The Great Billionaire Migration

Live from Miami, Scott Galloway and Ed Elson explore whether it actually pays to be a tax haven state like Florida. They also break down why the crypto industry is lagging despite securing much of the softer regulation it has long pushed for. Subscribe to the Prof G Markets Youtube Channel Subscribe to the Prof G Markets newsletter Order "Notes on Being a Man," out now Note: We may earn revenue from some of the links we provide. Follow the podcast across socials @profgmarkets Follow Scott on Instagram Follow Ed on Instagram, X and Substack Send us your questions or comments by emailing [email protected] Learn more about your ad choices. Visit podcastchoices.com/adchoices

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

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• 1:29Scott Galloway?

  Today's number: $3.5 billion. That's the cost of the Blue Origin New Glenn rocket that blew up on the launchpad two days ago. Ed?

• 1:45Scott Galloway?

  Ed, what do you call a gay man on the moon?

• 1:48Ed Elson?

  When I call a gay man on the moon, I'm not sure.

• 1:52Scott Galloway?

  An astronaut, you fucking homophobe.

• 1:59Ed Elson?

  That's actually pretty good. Usually it's shocking and terrible, and that one is, yeah, it's good.

• 2:05Scott Galloway?

  Who wants a dirty joke?

• 2:10Scott Galloway?

  That's why we're here. So.

• 2:12Ed Elson?

  Now he's gonna ruin everything.

• 2:14Scott Galloway?

  I'm in Miami, a little stressed, so I decided to bring my boyfriend with me. And he's super into choking and asked me to choke him, so I reluctantly agreed, but I don't think he's into it. For the last seven hours, he's been, he's been still and giving me the silence treatment.

• 2:42Ed Elson?

  So Scott, Florida has long lured people in with its beaches, its sunshine, its nightclubs, and also its extremely low taxes.

• 2:58Ed Elson?

  The state has no income tax, no estate tax, no capital gains tax, and as a result, it has increasingly become the new home for America's wealthiest. In the past two decades, the number of billionaires living in the sunshine state has grown twentyfold. And with the California wealth tax proposal looming over Silicon Valley, many more tech magnates are moving in from Sergey Brin to Larry Page to Mark Zuckerberg, who just bought a house nearby. So with Florida's newfound reputation as the billionaire bunker, that's what some people are calling it, the question for Floridians is, is this a good thing for the economy? Is it a good thing for the state?

• 3:42Ed Elson?

  Or is it a bad thing? What do you think, Scott?

• 3:45Scott Galloway?

  So I think a lot about brand. I teach a brand strategy course for the last 25 years. And I think about what are some of the best brand moves, some of the worst brand moves. By the way, worst brand move of the last 72 hours is having tech literally fuck up one of the best brands in the world, Ferrari. That is just the stupidest tech product since the Cybertruck.

• 4:10Scott Galloway?

  But some other great, some, an amazing brand move last year, I think the American Pope is gonna be great for the American brand. I think cutting you, I think cutting USAID is probably the worst brand move for the United States in a long time. Believing that this state is low tax is one of the most elegant brand moves. And there was a lot of applause, but let me, let me just be clear, it's total fucking bullshit that you're a low tax state. What you are is you have figured out a way to elegantly brand a transfer of wealth from young people who earn their money through work to old people like me who make money through selling and buying stocks. So you may think this is a low-tax state. It's not.

• 4:52Scott Galloway?

  It's a transfer of wealth from earners in lower and middle-income households to wealthy owners. For example, you have a fairly healthy state sales tax, which taxes consumption at 6%. Someone making $10 million a year maybe consumes 1/10 of their income, so they're effectively paying a 0.6% sales tax. Someone who makes $50,000 a year uses all of their money on consumption, they're paying the full 6%. You have some of the highest property taxes in the nation. If you're very wealthy, yeah, maybe you have a house, you pay a lot of tax, but as a proportion of your income, you're probably paying 10% of your income on housing.

• 5:36Scott Galloway?

  Whereas someone who makes $50,000 a year is probably paying 30% of their income on housing and paying a higher tax rate. And you think, "Well, they're probably renting." Be clear, high real estate taxes affect renters just as much as owners. So in sum, state sales tax for people like me is 1% to 2%. State sales taxes and consumption taxes are between 10% and 13% for lower and middle-income households in Florida. Or put another way, the D in democracy in Florida is working really well. Because old people vote, and there's a lot of old people down here. And effectively, what has happened is they have figured out a tax code to transfer wealth

• 6:21Scott Galloway?

  from low and middle-income earners, which is most people you meet in Miami, to high-income old people who own a lot of shit. So be clear, Florida is a proxy for what has happened in America in the last 30 or 40 years. And that is nothing but an elegant transfer of wealth from lower and middle-income households to the wealthy. This is not a low-tax state. This is America transferring money from lower and middle-income young people to old, rich people.

• 6:58Ed Elson?

  So the argument, the argument for it, which I actually think is quite a compelling one, and we should note, it was compelling enough for you to come and buy a house here, which is that the lower taxes, as you mentioned, lower capital gains tax, no capital gains tax, no estate tax, it does attract a lot of very highly productive individuals, very wealthy individuals. And as a result, you do find that in low tax states or no tax states, you have higher GDP growth among those states, and you also have more business formation, you actually have more business applications on average. So that seems to be kind of the argument for it. And I think sort of case in point, I mean, we incorporated

• 7:42Ed Elson?

  our business in Florida, if I have that correct. So that's a great thing. At the same time, though, to your point, there is this other thing to balance out, which is it's bringing in a lot of people, but it's specifically bringing in a lot of rich people. And as a result, housing prices have exploded in Miami. We can look at the price, the average price of housing in Miami, it's up 80% in the past six years. The average is $675,000, the median price of a home in Miami today. Six years ago, it was $370,000. Rents have risen more than 50%, which is actually the fastest in the nation. And this is part of the problem with being the sexy, hot place where you don't pay taxes, is suddenly

• 8:25Ed Elson?

  all these people come in, suddenly the demand goes way up, there isn't enough supply to keep up with that demand. And it ultimately does seem to start pushing regular Americans out. And we are seeing that many more Floridians today are struggling with the cost of living crisis. And they're saying that it's a reason why I might actually just leave the state and just call it quits. So how do you think, I mean, wealth taxes, this is the debate today. What are we doing about taxes? Should they go up? Should they go down? How should we think about this? What do you think are some of the takeaways from Florida? Because there are a lot of good arguments as to how this has been a great thing for the state. And to your point, a lot of arguments as to why it hasn't been very good.

• 9:07Scott Galloway?

  So just to be fair, states need to compete. And the fact that people are leaving New York, where I teach, and coming to Florida, I think that's a good thing. Because what it says to New York is if you continue to have a wasteful, incompetent government, People are gonna leave. That's important. It's important to say to California leaders that if you keep layers of bureaucracy and spend $75,000 per homeless person as the homeless population increases, that people are gonna leave and you need to get your act together. And to be fair, Florida government spends on average 10 to 15% less per capita than the rest of the nation. And I would argue that Florida, as someone who lives here,

• 9:49Scott Galloway?

  has pretty decent schools and decent state services. The only thing I would push back a little bit, and I'll get to your question around tax policy, is that, so Jeff Bezos just moved here to spend more time with his father. What a guy. (laughing) And so this goes to tax policy. What people are doing is, or very wealthy people, what they're doing is they're leveraging the incredible infrastructure, schools, and culture of a place like California or Washington State where they build wealth, and then piecing out in time to recognize a capital gain in a low-tax state. Now, I get that. That's their right, but that's not being competitive. That's not paying it forward or paying it

• 10:32Scott Galloway?

  back to the culture and to the schools that built that wealth. So in terms of tax policy, just a couple things I think would help. One, you should be taxed on the income you make based on the state where you made it. If you made a lot of money leveraging the incredible University of California and the ecosystem in the Bay Area, then whenever you begin to recognize that capital gain, you should be charged on it. You shouldn't be able to piece out and then move to Florida and not pay taxes back to the state of California. And I personally think that what we have in the US, we're spending $7 trillion a year on $5 trillion in receipts. That is the biggest tax increase in history, because what that

• 11:16Scott Galloway?

  means is at some point, you're gonna have to pay that back, whether it's through higher interest rates, or an inability to invest in education and infrastructure. You're just gonna be, all of your taxes are gonna go to interest rates. So- One, for me, there's just a couple of basic solves here. And the incumbents like to create this illusion of complexity that these are unfixable problems. You could fairly easily fix our deficit and our tax problem with a more equitable tax code with the following. One, an alternative minimum tax. If you're making over $10 million a year, I think we should go back to the 60s, 70s, and 80s of Reagan, and you should pay an alternative minimum tax of 40 or 50, 60%.

• 12:01Scott Galloway?

  Because effectively, you get no incremental happiness above a certain amount of money. What you want is taxes that are the least taxing possible. And there's a lot of research showing, once you get to a certain level of wealth, you get no incremental happiness. So I'm all for Elon Musk making a trillion dollars. I just think he should give half of it back. Because if he, if $500 billion goes into the tax, if he only makes $500 billion, not a trillion, he's not any less or more happier. But 5 million households that have child tax credits, healthcare, that makes those households, those 5 million households, much, much happier. And then the real solve for our deficit, and to give you the same type of opportunities

• 12:44Scott Galloway?

  I had, is we need to move away from this dynastic society we're building. We're building dynasties, dynasties with nepo wealth. And in the US, we now have a $30 million tax exemption for inherited wealth, and that actually can grow to billions if you put the money in. It's valued, it qualifies for that $30 million exemption when you put in, say, $10 million in private stock. And even if it grows to a billion, your kids get it. And again, I think your kid, I think Jeff Bezos Jr. inheriting $7 billion instead of $9 billion loses no happiness. But we have supposedly about $110 trillion in wealth that's going to be bequeathed or

• 13:28Scott Galloway?

  inherited over the next 50 years. It's pretty simple. Just do away with the estate tax exemption. Maybe making a million bucks, you want to make sure your kids can have a home, fine. But really, really wealthy people, one of the wonderful things about America is you come here to get shit done on your own, to make it. And by the way, I don't, I not only don't think rich nepo babies lose from not being really wealthy, I think they might even be a little bit happier. I don't, I don't know a lot of- Really wealthy kids and think, oh, they're so much happier having inherited all that money. So there are some very simple solves, an alternative minimum tax such that rich people say pay the same tax rate you pay.

• 14:09Scott Galloway?

  And let's go back to what America is and not build dynasties and say, there's just not going to be any estate tax exemption. The kid's going to inherit 40 million, not 60 million. And what will happen is they'll use terms like network effects and productivity, you're the most productive people. Do you realize how much bullshit is inserted into the tax code to benefit me? I sold my last company in 2017. The first $10 million was tax free with something called 1202. I had no, I, it was like a surprise. Oh, your first $10 million is tax free. And they say, well, it's because we want to make sure the most productive people reinvest in companies. No entrepreneur starts a company because of the tax code.

• 14:51Ed Elson?

  So read the tax code before they start their business and they just exploit it.

• 14:56Scott Galloway?

  And some, there are some basic solves to make sure our children and young people have the same opportunities we had. And unfortunately, because of Citizens United, the tax code has been weaponized by the 1%.

• 15:07Ed Elson?

  Well, we started to call it on the podcast and on the show is this idea of the inheritocracy, where you have a third of billionaires today who are becoming billionaires, not because they created a company or because they did something for society, but because their parents died, because they inherited the wealth. And it's interesting looking at Florida as sort of a ground zero for this because it is becoming this magnet for this extraordinary wealth, the likes of which we've, we've literally never seen on a relative basis in America. And, you know, I'd like to just bring up the idea of the gated community, which is kind of a new concept, but it's really, it's really found its home here in Florida. One in 10 homes in this state are in a gated community, which is more than double the

• 15:52Ed Elson?

  national average. So this has really become a thing here. And you mentioned members clubs. This is sort of members club central. There is a, there is a club I was just seeing in some research today, there is a club here in Florida, the initiation fee is a million dollars. That is totally out of control. And it does seem that if we're talking about this issue of the K shape that we talk a lot about, this increasing divergence between those at the bottom, or even those in the middle versus those at the very top. It does seem that Florida, in a lot of ways, is starting to reflect that in the form of gated communities, private islands, private members' clubs with crazy initiation fees,

• 16:34Ed Elson?

  private security guards, in which, in this state, it is the highest per capita rate of private security guards, one of the highest in the entire nation. This is sort of ground zero for where that's happening. I guess the question becomes, where does this all go? Like, if we continue on this trajectory and we just assume, okay, we're just going to keep doing this, while the other line goes like this and one line goes like this, what ends up happening? Is there a breaking point in Florida, in Miami, but really in the United States?

• 17:06Scott Galloway?

  So I think your analogy of a gated community is the correct one for all of America. I think America is becoming one giant gated community, and it's very unhealthy. So there are a third of all giving to the government is from billionaires. So there's 900 billionaires in the United States, probably only 300 give money, and that's a third of all political giving. Huge influence. And it probably has more influence than a third, because they can be very strategic about where they put their money. And the problem is, is that the 0.1% are no longer living in America. They're living in a reasonable facsimile of this euphoria where the bottom 99.9% have been optimized for an extraordinary life.

• 17:47Scott Galloway?

  So when I was growing up, my dad's boss had a bigger house, but they lived in the same neighborhood. And it was sort of the same. You know, business class was a wider seat, but it wasn't a different life. And the fear is that the 0.1% who have a disproportionate amount of control over the tax policies and policies, generally speaking, the laws in our country, no longer really live in America and aren't invested in the success of America, don't really understand, like, don't know what they don't know in terms of what it's like out there, because they're living, they have no contact with what it means to be in America anymore. So, and I know, I'll put it back to you, I don't know what the solve is, but I'm not sure.

• 18:32Scott Galloway?

  I mean, if you want, remember the TSA crisis? I thought this could be over in 24 hours if you grand every tail number that's a private jet. They, you watch, the whole crisis would have been done in 24 hours. But the people who have disproportionate amount of influence in our government, they weren't waiting in line at Miami International. So I don't, do you have any thoughts or ideas on how we help the 0.1% be more invested in the success of America?

• 18:59Ed Elson?

  Well, I think some of your suggestions around alternative minimum tax, I think the estate tax is a very important one. I think another thing that we talk a lot about is the idea of implementing some sort of a borrowing tax. What we know about how the wealthiest fund their lifestyles is they never sell because if you sell, that's a taxable event. Instead, you just borrow against your assets in perpetuity and you get a very low interest rate because you have so many assets to begin with. So you're good, you're fine. So if we could figure out a way to tax that moment, then if you made that a taxable event, if that was a realized gain in some way, then you might start to get at the problem.

• 19:38Ed Elson?

  But it's interesting you say this because, you know, when TSA was grounded, and I remember watching an interview with Treasury Secretary Scott Besson, and he said something, they were talking about housing prices, and he said something along the lines of, if your family is buying your fifth or your sixth home, dot, dot, dot. I wish whenever goes, what is he talking about? And you suddenly this moment where you realize the guy who's in charge of the economy in a lot of ways, really has no understanding of how the average American is actually living. And I have to tell you, while, while we're here, it reminds me a lot of what happened to London and what happened to the UK, where I was born, where I'm originally from, where

• 20:21Ed Elson?

  the UK was an incredible economic force. They were the empire, they were the man, the British Empire, everyone loved the UK, incredible productivity. Suddenly, the empire starts to die down, and then the UK asks itself, okay, what are we going to do about our economy at this point? How do we solve the problem? And they decided to become And we had Oliver Bullo on who who wrote a book about this, what what he calls a butler to the world. They essentially decided, you know what, we're going to loosen regulations as much as possible. We're going to become the hub for financial services specifically. We're going to make it a lot easier to avoid taxes. You can do that through Jersey or through some of our little principalities and islands here and there. We're going to make it a lot

• 21:05Ed Elson?

  easier to launder money, to to engage in tax evasion. And it essentially became the stomping grounds of the global elite, which in a lot of ways was good for some reasons. It did increase productivity, a lot of nice restaurants in London. But at the same time, it's kind of a shell of what it once was. And you've talked about this. You walk through London today, you walk through Knightsbridge, you look at these gigantic, beautiful apartment complexes. Most of them are empty.

• 21:32Scott Galloway?

  Yeah.

• 21:32Ed Elson?

  Most of them, people aren't actually living there because it's a Russian oligarch or a Saudi sheik or an Emirati billionaire who just decided to buy this thing because he had to park his money somewhere. Maybe his son or his grandson lives there from time to time for a month or two months. But ultimately, you lose the sense of the community that makes what England was, what made it great, because it has become something of a shell company. And I do wonder if America is at risk of those same problems, too, and specifically Florida. I don't think it's anywhere close to London, but it certainly seems to have some analogous characteristics.

• 22:09Scott Galloway?

  Go to the surf club in the summer and see how many people, how many lights are actually on in that building.

• 22:14Ed Elson?

  Right.

• 22:15Scott Galloway?

  And just going back to brand, I've been thinking, I wrote a thing on Friday and I wanted to bring it up. And I generally don't know how this crowd's going to react to this. But we were talking a lot about the US brand and trying to draw people. And we have, as a brand, we can, one of a really outstanding brand attribute is we can deliver violence to anywhere in the world like no one else's business. And we're able to sort of enforce our will and protect our interests. I actually think that's important. We have 12 carrier strike force groups. No one else has more than one. But the flip side of that coin, the peanut butter to the chocolate in the peanut butter,

• 22:57Scott Galloway?

  is in addition to being a violent people, we're also a very generous people. And that is after World War II, we went in and said, these are our enemies. Let's learn from World War I. And in exchange for you doing terrible things to us and committing acts of crime against humanity, Germany, we're going to rebuild you. Japan, we're going to tax American households and we're going to rebuild you. And the result was arguably the most innovative act of the 20th century. And that is we turned these two incredible cultures that we knew would rebuild. Within 30 years, Japan was making the best cars in the world, and so was Germany. And now they're our allies, they're our friends. And it helps create a greater operating system and security around democracy around the world.

• 23:41Scott Galloway?

  I worry that America has held on to the ability to deliver violence, but has lost its sense of magnanimity and generosity. And the reason I'm bringing up this with this audience tonight is that the United States is asphyxiating a nation that's 90 miles south of here. And it feels to me that it's time to move to the magnanimity part of the program, where we say, look, if you want to invade Cuba, the way you do it is by making them love Americans, not fear them. I think the cheapest, easiest, most elegant way to make Cuba an ally for the next 100

• 24:22Scott Galloway?

  years is to essentially go in and say, we're going to turn the lights back on. You're our neighbors. We have a lot of wonderful Cubans in the United States. No one should die in a hospital because they don't have power. But these threats of violence and military intervention, without also that generosity, it doesn't pay off. And it isn't getting nearly the coverage it should. It would be fairly easy for America right now to turn the lights back on in Cuba.

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• 26:17Ed Elson?

  We're back with Prof G Markets. So we're here in Miami, the place widely known as the crypto capital of the world. And it is a very interesting time for crypto. After years of what crypto companies consider to be harsh regulation, President Trump has made it his mission to embrace the industry. In addition to launching his own cryptocurrencies, he also installed pro-crypto advocates to chair the SEC and also the CFTC, the two main agencies in charge of regulating this stuff. Meanwhile, the Clarity Act, crypto's first comprehensive federal framework, is currently making its way through Congress as we speak.

• 26:59Ed Elson?

  And just this week, the CFTC cleared the way for perpetual futures, highly risky derivative assets, they're very popular right now, to be traded on crypto exchanges. In sum, crypto is finally getting the regulation that it wanted. However... It isn't getting the returns that it wanted. Since Trump took office, Bitcoin has fallen roughly 30% and Ethereum has declined more than 40%. So despite the government's embrace of digital assets, the industry's future remains very uncertain. Scott, we're going to get into crypto, but before we do that, I just want to play a clip

• 27:40Ed Elson?

  that went viral literally yesterday. It was an interview with Jamie Dimon, the CEO of JP Morgan on Fox Business, and they were asking him for his thoughts on the Clarity Act and his thoughts on Trump and the administration's approach to crypto regulation, and also the fact that Coinbase is very happy about what's happening. Let's just play that clip and let's get your reaction.

• 28:04Speaker 09

  So are you happy with the way the Clarity Act is turning out?

• 28:07Speaker 10

  No, no, because it allows them to effectively pay interest on deposits, stable coins or something like that without the protection that they should have, and it doesn't do anything for AML BSA. It has almost no legal protections. So no, the banks will not accept it that way.

• 28:23Speaker 09

  Well, the markup is coming. I mean, what are you going to do about it?

• 28:25Speaker 10

  It is. We'll fight it. If we lose, we lose and we'll live.

• 28:28Speaker 09

  Okay.

• 28:28Speaker 10

  But it will be fought. This will not be, no one's going to bow down to this guy, okay, or that company. But he's the only one, and he's spending hundreds of millions of dollars in Washington in this thing.

• 28:39Speaker 09

  He said he's representing the whole industry.

• 28:41Speaker 10

  He's full of shit.

• 28:45Ed Elson?

  So the CEO of JP Morgan is now down to say he's full of shit on camera about Brian Armstrong. That's who he's talking about, who's the CEO of Coinbase. We have kind of the clash of traditional finance and crypto finance, and now they're throwing shots at each other and insulting them, calling each other names. I guess, what do you make of the fact that that is now happening in business?

• 29:10Scott Galloway?

  Well, I want to take the aperture back because I want to ask you a question. So I'm one of those guys, I'm a no-coiner. Just to be blunt, I think I understand more about the markets than your average bear in investments. I literally don't understand Bitcoin. I never have. I don't get it. What I think... And

• 29:29Ed Elson?

  It's everyone in agreement.

• 29:30Scott Galloway?

  I want to be, I want to be transparent. I think some of that is built up resentment because I think I'm the only person that hasn't made money in crypto. You know, I kept saying, this is going to zero when it was at $60 and now what it's at $60,000. So my thesis, and I'll put it back to you. I think what crypto is.

• 29:50Scott Galloway?

  And this is a question, not a comment. I'm genuine. I want to learn here. From someone much younger than me. I think it's young people saying, fuck this. I'm going to invent my own asset classes. You keep propping up your own asset classes and I can't, it's too late for me. I can't get into real estate. I can't buy a shitty home. I'm not going to buy a shitty home for $2 million. I'm not going to buy. Apple at 300 bucks. So I'm going to create my own investments in my own asset classes. Because if you find people my age, we're saying, we don't get it. It's bullshit. Because we've already made our money. Right? And I think younger people are saying. Okay, if you're not going to let the markets fall and you're going to keep using my credit card. To bail you out.

• 30:36Scott Galloway?

  By propping up asset prices artificially. I'm going to create more my own asset classes anyways. Do you think this is a response to young people trying to create their own asset classes so they can create their own economic value?

• 30:49Ed Elson?

  I think that's exactly what's happening and the trouble though. Is that cryptocurrencies on addressing the problem, they know what the problem is. They're asking the right questions. But they haven't found the right answer. It is true. That for young people today, it's. Far more difficult to build wealth. In a substantive and meaningful way. Housing prices is the perfect example, ground zero for the problem. Where the average price of a house is seven times average annual income today. And you go back to my parents' generation, my grandparents' generation, it was four times and three times. The cost of college is another one. For young people, that is now a huge problem. Forty-two percent of annual income. And you go back to my parents' generation, it was thirteen percent.

• 31:34Ed Elson?

  And I think stocks is another great example. I mean, we look at the price of the stock market today, the Shiller P E is at forty times earnings today. Go back thirty, twenty, thirty years, it was around twenty-five times. So everything is incredibly expensive and it relates, I would add to our previous story. So then there is a question of, okay, what do I do then? How am I actually supposed to build wealth? And I think what we're seeing among young people is we're turning to what I would call casino assets. One of them would be simply gambling, sports betting, prediction markets. You can say maybe that's investing, but it's really gambling. Another is options trading, especially zero day options trading.

• 32:14Ed Elson?

  Young people specifically, more than a third of us who are invested in the market, more than a third of us are trading options every day. That's higher than any other generation by far. And the third one is, of course, crypto.

• 32:28Ed Elson?

  One in five of us only own crypto. That's the only asset class that we own. So we were, we were very excited about crypto. This was supposed to be the ticket out for a lot of young people. My concern, though, is the fact that when you look at actually the data on how we're doing as a generation invested in crypto, almost ninety percent of us are losing money on crypto. We're getting obsessed with the trading, we're getting super into it. We're often taking on huge amounts of leverage. And I would add something that was in our intro here is that we're now legalizing these perpetual futures, which are essentially these options contracts that never have an expiration date. So you can either keep making money into infinity or you can keep losing money into infinity.

• 33:13Ed Elson?

  And the great new innovation of perpetual futures, which the government has decided to now legalize, is that there's almost unlimited leverage. On Coinbase, you can lever up a hundred times. On other platforms, you can lever up a thousand times, which is means that you are essentially a thousand X-ing your risk. And increasingly, we are seeing many stories of young people who are getting usually brought into some sort of pyramid-like scheme group chat that they see online, some Andrew Tate equivalent convinces them that this is the way you're going to escape the matrix. This is how you're going to make your money. They get drawn into this stuff and a lot of them lose money. But those are the stories that we don't hear. Because all we're hearing about is all the people who are making all the money and their Lamborghinis

• 33:58Ed Elson?

  and the fact that they're posting on Instagram and posting on TikTok with their mansions and their handbags and their $100,000 trips to Mykonos. We're not hearing about the nearly 90% of young people who are losing money on this stuff. So I think to your point, it's like we're addressing the, we got the problem. We know what the problem is. We know what questions to ask, but we found a solution that really doesn't work for most of us. And I worry that it might even make young people even angrier. And I guess at that point, then I wonder where do things go from there? That's the part that I'm feeling anxious about at least.

• 34:36Scott Galloway?

  Well, earlier in the program, you asked, where does this all go? The fact that so many gated communities, so income inequality. I mean, we have a lot of problems, but income inequality is right up there because. So there's something called the Gini coefficient. It's a measure of inequality by an Italian economist. Zero means everyone has exactly the same amount. That's the dream of communism, right? One is one person owns every asset in the world. The French began separating people from their heads when the Gini coefficient was at 0.83. In America, it's 0.85 right now. So I think we have a series of small revolutions taking place in America. I think when people go to a data center and get angry, that's a form of revolution.

• 35:19Scott Galloway?

  I think the Me Too and Black Lives Matters moments were righteous movements with very valid concerns, but they weren't going after the owner of a taco truck and accusing him of sexual harassment. They were going after rich people. I think people have literally had it. And where revolutions start, people make the mistake of thinking that revolutions start because of unemployment and that people are bored. And I've often said, the most dangerous person in the world is a broken, lonely young man. That's the most dangerous person, but revolutions in societies fail, not when people aren't working, but when they're working two jobs and they're still hungry. So we've transferred money from consumers through inflation.

• 36:03Scott Galloway?

  We've transferred money from laborers and earners. The minimum wage is $7.25. It hasn't gone up in 15 years despite the Nasdaq tripling. Meanwhile, as a percentage of GDP, the S and P is higher than it's ever been. So we've made a concerted decision to allow a transfer of wealth from earners, people who work, and consumers, people who pay prices, to shareholders. So it's awesome to be a shareholder. And if you got in and you own a lot of shares, you've done really well. But if you've never been able to make the jump to light speed because you work, because things are so expensive, you just can't save money, much less invest, you're kind of trapped. You've been, you've been left behind.

• 36:48Scott Galloway?

  So where I think this goes is a form of revolution. And that is, we've decided we want extremism. We want chaos. People are upset and angry, so they want chaos. But they, the manifestation is chaos is an embrace of extremism. I want the far right or I want the far left. And I find that whenever the far right or the far left meet on something, it's a really fucking dangerous idea. The far left and the far right, they meet on antisemitism and anti-vaccines. They're both alignment. Whenever the far right or the far left agree on anything, it's usually a really bad idea. And I worry, and I'm a progressive and I'm going to work hard to try and put more Democrats

• 37:31Scott Galloway?

  in office the next two and a half years. But I also think that.

• 37:37Scott Galloway?

  Okay.

• 37:40Scott Galloway?

  Now let me, now let me bum you out.

• 37:45Scott Galloway?

  I think fascism can come from the far left as easily as it can come from the far right. So.

• 37:53Scott Galloway?

  Unless we figure out a way to transfer more money back to young people in the middle class again, we're going to have extremism. So I think all of this is tied into income inequality, the pursuit of DOPA by young men, and a general sense of dissatisfaction. I'm working my ass off and I still can't get ahead. So I am willing to vote for people who are just extreme, right? Rather than coming together and realizing that 70 or 80% of us agree on most stuff and that there are common sense solutions in the middle, but none of those common sense people in the middle can get elected because we keep

• 38:34Scott Galloway?

  wanting chaos and I won't even get into gerrymandering. But I think unfortunately, we're moving to a nation of chaos and anchor that doesn't represent America. We're actually not as divided as you would believe. We're being divided by people trying to take advantage of the chaos and take advantage of the income inequality.

• 38:58Ed Elson?

  So here's a question then, while we're on the topic of crypto and agree. We're talking about crypto here. Trump, our president, he's the pro crypto president and he's pro innovation, all these things. Okay, fair enough, sounds good. I also know that as soon as he became president, he launched Trump Coin and then his wife launched Melania Coin. I know that as soon as that happened, we saw huge buying immediately when he launched the coin. But while that was happening, and of course, because he's got a big fandom, he's got a big social media presence, while that was happening, many of the largest accounts

• 39:42Ed Elson?

  were selling very, very heavily on those accounts. The insiders of Trump Coin made a billion dollars off of that coin. We don't know who the insiders are. We just know that there are a handful of wallets who are connected to the token itself. They made a billion dollars. The retail investors who bought Trump Coin and then lost about, I think it's down 85% since its launch. They lost cumulatively around $4 billion. Trump and his family have made $800 million personally off of their own cryptocurrencies.

• 40:22Ed Elson?

  I look at that and I say, okay, this is flat out corruption. It's the worst we've ever seen. This is insider trading gone wild, gone crazy to to levels we couldn't even fathom. I look at what he's done to the SEC, where the Chair of the SEC is a former crypto lobbyist. I look at who is put in charge of the CFTC, who is a former pro crypto corporate lawyer, and also a pro prediction markets corporate lawyer. I look at what they have done to the SEC, where they have reduced the headcount and the amount of prosecutions have fallen by 30%. At the CFTC, the prosecutions have fallen by 80%. So as much as they create a framework for crypto, what we know that is they're not going to prosecute anyone, they're not going to do anything about it.

• 41:07Ed Elson?

  That, to me, it's right there. Okay, now we know what the problem is. Now we know where the corruption lies. However, I saw a really interesting poll this week. They did a poll of Trump voters and they asked him if they believe that Trump has personally profited financially off of the presidency. Half of his supporters think that he hasn't profited at all.

• 41:34Ed Elson?

  At that point, where is the conversation? If we can't have a real conversation about what's actually going on here, if we can't look at the numbers anymore and no one can agree, then I'm not sure how we can ever even reach a discussion where we can even address these problems. And I hate to say this because I feel like we've been kind of Debbie Downes this podcast. But what are we supposed to do about that?

• 42:03Scott Galloway?

  Drink more.

• 42:05Ed Elson?

  We're supposed to drink, I heard, yeah.

• 42:07Scott Galloway?

  Look.

• 42:08Ed Elson?

  That's right.

• 42:10Scott Galloway?

  So just to be fair, the S and P is up 200% in the last 10 years. Berkshire Hathaway is up 300%. Speaker Pelosi's portfolio is up 700%.

• 42:23Scott Galloway?

  The corruption, corruption is rife on both sides of the political aisle. I think Trump came in and said, okay, Speaker Pelosi, Marjorie Taylor Greene, you're making millions. That's small ball. I'm gonna make billions.

• 42:36Ed Elson?

  Hold my beer.

• 42:38Scott Galloway?

  Hold my beer.

• 42:39Ed Elson?

  Nancy Pelosi.

• 42:40Scott Galloway?

  Yeah, so I don't, I think we need to address corruption on both sides.

• 42:44Ed Elson?

  Agreed.

• 42:44Scott Galloway?

  My idea of corruption at a federal level is I would adopt the Singapore model. I think, I think our congresspeople and our senators, I deal a lot with them, I say that because I'm desperate for affirmation, and I think it makes me sound important, but the, I think they're important people. They do important things, and I actually, every time I spend time with them, I'm impressed with how many of them are really good people. I'm kinda sick of shitposting government. The, the implementation of the policy is I would adopt the Singapore model. I think every congressperson should make a million dollars a year. I think every senator, two million. I think the president should make 10 million a year. And then absolutely no conflict of interest, no stock trading, you can't go to work for

• 43:29Scott Galloway?

  a lobbyist. You can't, because just a zero tolerance policy. I also think we need a reckoning in this country. I hope that the next president, in coordination with states' AGs, goes after the sons of people who are trading American diplomacy for crypto investments out of the Gulf. I just don't, I think there needs to be a reckoning. I think that we need to say, restore to America, that if you, you have a shot, even if you don't know powerful people who trade off American security and American interests, that's just not, we're just not gonna tolerate that anymore. And we're, it's the stuff you don't see that really impacts you.

• 44:13Scott Galloway?

  I had chills go down my spine, and this got no coverage. I believe we're gonna have a soft invasion of Taiwan in the next couple of years through economic sanctions and a blockade by China, mainland China. Why? I think Trump has basically figured out the perfect economic vehicle crypto to become the wealthiest man in the world. And if I were Xi, I would have done the following. In a private meeting with Trump at their summit a few weeks ago, I would have said to Trump, "I can make you the wealthiest man in the world. I'm super interested in the Trump coin. I think it's a great idea. We love it here. And here's my mathematician. And I figured

• 44:52Scott Galloway?

  out that with with just $7 billion in a fund, which is super easy for me, I'm an autocrat, and timed purchases done through several shell companies, I think I can make you the wealthiest man in the world, and you can elegantly start to sell it. And you're going to become the wealthiest man in the world. And by the way, I would just really like to see your Ohio-class nuclear submarines vacate from the South China Sea. That's what I would do if I were Xi. And you don't believe this guy will do that? And then on the plane ride back, he's asked about would we support Taiwan if they were invaded? And he's the first president who said the following. He's like,

• 45:37Scott Galloway?

  "I don't know. I'm going to keep that to myself." So I think a soft invasion of Taiwan has already happened because we have a corrupt government and a corrupt president, and now we have the ultimate vehicle for hiding that corruption in Bitcoin. Now, I might be paranoid, but it doesn't mean I'm wrong.

• 45:55Ed Elson?

  It seems that it's ultimately, I mean, it's always all been about money, but it almost seems like in 2026, it's more about money than ever before. That's really all that matters. You can essentially pay your way to access. You can pay your way to policy. You can pay your way into anything. I just, I mean, while we're on the topic, I just, I really want to drive home the point, especially for the young people who have, we've really become addicted to this stuff. We've become addicted to the crypto. We've become addicted to the sports betting. Half of young men today have an online sportsbook. Again, this is because we have pushed it through.

• 46:36Ed Elson?

  Through deregulation and then also just these these these advertising budgets are exploding. You you can't you can't walk around without seeing an advert for DraftKings or for FanDuel or any of these gambling companies. But I would just point out, your odds of making money gambling are lower than your odds of getting bit by a dog. That is our statistic, just like it's not really going to work. But the thing that I also learned recently is that the average return trading on prediction markets is actually lower than the average return gambling. It's negative seven percent when you're trading these events contracts. So I just think that we need to have a more of a discussion. I mean, and and as you know, and we both agree, I'm I'm pro gambling.

• 47:21Ed Elson?

  I'm pro, you know, having fun and getting out there. But we need to be a lot more clear about what the risks are with this stuff. And it seems like we're making an intentional effort, especially from the top down from government, to say, no, everything's fine. It's all innovation. Don't worry about it. Don't don't we're going to have no rules whatsoever because any kind of rules will stifle innovation. But ultimately, I think that a lot of people actually are getting hurt financially as a result of this. And I think it just deserves a lot more conversation.

• 47:50Scott Galloway?

  I'm one of my intellectual role models is a guy named Jimmy Carr. And he has this great rap, and I agree that I'm very pro gambling. And what I would say to young men is gamble, but take risks, take good risks. And that is most risks taken on a screen are bad risks. Most risks taken off a screen are good risks. Find someone much hotter than you and take a risk and ask them out on a date.

• 48:19Ed Elson?

  Fine. I'm drinking it out. I'm, yeah.

• 48:21Scott Galloway?

  Find find a job you're not qualified for and show up in the lobby. Find something you're super passionate about and feel really strongly about and risk risk your time in your career. Take take more risks offline and take fewer risks online. Don't shitpost people or criticize them on your keyboard. That's just fucking weak and stupid. That means you have issues. But at the same time, and it's very hard for men, especially young men, because to compliment somebody exposes you. There's this weird, and I suffered from this when I was your age.

• 49:06Scott Galloway?

  If I complimented somebody else, I expressed affection, I expressed romantic interest, I told another man that I thought he was impressive. Somehow that it took from my masculinity and I was risking something. And just going back to where I started earlier. When I was at the Raleigh Hotel, and it was the middle of the day, and with sun, and without the benefit of alcohol. And I saw someone to, I saw someone I was quite frankly just really attracted to. I wasn't thinking, I want lower rates on auto insurance. I was thinking, I would really like to have sex with this woman, to be blunt. And I thought, I promised myself, before I leave this hotel pool, I'm going to speak to her.

• 49:51Scott Galloway?

  And it's just not easy, right? Middle of the day, no alcohol, she was with another woman and a guy. So I went out to get my electric blue Maserati.

• 50:02Ed Elson?

  That helps.

• 50:04Scott Galloway?

  With my valet ticket. And I was sitting there, this is a true story, and I thought, oh, fuck. And I'm like, you know, I'm such a wimp, I like hated myself. So I said, I'll be back in a minute. And I rolled up to them and I said, where are you guys from? And like I said, 18 months later, we had a kid. Anyway, my, my advice to young men is just take a shit ton of risks, as long as they don't involve a screen and an algorithm. Gamble, but gamble, gamble smartly.

• 50:36Ed Elson?

  Cheers to that.

• 50:37Scott Galloway?

  Cheers.

• 50:37Ed Elson?

  More risks in 2026.

• 50:44Ed Elson?

  Stay with us.

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• 51:30Ed Elson?

  We're back with Prof G Markets. Let's move on to our third section here. It is time for our Q and A. So we've been collecting your questions backstage. I have them on this iPad here. The first question is from Hans, who is in seat G116. Hans, how's it going? Good to see you.

• 51:49Speaker 13

  It's going amazing. Great to be here. Love your guys' content. Thank you so much for coming to Miami. So my question is, allegedly Peter Thiel just moved his family to Argentina. What does that tell you about the American society, economics, and how they feel about where America's going? And what are they hedging their bets against?

• 52:09Ed Elson?

  I'm sorry, Peter Thiel moved to Argentina? Is that what they're asking?

• 52:12Speaker 13

  Apparently, allegedly he moved to Argentina. We see a lot of billionaires moving, I guess, or just going to other places.

• 52:21Ed Elson?

  Right. Which is very pertinent to the conversation, where it starts out with, oh, I'm not happy with how things are going in California. I'm going to move to Miami or Florida. And then it becomes, actually, I'm not happy with how it's working with the US, so I'm going to go to Argentina. I saw that story. It came out just today, maybe yesterday. And the reason he's doing it is because he says that socialism is on the rise in the US and we're becoming like a communist nation of some sort. And so Argentina is the place to be because Argentina is embracing libertarianism. My question is like, when does it become, oh, I don't like how things are happening on Earth? I'm going to take a spaceship out to another planet. We're getting weirdly close to that, I feel. What do you think of this, Scott?

• 53:04Scott Galloway?

  I think Peter Thiel moving to Argentina says more about him than it does about America.

• 53:10Scott Galloway?

  Look.

• 53:14Scott Galloway?

  I'm coaching a bunch of Democratic nominees for president and they'll say, "What's the one policy you'd want to implement if you can implement any one policy?" Hands down, it'd be mandatory national service. Because one thing young people get wrong, one thing they get wrong, they do not realize how incredibly fucking lucky they are to be born in America. As bad as things are, talk to someone who lived in Argentina and came here and see how fucking awesome it is in Argentina. You still have amazing rights. I have been literally molesting the earth for the last 30 years. I spend 180 days a year on the road. I have

• 53:55Scott Galloway?

  spent at least 30 days in Argentina and name any other 40 or 50 countries. This is how I would reduce my reductive analysis of the world. America is the best place to make money. Europe is the best place to spend it. If you're young and you're looking for opportunity, you're looking for protection, you're looking for rights, you're looking for people who will risk capital on you, you're looking for rule of law, you're looking for, you know, an opportunity not to be persecuted or not be disadvantaged because of who you are or who you want to love or the gender or the race you were born, this is still, in my

• 54:40Scott Galloway?

  view, the best place in the world. And what mandatory national service would do is it would get kids off this hate America technology called social media and show them just how wonderful other Americans are. We need, the best thing to raise up America would be for Americans to get out of their homes and touch and feel more Americans from different sexual orientations, different income groups, different states. We need mandatory national service.

• 55:16Ed Elson?

  Hans, thank you for the question. We have a question from Alex Gordillo in PTE110. And Alex has a question about building wealth.

• 55:29Speaker 14

  So my 20-year-old nephew leaves tomorrow for the US Army. And I've been trying to show you, show your content for the last two years. And this is like the first time she actually agrees to read, to come, or to participate. So my question is like, for a young Colombian immigrant entering the military service, who like cleans late, what specific wealth framework will benefit him the most right now? And how can I keep him engaged with your content?

• 56:00Scott Galloway?

  It's something called the internet. Dude, I'm like AOL in the 90s. You stick your hand into a cereal box, you're gonna pull me out. I think most people are asking, how the fuck do I get away from this guy? I don't, it's not gonna be hard to stay in touch. Young man, can you stand up? Just going back to the notion, I do some, one thing I do, I think we do take for granted is that the best performing organization in the history of the planet is the US military, hands down.

• 56:42Scott Galloway?

  It is. What the US military consistently is able to pull off, the level of professionalism, the level of discipline, the level of empathy, leveling up. It's been such an incredible equalizer in our society. And that is, when you're in a foxhole with someone else, and you have to handle heavy, dangerous equipment, and your life depends on it, you don't give a flying fuck what their sexual orientation is, or how rich their father is. It is the ultimate, it is the ultimate equalizer in terms of character and skills. And it's, it's so encouraging and important that, like, you know, these stacks of awesome

• 57:24Scott Galloway?

  continue to decide to go into what is the best performing organization in the world. Seriously, congratulations. This, this really builds outstanding men and women. Thank you for, thank you for committing to that. I think it's, it's one of those things where... For the rest of your life, you're gonna, I mean, it really, I think it'll really shape who you are. We have tremendous, we have a wonderful program at Stern where we bring in kids from the service and they're hands down just the most impressive, honorable, disciplined kids. So anyways, well done.

• 58:00Ed Elson?

  We have a question from Jose Rodriguez in seat X113.

• 58:13Speaker 15

  Longtime listener, first time caller, so thank you.

• 58:16Ed Elson?

  Let's go. Welcome to the show.

• 58:18Speaker 15

  So my question had to do with, I guess like the Titans now, right, of industry? Why is it that they all seem to be kind of psychopath sociopath? Why do we seem to be rewarding antisocial behavior? Oh, and by the way, I'm a psychologist and a professor also, so.

• 58:37Scott Galloway?

  Where do you, where do you teach?

• 58:40Speaker 15

  I'm at Florida International University, right here in Miami.

• 58:43Scott Galloway?

  Nice. Well done. What about you? Wait, how do you take this? Why are they so weird?

• 58:52Speaker 15

  Well, antisocial really is the issue, right?

• 58:55Ed Elson?

  That's right. That's right. I mean, the first thing that comes to mind when you ask that question relates to Peter Thiel. I watched this, I don't know if you saw this interview recently that he did with the New York Times. The interviewer asked him, he was like, "Do you believe that the existence and continuation of the human race is a good thing?" And Peter Thiel goes, "Um..."

• 59:14Scott Galloway?

  He paused.

• 59:15Ed Elson?

  Well, I swear to God, he took, he took maybe 45 to 60 seconds to answer the question. It was, and then he didn't even say yes, which was insane to me. On this point, I think from a regulatory perspective... It's very clear to me that we have decided to let these tech giants run amok. And Scott has talked about big tech regulation for the longest time. This was his first book. I don't know if you guys remember his first book, The Four, but it was about this monopolization effect that we see where we refuse to get our act together in terms of antitrust.

• 59:59Ed Elson?

  And we allow these big tech companies to get larger and larger and larger and to establish these monopolies where Meta is controlling 70% of the social media market. Amazon's controlling almost 80% of the e-commerce market. I mean, these are tried and true monopolies that have happened here. One thing that I thought was going to happen was that we were all going to get our act together and decide basically as a country that that was a problem, that monopolization leads to extortion, it leads to pricing power. This wasn't something that should continue. And I thought that there was agreement on both sides about this. And then there was an antitrust case against Google. And they found that Google was indeed a monopoly.

• 1:00:44Ed Elson?

  They actually convicted Google of running a monopoly. They said, you have done so for a decade. And I was like, wow, I remember we covered it on the podcast. I was like, oh, my God, this is the big moment. Antitrust is actually going to get in there and figure out what to do about this. And then it came to what to do about it. It came to the remedies. And this was a few years ago, and the judge said, you know, I would break them up. And I know that's the recommendation from the DOJ, but there's this new thing called ChatGPT, and it's really powerful. And if we break them up, then we're doing something really unfair to Google because AI is about to destroy this business as we know it. Google, yes, it has 90% of the search market, but ChatGPT is going to destroy that.

• 1:01:28Ed Elson?

  It's going to ruin that monopoly as we know it. That's what he said. Fast forward two years later, Google continues to have a 90% market share of search. Their search revenues have actually grown since ChatGPT. In addition, they simply launched their own competitor. It's called Gemini. And it's hot on the tail of chat GPT set to take over if it tracks in the next few years. And so essentially what you had was everyone thought that AI was going to destroy the big tech monopoly, the oligopoly, it only enabled it. And actually, when you look at Google stock, Google is the AI winner of the AI boom. The stock has almost tripled since that happened.

• 1:02:09Ed Elson?

  So I think what we have a problem here is we pretend like it's a problem and we all kind of say that it's a problem and that we should do something about it. And what is very frustrating to me is that when it actually comes time to break them up, as you've been calling for for years, we still refuse to do it. I think these billionaires that run these tech companies, they're just so out of touch and they know that they're almost invincible because that's exactly what we're telling them.

• 1:02:33Scott Galloway?

  I don't think they got laid enough in high school.

• 1:02:35Speaker 15

  Yeah, well.

• 1:02:37Scott Galloway?

  Professor, you're going to forget more about this than I don't know. I do think we have a tendency to demonize our leaders, but the incentive system to achieve that level of economic success and power, and this is the problem with the people ultimately end up running for president, you have to be so monocular in terms of your focus and so ambitious that you don't perhaps develop skills in other parts of your life. And maybe you lack a certain amount of empathy, maybe your priorities are a little unusual. I think you just have to be so focused on economics and power that it attracts a certain type of person.

• 1:03:18Scott Galloway?

  And I think sometimes, I think quite frankly, we sometimes get the leaders we deserve. What I think a lot about is that I worry that anyone under the age of 25, in our nation, we have an idolatry of the dollar. Because church attendance is at an all time low. And because our brain is big enough to ask really big, important questions, but not big enough to answer them, we invented gods. And because of science and the lack of church attendance, which is at an all-time low, we no longer believe in God as much as we used to. So we fill the void with tech innovators, because the closest thing to mysticism and magic is technology.

• 1:04:03Scott Galloway?

  Like, I don't understand how my phone works. So you take the combination of what feels magical technology and our idolatry of the dollar, and we end up with the new Jesus Christ was Steve Jobs. He's our idol. This is a man who denied his blood under oath to avoid child support payments when he was worth a quarter of a billion dollars. So unfortunately, I just think we've picked the wrong idols in this country. And something that really worries me is that if you're under the age of 25, especially as a man, we've just given them really shitty role models. The most natural role models for young people are going to be the President of the United States. That should be any young person's role model.

• 1:04:47Scott Galloway?

  And in a capitalist society, the wealthiest person in the world is going to be a role model. And so the two role models now for young people, and especially young men, are people who punch down, people who cut off aid to HIV-positive mothers in Africa, people who've made our discourse much more coarse, and people who are being sued concurrently by two women for sole custody of their child because they haven't seen that child. The reality is, we just need different role models. So I'm worried that we have an entire generation of people growing up who think that making, you know...

• 1:05:32Scott Galloway?

  Our president answered a question to a female reporter with quiet piggy? What the fuck? That's what our young men and women are seeing is who should be the natural leader? So maybe I'll put it back to you, professor. Why? What went wrong here? Why are these people like this?

• 1:05:54Speaker 15

  How much time you guys got now? Are you familiar with the work of Robert Sutton?

• 1:06:00Scott Galloway?

  Yeah.

• 1:06:00Speaker 15

  Yeah, so the no asshole rule, right? He wrote this book called literally the no asshole rule. And who's an asshole? Somebody who punches down, right? Somebody who uses their position of power. And maybe we need to consider that when we're considering our politicians and who we want to idolize. But I also want to actually give a shout out to your book, Notes on Being a Man. That was a really good read, man.

• 1:06:20Scott Galloway?

  Thank you.

• 1:06:21Speaker 15

  Thank you for that. That was fantastic.

• 1:06:23Scott Galloway?

  Thanks for saying that.

• 1:06:24Speaker 15

  That right there is, you know, setting the stage for what you've been talking about, like the role model, like what to be, what to do.

• 1:06:30Scott Galloway?

  I appreciate that. Thank you for saying that.

• 1:06:32Speaker 15

  Oh, sure. I'll accept my check later.

• 1:06:34Scott Galloway?

  All right, our last question.

• 1:06:37Ed Elson?

  Last question. We got a question from Stan, who's in the pit, seat 107.

• 1:06:42Speaker 16

  I'm 19, currently fostering new relationships in and out of school. And you've often said that relationships have been a key aspect of your life professionally.

• 1:06:53Scott Galloway?

  Yeah.

• 1:06:54Speaker 16

  Which relationships would you say have generated the most from time invested in your life professionally?

• 1:07:01Scott Galloway?

  It's a really thoughtful question. Look, the most important relationship and the most important decision in your life will be who you decide to have kids with, who you partner with. I have friends who are very successful on exterior metrics, but they don't really have a real partnership with their spouse. And I think it fills their life with anxiety and disappointment. And then I have other friends who aren't as successful, but they have a real partner and everything in their life burns brighter. So the most important relationship I would think about is trying to find a great spouse.

• 1:07:43Scott Galloway?

  And typically, people of your age are constantly focused on, how do I find romantic compatibility and sexual compatibility? And I want to be clear, that's important. But what they don't think about is...

• 1:08:00Scott Galloway?

  Finding someone who has a similar vision of what would be awesome, 70 years of awesome Tuesdays. You know, what would be same values, enjoy spending time together. So the question is, how do you do that? And how do you punch above your weight class such that you can have more? This is who you want to be. You want to be the guy that people look at and think, wow, I wouldn't have guessed he'd be that successful. And I wouldn't guess he'd be with someone so cool and so hot. That's who you want to be. And the way you do that is with no. And what do I mean by that? The key to success is rejection.

• 1:08:42Scott Galloway?

  Specifically, your willingness to endure rejection. And you have every day, the deepest pocket of companies in the world, trying to convince you that you don't need to endure rejection. Why try and make friends and express friendship? And go through the pecking order of having friends? When you can find friends on Reddit and Discord? Why put on a tie? Send out a hundred resumes? Show up unannounced? Ask people for coffees to get a job? When you think you can make money on Coinbase? Or on Robinhood?

• 1:09:21Scott Galloway?

  And why would you go through the humiliation, rejection, expense, cost, perseverance, kindness of trying to establish a romantic and sexual relationship? When you have 24 by 7 lifelike porn? So if you aren't getting no's every day? You're not going to get there. Because everyone in this audience, who you would think they have a nice life? The only thing I can guarantee you they've had in their life is a lot of no's. So if you aren't getting no's every day? If you aren't applying for jobs you're not qualified for? If you aren't trying to make friends with people you perceive as being higher quality than you?

• 1:10:04Scott Galloway?

  If you aren't approaching people and expressing romantic interests while making them feel safe? That are quite frankly, considered higher quality than you? You're never going to punch above your weight class. So, one.

• 1:10:22Scott Galloway?

  Get used to know. And also at your age, and this is where I would want to wrap up. There's a very healthy hormone or instinct that comes over you at your age, where you want to separate from the pack. Specifically, your parents and your family. So you start thinking they are unbearable idiots. And then what happens is, at about the age of 25, you realize that in 90% of the cases, your parents were your allies. So my advice to any 19-year-old male is skip to that part and just realize your parents are your allies. Should we end it there?

• 1:11:06Scott Galloway?

  Thank you, Scott. Thank you, Miami. Thank you.

• 1:11:13Ed Elson?

  This episode was produced by Procter Media. Thank you for joining us live. If you'd like me, follow us on YouTube. We hope to see you again. Good night, Miami.

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