kids on fifty five thousand applicants. IT has the resources IT could let in fifteen thousand and not sacrifice inequality, but they decided to artificially constrain IT because there, if two thousand, and homeowners and people already have cost degrees, have figured out that the self rejectionist exclusionary strategy is the best way to entrench the income bat.

So if I have a college degree and already have a house I love, IT, when you say is impossible again, to how many people do you say, kind of proudly or jokingly say, I would never get into my college? I applied now. Well, that means your daughter's not getting in, and it's not something to be proud of.

In addition, once you own a home, you become very concerned with traffic and you are start doing up to the local review board and you try to kill every, every new housing permit um I bought some land to try develop florida on. A woman showed up at the local review board and said, I don't want them to build there, because after I walk my dog, I call that trust passing. They decided to do a study and delay the approval in other three months.

So putting housing permits are taking them out of the hands. Of officials and putting them in the hands of homeowners. You have absolutely no incentive to ever approve housing if you're a home owner, because an absence of new housing makes your house go up in value.

An absence of elite education certification if you already have IT, directs the value of your certification. So all the incentives are to make IT more difficult for new entrance verses in combs. And the ultimate example of this intergenerational theft, a few I was covered, and that is a million people dying from a virus.

What would be bad, but what would be tragic is if we missed an opportunity to make my generation much wealthier. So we flushed six to seven trillion dollars into the economy. The ask assist that.

This is a national merchant. People that need IT. Eighty five percent of IT wasn't spent. So eighty five percent was saved, meaning five to six trillion, which is is kind of like let's flush money into the market.

So where did you end up and went in a housing and went on to the stock market? Stock market touches new eyes. Housing touches new eyes.

Great if your me in neural own netlist near your own home. Terrible if you are coming into your primary community as you want to buy stocks to buy home. The reason I economically secure is that in two thousand eight, we build out the banks.

We didn't build our economy. And apple, netflix, s and amazon, just as I was coming into my primary on earning years, as you are now, I was able to buy amazon apple networks at eight, ten and twelve box to share. Those companies are trading at one hundred eighty two, forty and seven hundred and fifty hours a share now.

But now we don't ever want disruption or turn. When you bail out the baby boo boomer owner, a restaurant, all you're doing is robbing opportunity from the twenty six central graduate of a coronary academy that wants her shot. So what you get is the credit card bill.

The closest you get to the club, i'm in the, i'm in the club doing champagne and O, K, and you get to throw your credit card and I run IT up. The deficit is out of control and they'll be fine while i'm alive. We still have incredible credit worthy.

But by the time you're older, I mean, IT deficit is nothing with attacks on Young people. It's a delay tacks, but IT just means you're interest cost. You're going to be much hard when you when you're my age. So I think almost everything we do is an elegant transfer .

wealth from Young, old, what do you say to Young people? Listen to this to go. Wow, those problems are so big. You know, i'm like, like you said, barely trying to make rent, doing what I can over here. How do I not become a nil list and only want to destroy things?

sure. So the first thing, institute, but it's vote. I mean, seniors figured that out.

They fired out. They vote. They get money. yeah. So if Young people wanna figure more child tax credits, you long to restaurants for business, whatever might be a more opportunities to engage in this economy.

They need the first form as I need to vote. Young people do have a lot of agency. There is huge opportunity. I know that you're making money in the mainstream economy.

If you are willing to work hard, I mean, things are things are worse for Young people than they are for old people now. But the reality is things are less bad here than almost anywhere in the world to every problem i'm talking about that is is prevalent elsewhere, and even worse. So for example, if you take the poor state, mississippi, the advertise holding come there is still the same or higher than IT is in the U.

K. German's, south korea, japan. So a lot of a lot of the anger and anxiety among Young people is is justified. But some of IT is your reminding you that if you don't have a hard boyfriend and unification ing at the hotel to cap like all your friends seem to be doing on a on a gold stream that somehow you're fAiling. So there's all this wealth porn trying to make you feel bad about your state in life.

I do think there's if you're hard working, understand technology, there's still a lot opportunity, but there's just not getting around IT. We're going to need new policies. I'm been pretty open about my politics.

I've endorsed publicly haris president. Her economic plan would be with increased the deficit by a third trump economic client, would blow the deficit or a be triple the deficit edition. That just that is essentially attacks on Young people.

So i'm kind of a one policy voter at this point. I think Young people need more money. And this notion that was just to give away what we give away money, all the guy and time corporations are playing the lowest tax rates since one hundred and thirty eight.

The super rich, not the near ich, but the super rich, the wealth is twenty five. Americans paint average tax rate to sixty percent. So I think we need an alternative minium taxes. I think we need her corporate taxes.

And I like what portugal proposed, magic one room for president portugal, just past a tax holiday, everyone between the ages of twenty and thirty past onal taxes, because they found that their Younger generation was was anxious, uh, depressed and also, quite Frankly, leaving. I think we need something like that. I think we need sort of martial plan to level up Young people. Because what we're seeing, what we're seeing is that forty years ago, sixty percent of people, eight, thirty to thirty four, at least one child, not twenty seven percent people, a little kind of opting out. And opting out is I don't want to bring kids in this world, and I don't think it's because I don't want kids these because I can afford them.

So what's the point of all of this? If people, if your kids are anxious to press obese and don't have children, what is the point of all this? And is IT to create a class of, it's this lottery economy, where literally can create many billions as as possible even if IT comes at the expense of Young people where people are just trying to be millionaire.

So I think quite Frank, I just think what I fucked up. I don't think we ve got our priority straight. Once you're ove two or three million dollars a year in income, you're not onna get any happier.

So why i'm turning into you know this sounds very populous, but why wouldn't we have a very progressive tax structure at the highest levels instead of attacks code that that massively declines once you get really wealthy? And the mth in our tax code is that the rich hone paid to taxes actually the workforces uh pay their a disproportion to share the bottom fifty percent pm was no fatal income tax and the top two percent payout ninety percent of the taxes. But there's some new answers and that is I call him the workforces moms of baller.

She's a partner at scan arms emini transaction makes two million year. Dad is a car tractor and he has two clinics. He cleared six hundred thousand, two point six million year, right? That is a craze amount of money.

They probably need to live in a city in a blue state to have those types of jobs, which means at that income level they are making, they are probably paying forty eight to fifty two percent at taxes. So when you say the rich need to pay more taxes, is anything why i'm the rich? They are like, boss, i'm kind of been working for the government at this point.

I need paying more taxes. Once you make the jump to light speed, and you can have the privilege I have where I basically buy and sell assets to make a living, I start companies, I sell them. I piece out to florida because I have that kind of mobility.

My average tax at the last ten years has been seventeen percent. So when I was your age, making a lot of money, but I was all current income, I was playing forty to fifty percent once I started making a shit ton of money, my tax rate plumaged. So it's the plumet part.

I don't understand and I don't see any reason why you're not going to lose any happiness. If you took if you took taxes sale, i'll turn minimum taxes to fifty percent from seventeen. For someone like me, i'm not gna lose any happiness.

Whereas if you can give, uh, someone a child tax credit, take them from forty five to fifty five thousand dollars. That changes everything in that household. So I think our tax policy, my fiscal parity, I think it's all designed to chew wealth from Young to old.

Yeah, IT was interesting. You I think the other part that I find fascinating is the institutional incentive that say, big finances companies have. So you know, for instance, today, if you have black rock, black stones, some of literally large companies out there buying a bunch of single family homes, will they have so much of, they have so much money, so much of our money really from us investing in funds and tf seta, that not only can they pay more, but they also have the institutional benefit of having great credit with all the money we have on hand. And thus, like I have to one third interest at.

So I think some of the reason why things have become so expensive and not just they're actually, you know, I don't agree with you on all the tax policies perfectly, but I do think that seems wrong, that somebody could use my dollars to have a lower interest rate to pay more for our houses and then bundle them again. We also saw them in two thousand and eight, mass bound of the american dream of hooo nerves can be problematic as well. So that that is another one that I worry about. What do you think about the people who might say, hey, I actually wanted pay my fair share in taxes because, like you said, where else is they're Better to pay taxes in america, but they are concerned about things like trains that go to nowhere in california and government. They can do much with our tax dollars.

I don't think like, do we need to cut do we need to increase tax rates or cut spending? The answer is, yeah yes. If amErica was a household that amErica is making fifty thousand, that households making fifty thousand, spending seventy and three hundred thirty thousand and death, it's not sustainable.

And every day we get new credit card offers to keep rolling in, paying, continuing to spend seventy thousand and fifty thousand that we get, seven trion, seven million and spending five trillion in taxi seats. You just can't manage a household responsibility at some point. The chinese, however, are going to show from one of our treasury actions and interest rates, you're going to skyrocket and you're going to have know.

So it's going to a get real pretty fast. So I I just don't think there's any getting around IT. I like. States like for and taxes that have no states I like when states compete.

And I think ultimately, competition is probable going to bring down sort of the add control spending in some of the blue states because they are just people leaving. I think it's good to have interested competition. Government, when an economy goes above started, thirty, thirty two percent of spending as the government IT just becomes very inefficient.

Two thirds of employment in argentina is civic, is government employees and is not productivity is not inside of there. So I would love IT if there someone had an adult conversation and came in and said, we've got a cut social security spending by ten or twenty percent. We're going to have to cut no forty percent of all spending right now.

Government spending goes to seniors. It's about to be fifty percent, which lower amount of money we can invest in technology, R N D and education, which have a much bigger payoff. I think we're going to have to massively cut social services entitlements.

That all leads to entitlements. We have to look at everything and we're going to have to raise e to access because the far left in the far right, as far as I can tell, come together and agree on two topics. They agree on reckless spending, right?

I want more services, more social spending. You want more military and the attacks, as I know, let's do at all, and will just keep racking up the deficit because Young people haven't done the math and we still can continue to borrow our credit cards. Sen, shut off.

It's irresponsible. It's mortgage, uh, our future. So i'm with you. No one wants to have that conversation.

The third biggest issue among people, euro an election is the deficit. And IT never gets mentioned among our politicians. It's just I mean, the right there's a myth that the republicans are more physically responsible.

They love deficit as much as we deo as much as democrats today. So i'm with you. I would love to see now we have two trillion dollars and deficit.

You can have a small deficit to four hundred billion as long as you're going in the economy. So that's one point six trillion. Are I come up with eight hundred billion and tax cuts and are in spending cuts and the other subtle great one hundred billion and increased taxes.

but that's not reasonable.

There needs to be a ground up in the room at some point here. It's going it's gone on way too long. And because because the deficit really hasn't popped up, mean, we're now this year going to spend more money on interest on the debt and we spend on our military, that's at some point it's going to become begin crowding out almost everything. So yeah, i'd like to think we're ready for dull conversation. IT hasn't happened.

fingers crossed. If if you know for sitting out there right now and you're talking to a Young person and they're about to slit their risks, is no light at the end of the tunnel, what do you tell a Young person today? Like what is the actual thing that you can go do now, Scott, haven't seen so many different moves and markets. What are some words of wasn't you'd have if they want to make money?

okay. I just what I just start, I just write a book on creating economic current. I do you think there is a formula? The first just focus, and I just find something, find something you're good at.

People say to file your passion, and I think that's bullshit. Anyone that tells you to fire your passion is already rich. And the guy telling you to follow your passion made as billions and iron or smelting, right? Be a DJ on weekends, play in a soccer league, you know, design jewelry with your friends, open a restaurant when you're already rich. The vanity industries are really difficult because there is one hundred eighty thousand people in sakra.

These are incredibly, it's not easy to get a union card ah that's the a union representing actors and stage workers were producers eighty three percent of a my student quantify for head insurance because I will make twenty three thousand dollars. So acting I be your passion but unless you're in the top one percent and you getting bright blinking Green signals that you're in the top one percent, go find something else. And I don't want to crush your dreams, just have a super conversation around what's required to make a living in that industry.

So find something you're good at. And the key part of that, find something you're good at in a non romantic industry. The guy has this studio.

I've been here twice this week. This isn't that romantic. He found some shady op space on avenue b and runs IT out podcasts ers and is probably making really good money.

That is not he didn't dream of that when he was nine. I know i'm going to install sound installation on a loft in a mediocre manhattan rented out to pod casters. I don't think he was dreaming that when he was nine, but this is a good business.

Now I just open to .

more there ago. This is a find something you're good at and think I could become great. And by the way, if you don't know what, twenty, when I was seventeen, I thought I was going to be a quarterback.

When I was nineteen, I thought I was going to be a pedestrian. When I was twenty two, I thought I was giving a investment banker. I got to join the investment bank.

I ended up in business intelligence and analytics. I didn't even know what that meant until I was twenty five or twenty six. So try and find some your job in your twenties to workshop and find something you're good at and maybe could be in the top ten at the top one percent.

And forgive yourself if IT doesn't involve college because two thirds of kids don't end up in college and there's a industrial shaming complex. I've minute these parties, did you hear, you know, max dropped out of brokers and I, oh shame, shame. You know, the parents have fucked up.

The kid is a failure. Two thirds of our kids do not end up with a college degree. Workshop stuff finds something you could be good at, maybe great IT might be being a tax account.

Okay, do you understand? Are you willing to go to college? Are you willing to go to C. P.

A? Do you understand numbers? You understand the tax code? Are you good with clients? Because if you can become in the top ten percent or the top one percent of tax lawyers, those people get to fly private and have a broader selection set of mates and they deserve, which makes them really passionate about the taxi.

I am so passionate about analytics because I gave me the ability to take care of my kids, take care of my dad, have crazy, outrageous vacations and remove stress from my key relationship. Passion comes from artistry, mastery and economic security. So whatever that thing is that gives you the abilities to make some good money that you're good at, maybe even great at in an industry that's not sexy, you're going to be compassionate about IT.

I'm building a home right now in london and there's the soapstone guy or the marble guy and is this iraqi immigrant? Everybody knows him. You can tell you everything about the vein in the marble.

And I was very open with him. He's been open with me. He makes two point one million pounds top line as a marvel company. He clears about eight hundred thousand.

That's pray, good margins.

Yeah, it's a guy in his forties. He's been in he's been in he's been in marble since he was twenty eight. And he's passions about marble and soapstone because IT affords them a really nice life and he's great at and he gets a lot of commentary.

He gets a lot of prestige, relevance, um you know pride, ability to take care to be economic scare. So the first thing is focus. Second thing is I call IT stoicism.

But the one thing that in your control is spending. You ve got to develop a savings muscle when you're Young and see you get alignment with your roommates or your romantic partner and game of fire savings, saving money. Even you got ta figure out you gotta have a savings muscle that you can flex.

When I was a junior in U. L, I, I wasn't going back for my senior year unless I saved three thousand dollars to the summer and eleven weeks to save three thousand dollars. Earnings safe.

So everyone of the name new, new, the four kids were who didn't have money. I want to use still. I was in turny with mostly jewish kids in the bali.

They all have money. There were four of us that everybody knew were broke, like our parents aren't helping us. We moved in together in a room, in the, in the house.

And we had a White board, and we game a fied spending. I spent seventy a dollars a week, including rent and food, for twelve weeks I top roman bananas and milk my big treat. As every sunday night I go to cissy, er, you ask your parents and for nine nine I was on the cruel team the entire cruise.

Am would go and we would go there at three P. M, when I opened and we stay till A P, M, and we would just eat seven, several million calories. And IT was fun.

I mean, I would have ve rather had more money. yeah. But the ability to game ify in the best with a partner, save money and start investing.

If you're Young, you gotta figure out that savings muscle. And it's getting reward from other things, getting reward from fitness from friends. And I think about being Young as you don't need as much money to have fun. There is this instrument generation, the things you got have a burden bg ago take go to a chell I phone when you're you're twenty is pretty much like beer and making out as a pretty good brad that's like there's a lot of cheap .

shit out there available .

twenty some times plus can really do .

IT you're married actually IT isn't .

an Austin a pretty IT doesn't hard get much more expensive so too anyways that I called stochastic getting a savings sasso. But third is time for the majority of time on this planet. We even live past thirty five, so Young people just cannot imagine they're gona live to be a hundred, and most of them are.

And they also can't calibrate how fast time is going to go. Ow, my life has gone really slowly. Said no one ever.

If you, from the age of twenty two, just figure out a way to get two, three, five percent of your income out your hands. Don't even ninety nine percent of us will spend everything that comes into our hands. You have the brightest people in the world with the god like technology hitting you the exact right moment.

A chance to upgrade from economy, economy comfort to a Floral chocolate cake with your penny. Whatever IT is right telling you deserve, this is worth that up. There's two people you can at the hotel room.

You bet only one left. By now find the first savings mechanism, two to five percent in your twenties when you're manager are going to be fine. You don't starting to a thirty, that's fine, but it's going to need to be five to ten percent.

This can be closer to fifteen to twenty when you're in forties, but you going to live longer than you think. Times going to go fast. Well, i'm only going to get you know nine percent of the markets.

Well, okay, that means in twenty four years, it's going to be up eight fold. So the power of compound interest in time. And then the final thing where I really screwed up was the power diversification.

嗯， and that is I made A, I ve always made a lot of money, right? I came out of the gates hot starting new commerce companies, and I was raised in the camp, professional atr. You were told, be in IT to win IT.

Go deeper, go deeper. And my company was about to go public. And I was like the broad money against the stocks, about more stocks.

So when two thousand and hit, I went from being, from looking at jet snow joke to broke club my way back two thousand and eight, all my money was tech again, boom, broke again. And that was about the time my first son came along, which was really upsetting. But diverse ation is your cavell.

W and that is two weeks ago, I found out I made one of my biggest. I missed five million dollars in the tax base health care company tear one VC balis best investors had album my way to get in at a big investment for me. IT went out of business last week that a zero for me, but I don't invest more than three or four percent of my network than any one thing.

So I ruined my hour, but I didn't room in my day, and I certainly didn't room in my week. Diversity is your cavallo. The moment you have anything resembling in asset base, you wanted try and take pieces, have yet input IT in stuff that is uncorrelated as possible.

I'm about to invest in a aircraft maintenance company in a salvor. I I just want anything that's away from my tech world. I love. I now appreciate diversification because once do you have an ask base, the way you get rich is probably through a little bit concentration, your own business, you double down on a house, you fixed IT up, you flip IT, whatever might be. But the way you stay somewhat rich is university.

And I didn't realize that I was always reading these stories about Steve ballmer, bing baring stock, red Smith doubling down on fat acx, mark sacer d never selling a share, no, diversify. Because here's the thing, the market is the market will always trump individual performance. And no matter how good you are, if you're in tech in two thousand, you're gonna a get hurt.

Amazon last ninety percent of its value from ninety, ninety, two thousand and one. And then also a little bit of them forgiveness. Recognize that when you stock to go down, recognized, we have a business fail, that most of IT is not your fault.

And at the same time, when you kill IT and you by stock in a doubles and you were smart enough or lucky, you were smart enough to buy in video three years ago, you were lucky enough, you were never more proud of a big mistake than after a big wind, bring in your horns. So I wish i'd learned diversification. I didn't save money in my twenty thousand and thirteen.

My first feeling when my son came marching out of my girlfriend, IT was supposed to be bright lights in Angels singing. I felt so naruhito. And I thought, well, okay, in additional child birthday gross, which I think IT is, I felt incredible shame, because I was sitting there forty years old, i've made so much fuck in money, and I was broke because I wasn't smart enough to diversify.

Because I think I am such a bowler that my companies can be worth a billion dollars. I'm going to keep doubling down. So my first sentiment when I saw my son was, I failed this kid.

And I want to help Young people realize I don't want anyone ever feel that way. And you don't need to be a billion in air. Just start saving some money.

Real states are great for savings. Figure a way to get IT out your hands, keep saving. And just in case you don't go double platon or have a podcast is number one or have a movie or buy amodio, you don't need IT.

I can get you rich. That's the good news. The bad news is the answer is slowly. So what I would tell Young people, even if you don't end of an amazing job, if you start early and you follow this pattern, you're going to be economically fine.

That's such a good point. You know I think there's a lot of point in these days about sleep ing on floor sleeping on couches and that that's the only way to make IT too. And that if you want to be successful, you have to go all in on your business.

And I don't know about you, but I never wanted do that. I never wanted to sleep on the floor. I have to yeah, I didn't want to have to sacrifice everything really on.

I want you to work really, really, really hard. But I think in finance, we get lucky because we learn that you know, from an early age. And for most Young people today, if they watch anybody whose had success, they go where they went all in.

And IT goes back to your point, I don't think i'm at top one person, like, I think we should all have a little bit more humility. Assume you're gna fail more than you won't. And then I always giggle like when people say they wants to be A D, J, you go, you know how to become A D J.

Come to see you of goldman sax. It's more likely, yeah. And you buy your way on to the stage. Know who else buys their way, the stage. Paris Hilton, how to make his money fucking a chicken stores now and car washes, which I love as well.

So I think you're right. Well, I I went to the user pin and now that OK, i'd rather be in a dole federal, the number three and number four rank tennis player i'd rather be because I get to go to the U. S.

Open and sit and great seats, and i'm not stressed and throwing up. And though, you know, I rather be the number one and number two player in the world. I just was, I coach out a Young man, and I had this kid.

He got an M. I, T, and he got, but he had a chance to play basketball by bus, was for life at what I call a pretty mediocre school. My boss got at my team by a fucking and basketball team in twenty years.

Like, what do he is thinking? The sports is a terrible business. It's you know, if you do the math on what would required to become a basketball player is IT is much easier to win the lottery.

It's just crazy. So you need to have what I tell you in people you can have at all. You just can't have IT all once and you need have a sober conversation around the trains.

And a lot of times with people take into account, as you know, you can control your spending and there's nothing wrong with cutting your spending and saying, i'm not onna live to work. I'm going to work to live well, fine, but you're onna need to lorrie your cost of living and there's nothing wrong with moving to saying Lewis and dull incomes make a one hundred ground. You get a home for that, have a really nice life. But be clear, if you expect to live in the yorick and you expect to have I serve in my kids, when I say my kids, I mean my students, seventy and eighty percent of them expect in the top one percent of incomers. Ce, by the time thirty five do they .

realized it's the top one percent?

Well, no, because I think the top one percent and command s like seven hundred ground, they don't think of that. Is that much money? I mean, the average compensation, I know when you turn this two hundred and twelve thousand, first years they think, okay.

Within seven, eight years, they should be making six or seven hundred thousand dollars, and a lot of them well, but if you expect me in the top one percent and maintain a lifestyle in the york, ala, one of the super cities, you're gonna have to work pretty hard. You're gonna have to. No, I had some fun growing up, but I don't.

I would say that from the age of kind of twenty five to forty five, I didn't really do anything but work. And IT comes to a real Price. I lost I was, I lost my hair. I lost my marriage and I was worth that.

You had to interesting. I do think you either going to chose short term along term pain. And I wish somebody had told me that earlier like this.

I'd never like to, you know, when they play those videos, like the reaction videos of the girl crying because lives hard and then they make fun of her and they never really sits that well with me because I think it's because we kind of fail them. We didn't tell them it's going to be fucked and awful. Your first job is not supposed to kill you from how hard IT is. It's supposed to kill you from .

the pure monotony .

of like finance. My first yeah so yeah, eighty four weeks taken all that, you know, series seven and twenty four, sixty three, all that jazz. And I was the dominant, the least qualified and didn't have any fancy friends or family. And so but was also awesome because I learned massive pain tolerance, really.

really training yeah.

And I think that's probably what we should tell them. I sad that your first jobs gonna suck, but eventually i'll be worth IT.

Well, what I would say is that you almost, it's like rearing children IT gets Better. We're told a lie that it's gonna great, at least I I think babies were off. I didn't stand the first two years. I thought I was just torture. I think my job was just make sure the thing didn't get near a body of water and keep IT alive, and I didn't find that out rewarding.

Do things make you happy though you seem to have like a steady stay of study.

day of unhappiness? Here's the good news. I hate my life lesson less every day um but what I say about kids is two to five IT gets kind of fun and then five to fifteen is amazing and then you can to lose him again. I'm going to that right now. But what's your oldest seventeen OK?

You have not seen the other side.

But yeah, now maybe that's good. I'm waiting for that. We will see OK believe IT when they like down, you know they don't call them and they don't it's like that teen of fair thing where you have a crash on somebody.

My son was in town on his calls to my mind, which like my coffee, I mean, you're probably busy but and i'm busy, but if you're free, I could find time that you probably want to I I mean, I just this might you'll never find people less impressed with you than your teenage teenagers. But anyways, I like everything's a trade off. You just have to decide what you wanted trade off and when and how much.

And I get IT, i'm not gonna kids to give up their twice, have some fun, spend some money, try and find a little bit of money to put away, and also just recognize your first job in, if you don't like IT, you know, give you a couple years, give a two or three years to see if he gets Better, but also recognize you may not end up in your dream job right out of college. Few of us do, but that's a learning. I went into invest american.

I were to more instantly. I hated IT. They hated me. I was terrible at IT, and that was a learning.

And but IT was really good training because I gave me intention to detail. IT gave me kind of the ability to suffer a little bit. IT taught me a little bit about working in a large organization.

IT also told me I don't have the skills to be in a big company. I'm too insecure. Anytime people went to a conference, I would think they were talking about me.

I didn't have patients of maturity if I met someone scene er to me that I think was a smarter is smarter me I I get angry that they were making more and I just was too immature to handle a big company and people romanticize entrepreneurship. I went a entrepreneurship, a defense mechanism only i'm just not going to be successful. I met my stall mate from Morgan.

Stanly has been best from backing for thirty years now. Um we bought both our transparent about our wealth were ended up in IT almost the same spot economically. He's endured much less stress than me, right?

If you have access to corporate america, the U. S. Corporation is the greatest wealth creator in history.

The realist, most of us don't have the skills. We know the patients. It's not easy to get up and put on a tie.

It's not easy to go to corporate advance and pretend like the basis husband that this should is not easy and be thoughtful, be patient and occasionally you're going to suffering justice. People less less intelligent and less hard working are going to get promoted. There's injustice everywhere.

But if you can endure those injustices, typically over time, core, the american corporation is a great way to get wealthy slowly. And the majority of entrepreneurs, I think, do IT out of mean. The majority of mentors are immigrants.

They can go to work for google. They didn't get to go to work for dark. Mh, so when kids kind of my office hours, they think they, I have an offer from J P.

Morgan, but I think of starting my business. They think i'm going to breaking the song and they go for the small business. Fuck that, jp Morgan, here you come was true.

I mean, I was a gold men like I was a little little pion analyst back in the day for two years. And I hate of my life for all two years of IT into this day. What fifty, twelve, thirteen years later.

It's still like cody sanchez. Yeah, she's on these business as she's got this online thing. You also work to go with sex are like that.

Huge credibility.

Huge credibility. And I here they spent like about one hundred thousand dollars a year training um no no members. So that's probably the cheapest university you can get. Is a is a corporate N B, I, A great.

incredibly smart peers. It's the web describes like it's like having served in the marines. You're really glad you did IT past hand, yes, but I say, I ve started a bunch business, but what did I roll first? I was a more instantly yeah.

Because we all are proud of our brands and the institutions. But anyone who write out a college can go get a graduate degree called a us. corporation.

I would say, do IT you might be good at IT. And if not, it's gonna be useful and what you're good at. And they did these crazy things called health insurance and retirement plans and training. First I did was assembly colombia for this mini MBA.

I got my MBA church town state straight, so so I know what to cost me. One hundred and sixty thousand dollars is what the executive programming rage town cos crazy. And I mean, I had to held the time.

I think the most valuable thing I ever done was working corporations and start a business, not my M. B. A.

I think that, yeah, like everyone has, has a path. I described business school for the elite in the aimless h. You're good at what you do. You're smart. You want to make money, your discipline, but you have no idea what you want to do. We all try to sound very focus on our business school applications, but if you are really good to know what you wanted to do, you don't need a graduate degree. You just go do IT unless it's you won't be a lawyer.

A doctor is a great point.

Business schools, for those of us who were trying to figure out career switches, I got all the investment bankers wanted to be consulting because we do not want to give up the money, which if we hate investment banking, all the consults want to be investment bankers. You would think we get together and like, hey, sucks over here.

But IT gives a great way to figure out sort of what you will like more and also get get a great dentist for the for the first time. Business school is not a no brainer. When I applied, IT was a no brainer.

Tuition was two thousand dollars year. yeah. My total tuition is still in berkely as an instate of student of seven thousand dollars, seven years total tuition and seventy six percent admission rate.

U. L, A. I graduated with the two point two seven G.

P, A true story, and berkeley let me in the graduate school. Things have changed dramatically. And i'm now a good citizen.

I pay lot of taxes. I give a lot of money back to those oma motor. So I would argue there really slack admission standards was the right way to go.

fascinated. What do you think about, you know, one of the other things that seems to me leads to success long term. If people actually want to quote, win monetary lily is like a massive ability to handle failure.

You you I think you're really interesting because you're very um you know you're not quiet about your opinions. If they don't turn out to be right, do you go? Well, here's my thought. Process seemed to reason of all all IT worked IT didn't but i'm going to at least say the quiet part of loud and we can see how I tracked one, wear the other. How did you get comfortable ball being wrong publicly and getting over?

I don't think you're wrong a lot.

By the way.

i'm wrong. I got a lot of strength for my athens.

M um that's fascinating why you just don't think anything matters .

to a certain stand. And that is I am convinced that at some point i'm going to look into my kids eyes and our relationships coming to an end and it's going so fast and everyone who are worried about their opinion or being shamed by they're going to be dead really shown and saw my so I think a recognition of the final nature of life and your insignificance gives you a little bit more courage to try and squeeze much use out of this lemons physically possible.

And I do try to live out loud, and when I screw up, I try to forgive myself. Because when someone else publicly fails, when say something stupid, or they have a business fail, most people never be entrepreneurs. They don't want to risk public failure.

It's immediate guys. Most guys specially nowaday don't approach a woman. There are attractive, took, because are worried about rejection.

And what you realize, or what I realize, and it's been my superpower, is my ability to move through, fail. My superpower is rejection. I ran for soft, more junior and senior class president in high school.

I lost all three elections, and based on my track record, I decided to up for student body president, where I went on to wait for IT lose. I've started nine companies, four, failed three, or of a three, or kind of a tie, got the money back, and two, two were hit. All you need is one, one out of seven businesses succeeds.

So I started at nine. And my my superpower was when I had a business fail, or when I was divorced, when I lost my mom, I knew had a morn and I knew had to move on. And the only thing I guarantee anyone is you're going to have a certain amount tragedy, a certain to join your life, the rate of those things, some of that out your control, where and when you're born, a lot of luck, health of your loved ones, but the thing that in your control is your ability to move through that failure. And i've been been, i've been shot in the face professionally and personally, and I was always able to say, okay, my business failed, learned a lot. I'm going to go raise more money and start a new business.

What does that look like? Like right after you lose an election or you fail in a business, what do you do I do you sit with like a whisky?

You know, it's I think it's different for everybody. What I would suggest is everyone needs to find things to make them feel good about themselves. From what do you do? Well, I have.

So this isn't going to come as surprise you. I struggle with anger and depression. I'm very cognition of IT, and I have A A series of a kind of activities to try. And when I feel like i'm going dark, what's weird as failure or adversity doesn't send me into a depression, other things do. So I think it's problem, more chemical with me, but everyone needs to figure out how do I maintain a sense of enthusiasm?

I have so many really successful friends came out of I V look school started hedge funds got to a billion under management, were making two, three, ten million box here and then the market goes cell on um there's a bunch of redemptions. There's fun closer down and for the next five to ten years, they're like stock. They can keep past the failure.

And it's not it's not hitting a home run. It's your ability to just get to the place as many times because at some point you're gonna can act. So my my cognitive behavior or tricks, we're trying to bust out of A A depression when I feel myself going dark.

I have an acronym scape for the first thing I do as I sweat exercising, reset everything form me. It's like pressing the reset buttons. Yeah, your.

Oh, i'm trying holding on every last vestige of my youth um see clean I try needed home not a lot of butters assault um which I find this really helpful absence in the sense that I love alcohol and I love hc i'm a Better version of me, a little bit fucked up. I love being high. I love marijuana.

I love alcohol. I'm really good at both of those songs. And I think like i'm like most people, there are an enhancement in my life.

And I know how to control them mostly. But when I pealing depressed, I just take them out of my life. Whatever is happening to those sensors in my brain, I just not want to fuck with them.

A F is for family. My kids are so awful that they forced me to take myself out of my own head and stop focusing on my own shit. They are, they are just, if I can be around my boys, I know that they will come up with reasons why I need to focus on them.

That's actually quite healthy in the eyes of faction. I, I will tell my kids joking, like my feeling good, and they know that means we watch TV that will throw their legs on mine. I let my dogs on the couch, physical mamo touch. I think it's very restorable to me. So whenever I feel myself going dark and the way I feel myself going dark, as I started getting pissed off at everyone and everything and I start feeling really down on myself, I get quiet, I withdrawn and um have trouble sleeping and I like but i've got to a point, I recognized IT yeah and I can snap out of IT but your ability to move through failure, your ability to endure, you want to punch above your way, class, professionally or romantically, get used to rejection because most people aren't willing to indoor rejection. You know.

you stop Carrying about IT after a while I think you kind of like and cocaine yourself against IT.

I've had disasters professional. I've had a company of chapter eleven. I've had stocks eighteen months after I invested go to zero and I can get through IT. I don't mind IT. I've been single.

I've I can tell you the amount of rejection i've been doing for women, and that's the reason i'm with somebody who's much higher character and much harder than me, is all the women who rejected I was fine. I could get passed that. I could get passed that I wasn't scared of approaching.

People ask for money to ask them to come to work for me, to ask them to be my clients, to ask them to go on a date with me. That is the key to my success. Is an abundance of rejection.

Slightly an appropriate question. But have you ever tried psychology? X, and that doesn't make you less of an atheist ever. I have you done like where you do the whole thing and you put on the mask and you lay down, you see the the .

tracks. Yeah, I did. Um I just hit a massive academy.

Yeah, that's only time i've ever really done psychodeviant. Xy, the mushroom chocolate I loved. That was a ton of fun.

I learned a lot about yourself, just intentional, about I went and very intentional. What is my purpose? What is my purpose? Yeah, the no, i'm pretty convinced that all that things going to be just a wonderful long I know and but I want to acknowledge .

that is an atheist.

our belief that kind of the world was nothing and then IT exploded. That's pretty ridiculous too. I don't want to in any way trying to who religion or faith I think it's a tremendous source of comfort for people.

I ve always enjoying going to church and temple. I like the community, but now I don't have an invisible friend. And I think at some point this is, I think, I think this is addressed rehersal. I think this is my first and last act.

There was something beautiful about that, though I always like, love that am a bomb back coal or SHE says, when I stand before god, at the end of my days, I hope by, because in him that I have not one drop left. I used everything you gave me, and I think he was an atheist. St, that's funny, that SHE used god in the court. But I think that's kind of what SHE match is like just leave in IT on the line.

Like whatever is life yeah leave in on the field. What is the grade? Was a mexican artist. Freedom of the one of .

the frito colo.

Free colo. Share this great quote. So I want my accident to be glorious, and I don't want to come back.

Oh, that's my brand for you. I like that. yeah. okay. I could see that at one of your next thumbs for one of your podcast. Okay, I want to talk a little bit about I want to talk slightly about Young men today because I think increasingly you're talking to them in particular in a way that's not so hard. Bro, you gotta a do X Y es, it's like sophisticated, which I think speaks to a lot of this generation.

Yeah, what's the deal with Young men doing more video games and opting out and not asking women, you know, to go out on dates? What are we doing? How do you get around that as a Young man?

Well, first look, look at the numbers. There is no group globally that to send IT faster than women. There are more women globally seeking to shary education than men. And when you look at there's probably four year fifteen nations that don't allow women to seek to shy education, actually.

I don't know. That's turia mean university .

and higher education, college and graduate education. More women see are in graduate school now, high education globally. Man is a wonderful thing. In the last thirty years, the number women elected to some form of parliament, electoral body has doubled. Women are killing IT.

And by the way, I think there's anything we should do to get the way of that single women, or more or more harm. And single men, women under the age of thirty and urban centers are making more money than men in the next five years, is going to be three female college grads. For every two male college grads, two at a, three women under the age of thirty has a boyfriend.

One at a, three men under the age of thirty has a girlfriend. White, as women are dating older, why are they dating older? We are producing way too few economically and emotionally y vivo.

men. And there's a variety reasons. There is straight. Biology means prefrontal core tacks is about eighteen months behind. When you applied to college, when there was another senior from your high school was a male, you're basically playing, you were competing against a junior.

There were less mature boys mature or they catch up at about twenty five, but at eighteen they are basically a sixteen and a half year old girl. Uh, school education is highly bus against boys. If you think about the behavior we want in school, it's sits still, be organized, be a police or raising hand.

You're describing a girl. Schools that are just boys only end up with twice them out of research time, because boys are like, boys are like dogs. I need to be tired.

They need to be kind of worn out. In addition, there are some societal factors that have been especially rough form boys. We have the second most single parent homes in the world.

And if you reverse engineer where a boy comes off the tracks, it's when he loses a male role model. And what's interesting in the studies is that girls and single parent homes have the same outcome, same college attendance, same rates of depression. All the study show that while physically stronger, boys are emotionally and mentally much weaker.

So they're not going to college. They're not mating. They're not dating.

Half of millennial men say they are no longer dating. They are no longer even trying this movement. They're much more prone online dating.

IT used to be family, friends and school. How you met people, now seven percent online. And we don't like to talk about this because we like to .

sort .

of assume that every problem facing is kind of their own fault and that any problem facing women is because they are victimized. And if you look at online dating, basically most women want the same guy. And that is, if you have fifty men on ten or fifty women, forty six of the women will shove their attention to just four amount.

They all want the same deal. And so that leaves, that leaves forty six men writing vine for the attention of four women. So a man of average attract them.

This untender has to swipe right two hundred times to get one match. So that's one coffee. And then four of the five coffees will ghost him because their filter kicks him again.

So a mt of average attractiveness has to swipe, write a thousand times to get one coffee. So he gets what he feels, his validation of his lack of worth in the mating market. They're much more pronto addiction.

They're much more pronto conspiracy theory. They're much less likely to leave home. So what you have is an entire generation of man without male role models where more proud to addiction, and we start engaging them, but become much more pronto msg an is to content.

They start blaming women, they become more nationalistic, they start blaming immigrants, they stop believing in climate change and some, they become really shitty I citizens. And the ripple effect is having is the mating market. And that is three quarters of women say economic viability is key in a mate.

It's only one in four man we don't care matter is proportionally evaluated on their economic well being. Women disproportional evaluated on their esthetics. But when the pool men made horizontal and down, so economically, women horizontal up. But when the pool of orizondo up of men is shrinking every year, there's just less household formation and there's more loneliness.

And if you talk to, if you talk to couples that have married larger than thirty years, three quarters will say, one was much more interested in the other in the beginning, and I was always, the man was much more interested. Because the downside of sex is so much greater for women and men. Men are much less choose.

Men feel like their obligation is to spread their seed to the four corners of the earth. Women's obligation is to be as filtered as possible, as selective as possible about inbound opportunities, and pick the stronger, smarter and fast to seed. So what you have is men, essentially women, are much choose to the men.

And when they're not going to church, not going to soft league, not going into work, men have very few venues to demonstrate excEllence where you find with these couples. As the woman says, I wasn't interested in him that I found out he's really kind. I'd liked his hands.

I like the way he smell. I saw him present to a client I started getting attracted to. He made me laugh. How do you demonstrate excEllences is a man when there's no venues where you're around other people? For extended period of time, doing something different.

I was just in israel that I know a music festival memorial, and I met this, a, the of I, D, F soldiers, ninety men, ninety women, all outside, all fit, all meeting each other. They're finding mentors. They're finding business, find partners, cofounder ers, finding mates.

Where does a Young man demonstrates excEllence? If everyone is meeting on mine and everyone wants the same dude? IT let IT creates a few things.

IT creates a kadja men who feel like they're been rejected by women. And IT creates the vironment. If you're in the top ten percent of man, it's never been Better. But IT creates this portion polyamine environment where the guys who are the kind of the most attractive males, quite Frankly, they have so much opportunity that doesn't encourage long term good behavior.

So you end up with a cohorts of man who felt totally rejected, and you have women who have found dating just across the spectrum is just a little sheer that the guy they want is not interested a long term relationship. And everyone else, really, they don't have venues to kind of, if you will fall in love. And the result is loneliness.

And so I worry about Young men not engaging with work, not engaging one. One of three jobs used to require a culture rainouts. Two and three. And in some universities in the northeast, it's two to one women, the man, so they don't they aren't getting the qualifications, are much more pronto.

Addiction in the deepest resource companies in the world are all trying to convince the Young men that they can a reasonable facts way of life online. You don't need friends and go to reit and discord. You don't need to work, just trade crypt our stocks on the coin base, a Robin hood.

You don't need to shower, get in shape, have a plan into a rejection, get out of the house, make, figure out how to make a woman laugh. Be, you know be persistent into a rejection. You got you porn.

So you have, and I feel as of almost were developing a sub species of mostly males that are totally a social, a sexual. And once they get kind of into their midler twice, they're still living at home and they haven't developed those skills around socialization. Anyone say they don't become savings, but they become very hard to pull out again.

And the people I hear from most on this, when I start talking about the three years ago, was accused of being misogynistic. There's a gaga flex from a lot of feminist who, like, I shit it's andretti. Not recognizing that having empathy for men doesn't mean in anti women.

There needs me a more product of conversation, civil rights, civil rights in her White hora marriage or gay marriage, and heard heard orono ic marriage. Nor acknowledging the issues facing men doesn't hurt women. Young men are four times as likely to kill themselves there, three times is likely be addicted there, three times as likely be homeless.

They're all times as likely to be incarcerated. If there was any special interest group, there was killing themselves at four times the rated the control group, we'd move in with programmes going down. Why you down the block you're going to see black women's support group, women and consulting, golden seeds, venture capital for women.

They are really on a lot of support groups for Young men because of the privilege I recognized, because of the fact that mean, I ve had a two thousand in your head start. We're kinda lying. Nineteen year odds accountable in natural males.

And what we're finding is this real knock on effects in our society. And generally speaking, when I hear from these mothers, they say the following. I got three kids, two dollars, one son, one daughters in chicago in T.

R, one daughters at pen. And my son is in the basement playing video games in the ping. So less mature brains, less opportunity. Educationally, a lot of the jobs who were on rams into a good middle life have been outsourced or offshore uh mating market that is crowding into the most attractive males and leaving everyone else out.

Fewer third spaces for people to meet and fall in love and in mate in hab children and its leading and a technology sector that is trying to convince and you don't need to get out of the house. You can stay at home. And I I buy, relate to this man.

I was one of them. I didn't have a lot of prospects. I was under living with my mother, and I could have easily just gone down a very bad path.

So I think this is something that is a real society issue. I I think the biggest threads to our society aren't climate change, even income inequality. I think it's one extremism from the far left in the far right into, I think it's lonely.

Ess, I think you're right. What I mean, you see when you go to work torne countries, and I spend a lot of time building businesses in that america, what know what civil and and rest looks like. IT looks like a lot of fighting the inchman on the side of the streets without anything else to do. And if you've been through a include room setting over hearing, he's from the egypt in the scene all around the middle eastern and i've travelled the middle ast in land america, you can you can feel what IT feels like to be in an area where there is a different kind of power cake, which is Young men that, you know understandably so, have more aggression, more test astern and and feel like there's no outlet.

And so yeah, one hundred percent and you know, it's interesting there was a small little Spark of of of light, I think know we were an awesome like I was telling you and and we've been trying to find a church and so i'm i'm Christian and group catholic and and I wanted to find a place we're going to have kids I think IT like makes sense. It's a good weight and stall ethics and morals in my opinion. And so where else do you go? Where you going to try to teach this? Yeah, exactly.

And so whether that stoicism or catholic, what whatever IT is. And and and I had the dangerous thing up, and I was, we did a little tour, a group of churches, to to see one we we would like, because I think I would have ptsd from a catholic church. Again, I just like too many wooden pews, but we went to the church called red rocks, like a new age Christian church, to kind of thought would freak me out, you know, like text to donate.

Like, I don't know, IT is just kind of scared me. And yet, when I walked in, I was shocked. All around were these really attractive Young men and women, and they were like, happy, and they were meeting one another. And I went from church to church to church to church all around Austin, which is a pretty liberal place. And in each of these areas, and we're talking eighteen year old kids to maybe thirty five year old, there are meeting one another yeah and I thought, man, if you are sort of a lost Young man or woman and you are White and maybe you come from a decent background, there's probably one place where you have your own little version of a safe space. And that might actually .

be a church. I think you, I look at the I, when I cut man, the first thing are exercise. I do as I, I won't.

And we try to find eight to twelve hours in our phones, which was ridiculous. These between twitter, tiktok, coin base. And then what do you have? You want to end the strikes.

You have a lot of capital. When you're Young, a human capable, you have a lot of time. So we're going to relocate that capital to a higher.

I first thing we're going to do is we're going to get fit. We're going to we're going to sign up for classes on care of fits, barriers or an APP are you know there's a great fitness. The allow APP has fitness classes as you you go to whatever IT is at forty five.

We're to start any fit and I feel Better about ourselves. We're na feel more confident or too we're going to start making some money. If you have a phone, you can make money in this economy on care for your lift driver tor task river, whether they call IT.

You are going to start figure if you get a construction site and you have any skills at all. You can started about twenty box an hour. I don't have this four hours a day. You need. The way you make a lot of money is by starting to make some money because you get a taste for flash and you starting, well, this money is awesome.

And then the third thing we're going to do is at least three or four times a week, we're going to put ourselves in environment with strangers in the agency of something bigger than us. There might be church IT might be on profit IT might be a sports leg IT might be a writing class. You have to be around strangers, and we write down every time you're there.

You gotta meet somebody, a potential friend, a potential romantic partner, and you gotta go to introduce yourself. But being in that company of other people, in the agency of something else like church, IT, is incredibly important. And Young men need those guard rails.

Young men. One of the things I got to go at a standing, how to read a room, you know, also there's, it's just so important, I think we talk about a code or minding a book of masculinity. I think masculinity ity can be a decent code for Young man.

And I think of man supposed to be kind of three things, a provider, a protector, appropriator. And I think all three of those things were wonderful. And men should aspire to all three of those things and break down what that means to be each of them.

But the only way you're going to get there is in the agency of others and being in in communities manner, dangerous when they sequester. When a woman doesn't have a romantic relationship a lot of time, SHE will pour that energy into her work, into her friends. SHE finds other places to give in, receive love, are much Better.

Maintaining a social network when a guy doesn't prospect of a romantic relationship, he stops showering, he stops looking for a job, right? And I I remember this when I was twenty three, my first girlfriend ld me, I didn't stop smoking so much pot SHE was gna stop having sex with me. And I was really enjoying that part of my life, so I got my shit together, and I stopped smoking so much pot.

Guys need guard rails. Young men need guard rails. IT might be church.

IT might be the marines. IT might be a girlfriend. IT might be more than standing. They told me I couldn't party every night because I was really hard to get up at six thirty and put on a tie. And how I asked downtown. But without guard rails, men don't demonstrate the same discipline as women in their early years or early adult years. That takes a while to catch .

up with such good point. Yeah, I think also women out there too like, what a dumb the thing the whole I was sort of gigged about the six five trust fun blue eyes song because I like, I can't think of anything that would make me more miserable. Like k height has no bearing on happiness in the eye. Or sure, money actually decreases misery largely, but I don't think IT increases happiness to a huge degree in a relationship. And so I hope at some point women also start pushing back against some of these ideas.

And I also.

you know I think, yeah you're probably write, but you know I have a lot of friends who are my jamel older and they make money and and and .

and .

at a certain point they start to realize that, you know maybe men don't wanna date them as much because they're really narrowing their field of who they will do IT. And so yes and and a lot of the women, women these days increasingly seem like the studies show that they don't want to date men theoretically who have different political views.

So I I always joke with my cousin because she's super liberal and and you can find a dude and she's super cute and he works hard and and I jokingly sent her the studies that say maybe you should did a conservative because Young matter age are increasingly conservative. So it's just math and and also, by the way, polarity seems to work out pretty well for most of us. Maybe we shot my mom and dad would had two different political perspectives here for like our entire you lifetime growing up and now married like forty someone years yeah there's .

like there's something to the yg in the Young. I like that saying that the best marriages are one person. Loads of dish wash like a swiss architect, the other like .

a rain .

on h my, my partner will make me love the dishwashers because he gets to me that I add a value. And I like I was, i've never add anybody, and nothing changed here. But then I load the dishwater and chill.

unload and reload. Crist, my husband is a hundred wrong.

But there is, I mean, there's so many reasons. The thing I hate about men getting more conservative than women, more progressive. It's had another reason for people not to hook up when I was dating. If I look at all of my dates, all of my relationships for the life of me, I will not be able to tell you what political affiliations ation they are.

I know.

right? So we've invented another reason for people decide not to hook up. And what I tell me, the general advice, a lot of Young people, how many times we heard, I have all these great female friends, attractive, nice, high character, professionally know the article that they can find amount, that's not true.

They can find a mt, they wanted date in my journal. Advice to man is you need to get your act. They'd have a plan.

What's your plan? right? Every woman is subjectively or implicit, explicit, is going to try to figure out disease. Do have a plan.

You don't need to be a ballot, you know, need, have a fast car in in a beautiful condo, but you need to have a plan. Like I am thinking about the ship. You need to demonstrate discipline.

One way you demonstrate discipline is your a really good shape? IT says, I have my act together. I know how to commit to something I have.

You know, I take pride in achievement. You ve got to have a plan, right? You got to be kind.

You ve got to be, you ve got to demonstrate a certain level of, uh, I want to call aggression. But you make the plants, this is where we're going to dinner. You have manners, you pay, right? None of this starting the sky don't like asking me about this day so it's great and we split the check on like, let me guess so you didn't have sex and my curious, no one is ever gonna kiss you. They'll pretend that it's fine, you paying, and then she's not going to have sex with you.

I do remember the one date where they did like to this day. I remember the guy that did that. I think you want me to pay and he was like, sure, you want to and like women.

for me that's the most holo off forever. And I know that success, but there's evidence to back that up. I tell my son, if there in the company, women in the campaign, yeah, we go somewhere for free.

go for a walk that's fair.

Go to a work, get when are generally attracted to demand for three reasons. The third is kindness. They want someone who is going to be a long time partner. The second is intellect. If you're funny, really lean into IT.

Because the fastest way to communicate intellect and men who make good decisions, women are tracked to them, because then if you make a decision to your kids are are unlikely to survive. But the number one is your ability is signal resources. Now, the easier way to signal resources to show up the role x in bmw, but also having a plan is signaling future resources, right? So you just have to be thoughts about those.

And what I tell me is you got to have your act together. You got to say, would you want to meet with you? Start, start figuring out, start looking in the mayor, start looking the way you dress.

Start, I mean, cric, a bad breath. I mean, what is a man? Get your act together, start becoming more attractive to you and to women.

What I coach women around is what I call the second coffee. You can tell women to lower their standards. That is not. But what I says, if you go on a date and it's not works, but maybe it's nice, but you think out there was no chemistry there.

Give IT a second day because a lot of couples that have been married found that the woman whose much finer filter SHE started defined, he was able to demonstrate excEllence over over the medium term. And SHE fell for a second coffee. I if unless it's just so awful or IT just not.

I mean, I am I going to tell anyone, I can't tell anyone to lower the standards, but give you a second coffee, you just don't know. And then the other tell thing, I tell all Young people you're defauts settings. Yes, I have some friends going out.

Yes, i'll come. Other is a dinner. Others a lame corporate event. Yes, yes, yes. Return ee contact. And when I tell manis approach strangers, and if you express romantic interest or you go up to someone and they are not interested, you both can to be fine, both going to be fine.

And men get a lot of mix signals in the professional world around the difference about where contact could be harassment. And you don't do the difference between expressing interest and arash somebody, you have bigger problems. But something we don't like to talk about. One of three relationships begin at work yeah and ninety nine percent of them are conal. And we spent there's .

some .

horrific abuses of power in the workplace. Those people should be fired or worse, but it's okay to meet people at work. There's been twelve marriages that the companies i've started. I see that is a much I think it's a wonderful thing. I love that.

So anyways, I I, I am worried, the Young people, we aren't creating the economic stability, the economic prosperity, or even inventing the third spaces, whether its church, national service parks, leagues, nonprofits, a chance for them to meet, a chance for them to get together, and could not, quote, fall in love. And we're regressing to a more primary vision meeting where a small number of man got to prove of eighty percent of have procreated is only forty percent of men throughout history. And we're moving .

back eighty percent of.

say again, eighty percent of women procreated if had a child, forty percent of only forty percent of manhadoes. Generally speaking, the middle class is in the accident. A group of men in the middle who attracted the women is an accident that happened.

The world to seven men came on for more. They demonstrated excEllence in a uniform, in a good shape, and the government flushed a bunch of money into their pockets with the G. I.

Bill, the national highway act. So there are a lot of very attractive men coming home. And I started the baby both.

And these loving support of confidence households created this prosperity in this progressive outlook would like, let's give women a shot. Let's give non White a shot, everybody. This, this prosperity and rights shopped into the middle class is such a wonderful thing.

We should show IT into as many corners as possible. That's the great test innovation in history. But I started with the Young people having more economic opportunity, and quite Frankly, a group of men that were more attractive to potential mates. And what we have in our society right now, unfortunately, is too many men who are just not economically or emotionally available.

He has beautiful. What a beautiful disaster. I think where I kind of want to end is maybe not the most of high note spread thing. Important thing to note. I love some you're writing on this little wrap up here. Let's talk about another boom, not the baby boom, but the lbo boom and what happened with leverage BIOS in this country and what happened with sort of the few only in much because I don't think the average person quite realizes what happened right on earth or nose.

Sure, I look at to mostly to the lands of. So I don't think i'm not one of these people that inks all private. Equating bio firms has been bad because I know a lot of denis and people locker care and people who car practical indus who have found liquidity by a private equity from coming in and trying to console soit back.

And um so I I think capital coming into the market is actually a good thing for people where I see a concentration power is across industry. One firm controls two thirds of all social media, one from controls ninety three percent of the three hundred billion or surge market. There are three chicken companies that control like eighty percent of chicken.

We have allowed so much concentration of power that the rest they can charge on consumers. On marketers go up every year. So amazon, twenty years ago, if you were a third party market or a third party retailer selling your products on amazon, they took about twenty percent of your gross solar volume.

Now they take forty five because they kind of own the market. If you don't sell on amazon, you not selling our mind. So this concentration of power that has raised rents across corporate amErica and quite Frankly, raised rents across parents.

I know tik talks bad. I know snape s bad. Like, how do what? How do I tell my kid to communicate with the friends back home if I get him off snaps? That's IT.

You know what? These these comes of so much power i'm going to tell my kid not have an iphone. So there's so much concentration of power that the rents have got greater and greater and greater.

So I go more towards any trust. I think there needs to be a lot of break ups. It's good for shareholders.

When eighteen and t was broken up in the seven baby bells, all seven of those companies were worth more than original eighty seven in ten years. A google hasn't really innovated searches much different than I was ten years ago because they have been needed to. They have ninety three percent share. They buy any company to threaten them.

Microsoft too, with the sweet of product. I mean, they just basically recreate any product that comes out there in the marketplace that they can put inside of a microsoft sweet that's .

right in their project example of the power bandi trust because in ninety nine, they were found guilty, monopoly abuse, and they were ordered to break up. And even though they overturn the ruling, they stopped bungling and putting companies out of business. So if there had been A D O G ruling against microsoft, ninety, ninety, we'd obviously don't know.

Bang IT. Google is a function of anti trust. So the ability, once companies get too big, breaking them up in auctioned environment, there's more people.

The rents for labor go up. Employees do Better because there's more people bidding on their time. There's more tax revenue. Shareholder traditionally do well, paypal low, used behind by ebay and they spit.

It's not worth, I think, fifteen times with ebay where attacks tax, taxes, more taxes, more entrepreneurship, higher salaries, more shared the value. The only person that loses is the C. E.

O who generally wants to sit on the iron thone of all seven round, not just westerhouse. So I would argue the way to oxe the market would be to go through industry by industry and break up. You know it's launching a tech company is really difficult right now. There's a lot of bigger players and there's just a concentration of power across the industry that is very hard to break into. And they don't need a lot of money to washington this regulatory capture.

Why do I have to buy insurance to get a mortgage? Because they are in battle with each other, right? I just so I think there's I think there's a lot that can be done to make small business and bring down the cars for regular for regular consumers through any trust. The private equity market, i'm of two minds, is the abuses when big players come in. Yes, but at the same time, i'd like a lot of capital in the market biding on entrepreneurs businesses.

There's a no, there's a there's a person on the other end of that, the poor maintenance company that just got boat that I his son doesn't want to go and do IT, right? And he's got a nice little business and a private decor shop comes in as help pay million bux for business, your worker for four years and you have a way out. So i'm of two minds, and I work with a lot of private equity firms, and i've generally found generally found that they are good people trying to you know, who pay well.

So I can understand that there are some situations where they come into a company level up in that, but they go out of business RAID the employee pension fun. I find a lot of that is a bit made for for for news for the you know business section in new york times. I I think I don't think there is medications as people like no meta capitals and has another story. So no, I think there's some new ones there. But generally speaking, i'm a fan of capital coming into the small business market.

Yeah, I totally agree. I also think like to your point, in the very beginning, everybody's looking for a way to make more with less risk. And so I think the concern is always not the private equity evil or even the google and all them are evil.

It's just how do we make sure that our perversion sentence have always want him to, when individually, do not overcome everything else. And so I get concerned when I see private, I could, girl, from only in four percent of the you know private businesses to twenty percent over a mino, depending on how you measure at somewhere between a ten and twelve year period. But but man, you could say the big for much more of an instigate on the public market, then the private equity companies are on the private market.

Seven companies are responsible for a third of the returns. One company apples worth more than the tar, U. K.

Stock market. I mean, there is we have the solution that the stock market is really robust. There are seven companies that are driving the majority return. If you tell me what starts you happen, I mean, if if you if amazon, apple of facebook, a matter NVIDIA netflix and I know if the other is microsoft, if you don't know one of those seven stocks you've want to perform the market in, your returns are probably flat.

What do you think about people who say, like the argument today is like you, vanguard state street and black rock, you know, let's call eighty percent of the S M. P. M, forty percent of the broad market.

But then people say, but they're passive. They're passive investors. What do you think about that? Do you think they actually change governance on most of our companies in the in the U.

S, because they own them? Or are they truly passive? It's a .

relisting question. So concentration of ownership is just a bad is just bad to begin with, although I would argue that those industries mean it's an interesting question. So there's two sides to work.

I love low cost index fans. You won't have some fun. Everybody believes they're smarter than your average bear. I'm not a you and I stock big.

But what I would tell Young people is seventy percent of any of your savings, one ninety nine percent of your savings going to come from money you can touch, rather is your things that automatically go to a savings account. Low cost index funds, the eyes work with the brightest test people. finance.

I've advised the most prestigious, the B. C, S. Private revs in my some neck conclusion, as no one has any idea, and the VC did not perform the ones to get Better deal flow.

But if you took the entire al turn, the entire turn of investment industry any logo on cnbc, anyone that advertisers, any hedge, fine. It's essentially a grip. And what they if you look at their performance theyve exactly under perform, the other people, the amount, their fees.

So vanguard low cost S P Y index funds, I absolutely think that's the way to go now whether those wants to become so big that they dict corporate governance in their passive so they don't create enough turn with management, I don't know. I mean, that's it's an interesting theory how theyve maybe y've created status in the market. It's an interesting question.

I don't have a viewpoint. My where I take from this is I tell people they like all is a too late to buy in video, I don't know, but it's not too late to an index. Fn, and you're twenty seven cents on the dollar going to go to the magnums and seven.

So if they double, you're fine. But if the other four hundred ninety three companies, after their day, the sun you're onna, get to participate. And the market, especially america, I wonder if emerging markets about to find have their day to sun because the U.

S. Market is actually preexisting ve. But long lines of the index are diverse ation.

I would even suggest like index funds that have some exposure form markets now because the U. S. Market looks historically expensive, but you don't need to be a hero. It's like john bogo from bang guards said, you don't need to find the needle, the haystack, by the hook. I am hi stack.

And the amazing thing about humanity is that with population growth and innovation of technology, generally speaking, over the medium, a long term, we become more productive and the market goes up into the ride. So yeah, pretend you know more than everyone else. Have an expensive lesson figuring out you don't take a third by doge coin or by whatever IT is, you know, by the new a eye company, put seventy percent into l this is the key low cost index. And people you're in this business, people don't realize how much of the returns are eating up by fees.

No, because they hide them and they think it's just expense ratio percent.

I didn't bad .

thirty return inside of IT. Yeah I totally agree. I think vana is a great place to invest in, awful place to work unless you don't really like work in the heart. Yeah my first, it's socialism in the company.

Now there's no matter ocracoke kind of like if you want to progress in the military, they go cool three years like you're at this level and then at three years you can go somewhere else. Was mix for as a long time ago that was read out of college. And you know when you're Young and dumb, you're Young and dumb.

So I don't know how much of that was. Just like, I really good. And really, I was an idiot who knew nothing, but I much preferred gold men.

Even though I was hard and I was scared, I was gonna get fired all the time. But bang great because you can't get fired unless you like cousin an email or maybe had like some version of harassment. You get A A company match in your four one k that's really aggressive. Um they never fire anybody and you can climb the latter as long you stay there forever, but you can't go fast. And then never worked out well for me.

but that those are different cultures and there's people for reach to those codes are right. And I generally find the companies it's proxy bias because i'm around very ambitious Young people being at a business .

school in your new york versus n pennsylvania. 第二。

and what what I found is that the best companies that really outperform the market have the calls for the following. We own your ass. You're gonna have no life.

But this is what we're going to do if you want to go flat out, we're going like you run as fast as you can. And we have thirty old who are making a million box and we don't look at him ago. Your time will come.

You'll be VP at forty five. Don't worry, Rogers above you and he's been here twenty like you want to go flat out. We'll go as fast as you can run.

And but it's not baLance. It's not maternity leave. It's not pet ara man leave.

It's not it's the implant agreement is if you go flat out here and you're good in your talented and you you you devote your life to work, which is not for everybody, i'm going to put you where your parents were at fifty, at thirty. And there's a lot of people who want that cut. They're like, I want I want to go flat out.

I want economic security. I'll have more baLance when i'm older. There's also a lot of the people like now.

I want to work to live. I want to have kids. I want have healthy relationships. I want to spend time with my parents, I want to be fit. I want to have weekends and maybe in the summer take you know friday, often go to a lake. You're probably happier.

good. Yeah.

they are probably happier. There's nothing wrong with that. And then like I worked to one of my first consulting client was the by thousand company.

They were very maternal with summer fridays mental health council, I mean really like cared about their employees and more standing was like, shut the fuck up. We will give you feed back once a year. It's called the check and you know you'll find out what your bonus was when IT hits your bank account. Didn't even you didn't give a view.

I rember don't remember they were like, you get a bonus. How do you calculate? Excuse me, don't don't ask how you calculate this. And now my employees, I keep, please tell me how much you make and when i'm like what, but also good for you guys and stuff.

And the worlds change, probably the Better. But the majority of people i'm around, Young people want to go flat out. And the companies are usually outperforming the market are the ones who create that culture around going kind of the ultimate arbitration in our economy is fossil fuels.

But the second of that is finding Young, super hardworking, super town to people are Better with technology in paying them thirty percent of what you're paying. Bob, who's a forty year old, and they do. They had nine person of the value.

They are less mature. They're not very good managers, super smart. They have dogs or kids. So they to kind of work all the time that the ultimate economic vitality in corporate amErica and the companies that attract that secret sauce that is very talented Young people outperform everyone else.

That's such a good point. Yeah, today tenor was like, oh, i've got some free time. We have twenty three minutes and between and were gigantic.

Yeah, that's exactly what we want. Okay, last question. Elon mosque, do not like the guy. You guys get added at twitter. He did he really call you in sufferable that you just put that on a drift. What do you .

think about you on .

twitter? Yeah did you talk back to I .

don't even remember, right? I don't remember what I was saying. Yeah, it's not a big deal and he's actually really out to me through a friends sandwich to get together.

Um I like that. I like a little bit of I think you gotta push back even on the biggest billionaire and they can handle that. No pride.

Push back too yeah look, um the problem we're in a culture where we've decided if someone or accompanies a net positive, if I had a button that the laws could never go back to south africa, I wouldn't push a button. I think it's been a net good for the world.

Inspired the v race, the space woman seeing that rocket, that booster rocket captured on IT is IT following that just just inspiring? But at the same time, the the problem of the word and neck for societies were not. I also think you should be held accountable for his course is in his cruelty.

I don't think you obtain that level of power sets that you cannot pay people. They are legally obligated severance. I don't think you accuse an employee of being a sex criminal, such as that employee has to move their house.

Um I think is not a very good role model for man. I don't think living alone with nanea twelve children by three women with a load gun next your bed is what men should aspire to so know I think it's a sort of a greg tragedy. I think it's going to move the world forward.

But I think, quite Frankly, being course and cruel and super academy, I don't think that something Young men should aspire to. So should he be recognized for his achievements? yes.

Should he also be held accountable? And should we be critical among the things that where I don't think he is living up to his blessings? Yeah and so but look, I don't think he thinks a lot about me nor shooting.

But I don't you know, I I like the more generally the people are most patriotic, are the ones who've invested most in our nation and that veterans, but the most patriotic. The thing I find so distressed, distressing about guys like my musk in generally what i'll call this tech world community is I think they're the most blessed americans. They're the most blessing on the planet.

Because if you look at a map, if you go up the western coast, you start santiago cow come and you go up to L A. You get space acts and snap, and you keep going to north, you get sales force and meta and alphabet. You keep going to order to get amazon and OpenAI and microsoft and IT stops.

When he hit the canadian border, lululemon, maybe in vancouver, and then you go down the sand ago and IT stops, and you ve got to go another five thousand kilometers until you get to marcato library. Maybe there's something about being in amErica that has really helped you. And I find easy the first people to ship post america.

So is like, boss, you don't realize a lot of your success is not your fault. It's the success of other americans. Everyone of these companies is built on a technology that was funded by american middle class taxpayers, whether was darpa, whether elon moscow, three hundred fifty million dollar tax, three long, why he, he hates subsidies.

But he was, therefore when we gave a long interest, three hundred and fifty. The charging stations are being built out by taxpayers. Dark by the internet networks was built on that neutrality, funded by california and the other fourteen states taxpayers. And yet they seem to just dislike amErica once they have leveraged to shed out of IT. I just find IT of noxious.

I think that's a good push back. My husband is a contractor still for the defense innovation. You the department defense in their AI portfolio and runs the the commercial portion.

And you know a lot of what to talk about of us first china and which is real, not like us worth the chinese, but the actual chinese government only happens because, you know the government is willing to fund a bunch of initiatives in in silicon. I an inventor capital that venture capital would not in get IT know. You know, you and I both know a lot of people who are a full time venture capital.

I want to come back in my next life, this one, because I don't think the hard, the real hard work is being the founders doing the ridiculously hard, massive stic thing that is built in a business out of nothing. And I also think, you know, being a government worker, when when you have to go award to foreign land, which is our soldiers, so I agree with you. Um alright, this is incredible.

Thank you for being here today. This was so interesting. I learned to time and and I know that everybody probably knows where to find you, but if I haven't set up before, no mercy, no problem.

And I from my favorite newsletter, yeah, incredible news, little overall. And I listen to a drift in probably like three days on audio book. And then I bought actually the real book too, because the graphics are so incredible. And I think it's even if people don't read books today, which is more Normal, like being able to understand the world through those graphs is very easy and digestible. So if you haven't read Scott new book, a drift is really good as our all the rest.

Thank you so much for being well.

we'll see along the lasts. All right, guys, I think that's a rap.

good. Thanks, everybody.