Trump's "Sh#thole" Countries, Paramount's HOSTILE TAKEOVER + Dems Affordability HOAX? | PBD Podcast | Ep. 698

Patrick Bet-David, Tom Ellsworth, and Adam Sosnick are joined by Dan Pena as they break down President Trump’s revived “sh!thole" countries” controversy, Paramount’s hostile takeover of Warner Bros, and Trump calling the "affordability crisis" a Democratic hoax. ------ 📕 REGISTER FOR BPW: https://bit.ly/3IU2YWx Ⓜ️ CONNECT ON MINNECT: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4kSVkso⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4kSVkso Ⓜ️ PBD PODCAST CIRCLES: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4mAWQAP⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4mAWQAP 🎙️ FOLLOW THE PODCAST ON SPOTIFY: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4g57zR2⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4g57zR2 🎙️ FOLLOW THE PODCAST ON ITUNES: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4g1bXAh⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4g1bXAh 🎙️ FOLLOW THE PODCAST ON ALL PLATFORMS: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4eXQl6A⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4eXQl6A 🥃 BOARDROOM CIGAR LOUNGE: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4pzLEXj⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4pzLEXj 🍋 ZEST IT FORWARD: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4kJ71lc ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4kJ71lc 📕 PBD'S BOOK "THE ACADEMY": ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/41rtEV4⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/41rtEV4 👔 BET-DAVID CONSULTING: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4lzQph2 ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4lzQph2 📺 JOIN THE CHANNEL: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/4g5C6Or⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/4g5C6Or 💬 TEXT US: Text “PODCAST” to 310-340-1132 to get the latest updates in real-time! 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

  This episode is brought to you by Indeed. You're ready to level up your business, but the pressure to find the right person to make that happen is intense. Indeed sponsored jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed sponsored jobs. Get a $75 sponsored job credit at indeed.com/podcast. Terms and conditions apply. Hiring now? Then this is a job for Indeed sponsored jobs.

• 0:31Speaker 01

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• 1:08Patrick Bet-David?

  Adam, what's your point? The future looks bright.

• 1:12Speaker 03

  My handshake is better than anything I ever signed, right here.

• 1:16Speaker 04

  You are a one of one? My son's right about that. I don't think I've ever said this before.

• 1:25Patrick Bet-David?

  Okay, we have a fair warning for the audience today. Folks, we warned Adam in advance. Whatever you do, don't ask our guest today about climate change. We've told him 50 times. I said, don't play this BS game. Because when you, when you talk about climate change, he loses his shit. The man just came from visiting the Pope six weeks ago. Don't mess with him. He's in a very good place. We have the one and only, the entertaining. Uh, Dan Pena in the house. Dan, great to have you on here. My pleasure. You look amazing. Thank you very much. Yes. Okay. All right. So we've got a lot of things to go through. There's a poll that we're going to cover today. That is shocking, absolutely shocking that CNN played Harry Enton.

• 2:10Patrick Bet-David?

  That Tom was just talking to us about this a minute ago of what demo the president has lost that's had the biggest plus minus just in the last 10 months. That is very concerning and it comes down to one topic. And on one topic is affordability, which we have to talk about. We will. It's probably going to be the first thing we're going to be talking about. The president yesterday gave a talk. In his talk, he gave some very friendly compliments to people like Ilhan Omar. Calling her dumb and stupid, Tim Walz going after Tim Walz. Again, more compliments. MTG, not some nice stuff about MTG. I think in an interview.

• 2:50Patrick Bet-David?

  He said Jerome Powell shouldn't be the, you know, the Fed chair because it was auto pen that Biden signed. So he shouldn't be it. And then the things he said about immigrants. He says, why are we not getting some immigrants coming here from Sweden? We need some European immigrants. Why are we getting so many? Anyways, we'll talk about that on his speech. And then aside from that, last night. Shocking event, folks in Miami. Last night, Mayor Suarez, who's the guy famously known for that tweet. When Elon Musk was not happy about what Gavin Newsom in California were doing to him and Tesla during COVID. And he comes at and asks a simple question on Twitter. That blows up and it was called, how can I help?

• 3:33Patrick Bet-David?

  And they put together one of the best business conferences Miami's ever put together. The America Business Forum, everybody was here just last night. They elected a new mayor, Democrat that won last night. Replacing, obviously Mayor Suarez did his time, but beating out the Republican Emilio Gonzalez. And apparently Byron Donalds tried to help this man win. DeSantis, Trump and Xi won. And you know what she ran on? Affordability. So we're definitely going to be talking about that as well. On top of that, Trump, green lights, Nvidia's AI chip exports to China touts 25% US share. He calls affordability a Democrat scam. That's going to be a topic today.

• 4:14Patrick Bet-David?

  Diamond on Trump media debunking. People have to grow up here. That's Jamie Dimon. Trump says he will sign the one rule executive order to federalize AI regulation. Some like that. A lot of people don't. We'll talk about that. Trump threatens Mexico with a 5% tariff over the water dispute that they have.

• 4:33Patrick Bet-David?

  He struggles to persuade. Trump struggles to persuade Americans regarding the affordability issue. Again, this goes back to this thing here. We cannot be looking past this. Maybe Dan's got a different angle that we'll talk about here today as well. 20 signs there's an affordability crisis. US layoffs soar past 1.1 million in 2025, highest since the pandemic. This next one is a very technical, you know, topic that I think it's important to some employers nowadays. And this is a Business Insider story. Being hot is now a job requirement. Not hot, as in it's hot 88 degrees, but physically hot is now a job requirement. And HR is actually okay with it. I don't know how they do that, but it is.

• 5:16Speaker 05

  Am I getting fired?

• 5:17Patrick Bet-David?

  No, Tom. It's just you're a little too hot. Okay. Fed is expected to deliver third straight rate cut this week amid labor concerns. I think it's going to happen sometime today, this afternoon. Americans suddenly more optimistic slightly about the economy. That's a Forbes story. Ray Dalio says Middle East is becoming a Silicon Valley of capitalists. David Ellison promised White House sweeping changes at CNN if they allow them, Paramount, to buy up, you know, Time Warner, which I think that comes with it. Jared Kushner back fund is part of the Paramount Warner Brothers bid. There's some new stories that just came out that Tom's going to be sharing with everybody. Saudi Qatar and Abu Dhabi want to put billions into Paramount and Warner Brothers.

• 6:01Patrick Bet-David?

  Why? We'll explain to you why. Tom's definitely got a breakdown on that. Maldani fake Miami realtors report 166% spike in inquiries from wealthy New York City residents. New York City luxury buyers reportedly flood Miami Beach real estate market after Maldani's mayoral election. Home delistings. Ready? Delistings surge. As sellers struggle to get their price. So I put the house on the market and I'm gonna de-list because it's not selling and my realtor says it's been on the market for 320 days. Let's take it out for two months, put it back on as if it's only been on there for one month and change the price a little bit. Gen Z is obsessed with renting. Big Short Michael Burry is doubling down and defending

• 6:41Patrick Bet-David?

  his call for a stock market bubble and predicts a Netscape fate for OpenAI. And then we got a couple of other stories that were leaked yesterday that came out. JP Morgan Lake warns of higher costs for 2026 and a few other things I will definitely get into in regards to cars, the idea of the tiny cars. I don't know if you guys have been following this tiny car story. Not Tiny Dancer, the president wants to introduce tiny cars in America, but it's a problem because it's very complicated on how to introduce these tiny cars. Rob, later on, when you can pull up the tiny car stuff. But having said that, we are roughly three weeks away from 2026.

• 7:22Patrick Bet-David?

  Once a year, we host a business planning workshop. I want you to watch this video. It's this Friday. We go through a 200-page manual. If you haven't yet registered for it, this is your last chance. Watch the video. Go ahead, Rob. Business is a lot like Jenga. Every piece matters. You need a vision. Just carefully. Oof, fool. You need capital. You definitely need capital. Put this here. Ooh, this hanging on one piece here, by the way. You need the right team, for sure. You need sales.

• 7:58Patrick Bet-David?

  As good as this looks, if your foundation isn't built on a good business plan, you know what happens? No!

• 8:09Patrick Bet-David?

  The whole thing crumbles. If you have big plans for 2026, on December 12th, I'm hosting an event called the Business Planning Workshop where all day we go through the 12 building blocks of writing an effective business plan. So this doesn't happen to you. If you haven't yet registered, click on the link below. Let's spend an entire day together on December 12th. Looking forward to seeing you there. All right, we're gonna put the link below. Go get registered. December 12th, we'll be with you guys. Bring your teams, bring your family. We'll be going through a lot of different things, especially my own plan for 2026 that I reveal in this event that we do once a year. Having said that, let's get right into it. Affordability.

• 8:50Patrick Bet-David?

  Keeps coming up and it's annoying a lot of different people, Tom. Dan, it's just so frustrating right now that that affordability topic on what they're saying. Yesterday, the president, Harry Enton, I want to go into right off the bat, Rob. Harry Enton shows this poll on what's going on with the younger generation. Okay, Trump's net approval rating from ages 18 to 29 from February to now. Go ahead, Rob.

• 9:17Speaker 03

  As you know, Donald Trump put in the best performance for a Republican presidential candidate among young voters since George W. Bush did back in the early 2000s. And you know, he started off his term, his net approval rating among voters under the age of 30 at plus 10 points. Hey, that's pretty gosh darn good, but you come over now, according to CBS News YouGov, this isn't falling into the water. This isn't going under the seas. This is going into a deep, dark, black hole. Look at that minus 46 points. That is a shift on the net approval of 56 points in the wrong direction since February. My goodness gracious, you know, I love looking at these swings, looking at how the electorate changes. You rarely, rarely ever see swings like that.

• 9:59Speaker 06

  We look at a lot of polls. We almost never see drops this big, this quickly. Any sense of why, what issues may be driving it?

• 10:06Speaker 03

  You know, look, we've been talking about it. You were talking about it last segment with Mr. Matt Egan. It's the economy, stupid. I mean, just take a look here. Age 18 to 29 on Trump and the economy back in October of 2024. Who did those under the age of 30 trust? Harris or Trump? It was Trump by 10 points, according to the Marquette University Law School poll. Look at where his net approval rating is now on the economy. Minus 52 points. Very similar to what we saw on the CBS News YouGov poll in terms of his overall drop in support on the net approval rating. And this minus 52, very, yeah, it's just stunning. It's just stunning. I mean, John is here with me.

• 10:45Patrick Bet-David?

  Can pause it right there. Tom, I'm going to come to you first, then I'm coming to you, Dan. Go ahead, Tom. Why do you think this is happening?

• 10:50Speaker 05

  Well, Harry pointed it out well. The number one issue in the economy right now, there's actually a couple. And I'm going to leave the iceberg. For last, the people are looking for higher paying jobs. They're looking for jobs where they come out of college. And I'm not talking about the kids that studied, you know, European art history and like, gosh, what can I do with that that degree? Those are the kids that are mismatched and never should have been studying those topics. I'm talking about college graduates are saying it's increasingly difficult for me to find a job, even STEM jobs. We see layoffs happening, but the number one thing is affordability. What happened under Biden, and we can talk about it all day long. All the inflation was Biden's fault,

• 11:31Speaker 05

  and inflation is back down. Well, it is down. It's down to 3% versus 2%. So it's down. But what happened under all that inflation is cost of housing, cost of insurance, and those are the top two. Car insurance affects the youth 1829 and housing. And they refer to this, everybody's referring to it properly, as affordability for the up and coming generation. So they're like, we supported you in here. Now we're looking for change and we're looking for, and we need to see change so that we can afford to live and we can launch our our lives and careers. And that's what's happening with this group. Now, the Democrat messaging has been hammering through the media that all this is all Trump's fault,

• 12:13Speaker 05

  inflation is Trump's fault. So there's a lot of stick that they're getting on that. But the fact is, Trump's policies are going to make things more affordable, but it's not happening as fast as these people that are looking for housing and looking to launch their careers and lives want. And the Dems are pushing it. And the president can say it's a hoax by the Dem. It is a messaging hoax, but you have to counter it with messaging of your own and definitive things that help bring prices back down. Dan, how do you address this?

• 12:43Speaker 04

  Well, I don't like to disagree on the first topic, but my kid, when he got out of undergraduate school, my daughter took seven months to find a job, and our son took nine months to find a job. And they both found jobs, and it was recessionary time in both cases by making hundreds and hundreds and hundreds of phone calls, hundreds and hundreds of letters out, going on dozens and dozens and dozens of interviews. And the kids today, because I have a fairly large consortium, it's got almost Forty companies and the kids go one interview and they don't even call back to find out how they did. So they the elitists of that generation, in my opinion, are lazy. I mean, we don't have an affordability problem, in my opinion.

• 13:28Speaker 04

  All I know is when I bought my first house and my dad bought his first house that we couldn't afford, he went out and worked overtime. He got another job. The kids don't want to have another job. They expect right out of school to make all kinds of crazy money, six-figure money, and they have no experience whatsoever. So I don't, affordability to me is a matter of choice. They're not looking hard enough and not working hard enough to get a job.

• 13:51Patrick Bet-David?

  Now, what do you think when you see a plus minus sixty-two points, right, with eighteen to twenty-nine? And let's just say the president comes up to you and says, you guys are having dinner. It's just the two of you. And he says, Dan, what do you think we focus on to fix with affordability? What would you say?

• 14:07Speaker 04

  Well, we sent the wrong message. Okay, I believe that the Democrats, and I don't believe that they do much right, but this particular case, they're doing the messaging better than we are. And so we have to up our game in messaging. And I don't know who's advising the president on giving this message, but he's got to change. And he's got to change. Full disclosure, I knew the president in another lifetime, and he's not quick on change. He's quicker now than he used to be, and he likes to be right, as we all at this table know. He likes to be right, and he abhors people that tell him he's not right.

• 14:37Patrick Bet-David?

  Okay, so messaging would be one issue, got it. In regards to the kids, you said your kids, one of them took seven months to get a job, the other one took nine months to get a job, a little bit more persistent. Maybe that's a good message for the younger audience, but some of the folks may say the following. They may say, and Brandon, I'm going to come to you with this one and see what you think about this. Last night, the mayor of Miami, who has been Francis Suarez for the last, I don't know, eight, twelve years, I don't know how long he's been there. He's been there for quite some time. And his father was also the previous mayor of Miami for another eight or twelve years. Javier, if I'm not mistaken, right? And he famously tweeted at Elon, how can I help?

• 15:19Patrick Bet-David?

  Elon responds back, hey, let's bring jobs to Miami, you know, Francis saying. But last night, the mayor who won last night, beating Emilio Gonzalez, the conservative, was a Democrat named Eileen Higgins, okay? She won last night in Miami.

• 15:39Patrick Bet-David?

  A member of the Democratic Party, she previously served as a member of the Miami-Dade County Commission from 2018 to 2025. Higgins ran in 2025 and defeated Republican candidate Emilio Gonzalez in a runoff, making her the first woman ever and the first Democrat since 1997 to be elected. We're talking 30 years, right? So, you got Miami, just went from a conservative mayor to a liberal mayor, first time in 30 years. You got New York, goes from a liberal mayor, Adams, to a democratic socialist mayor, Mamdani. Two big markets that we're talking about. Brandon, you just turned 30.

• 16:18Speaker 05

  Yep.

• 16:18Patrick Bet-David?

  When you see this happening, you're a guy, you know, you got bachelors and masters in national security, you went into school the right way, you know, and then shifted, not wanting to go into national security.

• 16:26Speaker 05

  Yep.

• 16:27Patrick Bet-David?

  You wanted to get into business. What do you think is going on here? You think, is it messaging? Is it actual issues? Is it actual things that's bothering that younger audience that's sitting there wanting to get their life started and saying, "Hey, man, we gotta do something about this"? What do you think is going on?

• 16:42Speaker 05

  Yeah, I, I have to agree and disagree with you, Dan. So, first of all, the job thing, yeah, I agree. You have to viciously attack that issue. You have to, you know, apply like crazy. You know, I, I did a lot of crazy things to get here and, you know, I could tell that story. But when it comes to affordability, like, it's just an objective fact that it's a much different situation than it was when you were, say, my age, you know, because the cost of living, like, like, think about how much money we added to the economy just in the last five years alone. Like, we doubled the size of the money supply. So, you know, we always talk about how it took like two years of an average salary to buy an average-priced house in the 70s. Today, it takes like nine years of an average salary to buy an average-priced house. So, I know there are like exceptional people are gonna make it happen no matter what, but it's like the Pareto Principle. 20% of people are like above average and 80% of people are kind of just average people. And when

• 17:27Speaker 05

  those people can't get by with like just food, housing, and energy, those basic things, you know, that's when you risk socialism. Because like, I think the, like, the, the real pillar of a society, like, the, the foundation of a society is a strong middle class. And if you don't have a strong middle class, then you start to have these like socialist tendencies. So, that's why I think we're seeing what we're seeing in New York and Miami. And I don't think Trump is handling it well because he's kind of gaslighting by saying that the issue doesn't exist. Like, it is a fact that it takes more than half of an average salary to pay for like the basic essential things to live, and that's not a good situation.

• 17:58Speaker 00

  This episode is brought to you by Indeed. You're ready to level up your business, but the pressure to find the right person to make that happen is intense. Indeed sponsored jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed sponsored jobs. Get a $75 sponsored job credit at Indeed.com/podcast. Terms and conditions apply. Hiring now? Then this is a job for Indeed sponsored jobs.

• 18:28Speaker 00

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• 18:45Speaker 05

  Shop now online or at retailers nationwide. Gatorade, hydrates better than water. Is it in you? Symptoms noted are signs of mild to moderate dehydration. Consult a healthcare professional if symptoms persist.

• 18:58Speaker 04

  Well, I'm not, excuse me, I'm not aware of that it costs half. That's 50 years ago for me. I just turned 80. I'm not using that as an excuse, but the numbers, every generation has a reason why they're not happy where they are economically. Going back to 1900. And the, the fact that Trump is one year younger than I am, and a lot of the people that advise him are almost his age, there is a different reality. It's like, it's surreal. And he's got his Kushner, who's appears to be a very bright guy, but he's a billionaire. I mean, these guys that are advising him aren't 30 years old, struggling to find jobs.

• 19:40Patrick Bet-David?

  That's a very good point. That's a very good point you're making.

• 19:42Speaker 05

  And Lotnik too, the commerce.

• 19:44Patrick Bet-David?

  I really like the point that you're making because sometimes, you know, you, you, you'll have people around you, around your age, and you're, if you're not paying attention to what is going on with that generation, you're not in communication with them. Even if he speaks to his son Baron. Baron, he's not the guy to speak to. It's, and by the way, this is why I believe the Turning Point USA audience is very, very important. Because they're the ones that are the 18, 19, 20 year olds coming up, that are going to school, that are seeing the issues, that are about to get married, that are wanting to buy a house, that are wanting to have kids, that are like, listen, I'm feeling it. I think there's a, I think TPUSA.

• 20:25Patrick Bet-David?

  Could do a great job right now with their audience on running a survey with their audience of the 16 to 29, 18 to 29, and asking them questions to get some intel back from that. Do you see what I'm saying?

• 20:38Speaker 03

  Yeah.

• 20:39Patrick Bet-David?

  Because that's, that's the audience they need to hear.

• 20:41Speaker 03

  Right.

• 20:41Patrick Bet-David?

  On what they're going through, to, to be able to figure this part out. And again, this is a big, no matter what anybody says, if Charlie Kirk was here right now, speaking to his younger audience, what message would he be giving to them right now?

• 20:54Speaker 03

  Hmm.

• 20:54Patrick Bet-David?

  To his Turning Point USA audience. Adam, where, where are you at with this? Because you're a Miami guy, you've been here your entire life, minus the one year when you lived in your dream destination, Addison, Texas, with the beaches there.

• 21:04Speaker 03

  Well.

• 21:04Patrick Bet-David?

  What, what do you think is going on here?

• 21:06Speaker 03

  I'm with Dan Penny on this. I think, uh, we have to stop focusing on the Oval Office and look in the mirror and fix your life. Trump's not gonna fix your life, Biden wasn't gonna fix your life, Obama, the list goes on. You have to fix your life. Everyone's complaining about affordability. Well, you know where it's pretty much affordable? Outside of every single major city in America. It's called supply and demand. So yes, if you're gonna move to New York City, yes, if you're gonna move to Boston, yes, if you're gonna use the LA, San Francisco, Miami, number one city in the world at this point, yeah, things are gonna be a little bit more expensive, because everyone's trying to move there. Nobody's trying to move to Bumble F, or to Des Moines, Iowa. Everyone wants to move to the best cities in the world. That's like, everyone wants to date the hottest chicks,

• 21:48Speaker 03

  all girls want to date the richest guys, everyone wants to live in the best cities. So Miami, just under Mayor Francis Suarez, just became, in my opinion, the number one city in America, if not the number one city in the world. You're in America, you're in Miami, LA's in decline, San Francisco's in decline, New York's in decline, Miami's on the rise, Dallas is on the rise, certain, uh, southern cities on the rise. Listen, uh, if life is unaffordable, and you're young, get a roommate. There's no guarantee that, "Oh, I'm an American, I get a house." That's, that's BS. So you may not be able to afford a house, cool, rent, have a roommate. So the affordability thing, like Tom mentioned, it's the economy, stupid, uh, James Carville. It's always the economy, it's always, uh,

• 22:32Patrick Bet-David?

  I'm with that, Adam.

• 22:33Speaker 03

  Pocket issues.

• 22:33Patrick Bet-David?

  Here's what I want you to think about. Here's what I want you to think about. Tom, I'm gonna come to you next. So, here's, first, Rob, if you wanna play the clip of Trump reacting to affordability, and I'm gonna come back to you, Adam. If you can play this clip, go for it.

• 22:43Speaker 04

  Affordability is a con job by the Democrats. They say affordability. I watched the other day where some very low IQ Congresswoman.

• 22:53Speaker 04

  Talked about affordability, affordability, affordability. She had no idea. Their prices were much higher. The word affordability is a Democrat scam.

• 23:05Patrick Bet-David?

  Okay, so that's the clip that he's talking about. And then he's give, is this the talk yesterday, Rob? Go ahead.

• 23:11Speaker 04

  You know, and I said it the other day, and a lot of people misinterpreted. They say, oh, he doesn't realize prices are, prices are coming down very substantially. But they have a new word, you know, they always have a hoax. The new word is affordability. So they look at the camera and they say, this election is all about affordability. Now, they never talk about it. They never talk, thank you very much. They say I'm not allowed to run. I don't know what the hell that's all about, but that's okay. He said four more years. You've seen the new hat. We have four more years.

• 23:45Patrick Bet-David?

  By the way, while he's saying this, gas prices dropped to the lowest in December 2025. And the last time they were this low, uh, which is around $3 right now, December 2025, was four years ago when Trump was president in 2021. That's gas prices, right? But what I want you to think about is what he just said right now, a minute ago. Dan said affordability could be a messaging issue. And then the other part also Dan said, which is you may need some of the younger audience around you to get a pulse and see what they're going on. What is it right now? National average gas price?

• 24:15Speaker 03

  $2.94.

• 24:15Patrick Bet-David?

  Rob, can you go a year ago to see what the national average was exactly a year ago? Uh, uh, uh, of where was that? But this is what I want you to think. Okay. So give me actual ideas. Because the part about the house, it took three and a half times your salary to buy a house 40, 50 years ago. It takes eight, eight and a half times your salary today to buy a house. That's a real number. Okay? So people are, okay, took around three and a half times your salary to buy a house 50 ish years ago.

• 24:45Speaker 03

  Okay.

• 24:45Patrick Bet-David?

  So you're making 20 grand a year. You could buy a house for $70,000. That's three and a half times. Today it's taken seven and a half to eight and a half times salary. You're making $70,000 a year? Do the math, you know, 450, whatever you want to put there, right? 560. So those are real numbers. Car prices in America.

• 25:02Speaker 03

  Sky high.

• 25:02Patrick Bet-David?

  You know, it was first time $50,000 the average car price, right? But then the income is not going up at the same levels.

• 25:09Speaker 03

  Right.

• 25:10Patrick Bet-David?

  What do you do? Trump asks you just purely, a camera's off, you're just talking. What do you think we can actually do? Not messaging. What, what do you think we can actually do to address a few things?

• 25:20Speaker 03

  As far as individual economy or the affordability?

• 25:24Patrick Bet-David?

  I want to find a way to make things a little bit more affordable for 18 to 29 year olds. Give me specific feedback. What do you say?

• 25:31Speaker 03

  Listen, since COVID, the game has changed permanently with AI technology. We can't, we're not playing by grandpa's old rules. I say this all the time, the days of I get a job, I go to college, get a job, get out of the workforce, work for the same company for 40 years, get my gold watch, retire, live on the system, I live till 65 and retire. So that, that, that is so out the window. It's an outdated, antiquated approach. People are living longer, affordability is an issue, but affordability has been an issue when the dot com bust. Affordability was an issue right after I graduated college, 2008.

• 26:08Patrick Bet-David?

  That's not what I'm asking you. No, don't give me greatest hits. What I'm asking you, if you don't have it, I'm gonna go to town.

• 26:12Speaker 03

  I'm telling you right now.

• 26:13Patrick Bet-David?

  Give me the ideas.

• 26:14Speaker 03

  The ideas is you have to change your own system.

• 26:16Patrick Bet-David?

  No, that's not what I want to hear.

• 26:18Speaker 03

  You're not going to buy a house.

• 26:19Patrick Bet-David?

  That's not, that's not what I want to hear.

• 26:20Speaker 03

  But that's the problem.

• 26:20Patrick Bet-David?

  That's not what I want to hear.

• 26:20Speaker 03

  We still think that you're gonna buy a house and rent the car.

• 26:22Patrick Bet-David?

  So then I'm gonna come to you, Tom.

• 26:23Speaker 03

  You're not.

• 26:23Patrick Bet-David?

  I'm not asking you that. I understand what you're saying. Everybody in this room is self-sufficient. Everybody, this is not this room that we're talking about. Everybody in this room gets up, pays their bills, takes care of their family, takes care of all the stuff that they need to do. We find ways to improve ourselves. This is not this. You just saw a plus minus of 62 points. Tom, he asks you, you can be an analytical thinker. What one, two, three steps do you give to do things with this?

• 26:51Speaker 04

  I'll, I'll give you three steps. But first, I'll give you the, one simple stat. The day, from the day he was inaugurated, Biden, 2021, January of 21, to the day Trump was inaugurated, January of 25, the rents in Miami went up 38% in those four years. And that is from numbers from the Miami Dade Commission. So this is self-reported by a Democrat group. Who probably is rounding it down a little bit. But I saw numbers that said it was really closer to 60% in with young professionals that were making 75 to 80,000 dollars a year, professional job, coming to Miami, looking for a place to rent. Not a white picket fence, not to do all that.

• 27:35Speaker 04

  So in other words, we have incredible cost and they have insurance. That's real. So don't use the word affordable, just say, how do we bring down insurance costs and find affordable housing for people that want to make Miami great, a financial analyst and wants to earn 80 grand and move down here, Pat? Here's what we need. We need very active engagement to reduce the red tape and regulation on builders. And we need the city to open up, there is city land that is sitting in previous industrial areas that is still owned by the city that was long-term leases and stuff. They need to release some of that land.

• 28:14Speaker 04

  So we saw in Dallas how they built a central town, Frisco, a lot of apartments and a lot of nice areas for people who are going to work there. We saw central town, downtown Dallas. We saw the central town in Addison. Remember those, Pat?

• 28:29Speaker 05

  Of course.

• 28:30Speaker 04

  These were planned areas for someone like you, you know, making 75, 80 grand a year, getting the start and living in good, safe, affordable housing. And yes, it is going to be more expensive then. So I think number one, my number one point, Pat, is the city has to take an active engagement with the entrepreneurs that are building affordable housing, number one. And number two, the state insurance commissioner needs to get their act together because the regulations restrictions you put on insurance companies causes too many to leave and then there's not enough insurance and the price goes up people. So I need the state on insurance, I need the city on building permits, and I need them

• 29:13Speaker 04

  to start talking about that so that people can hear, oh, someone's out there. And by the way, if there's more units out there than the relative

• 29:21Speaker 03

  If rents are gonna come down thanks to supply, that's what they, that's what I would be pushing on if I was mayor. Because those stats are real.

• 29:28Patrick Bet-David?

  So why don't we, why don't we think about this, okay? When, when Dan, when we are, uh, uh, uh, in our, and Brandon, you could go to this one as well, but I'll come to you first then. So let's think about our top expenses when you're 25 years old to 30 years old. It's gonna be rent or car payment, right? Would you put anything above that? It's probably gonna be.

• 29:50Speaker 04

  Are you married?

• 29:51Patrick Bet-David?

  You're not married yet, 25, what you say not married.

• 29:53Speaker 03

  Housing, transportation, and then food.

• 29:55Patrick Bet-David?

  Okay, so let's.

• 29:56Speaker 03

  In that order.

• 29:57Patrick Bet-David?

  Would you say in that order, housing?

• 29:58Speaker 03

  Housing is number one, 33% of your overall budget, then transportation, yes.

• 30:03Patrick Bet-David?

  So, address each, address each. So if you got a housing, how do we address it? Build the. Car, how do you address it? So Tom just said housing incentivized, which we've talked about builders to build smaller homes. Cause we're no longer building starter homes, two bedroom, three bedroom, you, you've talked about this many, many times. It's now we're building four bedroom homes, we've seen the charts how it's declined from 45% to now 10, 15% of homes we're building are two, three bedroom homes, right? It's all four bedroom, cause for many different reasons, right? Yeah. But think, what do we do with housing? What do we do with car? And then what do we do with food?

• 30:37Speaker 04

  Housing is a three to five year, what he suggested, uh, and I agree with him, it's three to five years. You gotta change the zoning, that happen, um, and the councils, et cetera, have to vote on it. Uh, the, the people have to land bank, the builders are gonna have, have to go out and get land. Uh, and, uh, do the planning and get all that approved, that's three to five years.

• 30:56Speaker 03

  Fast permitting?

• 30:57Speaker 04

  Yes, exactly, it's before you, you, you put one shovel in the dirt. We need a prob, a problem to be solved yesterday, not three to five years.

• 31:05Patrick Bet-David?

  How do you do that though, Dan? That's not easy to do.

• 31:07Speaker 04

  No, no, and but now the guy that won in, um, New York City, uh,

• 31:12Patrick Bet-David?

  Maldani.

• 31:12Speaker 04

  Exactly. He pretends like his system or the socialistic system can do that, but it can't. It's just slow, if not slower.

• 31:20Patrick Bet-David?

  You know, every time you see when the economy is bad for the younger audience, you know, the memberships and communism goes up. Membership for communism and socialism goes up. You'll always see it. You're like, okay. It kind of goes like, you remember after the Great Depression? You should see the memberships into the Communist Party after the Great Depression. During the Great Depression, it was skyrocketing. Because the messaging was what? The rich people are getting richer, the poor are getting poorer. If you vote communism, you know, the government's gonna take care of you and they're gonna give this. And that's kind of like the younger kids that just came out of college that have been brainwashed for four years by economists and professors who are on the liberal side and are part of pro-union. They're like, yeah, yeah, the rich people are the reason why you're poor and the reason why you don't have a job. I hate rich people.

• 32:04Patrick Bet-David?

  You know, movies like Joker comes out where the Joker kills the rich guy in the movie and you know, these are the bad people and then you see Luigi Mangione, boom, let me go take you out this insurance guy because of what they're doing. And then in some temperature, all of a sudden elevates, right? The one thing that I like, are you following this tiny car thing closely? Are you following that closely, Tom, on what's going on with the tiny car? Can you pull up the tiny car Trump idea? So here's a couple of challenges that we have. If you just go back and type in tiny car and go to news. Go to tiny car, Trump tiny car news. Pick one of them of what they're doing. Trump's tiny car dream. Okay, next one, if you don't mind going, Rob. Third one says Trump's tiny car dream has problems. Okay, so what are the problems? You see that Japanese Kai cars?

• 32:48Patrick Bet-David?

  That he's talking about? If you pull that up.

• 32:50Speaker 03

  What do they look like?

• 32:52Patrick Bet-David?

  Forget about what they look like. Honestly, when you're younger, you don't really care about what they look like. You're trying to find the thing that you can afford, right? Like even what you want and what you can't afford are two different things. Look what happened with car regulation in America, okay?

• 33:07Speaker 04

  During the seventies, gas prices three Xed in a decade. During the seventies. Gas went from thirty cents to a dollar in a decade. Who gets elected next? Reagan. Reagan comes out with something called the CAFE. Rob, can you tell, type in Reagan CAFE cars? Okay. Uh, uh, the regulation, which is, stands for Corporate Average Fuel Economy. Under Reagan, that he came up with this, you know, i- issues on how to address this. So then, there was a couple of different things that we looked at during that time. This led to, through two thousand eight, two thousand eleven, two thousand twelve. They came out with new emission standards that the, the bigger the car was,

• 33:52Speaker 04

  the easier it was for your car to get approved on the emission standards that we had. So, so think about this, Adam. I don't know if you have this chart or not, Rob. If you don't have it, uh, uh, I'll send it to you. Here, check this out. Just show this here and, and, and let me send you Trump's tweet on tiny cars. This is so interesting for all of us to be looking at because I think this is at least something that they're doing. Let me know when you got it. All the three ones. One of them is his tweet and then it's the pictures of the emission standard cars and how ridiculous it is, what we've done to the market with cars. We have incentivized companies to build bigger cars. He wants to introduce an eleven foot car. Now, the eleven foot car, a, a small sedan right now is twelve and a half to thirteen and a half feet.

• 34:37Speaker 04

  Okay? Then you have trucks that go from thirteen and a half to sixteen and a half feet. And then you have the SUVs that go eighteen and a half. And you have the bigger trucks that can go all the way up to twenty-two feet. A truck can go all the way up to twenty-two feet. And they do this because car companies like Ford are sitting there saying, hey, man, this is allowing us to build bigger cars. Bigger cars allow us to go with lower standard emissions that we have in place. And we're making a shit ton of money. And you know where we are right now? Seventy-five percent of registrations of cars today, Dan, are either SUVs or trucks. Seventy-five percent of cars being registered in two thousand twenty-four are SUVs or trucks. Guess who's making all the money?

• 35:22Speaker 04

  The automatic, they're like, hell yeah, let's keep doing this, right? Now, watch this, that one right there, Rob, if you can, if you can make that one bigger. So, check this out. Twenty twenty five, uh, uh, go back to that one, right? Twenty twenty five standard on the vehicle footprint. The bigger the car, you see the, uh, uh, uh, footprint up top and a miles per gallon. The bigger, the smaller the car, the more miles per gallon it needs to have. But the, the bigger the car, the less mile per gallon needs to have that it gets approved. So, they're, they're sitting there saying, you know, here's what we're gonna be doing, you know? So, Ford's gonna say, guys, keep doing this, cuz we're selling cars and car prices are going to fifty, fifty thousand dollars. We're making a ton of money selling these trucks. And then Trump comes out with this, saying, I have just approved tiny cars to be built in America.

• 36:06Speaker 04

  Manufacturers have long wanted to do this, just like they are successfully built in other countries. They can propelled by gasoline, they can be propelled by gasoline, electric or hybrid. These cars, uh, of the very near future are inexpensive, safe, future, fuel efficient and quite simply amazing. Start building them now. Thank you to DOJ, da, da, da, da, da. Okay. This was inspired by a car called the Tapolino. The Fiat Tapolino. I don't know if you've seen the Fiat Tapolino. Which, uh, it's the name of the car. It is eight and a half feet. And it gives you, fastest it goes is twenty eight miles an hour. And it's fifty miles range is what it has. But it's cheap, okay? And so then the argument on why these things they're not fans of.

• 36:49Speaker 04

  The other argument on the regulation is America has the widest lanes. Because we had so many accidents that was taking place. Cuz in Europe, cars go like this cuz their lanes are very tight. If you notice the roads in Europe, you go to Italy, the other day, I'm in Italy driving a car. I got stuck, I was late forty five minutes. Do you remember this time? I was late forty five minutes, these guys are waiting for me, I'm like, I don't know how to get out of this. I'm literally in a, in a car.

• 37:10Speaker 03

  We're just driving, we didn't do anything crazy.

• 37:13Speaker 04

  And they're like, this is the dumbest thing to do in Italy when you rent Escalades. And we're in the road, I'm like, Vinny, how do I get out of this? Vinny has to get out of the car and come back, do this, we're doing all the old school Middle Eastern style.

• 37:24Patrick Bet-David?

  Edge to the pavement.

• 37:25Speaker 04

  Zero.

• 37:25Patrick Bet-David?

  It wasn't.

• 37:26Speaker 04

  But that's why they build cars like this. In America, they build wider lanes. Fewer accident, they saw the range of doing that. So to me, this could be a major opportunity for some automakers to come out and say, I'm gonna build the tiny cars. I'm gonna build the starter cars. Maybe we go back to a $10,000 car, $15,000 car, new, $5,000 car, used. Some of these cars looking like this, by the way, Rob. If you want to make it bigger. I don't know. I think it has to be something to do with homes where they live, rented house. Something to do with cars, and I'm glad he's going there. But there needs to be actual solutions of what to do. What do you say about this, Brandon?

• 38:03Speaker 05

  Yeah, the common theme in all of them is regulation, because I didn't know about the EPA thing right there. That's interesting, because you know with homes, it's like zoning laws, they say add an extra 20, 30% of the price of a house. And then with that, that's obviously jacking up the price of it. So, like, the solution to it is to like, make it more feasible to build more of it, make it like, create circumstances which is profitable for the producers to build more of it, and then the price will come down. But, like, they've put policies in place that make it more expensive to build things. Like, there's no reason that like, lumber and steel and like electronics, like all the inputs of cars and houses, cost more than they ever did before. Like, that's a, that's a policy-driven outcome. So, like, if we get the policies to make those things cheaper, then they could build more of them, then it'll be okay.

• 38:46Speaker 04

  I'm gonna come to you with this one, Dan, because a part of these new emission standards that Biden was pitching, that by 27, 2035, they want to get to certain levels, and they want to lower gas-powered cars, and they want to increase, you know, hybrid, you know, driven cars. And that model is kind of, these regulations are preventing people from building cheaper cars because the regulation is tighter. And some of it has to do with climate change, and I know how you feel about climate change. What do you say about this? Let me just go back a second. So far, none of you have talked about the higher, higher death rate in these cars. And there was a study in the UK, four or five years ago,

• 39:27Speaker 04

  that you had a less than 50% chance of surviving a head-on accident in these little things. And so, a lot of the countries, especially Germany, who used to build tanks, you know, backed off it. And so, environmentally, the gig is that,

• 39:49Speaker 04

  Right now, the American Petroleum Institute says we have, let's say, say fifteen trillion barrels of reserves around the world, okay? And that's probably off by a factor of at least three to five. Because countries like Saudi Arabia, countries like Kuwait, who I had a ten-year relationship with, Venezuela, all don't cheat the numbers, but they downplay the numbers, okay? The Ramco, which is Saudi Arabia, basically, tried to go public for twenty-five years and couldn't go public. They went to NASDAQ, the New York Stock Exchange, Hong Kong, Beijing, et cetera. Nobody would take them public because to go public, they had to have a reserve report, meaning they have to have, by Ryder Scott or one of the big engineering companies, to say how much oil you really have, how much is proved producing oil.

• 40:34Speaker 04

  No, but they wouldn't produce those numbers. So finally, Saudi, the kingdom, decided, well, we'll go public in Saudi, so we'll take it ourselves. Nobody participated. So they made all government employees mandatory that they had to buy fifty shares or three-hundred-and-fifty shares out of their own paychecks to get it away. And so they only sold or took two or three percent of Ramco public, and they had more than a trillion-dollar valuation. If you knew, this audience knew, how many oils, barrels of oil reserves were really in the world, in my estimation, oil would be five cents a barrel.

• 41:10Speaker 05

  Mmm, that's a great point.

• 41:11Speaker 04

  Because there's ten, twenty, thirty times more oil reserves, and they keep coming up with secondary and tertiary methodologies to extract the oil. For example, the North Sea, Bob Dyke, who was my partner when I went public many years ago, he founded the North Sea in Argyle in seventy-nine. And he said this is gonna, at that time, it was only supposed to last twenty years. So by the year from seventy-nine to two thousand, North Sea should be done. Well, the North Sea's still got fifty, sixty, seventy years left because of all the oil reserves that are still there.

• 41:39Speaker 05

  Great point.

• 41:40Speaker 04

  Okay, and so, but those cars, you wouldn't want, maybe, I normally say you wouldn't want your wife driving that car, maybe you would, but maybe.

• 41:53Speaker 04

  So listen, my wife and I are having problems. Buy her a Topolino car. It'll be fixed within six months. That's right. You have an SUV. She has a little car. You know, my guy, I don't want to see those accidents. I do not want to see an SUV.

• 42:04Speaker 03

  But this is hard for me to relate to. I've been driving Rolls since 71. When I was a senior in college. And I've got.

• 42:11Speaker 04

  You drove a Rolls as senior in college?

• 42:13Speaker 03

  Yeah, yeah, yeah.

• 42:14Speaker 04

  How'd you drive a Rolls in senior in college?

• 42:17Speaker 03

  Silver cloud was 35 grand at the time. I scraped a three grand because I was in sales. The other guys were driving town cars. Eldorado Cadillacs. And my sales manager, who was a biased racist guy, a lawyer from Mississippi, said.

• 42:32Speaker 04

  But you love him.

• 42:33Speaker 03

  Pena young boy like you ought to be able to sell everybody that walks through the door. But you got to differentiate yourself from the other salesmen. The other salesmen were driving Cadillacs and Continentals. So I went and got a Rolls, 35,700 bucks. And I've been driving Rolls ever since.

• 42:47Speaker 04

  Since 1971? What do you love about Rolls?

• 42:51Speaker 03

  That not many people have them.

• 42:53Speaker 04

  Just that?

• 42:54Speaker 03

  Yeah, I'm a three Rolls family now and have been for a long, long time. I could have flown up the airport, first thing I thought, why did I land here? Why do we have to drive an hour? But anyway.

• 43:04Speaker 04

  Yeah, most people, most people flying, land here, John Morgan from Morgan and Morgan was here a few days ago. He lands on the airport. And then he asks his driver, so driver, how long do we have left till we get to the office? He says, three minutes, sir. How the hell is that possible? Well, it's on the airport. Brandon, what do you say about this?

• 43:21Speaker 05

  That's a fantastic point you bring up about the oil. And I've been meaning to show these two charts on the podcast for a while. So look at this. These are the biggest oil reserves in the world. That one's production. So I was gonna show that one second. So biggest oil reserves in the world. You know, the US is way down at the bottom there. But then if you go to production, US is producing the most. So imagine if we got the full potential of oil production out of those largest reserves in the world. Like, yeah, there's an abundance of oil that we're not using.

• 43:46Speaker 04

  You gotta be kidding me. So go back. So look at this Venezuela's number one. In the amount it's sitting on.

• 43:52Speaker 05

  Yeah.

• 43:52Speaker 04

  But production, you don't see it in the top 10. Go to the next one, Rob. Look in production. They're nowhere in the top eight. So what does that mean though? What does that mean?

• 44:02Speaker 03

  They're holding back.

• 44:03Speaker 04

  You need a working power plant to run a refinery. But then, is it holding back? Or is it because the president, the US has put sanctions on Venezuela?

• 44:11Speaker 03

  Both.

• 44:12Speaker 04

  Which one's a bigger pressure point?

• 44:13Speaker 03

  Well, the sanction just started. So Venezuela's been doing.

• 44:16Speaker 04

  Been in this for thirty years. So the sanctions just started. Why would they hold on to it though? Why do they hold them back? Because they know that someday, irrespective of what Elon the Musk says, someday that, you know, that oil is going to be worth its weight in gold, pun intended. But the real, the big money, the guys like you, they're investing in water. That much water will cost more than a barrel of oil fifteen, twenty years from now. The big money, this is what they're investing in. I know that's not what this podcast is about. But I mean, so, but, and it's proved producing reserves are the ones that they normally use. But in Saudi Arabia, it costs about a dollar forty to get a barrel of oil from under the ground to the surface. Buck forty.

• 44:59Speaker 04

  A buck four, call it two bucks, call it two bucks. And East Texas, it costs about fifty bucks. In the Gulf of America, formerly the Gulf of Mexico, it costs about a hundred and twenty bucks. In the North Sea, it costs about two hundred bucks. And it's a buck forty. How is that possible? Because you can, you can pick up the oil with your hand. When J. Paul Getty founded oil in Saudi Arabia back in the late twenties, early thirties, he was looking for water. And there's this ugly black shit that kept coming out, the Bedouins out there. What is this stuff? And then he, of course, then he got rich as, and then he wouldn't pay ransom for his, his kid or grandson. Nothing. He wouldn't pay.

• 45:44Speaker 03

  They sent him back with one ear eventually.

• 45:47Speaker 04

  And then he told him, I got eleven more grandkids. So you got a lot of people to cut their ears off of with this comment.

• 45:52Speaker 03

  Savage.

• 45:53Speaker 04

  Yeah. He had a payphone in his house.

• 45:56Speaker 05

  And quick thing on that too, and tell me if you would agree with this. I think the scariest thing in the world for oil companies is oil going below sixty bucks a barrel. So I think that.

• 46:04Speaker 04

  Sixty-five is where they, sixty-five is where they make money in US.

• 46:07Speaker 05

  Yeah, sixty, sixty-five to eighty is their comfort zone. So I think they have a vested interest too in withholding that oil and not opening up Venezuela's oil.

• 46:15Speaker 03

  I got something.

• 46:16Speaker 04

  Go ahead.

• 46:17Speaker 03

  Well, you compare United States to Saudi, it's not even, it's not even close in terms of production. Texas actually is a, a bigger economy, produces more oil than Saudi. And Saudi is known Saudi Aramco, what, $2 trillion market cap?

• 46:33Speaker 04

  Mm-hmm.

• 46:34Speaker 03

  Texas is bigger than Saudi. So people, oh Saudi, all these countries that are producing oil, America is the biggest top G on the block. Regarding tiny cars, my opinion is, the average American dude does not want a tiny car. The average American person should not get a 50 year mortgage. Just because Trump throws things out there, it's bombastic. Get the big beautiful bill, there's going to be recalibration, there's going to be negotiation. Listen, if you're Jean Claude in Paris, go get yourself a tiny car. If you're Giuseppe in Italy, go get yourself a tiny car. If you're in America, your name's Rick, you want a Ford F-150. You're not driving these tiny cars. I used to drive these little tiny cars around Miami. They, before Uber hit Miami in 2012, 2013, right around that time, 2014, Miami dropped off,

• 47:19Speaker 03

  I think, a thousand of these cars all over the city. And you would tap it, when you would go in, and you'd use it for five minutes at a time. You do not want to drive these cars on the highway. Talk about accidents. You drive it to Miami, to Lincoln Road, whatever, you're leaving on the side of the road. It's kind of like, just renting a bike, but it's a little tiny car. Uh, do not, uh, do not get a car like this, if you actually want to get laid. Yeah, I had a girl at the time, so it wasn't a big deal.

• 47:46Speaker 05

  Oh, I knew it.

• 47:47Speaker 03

  Average guy does not want this car.

• 47:49Speaker 05

  So you're saying there's no room to jump into the nonexistent backseat?

• 47:52Speaker 03

  There's no backseat, okay, exactly.

• 47:54Speaker 05

  But don't guys still get cars as chick magnets?

• 47:57Speaker 04

  Tom, let me hear what Dan has to say. Go ahead, Dan.

• 47:59Speaker 05

  Don't you still want a car as a chick magnet?

• 48:02Speaker 03

  Yeah, some guys do.

• 48:03Speaker 05

  Even the new generation?

• 48:03Speaker 03

  Yeah, of course.

• 48:04Speaker 05

  Okay, I, I didn't.

• 48:06Speaker 03

  Think about the backseat angle, but. You always think about the backseat, backseat, okay, Dan? There's plenty of room in the roles.

• 48:12Speaker 04

  You're not gonna have a hard time with that.

• 48:13Speaker 03

  Gentlemen, go get yourself a Rolls, follow, uh, Dan Paney's advice.

• 48:16Speaker 04

  By the way, this transitions into, you know, the, the next story I want to get into, which is, uh, the president talking about immigration in his speech. And he asked a question, he says, why are we getting so many immigrants? Rob, you know which clip I'm talking about? The one where he says, uh, let's get some immigrants coming here from Sweden. Okay, let's get some immigrants coming from Eastern Europe.

• 48:37Speaker 03

  Yeah, I agree.

• 48:37Speaker 04

  Why are we getting some, you know, folks that are coming here from? I'll just let him tell you for, here, here's the president, go for it.

• 48:45Speaker 04

  I've also announced a permanent pause on third world migration, including from hellholes like Afghanistan,

• 48:52Speaker 00

  Haiti, Somalia, and many other countries. This episode is brought to you by Indeed. You're ready to level up your business, but the pressure to find the right person to make that happen is intense. Indeed sponsored jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed sponsored jobs. Get a $75 sponsored job credit at indeed.com/podcast. Terms and conditions apply. Hiring now? Then this is a job for Indeed sponsored jobs.

• 49:26Speaker 01

  Low energy, unfocused, foggy, you might be dehydrated. Gatorade Zero powders have been scientifically designed to help improve hydration balance in the body. With a clinically proven electrolyte blend and no artificial colors or flavors. Great tasting hydration, no matter where you're going. Shop now online or at retailers nationwide. Gatorade hydrates better than water. Is it in you? Symptoms noted are signs of mild to moderate dehydration. Consult a healthcare professional if symptoms persist.

• 50:02Speaker 01

  I didn't say shit, all you did.

• 50:09Speaker 01

  Remember I said that to the senators they came in? The Democrats, they wanted to be bipartisan.

• 50:15Speaker 05

  So they came in and they said, this is totally off the record. Nothing mentioned here. We want to be honest because our country was going to hell. And we had a meeting. And I say, why is it we only take people from shithole countries? Right? Why can't we have some people from Norway? Sweden, just a few. Let us have a few. From Denmark. Do you mind sending us a few people? Send us some nice people, do you mind? But we always take people from Somalia. Places that are a disaster, right? Filthy, dirty, disgusting, ridden with crime. The only thing they're good at is going after ships. But they don't go after our ships.

• 51:00Speaker 05

  You know why? Because that same missile that knocks the crap out of them that with the drug dealers from Venezuela and others.

• 51:15Speaker 04

  I like the guy in the back. Persians for Trump. Gotta love it. So what do you think about what he's saying here? Why are we getting folks from Somalia, Afghanistan? We're not getting from Norway? Sweden and those countries, it's from the womb to the tomb. They take care of you. I mean, they don't have a lot of the problems that the people that are from Memphis, Tennessee, or Chicago, Illinois. Because from the time you're born, you're part of the system and you stay a part of the system till they bury you. And nobody's starving to death. So why would they leave? Why would they come here? They don't want to come here. They like their homeland. Exactly. And by the way, I think that's what the lady screamed in the background, right? Because she said, it's because they love where they're at. I think that's what she said in the background. Tom, what do you think about the speech on what he's saying about shutting down from certain countries? And then the comments about why we're not getting people from certain countries?

• 52:00Speaker 05

  Well, if you like your homeland, you can keep your homeland. I'm gonna make sure of it. You know, it's sort of a thing. Things that we saw in Southern California, where we saw Mexican people who had immigrated legally, that were in some of those northern states where the cartels were such a horrible influence. And so they literally want to leave a country that is horrible. And they would come to the United States legally. And we used to see in Southern California, those people saying, "I came here for opportunity. I came here legally, and every time I turn around, people think I'm here illegally." But they wanted to come here.

• 52:40Speaker 05

  The guy yesterday, the Vietnamese guy that was in the car demonstrating that not only did he learn to speak in English, boy, he learned how to swear really well in English, is he was pointing out that he came here from Vietnam, and he learned the language, and they built a business. And sure, he lived in a neighborhood with other people from Vietnam, but he came here to be an American, to live in America, because what he was leaving is a country that had a lot of problems. And this is the statement that is on the bottom of the Statue of Liberty, right on it. "Give us your tired, your poor, your huddled masses yearning to breathe free. The wretched refuse from your teeming shores."

• 53:22Speaker 05

  I memorized that when I was in school, because the message was, "Hey, we've got something better for you if you want to come here legally." But when the Democrats turn us into Refugee Central, that's where all of America draws alliances. Wait a minute, these aren't families and good people wanting to come for opportunity. You're just opening up the doors, and we are going to become the city dump for all the people that are coming over here, and there are bad apples in that lot. And that's where it begins and ends for me. And I'll defend those Mexican people in LA, who would have people say things to them, and I'd say, "Hey dude, that family came here legally. Do you know their story? Get off their back. You're perceiving, "Are you Mexican? Hey, when did you walk across?"

• 54:06Speaker 05

  No, no, no, they're good people that came. There was also a lot of bad people that just came across when the Dems opened the doors to refugee status. And it's the refugees we don't want. It's the honest people that want to come here for opportunity that we welcome. Adam.

• 54:20Speaker 03

  Well, to me, it's a, it's a culture issue. So not all immigrants are exactly the same. Listen, we're all children of immigrants. We're all moved here from somewhere. Your family is, came from Iran. I know you live in Scotland now, right? Yeah, but my family's from Mexico. Your family's Mexican. Brandon, you're Italian of some capacity. Uh, Tom is Canadian, European. My family's Russian, uh, Ashkenazi Jewish. But not all immigrants are the same. The biggest issue is not so much. He named, he named a couple of countries. For instance, he said Afghanistan. There's a culture issue between Afghanistan and the United States. I'm sorry. Major culture issue in Somalia. Difference is you have Cuba, you have Haiti. I grew up in Miami.

• 55:04Speaker 03

  Half my friends are Cuban, Haitian, Jamaican, Venezuelan. There isn't a massive cultural difference. There's still the same framework of religion, culture, family, society, values. Not that people from that side of the world, the Middle East, don't have the same culture. But let's be real here. If your country runs on Sharia law, it's not gonna work in America. If you're in Cuban, uh, the biggest issue I have with my Cuban friends in Miami, I've said this before, there are people who've been here 10, 20, 30, 40 years. Habla no inglés. You're telling me you've been here 30 years? You speak zero English? Pedro, tú necesitas aprender inglés. But if you just wanna be broke and Cuban or Haitian and never learn English in Miami, you can do that. But we don't worry about these people.

• 55:49Speaker 03

  They're working, they're doing whatever. They're not trying to dismantle America like a lot of the Islamist culture that comes into America. Speak English.

• 55:58Speaker 04

  How often do you go to UK? How familiar are you with what's going on in UK?

• 56:01Speaker 03

  Well, I, I live there. Yeah, yeah, yeah.

• 56:04Speaker 04

  So you're there, is it like nine months added a year, 10 months added?

• 56:07Speaker 03

  Uh, I, I travel three and a half months and I'm there the rest of the time.

• 56:10Speaker 04

  Okay. So what have you noticed happened there with specifically? Cause I, I just saw something that said you've lived in Scotland since 84, right? Or 84 when you bought your, I think the castle that you have in Scotland. Yes. What have you noticed happened to UK, London, from 84 till today?

• 56:29Speaker 03

  Well, uh, let's uh, go back to the uh, seventies and um, first, the uh, Russian money. Seventies and eighties, the Russian money propped up property prices, um, triple, quadruple. Uh, Mayfair, what most people don't know is property prices in Mayfair have gone down twenty-one of the last twenty-five quarters. Nobody puts it in the newspaper because it'll be a self-affirmative prophecy. Mm-hmm. After uh, the uh, Russians, then came the Saudis. The Saudis, they, they would buy a Mercedes and if it ran out of gas, they left it on the road, they go buy another Mercedes. Mm-hmm. Okay, uh, the uh, uh, and, and see, they, they propped up prices.

• 57:06Speaker 03

  The same in Be- Beverly Hills, California, as is um, the uh, my estates, the, the guys that are around me that have been there seventy, nine-hundred years. Uh, they uh, uh, their properties, some of them cashed out and retired, they nev- even though the property's been in their family five-hundred years. When a Russian or an oligarch uh, uh, comes and um, uh, comes in, uh, offers you ten, twenty, forty times what it's worth. Fine, you want the furniture, the napkins, the pictures? Take it. I'll leave my wife here if you want. Yeah, exactly, exactly. So, I've seen that. She's in the smoker. I, I, I've seen that, uh, and I've also seen that the liberalization, now we have about one, two-thirds of the police that we used to have, we have now.

• 57:52Speaker 03

  Two-thirds of the police you used to have? We used to have. We used to have a- Less police, you mean?

• 57:56Speaker 04

  A third less.

• 57:57Speaker 03

  A third less.

• 57:58Speaker 04

  Yeah.

• 57:58Speaker 03

  A third less. And the, the, the cops there, if you watch, they make fun of them sometimes, they go viral, you know, four or five cops trying to uh, arrest two immigrants. Okay, and you can't hit them, you can't do this, you can't do that. You go to Germany, you go to France, boom, boom, boom, you know, it's, it's, it's the old-

• 58:17Speaker 04

  Not in UK.

• 58:17Speaker 03

  No, not in the UK. You, you have to really do something awful. Uh, and the uh, and in Parliament, which is archaic, I'm a UK citizen and a US citizen. Uh, Parliament is probably, should have been done away with two, three-hundred years ago. Um, it's an old system, uh, but they, they like the pomp and circumstance, but that's a reason for thirty percent of the people that visit the UK is for that pomp and circumstance. The changing of the guards, you know, under the old queen and now the uh, current king, um, it's, but it's deteriorated.

• 58:49Speaker 04

  Before the fifty to seventy-five million pounds a year that it used to cost to support the royal family wasn't even thought about. Now, the budget is down to around twenty million pounds, which is still a lot of money. But you go to Buckingham Palace, the last time Sally and I were there, not being braggadocious, it looks worn out. I mean, it's like, you know, when you see a carpet that's been walked down forty million times, that's what it looks like, okay? Buckingham Palace. Buckingham Palace, correct. And the king doesn't want to live there, he lives in another house down the street, which we would consider a palace, but it's not a palace to them. The only thing that they keep new are cars, because Rolls gives them the cars. They're not buying those cars, okay? And so I've seen deterioration.

• 59:33Speaker 04

  But our daughter was born there, our two sons started their education there, but, and when I went there in eighty-one, and I bought in eighty-four, for somebody that was, for me, it was like Pandora's Box, a young, aggressive guy, I mean, I just made hay while the sun shined. And now, it's less that way, but it's still, it's a foothold for Europe. And when I first went there, the wall had already come down, but remembering back, when I was a young army officer, they had an iron curtain, okay? And East Germany, who got liberated supposedly, and Western Germany merged with them, but Europe's a different place. But there's two different lifestyles.

• 1:00:18Speaker 04

  If you're in Spain, Portugal, Italy, as opposed to the countries that we talked about, that they take care of you from the wound of the tomb, it's like Mars and Venus, okay? And the UK's kind of in the middle. But it's a great place to visit, I'm there, it's the only house I have anymore, not exactly a house, but it's the only place up we have anymore, and it's absolutely terrific. But the business opportunities today, vis-à-vis Trump, and one of the reasons I'm still working, I extended, came out of retirement, is Trump is good for my business. Trump is good for business! Period.

• 1:00:57Speaker 04

  They sneeze in New York, and they catch a cold in England three years later, okay? And so, he's good for the economy. We all know that everything he does, he has a propensity like I do of having his hummingbird, uh, alligator mouth overloading his hummingbird ass.

• 1:01:16Speaker 03

  What does that mean exactly?

• 1:01:17Speaker 04

  Pardon?

• 1:01:18Speaker 03

  Alligator mouth?

• 1:01:19Speaker 04

  Alligator mouth, mouth overloads his hummingbird ass.

• 1:01:22Speaker 03

  What does that mean?

• 1:01:22Speaker 04

  That means he sticks his foot in his mouth.

• 1:01:25Speaker 03

  Oh, okay.

• 1:01:25Speaker 04

  Yeah.

• 1:01:26Speaker 03

  We all do it from time to time.

• 1:01:26Speaker 04

  Well, I know. He does it at a hold of a level.

• 1:01:28Speaker 03

  Well, can I, can I, a great point. Can I just say one thing back to this in a story? By the way, it comes down to leadership. Trump's saying things that are shocking, inappropriate, offensive, but are they wrong? I would argue that he's saying exactly what needs to be said. If leaders in Europe started speaking like this five, 10, 15 years ago, would Europe have this problem? I think not. The biggest problem with Europe, all their leaders are weak feminine men. The, the, the leader with the biggest, toughest, strongest balls in Europe is a woman named Georgia Maloney. You know, digest that for a second.

• 1:02:07Speaker 04

  They rather be liked than effective.

• 1:02:09Speaker 03

  Exactly. Trump is saying the quiet part out loud that everybody's thinking, hey, do we really want these Somalians here? Do we really want this gaze for Gaza protestant here?

• 1:02:19Speaker 04

  Do you still go to dinner in London? Do you still go to restaurants in London? Yeah. You do? Do you feel safe like you did 40 years ago? Well, 40 years ago, the IRA were blowing restaurants up. They used to have sandbags. If you were a new customer, they put you in the front door where the bombs went off. If you were an old customer, they put you in the back of the restaurant. So I've seen that transition, but for the most part, uh, yeah, I still feel safe. I, Sally and I were in, um, in Dublin not too long ago and we were in, uh, Northern Ireland not too long ago. Uh, and, um, you know, they attack the bus still, you know? Well, I was on a tour giving speeches and, uh, you know, people, and these little old people from Iowa sitting there and I felt sorry for them, you know? My age, but I-

• 1:03:02Speaker 03

  I mean, they were peeing their pants because these people were rushing the buses and throwing themselves in front of the buses. And I, I kept yelling, run them over, run them over.

• 1:03:10Speaker 04

  Wow. Yeah.

• 1:03:11Speaker 05

  Um, so I'll tell you whose fault this is exactly. It's LBJ's fault. So, nobody talks about this, but the civil rights bill, like, there's all these little time bombs that are hidden throughout, like, bills and policies in the US history. So, they changed the quotas for immigrants that the US had taken in the civil rights bill. Before sixty-five, it was eighty-five percent people from Europe. After that, they flipped it and it was eighty-five percent of people outside of Europe that were allowed to immigrate to the United States. So, that drastically shifted the type of, types of immigrants we got and, um, that's where it all changed. That's why it's different. Same thing happened in Europe.

• 1:03:43Speaker 03

  Like, and he sold it to the Americans as the great society. And it actually changed before that. After the Civil War, who was against, uh, having the slaves freed? The Democrats.

• 1:03:53Speaker 05

  Mm-hmm.

• 1:03:54Speaker 03

  You know, uh, eighty-two, uh, Republican senators or whatever, uh, three of which were black. Uh, and so, the, the, whenever I see, and I lived in the South for a while, and the, uh, whenever you hear the civil, uh, back when they had black and, uh, white, uh, bathrooms, uh, you hear them screaming about civil rights, but they were no friend of civil rights from the very beginning. And it was the Republicans, but now they've flipped that. They've flipped that somehow, uh, and, uh, as they've flipped a lot of things. Uh, but, you know, unfortunately, I mean, um, you know, there are places in, uh, the Democrats, they get, um, when we were, they were talking about gerrymandering,

• 1:04:34Speaker 03

  switching the, what do you call it, it's around, uh, they, they did it under Lyndon Johnson.

• 1:04:40Speaker 05

  Yep.

• 1:04:40Speaker 03

  And they've been doing it ever since. The fact that we, I say we, the Republicans, because I'm a registered Republican. But, um, there's, there's parts of the South, you don't tell people you're a registered Republican. You just don't. Uh, when I, I keep thinking of my next door neighbor in, uh, Rolling Hills and Palos Verdes. She was the daughter of the doc, Shaw's doctor. Shaw, okay. And you know what Shaw I'm talking about, okay?

• 1:05:03Speaker 04

  Of course.

• 1:05:04Speaker 03

  And they always talk, they came with a T-shirt on their back and, you know, and to live up there, you had to have a lot more than a T-shirt on your back. And then her brother came to visit one day and how they were talking about the people that trained cars full of money and gold and antiques and the Shaw's doctor left a year before the shit hit the fan.

• 1:05:27Speaker 04

  Wow, seventy-seven, seventy-

• 1:05:28Speaker 03

  Yeah, yeah, and so she, now she's, she must be seventy-five now, because a Shaw would be what, a hundred and something?

• 1:05:36Speaker 00

  This episode is brought to you by Indeed. You're ready to level up your business, but the pressure to find the right person to make that happen is intense. Indeed sponsored jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed sponsored jobs. Get a seventy-five dollar sponsored job credit at indeed.com/podcast. Terms and conditions apply. Hiring now? Then this is a job for Indeed sponsored jobs.

• 1:06:06Speaker 00

  Low energy, unfocused, foggy, you might be dehydrated. Gatorade Zero powders have been scientifically designed to help improve hydration balance in the body. With a clinically proven electrolyte blend and no artificial colors or flavors.

• 1:06:21Speaker 04

  Great tasting hydration, no matter where you're going. Shop now online or at retailers nationwide. Gatorade, hydrates better than water. Is it in you? Symptoms noted are signs of mild to moderate dehydration. Consult a healthcare professional if symptoms persist. He would be in his, yeah, he would be in his late nineties or early hundreds, something like that. Yeah, very, very interesting when you're going through this to see what's taking place. Let me get to the next story here. Next story I want to go to is with, what's going on with Time Warner? Who's gonna buy these guys, right? Netflix offers seventy-two, then you get, by the way, that's a beautiful castle. Whose house is that, Rob? Did you just buy, or is that Dan Peña's castle?

• 1:07:00Speaker 03

  That is sir, Dan Peña, to be correct.

• 1:07:04Speaker 04

  What, what can you tell us about this castle? You've been there since eighty-four?

• 1:07:07Speaker 03

  Correct.

• 1:07:08Speaker 04

  How many bedrooms? How many square feet? How safe do you feel there?

• 1:07:11Speaker 03

  Fifty-five thousand square feet.

• 1:07:12Speaker 04

  Fifty-five thousand square feet? And right now it's just you and your wife living there?

• 1:07:16Speaker 03

  Four dogs and some staff.

• 1:07:20Speaker 03

  But it was given by James the Fifth of Scotland to Sir John Guthrie in 1468, the land. They got 2 million acres land along with that. When I bought it, it only had 156 acres left. And so the... Were you in the market for a castle? No, I was in the market. I wanted to be near the home of golf. And that's very near St. Andrews. And so, and I thought I was retiring in 84. But the guy that I left to be CEO at 40 had a heart attack and dropped dead. And so the shareholders, shareholders brought me back this

• 1:08:01Speaker 03

  time. But nine years later, the shareholders threw me out. So I've been full circle. Dan, I don't see any cars, no Rolls Royces. Maybe there's a tiny car park somewhere. I don't know. The car park is to the right over the trees. It's a big...

• 1:08:14Speaker 04

  So if it's 55,000 square feet, it's just you and your wife, what room haven't you been to for years?

• 1:08:20Speaker 03

  The game room.

• 1:08:22Speaker 04

  You haven't been to it?

• 1:08:23Speaker 03

  Which is up in the tower, which has got, you know, modern games that the kids play, a snooker table and stuff like that.

• 1:08:30Speaker 04

  Got it.

• 1:08:31Speaker 03

  All right, twist my arm, Dan. I'll move into the game room. It's fine.

• 1:08:34Speaker 04

  Okay, so we got Netflix that tries to buy Time Warner for 72. Then you got Ellison comes out with hostile takeover $180 billion offer. David Ellison yesterday says, do you have that clip that he says, he promised White House sweeping changes at CNN? I don't know if you have that clip or not, but... Curious talking about his conversation with the president about the merger. Got it. So watch this here, folks. This is David Ellison trying to buy Time Warner. Go for it.

• 1:08:57Speaker 03

  Couple of real quick things before we wrap up. I mean, CNN, I assume you would combine the news gathering operation with CBS's if in fact you did own that asset?

• 1:09:07Patrick Bet-David?

  Yeah, so look, we've been really clear since by the last time we're here, what we want to do with news.

• 1:09:11Speaker 03

  Yes.

• 1:09:11Patrick Bet-David?

  Which is, we want to build a scaled news service that is basically fundamentally in the trust business, that is in the truth business, and that speaks to the 70% of Americans that are in the mix.

• 1:09:22Speaker 03

  And we believe that by doing so, that is for us, kind of doing well while doing good. And we believe in that business model and we believe it's essential. And do you, uh, do you think the president embraces the idea of you being the owner of CNN? Given his criticism, obviously, for that network in the past? Uh, by, by the way, we've had great conversations with the president about this, but I think what, but I, but I don't want to speak for him in any way, shape or form.

• 1:09:47Speaker 04

  Got it. So Tom, what, what do you know about what's going on? Cause he just showed me something right before we went live. What's going on here with this deal?

• 1:09:53Speaker 03

  Well, right now, yeah, this is like an auction going back and forth. Uh, but unlike an auction where we all sit around a table and we all have a number that we hold up. Maybe we bid for a baseball card or a rare car or a piece of artwork at an auction. Right now it plays out in the media and you have two bidders that are now in an auction for, you know, Warner Brothers Discovery. On one hand you got Paramount, which of course is Skydance and the Ellison's, we just heard from David Ellison. And the other side you have Netflix. And right now Netflix put a bid up and the, the good folks Warner Brothers Discovery said, we like that bid. We're going to take it. We're going to work with you exclusively. And Paramount said, wait a minute.

• 1:10:35Speaker 03

  We don't think that this was a fair process and we're not going to sue you, but we're going to say this. Attention shareholders, we're offering you $30 a share. And that's called a hostile. And then people respond to it, such as this guy, Mario Gabelli, who runs Gabelli Asset Management. 31 billion under management. This guy's a player. He's worth $2 billion, well known. He's like 82 years old, but 31 billion under management. He came out and he said, hey, I have bought a good amount of Warner Brothers Discovery. That's owned by many of the people that I'm managing their money. And I have to tell you, we like the $30 a share offer and I'm inclined to take that. And this is exactly, and then they find out, okay, how much does he own?

• 1:11:19Speaker 03

  Uh, 3.5%. Okay. Well, we got 3.5% now voting for it. So now this is going to play out and this is what the hostile does. Now you've got people saying, I'm behind the Paramount hostile offer. I want 30. Thirty dollars a share, not the twenty seven dollars a share. And now the question is, is Netflix gonna get behind it? Then people said, here's story number two, Pat. Where are you gonna get all this debt? And all of a sudden, some names popped up.

• 1:11:46Speaker 04

  Here we go.

• 1:11:47Speaker 03

  Jared Kushner said, I've got plenty of friends and we've got money from Saudi funds. He didn't say PIF, but people assume it was the Saudi PIF fund. And he spoke up. Then a consortium of large institutional investors from, tell me we've heard this word, Qatar and Saudi, and Abu Dhabi came up and said, "Well, we've got plenty of money and we could put it behind." So all of a sudden, it's like you're at a gang fight and five guys with a lot of money stand up,

• 1:12:22Speaker 03

  you know, behind Ellison and Skydance and says, "We're backing them up." You know, two guys gonna fight in the street, Pat? "Hey, man, I'll kick your butt. Who's backing you up?" And all of a sudden, these guys stand up, "We're backing them up." And that's kind of what you have here. Now, you've got him, people saying, "Do you have the ability to do this at thirty one share?" That and more. So that's where we are right now. But it's very interesting. This is how the hostile takeovers work. And you got guys like Mario Gabelli going to the microphone and saying, "I'll take the hostile offer. It's better for my shareholders."

• 1:12:53Speaker 04

  Yeah, so Saudi, Qatar, and Abu Dhabi are gonna put up twenty four billion, which is two X what Ellison's are putting up, eleven point eight billion for the takeover. And having Kushner involved, this is, Tom, this is almost making it. So then here's the question. You're in the Netflix boardroom. Netflix, just a week ago, not even a week ago, four days ago, three days ago, they're like, "This is, this is over. We're picking it up." They came out of nowhere, they're celebrating, "Yes, we're gonna get all this new stuff on Netflix now from Time Warner. It's gonna be great catalog." What do you do now if you're Netflix? Who you calling? What influence do you have? Who's on your side? Who are you gonna call that doesn't like those Abu Dhabi, Saudi, Kushner? Who you calling if you're Netflix?

• 1:13:39Speaker 04

  You're just saying, guys, it's over.

• 1:13:41Speaker 03

  Uh, you gotta ask yourself if you're Netflix. How bad do we really want this asset at this point? How, I mean, we want it bad, but are we willing to pay this much to get it? And what was the price really gonna be to us? Terms of operational leverage and the interest on debt that we're gonna have to pay. We want this bad, but do we wanna pay that kind of a price long term to operate it? That's the question for Netflix. You know, as everybody has looked around, I mean, the rational eyes in the room, and I think I'm among them, have said, you know what? I kinda like Warner Brothers Discovery here with Paramount. I kinda like Netflix, which is now very huge, and I kinda like Disney.

• 1:14:25Speaker 03

  And I kinda like the three of them competing each other for the consumer. I kinda like that. I'm not sure I want Netflix to get even bigger. So, you know, and I think I'm one of the rational guys, in my opinion.

• 1:14:38Speaker 04

  You know what I would be looking at right now from Netflix? I'd be looking at Bob Iger, okay? Because the perfect case study is, who has done this in the past before? Or it's only one guy. And that's Iger. What did Iger do? He bought Star Wars, he bought this, he bought Marvel, he bought everybody, right? One by one by one, he was going around buying everybody. How did that do? Did it work out? Maybe it did work out. Maybe it's the woke stuff that didn't work out for them. You know, but, but, but when you think about what's in the Time Warner catalog, top three largest library in Hollywood, okay? You got DC Universe, you got Harry Potter, you got Lord of the Rings, The Hobbit, The Matrix, Mad Max, The Conjuring Universe, Stephen King's library elements, Godzilla, Lego movies, Creed.

• 1:15:21Speaker 04

  Then you have the old school stuff, The Wizard of Oz, Casablanca, Singing in the Rain, Rebel with a Cause, Ben Hur, and then you have the HBO, cuz that comes with it as well. Game of Thrones, which is legendary, Sopranos, Succession, The Wire, Euphoria, True Detective, Sex and the City, Curb Your Enthusiasm, Boardwalk Empire, and then you have a couple other things. You got real sports, Hard Knocks, decades of award-winning documentaries that HBO has done. On top of that, you get Friends, the series. You get The Big Bang Theory, Young Sheldon, ER, West Wing, Gilmore Girls, Pretty, um...

• 1:15:56Speaker 04

  Pretty Little Liars, Supernatural, Two and a Half Man, and then additional, The Lord of the Rings, The Hobbit, Final Destination, Nightmare on Elm Street, Rush Hour, Blade. By the way, if I keep going here, you're gonna sit there and say, "Are you freaking kidding me?" So, how many chances is Netflix gonna get to buy a catalog this big that they just fit into it?

• 1:16:16Speaker 03

  Well, this is why, one, and this is why it's now a public hostile takeover with an open bid.

• 1:16:22Speaker 04

  Are you saying it's done?

• 1:16:23Speaker 03

  I don't think it's done. I think ultimately, ultimately Paramount wins because they're in startup mode and they'll be more willing to take a little bit of pain and go forward. And I believe Ellison is a longer-term thinker, and I just don't think that Netflix is gonna be able to stomach the price. And then, and then, now you handicap this fight, Federal Trade Commission.

• 1:16:51Speaker 04

  I think this is done, Tom, because of one comment Trump made. I think this deal is done. It's going to Paramount. I think it's done. Let me tell you what the comment was. Trump made that one comment and said, "Look, I had a great meeting with Ted. It was phenomenal."

• 1:17:07Speaker 03

  Ted Sarandos, one of the CEOs.

• 1:17:09Speaker 04

  He's a very smart guy. However, they're gonna have to look into if this still can even get done because they're gonna get too big, too powerful. So, if I'm on the Netflix side, Netflix is sitting there saying, "Will they even allow us to buy it, FTC? Will Brandon Carr, is that the guy that runs FTC? Am I saying it correctly, Rob? Will they even allow this thing to happen? And is Brandon Carr gonna side with us at Netflix? Or are they gonna side with Ellison's? Because look what Ellison said. What did he say? He said, "We want to focus on the 70% of Americans that want the truth, and they want it to be fair. Not the 30% that's looking for what?

• 1:17:53Speaker 04

  You know, hysteria and, you know, whatever kind of reporting. They want to go back to that."

• 1:17:59Speaker 03

  And who love, not like, but love hearing that?

• 1:18:01Speaker 04

  Yeah, I think, of course they love hearing that. And you know who's probably sitting on the sidelines worried about Ellison's picking it up? A company that's been dominating for two decades, Fox News. Fox News, because you don't think secretly Trump would like Fox News to have competition? You don't, you don't think, you don't think Trump wants Fox to have some kind of competition? Cause nobody knows what's gonna happen with Murdoch's kids. Nobody knows what Lachlan's gonna do.

• 1:18:28Speaker 03

  And we've, we've seen his, we've seen his angle and he ain't his dad.

• 1:18:31Speaker 04

  What do you, what do you think about this, Dan? Do you have an opinion on this?

• 1:18:34Speaker 03

  Well, yeah, well, I'm a, a big believer in succession never works out like your plan. Man pans, God laughs. And so, getting back to Murdoch, the, um, he thinks that the oldest son that is, is apparently the, the winner of the battle, uh, is gonna do what he wants. He may do what he wants while he's still alive, but that doesn't mean he's gonna do what he wants, the old man, when the old man's gone. Uh, the, uh, and I wouldn't be surprised if somehow Murdoch didn't stick his, uh, thumb in this deal. But I, I said, if you remember back about, uh, four or five months ago, there was that M and A fight, uh, president, there was, um, Elon the Musk on one side of the president and the head of the Saudi sovereign fund on the other side of the president.

• 1:19:17Speaker 03

  And they were whispering, whatever they were whispering, and, uh, the future is coming from the Middle East. You know, even though I think that Dubai is, uh, Las Vegas without slot machines, uh, they're, they're gonna, they's gonna have slot machines someday, uh, and they have all the money in the world, uh, and then some, uh, and they're not even tapping their real wealth. Um, so the, uh, and the other thing is that the, the Middle Eastern, and after, after being partners with the Kuwaiti government, the Al-Sabah for almost 10 years, they're 50, 100-year planners. They're not planning for the next quarter, you know? And they know someday in 3,000 years, they're gonna run out of oil. Okay? Not in 30 years or 50 years. And so that's why there's been such a, um, outflow of money and they've been building

• 1:20:01Speaker 03

  up the Middle East, uh, so rapidly.

• 1:20:03Speaker 04

  Do you think they're doing it purely, do you think, Tom, uh, uh, Dan, do you think they're doing purely for investment purposes? Or do you think they're doing it also to have some influence? Because I wonder what level of influence? You think that's what it is? So, so what, what, what, give me an ideal three things that they would like this new media platform do as influence to highlight Saudi, to help Qatar and to help Abu Dhabi? What does that look like?

• 1:20:30Speaker 03

  Okay, one, like Al Jazeera, you know, uh...

• 1:20:33Speaker 04

  They look at whatever happens in the Middle East with a not such a biased eye. Okay, I'm not saying it's not biased the other way, but so they're going to get a positive influence around the world in the in the media and they need that. The next generation of Middle Eastern managers, the when you get outside the top two or three guys are young guys. Someday, they say there's going to be a young gal there, but I don't believe that. They're young guys and so they think very much like this young man does about things differently than we think, or at least my generation thinks. So they're going to get a different flavor and they need that going forward. But they're not concerned what happens in the next 50 years. They're concerned what's going to happen in the next 100 years.

• 1:21:18Speaker 04

  And and right now, there's no US investor that I'm aware of that is concerned about the next 100 years. They're concerned about the next quarter.

• 1:21:29Patrick Bet-David?

  Do you think it's investment or do you think it's influence? If they're going to be, you know, 12 billion, you know, of the 24 billion, they're kicking in 12 billion and they're kicking in 24 billion and Ellison's family is putting in 11.8 billion. Do you think they're going to be having some sort of influence? Hey, we want you to make us look better. We want you to make us look grand.

• 1:21:50Speaker 03

  You're talking about the Middle East perspective?

• 1:21:51Patrick Bet-David?

  Middle East, Saudi, Qatar, Abu Dhabi. Do you think it's just a check?

• 1:21:54Speaker 03

  You know, there's an article here about how Ray Dalio says the Middle East is becoming the Silicon Valley of capitalists, which I wanted to discuss. So you asked the question, is it business? Is it marketing? What was the question?

• 1:22:08Patrick Bet-David?

  The other day, I bought into this company that we talked about on the podcast a few months ago. Tom and I called them, boom, deal is done, money's in, we're happy. But it's it's it's an investment. I'm not looking for it as influence. Do you think they're just sitting there saying, we want to put some money there and diversify 24 billion because we think in the next 10 years that 24 billion is going to be 100 billion dollars? Or do you think they're putting 24 billion saying, hey, man, you better make us look good as well sometimes. Don't be too harsh on us. Don't be too harsh on Qatar, Saudi and Abu Dhabi.

• 1:22:37Speaker 03

  Well, it's a little bit of both because if you look at it from, you know, this perspective of who's actually running the Middle East. You know, this, this article was written by CNBC conveniently left out who's arguably the undisputed champion of the Middle East when it comes to Silicon Valley, which is Israel. All these other countries, whether it's Saudi, whether it's the UAE, whether it's, you mentioned Kuwait, whether it's any of these Middle East and Gulf countries, they have number, their number one only export is oil and gas. That's it. That's all they got. What Israel is doing is actually building tech, technology, water, you mentioned water, what Israel's doing with water and desalinating water is going to save the Middle East and a lot of countries. Talk about peace deals, a lot of these deals are going to be framed.

• 1:23:22Speaker 03

  We need water because we're in the fricking desert and we're all thirsty as hell and we're going to need Israel. So a lot of these countries are going to have to use this for survival and forget their jihadi tendencies. So as far as diversification, you can't just rely on oil because in the next 20, 30, 40, 50 years, how much the world is going to run on oil? Significantly less, right? Going green, green technology. So they're diversifying. The other component is yes, they do want to modernize. They want to do, enter the modern world. They don't want to be left in the Middle Ages or the Stone Ages when Mohammed was running around. They need to step into the middle, into the, the modern world and compete. So a lot of these countries, their only foundation is oil and they need to diversify and have

• 1:24:07Speaker 03

  other things going on.

• 1:24:08Speaker 05

  Tom, so, um, well, I appreciate the segue to Israel, but to focus on just these investors here coming on that Netflix deal, um, there is a little of both going on. They got into F1. There's like three races that are out there on the peninsula. Fantastic tracks, a lot of Western people that are there, incredible hospitality. I've talked to a lot of people that were there. I'd like to go to one. And then you've got what they did with, uh, live golf, uh, and all, and you see how Doha's being built. We just talked about the housing in Doha. I did more research after the podcast, uh, yesterday, and it's only five hours from London. So it is a short trip. It takes you less time to get to Doha from Southern Europe, Pat, than it would take us from LA to get to Honolulu.

• 1:24:53Speaker 05

  So it's actually a convenient place to go and it's clean, it's new, it's all kinds of things going on. They are doing three things. They've been westernifying up to a point. Come here, enjoy yourself, bring your dollars. But, you know, on the back end, it's still Muslim country. They have been, some people called it sport washing, you know, instead of whitewashing, sport washing by investing in all the sport to bring people there, but they've also been investing. This is not their first investment. A PIF put a giant amount of money into WeWork. PIF money is in, I believe in Uber, very large amount in Uber. Check me on this before Uber went public. And so, number one, they're increasingly shrewd investors, Pat. But in

• 1:25:36Speaker 05

  this case, there is also the opportunity to carry messaging to say, hey, there's nothing wrong with Jetta, there's nothing wrong with Doha, come on over here, enjoy yourself, be part of it. So if I had to split it, I'm probably thinking, I'm gonna go one-third, two-thirds. Two-thirds, it's investment, because at their core, they're pretty astute business people. And one-third, it absolutely, they'd like to influence perceptions through programming, like product placement. And then they'd also directly like to, you know, influence news.

• 1:26:09Speaker 03

  It also comes down to leadership. Look what MBS is doing in Saudi. I mean, we were at the American Business Forum, put on by Mayor Francis Suarez, who we talked about earlier.

• 1:26:18Speaker 05

  With PIF money.

• 1:26:19Speaker 03

  That was all sponsored by the Saudi PIF Fund. So they're modernizing, and every country wants two things, peace and prosperity. And the Middle East has been ransacked by a lack of peace and a lack of prosperity. So leaders like MBS and the Kingdom of UAE say, we need to do what we can to basically have that in our country.

• 1:26:41Patrick Bet-David?

  What's Ray Dalio saying here?

• 1:26:43Speaker 03

  Ray Dalio is talking about capitalism in the Middle East.

• 1:26:45Speaker 05

  Yeah, he's talking about Saudi Arabia and how it's slowly becoming the new Silicon Valley.

• 1:26:50Patrick Bet-David?

  Is this what Adam quoted earlier? Is there anything unique in there outside of that, or that's pretty much it?

• 1:26:54Speaker 05

  I think his take is, sorry, Adam, a little bit better.

• 1:26:57Patrick Bet-David?

  Who's?

• 1:26:58Speaker 03

  Ray Dalio's take's a little bit better.

• 1:27:00Patrick Bet-David?

  Play Ray's take.

• 1:27:01Speaker 05

  As you say, I've been coming here for 32 years. So I've watched it evolve from the founder, Sheikh Zayed, to his children. And I think it is the closest thing we get to a paradise in a world that's increasingly in trouble. And they have a great investment management expertise.

• 1:27:24Patrick Bet-David?

  Because they have lots of money that they manage for themselves. But when it's coming to money management, that creates a community in which other investment managers come here. And it creates this vibe like a Silicon Valley of investing. So this statement of capital of capital is not just a buzzword, you know, or a slogan. It is that if you want to be in almost Silicon Valley of investment management, there's an excitement to being here. And it's particularly enhanced by the combination with AI. You know, I would say these are the two biggest commitments.

• 1:28:07Patrick Bet-David?

  We think of Abu Dhabi as being oil, and of course it is. But really now, asset management because of the amount of assets they have and how they're doing it. And also AI because of the commitment that they made earlier and now is creating that kind of vibe. And that's bringing together very interesting people to create a happening environment. There you go.

• 1:28:33Speaker 03

  I almost asked Ray Dalio what his point was, but I just, I want to refrain from doing anything like that on this.

• 1:28:38Speaker 05

  He's been saying a lot of crazy stuff lately. I don't know how much credibility I give that. Like the stuff he's been saying about China, I don't know, I don't think there's anything.

• 1:28:46Speaker 03

  You're questioning Ray Dalio's credibility?

• 1:28:47Speaker 05

  I am. I know that sounds a bit absurd because he's the most successful hedge fund manager of all time.

• 1:28:52Speaker 03

  What do you think he lacks credibility in?

• 1:28:53Speaker 05

  No, it's like I know that the Middle East is deeply worried about their dependence on oil. And he's making it sound like they're much more successful in like tech and tourism than it seems like they actually are.

• 1:29:03Patrick Bet-David?

  It's very simple. How much of his, Rob, can you find out how much of Ray Dalio's net worth is tied to China? And it's tied to, here he was talking about who?

• 1:29:14Speaker 05

  The Middle East.

• 1:29:14Speaker 03

  Saudi and Middle East.

• 1:29:16Patrick Bet-David?

  Is he talking Middle East or is he talking specific?

• 1:29:19Speaker 05

  Think about Abu Dhabi, I've been coming here for thirty two years.

• 1:29:22Patrick Bet-David?

  That's right.

• 1:29:22Speaker 05

  I knew the prince, that's how he started.

• 1:29:23Patrick Bet-David?

  So can you say, how much of Ray Dalio's network is tied to China and Abu Dhabi? How much is he investing into that? Yeah, let's see.

• 1:29:30Speaker 05

  Yeah, it's a good question.

• 1:29:30Patrick Bet-David?

  Yeah, how much is he investing into that? Which, by the way, um, let's see. I, because to me, I don't know if I see that as a, let's zoom in a little bit, fifteen billion dollars to Nathan, okay? For example, two hundred and Bridgewater reportedly managed about seven and a half billion dollars in China-specific funds. Okay, but that's his firm. At times, I manage a billion dollars in China, we've always known that. As far as Abu Dhabi, Middle East, Dalio has recently supported initiatives there. Back in a global, a finance center i- uh, index at NYU Abu Dhabi has spoken positively about the regional potential. Is that what it is, Abu Dhabi? Public sources do not break down the network tied to three billion dollar figure of Chinese businesses refers to investments in Chinese business, but doesn't necessarily reflect current value. Okay, all right, so, you know, Ray, Tom, what are your thoughts on what Ray just said there?

• 1:30:14Speaker 05

  Well, he, he started, I cling to, uh, first of all, I'm not team Dalio one way or the other. And what I heard a guy say, I heard a couple of things. Number one, I've been here for a while, and so I know what I'm talking about. I've seen the evolution in a new generation. Number two, he said it's the Silicon Valley, it's not becoming Silicon Valley, he was using Silicon Valley metaphor. It's become a Silicon Valley of money management and investing, which I think is correct. And he says they have a lot of their own money, and so the first thing they do is they've been managing the home team, is what I heard him say. Uh, managing their own money. Now, does he have a lot invested there? Well, we don't know, but for Bridgewater to succeed, it probably has to be a global fund, it can't just be an isolationist fund.

• 1:30:56Speaker 05

  And so he's probably, you know, um, being nice to his hosts, because where was he sitting when he said these nice words? And he's probably being nice to some of his investments, because I think there's a zero chance that he has zero invested. And so I, I think that he's, knows what he's talking about. They have managed their money very, very well. They do manage their money first. Um, and yeah, some of the things he says can be a little wonky, but that's what I read from what he said. I didn't see anything that I would say, ah, wait a minute.

• 1:31:28Patrick Bet-David?

  Well, let me, let me, let Let me kind of share something with the audience. The other day I saw something, Rob. If you don't mind pulling up what Kevin Durant has done quietly with his investments. Have you seen this?

• 1:31:36Speaker 05

  Mm-mm.

• 1:31:36Patrick Bet-David?

  Kevin Durant, basketball player, okay? Watch this here. Very interesting when you watch some of this stuff on how quietly what he's doing. He invested in, uh, Rob, you are all the way at the end, I believe. You gotta go all the way to the front. Is that the first one? Okay, keep going, there you go, okay. Kevin Durant's investment track record is elite. Watch this, go to the next one. He invested in WAP Series B in 2017, valued at $100 million. Now is valued at 3.6 billion. 36X return. Meaning if he would have put 2 million in it, it's now 72 million dollars. Go to the next one. Uh, invested in Robinhood Series D, 2018, valued at 5.6. Now it's worth $119 billion. That's 21X. You put 2 million, you have 42 million dollars.

• 1:32:19Speaker 05

  He was also a voice for Robinhood.

• 1:32:21Patrick Bet-David?

  He was a voice for Robinhood. Invested 250 in Acorn Series B in 2018, valued at $150 million. Now valued at 2 billion, 13X return. Keep going. Uh, invested in DraftKings Series D in 2017, valued at a billion. Now it's 17 billion, 17X return. Keep going. Uh, is that it, Rob? Is, uh, uh, do they, okay. Invested 250 Coinbase Series E in 2018. That's E, valued at 8 billion. Now 75 billion, a 9X return. Keep going. Invested in Postmate Series D in 2017, valued at $170 million. Now was acquired, uh, five years ago for 2.65 billion, 15X return. Go to the next one. Invested in Overtime Series A in 2018, valued at 40 million. Now it's valued at 800 million.

• 1:33:05Patrick Bet-David?

  That's a 20X return. So when you hear stories like this, one, I don't know Kevin, but good for him for doing things like this. You need more examples of this in the NBA. But a lot of this stuff, that when you hear about stories that he has. You know who else had a story like this? Magic Johnson, who just became a billionaire. When he worked for Jerry Buss, he would always talk about that Jerry, the benefit of playing for Jerry. Jerry was able to do something, can't do it in the NBA anymore. I don't know if you remember this deal, Tom, but I think Jerry gave Magic 5% equity of the Lakers. Can you pull that up, Rob? If he did give him 5% equity of the Lakers? So Jerry sat there with my, uh, with Magic and said, look, I'm not only just gonna help you with,

• 1:33:48Patrick Bet-David?

  cause I'm not gonna help you with the game, but I'm gonna help you with business. And Magic sat there and said, man, I wanna listen to this rich guy, see what he's gonna say. Magic's a billionaire today. Guy went from being a basketball player, I believe he was at Michigan State if I'm not mistaken, Tom. Yeah. He goes from that to being, yeah, so the commonly number is that Magic got 4.5% stake, reportedly paid about $10 billion for the shares. Johnson later on sold his shares in 2010 to Patrick Sung Shiong, who's a multi-billionaire and bought the LA Times for I think $500 million. Correct. That same guy who was trying to help people out with cancer right now. There's very interesting stories with him. He's become a very interesting character. But if you're watching this, the average person, Dan, I'm gonna come to you with this one. Say I'm an average guy. I don't make a lot of money.

• 1:34:32Patrick Bet-David?

  Say I make 80K a year. I make 100K. I make somewhere between 80 to 250 per year, okay?

• 1:34:39Speaker 04

  Is that considered average?

• 1:34:40Patrick Bet-David?

  Let's just say 80 to 250, our audience, our audience, they're business people. Your average is 50,000, median income 50, 70,000 dollars. But I'm going to somebody that's doing 80 to 250. What should I be looking for? Where should I be investing my money? I'm not a business owner. I'm a, either an executive, a manager, somebody that's doing their job right. What, what should I be looking at with investments for the next 10, 20 years? So I have some opportunities like this as well.

• 1:35:07Speaker 04

  Unless you're going to be a full-time investor, meaning you're not gonna work at a job, you're just gonna do research all the time. I tell, I tell people to go and look at the, um, the five best funds, um, fidelity, et cetera. Five, 10, 15, 20, 25 year results. And take a, a mix of that and put your money in. And I, I recommend they invest monthly. And so it comes out of your paycheck, et cetera. And then you wake up 10, 20 years later and you got a, assuming the country doesn't bust, uh, with a big gob of money. Uh, the guys today, if you look at the, uh, ads on, on the television and at the bottom, if it's, if it's, uh, trading or if it's derivatives or whatever, it says on the bottom,

• 1:35:52Speaker 04

  between 65 and 87% of all these investments don't make money. Nobody reads that part. They just put their money in, uh, and when they wind up losing it, they go to, uh, uh, what's that, uh, column on, uh, the internet that you say bad things about people, uh?

• 1:36:09Patrick Bet-David?

  The ValueTainment DVD Podcast chat? No, no, he's talking about, uh, what is it? Not, is it X or no? You're not talking X. He's talking about, what is that place that everybody talks, uh?

• 1:36:19Speaker 04

  Bad shit about you.

• 1:36:19Patrick Bet-David?

  Reddit?

• 1:36:20Speaker 04

  Reddit, Reddit. Then you go on Reddit and it didn't work for me. Okay, okay.

• 1:36:25Patrick Bet-David?

  By, by the way, just so you know, what you just said, there's a story that came out yesterday, maybe two days ago. From Wall Street Journal, okay, to the average person who doesn't put money in 401Ks, watch this. 401Ks are minting a generation of moderate millionaires. Steady saving by many Americans in a third consecutive year of big gains for US stocks have swollen account balances as 2025 comes to a close. Many individual investors are finding holiday cheer and statements showing they have crossed a million dollar milestone in their 401Ks. As of the third quarter, there were 654,000 401K millionaires at just the brokerage you just mentioned earlier, which is what? Fidelity.

• 1:37:08Speaker 04

  Mm-hmm.

• 1:37:08Patrick Bet-David?

  Just Fidelity, not, not American Funds, not Trans, not any of these guys, just Fidelity, 654 in 401Ks over a million, the highest levels in record going back to the early 2000s. Around 3.2% more than 3 million accounts tracked by benefits provider. Uh, uh, A-Lite had balances above a million dollars as of the third quarter. Uh, doubled the figure at the end of 2022 at T-Roll Price, roughly 2.6% of participants' balances above $1 million and up 1.3% at the end of 2022. That's crazy. In the last three years, just that T-Roll of 401K accounts over $1 million has gone from 1.3% accounts to 2.6% accounts. It has doubled 100%.

• 1:37:54Patrick Bet-David?

  For the first time, half of private sector workers are saving in 401Ks, which allow workers to invest money directly from their paychecks without subtracting. And it's got a couple of other stats here. So it kind of validates what you're talking about to the average guy.

• 1:38:06Speaker 04

  Absolutely. And, but we're at the top of a bull market. We're, most of the pundits, myself included, would say that we're overvalued right now and we're going to have a correction. I keep talking about a black swan that's going to happen. Uh, and, uh, we'll see what those numbers. are two years into the bear market. Okay, but the idea is to keep it fifteen, twenty years and not trade it. Most of the guys and the kids that I know are trading and most traders at the end of their career, save two or three, don't make any money, you know, and the uh, it's like with Bitcoin, which I'm not in favor of, but I tell, when Bitcoin hit a hundred and seventeen thousand the first time, about three years ago, I said, I'm not in it, but if I were in it, I'd sell a third, keep two thirds.

• 1:38:48Speaker 04

  And it hit in the hundreds of thousands, two more times, I said, sell a third, keep two thirds. And so now you'd have about an eighth or a sixth of it left, but you'd still have the benefit of that bull market. But most of the kids, they read two books on trading, and they think they're traders, and I tell you, or I tell anybody that will listen, there are a lot of books on sex, right? Thousands and thousands. Is any of those books as good as getting laid? The answer is no.

• 1:39:14Speaker 03

  They're not, Dan.

• 1:39:15Speaker 04

  Huh?

• 1:39:16Speaker 03

  They're not.

• 1:39:16Speaker 04

  Okay.

• 1:39:17Patrick Bet-David?

  Very, very deep.

• 1:39:18Speaker 04

  Very deep.

• 1:39:20Speaker 03

  No pun intended, deeper, deeper.

• 1:39:22Patrick Bet-David?

  But,

• 1:39:26Patrick Bet-David?

  Tom. I'm sorry, I wasn't paying attention. Yeah, I know you weren't. So, but, but talking about Bitcoin, talking about Bitcoin, you've been critical of Bitcoin before, and in the past, I think you said something about Bitcoin is tied to Russia, CIA is your.

• 1:39:37Speaker 04

  No, I said, I said, seven or eight years ago, I said, there's two people that would benefit from the collapse of the finance, financial markets in the US. China and Russia.

• 1:39:48Patrick Bet-David?

  Benefit from the collapse, which is true, yeah.

• 1:39:50Speaker 04

  And after three or four years ago, China banned it, because it was making their economy collapse, not ours. And the fact that a lot of people think some Japanese guy in a cave invented Bitcoin, that's the handjob of all time. I mean, that's so, that's so much horse shit, it's unbelievable.

• 1:40:07Patrick Bet-David?

  Do you still think it was somebody from China or Russia? Who do you think?

• 1:40:10Speaker 04

  No, no, not China.

• 1:40:11Patrick Bet-David?

  CIA, do you think?

• 1:40:11Speaker 04

  Well, no.

• 1:40:13Patrick Bet-David?

  You know, they say Satoshi Nakamoto in a different language means the CIA.

• 1:40:17Speaker 04

  Well, I do know nothing would have happened in Russia without Putin knowing it. Now, I've trained six of the oligarchs in Russia. Six. There's eight. I've trained six of them. And they've never told me any secrets. I had the son of one of them just at the last seminar in November, okay? I'm now training second generation of these very wealthy guys. And we'll see. I'm not as dogmatic about it as Charlie Munger and Warren Buffett. I almost said the late Warren Buffett. I almost slipped. The current Warren Buffett was just stepping down. But, I mean, I would rather, as he says, I would rather have, instead of 1% of Bitcoin, I'd rather have 1% of all the farmland in the United States.

• 1:41:01Patrick Bet-David?

  Over Bitcoin?

• 1:41:02Speaker 04

  Over Bitcoin, yeah.

• 1:41:03Patrick Bet-David?

  So you still don't own any Bitcoin?

• 1:41:04Speaker 04

  No. My wife bought some for our grandchildren. So she manages a small portfolio for our grandkids. And I think her average price is probably 50,000.

• 1:41:16Patrick Bet-David?

  Okay, so she bought it a couple of years ago?

• 1:41:19Speaker 04

  Yeah, correct.

• 1:41:20Patrick Bet-David?

  Got it. But would you advise others to buy Bitcoin today? You're still advising against it?

• 1:41:25Speaker 04

  No, no, I'm in cash.

• 1:41:27Patrick Bet-David?

  You're in cash, so you're waiting for a fall?

• 1:41:28Speaker 04

  I've been in cash for a long, long time.

• 1:41:30Patrick Bet-David?

  Okay.

• 1:41:31Speaker 04

  And the, and people say, what about inflation? Well, Bunker Hunt told me a long, long time ago, when I used to be the partners with the Hunt family, Danny, if you got to worry about inflation, you're not making that fucking money. Okay? He said the same thing about taxes. Of course, he never paid taxes. That's one of the reasons he went to jail. But it's just, if you're worried about taxes, Danny, you're not making enough money.

• 1:41:51Patrick Bet-David?

  Is this him? Is this Bunker Hunt?

• 1:41:52Speaker 04

  Bucky, my boy. We used to sit in American Airlines. He'd take up three seats.

• 1:41:58Patrick Bet-David?

  Holy, how big was he?

• 1:42:00Speaker 04

  Uh, 4, 450.

• 1:42:02Patrick Bet-David?

  Stop it.

• 1:42:02Speaker 04

  Yeah. I was part of the silver deal that they got in trouble with.

• 1:42:06Patrick Bet-David?

  What did he die from?

• 1:42:07Speaker 04

  Uh, heart failure.

• 1:42:09Patrick Bet-David?

  Yeah, that's a big boy.

• 1:42:11Speaker 04

  But I used to be able to, I got to fly in his G2 at the time. That was the plane he had, G2. But a reconfigured G2, you know?

• 1:42:19Speaker 04

  But his wife, this is a great story. His wife, Mrs. Hunt, used to pick us up at the DFW Airport. And you know, if you've been to the DFW, you know, the luggage comes out and goes around a circle. And so she, we're in there, 77 Buick. And there's a crack from the lower left-hand front window to the upper right-hand crack. And she says, "I'm sorry, Mr. Penney, but Bunky won't let me get it fixed because insurance won't cover it." I said, "It doesn't bother me, ma'am. It doesn't bother me. As long as it doesn't shatter in my face, I don't care." And they used to have a transistor radio swinging from the mirror. And there'd be a hollow place where the radio's supposed to go. Because he didn't think the transistor radio added enough value. So he, the radio in the car didn't add enough value for the extra 140 or 50 bucks.

• 1:43:04Speaker 04

  I thought I'd never see that again. Well, you know, who had a similar car is the current Senator from Florida, Rick Scott. Who I trained, he was my lawyer. And I sent him off to found Columbia Healthcare. He had a crack in the window. And he had a transistor radio hanging from the mirror. And I used to say, when it was more vogue, "Two of the cheapest..." Well, it sounds awful, white man that I ever knew.

• 1:43:35Speaker 03

  You're just about to get cancelled, bro.

• 1:43:37Speaker 04

  Yeah.

• 1:43:37Patrick Bet-David?

  He actually takes that as a compliment. You say, you call that to Adam, Adam's like celebrating.

• 1:43:44Speaker 03

  White guys. So, well, question for you, so you're not a believer in Bitcoin?

• 1:43:48Speaker 04

  No.

• 1:43:48Speaker 03

  You, you're a cash guy. Do you have a 401K?

• 1:43:53Speaker 04

  I haven't had a paycheck since January 92.

• 1:43:55Speaker 03

  Okay, so respectfully, nobody's on your level, meaning you're about to be eighty? You're about to be, no, I don't mean it like that, meaning you're about to be eighty, you said?

• 1:44:02Speaker 04

  I'm eighty, I turned eighty.

• 1:44:04Speaker 03

  Well, you look great. Great collar jacket, but your advice doesn't work for the average person.

• 1:44:08Speaker 04

  No, I know it doesn't, that's why.

• 1:44:10Patrick Bet-David?

  But he gave the average advice.

• 1:44:12Speaker 03

  Yeah.

• 1:44:13Patrick Bet-David?

  He gave very good advice to the average guy. When I said eighty to 250, he said, "Find the five funds on what they're doing. Compare them five, 10, 15, 25 years. Diversify," then he said, "Put money in a dollar-cost averaging, which you're for dollar-cost averaging, and then see what that works out." And then that's when I went to Fidelity selling for the first time to have 665,000 401K accounts over a million bucks, but go ahead.

• 1:44:37Speaker 03

  Well, for me, you know, we say more is caught than taught.

• 1:44:39Patrick Bet-David?

  Yeah.

• 1:44:40Speaker 03

  The reason that I'm a 401K millionaire is because someone...

• 1:44:45Speaker 03

  That I worked with was teaching me about a 401k. It happened in 2008. He goes, how much did you lose? In the market? I go, I don't have any money in the market. He goes, well, now's a great time to maybe start investing. And I was like, okay, I couldn't even spell 401k at the time. And now 2008, almost 17 years later, boom, you have a 401k millionaire. The reality is, most people don't think 401ks are sexy. The reality is, most people, they're gonna need a 401k to retire with money. So unless you wanna get house rich and cash poor, you're gonna have to sell your house in order to have money.

• 1:45:16Patrick Bet-David?

  If you're with a company that matches

• 1:45:19Speaker 03

  For sure.

• 1:45:20Patrick Bet-David?

  4%, 100% of your 401k, at least put in the match

• 1:45:26Speaker 03

  I agree.

• 1:45:27Patrick Bet-David?

  To get that money.

• 1:45:27Speaker 03

  I agree.

• 1:45:28Patrick Bet-David?

  If you're not, that's double dumb. Okay, like you said, if you're not a day trader where you're studying all this stuff, not the guys that you talk about that read two books and think they're traders. If you're not, and you're getting 100% match, go do it.

• 1:45:40Speaker 03

  Yes.

• 1:45:41Patrick Bet-David?

  Take advantage of it. Well, Mario started putting stuff in his 401k, you know, just a few years ago. The other day, I'm asking him, how much you got in your 401k? He says, Pat, you won't believe how much. I said, what do you have? He gives, I'm like, you gotta be kidding. He says, no, Pat. I'm like, are you? He says, I can't even believe it. I haven't checked the 4 minute. I said, but that's the benefit of the match. If you're not getting a match, don't do it.

• 1:45:59Speaker 03

  And that's

• 1:46:00Patrick Bet-David?

  If you are getting the match, double down.

• 1:46:02Speaker 03

  Yeah, and then if you're not getting a match, you might wanna consider Roth. One thing I just wanna say, because obviously you and I are NBA experts over here. Kevin Durant, if you go back to what we're talking about with that, being an investor, you notice that all those investments happened after he left Oklahoma City and went to Oklahoma and went to Golden State. So this started around 2016, 27, 2018. You know, they say that like, show me your friends or show your future. You show up from OKC, by the way, number one team in the league right now, to Golden State with Steph Curry, you become the two-time NBA champion. And all of a sudden, you're blocks away from Silicon Valley. Opportunities are gonna come your way. So you said they invested in X, Y, and Z, all these companies.

• 1:46:43Speaker 03

  So location, location, location is not just in real estate, but it's also investing. Look who's in his ear. Andre Iguodala is one of the most famous, you know, sixth man of all time. He's not an NBA Hall of Famer arguably, but he's an NBA Hall of Fame investor because he played for Golden State and basically changed his framework of his career. And now he's a multi, multi, multi-millionaire outside of basketball.

• 1:47:05Patrick Bet-David?

  Your one amazing voice in your ear from changing your life. Who was that for you when you were younger, by the way? You are that to a lot of people.

• 1:47:13Speaker 04

  Konstantin Grazios, the CEO of Onassis Shipping, the right-hand man of Aristotle Onassis for 60 years.

• 1:47:19Speaker 03

  Wow.

• 1:47:20Patrick Bet-David?

  Onassis was, to me, one of the most... He was my mother's favorite guy. But Onassis, if you've never read the book on this guy, do you know this guy marries Jackie Kennedy? And you know what they put in place? For every year she's married to him, he gave her 10 million bucks. After being together for five or six years, you can correct me on this, Onassis. She... They get a divorce. I think they separate or something happens. And she's like, "You need to give me XYZ amount of money." He says, "No, that 10 million, I gave you more than that every year with the amount of money you spent. You're getting nothing from me." Gave her nothing. If you've never read the book on Onassis, he is one of the most underrated names for the younger generation that you don't know about. This guy was a G, but please.

• 1:48:02Speaker 04

  I just got to Onassis after he died, and Mr. Grazios took over, Konstantin Grazios. He lived at number one Champs-Elysees was his address. My wife and I in recent years have gone back to one. Now it doesn't... He lived in the attic with the rats. But he said he always had a tan, so he put aluminum foil around his neck like this.

• 1:48:22Patrick Bet-David?

  This was Onassis or Konstantin?

• 1:48:24Speaker 04

  Onassis. He wanted people to think he was either on a boat, a tennis court, or a golf course. So he always had a tan, and he always spent more money than he made, which is quite easy for my wife to do. It's a little harder for me to do.

• 1:48:37Patrick Bet-David?

  But what did you learn from Konstantin? What did he teach us as a young man?

• 1:48:40Speaker 04

  He... The Onassis Shipping had 107 ships. This is when I was there. All of Panamanian registry, all paid for, no debt. Onassis, and they had Olympic Towers, the building. And he said, "We used to own Olympic Airlines. We gave the airlines back to the country because we couldn't figure out how to run an airline and make money at it." The Onassis Towers was 40% full and 60% empty when I was in it. And I used to use Christine Onassis's office that looked down Fifth Avenue at St. Patrick's Cathedral. And he said that the two biggest levers you have in life are other people and other people's money.

• 1:49:20Patrick Bet-David?

  OPM, OPM, yeah. Onassis, uh, uh, and extravagant life is the book. If you've never, just buy the audiobook, folks. You go, go buy it, listen to it. Life changing, you will be entertained. Onassis was extremely strange, unique psycho competitor. The level of psycho competitive this guy was. And you know, right around 45 years old, he started having bladder problems. I know another guy at 45 years old started having bladder problems. This is like six podcasts and he stepped away. But I don't know if Onassis had bladder problems at 45. I know this guy.

• 1:49:54Speaker 03

  But this guy does. He drinks a lot of water.

• 1:49:55Patrick Bet-David?

  Can we put a garshuk for this guy? To all the Armenians that listen, can you please send him a garshuk right down here?

• 1:50:01Speaker 03

  PB, do you already have multiple garshuk's? Thanks to the fans out there sending me.

• 1:50:05Patrick Bet-David?

  So let's, have they actually send you garshuk?

• 1:50:07Speaker 03

  Of course. Do you know what a garshuk is?

• 1:50:08Speaker 05

  No. We're gonna send you one, don't worry.

• 1:50:10Patrick Bet-David?

  Garshuk in Armenian, in Russian, Armenian is little potty. Like you know how kids you sit on those little garshuk's? I think Adam needs a garshuk. Uh, like maybe like a save that money garshuk. But let me, let me get to the next story.

• 1:50:23Speaker 05

  Adam, you're in trouble.

• 1:50:24Patrick Bet-David?

  Yeah.

• 1:50:24Speaker 05

  Urine's the problem.

• 1:50:26Patrick Bet-David?

  I'm gonna get into the next story here I want to get to. So this next story, maybe it doesn't have to do with economy, maybe it does. Being hot is now job requirement. Okay?

• 1:50:36Speaker 03

  How do you think I got this job, Pat?

• 1:50:40Patrick Bet-David?

  So in the age of Ozempic and micro lifts, the pretty privilege gap is growing. Emily Reynolds runs a PR company. And with that responsibility comes the pressure to look young. She tells me, she's 44, but often passes as younger. Rob, can we see what she looks like? Uh, she often passes as younger and that's by design. Reynolds has tried botox, filler razor, laser facials, hydro facials, and invest in expensive skincare products. She has a Peloton and does intense workouts. Uh, uh, uh, this Laberry's boot camp, she's walking the precarious line. And she tells me between looking mature enough to show she's an experienced professional

• 1:51:24Patrick Bet-David?

  who can run and mentor a team and young enough to be relevant. Even as she thinks critically about beauty standards imposed on women, Reynolds worries about what would happen to her business and professional reputation if she abandoned her rituals and routines.

• 1:51:40Patrick Bet-David?

  And what's going to happen as she continues to age? How long will I be quote, unquote publicly relevant, perceived as attractive, Reynolds says? And when I'm not, what happens to me professionally? That's the thing I think about daily. What a thing to be thinking about daily with that. Do you think it's extremely important to be hot? And if it's a job requirement today, meaning the better you look, the more likely it is that you're gonna get the job? Dan, what do you think?

• 1:52:07Speaker 04

  Absolutely.

• 1:52:08Patrick Bet-David?

  Absolutely, David.

• 1:52:09Speaker 04

  Yes.

• 1:52:10Patrick Bet-David?

  Okay, so.

• 1:52:10Speaker 04

  It's not, it's no coincidence that the former personal assistant to Gates, Jobs when he was alive, and more recently Elon, is the same woman. She's written a book, and how she set up to go after Jobs first, and then Gates, and then Elon. She didn't have any kids with Elon, because Elon likes to have a lot of kids, but not with her. And most of the top assistants, female I'm talking about, to the big Wall Street guys are all good looking. There's no old hags, you know, that look like Volkswagens.

• 1:52:50Patrick Bet-David?

  Do you think it helps, do you think it helps guys as well, or to guys, it doesn't matter, whether they're good looking or not, to make money? Does it help to be good looking, to be in shape and business for men?

• 1:53:01Speaker 04

  Depends. My Hall of Fame doesn't have one six-pack on it. I've got 145 or 50 guys, two girls.

• 1:53:10Patrick Bet-David?

  Not one six-pack?

• 1:53:10Speaker 04

  Not one. Not one. I've got some guys that take steroids and have big muscles, but no six-pack.

• 1:53:17Patrick Bet-David?

  Got it. Adam, what do you think about this?

• 1:53:19Speaker 03

  The question is what? This lady, give me the question.

• 1:53:21Patrick Bet-David?

  The question is, how important is it to look good? Does it help you advance in your career?

• 1:53:25Speaker 03

  Hell yeah, it does. You think I know anything about anything? I'm just good looking. No, the reality is this.

• 1:53:33Patrick Bet-David?

  A lot of people may, you know, I'm reading the comment section, Adam. No, it's not about very ugly. They're worried about you having to use the bathroom every single.

• 1:53:41Speaker 03

  I'm drinking a lot of water, but my voice sounds good. Here's the reality, there is something called pretty privilege, and it affects women way more than it affects men. So women have to understand this, that inner beauty and outer beauty is completely different. Outer beauty will get you in the door anywhere, but inner beauty will keep you in the house or keep you in a job or keep you employed. So there's a lot of hot girls relying on pretty privilege these days, but that only goes so far. So what's your character? What's your DNA? What's your values? What's your principles? Just being hot will not keep you there long enough. You need to do more than that. Now, as far as a man, for a man to have status, you have multiple factors that you can rely on other than looks. Looks, if you ask women, are not even the number one thing.

• 1:54:24Speaker 03

  It's status, it's money, it's your game, so to speak. Are you funny? Are you humorous? Are you bombastic? Do you got a swag? Do you have a castle? You got a castle. Doesn't matter if you're a couple pounds overweight. So the reality is, I don't even know if this chick's married. And not that it matters per se, but if she is not married, you may want to take a step back from your career and focus on family and kids before it's too late.

• 1:54:52Patrick Bet-David?

  Who is this girl anyways?

• 1:54:54Speaker 04

  Is she supposed to be hot?

• 1:54:55Speaker 03

  I don't know, Dan. I don't know.

• 1:54:57Patrick Bet-David?

  Is this the girl? Can you go to another one that says Emily Roberts? Emily Reynolds. Is it Roberts or Reynolds? Reynolds. No relation to Ryan.

• 1:55:08Speaker 03

  No.

• 1:55:08Patrick Bet-David?

  Okay, Tom, where are you at with this?

• 1:55:11Speaker 05

  So I believe that there is something to coming into an interview and looking sharp.

• 1:55:16Patrick Bet-David?

  Okay.

• 1:55:18Speaker 05

  Looking sharp, but I'll tell you, the further along I've been in my career, the more I've looked at it. What can you do? When can you do it? And who can I call to confirm it?

• 1:55:28Patrick Bet-David?

  I thought you were gonna say, who can you do? I was like, Tom. What can you do?

• 1:55:34Speaker 05

  Literally.

• 1:55:36Speaker 03

  Sir Dan Penny here, you're gonna say things like this? Please.

• 1:55:39Speaker 05

  That's it. If you come in looking disheveled, that makes...

• 1:55:43Speaker 03

  makes a difference, but if you come in looking sharp, you don't have to be handsome or particularly beautiful by like modeling standards, you just need to be sharp and put together like you take care of yourself. I'll tell you, there, there is a bias and it is a factual bias and no one's going to want to hear this and this is not fat shaming. But people that are incredibly overweight, there is a perception about employers. Are you taking care of yourself? And if you care enough to take care of yourself, will you care enough to take care of the job? That I'm hiring you for and what's, what's going on here? So there is that bias, but you don't have to look like a model. You have to come in and say, this is my background. This is what I've accomplished. This is what I'm capable of. Here's my references. I'm ready to go. And that is, and I think that's, that's the attitude.

• 1:56:28Speaker 03

  Now, younger people do, women that are more beautiful get hired into, you know, a role like an assistant or like this? Sure, I'd be a fool to say that that doesn't happen. But for the broad spectrum, we're looking for people to get the job done, not to surround ourselves with everybody we work out with at Equinox.

• 1:56:49Patrick Bet-David?

  Okay. All right. So to me, I, I think when it comes down to this, you have to, I used to work at Bally's and when I would work at Bally's, guys would come in. And, you know, I would have some fun with them, but I would also, you know, be, it was 50% fun, 50% serious. I would have them stand up. I'm like, okay, so are you single? I am. When's the last time you had a steady relationship? Not in a while. Do you own a gym membership? Obviously I don't. Okay. You look, I'm like, I said, look, man, what are you going to do to make this work? Okay. So then I would, I'm like, listen, can I just talk to you openly? Yes. I said, stop trying to grow a beard. You don't have one. It doesn't look good. You either have it, do it. You don't have it, you don't have it. Don't do it. All right.

• 1:57:34Patrick Bet-David?

  Number two, what is this hairdo you got here? What is this all about? Like, what are you doing with this hairdo? I said, we gotta get rid of this hairdo. It's a pretty shitty hairdo. We gotta fix this thing here, right? It's not gonna work. Go to somebody and I would introduce them to one of my guys. Go get a nicer haircut. This is embarrassing. You can't go around looking like this. No girl's gonna want to date you and if she does, I would question her. Integrity, like wh- what she's doing this for. Then, it's the way you dress. Tell me how you dress. Tell me what you're wearing. What is unique about your brand? When you walk into them, what's gonna be different about you? What do you dress that's just different than everybody else? What do you do? Okay, great. Here's what I do. Working out, energy, do you smile? Do you take care of yourself? And I think this is like even when, when, when

• 1:58:15Patrick Bet-David?

  we licensed sixty thousand insurance agents in fifty states, so I had a lot of younger guys that would come in. And I've had many conversations where I would sit down, I had a kid. I would say, first of all, you smell horrible, okay? So hygiene is extremely critical. If you can't figure out your hygiene, I don't know if you realize or not. It's hard to be around you. And stop talking to me like this. Hi, Patrick. You smell. Fix your breath. Have people tell you if you have your breath. Have one of these, what do you call these, these mint things that you put in, but that's a shortcut as well. Floss two, three times a day. Have these flossing stuff that the stuff gets out of your teeth, because that's what smells bad. As you get older, you gotta take care of this stuff, and you gotta figure out what you gotta do for your breath to smell better.

• 1:58:55Patrick Bet-David?

  Hygiene. Blow dry yourself after a shower, okay? Blow dry, any area that sweat stays there. Just don't burn your private parts, but blow dry yourself, right? Blow dryer, not curling iron. I'm actually being that serious with you. Blow dry yourself. Blow dry between your toes, on your feet. That's what makes your feet smell, because it's nasty. Blow dry it after you get, because it's wet, yeast, stuff stays in there. And then it's like, use this deodorant, try this shampoo, try this Axe. Take a shower, do it this way. And then eventually, three, six months later, they're smell better. Give them a cologne. Hey, start off with this Perry Ellis, this one twelve cologne, this Jupe cologne, whatever the old school clones were, not the you know, Creed clones, you're not gonna go around handing Creed or Stefano clones to people, but maybe Not the air mess of the seventies.

• 1:59:40Patrick Bet-David?

  No, but I'm just being very honest, and then eventually you're like, alright, so look what you look like. You smell better, you look better, you're taking care, and then you see the confidence, and then all of a sudden they're walking like this. You've been doing this your entire life to younger guys, and you're like, alright. Now he's got a girlfriend. Now he walks in a different way. Now he's got a little bit of a swagger. Now he's got self-worth, now he's got some money in the bank, now he's got some and then good things start happening. But I think the, the, the comment Tom that you made, I think it's Extremely right because Tom's message applies to 90% of people. If you're handsome, you're good looking, you know what you can do many times? You can have shitty hair. Okay? You cannot fix everything on your hair, your face. And there's these people that can, they wake up and they look good.

• 2:00:23Speaker 05

  Look at Rob.

• 2:00:24Patrick Bet-David?

  To that 1% of the world. But to everybody else, I think it is important, I think it works. And Dan, I'm gonna give you the final thoughts on this here.

• 2:00:31Speaker 04

  You have two times to make a first impression. One, when you walk in the door, she walks in the door. The next is when you open your big mouth. Okay? A lot of people can pass the look test.

• 2:00:41Patrick Bet-David?

  Good point.

• 2:00:42Speaker 04

  But then they stick their foot in their mouth. Uh, and so communication skills are paramount. And the current generation, actually the last two generations have piss poor communication skills.

• 2:00:53Patrick Bet-David?

  Bill Ackman worth 9.2 billion, the other day gave a tip to people on X and it went viral. He said, here's a tip to young men. When you want to ask a girl out, ask her, may I meet you? Okay? And the amount of people that tried to troll him for saying, may I meet you? Was non-stop. He got trolled non-stop all day. What, what, what is your line? If that's what Ackman says, what would Dan Pena say?

• 2:01:18Speaker 04

  As a single man or an 80-year-old man?

• 2:01:20Patrick Bet-David?

  No, no, no, a single, as an 80-year-old, you can get away with anything, but as a single man.

• 2:01:24Speaker 04

  Okay, your place or mine?

• 2:01:27Patrick Bet-David?

  Really? That's the opening.

• 2:01:29Speaker 05

  In the early 70s. She's like, I live in a one bedroom, I'm in a castle, so.

• 2:01:32Speaker 04

  Okay, your place or mine?

• 2:01:34Speaker 05

  Come meet me in my crib.

• 2:01:37Patrick Bet-David?

  Which do you, Rob?

• 2:01:38Speaker 05

  Do you like castles?

• 2:01:40Patrick Bet-David?

  Run a poll, which do you prefer? May I meet you? Or put your place or mine? Run a poll.

• 2:01:46Speaker 05

  Go with Dan.

• 2:01:47Patrick Bet-David?

  Fellas, ladies. Which one? Let's see what's gonna happen here.

• 2:01:50Speaker 04

  Can you pull my picture of my wife and I?

• 2:01:54Patrick Bet-David?

  He'll find it.

• 2:01:55Speaker 04

  Okay, yeah, yeah.

• 2:01:57Patrick Bet-David?

  Rob, start that poll. I'm curious. Folks, start voting.

• 2:01:59Speaker 03

  So when did that, when did that, when did that line start working? When, Dan, when did that line start working?

• 2:02:05Speaker 04

  When I was, uh, twenty, twenty-one.

• 2:02:07Speaker 03

  Once I had a castle. Once you had a Rolls.

• 2:02:09Speaker 04

  No, no, no, no.

• 2:02:10Speaker 03

  No, hang on, once you had a...

• 2:02:11Speaker 04

  I had a Rolls when I was twenty-four.

• 2:02:13Speaker 03

  Oh, okay.

• 2:02:13Speaker 04

  So, when I was commissioned officer, a young guy at NATO, I mean, your place or mine? And actually, I got it from a woman, asked me during the lunch break, you know, what, your place or mine? And so I...

• 2:02:26Speaker 03

  She asked you? Oh, and you were work, that's when you were working in NATO?

• 2:02:28Speaker 04

  Yeah.

• 2:02:29Speaker 03

  That was that nice Russian woman that said, "Tell me all about your job."

• 2:02:33Patrick Bet-David?

  Which picture is it, by the way? Is there, is there a picture, Rob?

• 2:02:35Speaker 04

  Uh, uh, the one, uh, oh.

• 2:02:42Patrick Bet-David?

  Younger picture of, uh...

• 2:02:43Speaker 04

  No, uh, can you go to my website? That, oh, but wait, stop, stop, stop. See those pictures on the right? That's my wife last year, and that's my wife thirty years ago.

• 2:02:54Speaker 03

  All the way to the right?

• 2:02:55Speaker 04

  The one there, that, that, those two. Thirty years ago, last year.

• 2:02:59Speaker 03

  Wow. Rockin' the same vibe.

• 2:03:01Speaker 04

  The same, well, she, she used to be a big sailor. She, she was winning that race across the Atlantic.

• 2:03:05Speaker 03

  And that's serious. She's wearing a sailing harness. That's like, big time sailing.

• 2:03:09Speaker 04

  Yeah, she is, well, she was, a big time sailor, but she looks the same.

• 2:03:12Speaker 03

  That's when the boat's up at forty-four degrees, and you're just leaning into the wind.

• 2:03:16Patrick Bet-David?

  You can add one thing.

• 2:03:17Speaker 03

  Okay, I'm just imagining, you know, the guy walks into Bally's for the first time, and he's...

• 2:03:21Speaker 04

  And Bally's is, is that a, a jar of...

• 2:03:23Patrick Bet-David?

  Back in the days, Bally Total Fitness, if you remember, Nautilus Bally's.

• 2:03:27Speaker 03

  I'm just imagining the guy walks into that.

• 2:03:30Patrick Bet-David?

  Your place or mine is winning.

• 2:03:32Speaker 03

  That's swag right there.

• 2:03:33Patrick Bet-David?

  May I meet you? Your place or mine? It's close, it's close. That's fourteen hundred people just voted in the last minute.

• 2:03:39Speaker 03

  Almost as, as close as my poll the other day, to like or hate.

• 2:03:41Patrick Bet-David?

  Adam.

• 2:03:42Speaker 04

  Can I meet you is woke.

• 2:03:44Patrick Bet-David?

  May I meet you is woke.

• 2:03:46Speaker 03

  Meet me here is, is...

• 2:03:47Patrick Bet-David?

  May I meet you is woke. Your place or mine?

• 2:03:50Speaker 04

  And I know, I know Fortune fifty CEOs, that you know the names, that they can make it vulgar, more vulgar, no, more vulgar than your place or mine. I mean, they...

• 2:04:04Speaker 04

  And that's just...

• 2:04:05Speaker 03

  Let's not go there, because then we're gonna trigger Tom, and then, well, the thing I was gonna say... Some men are pigs, man. Some men are pigs.

• 2:04:12Speaker 04

  I know, but, but, they've been pigs since caveman.

• 2:04:16Speaker 03

  That's exactly right. When they bonked her on the head and dragged her back.

• 2:04:19Speaker 04

  Exactly. I, I should've lived then.

• 2:04:23Speaker 00

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• 2:04:53Speaker 01

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• 2:05:26Speaker 03

  Bonk. Donk. Donk. All right. What I was gonna say is this, like I could just picture the guy that walks into ballets and Pat walks in and goes, "You're fat, you smell, your hair is all messed up, your hygiene..."

• 2:05:36Patrick Bet-David?

  You'd be amazed how many of these guys came back being thankful.

• 2:05:38Speaker 03

  But that's my point, is that they're open to feedback and they're coachable. That's the one thing I've noticed between certain men and, and not certain men and certainly between men and women.

• 2:05:47Patrick Bet-David?

  Yeah.

• 2:05:47Speaker 03

  Is that men are more comfortable being offended. Our guys will tell each other, "We bust balls, bro, you're fat, you're gross, clean it up." And it's like, "All right, cool, I will." Women can't say each other, to each, to each other. That's why they're all tense. Okay? "How do I look? I'm a tan, I'm a tan, I'm a tan." Women don't want to be offended. For a man, you need to be comfortable being offended. And people, you need to be told, "You're fat, you're sloppy, clean it up, you're a loser." Don't end up being a loser. That's how you motivate young men. That's a different...

• 2:06:15Speaker 04

  Men are willing, men are willing to engage in self-deprecation and women aren't.

• 2:06:20Speaker 03

  I've seen, not that we need to rehash this, some of the things you've said online. It's not for the faint of heart.

• 2:06:26Speaker 04

  No.

• 2:06:27Speaker 03

  But you say, "F you, clean it up, stop being a..."

• 2:06:31Speaker 03

  And that's how men actually receive feedback, right? Like, if you've had a football coach, or a basketball coach, or a drill sergeant, they go, "Get down, mother..." And you do it. Women don't respond to that. You can't go to a girl and say, "You're fat, you're ugly, you're overweight, clean it up." They're gonna start crying in the corner. For a guy, that's gonna make or break. If you say that to a guy and they clean it up, that means they're resilient. If they start crying in the corner, then they're weak and they'll probably never get laid anyway.

• 2:06:57Speaker 04

  Forbes magazine put out a survey last year that 80% of employees throughout the United States of America cry at least one time a week.

• 2:07:06Speaker 03

  80% of employees?

• 2:07:08Speaker 04

  Employees from...

• 2:07:11Speaker 04

  Below the chairman and CEO, the C-suite, I guess they call it.

• 2:07:16Patrick Bet-David?

  Cry once a week.

• 2:07:16Speaker 04

  So I asked my two kids that work for big companies, and my daughter, who's 39 now, she was 38 then, she says, "More than once a week, Dad." And it's mostly men cry at work.

• 2:07:28Speaker 03

  Yeah.

• 2:07:29Speaker 04

  That's where we are.

• 2:07:30Patrick Bet-David?

  Well, I don't want to say this publicly, but last week, I saw Adam in the gym. This happens routinely on Fridays. He was crying.

• 2:07:38Speaker 03

  He's crying.

• 2:07:38Patrick Bet-David?

  Normally it's Wednesdays, because it's like, you know, Brandon. I'm like, "Adam." So, but normally, honestly, like, the solution, one good hug wraps it up.

• 2:07:45Speaker 03

  Thank you.

• 2:07:46Patrick Bet-David?

  Right?

• 2:07:46Speaker 03

  Or a pow-pow. Either way, I suck it up.

• 2:07:48Patrick Bet-David?

  No, no, but obviously, that's a joke, but the point, but the point I'm trying to, the point of what you're saying here is taking the feedback from somebody that's giving you straight up. Let's do the last one before we wrap up. We got four minutes for this one. Okay. Home de-listings surge as sellers struggle to get their price. This isn't good. They're trying to sell, no one's willing to pay the price. The realtor comes and says, "Let's take it off because it shows that it's been for sale for 328 days, and let's start it all over again." Here's what CNBC had to say about it. Go forward, Rob.

• 2:08:21Speaker 05

  Housing market, but this year could be worse than expected as sellers seem to be giving up. Diana Olick joins us to explain why. Diana.

• 2:08:29Speaker 03

  Hey, Mike. When a seller takes their home off the market, it's called a delisting, and they're now happening at an unusually high rate. Delistings in October, which are reported with a one-month lag, were up 45 and 1/2% year-to-date and up nearly 38% from October of last year. That according to a new report from Realtor.com. Now, this is the highest delisting year since they began tracking in 2022. Delistings began to rise in June and have remained elevated for five straight months. About 6% of active listings have been coming off the market each month, which is typically something you only see in the dead of winter. All right, so why is it happening? Uncertainty in the economy, stagnant and high mortgage rates, and of course, a still pricey market.

• 2:09:13Speaker 03

  Locally, Miami, Denver, and Houston are seeing the highest ratio of delistings compared with new listings. Those are also markets that saw some of the biggest price gains in recent years. And in addition, and because of that, more potential buyers are now heading to what Realtor.com calls refuge markets. More affordable markets, Grand Rapids, St. Louis, Cleveland, Milwaukee, and Pittsburgh are all seeing much bigger price gains now than the rest of the country because demand there is suddenly surging. Now, later today, we do get earnings from luxury home builder Toll Brothers. We haven't had any government data on the home builders since before the shutdown, but Toll has been outperforming simply because its buyers are less reliant on mortgage rates. Now, they did guide to lower home deliveries.

• 2:09:58Speaker 03

  We'll see how much lower when we get those results this afternoon.

• 2:10:01Patrick Bet-David?

  Okay, Tom, what's going on here?

• 2:10:03Speaker 03

  What's going on is, they said, delistings, this is the highest it's been since they started measuring it. What happens with delistings? When people finally decide to sell, they're usually selling into a roll-up market. They're seeing prices roll up around them. They're seeing prices go up. Honey, maybe it's time to, you know, sell the house and buy something smaller, or maybe now's the time to, you know, move across town to something bigger. Well, what happens with delistings? Delistings is what happens.

• 2:10:31Speaker 05

  Happens, delistings increase, which tells the, you know, the market observers that the peak of the market prices in the current point may be upon us, Pat. When prices peak, delistings happen, what it says is that there's, guess what? There's now prices may be starting to go down a bit. So number one, you look at, you see, are we seeing the delistings as a signal? We may be at the top of market and prices are now going to moderate, go down a little bit. And remember, these prices have run up for a while. So it's not like these are going to drop below mortgage value like the, you know, the great financial crash in 2008, 2009. So,

• 2:11:12Speaker 05

  but this is a sign. Now, what do we also see? Two weird stats. Number one, the layoffs have increased over the summer from July to now, layoffs have increased, but job openings have also increased, which might mean that we don't have the people in the right places or the right skills for the right jobs. Cause you have layoffs on one hand, and then you have job openings on the other. But this, I believe is a sign that in these peak markets, we're about to see pricing start going down. Because I put it up saying, hey, honey, it was a million, let's put up at a million 50, see if we get any takers, because things have been up around us. But what if the real market for your house is really 975 right now? Because it's peaked a little bit. Well,

• 2:11:55Speaker 05

  then the realtor says, look, we don't want to go drop, drop, drop, because people will price under you. They'll think maybe you have to move somewhere for a job, and there's some psychology in buying. Let's just do this. Take a breather and then we'll put it back out at 980 and go get your 975. There's strategy to it as well.

• 2:12:12Patrick Bet-David?

  Dan, what feedback do you have to say for people that are not homeowners or homeowners? To homeowners, do I sell? Or do I keep? To, if I want to buy, is this a good time to buy? Do I wait? What do I do?

• 2:12:22Speaker 04

  If the house is a house just you're living in as opposed to an investment, if it's an investment, I think the market's going to go lower. So, I mean, depending on can you be without a home or without a real estate piece of property, without a fourplex, et cetera, et cetera. I'd sell, but if it's your house, I'd just write out the market. I mean, your home, I'd just write out the market.

• 2:12:41Patrick Bet-David?

  It's common sense.

• 2:12:42Speaker 04

  Yeah.

• 2:12:42Patrick Bet-David?

  You want a house, family, somewhere to live in, you're going to be there long term, five, 10 years, just go buy, do your thing. Okay, Adam, your thoughts on this?

• 2:12:48Speaker 03

  Yeah, of course. Is it a lifestyle thing? Is it an investment thing? Is it something for your family? Those are three different things. I've said this before, I'll say it again. The best investment you can make is into yourself, is into your business. Then assets like the stock market or Bitcoin. And then housing, you know, housing is a lifestyle thing. Yes, if you waited out five, 10 years, you can make money on your house, of course. Nobody's denying that. But is it the best investment? In my opinion, no. And for the matter for young people, it's taking longer and longer and longer for all of life's milestones. Buying a house, having kids, getting married, it's all taking almost 10 years longer than it was a generation ago. The average home buyer right now is 40 years old. You know, a generation ago, the average home buyer was 28. So, things are taking longer.

• 2:13:33Speaker 03

  Good things take time. Play the longer.

• 2:13:34Patrick Bet-David?

  Brandon?

• 2:13:35Speaker 05

  Yeah, we gotta stop acting like the owning a home is the number one asset for somebody in their life. Like, it's like a retirement vehicle or it's like their end all be all. Because like, it would be good for the most people if the home prices went down. Like, that is what should happen if we build more houses. So, you know, people are acting like it's going to be a national crisis if home prices go down because that like psychology's been built in. But that's like a bad way to think about it.

• 2:13:56Patrick Bet-David?

  Yeah. I think there are certain markets that are going to be impacted more. Certain markets are not. I suggest looking, if you're comfortable moving, look into red cities, red states, pro-business, pro-friendly, no income tax, a place that you know others are going to move to. If it's in places that is blue state. The other day, I saw a clip of Gavin Newsom with Charlie Kirk. And, you know, he talked about how, hey, we have, you know, and then Charlie kept saying, we got the fifth largest economy in the world. And then Newsom says, I'm glad you know that. He said, but you've been losing a lot of people. He says, not Last year, we got people coming in. He says, but the way you got people coming in last year was some illegal immigration. And Newsom was stuck. He didn't know what to say.

• 2:14:39Patrick Bet-David?

  So if you take blue states, people are leaving a lot of these blue state, high regulation, slow speed on permits. And they're going to low regulation, red state with no taxes. Position yourself better where you know people are gonna go there. Not only a place to raise your kids. Not only a place where business is gonna be attracted to go. If you go there, you know people are gonna keep going there next five, 10, 15, 20 years. And guess what supply and demand says? You're gonna be fine with the property you buy. Anyways, last call here. Dan, if you haven't been to his website, go visit his site. We're gonna put it below, Rob. With all the details on his QLA program. Dan, it's great to finally have you here. We had a great conversation. You're a very, very interesting man.

• 2:15:20Speaker 04

  Thank you very much. All my stuff's free. I don't sell anything. So just...

• 2:15:25Patrick Bet-David?

  There you go. Go to, and what's the website called? It's called DanPania.co.uk.

• 2:15:30Speaker 04

  Yeah.

• 2:15:30Patrick Bet-David?

  We will put the link below. All stuff is free on his website. You can go pick it up and learn. God bless everybody. We will do this again next week. We don't have a Podcast Friday. Because of Business Planning Workshop, but we will have it next Monday. But we do have a podcast that's going out tomorrow, Rob. An interview going out tomorrow. With a, with a very interesting Rick Allen Ross, who's a D-programmer of people that joined cult. You have to watch it. Take care, everybody. Bye bye, bye bye.

• 2:15:55Speaker 04

  Bye bye.