Tony Robbins: The Next 36 Months Will Change Everything | PBD Podcast #860

Patrick Bet-David sits down with Tony Robbins to discuss the forces reshaping the next decade. Robbins breaks down AI, robotics, jobs, investing, debt, and economic risk, while sharing lessons on fear, resilience, relationships, and building a fulfilling life during a period of historic global change. 👞 Get the NEW Billionaire Suede Loafer: https://bit.ly/4ym5oRA 📚 GET THE HOLY GRAIL OF INVESTING: https://www.theholygrailofinvesting.com/ 💰 LEARN MORE ABOUT CAZ INVESTMENTS: https://cazinvestments.com/ 🔥 JOIN TONY ROBBINS AT UNLEASH THE POWER WITHIN: https://go.tonyrobbins.com/upw ▶️ SUBSCRIBE TO CAZ INVESTMENTS: https://www.youtube.com/@CAZInvestments 👕 SHOP THE ICON COLLECTION: https://bit.ly/3TuUU3x Ⓜ️ CONNECT ON MINNECT: https://bit.ly/4kSVkso Ⓜ️ PBD PODCAST CIRCLES: https://bit.ly/4mAWQAP 👔 BET-DAVID CONSULTING: https://bit.ly/4lzQph2 🥃 BOARDROOM CIGAR LOUNGE: https://bit.ly/4pzLEXj 🇰 KALSHI: http://kalshi.com/pbd SUBSCRIBE TO: @VALUETAINMENT @ValuetainmentComedy ABOUT US: Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller Your Next Five Moves (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.

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

• 0:00Speaker 00

  I think we're gonna have a crisis. There's no question about it.

• 0:03Patrick Bet-David?

  I'm worried about something worse than a recession.

• 0:06Speaker 00

  Yes.

• 0:06Patrick Bet-David?

  I believe we are currently on the brink. Depression is kind of what he's talking about.

• 0:10Speaker 02

  You created the mess we're in, and now you're saying, sorry.

• 0:14Speaker 00

  If I said to you, there's gonna be more change in the next 10 years to humanity than all of humanity's history. Do you buy that or not buy that? Forget the 10 years. What's gonna happen next 36 months?

• 0:25Speaker 00

  We're gonna have AGI. There's zero question. Some say we have it now, meaning one AI has more power, more understanding in mathematics or chemistry than any human. In five to six years, we're gonna have superintelligence. China gets it, they take over the world. Whoever gets quantum will control the other's military. We don't have to have the bombs. We can just get the codes and blow them up where they are. And there's robotics. Within 10 years, we'll be more robots than are probably are humans. Think about like electricity. 10 years from now, labor will be like electricity. In 2008, we lost 8 million jobs. Almost destroyed the American economy. What's gonna happen next 36 months? There will be a point where there'll be no truck drivers, no taxi drivers, no Uber drivers.

• 1:08Speaker 00

  You're not gonna be replaced by an AI. You're gonna be replaced by somebody who knows how to use an AI.

• 1:14Speaker 00

  Now, we have politicians on both sides that take advantage of whatever's going on in the environment for more power. It has nothing to do with what serves the American people. The information age died a long time ago. We're drowning in information. We're starving for wisdom.

• 1:32Patrick Bet-David?

  So I'm gonna ask you an indirect way of helping our guys, our production team that works so hard, get a raise. Do you wanna help them get a raise? This is how you can help us out. Forty-nine percent of you watch our podcast, that our editors work so hard, producers, cutters, all of them. Our production team, 32 of them that work here, they work very, very hard to deliver a good quality to you. If you enjoy our show and you wanna help this thing get bigger, so we can take our talent that we have in-house that support this production all the time, and maybe even give them a raise, then please subscribe to the channel. That allows us to get more viewership and indirectly, it makes bigger opportunities for our current team that we have. Thank you so much.

• 2:14Patrick Bet-David?

  Our goal today is to get better with investments. So who we brought in today is the great Tony Robbins. Every once in a while, I can introduce people with the great, and Tony qualifies. He's the greatest in the space. So we have the great Tony Robbins back, and we have Christopher, not Chris, Christopher Zook here back with us. I have to qualify that because it's very important to make sure we say that. Who's back here with us today, and you got a great story on how you went from having a half a billion dollars of money under management. You've been following personal power for many, many decades. And then all of a sudden, Tony invests in your company, and you don't even know about it, even though you've been following him for nearly 30 years.

• 2:53Patrick Bet-David?

  And then you get even more involved, and then now you guys got nearly 14 billion dollars or so money under management, which is an amazing story. So our goal is for our audience to get smarter today. So I'd like to start with a game. If you can see what you have in front of you, you have a buy, sell, and hold sign in front of you. I'm gonna go through different investments, okay? And we're gonna start off with value right off the bat, and then we'll get into it. So, gold, do you buy, sell, or hold gold today? What do you do? Hold. You're hold, you're buy.

• 3:26Speaker 00

  But I think the answer to all your questions, they're being asked in the wrong order.

• 3:30Patrick Bet-David?

  Okay.

• 3:31Speaker 00

  The dog bit Johnny, Johnny bit the dog. Same elements, different sequence, different result. You can't have an answer to this question if you don't know what your outcomes are. And you have to know what your asset allocation is. So right now, for example, if you don't have anything that's covered in that category,

• 3:46Patrick Bet-David?

  Yeah.

• 3:47Speaker 00

  which I have very little, honestly, then it might be an area that you might wanna consider because it's something that's changing, but based on inflation. But all the answers you're gonna ask for here are basically based on that individual's real needs. If you start making a generalization about it, we're gonna giving people the wrong advice.

• 4:03Patrick Bet-David?

  I think that's a good qualification for you. So this is for you. This is not a recommendation to others. It's just where you're at. And if on any one of them, you wanna unpack, and remember, guys, this is not, you just said, this is not financial advice. This is just, they're telling you what their opinions are. Bitcoin, buy, sell, and hold.

• 4:21Patrick Bet-David?

  Sell for you. Okay, you're also sell.

• 4:23Speaker 00

  Yeah.

• 4:23Patrick Bet-David?

  Okay, maybe a couple of these, if you don't mind, I'll come back to.

• 4:26Speaker 03

  Sure.

• 4:26Patrick Bet-David?

  Okay, so how about commercial real estate?

• 4:29Speaker 03

  Depends on where.

• 4:30Speaker 00

  Yeah, I was gonna say, that's location.

• 4:32Patrick Bet-David?

  So that's gonna be location. So some areas are sell, some areas, okay, that's fine. I like that.

• 4:36Speaker 00

  Real estate is all local, right? You don't think about it on a national scale.

• 4:40Patrick Bet-David?

  I think that's fair. I agree. So, S and P 500.

• 4:45Patrick Bet-David?

  Really?

• 4:47Speaker 00

  Maybe.

• 4:48Speaker 03

  I'm a seller today.

• 4:49Patrick Bet-David?

  I'm gonna come back to that one as well, and I will talk about that as well. So, I'm gonna put C, if you don't mind. I'm gonna put C next to it, and I'm gonna put T here. Single-family homes. Is it still based on states?

• 5:01Speaker 03

  It's definitely still based.

• 5:02Patrick Bet-David?

  Okay, so just, let's just move on.

• 5:03Speaker 03

  Based on neighborhoods.

• 5:04Patrick Bet-David?

  California.

• 5:07Patrick Bet-David?

  You guys are on the same page there. Okay.

• 5:09Speaker 03

  Absolutely.

• 5:09Patrick Bet-David?

  Texas.

• 5:10Speaker 03

  That would be, that would be a buy.

• 5:12Patrick Bet-David?

  That would be a buy. Okay, New York.

• 5:15Speaker 00

  Yeah.

• 5:15Patrick Bet-David?

  Also, all right, Florida.

• 5:18Speaker 03

  I'm a holder there.

• 5:19Patrick Bet-David?

  Really?

• 5:20Speaker 00

  I'm a buyer.

• 5:20Patrick Bet-David?

  You're a buy. Okay, I'm gonna come to you with that one, if you're saying that. How about Illinois?

• 5:26Speaker 03

  Illinois, I'm a holder.

• 5:27Patrick Bet-David?

  Really? Okay, that's a blue state.

• 5:28Speaker 00

  I don't have a thing about the market there. I wouldn't come.

• 5:30Speaker 03

  If you said Chicago, it'd be a different answer.

• 5:33Patrick Bet-David?

  That would be a sell, but Illinois, that would be a hold.

• 5:35Speaker 03

  There's so many great parts.

• 5:36Patrick Bet-David?

  Naperville, some of the markets that they have. Okay, I respect that. Tennessee.

• 5:39Speaker 03

  Tennessee is a definite buy.

• 5:41Speaker 00

  Yeah.

• 5:41Patrick Bet-David?

  Okay, so you guys are both buy there. Collectible cards.

• 5:47Speaker 00

  Yeah, again, that depends.

• 5:48Speaker 03

  A hold if I own them, I'm gonna enjoy them, but I'm not gonna, I'm not gonna be a buyer today.

• 5:52Patrick Bet-David?

  Are you in the same place?

• 5:53Speaker 00

  I wouldn't be a buyer today.

• 5:53Patrick Bet-David?

  Okay, fair enough. Sports teams.

• 5:55Speaker 03

  No, we do that every day.

• 5:58Patrick Bet-David?

  Then we're definitely talking about that. Nuclear stocks, nuclear power.

• 6:03Speaker 03

  Depends on what's type, but.

• 6:05Speaker 00

  The newest types.

• 6:06Patrick Bet-David?

  You know, the call I had with you, Tony, a couple of months ago, when you just broke down what you're involved in with the power and nuclear, and I don't know what state it was, was it South Dakota? West Virginia, where you were. Maybe we'll get into that later on. It's very interesting the way you were breaking it down. Okay. Defense companies.

• 6:22Speaker 03

  Definitely buy.

• 6:23Patrick Bet-David?

  Okay, are you following what Paul Merlucky is doing with some of the new drugs?

• 6:27Speaker 03

  We were early investors with, with Paul Merlucky.

• 6:30Patrick Bet-David?

  Good call. And that thing's gonna go. I think that could be a trillion dollar valuation, depending on how much he scales at college degrees.

• 6:37Speaker 00

  I'm actually, I'm in the place of showing people how to get those without spending any money. I've got a new portion called United Colleges of America, where we guarantee anybody with less than a hundred thousand dollars a college degree, where they get new skills, a new life, but no debt. The number one debt in America is mortgages. Number two is education. And imagine this, 1.8 trillion, people spend four years' worth of education to pay it off over 20 years. Obama was still paying off as a senator, and he had a bunch of scholarships his. It is out of control, it is out of balance, but there are good solutions. And especially if you're getting skills that are actually in the marketplace. You're getting, borrowing money that you don't have to get skills that are outdated for a job that doesn't exist is not a good formula.

• 7:22Speaker 00

  And that's why I think a lot of kids are so upset coming out of college right now.

• 7:25Patrick Bet-David?

  Would you mind if we come back and revisit this? Is that something I definitely wanna talk about? Okay, Nvidia.

• 7:31Speaker 03

  Right now, right now, I'm a seller.

• 7:34Patrick Bet-David?

  You're a seller? You're hold.

• 7:35Speaker 00

  Yeah.

• 7:35Patrick Bet-David?

  Okay, fair. Palantir.

• 7:38Speaker 03

  I'm a holder right now and an owner for full disclosure.

• 7:41Patrick Bet-David?

  Okay, fair. Tesla.

• 7:43Speaker 03

  Tesla, hold.

• 7:44Patrick Bet-David?

  Hold, and last but not least, SpaceX.

• 7:46Speaker 03

  SpaceX, we're a holder and we're an owner.

• 7:48Patrick Bet-David?

  You're holding that as well.

• 7:49Speaker 00

  We hold together.

• 7:49Patrick Bet-David?

  Okay, fantastic. Again, before we go into the story, walk me through why you're on sell on Bitcoin. The last, I think Kramer, three weeks ago, said he sold all his Bitcoin. Three weeks later, it goes from 62,000 to 78,000. You saw that whole story. Maybe you were following it. Why sell on Bitcoin?

• 8:06Speaker 03

  So I only use Bitcoin as a trading vehicle. So therefore, when it's up higher, I'm typically a seller. When it's down low, I'm typically a buyer. So this is more of a trading recommendation, not a long-term investment recommendation. I think there's a place for it in a portfolio as a trading instrument. It's got lots of volatility. You can make a lot of money or lose a lot of money quickly. But after this move, I'm a seller.

• 8:27Speaker 00

  I think you have to look at where are you putting your money and where are your returns? I think most people get Bitcoin initially out of the idea that's gonna protect you against inflation. But as you know, the same people invest in Bitcoin are the same people investing in tech. So right now, you have 32% of the S and P that's in seven companies, the magnificent seven. The most we've ever seen as a percentage, that means 32% of the entire volume of 500 companies is coming from seven. Right? That is an imbalance. The most we've ever had before is 17%. That is a challenge waiting to happen. When technology goes down, all the guys that have Bitcoin, they have to go sell because they're leveraged usually, and you see another price change. So for me, it's just not the best use of my capital right now.

• 9:05Patrick Bet-David?

  Respect. And neither one of you are holding any Bitcoin right now.

• 9:08Speaker 00

  No, I have, I have some Bitcoin.

• 9:09Patrick Bet-David?

  You have some?

• 9:10Speaker 00

  Yeah.

• 9:10Patrick Bet-David?

  Okay, so you're on the hold side, whatever you have. Okay, fair enough. So for the audience that doesn't know, I know the story of how you guys met, Tony. If you don't mind, kinda share on how the two of you guys became friends and then partners.

• 9:20Speaker 00

  Sure. Well, I'd start out because, you know, in 2000, well, after 2008, I've been working with Paul Tudor Jones, one of the top traders in the history of the world. I've worked with him for more than 30 years. So I've learned a lot, at least, being around him. And after 2008, I was so frustrated with the fact that the people that almost destroyed the world economy, the punishment they got was more money. That was the reward. So about four years later, I said to myself, I don't have everything, but I have access. So I wanna interview 50 of the smartest financial investors in the history of the world that are alive today. I've got access, and I wanna see if the game's still winnable. And I wrote Money Master the Game, and I wanna write a book that my billionaire clients would love, and someone just starting the game would love. It made the number one bestseller and took off like crazy.

• 10:03Speaker 00

  I thought that was it. I'm not gonna write another book. But then I saw people making dumb mistakes. And, you know, every market changes, and so you have to know how to deal with the downside. So I didn't know COVID was coming, but fortunately, I wrote Unshakable. I was gonna write another book, but then I started seeing all these individuals, young people especially, you're seeing it today, where they see young men especially are taking a bunch of money that think they're gonna firm investments and they're using it on sports betting right now. Twenty-four percent of them say that's their best long-term investment. That is a recipe for disaster. So what people are trying to do is make up for time. So I started looking around and saying, okay, how do I help people? Well, you and I both know that where the smart money goes, if we look at high-network people, where are their assets? Fifty-two percent of it's in private equity and private assets,

• 10:47Speaker 00

  only twenty-nine percent in the public. And if you look at this stat, this is one everybody needs to hear, for the last thirty-nine straight years, private equity, basic private equity, not the people we wrote about in this book, that's the Masters of the Universe that we work with, just basic private equity is outstripped, outproduced every stock market in the world every year for thirty-nine straight years. Right? That's a pretty amazing track record. And let's take the S and P 500. Over those thirty-nine years, it's averaged nine percent. It's pretty nice compounding, okay? But if you had basic private equity, it's fifteen-point-seven. That's seventy-four percent more per year compounded. So if you put a million dollars thirty-nine years ago and forgot about it in the S and P, you'd be a happy camper. You got just less than twenty-nine million, twenty-eight-point-six to be exact. If you

• 11:31Speaker 00

  took that same money and then private equity, it's worth two-hundred-and-ninety-three million, tenfold, or smaller number, you put a hundred thousand in, two-point-nine million versus twenty-nine million, right? So the problem is, how do you get access, right? And the problem has been up until very recently, some brand-new rules that we knew were coming, that's why I wrote the book. If you, you have to be an accredited investor or many times a qualified purchaser. When you're a qualified purchaser, you have a five-million-dollar net worth to make some of these investments. The richest people in the world get access. But even me, you know, I've done pretty well, and I'm a name like yourself, you have a name, you can usually get access, but the slice I get was so small that it's not gonna change my life. And I was lamenting about this to a friend of mine, and he was a former-

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• 14:23Speaker 00

  Partner Paul Tudor Jones.

• 14:24Patrick Bet-David?

  Till when did you feel that way, that even a guy like you?

• 14:26Speaker 00

  Yeah, ten years ago.

• 14:28Patrick Bet-David?

  Okay, ten years-

• 14:28Speaker 00

  Eight, eight years ago.

• 14:29Patrick Bet-David?

  What were you worth ten years ago?

• 14:31Speaker 00

  My net worth then, probably four-hundred-million bucks.

• 14:33Patrick Bet-David?

  So even at four-hundred-million, you're not getting the type of access that the big guys are getting?

• 14:37Speaker 00

  I was getting access, but it's like, I wanna buy an SP3 Ferrari, right? They come out, they're three-million dollars, but they're all pre-sold, everybody already-

• 14:45Patrick Bet-David?

  You're paying five-point-eight or five-point-five-

• 14:47Speaker 00

  Well, actually a little more now.

• 14:48Patrick Bet-David?

  I see the numbers. So one of them sold for twenty-five million? I don't know what-

• 14:52Speaker 00

  I think it was twelve or fourteen.

• 14:53Patrick Bet-David?

  Did you see that, whatever charity event?

• 14:54Speaker 00

  And I was like, oh my god.

• 14:55Patrick Bet-David?

  Yeah, crazy.

• 14:56Speaker 00

  But the point is, so getting access. So I would get access, but a small slice. So I mentioned this to my friend, and my friend said, you've changed my life so much, I'm gonna change your life today. And he's a really sophisticated investor, right? And he said, I wanna tell you where I put most of my money. A guy like this, if I put most of your money, I'm leaning forward. And he goes, there is a firm, and I'm waiting him to say it's gonna be in Singapore, or London, or, you know, obviously, New York, Connecticut. And he goes, in Houston, Texas. I said, Houston, Texas, there is a firm where you don't have to fight to get in anymore. You don't have to be a limited partner. You can own a piece of the firm and own all that they own. He said, Tony, you can own the haste, or, or, or, on the racehorse, or own the racetrack. He said, you own the firm,

• 15:40Speaker 00

  that means the two percent they charge, no matter how well they do, or don't do, and the twenty percent upside, you get. I said, how is that possible? He said, this firm is the best in it, they've been doing it for years, they're leaders in the area, you gotta meet him. So I flew to meet Christopher Zook, wanna meet this guy. And I found out, first of all, I gotta brag on him for a second, over twenty-five years, he has a ninety-six percent profitability ratio on his investments. I mean, how many people on earth have done that? And so I was totally impressed. I saw what he was doing. I was like, why would you ever be a limited partner again? This is insane. You get to have all the investments they made in the past, the present, the future. You get this massive diversity. When the firm sells, you get the multiple on the firm on top of it. That to me was the greatest thing I could imagine. So I got involved with Christopher,

• 16:25Speaker 00

  and then I started finding all the other investments that were part of it. And Christopher, um, five years, about four-and-a-half years ago, we got together, they were doing, he had been to, well, why don't you share it with him? He'd been to my, my seminar years before and started his business out of it, which I had no idea.

• 16:38Patrick Bet-David?

  He apparently listened to the tapes. Was it Personal Power, or which one was it?

• 16:41Speaker 10

  Personal Power back in nineteen ninety-one?

• 16:44Patrick Bet-David?

  One or two?

• 16:44Speaker 10

  Uh, the first.

• 16:45Patrick Bet-David?

  The first one.

• 16:46Speaker 10

  So, you know, cassette tapes?

• 16:47Patrick Bet-David?

  Yes.

• 16:47Speaker 10

  You know, at that time, I was working my tail off, but came home late one night and saw Tony doing an infomercial, loved what I heard, ordered the tapes, my wife and I did the series. One of those days, you do a goal-setting workshop. And so from that workshop, I set a goal to start a firm named CAZ Investments within ten years. And nine years, nine months later, I started the firm. That obviously was not a coincidence. I worked every step of the way to make that goal a reality. But I'd never went to a live event until two thousand and thirteen. In two thousand and thirteen, I went to Day with Destiny, which totally changed my life. Then I went to Business Mastery, and I completely redesigned the firm. Already been around for twelve years at that point, was successful, but was not anywhere near what it was capable of being. So totally redesigned everything,

• 17:32Speaker 10

  did not have anything to do with Tony and, and his family becoming an investor with us, until I literally found out from one of our team that it had happened, which was a pretty cool moment, because all I do is talking basically sports analogies and Tony-isms. That's, that's basically everything I do when I'm coaching our team. So from there, I've learned more and more about what he was interested in, what we were focused on as a business, and how we potentially could come together. That obviously led to them becoming a partner in two thousand and twenty-one. So from there, you guys have been working-

• 18:01Speaker 00

  So we've grown from two-point-seven billion to over thirteen billion in assets. But what I'm most excited about is the people, what we're making available to the average person. The average person has never had access to this. You have hundred thousand dollars, two-hundred-and-fifty thousand dollars, try to get access, try to get a piece. We have a hundred firms now, some of the best on earth. Average firm's thirty-billion dollars, to give you an idea. And the types of returns and the type, to have that level of intelligence working for you, and now we have a fun sharing what, what's happened, because it's pretty amazing.

• 18:28Speaker 10

  Well, one of the things that we talked about in the book is how we expected that Congress was going to pass a rule to where people could take a test to become an accredited investor and start being able to invest in things that only historically very wealthy people could do, or institutions could do. But in June of twenty-five, actually, the SEC changed the rules. So literally just over a year ago, they made it to where there's no accreditation required to invest in certain funds that own assets that are very unique and very different for everybody in the world at a twenty-five-hundred-dollar minimum. No accreditation. So now somebody can own a piece of a private equity firm, or private asset management firm, a piece of a professional sports team, a piece of, you know, Anduril, using that example we talked about earlier, the things that we are able to do in the

• 19:11Speaker 10

  private markets that were never available. They can do that literally for twenty-five-hundred dollars in a structure that's now available to literally everybody in the world.

• 19:19Patrick Bet-David?

  So a person can become a minority owner of a team with twenty-five-hundred dollars?

• 19:23Speaker 10

  That's exactly right.

• 19:23Speaker 00

  Like, I wanted to own a sports team, I think. I, the Dodgers, when I was growing up, we were totally poor. I worked my ass off to save a little bit of money so I could go in right field and get a little, get a seat maybe twice in a year. Now I own a piece of the team, right? But when I first started out, well, I was, the first sports team I was, the LAFC, I have to start that with Peter Gruber in our group. And I had to go through a years with the microscope to be approved.

• 19:45Patrick Bet-David?

  Tom Penn?

• 19:46Speaker 00

  Yes, Tom Penn's one of my partners as well, yes. And we had to go through that, and it was fun. We designed everything, came up the colors, the stadium, it was a blast doing the thing. Then I moved to Florida, and I wasn't there for most of the games. But I went through all of that, and then the rules changed to now where certain firms can actually buy a portion of these different sports teams. So, you know, I've got a piece of the Dodgers now, we got a piece of the Red Sox, we've got a piece of Golden State Warriors, and we goes on and on, different sports teams, different elements. Now, why is that important? Let's go back a step. The Holy Grail of investing. I wrote this not only to talk about private equity, because it's more than that. It's to understand the formula that ensures you have the least amount of a risk with the most amount of upside. And I didn't come up with that. I interviewed 50 of the smartest

• 20:30Speaker 00

  people in the world. Ray Dalio is one of the greatest investors in the history of the world. He and I became good friends. I went in for a 30-minute interview, left four hours later and became good friends. And at the end of my first interview with him, I asked him, I said, look, of everything we've talked about, if there's one principle that investors need to understand that's been the most important principle to your success, what would it be? And he said, Tony, I used to have to think about that a lot. I thought about it for 15 years, and I can now tell you, I even call it the holy grail of investing. He said, here's what it is. If you can find eight to 12 uncorrelated investments that you believe in, you reduce your risk by 80% and you increase your upside.

• 21:08Speaker 10

  Uncorrelated?

• 21:10Speaker 00

  Yes. So for example-

• 21:11Speaker 10

  So, gas, oil, technology, finance?

• 21:14Speaker 00

  Well, no, it depends where you are. If they're all in the public markets, they're going to be correlated, right? So, think about the easy ones, stocks and bonds. They're supposed to zig and zag, go in opposite directions. You're protected. One day, one's doing well, the other, the other one's doing well. However, that's not quite true anymore. Most things are correlated in the public markets. In 2008 and 2020, they both went down. And your, your, your broker will say, I don't know, this is what happens. It happens always of that nature. That's why you need private equity, private credit, private assets, private real estate. You need to have those other types of tools, and that's where you be able to come up with it. So, I looked at that and went, by the way, in case I wasn't convinced that was important, which it was, two weeks later, I was here in Miami, and they did the JP Morgan Conference, the Alternative Assets Conference. And you gotta be a billionaire

• 21:59Speaker 00

  to go. I've been there three times, invited me to speak. Ray Dalio's speaking right before me. You, you gotta be worth more than, at least a billion. Most people were worth 10 or more in that room. He gets up and speaks. The last question guy asked him was similar to my own. Like, what's the most important thing you've learned? He gives the exact same piece. Every head in the room looks down and writes this down. And it's so simple. But all you have to do is have that diversification. But most people think diversification, like, oh, I'll have Apple, I'll have, you know, nine different stocks. That's not what we're talking about. We're talking about diversification where they're going to move in opposite directions. You've got a great metaphor you always use in terms of golf.

• 22:33Speaker 10

  So, I mean, I love the way that it's simple to explain a very complex concept. And that is that, you know, if you have a golf shop, and all you sell in your golf shop is sunscreen, well, then on sunny days, you sell a lot of sunscreen. On rainy days, you don't sell any. You only sell umbrellas. On rainy days, you're going to sell a lot. On sunny days, you're going to sell very little. But if you have both in your golf shop, every day, you're going to be a winner. You're going to have something that is selling. That is something zigging and something zagging. You can do the exact same thing with your investments. But most people never can get access to that, because the public markets are so correlated. You look at what's happened because of indexation, just more and more index funds, and people just putting their money into the S and P 500, et cetera. They move together as a group. So, they all go up and down together. Well, you don't want

• 23:17Speaker 10

  that as an investor, because you want to get off the roller coaster, you want to get onto an escalator where you can have a much smoother ride.

• 23:23Speaker 00

  Right, makes sense. So, Christopher, can you give me the example of eight to 12 uncorrelated investments?

• 23:28Speaker 10

  So, very easy. Sports being right at the top of the list, because we were talking about it. It has a, and I'll give the technical definition of correlation. Something is one correlated to the S and P of 100, if it moves together with it, basically 100% of the time. Could do different magnitude, but basically the same direction.

• 23:43Speaker 00

  One to one.

• 23:44Speaker 10

  Okay, one to one. Zero means no correlation at all. A negative number means it moves in the opposite direction. Okay? Sports has a negative correlation, less than zero correlation of the S and P 500. The business model of sports teams is not what drives the S and P 500 every day. You have inflation protection, you have real estate, you have all these media rights, which are enormously valuable. Here's a fun statistic for you. Your audience will really appreciate this. In 2005, 14 of the top 100 watched live programs were sports. Okay, 14 out of 100. In 2025, 96 of the top 100 are sports, because who wants to watch a commercial if you don't have to? But you're going to watch that if it's a live event,

• 24:28Speaker 10

  like a sporting event. But it doesn't move at the same time. So, there's one easy example. Owning a GP stake, owning a private asset management firm. That's basically a 0.1 correlation. So, 90% of the time, it's not moving in the same direction. Energy, negative correlation. It moves usually in the opposite direction. You look at something like Space and Defense or Venture Capital. There's definitely some correlation, but it's called 30 or 40% correlation as opposed to public, private, you know, public assets in the technology world. That might be 80 or 90 or 95 in the case of something like Nvidia, because it's effectively the market. So, you want to have all these assets that are not zigging and zagging at the same time. That's what gives you a smoother, smoother ride, and gives you the ability to have a

• 25:12Speaker 10

  steadier return with less volatility, less risk by the definition. But in most cases, you actually have the ability to make more return.

• 25:20Speaker 00

  Now, by the way, just to take sports for example, just for a second, okay? There's been an 18% compounded return last 10 years alone in sports teams, right? And you couldn't even participate in this a few years ago. Now you can. But I'll give you an example. My dear friend and partner, Peter Guber, he bought the Dodgers, $2.2 billion. I don't know if you remember, 2012?

• 25:38Speaker 10

  I do.

• 25:39Speaker 00

  And every article was, they're insane, they're going to lose money, it's the most anybody's ever paid for a franchise. And I said to Peter, my friend and partner, I was like, Peter, I was like, are you sure about this? He goes, you know me, I know what I'm doing. He goes, I'm not going to tell you, I'm going to make an announcement, and then you come over, we'll have a little celebration. He announces, now, bear in mind, if you own an NBA team, you're one of 32nd teams, NFL, one of 32nd teams. You get 1/32 of all the revenue that comes for selling national and international, but you keep your local advertising rights. He sold advertising rights the next week for $7 billion, and added $5 billion in a week. Okay? Now, these are also monopolies. See, what, what you got is you have a legal monopoly-

• 26:19Speaker 10

  How did the guy previous to him not know that? Because I know he was going through the divorce, but how did he not know that to sell the rights? I know Peter's in the media business-

• 26:26Speaker 00

  But Peter's just a better negotiator also.

• 26:28Speaker 10

  Is that really all it is?

• 26:29Speaker 00

  It all comes down to, yes, it all comes down to, who do you know?

• 26:31Speaker 10

  A $5 billion-

• 26:32Speaker 00

  $5 billion.

• 26:33Speaker 10

  That is just something.

• 26:35Speaker 00

  But also, he held out for it. He's a smart negotiator, knows what he's doing, right? So, but to give you an idea, he took Golden State Warriors, paid $450 million for them. They were the worst team. Built the stadium, built the team. A piece of that team is pretty amazing. I've got world, world championship rings from coaching, working with the team members. One of the most fun experiences of my life, but at the same time, it's worth $11 billion. It's only the Dallas Cowboys are worth more.

• 26:57Speaker 10

  Right.

• 26:58Speaker 00

  Right? So, the, the amount of value that can be added, because they're not just selling hot dogs, and their, their fans are called fanatics. That's where the word fan comes from. And they're multi-generational. So, it's like, you've got a monopoly that's legal, you've got customers that are built in, and now with inflation, they just raised the price of the hot dog, it doesn't matter. But now, these are media firms, these are real estate firms. And so, we're involved in that business as another giant chunk opportunity. Look at what's happened since the, the war, you know, in Ukraine and Iran. We've completely seen war change. You can't send multimillion-dollar missiles to take out a swarm of $30,000, you know, worth of, of swarms that are there, they're being knocked out. So, now you have

• 27:40Speaker 00

  Andrel and all these people saying, we're going to build the next area of warfare. Now, you can predict what's going to be spent there, because every government around the world now, that's aligned with the United States, NATO, has asked to spend 5%. So, we're going to go from 3.6 billion to 6.6, excuse me, trillion dollars, they're going to have to spend. And there are certain places it's going to have to go. And the, the leaders in this area, those are the ones that we want to own, and we've owned them early on, and those are part of what our fund is about as well.

• 28:08Speaker 10

  Yeah, I remember a tweet, maybe you'll remember, I'm sure you'll remember this, where Chamath tweeted saying he bought a 10% estate, I don't know what it was, in Golden State, he put $25 million into it. By the time he, he sold, he made 25x return on his money.

• 28:24Speaker 00

  Yes, and he sold early.

• 28:25Speaker 10

  He sold early. He could have, he could have made 50x on it, right? So, here's another question for you within sports. Do you sit there and categorize which one within the space of sports is better right now? Like, is it NHL, NBA, MLB, NFL, MLS? Do you look at it that way as well? You have to. I mean, you have to value everything based on what the revenue's going to be. Well, the NFL is the 800-pound gorilla. It is the dominant player by a very large margin. I mean, it's like three or four times the revenue production as the next-

• 28:53Speaker 00

  And only 16 games.

• 28:55Speaker 10

  That's exactly right.

• 28:56Speaker 00

  That is insane. Eight homes. If you own a team, your share of the revenue, not your local revenue, advertising matter, is around $450 million on day one.

• 29:04Speaker 10

  Before you play a game, before you sell a season ticket, before you do anything, it's $450 million.

• 29:09Speaker 00

  The CFO of Deloitte is a friend of mine, so-

• 29:11Speaker 10

  No, no, and it's, it's just a fantastic business. But what happened was, and candidly, I was the skeptic, right? It took me two years to make a decision to invest in sports. Two years. Because I wasn't convinced it wasn't just a trophy asset, and that everybody wasn't going to be just doing it to say they owned a piece of a sports team. What I realized is that cord-cutting was real, the example I just gave, and that is what's driving the valuation. When the NBA renegotiated, renegotiated their media rights, it was a 3x step up in the value of their media rights. Right now, the NFL, and obviously, this is very well-known, the NFL media rights that are currently in place through 2032, they're at a 37% discount

• 29:51Speaker 10

  to the NBA rights today, when you look at it on a per-viewer basis. So, in 2029, the NFL has the ability to renegotiate that. Here's a fun statistic for your audience as well. People know Amazon has obviously got Thursday Night Football. But everybody thinks about it. Okay, they just want to be able to host those games. The number one- Sign up for Prime is every Thursday night in the fall. Because if you want to watch your team and that's the only way you can do it and you are a fanatic, you're going to pay for Prime. Now, some people will cancel, right? But a lot of people go, hey, this is a pretty good deal. And they will keep it all the way through the year. It's a huge revenue driver for Apple, Amazon, Google, YouTube, et cetera. That's why it's such an immense business opportunity going forward.

• 30:36Patrick Bet-David?

  Tony, I believe in the book, you guys talk about seven things, right? If I'm not mistaken, seven different ways of looking at investments, sports teams being one of them. What are the other six?

• 30:45Speaker 00

  Well, another one you should touch on is energy. I mean, let's, when we first wrote the book less than two years ago, this is the paperback coming out, but we had to update it because there was nothing in there even about data centers then. So, you know, I have a place in West Virginia. I bought a power plant myself there, 1.3 gigawatts, did it with some partners. It's 8% of electricity there. Well, that's before data centers came along. Now the demand for electricity is so large. It's been growing anyway, based on population and technology. But with AI, it is the defense of whether China wins or not. So we're in a position right now where for years, because of the approach towards fossil fuels, we weren't making investments in those areas. Tell them the types of deals we're able to make right now.

• 31:24Speaker 10

  So as an example, in the private markets, we're able to look into investments and make investments at three to four times cash flow. All right? Now, that's incredibly inexpensive because of the contrast. So like as an example, many of the magnificent seven that we were looking at earlier, they're trading at 200 times cash flow, right? Or 100 times cash, we're paying three to four. The reason why is there's not as many people that are willing to invest in fossil fuels. And I respect their right to do that. But I also respect the right to invest my capital and our capital in that and make a lot of money because we're providing what the country needs and what the world needs. So when you

• 31:59Speaker 00

  And we're doing the other sources of energy as well.

• 32:01Speaker 10

  Absolutely. We talked about earlier as well. So nuclear.

• 32:05Patrick Bet-David?

  But why are you long on that? Why, why are you, is it because what? Because did you know that the data centers were going to go on the boom of, you know, right now, I think we got like 1,500 pending that have to build. It's a very big political discussion right now. It's going to be one of the topics they're going to talk about during midterms as well as 2028.

• 32:20Speaker 00

  And China is the one putting out the information about it to try to make us weak and make our population push against them. Because if they win that war, they win the war of AI.

• 32:29Patrick Bet-David?

  What do you say to people in America that are like, Tony, I'm against this. This is, I love you, Tony, but I'm not for AI data centers being built everywhere, the sound, the noise. What's your position with that?

• 32:39Speaker 00

  Well, you need to go and actually find out the data. Because the other people say it's using up all the water and they don't understand what's actually being done. They're hearing the story that's being told. And most of it's by bots coming in. I've just been documented over and over again by China. If they win on energy, they will control the world through AI. That's how important this is. This is not just, oh, I like AI, I don't like AI. And I don't tell people to agree with me about everything. You can decide to invest in anything, do anything, not do anything. But you ought to educate yourself because otherwise the problem with social media is most people's news comes from social media. We know most of it is not even real. Listen, even the top media, their job is not to inform you. Their job is to startle you. The information age died a long time ago. There's too much information. We're drowning in information. We're starving for wisdom.

• 33:23Speaker 00

  So they have one job. If they're not doing bad things, they're doing what they're supposed to. They're supposed to make money for their investors. The way you make money for your investors is to get your attention. That way, that headline, if it inflames you or excites you and you click on it, I'm paid. It doesn't even matter.

• 33:37Patrick Bet-David?

  How does the individual know the difference between BS and real? How do I?

• 33:41Speaker 00

  That's, that's tough, but there's some companies out there now that have filters, just like they do what's AI and what's not, that can actually let you see, okay, this is being published by a bot. This is being published by someone far left, far right. A couple of these filters, I like to do them so I can read what's real. And I like to see a left and a right point of view when it's accurate, right? Meaning it's their perception is still based on the facts. But otherwise, you're just being fed stuff all day. Like where are most people getting their stuff? They're getting it not even from social, they're getting it from TikTok. So they don't have a clue what's really going on and they're making decisions that affect their lives or affect the country. Let's look at communism right now. When I was 23, I went to the Soviet Union. I was brought over there because of doing the fire walk. I was brought with a group of scientists.

• 34:24Speaker 00

  They were into the, interested in paranormal things. I thought, I wasn't a capitalist, I didn't know what a capitalist was. I thought, well, this is cool and everything's going to be equal and fair. Like everybody, like we're all going to kumbaya and everything's going to be free. And guess what I discovered by spending two and a half weeks there? I traveled on a train from literally from one end of the island to Siberia and all the way back to Moscow. Two and a half weeks. Everyone I traveled with, they had on the train, they were all comrades. They're all equal. We had caviar, we had champagne, we had everything you could possibly imagine. Every single town we pulled into is the same ugly gray area. Giant building and people wrapped around in the freezing cold every single day when we landed, the next city, stopped the next city.

• 35:07Speaker 00

  And what it was is people standing in line to get a quart of milk and half a loaf of bread. When you see what communism and socialism brings, you understand, like down in Cuba, listen, Castro said he wasn't a communist. He said he wasn't a socialist. He said he was for free elections. He said it was for everything. We have a society of people that we have failed to show them how important free enterprise is. In our country, the reason kids are suffering is we have not taught them any history and they're all consumers. Listen, if, if you have an Apple phone, which most people have an iPhone, a large number of people do, say, how many did you buy? I showed some kids the other day. Here's what it would, if you bought every iPhone, it came to like, it was like $22,000. If you would have taken the same amount of money you spent on the iPhone

• 35:50Speaker 00

  and you became an owner instead of a consumer, you bought the stock of Apple the same price as that phone at that time, I showed them exactly what it is, you'd have $331,000 right now. It's not an economic problem. It's that you're a consumer and not an owner. And we need to teach people to be owners. And so we show people how to do that though, in a way that has a huge advantages. Like, yes, we've got massive inflation right now that's been stimulated by multiple generations, but certainly during COVID. We spent three and a half to four trillion dollars more than we needed to spend during that time. And everybody thought it wouldn't have created inflation and it has. So we have to deal with that inflation right now. We have something being fought, a war being fought to try and keep, you know, nuclear weapons from being, you know, in the Middle East, you know, being used. All that is plays a certain role.

• 36:34Speaker 00

  But I did an analysis with a group of people and looked at all the things that we buy today. And this generation that thinks they can't afford anything, there's only three things that are more expensive than any other generation. Everything else is cheaper. You're old enough to remember that if you want to, I'll give you some funny example, music. Did you ever go to a music store and buy music in your age? CDs?

• 36:55Patrick Bet-David?

  Warehouse.

• 36:56Speaker 00

  Yes, that's right. We all went someplace. And you, how much did it cost you to get 12 songs?

• 37:01Patrick Bet-David?

  I don't know, but I know one, I would buy singles for 9.9 cents. So $14.99, whatever it was.

• 37:07Speaker 00

  Well, very few people got singles in those days, right? You got them on CDs.

• 37:10Patrick Bet-David?

  I didn't have that kind of money. I was buying singles, easy hip hop is what I was.

• 37:14Speaker 00

  Fantastic. Most people were buying an album because that's what they bought in those days. And it was like 14, 15 bucks for it, right? Now, $8 and you have 100 million songs in there in your pocket, right? If I want to go on a date with a girl, I had to be able to pay eight bucks each and pay for the dinner. I couldn't Netflix and chill and have every movie, 8,000 movies available the moment I wanted to. So I'm being humorous, but it's true. The three things that are more expensive, housing, that's a local problem. That's a political problem, right? Because there are people are not being allowed to build, like LA, here's a perfect example of how bad that can be. New York, very, very similar example. But the other two is education, which is out of control in its costs. And that's why kids are so upset. They've paid all this money, they've gone to massive debt. But that can be changed.

• 37:58Speaker 00

  And the last one for us is healthcare. Those three are higher. Two of those three, I'm personally working on to help people with solutions on. I can't do the housing one by myself. That one, people, people have to do. But everything else is cheaper. And by the way, even in housing, the average sized home for this generation is twice the size of the last generation, average square footage. People don't compare apples to apples. But here's what we do today. We look at social media and you compare to a billionaire. Okay, well, there's 3,200 billionaires in the world of eight and a half billion people. We used to compare to our neighbor. So now people are dissatisfied. They also compare to somebody who's a phony, who's making themselves look better than they are, act better than they are, behave better than they different are. And then people feel inferior and get angry.

• 38:40Speaker 00

  So our solution is, look, you need to take advantage of the system that's here. The game is still winnable, but you've got to educate yourself. You've got to get the skills. Like you're not going to be replaced by an AI. You're going to be replaced by somebody who knows how to use an AI. So let's get you the skills. Let's get you an investment skills so you can secure your financial future. Let's get you the personal skills so you can do well in your personal life. Let's get you the business skills so you can do well there as well in your career.

• 39:03Patrick Bet-David?

  I want to get into that. And so, but, but on this, by the way, real quick, before 23, were you into like what's communism? Capitalism, were you into, were you into none of that stuff?

• 39:11Speaker 00

  No.

• 39:12Patrick Bet-David?

  So it inspired you afterwards when you left?

• 39:14Speaker 00

  Because I thought it was going to be all equal, like what these kids are being sold. Just like what Castro sold. Go down to Cuba, see what it's like. I've been there. You don't want to go, anybody here in South Florida will tell you, there's no way they're going to allow us to have socialism here. So, but, but it's a delusion that things are free.

• 39:30Patrick Bet-David?

  So, so this gets me to think about something, Tony. Your mind is very creative. So I'm curious what you would say or Chris, what you would say. So you know, when you, when you look at Mormons, the church, I'm not, you're going to see what direction I'm going. I'm going to come back to a good place. I worked with a lot of Mormons for a long time. I know you have as well, you know, you go to a lot of these sales organization, Utah, it's filled with a lot of Mormons. They get their kids, when they turn 18, 19, they go on two years. They go on a mission and then they come back and they're able to learn a language within six weeks. So the FBI is trying to learn how Mormon uses. So how do you teach these people this language so quick? They go to like Nick Shirley, who's doing great, great work. He's Mormon, so he doesn't have a problem going to these countries. You see sometimes Israel, when somebody wants to go back and see the country, they will bring people back to show them how special it is. And you see how much Jews have a lot of pride in what they have.

• 40:16Patrick Bet-David?

  What can we do as Americans to take our youth, to send them somewhere, fund it, to realize how great America is, so we minimize the amount of socialism that's starting to spread amongst the youth? What can we, if you were the Secretary of Treasury, Tony Robbins, what would you do to get some of these young kids to realize how amazing America is?

• 40:38Speaker 04

  Well, I think now more than ever, we need someone on our side. But Rob Whitman? Whitman's votes drove up costs, cut Medicaid and risked 350,000 Virginians healthcare to pay for tax breaks for himself and his donors. He's not on our side. Shannon Taylor will fight corruption, cut taxes and bring down costs. This November, vote for Shannon Taylor. She's for us. Paid for by HMP, the House Majority PAC dot com. Not authorized by any candidate or candidate's committee.

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• 43:21Speaker 00

  You know, most people, we own, a belief is a poor substitute for an experience. You can believe what America's like when you haven't compared. You saw the people coming here, you know, during the World Cup time, and they're raving about America. And their view of America's been done by the media, the same media that's convinced Americans that this is a terrible place. So it's nice to see how the rest of the world actually sees this when they're actually here. They were excited about the size of our burgers, and whether you could have ranch dressing. But everything that people take for granted in this country, they take for granted, not because they're not good people, they just don't have an experience. So anything gives them the experience to do it. If I was President of the United States, though, the thing I would do if I had the right, and you can't, is I would definitely have a national service. Like, you know, in Israel, as you know, once you turn 18, everybody joins the service.

• 44:06Speaker 00

  And by the way, if you're, you know, 120 or 130 above in IQ, they put you in Mossad, they put you in AI. And that's why there's, I have partners there, because there's a concentration of intelligence there, that like no other place on earth for the, for the size of the population. But when you serve, it helps you see other worlds. That's what these Mormons do, too. They get to see how good it is here, they get to serve also, and feel their life is about something more than themselves. When we think it's only about us, we get angry, because we're not made to just get, or made to give. Anybody who has really experienced something, where they care about something more than themselves, whether it's your children, or whether it's something in your community, or it's your company, or it's your county, or whatever it is, there's an energy that

• 44:47Speaker 00

  human beings have, that's what makes us human, when there's something we're here to serve. Life is calling to us. It's like, you know, we don't really have a vision in this country anymore that's strong enough for people to be called. John F. Kennedy used to have the famous phrase, "Don't ask what your country can do for you, what can you do for your country?" Our whole thing is, "What are you doing for me? And you're not giving me enough now, and I'm a victim." So I think we have to give that example by showing people that have succeeded from nothing. It's same thing with rich people. I had someone the other day saying, "Well, we should take all the money that Elon has, and we can pay for all these things." Elon doesn't have all this money. You know, call him a trillionaire. It's all in businesses, it's all buildings, it's creating things. Has, have you ever seen communists? Did they create a cellphone? Did they create AI?

• 45:31Speaker 00

  No, that's not done by governments, that's done by individuals who take risks with their capital. And so, if we had to divide all that up, I did a video years ago, where I showed if you took all the richest people in the United States, you took all the sports teams, you took, and you, you killed them all and took all their money, you can't cover the US government for a year, right? And you lose, who's going to produce the value going forward? So our mindset has to shift if we're going to succeed. And I'll tell you when it starts to shift, when you start to become an owner, instead of just an operator or consumer. If you're a consumer, you're always stressed. And you don't have to have a lot of money, even a tiny amount of money, where you start to put that aside as a discipline, and you start to see it grow, then all of a sudden you say, this is different. This is why the Trump accounts are so valuable.

• 46:16Speaker 00

  You know, Michael Milken and these guys helped push this out. You can take your kid, if they're born from 25 to 28 during this administration, $1,000 is given to them, you can, even your employer can donate $2,500 a year to them. We were just with the Secretary of Labor yesterday, Sonderling, and he was talking about how this is creating a new generation, where at 18, these kids can have $300,000. Now, the next case is not to spend $400,000, in my opinion, on an education where skills don't matter, and now you're in debt. That'll make anybody angry. So I understand why these kids are angry, I'd be angry too. They've been sold a bill of goods. But, still better than anywhere else, and you've still got to do something with it. We've all had things that are unfair and unjust to us. Anybody who hasn't had that is going to have it sometime in the future.

• 46:59Patrick Bet-David?

  Do you think the government can play a role on affordability? I know you said some of the things as local, I'm doing something with health, and I'm doing something with education.

• 47:05Speaker 00

  Well, let me give you, let me give you education as a simple example, okay, right? So let's look at what's happening right now. If I said to you, "There's going to be more change in the next 10 years to humanity than all of humanity's history," do you buy that or not buy that?

• 47:16Patrick Bet-David?

  I do.

• 47:17Speaker 00

  Yeah, me too. But you know, when it's 10 years out, that's a way out. So when I said I'm going to feed, provide a billion meals 10 years from now, it makes you feel good. But you're not called to do anything today. But when I go, "Okay, that means this year, I got to provide 100 million meals?" And it took me 37 years, I had no money myself to get fed, to feed others, finally I fed 42 million people in 37 years. Now, I got to do 100 million in one year? I got to find a new way to do this. So, with technology, I take people and say, "Forget the 10 years, what's going to happen in the next 36 months?" I'll give you three things, three technologies. A, we're going to have AGI. There's zero question, some say we have it now, meaning one AI has more power, more understanding in mathematics or chemistry than any human.

• 48:02Speaker 00

  In five to six years, we're going to have superintelligence, where one AI will have the power of all human brains combined. Now, I'm talking, I was talking to the Vice Chairman of IBM, Gary Coney, who's 10 years he ran Goldman Sachs, had dinner with him. And I said, "Are we winning? I'm concerned." You know, like, there's no safety on AI, there's, you know, everybody going for a trillion dollars, that's the target, that's the carrot, and the stick is, if we don't do it, China gets it, they take over the world. And he goes, "Tony, we're slightly ahead, but here's what matters more." He said, "If you're concerned about that, you should understand what's happening, you know, with quantum." Because he said, "Whoever gets quantum, will control the other's military. We don't have to have the bombs, we can just get the codes and blow them up where they are." And he said, "If your friends are worried about their cryptocurrency, be worried about

• 48:47Speaker 00

  the banks." He said, "Because we have some anti-quantum right now, it's us." And then, he said, "Google, we're the leaders right now." And he said, "But, you know, JP Morgan has it, the Bank of America doesn't, Citibank doesn't." He said, "So the President's going to do an executive order saying, if you're doing business with the government, you have to have this." But he said, "It could happen very quick." I said, "When? When's it going to happen?" He said, "Less than 36 months." I was like, and then the next day, I called my friends in Israel, there's six people that have quantum companies, talked to them all, everything they're doing is less than 36 months, and there could be a spark at any time. And there's robotics. Have you met Brett Adcock yet? Figure AI? If you go to, if you go to California sometime, we'll set you up, go, go there, you walk in his place, and it's not like those robots you see then, from China, where they're doing

• 49:31Speaker 00

  automated, automated stuff, karate, all that stuff, right? These are thinking up, and they're everywhere, it's like you're in another universe. They're doing everything you can imagine, they're running everything, making things happen. That's happening as we speak, and that, within 10 years, will be more robots than there probably are humans. Think about like electricity. You don't think about electricity when you go someplace, you don't think about what's going to cost, you know the power will be there. 10 years from now, labor will be like electricity. So we have to think differently. So if that's true, what's that going to disrupt? Number one, business. If you don't have agents in your business, they're not getting implemented right now, because people are afraid. So I have a company that does implementation, where instead of replacing you, we do an analysis for you of everything you do, and have you see, 40 to 60% of what you're doing

• 50:14Speaker 00

  is boring work to you, it's, it's, you know, you're supposed to be head of strategic marketing, and you're making a PDF, right? So that we give you an assistant that does all that for you, a digital robotic assistant, you get to just work on strategic elements. Now, you're 10 times more valuable to the company, they don't want you to replace you. So there's that part. And so I'm working with UAE, I'm also, because they want to make their government agentic, and we're working with Marc Benioff here at Salesforce, I'm going to be doing a big presentation to all the companies there, they're coming up at Dreamforce. Then the next part, reskilling America. I remember being with Obama 10 years ago, and saying, "Mr. President," I said, "You inherited 2008, it wasn't your fault, and you've done as good a job as anybody tried to manage through it." But I said, "You can prevent the next 2008 if you have some vision." And he said, "What are you talking about?"

• 50:59Speaker 00

  And I said, "Well, in 2008, we lost 8 million jobs, right? Almost destroyed the American economy." I said, "There's some technology right in front of us," and we didn't know AI like we do now then, I said, "Just look at self-driving cars as one example." I give you agriculture, I give you 10 examples, let's take self-driving cars. Sometime in the next 8 to 12 years... There aren't going to be any truck drivers. Who's going to pay a truck driver to drive eight hours a day when I have a truck and do it 24 hours a day, not make mistakes, the insurance is cheaper, and no health insurance, and I depreciate the asset? There will be a point where there'll be no truck drivers, no taxi drivers, no Uber drivers, and there's eight million, that was then, there's more now, eight million in the economy. That's one category. And he said to me at the time, he said, "Well, Tony, we think that's going to take 20, 25 years."

• 51:44Speaker 00

  And I said, "Well, Mr. President, with all due respect, what if you're wrong?" And he said, "Well, there'll be new jobs." I said, "There will be new jobs." 150 years ago, 85% of us were farmers. Now it's 3% of America, we feed the whole world with technology, but we had 150 years come up with new jobs. I said, "There's an early disruption that we have to deal with." And he goes, "Well, we got basically too many fish to fry." And I respect that, he was going through hell at that time. But today, everybody knows it. So I look at this and say, "How are we going to retool the country?" I got a 60-year-old brother-in-law who just got laid off two months ago, software engineer, they all told you to become a software engineer. And now, of course, vibe comes along, now you don't even vibe, now all of a sudden, your AI does it, your agentic AI does it in a heartbeat.

• 52:27Speaker 00

  Gary Cohen's daughter, he told me, used to get a million dollars to crush code, right? I don't, 100,000 pieces down to whatever the number, so it's more efficient. Now, she doesn't have that job anymore as of this year, because an agent can do it in a few days. Now she's pregnant, they have a lot of money, she has a new mission, he's not worried about her. But my 60-year-old brother-in-law walks in, no severance, 650 people let go of, on the spot, they sold the company to a Swedish company, made it agentic, and guess what? He's got two kids in college, he's got a wife that works substitute teacher at $30,000 a year, and he's got a mortgage to pay. So here's what I have, United Colleges of America, you can go to unitedcolleges.org. We offer everybody debt-free education, and it's based on jobs that are actually available

• 53:12Speaker 00

  today. So we look at it this way, head, hands, and heart. Head is you're a technology person. You go, guess what? Software not working so well, well, we can turn you into a software engineer at a different level on AI, where now you make $200,000 to $500,000, and the jobs are dying and waiting for you. And by the way, you're taught by an AI that knows everything about you at a pace you could not learn normally, and it's tied to a normal, true college/university, where you get your degree as well. So you get it all, and if you make less than $100,000, we pay for it all. You put no money out of your pocket. Now, if you lost your job making $180,000, you make less than $100,000, you're already in it immediately, to give you an idea. We do the same thing with hands. These truck drivers, tell them they're not going to have a truck driving job, they now need to reskill now.

• 53:57Speaker 00

  We need 500,000 electricians right now. You start at $85,000, you make $250,000 as top electrician, it's not going away. Heart, we need 500,000 nurses right now. 95,000 were turned away last year, we need them desperately, they make $100,000 a year.

• 54:13Patrick Bet-David?

  The whole head, hands, heart.

• 54:14Speaker 00

  Yeah, and so I'm now making all that agentic though, because here's what education is learned.

• 54:18Patrick Bet-David?

  Can I ask you this question? So what's your brother-in-law going to do? Is your brother-in-law?

• 54:22Speaker 00

  He just got a scholarship, he's studying now to do AI engineering, like, Phoenix University.

• 54:27Patrick Bet-David?

  But how soon is he going to replace his job? How soon will he be able to replace?

• 54:30Speaker 00

  He'll have it in 18 months.

• 54:31Patrick Bet-David?

  So for the next 18 months, what's he going to be doing?

• 54:34Speaker 00

  He's got a certain amount of money that he's doing, he's still applying for other jobs and so forth, he's finding the balance.

• 54:38Patrick Bet-David?

  So, okay.

• 54:39Speaker 00

  He needs a long-term solution that's lasting.

• 54:41Patrick Bet-David?

  Let's stay on this, because what you just described is what a lot of people are concerned about, and it's very personal to you, brother-in-law. So for a guy that's watching this right now, saying, "Tony, that's my concern. If these software engineers are being replaced," and these guys were making $250 a year, $150 a year, $300,000, some of them are making $800,000, depending on how good they are. "What do I do now? My worry is I'm going to lose my job now. How do I replace it in 18 months?"

• 55:06Speaker 00

  What I would be doing right now is going, then go to United Colleges, and we have an AI that walks you through what are the opportunities, what are your skill sets, what's the direction, what are you trying to accomplish? It's better than most counselors. We had live counselors, they would complain, people tell me, tell me some information, they talk forever. Our AI has endless appreciation and respect for you, and guide you through it to help you figure out where it is, and then you apply for the scholarship, and then when we apply for it, we then govern where we go. Right now, we have over 100,000 people that have already signed up and are getting scholarships as we speak, and we've done that in four months. We're going to have a million people in the next 36 months. Our biggest piece now is locking down the right universities. So we're right now in negotiations with several universities, who are now, maybe they have

• 55:47Speaker 00

  3,500 people in a 13,000-person university that are online, and it's online. Online is not a great experience, for the most part, but an agentic AI that individually meets your needs, this is what they, it's called the two sigma component. If you, we start out with education for a mass audience, I'm pretty good at that, I can do that pretty well, not everybody can. Smaller class size, got you one sigma, better result. The only thing that blows everything away is you could take an average student, if you give them one-on-one mentoring, they outproduce 98% of the class, but it's been too expensive. But now with agentic AI, it's not. So we have the systems in place, we're doing it as we speak, so that's one solution. I'm not saying I have a whole solution, but it's a solution for people to start to reskill,

• 56:31Speaker 00

  so they don't wait till there's a problem, or if they are in a problem, they can take action now.

• 56:35Patrick Bet-David?

  At 17 years old, you had a dream of being a president one day, right? And you've now advised billionaires, athletes, you know, celebrities, actors, presidents, prime ministers, you name them, you've sat with everybody. 2028, I'm calling the free agency year of presidency. And at 28, 2028, I think you're going to be 68 years old, I'm doing the math for you, because you're a young 68-year-old.

• 57:00Speaker 00

  Yes.

• 57:01Patrick Bet-David?

  If I'm a betting man, should I consider putting some money on Kalshi, or, you know, Kalshi of Tony Robbins running in 28? Because I know RFP wanted you as a VP. He spoke to you about it, right?

• 57:11Speaker 00

  No, I was his first choice, we spent a month going back and forth about whether it be his vice presidential candidate.

• 57:15Patrick Bet-David?

  Are you entertaining it?

• 57:16Speaker 00

  No, I'm not. I spent a month looking at it, made the decision. The main reason is that if, minute I do that, half the country can't talk to, unfortunately, where we are right now. I want to serve people, I'm an independent. I've served Republicans and Democrats, I've served people on both sides, I've done work with, you know, Clinton all the way back to Reagan, I got to do some work with, right? So it's like, I want to be able to help everyone I possibly can, so I'm not here to divide that. And I think I can do more from the outside than the inside.

• 57:42Patrick Bet-David?

  You still believe that? You still?

• 57:44Speaker 00

  I really do. When I was younger, I thought that would be the position.

• 57:46Patrick Bet-David?

  So let me ask you, is there any chance anybody can change your mind?

• 57:50Speaker 04

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• 58:21Speaker 05

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• 1:00:03Speaker 00

  Maybe my wife, but I doubt seriously she'd rather have it not happen.

• 1:00:06Patrick Bet-David?

  She probably would rather not, you not do it.

• 1:00:07Speaker 00

  No, listen, I also, you know, COVID was good to me. I have five kids and five grandkids. I have a 52 year old daughter and I have a five year old daughter, thanks to COVID. COVID was good to me. So I don't know that I want to disrupt that stage. I'm just turning, I'm 66. So I want the next, you know, 20 years or so to be, being able to contribute as many ways as I possibly can to humanity, make the biggest difference. I mean, I said I was going to feed a billion people. We did that in eight years. I then said, we're going to do 100 billion people, I think you know. And I came up with this 100 billion challenge to do in 10 years. I can't announce it here, so I'm announcing it at the UN in September. But I can tell you, we've outstripped 100 billion by a long number, right? These were numbers that seemed impossible. I didn't have food for myself. So I'm into the scaling of solutions. That's what I love.

• 1:00:51Speaker 00

  And when we kind of come back to this, the number one challenge for people, though, most people, besides their emotion and psychology, is just that they don't know how to take advantage of the system that's here. And you don't have to make it so complex.

• 1:01:03Patrick Bet-David?

  Can we do this? Can we do this? This is a professional communicator. I mean, he'll do laps around any one of us. Can you do me a favor? Go on Twitter, handle, I think, what's, what's Tony's handle on Twitter? What is your handle on Twitter? Can we say, is it at Tony Robbins or Anthony Robbins?

• 1:01:19Speaker 00

  Tony Robbins.

• 1:01:20Patrick Bet-David?

  Is it, can you look it up, Tony Robbins? Okay, Tony Robbins, go on Twitter, at Tony Robbins, tweet and make an argument why he ought to, he ought to consider 2028 running. And by the way, I'd love to see some of the ideas. FYI, for some of you that actually want to communicate with them directly, you can minact them as well. So we're going to put the minact QR code below. But if you would like to see that, let's see some of the arguments. And tag me as well, put PBD Podcast, I'll go look at all the tweets. And maybe we'll get some of his attention collectively, maybe we can make some change there.

• 1:01:50Speaker 00

  You don't have to be in office to come up with solutions. In some ways, you have more freedom outside of office to do that.

• 1:01:55Patrick Bet-David?

  But I think, but I think there's, I think there's certain times in life that responsibility comes on where some people are gifted with certain things that's not duplicatable, that we, we ought to consider it. And I'm just encouraging, as a friend, take that as a compliment. Let's talk investments. Question. So, you know, you said something, you said $2,500 earlier, right? Nowadays, when they change it, it can go all the way down to 20, 25,000. I remember when it used to be, 2,500, I'm sorry, 2,500. 25,000 was a number where 10, 15 years ago, we were talking like, my God, I talked to, who was the former Comptroller General of the US? David Walker, I think was his name. And he was working with this one man who was running a portfolio that he can put $30,000 and that was a big deal.

• 1:02:37Patrick Bet-David?

  So 2,500, walk me through the levels, okay? I only have $10,000. I'm making $80,000 a year, I only have $10,000. Go to 100,000, go to a million, go to 10 million. Does it change at all on what you would consider me doing? And the age I will choose for the $10,000, put me at 30. For the $100,000, put me at 40. For the $1 million, put me at 50. For $10 million, put me at 60. What do you do with your investment?

• 1:03:06Speaker 10

  The answer is it absolutely should change over time. If somebody gets closer to retirement, it should be based on the amount of time they have to be invested in something. You don't invest in a professional sports team or Andor or something like that for a couple of weeks. You just don't do that. That's trading. You can trade Bitcoin if you want to, but you don't invest long term for that. So what I tell everybody all the time is don't think dollars, right? Don't think dollars at all, because it's all not relevant. Only thing that matters is percentages. So for the $10,000 portfolio, investing 5%, you are going to invest 500 bucks. Obviously, at 100 million, you're going to be doing $5 million. The key is to not get tripped up by the dollar amount being what's driving somebody.

• 1:03:51Speaker 10

  Because what happens to that same person? Like, I remember when I only had 10 grand. So 10 grand is a whole lot of money to me. Well, if you've got 100 million, 10 grand is not going to move your portfolio one iota. So you need to make sure that you think in percentages. And that also removes the emotion from the equation. What happens to so many investors is they get stuck with the emotion. Like, oh, I bought Nvidia, it went up a little bit, I got to sell it. Or it went down a little bit, I gotta, I gotta get out. Whatever it may be, that's a bad decision to make. They need to understand why they own something, size it correctly, and that allows them to stay with it over time. So that $10,000 investor, you absolutely have room in your portfolio for a lot of things.

• 1:04:31Speaker 10

  I wouldn't probably suggest $2,500 of the 10 to go into something that's not totally liquid. Simply because you might need it. Once you get to $100,000, absolutely, you should have alternative investments in your portfolio, again, assuming the age that you gave of 40. And then as you get more and more wealth, you should have a larger and larger percentage, because you don't need as much liquidity. I'll tell you a story. I had a gentleman that literally started with me in 1992 as an investor. He's now worth well over $500 million. When I started working with him, he was worth like 500 grand, okay?

• 1:05:04Patrick Bet-David?

  What a great testimony.

• 1:05:05Speaker 10

  No, I mean, obviously, I didn't make all that for him.

• 1:05:06Patrick Bet-David?

  I understand, but was he holding paper or how did he make his 500 to 500 million?

• 1:05:10Speaker 10

  From business and obviously compounding wealth over time. And we have done a very good job. I'm proud of that.

• 1:05:14Patrick Bet-David?

  Can you stop me right? Can you, so can you do me a favor? Because he said something, he said 10 years ago, he was worth 400 million and he had access, but not as much as he's got access today. Sometimes when you're a good earner, you're not a good investor. And, and I had to shift that mindset and realize, look, I know how to make money. I don't want to make money. No, this can really grow. Of the half a billion net worth that he has today, how much of it came from his exit? How much of it came from the investment, you know, compounding?

• 1:05:39Speaker 10

  Probably about 400 of it came from his business, either through earnings or his exit that he had, and over 100 million of it came from earnings on his investments over time, because obviously a lot of it happened later with his exit. But the point is, is that he always, always invested the same dollar amount every single time. Whether he was worth $5 million, $10 million, 25 million.

• 1:06:03Speaker 00

  Percentage wise, yeah.

• 1:06:04Speaker 10

  Just as dollars, dollars, not the same percentage. He just, he was like, in his mind, as it got older, as he got more wealth, he was like, I put a million dollars in everything. I'm like, dude, you're worth $100 million. Putting a million dollars now is not a lot of money. Gets to $250 million. I'm putting a million dollars in. Well, that's crazy. It's not even relevant. And the, the psychology, going back to what Tony said, is that he remembers how hard it was to make his first million. And so he was literally stuck with, I can't do more than a million. Because if I lose it, I'm just going to just beat myself up all day long because I know how much a million dollars is.

• 1:06:40Patrick Bet-David?

  He needs this guy. If he's got a limiting belief.

• 1:06:41Speaker 10

  Well, he had me, fortunately, because I learned a lot from this guy.

• 1:06:43Patrick Bet-David?

  Makes sense.

• 1:06:44Speaker 10

  Right? And so I was able to tell him, look, you know, do this. Just put 20 basis points of your net worth into this investment. Now put 40 basis points.

• 1:06:51Patrick Bet-David?

  That's a better strategy.

• 1:06:52Speaker 10

  Forget it, absolutely, the percentage. So if that 30 basis points does have a bad outcome, you know, it's going to stink, but it's not going to be fatal. So that is the psychology that somebody has to have. So somebody can do that when they look at the overall percentage of their portfolio. Maybe it's 10% to begin with. We talked about with Secretary Sonderling yesterday about 401Ks. There's $14 trillion in 401Ks that cannot invest in alternative investments today.

• 1:07:18Speaker 00

  That's about to change.

• 1:07:19Speaker 10

  That's totally changing. So now you're talking about for these people that are making investments in their 401K, do the right percentage, allow it to grow, get all the tax benefits, et cetera. But you have to have the psychology of what's the right percentage. And, you know, I know Tony gave earlier, but I just want to remind the audience. When you look at the results of the family offices, large family offices, endowments, foundations, they have anywhere between 35% and 60% of their net worth in alternative assets, in private assets. They don't need as much liquidity, so they have a larger percentage, giving them the opportunity to make a higher rate of return. That's what I would advise anybody along their path to remember.

• 1:07:59Patrick Bet-David?

  By the way, just saying.

• 1:08:01Patrick Bet-David?

  Go ahead.

• 1:08:01Speaker 00

  I just want to mention, the, most people's biggest reason for losing money has nothing to do with the capacity of the investment. It's their emotions. So they, you know, the average year in the last 100 years, the market has had a 14% correction at some point, 14%. Now, some areas it's bigger, but most of those never turned to a 20 or 30. They didn't turn into bear markets, right? The vast majority did not. But people get panicked. Since they can push a button, since they have liquidity, they do. And that's how they get in pain. Most people make money on their own private real estate, their own home that they own. Why? Because they can't push a button and get rid of it. So a portion of your investments, you should be thinking in terms of the long term. And as a result of that, you're going to have a higher rate of return if that money is tied up potentially with a place where they're producing, producing greater results,

• 1:08:46Speaker 00

  but you don't have as much liquidity. So that's the balance that has to be found for anybody.

• 1:08:50Patrick Bet-David?

  That, that does make sense. By the way, he's talking about robots, 10 years more robots. Elon talked about it, there's going to be more robots. I think we're going to sell 10 to 30 million robots. And he's like, wait, what? Yeah, I think Tesla is going to sell 10 to 30. And the way he answered it was like, that's not a big deal, right? He talked about this last year, we all saw that clip. How do you feel about what's happening with companies like autopilot? That they're able to go get the 13F filing of what Jim Simons was doing with Renaissance Technology, who has been doing 49%. And I can match their 13F filings and I just put it in there. You know, the whole Nancy Pelosi trader, the upside down Kramer. What do you think that's going to do to the market? Do you believe in that concept? What do you, what do you think that's going to do?

• 1:09:28Speaker 10

  Most of that is more marketing than substance, because even on the 13F filings, there's a huge delay.

• 1:09:33Patrick Bet-David?

  There is.

• 1:09:33Speaker 10

  But between now and the time.

• 1:09:35Patrick Bet-David?

  You don't know when they sell, right?

• 1:09:36Speaker 10

  You don't know if they've sold it.

• 1:09:37Patrick Bet-David?

  Right.

• 1:09:37Speaker 10

  So it's totally gone. You know, the Nancy Pelosi or the Jim Kramer, Kramer things, you know, those are great marketing. They may work, they may not. It really doesn't drive things near as much as the just reality of indexing. Because the amount of indexing that has happened in our country and around the world, that is what's created this concentration. That's what's created all this correlation to where when things move, they move in the same direction. A very simple portfolio that was well diversified in 2005 had an average correlation, cross correlation, as it's called, of 0.16. Remember, 1 is fully correlated, 0 is not, 0.16. Today, that exact same portfolio and the exact same weights is 0.65. Nothing's changed with those assets, other than the concentration and indexing

• 1:10:21Speaker 10

  that has happened, that when people are sellers, everybody's a seller. When people are a buyer, everybody's a buyer. Because when you buy the ETF, you buy that index fund, they have to literally be a seller or they have to be a buyer. There is no in between. So in stress environments, when the market gets stressed, correlation goes up. That exact same portfolio in stress environments, average correlation is over 85%. Everything gets hammered at the same time, except for a few assets. That's why the holy grail of investing is so important. That's why it has to be things that truly are less correlated or not correlated at all in somebody's portfolio to get them off the roller coaster, get them on the escalator.

• 1:11:00Patrick Bet-David?

  You're a big fan of Ray Dalio. Ray Dalio, I spent some time with him at his Bridgewater. He's right across in Armonk, right, right by IBM, I think, where his headquarters is at. He has been talking about many signs, we just crossed $40 trillion of debt, right? And he's been talking a lot about, hey, all the signs of the Great Depression, all the signs. And I think he's got a video on YouTube that he did that's like 45 minutes. If you can go YouTube, type in Ray Dalio, software filter, go to views on his channel, maybe just go to his channel. This video's got. Fifty million views and it's not like it's a short video. Go to his channel right there, Principles by Ray Dalio, if you can. Go to videos and then go to popular, please. Where is that at? Holy shit. What does it say?

• 1:11:45Patrick Bet-David?

  Four hundred and nine million views, second one. Two hundred and two million views, right? These are not small numbers. These are ridiculous numbers to get. He believes a possible depression type moment is around the corner. Do you agree with him?

• 1:11:59Speaker 00

  Well, I agree with him that that's not exactly what he believes. What he believes is there is a pattern that has happened throughout human history. And he studied more than 500 years of history to see what has that pattern been. And the pattern is how countries grow, just like a kid grows. We have different stages. Look, if you're a toddler, you're going to get in more trouble than if you're just an infant, right? Because you can do different things. Teenager goes like crazy. You mature, you get a little older, you get older, you make different types of things. You age, you behave differently in each stage. Well, so do countries. And so there is a pattern that happens that when a country gets too much debt, when a country gets where people expect too much without working very hard. And you can look all the way back to Roman times. You can look at what's happened to the British Empire.

• 1:12:42Speaker 00

  There is a period of time in which someone else becomes the challenger. And right now China is that challenger for us by far. When that occurs, you have some conflict. And the conflict will often happen even more so if there's conflict within the country as well. So we not only have debt, we have several of these elements. We have internal conflict in our country where really we've used social media to a great extent. And other actors outside of us have actually augmented this to create more conflict internally. That makes you weaker, right? We're all spending money all around the world in different wars. China is keeping everything central and playing go. We're playing chess. If you understand the difference, go is a million times more complex. But go is much slower. You're gradually before somebody knows it, taking over their territory. You're not going straight into war.

• 1:13:27Speaker 00

  It's kind of like the art of art of war. So we're in a place right now where we have to cut back on our expenses, but no one's doing it. Neither party's doing it. And so he's raised the flag saying we can't have more. We're going to have a trillion dollars worth of debt that we're the interest we're paying this year.

• 1:13:43Patrick Bet-David?

  Well, I'm going to answer the question is that nobody wants to address that issue because it's certainly not popular and politicians forever have not wanted to do it because it doesn't get them elected to do it. But we're right now in August where they were projecting we were going to be at the end of the year. Forty trillion dollars. So he said on the brink, his words. I believe we are currently on the brink. Yes, I'm worried about something worse than a recession. If this isn't handled well, worse than a recession, depression is kind of what he's talking about now.

• 1:14:12Speaker 00

  He's also worried about civil strife. He's worried about all those elements together. So they're all legitimate. I bring him out to talk. He's a dear friend. He sent me a note the other day. He said, you know, he said, there's a Chinese proverb that says a rabbit has many holes. He said, how many other holes do you have in the world and make sure you're in great shape? So yes, I think it's a very serious issue. But I think what the only way to solve it is by individuals actually pressing on their politicians. But right now we have politicians on both sides that take advantage of whatever's going on in the environment for more power. It has nothing to do with what serves the American people, right? And so it doesn't look good for us to solve it. But here's what I know about human history. Usually it takes a crisis for us to wake up.

• 1:14:54Speaker 00

  Look at a business, even in my own business careers, I can say you, you look at Blockbuster. Blockbuster, well, they weren't dumb people. How did they go out of business? They could have bought Netflix for $50 million. They go, ah, you know, we need them. They were, everything was going so well for so long that all of a sudden it didn't do well. They did not recover. Other companies have found a way to recover. They saw what was happening. The crisis happened and it made them come up with a new way to do things. So I think crisis creates breakthroughs. Some of those breakthroughs are painful. Some of those breakthroughs are going to be very, very, they're going to make a better life for all of us. We do have some capacity to deal with that debt by becoming more productive. And he talks about that. AI is one of that possibilities, but we're not getting the AI to produce the level of result yet

• 1:15:37Speaker 00

  that gives us that massive jump in productivity. Because you got to look at your assets and your liabilities. If you talk to people that look at this country and say, what are all our resources? And includes all of our resources below the ground, everything that we have. The ratio of debt compared to our real full resources is something that's completely manageable in the minds of those people. But are we coming to a place where this is going to, people are going to have to have a reckoning? I believe the answer is absolutely yes.

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• 1:18:14Patrick Bet-David?

  I wonder who's going to take the lead on this because you're right. You can't win an election by, hey, we're going to cut the debt during my term. I'm going to make sure we're going to cut some entitlement programs, less spending on military, less spending on this. I don't want this guy to be elected. It's going to be such easy fear porn coming against this guy. So it's almost as if Supreme, I don't even know how you put it through Supreme. Someone needs to say, hey, we're the Board of America. You can't be doing this.

• 1:18:36Speaker 00

  It's going to be a crisis that does it.

• 1:18:37Patrick Bet-David?

  So I mean, people.

• 1:18:38Speaker 00

  It takes a crisis for people to be joking.

• 1:18:40Patrick Bet-David?

  Turning type of thing.

• 1:18:41Speaker 00

  Like when people overuse a drug and that's what we've been doing with capital to a certain extent, right? And they overuse it. We've been spending, that's been our drug.

• 1:18:47Patrick Bet-David?

  We are bloated.

• 1:18:48Speaker 00

  What happens to a point, there's a point when you keep trying to get more in and you get less of a high. And then there's a point where you finally hit a crisis and you either die of that crisis or you transform. I think we're going to have a crisis. There's no question about it.

• 1:19:00Patrick Bet-David?

  The way I love what you guys said, which is very important, is the eight, eight to 12 uncorrelated investments to make sure even if it happens, you know, there's going to be certain things that are going to perform well during that season. But if you're a hundred percent just in one area, like when you put, you put hold on S and P 500 or sell, which one did you?

• 1:19:20Speaker 00

  I put sell.

• 1:19:21Patrick Bet-David?

  You put sell. So if you're only in S and P 500, you know, back in the days they used to say, well, just put your money in investment company, active America with American funds or go to T-Roll Price or all this other stuff. Yeah, those days are behind us. So shit, so, okay, so maybe let me.

• 1:19:34Speaker 00

  I'm not trying to time the market.

• 1:19:35Patrick Bet-David?

  No, I'm not trying to time them. I can't do that.

• 1:19:37Speaker 00

  Nobody does that.

• 1:19:37Patrick Bet-David?

  Nobody does that right. So, okay, so give me the hedge. Would you hedge against a massive crisis that could be a 40% type of a correction that happens?

• 1:19:47Speaker 00

  Ray's hedge is in Money Master the Game and it basically is what we're doing, which is, he calls it the all-weather portfolio. And he's figured out, for example, this is somewhat complex, I'll make it simple. When people think about stocks and bonds and they go, I'm 50 50, I'm split the difference. You're not 50 50 because stocks are three times more volatile than bonds. Okay, so the idea of a 60, 40, 50, 50 is based on an illusion, based on the level of risk. It's not that. That's why people get a result that they're really unhappy with. So he has laid out, and I've laid out in my book, the exact balance of how to put yourself in. So if one thing goes up, the other one's down, vice versa. So that you end up with a balanced portfolio that isn't the most aggressive thing that'll,

• 1:20:28Speaker 00

  you know, give you the highest returns, but it'll protect you in all weather, any season, any environment you're in. He's the master of that.

• 1:20:35Patrick Bet-David?

  And what we did is we took that exact same concept, which for all of those that are in the financial industry know that Markowitz won the Nobel Prize for modern portfolio theory. What Ray did, such a great service, is he made that actually understandable for a whole lot of people. And what we did is we took the all-weather concept and we applied it to the true less correlated assets that are the private markets. So when you have private market assets that definitely have less correlation and you combine them with the overall philosophy of the all-weather portfolio, that's how you get to what we refer to as the holy grail of investing. That is what ultimately allows people to ride through that. I do want to come back to one thing you said. There is actually a solution that doesn't require a crisis. It's not very popular, but it is a reality that the American people do have the power

• 1:21:19Patrick Bet-David?

  to actually fix the debt problem themselves without worrying about politicians. And that is a constitutional convention where they say we're going to pass a balanced budget amendment. Now, there's a lot of pain that comes with that and there's a lot of hurdles to do that. But that actually is within the constitution, the rights of the American people. If they stand up or unified, then they absolutely can make a difference. But I don't know if that's going to happen in my lifetime or not. And we have to prepare the investments in case it doesn't. And we want to have that all-weather portfolio using the best of the public markets and the best of the private markets and every investor can do that.

• 1:21:54Speaker 00

  And by the way, if you're watching this right now and you're part of the camp that's like, oh my God, that's why I'm so scared.

• 1:21:59Patrick Bet-David?

  And that's why I'm just not going to get into the market because what if it does happen? Well, if you don't, then it does happen and the next five, 10 years, the market goes, you missed out on so much. You know, the whole thing of if you go back and, you know, 20 years and you miss the six best days.

• 1:22:15Speaker 00

  That's right.

• 1:22:15Patrick Bet-David?

  The difference between the amount of money you would lose, it's in the, if depending on how much money you, you lose so much money in return for it to be fear based.

• 1:22:24Speaker 00

  And by the way, the best days are usually within two weeks of the worst days. If you take a look at history and people are panicked and they stay out of it. That's also why having assets in something that aren't quite as liquid, where you've got people. Why has private equity done so well when the stock market, they don't drop as much and the return faster? How is that? Because they don't have to sell. When everybody's going crazy, they just like as if you and your own business, real estate, they own a business.

• 1:22:47Patrick Bet-David?

  You don't even have a choice. You've got to stay locked in.

• 1:22:49Speaker 00

  We've got cash flow. We don't have to do anything. We keep running the business now. Maybe we buy during that time, but we sell when the market goes higher again. And that's why they're able to produce these magnitudes of wealth. Look, if you look at the Fortune, you know, 400 and say, who are the people who are the wealthiest in the country? What is the industry they're in? Most people say tech, completely wrong, real estate, completely wrong, medical, wrong. It's, and by the way, it is not hedge funds because they come and go. It's private equity because these guys are not trying to time something. They're buying an asset, same thing you and I do in a business, right? You and I have done this many times, get a business and what do we do? Add massive value, transform the team, bring a new CEO, bring in the AI, change the marketing, grow that business and sell it for a multiple to another business or take it public.

• 1:23:34Speaker 00

  That's what they do. It's a very different form. It's not like the old days where they took something, divided up and sold off all the pieces and put it all in debt. Those days are over for the most part today. And in fact, one of the biggest differences today, since 2008, and Bain was the one that started this, is the alignment. Maybe you should mention that.

• 1:23:50Speaker 10

  You know, what changed for most people in the investment world is trying to get more aligned with their investors. And Bain was the first one to really do this after 2008, to convince people to go into their fund. They put a billion dollars of their own money into the fund. Okay? That's a lot of money. That obviously gives people confidence that they're aligned. We have a saying as a firm that we're freakish about alignment. So everything is about alignment. We have the, we're the largest investor in everything that we do. We've got $750 million of our own money, investor in our own vehicles. So we always lead with our own money. That's alignment. Doesn't mean it's going to work, but it means we're aligned.

• 1:24:22Speaker 00

  But if we're not willing to bet our money, why should you bet your money?

• 1:24:25Speaker 10

  Exactly. But so what happened is, is the industry's continued to grow. The ability to raise funds is highly dependent on how much of your own capital you're going to put in, which is typically two to 5% of whatever it is. So just use 5% because it makes the math easy. You raise a billion dollar fund, you got to put up 50 million of your own money. That's great. You have good track record. You want to raise a $2 billion fund. Now it's 100 million. You want to raise a $5 billion fund, that's $250 million and you hadn't gotten your 50 back. So where are you going to get the money? That's why people will sell a stake to firms like ours because of the fact that they need growth capital, to be able to reinvest in their business, be able to grow. And oh, by the way, when they raise that $5 billion fund, they're going to get 2% management fee on average, some higher, some lower. And they're going to get literally that billion dollars, okay?

• 1:25:07Speaker 10

  Over a course of five years, just from managing that portfolio, five years, I'll use $10 billion, $10 billion.

• 1:25:14Patrick Bet-David?

  10 billion is five years, 5 billion is 10 years.

• 1:25:16Speaker 10

  Yeah. So $200 million on a $10 billion fund, do that for five years. Because it's locked up, it's contractually obligated, you're talking about a billion dollars. And oh, by the way, you take that 10 billion, you turn it into 20 billion, you get paid 20% of the profits. You make an extra $2 billion. That's what the opportunity is to own a private asset management firm, whether it be a $500 million firm, a $5 billion firm, or a $10 billion firm. That's why people will sell a stake. And if we buy, let's say 13% of somebody's position, they still got 87%. We're very aligned and that economic outcome is what makes owning a private asset management firm such an attractive business model. I mean, imagine this, you've got a lot of different businesses. Imagine if you had customers who are not allowed to fire you and they have to give you a five year contract.

• 1:26:00Speaker 10

  It's pretty easy to budget if you know your revenue for the next five years. And oh, by the way, if you have a billion dollar fund, it takes you 20 people. If you raise a $2 billion fund, it doesn't take you 40 people. It might take you another five or six. So you have this huge operating leverage. The average operating margin for private asset management firms, just for management fees, is 60% profit margins. Then on top of that, they get the carry. Then on top of that, they get the return on their money they put in their own fund. And they get the growth of the enterprise value because if they grow from $3 billion to $30 billion, obviously they're worth a lot more money. And we now have over 100 different firms that we own stakes in, that manage collectively $2.9 trillion in assets

• 1:26:41Speaker 10

  and have 12 billion of contractually obligated management fees over the next 10 years. They don't even ever have to raise another dollar and they're going to make $12 billion of revenue. That's the sustainability, which is not correlated.

• 1:26:53Patrick Bet-David?

  How hard is it to get into the business?

• 1:26:55Speaker 10

  Oh, it's very, very hard. It's extremely difficult.

• 1:26:57Patrick Bet-David?

  What does it take to create a PE firm and succeed?

• 1:27:00Speaker 10

  You got to have a great track record. You got to have people that believe in you and then you got to deliver performance.

• 1:27:03Patrick Bet-David?

  What's the, okay, so if I'm, if I talk about putting a winning team, I'm talking to Tom Penn. I asked him this question because he used to do the, remember he used to do the collective bargaining agreements on ESPN? He was so good at it. I love when he does it. But if I want to put a winning team and I ask Shaq or the late Kobe or Magic, I said, what matters the most? The owner, the coach, the player superstar, you know, GM, what are the men? And then they would all give their philosophy and what's the most important hire. On a P, if somebody wants to start a PE firm, what are the sequence, five steps and what matters the most?

• 1:27:35Speaker 10

  Private equity firm, I would answer very different than private credit or private real estate, but I'll answer your question with PE.

• 1:27:40Patrick Bet-David?

  Yes.

• 1:27:40Speaker 10

  You've got to have somebody who is the superstar investor, who can convince people that they are the right person to back. They obviously need strong partners that are going to be able to bring skill sets that are complementary to theirs. You have to have somebody who has the relationship.

• 1:27:53Patrick Bet-David?

  One is somebody like you.

• 1:27:55Speaker 10

  That certainly is one way to do that. There's other firms that have, and to be clear, there are firms that have different formulas, but I'm going to give you what I see the most common to where you have somebody who's a dominant personality, a dominant investor, has got a great track record, is builds a team around them that allows them to have enormous credibility, to where people know that what they do, they have an edge. And that's the key. That's the formula that most people don't have. Oh, I'm going to go buy stuff and it's going to be great. No, it can't be the financial engineering. They've got to be able to add value. They've got to be able to add alpha, as we call it in the industry. So what is it that they do that's totally different? As an example, there's a firm literally right down the road from here called TriVest. One of our favorite firms or one of our largest positions. TriVest is an amazing firm, 30 years old.

• 1:28:38Speaker 10

  All they do is invest in founder and family owned businesses. They're the first institutional capital in and they go in and they make those companies better. They buy it at, let's just say, seven times cash flow. They put a little bit of leverage on it. They grow the business dramatically. They make it more profitable, better profit margins, professionalize everything they're doing. And then they're able to sell it at 10 to 12 times. It's not a complicated strategy, but literally in their history, they have what they call the path to 3X. They have done that on every fund they've ever done.

• 1:29:10Patrick Bet-David?

  In 45 years?

• 1:29:11Speaker 10

  In 30, 35 years or so. So they are a systematic alpha creator across generations of leadership too. They've actually had generational change over that period of time.

• 1:29:22Patrick Bet-David?

  So I'm tracking. So so far, you need a, you need a Christopher. What's the two? I need the four.

• 1:29:26Speaker 10

  You definitely need at least two or three other really solid investment people that know how to break down opportunities to be able to build those businesses. Once you've acquired your, your stake or acquired the firm as a whole, they're primarily control as an example, using them. And I could give you 50 other examples. But in that case, you also need to have somebody who's good at relationship management. Somebody's got to have the relationships with either the institutions, the family offices, or other large pools of capital that are going to give you money to manage. You have to have a great operations, compliance, regulatory person, because this is a very regulated.

• 1:30:00Patrick Bet-David?

  Are you a Series 7, 66?

• 1:30:01Speaker 10

  So we are, we are not a broker dealer. So all we are is 65, RIA, we're a registered investment advisor. That's all of our people are.

• 1:30:09Patrick Bet-David?

  So let me, the reason why I'm asking this question, say you have, you run a consult, this is a selfish question here. This is purely for me. So if you don't want to listen, you want to listen, it's up to you. So say you have a consulting firm that you get deals that always come through to you. Companies ranging from $5 million all the way up to $385 million in EBITDA and we consult for them. Could be multimillion dollar engagement, but we have constant deal flow coming in. What do you do with the access to these deals that are coming to you of founders? They own majority of the company and they would like to team up with our firm. What do you do with the access to these types of deals that are coming your way?

• 1:30:43Speaker 10

  It depends. It really is if you want to be the investor in that opportunity that you're helping to improve. I mean, the vast majority of firms actually, that's what they really are to the firms that they make, they acquire, right? They're a consultant. They come in as an advisor to be in the boardroom to say, look, we got to make some tough decisions. We got to set really good goals. We got to make sure that we get there. So you can absolutely translate that into a role of the investor in that company. There's a lot of consulting firms that take instead of a hard dollar fee, they will actually take a percentage of the company. Right? That's a way to monetize that opportunity.

• 1:31:16Patrick Bet-David?

  We'll do cash and equity.

• 1:31:17Speaker 10

  That's right. Somebody could certainly do a fund once they have a proven track record. The key is for anybody, you got to be able to show the good, the bad and the ugly and how you've done. You can't cherry pick just the winners and say, look how great I am. So when you have to, you know, we look at 2,000 investments a year. We might make 20 or 30 a year. So somebody's got to literally convince me, and I'm not easy to convince, that they can actually do this over and over and over and over again, in good markets, bad markets, and that they're not just, you know, somebody that's really, really good.

• 1:31:45Patrick Bet-David?

  That follows up with another question for you. So when you look at a deal coming in, we scored a eight point system that we look at to see if this is something for us to entertain or not. And we've made, God knows, a lot of mistakes. I mean, we've made these mistakes where it's like, you go, oh my God, I like the guy's perspective. This is not the way to do it. What used to matter to you 20 years ago, when you were a little bit more green, not unless you've been around for 30 years, but what used to matter to you 20 years ago, where no longer impresses you? And what matters today when you say, I think this is something we should invest in?

• 1:32:15Speaker 10

  The track record itself impresses me very little. It really does. And that's something that will surprise a lot of people. The track record, obviously, I want to know it's there, but more important, I want to know the why behind it.

• 1:32:26Patrick Bet-David?

  Right.

• 1:32:26Speaker 10

  You know, as an example, there was a great firm, I mean, well-known firm, I'm not going to use their name. They came into the office a couple of months ago. They have a fantastic track record, but if you actually dig into it, in every single fund, they've had one investment that has made basically the entire track record real and everything else is very mediocre. And they've just been able to do that every single fund. Well, I don't want to be in the one where they don't have that happen. And that everything is mediocre or that everything is just average. But also, what matters to me, and I think to most great allocators, is persistency. Not, not performance, the persistency of the performance.

• 1:33:02Patrick Bet-David?

  How do you measure that?

• 1:33:03Speaker 10

  So do they have every fund, I mean, perfect example would be is every fund is between 14 and 16% internal rate of return. That's a lot of persistency. That's highly unusual. But there's a reason why they created that consistency off of five, six, seven, eight, 10 funds. If you have one fund that's two and one fund that's 30 and one fund's at three and one fund's at 40. Okay, that's not persistency. That's inconsistency. I don't know which one I'm going to get, the bad one or the good one. So what matters to me the most is persistency. And the other thing that really I didn't care about much then, but I cared more, is pedigree. Okay, yes, I want to know that they went to a good school, they have a good education.

• 1:33:40Patrick Bet-David?

  You do.

• 1:33:41Speaker 10

  But generally speaking, I don't care that much.

• 1:33:43Patrick Bet-David?

  Did that matter to you more 20 years?

• 1:33:44Speaker 10

  It mattered too much when I was 20 years ago.

• 1:33:45Patrick Bet-David?

  Now it doesn't.

• 1:33:46Speaker 10

  I mean, I, shoot.

• 1:33:47Patrick Bet-David?

  Tell me why.

• 1:33:47Speaker 10

  Because of the fact that there's some of the best schools that put out some of the worst investors. Okay, and some, some great investors too. But you cannot just say that because they went to X, Y, or Z that they're a great investor. Certainly, I respect their intellect to be able to go through a great school. But that doesn't mean they're a great investor.

• 1:34:04Patrick Bet-David?

  I love what you're saying.

• 1:34:05Speaker 10

  They're some of the smartest people I know in this industry that could not make an investment to save their life.

• 1:34:09Patrick Bet-David?

  What's an eliminator? What is it like? If I see these, and your team knows, guys, if I see these three things, don't even bring the opportunity to me. What are those things?

• 1:34:17Speaker 10

  First thing is if they don't have an auditor, run. Don't, don't walk.

• 1:34:20Patrick Bet-David?

  Auditor, meaning like audited financials, like QOE, like quality of earnings type of thing?

• 1:34:24Speaker 10

  Doesn't have to be a QO, QOE, but they better have an audited financials, okay?

• 1:34:28Patrick Bet-David?

  Okay.

• 1:34:28Speaker 10

  If there's no audited financials, I'm out. Period. That's how we avoided Madoff. That entire story I could tell you, that's how we avoided Madoff.

• 1:34:34Patrick Bet-David?

  Let me ask you, let's say a person doesn't have it, will you say, go do your audited financials, come back to us?

• 1:34:38Speaker 10

  Absolutely.

• 1:34:39Patrick Bet-David?

  Okay, kind of like if I'm a realtor and I'm showing a million dollar property, but you, you don't even have pre-approval lender, you know, bank that's giving it to you. It's kind of like that.

• 1:34:46Speaker 10

  Absolutely. And it's got to be an auditor. We know and it's got to be one that we trust.

• 1:34:49Patrick Bet-David?

  Top 50, like BKD, like some of it.

• 1:34:51Speaker 10

  I mean, there's some specialties in certain industries and sectors, technology in particular, and I don't have to be that big. But we have to know they've been around and that they're not obviously conflicted.

• 1:34:59Patrick Bet-David?

  What are the other two?

• 1:35:00Speaker 10

  The other two would be basically where they have been lucky, right? There's so many people that have made a great track record because they started at the right time. There's some people we looked at the other day, they started in 2009 in real estate. You, you had to pretty be stupid to not make money in 2009 buying real estate, okay? There was 2006.

• 1:35:18Patrick Bet-David?

  Different story.

• 1:35:19Speaker 10

  That's a different story. So, and that's the third thing.

• 1:35:21Patrick Bet-David?

  You got destroyed.

• 1:35:22Speaker 10

  I don't want them learning on my nickel, okay? I don't want somebody figuring it out with my money, all right? They need to have proven themselves through different cycles.

• 1:35:30Patrick Bet-David?

  I'm tracking. What's your third?

• 1:35:31Speaker 10

  So that's the third, is they can't learn on my nickel. So the second is, it can't be that they just got lucky with their record.

• 1:35:37Patrick Bet-David?

  I got it. I missed it.

• 1:35:38Speaker 10

  Okay, I mean, there's so many times that I see people that they literally got involved in something, you know, in, in healthcare or in technology or in consumer, and they just happened to hit a lucky trend.

• 1:35:47Patrick Bet-David?

  Right.

• 1:35:47Speaker 10

  But that doesn't mean they could do it again.

• 1:35:49Speaker 04

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• 1:36:19Speaker 05

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• 1:38:00Patrick Bet-David?

  Great feedback.

• 1:38:00Speaker 00

  You see the distinction of, of being willing to focus on what's the worst-case scenario and can you survive that? Can you succeed from that? The level of discipline that he has, the reason he's got a 96% profitability rating over 25 years is the level of discipline. It's 90% of what we see, we're not even going to consider. We're looking to go deep and not even consider, because he has that level of focus and discipline. And that level of discipline disappears when you get excited about something, based on the track record, based on the pedigree, based on whatever elements push your buttons. Oh, it's another AI company. People then stop evaluating with depth, and this is Christopher's greatest strength.

• 1:38:35Patrick Bet-David?

  I love it. So, different question, completely different direction we're going. Tony, you're 25, 30 years old today. You're not Tony Robbins, so, because you're one of one, we can't, we just, you're a regular 25, 30-year-old today. You got a regular job that you're doing, you're a worker, you're doing your part. You want to get married, you want to have kids, you want to buy a house. What decisions would you make before choosing a wife? This is a very different question. 25, 26, 28 years old, I want to get married. Tony, what advice would you give me before choosing my wife?

• 1:39:07Speaker 00

  About who you choose as your wife?

• 1:39:08Patrick Bet-David?

  Who I choose as my wife?

• 1:39:09Speaker 00

  Well, I think the most important thing there is not just chemistry, because chemistry can go away for the time being and chemistry can be reignited also. You can be somebody for years and have that be reignited, because chemistry is really based upon opposite energies, masculine and feminine energies. If both people are feminine in their energies, I'm not being, meaning gay or both men or both women.

• 1:39:29Patrick Bet-David?

  Totally get it, yeah.

• 1:39:30Speaker 00

  Just opposite energies, right? If that opposite energy there, there's polarity and polarity creates excitement and energy, just like opposite poles, a north and south pole, or you go to plug something electricity, those two plugs. We have to have that. If we both become the same, a relationship loses polarity. And when it loses polarity, you start to become judgmental in a relationship. Things that you thought were cute, now you begin to go, why do they always do that? Why does he always tell that story? Why does she always, why does she take that long? And you get annoyed by things, because the attraction is not there. So chemistry is not the place. Here's what you need to understand in a relationship. What makes a relationship work is things in common. What makes it passionate is differences. Things in common is common values, maybe some common dreams. If you come together, I, I'll give you an example.

• 1:40:13Speaker 00

  I was with a, I bumped into a friend in Fiji one time, this is years ago. We're still flying commercially, we got there and I have my resort there. And my wife and I just got married ourselves, only been together a short time. And we were crazy, both of us. And so there's a line to go through immigration. And I go, let's go line. She goes, no, let's go that line. I said, this is better line. No, that's probably fine. You go in your line and go in my line. And so we do this stupid little race. We're playful back and forth. All of a sudden, a guy behind me goes, Tony, and I turn around. Very famous guy, if I mention his name, you know who it is. And he goes, I haven't seen you in years. How you doing? So we start talking. I said, what are you doing here? He goes, well, I just got married. I'm going to my honeymoon. I said, your sister's third marriage. I said, wow, I said, well, where's your spouse? Where's your wife, you know? He goes, she's over there. And they're doing the same thing. She's in the line over there and she's right next to my wife, right?

• 1:40:58Speaker 00

  So we're laughing about it for a minute. So I ask him, yeah, how's it going? I haven't seen you in all this time, maybe seven, eight years. And, and, you know, he's a very successful, really brilliant guy. And I ask him, you know, how they met? And, you know, he was involved with a professional volleyball, just put it that way. And so she got involved. And so I, you know, I'm talking, I said, so, how long you known each other? And he says, gosh, I think Tony, I met her right around the time I met you, probably eight years. I said, wow, you just getting married now? How come? He goes, she wore me down. And I thought, ooh. So I was like, so I thought, well, what do you say? So I said, well, so you're going to have kids, right? He goes, hell no. He goes, you know, I've been through two other marriages. I've already got kids. I'm not doing this. And I look across and she's 28 years old and he's, you know, mid-40s, let's say, maybe a little more than that.

• 1:41:43Speaker 00

  And I said to him, have you guys talked about this? And he said, oh, yeah. He goes, that was the deal. If we get married, no kids. So I'm thinking in my head, he doesn't understand, they're not aligned. And he's just, he's convincing himself they're aligned, right? On something really important like kids. That doesn't mean you have to be identical in your goals and dreams, but on this, you've got to have some alignment in nature. So sure enough, we're going to immigration, we introduce each other to other spouses. And I look at my wife and she looks at me, and after they left, I said, what'd you learn? She goes, what'd you learn? And I said, they're screwed.

• 1:42:12Speaker 00

  And I told him, I said, he said, not gonna have kids. She goes, I told, talked to her. She said, he says we're not having, we'll have them within two years and they did. And they are divorced, his third divorce and he lost half of everything he had again. Cause he just didn't understand alignment, just like alignment in a business, right? People say like, how can you trust somebody? Well, you can't just trust them based on their past behavior. You trust them by having interests aligned. You could trust an enemy. If I lose and you lose, I win, you win. You could trust them. I don't believe in enemies, but you know what I mean?

• 1:42:40Patrick Bet-David?

  Yeah.

• 1:42:40Speaker 00

  So you have to have alignment. And so in a relationship, what makes it work is do you have values and alignment? Do you have some things that are, it doesn't have to be identical. What makes it alive though, is differences, masculine feminine energies, different energies. And sometimes it starts that way. And then you go through the stress of life and both people get really pleasing, feminine energy, or both people get really tough. And when they're both the same, there's no opposite energy and you lose that. And then the relationship starts to break down. Because people go through a cycle of then judging each other, then feeling like they're not enough, or feeling I'm not loved enough or respected enough. And then they get their interests somewhere else in work or with their kids and they drift away. So the number one question you need to ask yourself about if you get in a relationship

• 1:43:23Speaker 00

  is 80% of success in a relationship is selection. People say, thank you very much. Why don't you tell me before I married this idiot? No, no, you don't understand who you select to be in that relationship. See, in the beginning of a relationship.

• 1:43:36Patrick Bet-David?

  Who you select to be.

• 1:43:37Speaker 00

  Part of you select to show love.

• 1:43:39Patrick Bet-David?

  Who you select.

• 1:43:39Speaker 00

  That's right.

• 1:43:40Patrick Bet-David?

  To be married to.

• 1:43:41Speaker 00

  That's right.

• 1:43:41Patrick Bet-David?

  A guy.

• 1:43:41Speaker 00

  Cause in the beginning of a relationship, everybody selects their best person. Yeah. You're over, I'm gonna do everything for you, love, whatever it takes. Take out the trash. I'll take out the trash, whatever it takes, right? Now after seven days, seven weeks, seven months, seven years, 70 years, like take out the trash. Take out yourself. What, I look like a janitor, right? So if you, I always tell people, if you do what you did in the beginning of the relationship, there won't be an end to the relationship, right? But you gotta select. People oftentimes they change the rules once they get married or once they start living with someone, different than they were pursuing. And that will cost you no matter what you do. So it's oftentimes making sure you're aligned in values, finding an alignment on the most important goals. They have to all be the same, so that you're not in conflict at a deep level.

• 1:44:24Speaker 00

  And then it's who are you showing up as? Because your state is what you bring to that relationship.

• 1:44:30Patrick Bet-David?

  Okay. So now let's, let's go a little bit deeper. I'm, I'm your son. I'm 18 years old. I'm 22 years old. I'm 25 years old. What are you telling me to look out for? You know how Charlie Munger would always, at dinner, his kids say, he would always talk about the mistakes his friends made. What are you warning me against in life?

• 1:44:46Speaker 00

  Making a choice too soon before you know what's really, what, who you really are.

• 1:44:50Patrick Bet-David?

  This could be general. This could be general.

• 1:44:51Speaker 00

  To start with, but also getting, getting my kids and all of them, I've had these conversations with them. Getting them to really see that they have their own sense of identity and they're not running to something else to heal them or to solve them. It's like, you gotta solve what's in yourself. So you bring something to a relationship. If you're going to a relationship to get something, it's already upside down. If you're going to a relationship to give something, you feel alive. What makes you feel alive is being loving. People say, I want love. Well, be loving, you know? But today, so much of our society has been focused on ourself. So much of the anxiety we have in our society, so many young people, is because we've been so protected that everything's about getting what we want. Not getting what you want is one of the most important things in life. Remember the old days when they were talking about the secret? I remember I think positive.

• 1:45:35Patrick Bet-David?

  Michael Beckwith was in it. I remember all the guys that were in it.

• 1:45:38Speaker 00

  They invited me to participate. I said, I will not participate in this. I said, it's not that there isn't an attraction principle. Of course there is. Thoughts are attractive. But that's not the only principle that affects human beings. Are you telling me like, a guy that cut my hair is a kind of a rocker guy and he said to me the day, I was here in LA and he comes to me and he goes, or I was in LA at the time and he goes, I, I've been doing that secret thing. I'm this, I got all green lights. So what are you gonna do when you get all red lights? You gonna say, something wrong with me? Are you gonna tell me the people that went to Auschwitz were negative thinkers? Sometimes not getting what you want is the universe's way so that you grow and become someone who can now bring something to the world. So it isn't all about get what I want. And by the way, when you get all you want easily, you're never happy. Right? You and I both know the stuff, the people we sit around the table, the stage of my life,

• 1:46:21Speaker 00

  who are my friends, who've achieved incredible things in their life. We usually talk about the early tough times, the most part, right? Like I had a dinner with a bunch of people, they called it the goats dinner. Everybody there is considered the greatest of all time in what they do. Some athletes, some people in fashion, some people in entertainment, people in sports, myself, movies. And the whole conversation was mostly about all the things that we went through and the joy of where we are today, because you can't have a foreground without a background. It's that contrast that makes life feel alive. So if you just get everything, you take everything for granted. When you start giving things, that's when you become more. Then you go like, it's like you could take away everything I have, all the toys or trinkets or economics or whatever you want to call it, acknowledgement of other people.

• 1:47:06Speaker 00

  You can't take away who I've become as a man in the process. Who you become, that's what makes you really happy or really sad. What you get is not gonna do that.

• 1:47:13Patrick Bet-David?

  20's advice for career. Tony, what do I do in my career? What do I do? Where do I go? Do I go into real estate? Do I become an influencer? Do I go create a podcast? Do I go into PE? What do I do? What do you tell them?

• 1:47:24Speaker 00

  It depends on what your passions are, right? You want to find passions and skill together, passions and competence together. You might have a passion for singing. I have a passion for singing, but listen to this voice. It's not going anywhere. I can speak, but I'm not gonna be this here, right? So it's like, you need to have a passion, but you also see what am I aligned with?

• 1:47:41Patrick Bet-David?

  Right.

• 1:47:42Speaker 00

  And the way you do that, to find your passion, first of all, stop trying to think there's one purpose in your life. This whole thing of, I don't know my, young people, I don't know my purpose. I gotta find my purpose. Who said you had one purpose? I have a different purpose when I'm hanging out with my brother than when I'm with my daughter, than I'm sitting down with you versus if we're going to a business meeting together. There's different purposes in life.

• 1:48:01Patrick Bet-David?

  Right.

• 1:48:01Speaker 00

  Stop thinking there's one purpose. Secondly, take a look and let something hit you. Get around where it's better. Get around people that are happier. Get around people that love what they do. If you think you're interested in private equity or you think you're interested in playing musician, go shadow somebody. Go see what their life is really like, what you think it's like. And live with that for a few days and then you start to understand. Then also find out what it really takes. You look at someone like Steph Curry and go, wow, it's amazing. He makes that shot. He's so, he does it for half court. He doesn't even look turns. But you know, he makes 500 shots a day in practice, 3,500 shots, 168,000 shots a year, 15 years, 2.5 million shots in practice to make, to make 3,600 shots in his career and be the best in the world.

• 1:48:43Speaker 00

  99% of what he did was behind the scenes. That's what'll make you successful. So you do gotta see what it takes, because otherwise you have a delusion. If I just do that, I'm gonna be happy. It's not how it works.

• 1:48:52Patrick Bet-David?

  Can we finish up with another game? Is that okay with you?

• 1:48:54Speaker 00

  Sure, go for it.

• 1:48:55Patrick Bet-David?

  Let's do another game. All right. So buy, sell, hold, watches. Okay. I don't know if you're into watches. I know he is. You are? So you are. I can see you are as well. All right. So here we go. Patek.

• 1:49:09Speaker 00

  I'm, I'm a hold on that one myself.

• 1:49:13Patrick Bet-David?

  Okay, you're a hold.

• 1:49:13Speaker 10

  That's all I buy.

• 1:49:14Patrick Bet-David?

  Okay, good. I respect it. All right, Rolex.

• 1:49:18Speaker 00

  It's a buy. It depends on the one that you're gonna do for the month.

• 1:49:21Speaker 10

  I'd hold it if I had it, but I'm, I, I just do.

• 1:49:23Patrick Bet-David?

  You don't have any Rolex?

• 1:49:24Speaker 10

  I just do Patek.

• 1:49:26Patrick Bet-David?

  Forgive us. Forgive us that we're not.

• 1:49:28Speaker 10

  Totally right.

• 1:49:28Patrick Bet-David?

  I get that. I, I, I like Patek as well. Okay, RM.

• 1:49:33Speaker 00

  That's pretty much all I wear. The exception is today.

• 1:49:36Speaker 10

  Don't know it, know of it, but certainly wouldn't, wouldn't buy it, but I would hold it if I had it.

• 1:49:41Patrick Bet-David?

  You ever seen this giant on stage with his RM that he walks around? Everybody spots it.

• 1:49:45Speaker 00

  I have, I, I was given one by Shake to Noon. I said, I'm not gonna spend half a million dollars on a watch. It's absurd. And he gave me one and it was so light and you know me, even clapping and moving all that stuff. And all these other watches I destroy. I'll go over this day because I'm not gonna be clapping and moving. Otherwise this watch is, you know, it's gonna go out the door. It's gonna be destroyed. I love those watches. I think they're phenomenal.

• 1:50:06Patrick Bet-David?

  How many do you have now? How many RMs do you have now?

• 1:50:09Speaker 00

  Eight.

• 1:50:09Patrick Bet-David?

  Oh, okay. So that gift led to you buying a few.

• 1:50:12Speaker 00

  I bought it. Actually, my wife has bought them for me. They're, they're, they're more like an investment and they've gone up in value.

• 1:50:17Patrick Bet-David?

  They have.

• 1:50:18Speaker 00

  Those watches don't.

• 1:50:18Patrick Bet-David?

  And you buy directly from them. So you're probably getting it, you know, 50%. I know how that, so AP, where are you at with AP?

• 1:50:24Speaker 00

  I'm wearing one.

• 1:50:25Patrick Bet-David?

  So you like AP?

• 1:50:26Speaker 00

  I like AP. They don't hold up with my demands. So if I'm wearing a dress watch, it's a nice watch.

• 1:50:30Patrick Bet-David?

  Okay. Best way to build influence. You've done this. Podcast today, books, live events, today.

• 1:50:37Speaker 00

  Podcast is the largest reach today because people are doing that by far. But the only way you build a brand is by adding value. So you do that here in a podcast. If you did an event, you better add massive value. Whatever you're gonna do, it's not the vehicle, it's the value. If you over deliver for people consistently, you build a brand and people will seek you out.

• 1:50:56Patrick Bet-David?

  Folks, we got smarter today. I got smarter. I hope you did as well. This was phenomenal.

• 1:51:01Speaker 00

  Get this book. I want everybody to get this book.

• 1:51:03Patrick Bet-David?

  Yeah, I'm gonna, I'm gonna put the link below.

• 1:51:04Speaker 00

  By the way, we're giving a hundred percent of the money of this to Feeding America, to feed people.

• 1:51:07Patrick Bet-David?

  Beautiful. So do we drive it to this website or do you want to go to Amazon? What would you like him to do? Or it doesn't matter?

• 1:51:13Speaker 00

  It doesn't matter. It's what they want.

• 1:51:14Patrick Bet-David?

  So go order the book, The Holy Grail of Investing. And as well as a couple of the other things that we talked about, the, the link to your, to what you guys do. Where do they go for the, the investment?

• 1:51:23Speaker 10

  C A Z investments.com, Cazinvestments.com.

• 1:51:26Patrick Bet-David?

  Can you go to Cazinvestments.com? If I go there, I want to learn about the $2,500 investment. What do I do here to, to participate?

• 1:51:33Speaker 10

  So individual investors would select on the left, investment professionals obviously on the right, but left, somebody would be able to do that.

• 1:51:40Patrick Bet-David?

  Can you do me a favor? Go back and click on individual investors on the right. Click on the right, there you go, individual investors. And then?

• 1:51:46Speaker 10

  So we've got videos that help educate people about everything that we do. And then obviously if they want to learn specifically about any of our funds, they click on the our funds. And that will take them to a full list. They log in, they'll then get credentials to be able to access that. We're, you know, an SEC registered investment advisor. We have to have protection for the investors, for all the SEC rules we have to comply with. But from there, they can get access instantaneously to learn about all of the funds we have.

• 1:52:12Patrick Bet-David?

  There you go. So order the book and go visit the fund and learn more about it. Tony?

• 1:52:16Speaker 00

  Keep thinking about it.

• 1:52:17Patrick Bet-David?

  As usual, Christopher, pleasure. Great having you on. Take care everybody. God bless. Bye bye, bye bye.

• 1:52:23Speaker 18

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• 1:53:08Speaker 04

  Now, more than ever, we need someone on our side. But Rob Whitman? Whitman's votes drove up costs, cut Medicaid and risked 350,000 Virginians' healthcare to pay for tax breaks for himself and his donors. He's not on our side. Shannon Taylor will fight corruption, cut taxes and bring down costs. This November, vote for Shannon Taylor. She's for us. Paid for by HMP, the House Majority PAC.com, not authorized by any candidate or candidate's committee.

• 1:53:37Speaker 06

  How many discounts does USAA Auto Insurance offer? Too many to say here. Multi-vehicle discount, safe driver discount, uh, new vehicle discount, storage discount, legacy discount.

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• 1:53:53Speaker 14

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• 1:54:23Speaker 19

  Starting a business can seem like a daunting task, unless you have a partner like Shopify. They have the tools you need to start and grow your business. From designing a website to marketing to selling and beyond, Shopify can help with everything you need. There's a reason millions of companies like Mattel, Heinz and Allbirds continue to trust and use them. With Shopify on your side, turn your big business idea into. Sign up for your $1 per month trial at Shopify.com/specialoffer.

• 1:54:51Speaker 15

  Star Wars, The Mandalorian and Grogu is now streaming on Disney+.

• 1:54:57Speaker 16

  What are you waiting for? Hop on.

• 1:54:59Speaker 15

  The must-see galactic adventure comes home on Disney+.

• 1:55:03Speaker 16

  This is the way. Our only chance is to work together.

• 1:55:08Speaker 17

  I like this kid. Always wear your seatbelt.

• 1:55:13Speaker 15

  Star Wars, The Mandalorian and Grogu, now streaming on Disney+, rated PG-13.