Pod Insights The Prof G Pod with Scott Galloway Office Hours: Betting on Alibaba, When to Sell Your Start-Up, and Going to College Abroad About this episode Scott answers a question about investing in Alibaba amid regulatory uncertainty in China. Scott then explains when to sell a company, discusses the state of the online tutoring space in China (which is also facing regulatory disruptions), and gives his thoughts on pursuing a university degree overseas.
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Transcript 5,295 words · 10 speakers
Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.
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1:27 Scott Galloway? Welcome to the Prof G Pod's Office Hours. This is the part of the show where we answer your questions about business, big tech, entrepreneurship, and whatever else is on your mind. If you'd like to submit a question, please email a voice recording to [email protected] . Again, that's [email protected] . First question.
1:44 Speaker 03 Hi Scott, this is Amrit from Houston. I wanted to get your thoughts on investing in Alibaba's stock with a five-year horizon. Revenue has nearly tripled in the last four years, but the stock is still at 2017 levels. Wanted to get your thoughts on cloud and the impact of recent China regulation on the business and the more.
2:05 Scott Galloway? I'm Reid from Houston. Thanks for the question. I've thought a lot about this, and I make, occasionally I make the mistake of making a stock recommendation on Pivot, and then all the trolls and their flying monkeys come out and cherry pick my losers, and so they can highlight their own winners. Anyways, that's just part of doing what you do. Anyways, I recommended Alibaba stock about three months ago. I recommended also Peloton when it puked and went down to 70 off of the controversy over the recall on the treadmill. I recommended Twitter. I forget what else I recommended. But anyways, I recommended Alibaba about two, three months ago, and it's off 30% since then.
2:45 Scott Galloway? Simply put, I think a basket of Chinese internet stocks, I think, right now are an incredible opportunity. Now, why is that? Essentially with Alibaba, what you're getting is you're getting Amazon, that's growing faster than Amazon, but trades at a forward P E of 17 versus Amazon at 60. So growing faster than Amazon, more dominant, in many ways, more innovative, and it's trading at a third of the valuation. I think it's an incredible buy right now. CNN reported Alibaba's stock has dropped 46% since last November, when Chinese regulators stopped Ant Group's IPO at the last minute, chopping about 380 billion from Alibaba's market cap.
3:28 Scott Galloway? In April, Chinese antitrust regulators fined Alibaba about $3 billion or 4% of its domestic annual sales for anti-competitive practices in which Alibaba punishes merchants who sell products on rival platforms as well as its own. Share slipped again after a report from the Financial Times said Chinese regulators are planning to break up Alipay, the payment app that its financial affiliate Ant Group owns. Currently, the market is severely discounting many Chinese companies based on a very real fear that the heavy hand of the regulatory state will suppress growth and strand capital. Last month, SEC Chairman Gary Gensler announced that the regulator was applying additional scrutiny to Chinese IPO listings and strengthening the disclosure requirements around the risks of government interference.
4:12 Scott Galloway? These are significant headwinds, and as a result, both Baidu and Alibaba trade at lower multiples to earnings than their US counterparts. So in my view, this is an incredible moment to buy beachfront property, which is on sale right now. She may have wrapped the knuckles of Jack Ma and the tech entrepreneur class, but it's difficult to imagine that he's going to cut off their fingers. She needs the engine of economic growth to keep humming, as there are still 300 million people living on less than $5.50 a day in China, and this economic miracle is kind of only half complete. Whatever she does, there's a real possibility that the Chinese system, as morally flawed as it is, might produce greater prosperity than the US model. We don't like to talk
4:56 Scott Galloway? about this, but one of the greatest achievements of modern mankind is probably China bringing 750 million people out of poverty. Now, I'm gonna get a lot of people who are gonna wane and say, yes, but they're committing genocide. Is it worth it? I don't, I want to acknowledge there are some things about China that are very unsettling and just plain wrong, plain inhuman, but you would just have to acknowledge that bringing three quarters of a billion people out of poverty at least warrants pause to say, what are they doing right and what can we learn from it? This is kind of the mother of all macro bets right now. You would buy, in my view, a basket of internet stocks, because I think the key here is diversity, as our guest Bill Silber said. You want to be diversified, you don't need to be a hero, but if you believe that
5:41 Scott Galloway? the Chinese government is wrapping the knuckles, not cutting off the fingers, these are amazing companies that are on sale, and it feels like a fire sale. I am probably gonna do this. I don't, I only buy one or two stocks a year, and I try to buy things that I want to hold for at least five or 10 years, but I'm thinking of buying a basket of Chinese internet stocks, because I do think this is the equivalent of beachfront property on sale. You have to go into this knowing that there's real risk here, that this capital could get stranded. I do not believe it is in Xi's best interests or the Chinese state's interests to basically take its champions and its winners and not let them run. And part of letting them run is having access to global markets, global capital markets,
6:24 Scott Galloway? and also having some semblance of reasonable corporate governance. In my view, in my view, it was a good buy three months ago, and now 30%, another 30% off, it's a great opportunity. Disclosure, disclosure, I get this wrong all the time. Next question.
6:41 Speaker 04 Hi, Procy. Love the show. My name is Sam from your hometown of West LA. And I stop at Vicenti Foods every now and then and wonder what it would be like if I had asked a young Scott Galloway for help with finding something. Anyways, my partners and I own and operate a successful e-commerce business and were recently approached by a large industry aggregator with an offer of a complete buyout. We never thought or considered this as an option, but became very intrigued by the multiples they proposed. This has now left us with a dilemma on whether we should sell or not. So my question to you are, where do you see e-commerce in the next five to 10 years? And what advice do you have for young professionals to sell what they consider their baby and abandoning the industry that they came to master? Thank you.
7:23 Scott Galloway? Oh, my gosh, I love this question and I bears repeating, I don't see the questions before they are asked. So I can be more authentic. You get to know the real me. What's inside here? What's inside here as I tap on my chest? So by the way, the reference to Vicenti Foods is I was a box boy at Vicenti Foods. And I was really struck, a couple of things about Vicenti Foods. I was a member of a union, which was really important. I made nine bucks an hour instead of four bucks an hour, which was enough money to save to go to UCLA. And two, I was always struck by the generosity of people. I was in a wealthy neighborhood. And while we like to have a cartoon about wealthy people burning dollar bills and smoking cigars and being jerks, I have generally found, and I've always worked in services companies
8:07 Scott Galloway? in places that serve wealthy people, that in general wealthy people are very generous. And a lot of them were very generous with me. I remember specifically going out to helping a woman. I think she was the woman who was in Bewitched, who played the mother. There were actresses all the time. And loading up her car and her saying something nice about me and then giving, and then putting $10 in my. My pocket and 10 bucks in 19, you know, the mid eighties when you're in high school, that was the difference between, I don't know, being able to go to the movies or maybe even take a date to the movies. Not that I ever did that, but if I, but if the moons lined up and lightning struck, I could actually do that. So this was really
8:51 Scott Galloway? meaningful. I have a lot of fondness for Vicente Foods. Anyways, that's not what you asked about. The question is when to sell. And I don't think you're looking at this the right way. So you sort of identified that the fulcrum of your decision should be around e-commerce. Okay. So fine, let's answer that first. Covid was an obvious accelerant for e-commerce. According to Statista, 2020 registered almost 4.3 trillion in global e-commerce sales, about a trillion more than in 2019. And the industry should continue to ride that momentum with global e-commerce sales expected to top 6 trillion in 2024. For context, that number was just above 1 trillion a decade earlier in 2014. One trend I'm paying attention to is the consumer shift towards buy now, pay later platforms. I
9:34 Scott Galloway? still think it's debt. I don't care. You know, they can call it the debit generation versus credit. I just don't buy it. But Forbes reported buy now, pay later purchases were up 166% year over year in March. I also see social commerce and live shopping as an area for massive growth, what I kind of call a commerce, but maybe you should call it live commerce. I think, I think TikTok is just going to be a fricking juggernaut. I think TikTok could be, could be one of the three or four most valuable companies in the world in the next 36 months. McKinsey Research indicates that live shopping sales could account for as much as 10 to 20% of all e-commerce by 2026. But I think that
10:15 Scott Galloway? answers the wrong question. You're thinking about selling your company. And this is what the fulcrum, or this is what the levers, if you will, for that decision should be. And it's situational, or specifically, it's personal. And that is where are you in your life? Where are you in your life? People will always cloak their own personal desires and decisions in corporate strategy. And that is the following, and I'll give you an example. When L2 got several offers to be acquired, first we were offered
10:49 Scott Galloway? 30 million, 15 upfront and 15, and this was 2014, over three or four years in an earn-out from some of the big communications conglomerates. And I called a group of people. Never make a big decision like this without calling several people because you can't trust your emotions. I don't care how smart you are, you might have great business instincts, you might be the smartest person all of your friends know. When it involves you, emotions turn into your enemies and you have a tough time reading the label from inside the bottle. So you always want to have a kitchen cabinet of people to say, to give you advice on a big decision, and selling your company is a big decision. When I was offered that money for L2 in 2014, I went to one of the gentlemen I know, Paul Sagan, who's a friend and someone who I think has an incredible blue flame approach to decision-making.
11:33 Scott Galloway? And he asked me to describe the business, asked a ton of questions, and then came back and said, "Well, two things. One, I don't think you should sell. I think this is your best idea and there's a lot of room to run here. And two, I'm joining General Catalyst as a partner and this will be my first deal." And I swore off VCs for the rest of my life, thought I'd never raise money. Anyways, ended up raising money. And then fast forward, three years later, two and a half years later, and we got an offer to sell or to be acquired for 160 million. So obviously, a lot of value accretion in those two years or two and a half years. And here's the fulcrum around the decision. One, you want to look at the market and you know, is it a great price? But specifically, as it relates to you, if you're in a position to make that decision
12:16 Scott Galloway? with your founder, I think everybody has an obligation to bust a move, no matter what, to financial security. Now, what is that? That's enough money in the bank such that if the rest of your career doesn't work out, the interest or the logical growth on that income could be enough to pay for your lifestyle. That is what it means to be rich and financially secure, meaning that your passive income Or the the growth on that nest egg you have, the growth on that that pocket of money or savings, your investments could potentially pay for your lifestyle, assuming your career does not work out from that moment forward. That is the definition of rich. I have several
12:56 Scott Galloway? friends, several friends who make between five and 10 million dollars a year as partners at kind of the premier law firms, partners at Goldman Sachs, you know, kind of very high paying jobs. But between their ex wives, alimony, private schools, masters of the universe lifestyles, homes in the Hamptons, they spend almost all of it. They are poor. My father, my father makes $48,000 a year from his Royal Navy pension, social security, and some of his dividend income on savings, makes $48,000 a year. He spends 40. He spends 40. My dad, I went, took him out for Mexican food for his 91st birthday last month, and
13:39 Scott Galloway? he asked me, we ordered a margarita, which was, you know, a lot of fun for him. Like, that was our big celebration as we both had margaritas at one in the afternoon. And he kept yelling out, day drinking, you know, in this thick Scottish accent, and then busting into laughing. He thought it was hilarious that we were drinking alcohol during the day. He only drank about half of it, and then asked, and then asked, and I mean, this is a frozen margarita that's now like this weird slushy thing. He asked if we could take it home. Think about that. A half consumed margarita, and my father wants to take it home. Anyway, that's why he is rich. That is what it means to be rich. So this is your decision. Do you have money? Do you have financial security? Because if you don't,
14:23 Scott Galloway? even if you think this company is going to triple in value, and if you're smart and you can hire a good deal attorney or a good banker, you'll be able to figure out a way to participate in the upside post the transaction. You want to bust a move. You want to bust a move to financial security. So there's a lot of well publicized stories about Mark Zuckerberg turning down $30 billion, and now he's worth 160 billion personally. He turned down, I think, 10 or 20 billion from Steve Ballmer. Those stories get a lot of press. Assume you are not that person. Bust a move to financial security. America becomes more American every day. And that is, life gets better in America for people with money, and worse for those who don't have it. And that sounds awful, and it's not aspirational,
15:07 Scott Galloway? and it's 100% fucking true. So guess what, boss? If you have rich parents, or you already have a bunch of money socked away, then fine, go for it. Continue to swing for the fence. If you don't, and you have the opportunity to make bank, or specifically, bank-bank, then hit the bid. This is your ball, my friend. Your ball is to get to economic security. And if you have the chance, if you ever have the chance, to hit the bid and get economic security, even if it means you might not be a baller or a billionaire instead, you absolutely take that trade. And then, once you have economic security, you can start swinging for the fence. This is what you call a good problem. Congratulations on this. Thanks for the question.
15:51 Scott Galloway? We have one quick break before our final two questions. Stay with us.
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18:06 Scott Galloway? Welcome back. Question number three.
18:08 Speaker 05 Hi, Prof G. My name's Kevin, and I am a special education teacher from Alberta, Canada. My wife is also a teacher, but she teaches online for students in China, teaching English for companies like Magic Years and VIP Kids. Recent changes in the industry from the government of China has banned foreign teachers from engaging in online tutoring. My question is, what changes do you think geopolitical influences such as this have on the industry of online education? And would you recommend my wife look at other online opportunities or perhaps go towards more traditional education locally?
18:48 Scott Galloway? Kevin from Alberta, Canada. That's a super interesting question. And first and foremost, thank you for your service. You're a special ed teacher, which I imagine is very rewarding, but there's just no getting around it. That shit is hard. That has got to be an incredibly taxing job, and I trust that you get a lot of reward every night for knowing that what you're doing is not just meaningful, it's profound. With respect to the question, it's interesting. It kind of feeds into a lot of stuff we've been talking about. First off, just as I call out China's incredible achievement of bringing 750 million people out of poverty, there is sort of a, you know, to put it lightly, a pretty heavy hand here. So this is part of kind of a bigger trend or what's happened here, and that is the
19:32 Scott Galloway? Chinese private tutoring industry is valued upwards of $100 billion. But just like with Alibaba and some of the other Chinese tech stocks, regulations have hit this market pretty hard. "Under China's new rules, for-profit companies cannot teach China's school curriculum, foreign investors cannot hold stakes in firms offering such classes, and after-school tutoring on weekends or during vacation is forbidden." That's wild. You know, you can argue this both ways, but China has basically said, "We're not down with companies that are basically gaming the situation or gaming the college admissions game and helping the kids of rich people kind of occupy or disproportionately occupy the seats at the best schools." Back to your wife.
20:17 Scott Galloway? I would think that somebody who is good can find a variety of opportunities in online education domestically or in other nations, but my sense is if she's really good at what she does, she's going to be just fine. And online, what online has done is tutoring, is it's given people all over the world access to great tutors. So if your wife, and it sounds like she is as good at what she does, I think that's just fine. Now, whether or not she wants to take political risk and continue to work for China, that's kind of disturbing that they decide that non-nationals can't tutor for fear of outside influence. It reminds me of when they banned or tried to suppress Chinese nationals from listening to K-pop music because they were worried the Korean cultural influence would start to permeate China. I don't know. I don't find that shit that compelling.
21:02 Scott Galloway? I'm not sure. I'm not sure. Maybe I'm trying to think. I don't know if it would have melted my kid's brain if they listened to K-pop. I don't know. They kind of, just in Timberlake of Korea, those bands are just incredibly popular and impressive. Don't know where I'm going with this. Don't know where I'm going with this. In sum, I think your wife has a ton of opportunities in online education, and she should just weigh them against the current ones, working for a Chinese company. But my gut is, she should probably check out other opportunities, and if she's good at what she does, there's going to be a lot of them in tutoring and online instruction. Thanks so much for the question. Question number four.
21:40 Speaker 06 Hi Prof G, this is Val from Colorado. I've been hearing you talk a lot lately on your podcasts and in interviews about the university system in the States and issues in regards to acceptance rates and student loans and corruption, quite frankly. And I have a question because my daughter is 14 years old. She's a sophomore in high school. And thinking about college, she feels like an education in the States isn't worth it at this point. She is very interested in going to a university in Europe. And right now she's focused on the University of Edinburgh. So I would love to know your thoughts about American citizens studying at a university in Europe. Is it worth it?
22:24 Speaker 06 Does the education transfer back to America? Do business owners see that and think that their education is less than what they would get here? I look forward to hearing what you have to say. Thank you so much. Bye.
22:37 Scott Galloway? Val from Colorado, so first off, congratulations. If you have a 14-year-old that's thinking about college in Europe and has already identified the University of Edinburgh as a potential or aspirationally a university to want to... It sounds to me like you've got a very impressive 14-year-old. My 14-year-olds are mostly thinking about Fortnite. Anyways, so it sounds like wherever she ends up, she's tracking to be... do really well. So, the thing about college, it's like any other very, very expensive, complicated purchase. It's very situational. What I would argue is that if she gets into a great university, the reality is that almost any college... if you get into a top 20 or even a top 50 university, even as expensive as it is, it's worth it.
23:21 Scott Galloway? And generally speaking, there's one interesting factor. There's a lot of information around why young men are not going to college. There are now in US universities, it's 60% women, 40% males. So that sounds like a lot, but it sounds like a lot more when you think about there... you go walk into your freshman class, there's 50% more women. Than men, and it's for a lot of reasons. One, women are catching up. It's about time we offered them the same opportunities. Two, they're more, quite frankly, they're just more qualified. Seven in 10 high school valedictorians are girls. And also, though, I think men have more opportunities at that young age.
24:02 Scott Galloway? Most of the jobs at 18 that pay pretty well are more physical in nature or over-indexed male, if you will, whether it's being a plumber or a bartender. I don't know. You know, it just strikes me that the kind of work in construction, the kind of jobs where you can make 50, 60, or 100 grand a year without a college degree at that age, over-indexed in terms of opportunities for males. So where I'm headed with this is I do think that tracking your daughter, especially someone as thoughtful as your daughter towards college is absolutely the way you should go. I'm a bit of a snob around college. It was transformative for me, and I've often said, if my kids didn't go to college, I'd be heartbroken. At the same time, I recognize we absolutely have to invest
24:45 Scott Galloway? in on-ramps to a great middle-class lifestyle that doesn't involve education. But I, at this point, I'm hoping that they track towards college. So more than 84,000 American students pursued degrees abroad in 2020, according to the Institute of International Education. By comparison, nearly 1 million Chinese students studied internationally. So the US has the best colleges in the world. So I think we tend to keep them more here. I think there's also a lot of, I don't know what it is. I was gonna say we don't travel as much, but that's not true. We do travel. The United States is the top host country for foreign students. In 2020, the US hosted 20% of the world's international students, twice as many as the second-largest, the United Kingdom. I think to go to a place like the University of Edinburgh
25:27 Scott Galloway? from the age of 18 to 22, oh my gosh, I think that's an amazing experience. The advice I would have is the following. One, it sounds like your kid is tracking. Two, lean into that desire if you can and you have the resources to do a tour of colleges in the US. And oh my gosh, what a gift if you can take your daughter for a tour of great universities in Europe. I mean, if you have the resources and the time to do that, I think regardless of whether she ends up at a university in Europe or not, that would just be something you'd both remember the rest of your life. And I think any kid who has the self-awareness and the courage and the resources to get to a European university, especially one of a certain brand equity, oh my gosh, what a
26:10 Scott Galloway? gift. That would be so impressive and an experience she would never forget. I just don't think many people look back and think, oh, you know, I'm from Kansas, or I don't know where you're from. Oh, you're from Colorado. Big difference, big difference. By the way, I was going to go to UC Boulder if I didn't get into UCLA. UC Boulder used to be a safety school. Now that's impossible to get into. Anyway, that's not what you asked. My second piece of advice is apply to a lot of schools and then treat it like a product and trade them off against each other. There's seven people trying to sell you a similar car. Who can give you the best deal? Who can give you the best financial aid? Maybe scholarships, whatever it might be. But this is a product. And once you get in, it's their job to get you because they want yields. But, oh my gosh, congratulations to you. It sounds like you've
26:53 Scott Galloway? raised a wonderful daughter who has a lot of self-awareness. And any 14-year-old who's thinking about the University of Edinburgh, by the way, a fantastic university, a fantastic place to live, a fantastic place to spend four years. And I'm not just saying that because my last name is Galloway and I expect to own the Glasgow Rangers. You heard it here. You heard it here. That would be great fodder for an original scripted television series. An American that owns the Glasgow Rangers. Anyway, University of Edinburgh for a 14-year-old, that's a fantastic aspiration. Tell her to apply to as many schools as possible. Then figure out what the best trade-off is in terms of brand equity, experience, and the cost and the debt that you and your daughter will have to take on. Thank you for the question, Val from Colorado.
27:39 Scott Galloway? That's all for this episode. Again, if you'd like to submit a question, please email a voice recording to [email protected] .
27:54 Scott Galloway? Our producers are Caroline Shagrin and Drew Burrows. Claire Miller is our assistant producer. If you liked what you heard, please follow, download, and subscribe. Thank you for listening to the Prop G Pod from the Vox Media Podcast Network. We will catch you on Thursday.
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Previous Hail Marys in History, Politics, and Business — with Bill Silber Next Perseverance, Family Wealth, and Building a Career On Air — with Anderson Cooper Page updated September 30, 2026 · transcript and summary are machine-generated
