“The Law Just Changed.” How Ordinary People Build Extreme Wealth - Tony Robbins (4K)
스크립트
00:00:00People of the UK and Ireland, I'm coming to you live. Imagine that, me on stage in your city.
00:00:04Dublin is completely sold out, but everywhere else has got limited tickets left, and you can
00:00:08get yours now at chriswilliamson.live. This is a custom-built live show. I absolutely adore it.
00:00:13I've spent over a year working on it. So if you're a fan of everything Modern Wisdom,
00:00:16come and see me on stage this October around the UK and Ireland, chriswilliamson.live.
00:00:22Despite being just 4% of the global population, Americans made up nearly 50% of the world's
00:00:28new millionaires in 2025. You've written three books in this area. Why another one on finance?
00:00:34What hadn't you said already? Good question. I never even write the first book. In fact,
00:00:39I'd written a book for almost 15 years. I don't enjoy writing books. I like the variety and the
00:00:44aliveness of interaction and what happens. But when 2008 happened, I was really annoyed because I worked
00:00:50with Paul Tudor Jones, one of the greatest financial traders in history. I've coached him for almost 30
00:00:54years. So I had some insights for what was going on. And at the end of it, I thought somebody's going to
00:00:59get punished. Something's going to happen because a small number of people basically almost destroyed
00:01:03the world economy. And what I saw was their reward or their punishment was we gave them more money.
00:01:08And so about 2010, 11, 12, I started saying, man, something's got to happen here. And I was mad
00:01:14because it's like, right now the game seems like it's rigged and the average person thinks that they
00:01:19can't win. And I went, oh, could they? And so since I've got access, I said, I'm going to interview 50
00:01:24of the smartest financial investors in history, the most successful, the Ray Dalias, the Carl Icons,
00:01:29the Warren Buffetts, all of them, Paul Tudors. And I'm going to find from them whether the game is
00:01:33really winnable still. And so I wrote this book, Money Master the Game. I want to write a book that
00:01:37my billionaire clients would be blown away by, but I could also, someone just starting the journey
00:01:42would do it. And we were successful. Number one, New York Times bestseller, really great.
00:01:46But then, you know, people are not prepared for what happens. And while I didn't know COVID was
00:01:50coming, anyone can anticipate the changes in the market. And so I wrote unshakable because I wanted
00:01:55people not to lose when the markets change and people that applied that got tremendous value.
00:02:00But then along the way, so many people are behind, like they're so far behind in terms of their
00:02:05investments, in terms of their, the retirements. And so how do you get there? Well, you got to get
00:02:10better returns, but it usually requires bigger risks. And one of the people I became really good
00:02:15friends with was Ray Dalio, who's, you know, the greatest investors in history. They call him the
00:02:18Da Vinci. And, um, and one of the days I met him, I was supposed to have a 30 minute interview and
00:02:23four hours later when we left, that's part of how we became friends because I studied everything about
00:02:28him. But one of the final questions I asked him was, what's the single most important investment,
00:02:34you know, principle that you know of, if there was one principle to guide people, what would it be?
00:02:39Because I had now, I gathered all of these brilliant people and I come down to like these core four
00:02:43things that everybody needs to do. Everybody needs to protect downside risk. And that's not what most
00:02:48people think about, right? The best investors on earth are all about don't lose money, which is so
00:02:54counterintuitive, but they do it by asset allocation. They don't ever put all their eggs in one basket.
00:02:59They know how to allocate well. So when they lose, they can still win. They know if you lose 50%,
00:03:04you got to make a hundred percent return to get even. Most people don't do the math properly in
00:03:08their head. But the biggest thing I saw was asymmetric risk reward. Then when they went to risk a dollar,
00:03:14like Paul Tudor, his goal is if I think I'm making an investment, I got to believe I'm risking a dollar
00:03:18to make five. Now, if I'm wrong, I can risk another dollar still make four. He could be wrong four out of
00:03:23five times and be in good shape. Whereas the average person doesn't think that way. I met, uh, you know,
00:03:28some people that did some investments like Kyle Bass, who, uh, you know, Kyle from Texas, Kyle was
00:03:34following my work. He took $30 million and turned in 2 billion in 2008. How do you do that in a year?
00:03:42In the worst year of economics, he saw real estate and saw everybody thinks it's going to go up and it's
00:03:47not. And so he risks basically 15 cents on every dollar. He could be wrong 15 times and still make
00:03:53money. And he made money. So I asked him at the time, just for Ray Dalio, I said, how do you teach
00:03:58somebody, you know, this idea of, you know, thinking that you're taking huge risks to get huge rewards
00:04:03is not how you win. It's disproportionate. I need asymmetric risk reward. How do you explain that to
00:04:08somebody who doesn't understand? He goes, well, Tony, it's interesting you say that. I want to explain
00:04:11it to my kids. So he said, I was trying to figure out how to teach it to him. So one day I asked a
00:04:16question, what is a riskless investment? And I said, riskless investment? Is it really such a thing?
00:04:21He goes, no, most people don't ask that question. So they don't find the answer. He said, there is one
00:04:25nickels. He said, if you buy a nickel, you can never lose the money. It's always worth a nickel.
00:04:32But he said, let me explain to you how I taught my kids this. It costs nine cents for the American
00:04:37government to make a nickel. That's how we run our government. He said, pennies used to be full of
00:04:43copper, 95% copper. And then we turned it out at 2% copper. And those pennies in the past are worth
00:04:49twice as much money, right? He said, it's going to happen. And he said, but also I can melt it down.
00:04:54The meltdown value is worth 20% more than I'm buying it for. So, or 36%, excuse me, more than
00:05:00I'm buying it for. He said, so I could melt. I said, well, you can't do that legally. He goes, well,
00:05:03that's true, but some money goes outside the country. He said, but let me be clear.
00:05:07I called the federal reserve and said, how many nickels do you have? And I bought all the nickels
00:05:12they would sell me. And he said, he bought like 20 million nickels, whatever the number was. And he
00:05:17goes, if I could push a button and put all my money in nickels, I do it tomorrow. I have a 36% return
00:05:21on day one. I'll have virtually guarantee a hundred percent return at some point in the future,
00:05:25because you can't keep making things for 9 cents that you're charging 5 cents for. And he said,
00:05:31and I have no downside. He said, so that's asymmetrical risk reward, right? So in that area,
00:05:37that's something that's hard to get, but I knew that was valuable. Then the third thing I found
00:05:41they all talked about is you got to be tax efficient, right? Because your net is based on taxes. And then
00:05:47the fourth is the one we all know, diversification, but diversifying against different assets,
00:05:52different asset classes, different timeframes and different countries, different currencies.
00:05:57But Dalio said, when I asked him this question, he goes, Tony, I have thought about this for the last
00:06:0215 years. And I have now, what I would tell you is the holy grail of investing, which is the title of
00:06:08our book. And he goes, it's simply this. I found out that if you will confine eight to 12 non-correlated
00:06:14investments and they're things you believe in, you reduce your risk by 80% and increase your upside.
00:06:21Now, when I heard this, I was like, wow, it's hard to find eight to 12 uncorrelated investments in the
00:06:26world we're in today, right? Even stocks and bonds are not supposed to be correlated. But if you look at
00:06:30what happened in 2008, 2020, they do, they both go down, right? They correlate. And then your broker
00:06:36says, I don't know what it is, right? So he explained to me more detail about that. But the simple
00:06:40understanding is you have to go to private equity, private credit, private real estate to have that
00:06:44diversification. And last year, you know, a trader has sophistication synthesis that you can use
00:06:49synthesized type of investments. And so that set me on looking at it. Then I was invited, um, to go
00:06:54down to speak at the alternative investment conference for JP Morgan. Got to be a billionaire
00:06:59to get in there, right? I've been there two or three times now. And who speaks right before me is Ray
00:07:03Dalio. And they do this full interview with him. And for the last question, they ask him a very similar
00:07:07question. What's the most important thing you've learned in 50 years investing? He says, the holy grail,
00:07:12everyone in the room is a billionaire plus. Nobody written notes the whole damn day. Everybody's head
00:07:16goes down, writes this down because it's such a simple principle, but it's the core. So I started
00:07:21saying, how do I get to that? How do I help the average person to get that? Because you know, I've
00:07:27got a name, you've got a name. We have, we all have access to a certain extent. Private equity is an
00:07:31extraordinary result, but here's what I found out. In the last 39 years, private equity has outproduced
00:07:38every stock market in the world for 39 straight years. Average private equity. Now in this book,
00:07:43we interviewed 13 of the best in the world, right? Average is averaged 15.7% returns.
00:07:50The S&P 500 of those 39 years is 9%. 74% better per year compounded for 39 years. So if you put a
00:08:00million bucks in the S&P, you're pretty happy right now. You got just under 29 million, 28.7 million.
00:08:06If you put it in basic private equity, it's $293 million. The same money, same time, 10 times the
00:08:13return. So now the question is, how the hell do you get access? Because there's a big difference
00:08:18between the big boys and the average boy, right? So again, if you're famous, you might get it. I got
00:08:23access. I know people, but that the slice they give me wouldn't change my life. And it's nothing
00:08:28really huge. And I was lamenting about this to a friend of mine who used to be partners with Paul
00:08:33Tudor Jones. It's really great guy. And I helped him a lot. He said, Tony, I'm going to make your day.
00:08:37I'm going to tell you where I put most of my money and I'm going to change your life. He said,
00:08:41you've done so much for me. It's my time to do for you. I said, really? I'm leaning for you. This is a very
00:08:44sophisticated guy. He goes, there's a company that can allow you to come in and not just try to get a
00:08:52little piece of these investments, but you become an owner, a general partner in these firms, not a
00:08:58limited partner. You make the two in 20. You're on every single asset that they have, every sell
00:09:03investment they have. I said, really? I said, where's this firm? And I thought he was going to say,
00:09:08you know, New York, Connecticut, London, Singapore. He goes, they're in Houston. I said, Houston? He goes,
00:09:14yeah, they're away from the beaten path. And they do this better than anybody I've ever seen. He said, they have
00:09:19the majority of my money. You got to go meet him. That's how I met my coauthor here, Christopher, because I went and
00:09:25sat down and turned out Christopher had been through my program 25 years ago, started his business based on it. He has,
00:09:31I got to brag on him a moment. He has a 96% profit ratio on the investments he's made for 25 straight years. We joined
00:09:38forces about five years ago. He's about 2.7 billion. We've grown it to 13 billion just in the last four and a half,
00:09:43five years. And so I got, I became an investor initially. I became the owner of the company, partner in the company, and we've
00:09:50grown the company to have that kind of impact. And it's because we're able to bring people general partnerships. It's like, do you want to
00:09:57own the race horse? You want to own the race track? That's what the opportunity is. And the richest people
00:10:02in the world, if you look at the Ford's 400, are all people that are in private equity. This is where
00:10:06the largest is not real estate. It's not technology. Look at the list. You'll see who they are. There's a
00:10:11reason. This is one of the most unique opportunities. And now the reason we wrote the book is the average
00:10:17American has not had access. If you look at the ultra high net worth people, 52% of their money is in private
00:10:24equity, private credit. It's private. Only 29% in the public markets. There used to be 8,000
00:10:29companies 30 years ago. Now there's only 4,000 in the public markets. 87% of all companies are private
00:10:35today. A hundred million to 3 billion. There's 200,000 of them. And that's a whole lot more to be
00:10:42able to do. And the old idea of private equity is you go in, you take over the company and you sell
00:10:46everything off. It's not like that today. It's about added value. They have to be. So it's a new
00:10:50industry and the way it's been operating and it's producing results. Unlike anything else,
00:10:54you can't be all your money because you need liquidity. And there are even some answers to
00:10:57that today, but we went all in and figuring out how to help people to be able to grow at a much
00:11:02higher rate so they can get to their goals, but with even less risk if they manage it effectively.
00:11:06Do you think ordinary people are making a mistake by putting all of the money into the S and P?
00:11:10Then this is kind of old school wisdom, dollar cost average in, but it sounds like there's other returns
00:11:17to be made. It's so funny. I had a conversation with somebody literally a couple of months ago
00:11:20and they say, you know, Christopher, I understand this diversification thing, but I really don't need
00:11:23that. I own like six out of the seven of the magnificent seven. I'm like, dude, you are not
00:11:29diversified. They all move together. If one is zigging, the other is zigging as well. So they all get
00:11:34hit together. People don't think back to where the magnificent seven literally in 2002 during the
00:11:40sell-off that we had there, that group of stocks dropped by almost 50% in less than a year. So
00:11:46people might want that upside, but they have to be able to tolerate the downside. So do I think it's
00:11:51a mistake to put money in the S and P? No, but it can't be everything. They need to have
00:11:55diversification of other things that will zig and zag at different times, which is the whole point of the
00:12:01the holy grail of investing is if you have certain things that are making money when others are losing
00:12:05money. And I know it's a silly example, but for everybody who's a golfer out there, they'll get
00:12:09it, right? If you stock a golf shop and all you sell in there is sunscreen, well, on sunny days,
00:12:15you're going to sell a lot of sunscreen. If all you sell is umbrellas, well, then on rainy days,
00:12:19you're going to sell a lot of umbrellas. But the key is to have both. So on rainy days and sunny days,
00:12:24you're still making money. And that has been so hard. Here's another fun statistic. In 2005,
00:12:30just literally 21 years ago, if you had an average allocation that looked like most of the brokerage
00:12:35accounts, including alternatives, your average correlation was about 0.15, which meant they
00:12:41correlated about 15% with each other. 85% they're moving different directions. Okay. Today, literally
00:12:48with no change in that S allocation, it is 82% correlation. Globalization is a hell of a drug,
00:12:54man. It is, but it's also indexation. Because if everybody's buying the same stocks,
00:12:59it's just all in or all out every single day, they tend to all move together.
00:13:03ETFs don't discriminate.
00:13:03Yeah.
00:13:03No, they don't. And what happens is in stressful environments, it actually gets worse to where
00:13:09it goes all the way up to about an 89% correlation when you have a down market. Because what happens,
00:13:15everybody indiscriminately sells everything at the same time. And that means they're getting
00:13:19left from all sides, which is why 2020 in the early part of that year was so tough for people. And 21,
00:13:2622, everything basically got hammered. And think about it right now, the Magnificent Seven are 32%-
00:13:32Can you explain the Magnificent Seven for people that don't know what that is?
00:13:34Absolutely. So, Magnificent Seven is basically the big names that people know, the NVIDIAs,
00:13:39the Netflix, the Facebooks, or Meta now, Google, Amazon, et cetera. Those are the Microsofts included
00:13:46in that. That's the Magnificent Seven. And to what Tony was about to say, okay, right now,
00:13:50that Magnificent Seven is 38% of the S&P 500. Well, it's actually under 32 today.
00:13:56That's correct. It pulled back quite a bit here lately. And so, what that means is 493 stocks make up the
00:14:03other 68%. And so, seven make up 32%. And the highest percentage in history before this has been
00:14:1217% of any group of companies. So, it's twice, more than twice what it's ever been.
00:14:17It's a consolidation of risk, even inside of the S&P 500, which is supposed to be spread across 500
00:14:24companies. Completely. And very volatile companies as well.
00:14:28But I want you to know, they're complementary. We have things in the S&P as well. But you've got to
00:14:32spread your risk. You can't do it all. And if you look at pension funds, you look at university funds,
00:14:39if you look at what's happening with high network people, the majority of their investments are in
00:14:44private equity. Because that's where they're getting the returns. They have to be able to provide for the
00:14:48future and provide an income for the future. And so, that's where they are. So, and there just isn't more,
00:14:53there's not enough volume. Think about it. To go from 8,000 30 years ago to 4,000 stocks, roughly, a little
00:14:59less than that, actually, now, in the public markets, you've got more dollars chasing a smaller number of
00:15:04items. And you know what that creates? It creates inflation that isn't necessarily based on value.
00:15:09Okay. Lots of stats, lots of complex numbers to be able to understand here. Imagine that somebody
00:15:14doesn't understand investing, doesn't know where to start. How do you explain what diversification
00:15:19should look like just from first principles and where should that go?
00:15:22So, what I always try to tell people is exactly like the business example. No single company really
00:15:27wants to sell one thing. So, you want in your portfolio, you want things that are going to do
00:15:32well in lots of different environments. Good economies, bad economies, high inflation, low
00:15:37inflation, high interest rates, low interest rates. In order to accomplish that, you have to diversify
00:15:42across lots of different asset classes. And most people hear private investments and they get very
00:15:46intimidated by that. They're like, I don't know what a private investment is. Well, most people are in the
00:15:51private markets. They don't really realize it because they own a home. Anybody who owns a home owns a
00:15:55private asset. It's not priced every single day in the newspaper. You can't look it up online to see
00:16:01exactly what it's worth. You can get a guide, but you never know for sure what it's worth until you sell
00:16:05it. Well, that's a private asset. The same with the dry cleaner on the corner or the subway sandwich
00:16:09shop that they might go shop in. Those are all private businesses. And obviously, anyone who owns those
00:16:16is going to make money or lose money based on the success of that particular business,
00:16:20not because the fact that the Fed raises interest rates or lowers interest rates or all the other
00:16:24complex things. They try to intimidate people or tend to intimidate people. So getting people to
00:16:30understand it's just simply good diversification, good business practice to not have all your revenue
00:16:37streams tied up in one single product. That's true also for your investments. Let your return streams
00:16:42come from lots of different sources. And here's the piece that's different today. And it's about to
00:16:47change because we're interviewing a secretary of labor, Sonderling right after this interview,
00:16:51he's coming into the house. There are new laws. One of the reasons we wrote the book is it's great to
00:16:55know this, but most people can never have access. So what good is it? So what's happened though,
00:17:01is the Congress and the Senate actually passed a law initially when through the Congress, not yet the
00:17:06Senate that said that, look, you should not be barred from having these types of investments because
00:17:11you're not an accredited investor with a million dollar net worth or, you know, or a $5 million net
00:17:16worth rise, a qualified purchaser. The best investments have been reserved for people the most money.
00:17:21It's completely unfair. Now, the idea is we're protecting them from things that are unsophisticated.
00:17:26Well, think about it. A lot of great business people are not great investors or a lot of people
00:17:31inherit money. They're not great investors, but they get to go there. So what they came up with
00:17:35is we're going to create a set of questions so you can educate yourself. And if you're going to answer
00:17:39these, you're qualified. You don't have to have an economic qualification. You just have to understand
00:17:43what you're doing, which makes so much more sense. But even since then, there's some new laws that are
00:17:47coming out and maybe you can address them that are happening. They're right now being reviewed as we speak.
00:17:51That's where we're having the interview with later with Secretary of Labor Saunders.
00:17:55So two things. Number one is last June, a year ago, June, the Securities and Exchange Commission,
00:18:00the SEC, just literally with the stroke of a pen, said people do not have to be an accredited investor
00:18:05anymore to invest in certain types of funds which own alternative assets. Funds that own things like
00:18:11the Los Angeles Lakers that just sold or the Golden State Warriors or, you know, Formula One teams,
00:18:18etc. SpaceX, before it was an IPO, right? Those kinds of funds were never available to investors
00:18:24unless they were already wealthy. So now anyone in the world, literally for a $2,500 minimum,
00:18:30can invest in those funds. That literally changed last June. And most people don't know that.
00:18:35The second thing that Tony's referring to is the Labor Department has put forth a rule that would
00:18:40enable it to be much easier for 401k plans to allow alternative investments to be available to every
00:18:47single person who has a 401k or a 403b or any kind of retirement account. That is a total game changer
00:18:54for the industry to be able to allow people for the first time to be able to invest in so much of the
00:19:00economy that they've been prohibited from before. Unless they're wealthy. Tell me if this sounds
00:19:06familiar. You train regularly, you eat reasonably well, you feel fine, but you're just kind of going off
00:19:11vibes. Most people have absolutely no idea what's going on inside their body, and that is why I
00:19:16partnered with Function. Function gives you access to more than 160 advanced lab tests spanning hormones,
00:19:22heart health, kidney function, and even detects early signals linked to more than 50 types of cancer.
00:19:27To put that in perspective, your typical annual physical might test 20 markers. Function runs over 160.
00:19:33It's huge. Best of all, you test twice a year and everything lives inside of a simple dashboard. So you track
00:19:37trends over time, make sure you're moving in the right direction. And this level of testing would
00:19:41usually cost thousands, but with Function, it is $365 per year. Just $1 a day to actually know what's
00:19:47happening inside of your body. And right now you can get $25 off, bringing it down to 340 bucks.
00:19:52Get the exact same blood panels that I use and save $25 by going to the link in the description below
00:19:57or heading to functionhealth.com/modernwisdom. That's functionhealth.com/modernwisdom.
00:20:03Can you, let's get specific. What are some of the investment opportunities, asset classes that
00:20:10people don't think about? Everybody understands, and you guys agree. S&P, that's probably a good place
00:20:14to have some, et cetera, et cetera, right? We can tick away with that. What are the more exotic?
00:20:20Well, I'll give you one that's fun, and it's not exotic because everybody knows about it,
00:20:24but they think it's probably impossible. Sports, is it just related? Sports are an uncorrelated
00:20:29investment. They have nothing to do, although the market's going up or down, what's happening with
00:20:33interest rates. In the last 10 years, they've had an 18% compounded return. But if you look at through
00:20:38history, through wars, World War I, World War II, sports have always done well, and they're
00:20:43non-correlated. So you want to find assets- So sports are recession-proof.
00:20:46Yeah. They are. And you know why? Today, they don't just sell hot dogs, which by the way,
00:20:50they have a unique relationship. They have a monopoly in their cities, a legal monopoly.
00:20:56No one else can go compete with them. And by the way, their fans are called fanatics. That's where
00:21:01the fan comes from. They're multi-generational and they come and they, when inflation goes up,
00:21:06they charge more for hot dogs, as we all know, and everything else you can imagine. But now they
00:21:10don't just sell tickets and hot dogs. Today, these are modern media organizations. So we own a piece,
00:21:15I own a piece of self. It took me, what, 20 years of my life to be able to on a sports team and to
00:21:20qualify. They had a microscope to you. I helped us start the soccer team that we have in Los Angeles,
00:21:28the LA football club, and put the whole thing, invested, went through the whole nine yards.
00:21:32But then the rules changed and they made it so certain firms were able to make investments
00:21:37directly into these firms. And now they did it in Major League Baseball. They did it in the NBA.
00:21:42They did it in Major League Hockey. And now the NFL has just done it. And the returns are unbelievable.
00:21:47So I'll just give you an example. We have a piece of the Dodgers and a piece of the Red Sox. We have
00:21:51a piece of the Lakers, excuse me, the Lakers, the Golden State Warriors. All of these firms have grown.
00:21:57So Peter Gruber, one of my partners in business, we did the LAFC together. He was one of the guys
00:22:01that bought the Dodgers. In 2012, he paid $2.2 billion for the Dodgers. Every article said,
00:22:08he's insane. These people are never going to make money. This is the most ever paid for a sports
00:22:12team. Now, Peter's my partner. And I was like, Peter, I know you're no dummy. What are we doing
00:22:17the right thing here? He goes, Tony, you can trust me on this. You know me well enough. But he said,
00:22:22I'm not even going to tell you. I'm going to make an announcement in the next week. And then you come
00:22:25over and we'll have a little party together. So now here's what you can understand. When you're on a
00:22:29sports team, if it's like the NBA, you're one 32nd of the league. You have 32 teams who are at the NFL.
00:22:35NFL is an even better example. All the national and international advertising, you get one 32nd of.
00:22:41So if you own an NFL team, you get a $400 million check to start the season. That's your piece.
00:22:47But you also own your local TV advertising yourself. So Peter bought them for $2.2 billion and then
00:22:53announced he just sold the rights for local television rights for $7 billion and made $5 billion in a day.
00:23:01Right? So he's done quite well in this area. And I've done quite well with him in this area.
00:23:05Um, you know, today the, he took on the Golden State Warriors. They were the worst place team.
00:23:10They had paid only $450 million for it. Now they're the second highest valued sports franchise in the
00:23:15world behind the Yankees to even, excuse me, behind the Dallas Cowboys at this point, right?
00:23:2011 billion that he's built it to. So these are enterprises today that are not just selling sports.
00:23:26They're every aspect of what you imagine, and they are an incredible return and they have nothing to
00:23:31do with what happens in the stock market. Sounds great. How do I invest?
00:23:35There's lots of different ways that somebody can do it if they have the right knowledge and the right
00:23:39information. But because of the rule changes, now there are funds that are available, literally,
00:23:44that people can get into for $2,500 bucks and own a piece of all of those funds.
00:23:48It's just got to actually, we just got to prove for this to give you a sense.
00:23:51Yeah. I mean, so that was, so that was June of 25 was the first time that the rules changed
00:23:56to allow everyday investors to be able to do it. But so collectively as a firm, you know,
00:24:00we have exposure over 30 different professional sports franchises, and we have ways that every
00:24:04single investor in the world can invest with us and own a piece of all of those firms, right?
00:24:09And diversify. So it's not just one team.
00:24:10That's right.
00:24:11Oh, so you've made a index fund or an ETF of a variety of sports teams.
00:24:16You know, I'd love to say that it's better than that, right? And I believe it is because
00:24:20it's not just beta. It's not just the market itself or the index fund, but actually really,
00:24:25really curated specific teams and specific areas that have specific opportunities for growth
00:24:30that we believe we bought at very attractive prices.
00:24:32What's the category of firm that has access to this? Someone wants to go onto the internet right
00:24:37now and say, I, this sounds great. I love sports. I want to get in, I need to diversify. Like what,
00:24:42what do they put into the internet?
00:24:43Just put in casinvestments.com and that's, that's what they would do.
00:24:47Okay.
00:24:47That's the easiest way. But I mean, there's very few firms that are permitted to be able to invest
00:24:52in multiple teams in the same league. And that's what the rule changes were from 2019 to 2024
00:24:58for somebody to be able to do that. It wasn't, it didn't exist before 2019. So we were very early
00:25:05in that, in that theme. And for one of the things I think would be really helpful for the audience,
00:25:09because I'll be like, okay, sports teams are trophy assets and people just rich people want to own it
00:25:14because it's a cool thing to own. It is a cool thing to own, but it's about cord cutting. It's about
00:25:19people getting their content differently. Watching your podcast is not something that really existed 20
00:25:25years ago. So in 2005, 14 of the top 100 watch programs that were live in the United States
00:25:33were sports. 14 out of 100. In 2025, 96 of the top 100 watch live programs were sports. Why?
00:25:42Who watches a live program when you can go on Netflix or Amazon or any other and not have to watch
00:25:47commercials? So you're going to watch- Sports teams and Love Island fans.
00:25:50Oh, absolutely. I mean, we own a, you know, along with our partners, we own a stake in Liverpool and
00:25:54we own a piece of Paris Saint-Germain. I'm sorry to hear that.
00:25:56Yeah. Well, you know, I figured you might because of where you're from,
00:25:59but all the, and several others that you might be more familiar with, but the opportunity to be able
00:26:05to own those dominant franchises around the world and all different types of sports is something that
00:26:10most people didn't ever think of. And that was your question. What do people not think of? The other
00:26:14thing they don't think about is early stages of venture capital, because like, well, I can't get access to it.
00:26:19You know, Saronic got great attention earlier this summer because they rescued those two pilots that
00:26:26were shot down in the Strait of Hormuz, the helicopter pilots. It was an autonomous boat
00:26:31made by a company in Austin, right? That literally went out there and saved these two people with no
00:26:37other people being put at risk. That didn't exist a couple of years ago, but that is an example of a
00:26:42company that actually is available to everybody in the world now at a $2,500 minimum if they know where to go.
00:26:49And obviously that's a big part of what we wanted to write the book for to be able to help people
00:26:53understand these opportunities do exist and they've got to do their own homework and they've got to make
00:26:57sure that they're comfortable with it. But ultimately that's what something, that's something that people
00:27:01really just were never able to do. And now the world has changed and they have the ability to adapt with
00:27:07it and get exposure that they couldn't before.
00:27:08And at these final pieces that Saroni is working on, they've had the final comment period. So shortly
00:27:14there'll be a final decision, but that means people could put it in their 401k as well. So now it's
00:27:18tax advantage on top of everything else that you're talking about here. But there, you know, the world
00:27:23has changed. Think about what the war has happened in the Ukraine and how that's changed the world.
00:27:28We no longer can start sending these multi-million dollar missiles to take out these crappy little
00:27:34drones. It's just, it's, it's, it's a system that doesn't work. And so now there's all these private
00:27:39companies that are gearing up to take on this. And now, you know, the G7 and this group has gone in
00:27:45there and having to put 5% of their money in, they're almost doubling what they're spending.
00:27:48So you're talking about literally a level of spending that's going into the military side,
00:27:53but it's now companies that are based on technology who can come in and do things at scale.
00:27:58Guys like Anduril.
00:28:00Exactly. Those are the ones that we've invested in, right? And so we have access to those.
00:28:03So those are all against ways to diversify. So you have different asset classes, right?
00:28:08Think about space and military. These are going to grow. Unfortunately,
00:28:12we're going to need them to grow geometrically.
00:28:14I'm happy about space, space, good military, less so good.
00:28:17The military, but we got to protect ourselves, right? So it's a combination of the two.
00:28:21And that's, that's something to where literally the, the, the headline was,
00:28:24you got to stop throwing Ferraris at Frisbees. Okay. You know, you can't use a tomahawk
00:28:30missile to shoot down a 30,000 hour drone. So you have to come up with other ways to protect your,
00:28:33your people and to be able to protect your country. And then space is just such, it truly is.
00:28:38The, no pun intended, the new frontier. And to be able to do what we're doing in space and what
00:28:43SpaceX has done to be able to open up the commercialization of space to such a dramatic
00:28:48effect, to be able to deliver things that were never able to be done before to places that were
00:28:53never able to be done before. There's another company as an example called Armada. They literally
00:28:58have a box. It looks like a rail car. They can drop that in the middle of nowhere, Africa.
00:29:03And because of Starlink, they can have a completely fully operational data center,
00:29:08as long as they have power and access to the sky. I saw a video of this. It's
00:29:12like a industrial shipping container thing. Yeah. I've, I've seen this before. That's wild.
00:29:17Very early investors in the company, because what it did, it's, it's solving a huge need,
00:29:21what they refer to as being on the edge to where, you know, things in the middle of Alaska or things on a,
00:29:26on a ship in the middle of the ocean, right? You're not going to be able to have a data center there
00:29:32that's secure. So we have one of the gentlemen that works for us. He's a former Green Beret,
00:29:36right? He can't tell the exact story for obvious reasons, but literally they were in a jungle somewhere
00:29:41south of, you know, in South America. And literally they were able to use an Armada box connected to a
00:29:47local natural gas facility, connected to Starlink and save their butts. Right. He got a chance to meet
00:29:53the CEO. And he said, you saved my life. Thank you. And he's like, I didn't do that. No,
00:29:58your business saved my life. That's the kind of use case or Icon, another Austin based company that
00:30:03you may know, Jason Ballard and his team at Icon are, they do the 3d printed homes.
00:30:08Yes. I have seen this as well. Okay. So they are literally able to print homes or now barrack or any
00:30:14other kind of industrial facility, two stories, and they can do it faster and cheaper than you could
00:30:20ever do it with physical labor. And obviously it's concrete. So it's very durable and it's very
00:30:25sustainable. Well, I mean, those are crazy. Coming from the UK, America's a fantastic country,
00:30:31but you guys insist on making your houses out of wood. It's fucking wood. Everything's made out
00:30:36of wood. I'm like, build it out of brick. There's this ancient technology that we're doing here. Some
00:30:40thatched roof that you've got. Tell you what, I had David Friedberg on the show a couple of months ago.
00:30:44He's so great. And he was explaining to me talking about crazy new technologies. He was explaining to
00:30:49me one of the reasons that the moon is going to be incredibly important. It means that once you've
00:30:53got something there and you can von Neumann probe, use the materials on the moon to make stuff that you
00:30:58send from the moon because the launch velocity that you need to get off of there is, is, is way lower.
00:31:02Right. That was cool. But he explained to me how the mass ejectors on the moon work.
00:31:06So I was thinking you've got a small factory that finds materials, turns it into kind of a 3D printing
00:31:13style thing. And then from there, you send out into the rest of the solar system and the galaxy,
00:31:18what it is that you need. But he explained to me the way that you get it off, you need about four
00:31:23kilometers or so of track and you use a mag leaf thing to send it. But what was so fucking cool,
00:31:30this is my favorite thing. Two things. First off, the gravity on the moon is so low that you don't
00:31:36actually need to send something up. If you send it fast enough flat, it reaches escape velocity,
00:31:41just like throwing a ball really, really hard. And it just gets out of, that was the first thing.
00:31:46The second thing is that you use the orbit of the moon to aim. So you're waiting, you're waiting,
00:31:55and you send it and it's like, oh, I'm just going to use the way that the moon rotates to like fire it
00:32:00in the direction. I was like, this is the coolest shit I've ever heard. I thought it was so cool.
00:32:03And by the way, ICON is building out of the materials on the moon. They're building the
00:32:07facilities for them there. They've got a practice facility that isn't building right now.
00:32:11NASA has hired them to effectively make this possible. And so those are the kinds of things.
00:32:16We were seed investors in the company of ICON. We've watched it grow up. That's an example of
00:32:21things that people would never think to invest in. They would just observe like, oh, that's cool.
00:32:25You need to be David Friedberg to know that it's happening.
00:32:28That's right. But you don't anymore. It's available to everybody in the world,
00:32:32literally at $2,500. What about the other side of this? What is an investment that maybe millions
00:32:38of Americans currently believe is safe or reliable, but is actually riskier than they think it is?
00:32:43It's hard because everything has its purpose, right? Some investments should lose money 90% of the
00:32:49time, but 10% of the time they make a lot of money and that gives you negative correlation or things
00:32:54moving opposite direction. So that doesn't mean anything is bad. I mean, somebody could say that
00:32:59Bitcoin is a bad investment. It could be a phenomenal investment. It can be higher risk though, right?
00:33:03Something that's higher risk than people anticipate. What would you put in that category?
00:33:07There's so much that fits into that category. So many people don't understand that, you know,
00:33:12the risk level is what we refer to statistically as volatility, all right? Standard deviation.
00:33:17What I put it is your gut. How much does your gut have the ability to tolerate? If you can't see
00:33:23it turn into 50 cents overnight, you don't belong in it. So you got to make sure that whatever it is
00:33:28you own is not going to create the panic that you get out of it. And then you dramatically underperform
00:33:34the investment itself because you can't stay in the seat, right? That's one of the reasons why
00:33:38leverage is so dangerous for most people is leverage gets them blown out with a margin call because the
00:33:45fact that they don't have staying power. Staying power can be economic and it can be gut. And the
00:33:50vast majority of investors don't have near a tough gut as they think they do.
00:33:54Well, Citadel comes along and eats you alone.
00:33:55That's correct. And that's exactly what happens. And that's what makes a market.
00:33:59Sorry, it's too soon.
00:34:00No, no, it's okay. It's just the reality of the world. And obviously good for Citadel,
00:34:04not great for the other party. But that's what most people have to do is not over concentrate.
00:34:10Like Bitcoin is a perfect example. Young people go for Bitcoin like crazy. And the idea was it was
00:34:15going to protect us in inflationary areas, but you see what happens. And when all of a sudden the tech
00:34:20investors lost a lot of money, guess what? They all sold their Bitcoin to cover themselves, right?
00:34:25So they're correlated still. And so it's a lack of understanding. I'll tell you what's more scary.
00:34:30I just read a statistic the other day that generation Z and millennials, the combination of the two,
00:34:3552% of them in the last year have taken money that they would have used investment to put into sports
00:34:40betting and that 26% think that sports betting is their way to build their financial future.
00:34:46As two financial experts, are you telling me that's not the truth?
00:34:50Definitely not. Hell no. Bad idea.
00:34:54Come on.
00:34:54Now, you may be good for a while, but I wouldn't plan on if you're retired.
00:34:58It's called luck, right? You're just praying for luck in that situation.
00:35:01Yeah, but who wants to invest in the sports team themselves? I want to invest in whether
00:35:04or not this guy's going to touch gloves with the goalkeeper before he finishes.
00:35:07Right. I mean, let me invest in the horse and not on the racetrack.
00:35:10That's the opposite mindset. You want a billionaire mindset, you want on the racetrack.
00:35:14I've learned from over a thousand podcast episodes, the easier that you make your health routine,
00:35:18the more consistent you'll be. It's like golf, right? You want to keep it simple and not
00:35:21make a bunch of pills. You want the eye of the tiger, not the DUI of the tiger.
00:35:26That's why I'm such a huge fan of AG1. One Scoop contains 75 vitamins, minerals, probiotics,
00:35:31and whole food sourced ingredients in a single daily drink. And that's why I've been taking it
00:35:34every single morning for nearly five years now. And they've taken it a step further with AG1 Next
00:35:38Gen backed by four clinical trials. And those trials have shown to fill common nutrient gaps,
00:35:42improve key nutrient levels in just three months, and increase healthy gut bacteria by 10 times,
00:35:46even in people who already eat well. Plus, if you're still unsure, they've got a 90 day money back
00:35:51guarantee. So you can buy it and try it every single day for three months. And if you don't like it,
00:35:55they will give you all of your money back. Right now you can get 20% off a welcome kit and that 90 day
00:36:00money back guarantee by going to the link in the description below or heading to drinkag1.com/modernwisdom.
00:36:05Talking about the psychology, I think this is an area I already want to talk about. Is there a personality
00:36:15type that shouldn't be an active investor? Is there a type of person who just isn't built to be in the
00:36:22market at all? Or how would you advise people who are significantly more risk averse to put up with the
00:36:29bad days to put up with that time? It's such a beautiful thing because they don't ever have to
00:36:33have a bad day if they're properly diversified. Yeah, that's the whole point.
00:36:36The most people are like, okay, I'm going to put, you know, the old 60, 40, right? 60% stocks,
00:36:4140% bonds. For decades that worked until it didn't. And then all of a sudden people realized that they
00:36:46actually were more correlated and they didn't make money on their bonds and they got hammered on their
00:36:51stocks. It doesn't mean there's not a place for bonds and it doesn't mean there's not a place for
00:36:54stocks, but they need to build it out with the rest of it. So the more risk averse somebody is,
00:36:59the more diversified they should be. If somebody is going to go out and, and by the way, this is the
00:37:03biggest mistake that I see people make every single day. And I've seen it for 35 years of my career.
00:37:08People make investment decisions based on dollars. That is crazy. No professional investor does that.
00:37:13It has to be on percentages. So a million dollar investment sounds like a lot of money and it is
00:37:19unless you're worth a hundred million dollars, in which case it's just 1%.
00:37:23So $10,000 or a million dollars, if it's 1%, it's 1%. And somebody says, I'm going to go put 50%
00:37:28of my money into this. They'd go, that's way too much. That's risky. Or if they're going to say,
00:37:33I'm going to go put 50 grand in it. Well, now all of a sudden they go, that's not that much money.
00:37:36Well, if you only got a hundred grand, it's a lot. So the more that they diversify
00:37:41and properly diversify across all of their assets and percentages are properly weighted,
00:37:47they don't have to worry about volatility because that's the whole point of the Holy Grail of investing,
00:37:51is just by adding eight to 12 different non-correlated investments, you can reduce
00:37:56your risk by 80%, 80% volatility, 80% reduction in risk. And you can usually get still the same
00:38:04return or even a better rate of return. Well, I think what is as impressive
00:38:08maybe as reducing your downside risk is what it does to the level of stress that you've got.
00:38:16Yes. Totally. Something's working. How many people get stressed when something is working?
00:38:20And the loss, the upside joy versus all the studies on psychology versus the ceilings of loss,
00:38:27they don't compare. The loss that people stay with much longer. I think one of the most important
00:38:31things is if people can get in a position where they have this kind of diversification
00:38:35and if there are things like private equity, the great thing about private equity is not only is it
00:38:39outproducing every market in the world for 39 straight years, but also its drops are shorter
00:38:45and they don't have to do it. Think about it. When the market drops, you're in the general market,
00:38:49the open market, all those prices go. If you're private equity, you hang on to what you got,
00:38:54you don't sell it. Right? And you buy things during that time. So that's how they're making money.
00:38:58Think about it. They're not making money just hoping they're going to get the right price right now.
00:39:02They're buying something at the best price they can, a business, and they figure out how to improve it.
00:39:05They're bringing in a new CEO. They're bringing in AI. They're bringing a new manager team. They're
00:39:09putting in new marketing and they build that company up. And then they sell that for a multiple,
00:39:13either taking it public or very often to another private company. So they have a,
00:39:17I love that type of investing. This is how I made all my money as a human in my businesses.
00:39:21You know, I have now 121 companies. We do $22 billion in business, just my group together.
00:39:27And all of those companies we've done well, because we found a way to add more value in that marketplace.
00:39:31We figured out what to do that no one else is doing more better. And we found that edge. And then the
00:39:36business grows geometrically. That's how these guys invest. It's not like the old days where they
00:39:41find something, cut it all off and sell off its pieces. That was the original kind of private equity.
00:39:46Those days are over and now they got to put their own money in. That's one of the reasons that we have
00:39:50the opportunities that we do to be able to be investors as general partners. Because since 2008,
00:39:56when everything dropped, Bain had to prove to everybody, Hey, it's worth doing. He said,
00:40:00okay, we're going to put our money in as we've done in ours. You might give them a sense about that.
00:40:04So like Bain was the first one that really did a very large GP commit. Okay. That means the general
00:40:10partner who manages the fund puts in a bunch of their own money to show alignment with the other
00:40:14investors in the skin in the game, skin in the game. Okay. So they literally coming out of the global
00:40:19financial crisis, everybody's like, I'm not sure what I want to invest in. So Bain said, okay,
00:40:23we're going to among our partners, we're going to put a billion dollars into our own fund.
00:40:27Well, that got everybody's attention. Like, oh, well, I guess you're aligned with us. And so that
00:40:31gave people comfort and confidence. That's very much the standard. Now, typically two to 5% of all
00:40:37of the money in a fund is put up by the people managing that fund of their own capital. So that
00:40:42way there is that alignment. And so as you think about a firm growing from a billion dollar fund to
00:40:48a 5 billion dollar fund to a 10 billion dollar fund, they've got to have very significant 200 to 500
00:40:54million dollars of their own money to put into that fund. But they may not have harvested their
00:40:59billion and their 5 billion dollar funds yet. So they will sell a stake to firms like ours, where we
00:41:04have the ability to then provide them with the balance sheet that they need to go raise bigger funds,
00:41:09show more alignment. And they obviously have to sell a piece of their company to us to be able to do that.
00:41:14But if they sell 12% of their company, they still own 88. So everybody wins from that growth that comes
00:41:20from that capital.
00:41:22Just sitting on the psychology piece for another minute, scarcity mindset, abundance mindset,
00:41:27when it comes to the way that people see their financial future, how do you guys see a scarcity
00:41:34mindset show up in someone's investment decisions?
00:41:37Well, when I was interviewing, I interviewed 50 of the greatest investors of all time, but I also
00:41:42interviewed Mary Calhan Erdos from JP Morgan, who basically oversees 2.2 trillion investments.
00:41:48And in everybody's case, I asked them, you know, what's the biggest advantage? They all talked about
00:41:51asset allocation. Every single investor talked about it. And she said, Tony, the way I look at it is,
00:41:57if I get somebody that's super risk adverse, I look at it, my partnership think I'm crazy. I'll put
00:42:03them in treasuries because my goal is to make sure they get what they want emotionally, as well as
00:42:08financially. If it takes them longer, that's okay. Some people, they're just, they can't handle it.
00:42:13And you've got to understand that because if you're investing so that you can eventually feel good,
00:42:18that you feel secure, that's-
00:42:19And you feel miserable during your investment on the way to feel good.
00:42:22Yeah. So you've destroyed your life. And she goes, so that's what I do. I'd like,
00:42:25she said, I'm not dumb. I still get them some balance, but I think of it as like buckets.
00:42:30Think of it this way. There's a security bucket, kind of a peace of mind bucket. That's investments
00:42:35that have a fixed return, right? Those are bonds. That's going to be a variety of things. Insurance.
00:42:40It might be your home. It's a place where things are going to go very slowly. There's very low risk,
00:42:45so it's not high returns, but low risk compounds over time. It looks like grass growing and then boom,
00:42:51boom, boom. We all know what compounding does, right? If I play with you a game of golf and say,
00:42:55let's play 10 cents a hole. And then right before you swing, I say, well, why don't we double each
00:43:00hole just to make it more interesting. You know, 10 cents, first hole, 20 cents, second hole, 40 cents,
00:43:0480 cents. You go, oh yeah, there's 18 holes. Yeah. Okay. You know, a few bucks, no big deal,
00:43:09but the last hole is worth $13,000, right? And the first beginning, it's 20 cents, 40,
00:43:13looks like the other thing. And the last five holes, it goes like this. That's what compounding is.
00:43:17So even in the security bucket, you can get financially free. The risk bucket, growth bucket,
00:43:22risk growth, most people think it was growth. That's the places where you don't have a fixed
00:43:26return, where you have unlimited upside and unlimited downside. That can be everything from real estate
00:43:31to stocks, to bonds, to private equity, to anything you're talking about. Trading, you can lose way
00:43:35more than what you put in. You got to be careful, obviously, what puts. So the balance between those
00:43:40depend on a couple of different things. Number one, when do you need the money? If you need it three
00:43:46years from now, you can't be able to take too much risk because you don't have time to make it up,
00:43:51right? If you were 30 years old, you can make some big mistakes. You could have a lot more in your
00:43:56growth bucket, risk bucket, lose, and you got time to make it up, right? So that's the first thing,
00:44:01winning the money. Second thing you got to look at is, what is your real risk tolerance versus what you
00:44:04think it is? You know, I have a game we play in one of our wealth programs that we do, and I'll say to
00:44:09people in the middle of the thing, I'll say, "Stand up." I'm turning some music. I'll make change with everybody.
00:44:13They go, "What? I should make change." And we play this little money song, and people walk around,
00:44:17start taking money in their pocket, and they're exchanging money. And then the song ends. I say,
00:44:22"Okay, sit down." And then I go on like something else. And always, one or two people are really
00:44:27fuming. And they'll finally raise their hand. They'll say, "Excuse me. Excuse me." And I say,
00:44:31"What is it?" They go, "That was not fair." I said, "What are you talking about?" They go,
00:44:34"I mean, that person, I gave them a hundred dollar bill and they gave me a five. And I want my money
00:44:40back." And I said, "Well, who said it was your money?" And I said, "Who said the game was over?"
00:44:47Right? And I said, "And the real lesson is, if a hundred dollars stress you out,
00:44:51and you're going to be an investor, you're going to lose. The greatest investors on earth
00:44:56are not liars. They will tell you, I'm going to lose. What I want to do is make sure when I lose,
00:45:01I don't lose very much because I've got enough diversification in what I'm doing."
00:45:05So people's got to understand what their real feelings are about things. And then the third
00:45:10element that affects it is access to cash flow. If you are making a hundred thousand dollars a year
00:45:15and spending 110, you don't have a lot of extra cash flow. But if you're making a hundred thousand
00:45:20dollars a year and you're saving, you know, $50,000 of your money, yes, you got more cash flow. We got a
00:45:26business that's putting more cash than you need it. You can take more risks, right? So how much you put
00:45:31in that security bucket? How much you put in that growth bucket? That's really an important philosophy
00:45:36because what everybody does is they think they can put in the security bucket and then somebody goes,
00:45:40"Oh, Bitcoin." Somebody goes, "Oh, AI." And they go, "I don't know. I'll take my security bucket
00:45:46and I'll put it over here in my growth bucket. And then when I make the money, I'll put it back over
00:45:50my security bucket." What we do tell people is when they grow in their growth bucket, for people like that,
00:45:54we say, "Take a third and put it in your security bucket so it keeps growing even faster."
00:45:58Put a third back. You can take a third and you can use that for other forces that we talk about as
00:46:03well as one example. But it's an individual process that people need to make based on the criteria that
00:46:08we just talked about. What about on the other side, someone who has an abundance mindset, like,
00:46:15can that make you a better investor or just dangerously optimistic?
00:46:18You tell me. I've seen both. I've seen both where people think they're bulletproof and so they're
00:46:25just fearless and they make investments with no fear about the downside and it ends up working out
00:46:30for them, which is usually the most expensive thing that can happen because then they believe that's
00:46:34going to happen every time. Oh, they're lost in the sauce.
00:46:36Yeah, totally. I mean, for somebody who gets blackjack the first time they sit at the table,
00:46:40I mean, they're tough. I'm a genius. Exactly.
00:46:42I'll give you a perfect example. I have a friend, it's a true story, who went through my programs,
00:46:46my business programs, and he bought a taxi top business in San Francisco. And he was one of the
00:46:53first people to take it digital. Previous to that, the only thing he's advertised was tobacco and,
00:46:58you know, naked bars and things of that nature. Now he's doing movies and everything else. Well,
00:47:03he built it up and sold the thing for $200 million to big advertising firm. And so I said to him,
00:47:08I said, "How much are you going to put in your security bucket out of that? How much are you going to put
00:47:11back in your growth bucket?" He goes, "Tony, I give you so much credit. I tell everybody, I made $200
00:47:16million based on everything you taught about how to grow a business. That's the only thing is like,
00:47:20I don't need a security bucket." He goes, "I'm going to make these new investments. I'm going to Vegas."
00:47:24And he started buying advertising space in the air, above Spices in advance. It was actually a very
00:47:31brilliant strategy. And he goes, "I'm going to be a billionaire." I said, "I bet you will." I said,
00:47:36"You got to take a little bit off the table because if you're going to Vegas, that should be the first
00:47:39lesson. You take one off the table." He goes, "Tony, I love you dearly. I'm not doing that." So sure
00:47:44enough, he calls me up about three years later. He goes, "I'm making a killing on some of that
00:47:47advertising. I'm doing so great. Now," this is 2006, he goes, "Now I'm building buildings in Vegas
00:47:54condos." And I got, he told me the names of the celebrities I won't mention so his name stays private.
00:47:58And he goes, "I got these celebrities in." And he goes, "I'm going to sell out this first building up
00:48:03front using everybody else's money, just like Donald Trump, like everybody else." He goes, "I'm going to be worth $600 million."
00:48:08I said, "I'm proud of you. How much are you going to take for a security worker?" I had the same
00:48:12conversation with him, right? He goes, "You just don't give up." I said, "You know why? I've talked
00:48:17about this for 30 years." And I meet people, come back 20 years later, 10 years later and say,
00:48:21"Holy shit, I wish I would've listened." He goes, "Tony, I'm doing great." End of the story, 2008,
00:48:28real estate in Las Vegas drops 70%, 70%, right? I talked to him, the second tower, everybody wants
00:48:38their money back. People walk away from it. The second tower is there. He's upside down, $400 million,
00:48:47trying to avoid bankruptcy. I'm not mentioning his name because he says, "You can share my story,
00:48:50but I want more lawsuits." He's starting all over. And all because he just didn't understand this basic
00:48:56piece. So the answer to your question is, most people, it's a mistake. The smartest people who
00:49:01take risks are doing an asymmetrical risk reward. Where do I have the least amount of risk with the
00:49:07greatest amount of upside? That's what makes people wealthy. That's the discipline that makes them
00:49:12wealthy. Well, and the abundance mindset is great because it means they're also not living in fear
00:49:17and they're not afraid of taking risks. So we've had a saying for 25 years of our firm,
00:49:23what's the worst case scenario? If we can live with that, the upside will take care of itself.
00:49:27We have an abundance mindset. When we invested in Icon, we knew that it could very well go to zero.
00:49:32And we were willing to take that risk because we knew that if it worked, it could be completely
00:49:36game-changing, not only investment-wise, but also for society. That is the reason why we could do
00:49:42that is because we have an abundance mindset, but we always respect risk. And we're always afraid
00:49:48of not respecting risk because we know that risk will just whack you upside the head if you don't
00:49:53respect it. And Christopher, as a partnership, it's really nice because I see the opportunity,
00:49:58he sees the risk. And so- I'm the skeptic. It's the yin and the yang.
00:50:02No, that's true. But it's so perfect, right? We bring things together to each other.
00:50:05He'll look at- how many will we look at in a year now? It's more now.
00:50:08It's over 2,000 investments a year.
00:50:09And out of that, we'll make- Maybe 20 or 30 in a typical year.
00:50:14Out of 2,000 opportunities, many of which are extraordinary. But that's why there's a 96%
00:50:19profit ratio of all investments over 25 years. So you have to have that kind of discipline.
00:50:24The supplement industry is full of products making claims that they can't back,
00:50:27which is why I'm such a massive fan of Momentus. Their co-founder, Jeff Byers,
00:50:30played in the NFL and saw firsthand just how wildly the quality of supplements can vary.
00:50:35So he built Momentus around a higher standard.
00:50:37Every product from Momentus uses evidence-backed ingredients,
00:50:41transparent doses, and independent third-party testing.
00:50:44Everything is NSF-certified for sports. So what's on the label is actually what's in the tub.
00:50:49It's why Momentus is trusted inside all 32 NFL locker rooms.
00:50:54It's why I've trusted them with my own supplements for years.
00:50:57Best of all, Momentus offers a 30-day money-back guarantee,
00:51:00so you can buy it and try it for 29 days. If you don't love it,
00:51:03they will give you your money back, plus they ship internationally.
00:51:05Right now, you can get up to 35% off your first subscription and that 30-day
00:51:09money-back guarantee by going to the link in the description below or heading to
00:51:12LiveMomentus.com/ModernWisdom and using the code MODERNWISDOM at checkout.
00:51:16How do you think about taking some off the table for you to use in your life? I'm aware that much
00:51:29of this is what's your personal tolerance for risk and how much do you need and so on and so forth,
00:51:33but there's a certain archetype of a person and Bill Perkins wrote a book about this,
00:51:37Die With Zero, which is fucking fantastic. There is a certain archetype, this sort of more misery
00:51:43person. Maybe there's someone that didn't come from money, but as opposed to, I now have it,
00:51:46I'll blow it. It's, I now have it and I'm terrified of losing it. How do you think about advising people
00:51:51who are investing in the market? It's like, all right, you've done well. It's time for you to actually
00:51:55take some of this. I think this is so personally critical. I teach this. I kind of alluded to it.
00:52:01I said two buckets. There's a third bucket. I call it your dream bucket. And what I have people do is
00:52:05the dream bucket is all the things you call investments that really aren't, but they make
00:52:09you feel good. Like a hyperbaric oxygen shaper. Yes, like a hyperbaric oxygen shaper, like that
00:52:14SP3 Ferrari that, you know, maybe it goes up from 3 million to 5 million. Maybe it goes down.
00:52:18Like the new bed that you want. It's your, it's your jet. It's your island. It's those things,
00:52:23or it's a little condo that you have, you know, depending on where your economics are.
00:52:26Um, it's $50,000 walking around money. It's what you do for jewelry. It's those things. And I have
00:52:32people create those. And the reason I create those is if you don't enjoy it along the way,
00:52:38most people, if they own a business, they learn how to create more when they experience more joy from
00:52:43what they're doing as well. But we keep the same disciplines, but instead of only having those two
00:52:48buckets, we'll say, when you have a big hit, put a little piece in your dream bucket as well.
00:52:53Or you get a big growth expansion on your growth bucket, put a third in your security,
00:52:57put a third back to reinvest and put a third in your dream bucket. And so what happens is I find
00:53:02people, different types of people, that type of person gets excited. Like I fortunately was around
00:53:07some brilliant people. Peter Gruber, one of my dearest friends in the world for the last 35 years.
00:53:12I mean, he is a lifestyle guy and like, he got me. I'll never forget. I was 30 years old. He invited me to
00:53:17come to his place and ask me to a thousand acre ranch in Aspen, to give you a sense of the value.
00:53:21It's quite a highly sought after real estate.
00:53:24A hundred million dollars for five acres, right? To give you an idea.
00:53:28So I go to his ranch and I'm talking to him and he calls me up and he says, you've got to come to this
00:53:32meeting. And I'm not a networker. If I can't add value, I don't want to just go talk about stuff,
00:53:36right? Because Tony, most influential people, I'm telling you, I need to put you in front of these people,
00:53:41proximities, power come, come to us. So I lived in San Diego. So I fly to LA, right? Because that's
00:53:47the first leg. Then I fly to Denver. Then I fly from Denver to Aspen. They lose my luggage in Denver
00:53:52and I get to Aspen. By the time I'm done, it takes nine hours to get there. I arrive as the dinner's
00:53:57ending with no clothes, with no clothes, with clothes on my back. And Peter said, what the F is wrong with
00:54:03you? I said, what are you talking about, Peter? I've got here. I left at six, seven this morning.
00:54:07I went from here to there. And then he goes, you float commercial? And I said, Peter, I'm not a
00:54:12billionaire like you. He goes, are you an idiot? You don't need to be a billionaire. You could charter
00:54:15and be here in two hours. He said, you got to buy some crappy little, get a Learjet. It's 2,500 bucks
00:54:22an hour. For 5,000 bucks, you'd be here and another 5,000 back at $10,000. My ticket was only 1,200.
00:54:27Yeah. And you weren't here. And he goes, you should come up with a budget. The amount of hours you fly
00:54:32per year, you should come up with a budget and just charter. You don't need to own a plane. He said,
00:54:37it will transform your life. And so I still didn't do it. And one night I was doing an event in Los
00:54:42Angeles and two events had collided. Somebody screwed up on the schedule. I finished at one in the morning.
00:54:47I got to be in Edmonton, Alberta the next morning at 8:30 for 5,000 people. And there are no flights.
00:54:55So I said, and I am, I need sleep. I've been going on for four straight days, 12 hours a day.
00:54:59So I called my team. I said, you got to find a jet, find the cheapest, smallest little Learjet,
00:55:04whatever you got to do. And I said, I got to sleep. They go, Tony, there's no room to sleep on
00:55:08one of those things. I said, if I was dying, if I was dead, what would you do? You'd put me on a
00:55:12gurney, get a gurney in that thing. They go, it'll never happen. We pulled it off. I arrived there at
00:55:17two in the morning. First time I'm on a private jet. I climb in this little thing. It's such a small
00:55:21jet. I can touch the captain, right? I strap into this thing. We lift off. We turn an angle.
00:55:26We look down at Santa Monica Bay. I look up at the moon. I'm all strapped in. I fall asleep for
00:55:31four hours. I get up. I'm on stage in time. I do the event. I go, this is the way to live.
00:55:37So it changed things. It changed my ideas. Like, okay, I'm doing all this business. Most of that is
00:55:43half a write off anyway. Here's what the real dollars are. And I figured out how to earn more.
00:55:48So there's a mindset that comes. If you experience a certain lifestyle, if you have ever had the
00:55:53privilege of someone else cleaning your toilets and you don't like that, you probably won't do that
00:55:57again. You'll probably find someone who's really good at that, enjoys that and provide them an
00:56:00income and give yourself freedom to do something else. Having lifestyle is critical, I believe,
00:56:06but it's different for everybody. Some people miser, but you know, it's like, um, there's a, there's a story
00:56:11about this, this couple that saved all their money and they went on this little trip, you know, they've
00:56:16saved up forever and they didn't want to spend their money and they go on this cruise and, but they
00:56:20bring cheese and crackers because they don't want to spend any extra money. And so every day they go on
00:56:24the trip, they meet everybody. And at the end of the day, they go have their cheese and crackers. And on
00:56:29the last day they finally said, look, let's just splurge. Cause you know, on these trips, they have these
00:56:33huge amounts of food and desserts and they went for everything and they got the wine and everything else.
00:56:38And then they asked for the check at the end and you know how the story ends, right?
00:56:42It was all inclusive.
00:56:42Comes out and goes, it's all inclusive. It came with a trip and they look at each other and go,
00:56:49this is how we've been living our lives. That's how most people live their lives. They're so miserly.
00:56:53What'll make you do that more is if you actually get into giving. Cause one of the things that made
00:56:59me grow more than anything else was when I started to tithe. Cause I interviewed, uh, multiple people,
00:57:05but I read, interviewed, uh, uh, Templeton and at the time, you know, he was the first
00:57:11billionaire investor. He was a brilliant man, such a good hearted guy. I met him multiple times,
00:57:16interviewed him. And he said, Tony, I asked him, what's the secret to wealth? He said, you teach it.
00:57:21I said, well, I teach a lot of things, which is he goes, it's gratitude.
00:57:25If you're grateful about anything, you're going to be rich. If you have a billion dollars and you're not
00:57:29grateful, you're unhappy. If you've got three beautiful kids and a wife, you're not grateful. You don't have a
00:57:34life. Gravity is the secret, but he said, I will tell you this. If you really want to be wealthy,
00:57:39I don't know anyone who's tied at least 10%. It doesn't have to be true to a religion to something
00:57:44for more than a decade that didn't become incredibly wealthy. So I'm proud to say I've done 17%.
00:57:49I've gone way above my, my pay grade, but the rewards of me have been unbelievable. And I,
00:57:54I started out feeding two families. Then I figured I was about 12, 14, 2014. I said, I found out in 37
00:58:00years I'd fed at that point, 42 million people. It was pretty exciting, but I was like, what if I fed
00:58:05that many people in one year? What if I fed a hundred million people in a year? What if I had a
00:58:09hundred people, a million people a year for 10 straight years, a billion meals. And I teamed up
00:58:14Feeding America, Deliver the Food, and I did it in eight years. And when I started, it seemed impossible.
00:58:19Then I said, I'm going to do a hundred billion meals around the world. Cause I travel around the world,
00:58:22you see people starving. Right. And I recruited, uh, Governor Beasley was the head of the UN of the world food
00:58:28program. He won the Nobel prize. But when he started, there were 85 million people starving.
00:58:31Now there's 385 million people. I said, we'll put together a strike force. We'll do this better,
00:58:36but we're going to make it measurable. I said, like, what's the number of meals we need for the
00:58:40next 10 years to be able to feed most people in the world. And then during those 10 years,
00:58:45we've got to find the sustainable solution. Cause you can't do charity forever. He goes,
00:58:49Tony, I don't know, 40, 50, 60 billion meals. I said, we'll do a hundred billion meal challenge
00:58:53for the 10 years. He goes, Tony, you're never getting a hundred billion meals. I said, I did a
00:58:58billion meals. I wasn't a billionaire when I started. I've been blessed. When you bless others, you get
00:59:02blessed. And I said, there's at least 99 people like me. So we went to the Forbes, um, you know,
00:59:09philanthropy event. I brought him to speak. He's amazing. I spoke, people were in tears. I thought,
00:59:15we're going to get 50 out of the hundred. We're going to do half of right here. Five people signed up.
00:59:19But in the last four years, by changing our approach, I started this year at 62 billion meals.
00:59:27Right now I have commitments for 295 billion meals in four years and 63 billion have already been
00:59:34delivered. So scaling that has changed things. I said, you know, I, I'm a private, I'm a private jet.
00:59:41It burns fuel. I don't want to be in congruent. How do I replace more than what I put out here?
00:59:46I burned 5,000 trees a year. Guess what? I plant a hundred million trees. I not only just planted
00:59:51them, but then showed the people there how to build crops every single month and built the forest farm
00:59:56for them in West Africa, program this there. We've got, my wife and I have like, saw what's happening
01:00:01with some friends of ours, some trafficking that happened with children. No one wants to talk about
01:00:05it. So I set a goal. I said, we're going to free 30,000 children. I went on one of these missions myself,
01:00:10undercover with scars all over my face. It was the most terrific thing I've ever done.
01:00:14Fuck me. I do not want to be faced by you in a dark alley.
01:00:17Well, you want to be faced by the people I dealt with in that dark alley, but I had with a group of
01:00:21SEAL Team 6 guys that are brilliant. It was an undercover operation. Some I'll never forget as long
01:00:26as I live, but when those kids were freed, it was one of the greatest gifts of my life. So
01:00:29we've now freed over a hundred thousand children and, uh, I've got a target of a million.
01:00:34When those are your goals, you build businesses a different way. That's why now I'm doing $22
01:00:39billion. I wasn't doing numbers like that before. I didn't have all these companies. It's like,
01:00:43I have a higher purpose in building them. All those businesses serve people. They provide
01:00:47things that are life-changing in terms of value for people. They provide jobs. But in addition to all
01:00:52that, I have a higher purpose in what I'm doing. That will make you earn more, grow more, expand more,
01:00:57find answers you never found before. It's like you need something compelling. If all you're trying to do
01:01:03is make a living or just cover your overhead, you're never going to find the answers. You're never going to
01:01:08push yourself to discover what's possible. Or if the only reason that you're earning money is to reinvest
01:01:13the money, to never actually take it out, to never actually enjoy it. Yeah. Yeah. But there are people
01:01:17that do that and they die that way and just pass the money on to somebody else. And what do you
01:01:21think beyond the giving thing, which I know is probably the high, oddly enough, being selfless is
01:01:25the most selfish thing that you can do. Exactly. You get the most reward possible. Beyond that,
01:01:29what do you think for a normal person who's maybe not quite, uh, we're going to fix world hunger or, or buy a jet. What are some of the areas where people
01:01:38have a lot of satisfaction, joy in life from spending money? Someone's being responsible. They're maybe
01:01:46doing some of the investment. They've got their one third and one third, that third, third. What's a,
01:01:51what are some of the places that you think, Hey, this is somewhere that you really should look at spending
01:01:54money to improve your quality of life that people might not think about from, from the gap gap.
01:01:58I still think, here's what I want to say. I have a friend that was on an airplane recently.
01:02:02I've known him 45 to 44 years. And someone was reading one of my books and he said, you know,
01:02:06what do you think of that book? Oh, it was my, my energy book, right? About your body. And it's
01:02:11unbelievable. And the stem cells and all these things. And, and you know, and he said, what do
01:02:15you think of the author? He goes, well, he's a really good guy. He donated a hundred percent of
01:02:17the book, which by the way we've done that with holy grail investing too. And don't take a dime.
01:02:21I give it all to feeding America. And he says, that's really cool. He goes, but you know, he's rich.
01:02:25So it must be easy. And my friend, Mike says to his name's Mike keys. He said, what if I told you
01:02:30I've known Tony for 45 years. I had known him when he was 17 and he had $20 in his pocket and he didn't know where his next
01:02:36meal is going to give. And he gave half of it to the guy on the street that was begging for it.
01:02:41And Tony taught me something. Then if you don't give a dime out of a dollar, you're never going to
01:02:44give 10 million out of a hundred million. The first place you should start is giving.
01:02:50I have a friend that started out feeding two or three people. He's, he's had a million, he's had a
01:02:54million people now in the last 10 years that come on this little trip with me, just finding little ways
01:02:58to help him make a difference. So you can start small and do things. And then in terms of what are the
01:03:03things that people do that go in their dream bucket besides contribution? It's usually like little
01:03:08things. If you are at Starbucks and they've proven this because they can measure what happens now with
01:03:14the secretions in your mouth, the hormone changes, nothing comes close. The three things that give
01:03:18you the most joy are number one, experiences. Experiences are more than any toy or asset because
01:03:24those we get used to. But if you create experiences, people remember them. The second thing though, is
01:03:30giving to someone else. If you go and you buy the next five people or 10 people at Starbucks, their
01:03:35coffee, you don't even know the transformation in your biochemistry, the level of internal joy that
01:03:41people carry is greater than people that spend millions of dollars on something that are doing it
01:03:46for positioning purposes. Like, Oh, I gave this money to charity type of thing. You can see a change in
01:03:51that area. Then what people do that gives them joy is all the little things. It could be just,
01:03:56you know, doing something special for your kids. It can be saying, we're going to do a first class
01:04:00ticket to Europe this time instead of a coach class, just for this element. We're going to upscale
01:04:05something in our life that feels like a greater quality of life and brings us joy. If that joy and
01:04:11pleasure is there, you're going to have the desire to invest more, grow more, expand more, be, be
01:04:15masterful in this area of your life. It's really interesting to think about the positive reward that
01:04:19people get from investing their money that nobody ever actually ends up withdrawing to improve their
01:04:24quality of life. I'm just continuing to put money in, continuing to put money in and never paying it
01:04:28back down. I think a few areas that people would probably be surprised, uh, getting a maid or a
01:04:34cleaner for your house is somebody to do the gardening. Some people like the gardening. Some people think
01:04:40that it is hell. Uh, those, it is one of the first places that you can do, not just what is it that I
01:04:47want? What is it that I don't enjoy doing? And how is that sapping and what could give me and what
01:04:50gives me more time? Yes. Cause probably the most scarce thing for human beings today outside of money is
01:04:55time. Yeah. Right. Cause now so much of our time we allowed to control. I mean, we used to spend six
01:05:00hours on screens. Then, you know, people are stuck at home during COVID. It went to 13 hours and it has not
01:05:04gone back. People walked down the street staring at it. So it's not that we have less time. It's just
01:05:09that we allow everything else to engage us. And if you can free up time with a small amount of money,
01:05:15it gives you a totally different experience. Well, the other thing that's a beautiful thing
01:05:19about that is it's not just the time that somebody gets, it's the opportunity that it creates. That's
01:05:23right. So being able to allow someone else to be able to earn a living, to be able to do what they're
01:05:28really good at, what they enjoy, what's positive flow for them. And at the same time is also rewarding
01:05:33for us. That's a wonderful thing to be able to do, to be able to make memories for our family,
01:05:38to be able to make memories for friends, to be able to give them things that they might not ever
01:05:41be able to do on their own. And it doesn't have to be expensive, but to be creative. So certainly
01:05:46for somebody who's an investor and they've done well, to be able to harvest some of that and go,
01:05:51you know what, this was well-earned. I'm going to make sure that I pay it back either through
01:05:55charitable contribution or through making memories for friends or family, or to be able to provide
01:06:00opportunity for other people to earn a living and to be able to feed their family. Whatever that may be,
01:06:04be. That why, and I'll quote him, "The bigger the why, the harder we try."
01:06:09Ultimately, that is what delivers happiness for people when they are looking at something that is
01:06:15just a nebular number and keeping score. It has to be for a purpose. That purpose is what ultimately
01:06:21causes them to not only make good decisions, but also to have staying power to go, "This is worth it."
01:06:26It's interesting, right? Money is a number on a spreadsheet or a number on your bank balance on
01:06:31your phone. And it's only when you actually end up trading it in for something in the real world that
01:06:35it becomes anything. It's just a number. And it could be like, you could look at it as dollars,
01:06:40but it could be hyperinflation South Africa money if you didn't know, because until you end up trading
01:06:45it in, the number is kind of arbitrary. It doesn't make any difference. A quick aside,
01:06:50you've probably heard me talk about Element before, and that's because I've started every single
01:06:53morning the same way for the last five years now, which is a cold glass of water with Element in it.
01:06:57Element is an electrolyte drink mix with everything that you need and nothing that you don't. It's a
01:07:01science-backed electrolyte ratio of sodium, potassium, and magnesium. No sugar, no coloring,
01:07:06no artificial ingredients. It reduces muscle cramps and fatigue, supports brain function,
01:07:10and helps to regulate your appetite throughout the day. I genuinely notice the difference when I take
01:07:15it versus when I don't, which is why I don't shut up about it and also why it's used by everyone,
01:07:19from Dr. Andrew Huberman to Olympic athletes and FBI sniper teams, the good sniper teams,
01:07:25not the bad ones. Also, they have no questions asked refund policy, so if you don't like it for
01:07:29any reason, they'll just give you your money back. Plus, they offer free shipping in the US. Right now,
01:07:34you can get a free sample pack of Element's most popular flavors with your first purchase by going
01:07:38to the link in the description below. You're heading to drinklmnt.com/modernwisdom. That's
01:07:43drinklmnt.com/modernwisdom. Okay, you mentioned about AI earlier on. What are the, how are you
01:07:52thinking about AI as a future, and what are the opportunities in AI that people aren't seeing at
01:07:56the moment? Well, we invested in Anthropik and ChatGPT. I mean, Anthropik went in 2025,
01:08:01started at a billion, went to 10, and now by April, it was 44 billion this year. There's been nothing
01:08:05like it. It's unbelievable. But I think it's important to understand the thesis for investing.
01:08:10You know, I asked most people, if I said to you in the next 10 years, do you believe
01:08:14there'll be more change to humanity than in the history of all of humanity? What would you say?
01:08:19Uh, depends how RSI goes. Maybe, maybe.
01:08:25Yeah. Most people would say yes, because I've asked millions, not millions, tens of thousands
01:08:30of people. Then I say to them, it's like, well, if I have a 10 year goal to feed a billion people,
01:08:34it doesn't mean anything unless you pull it to here. And they say like, what does that mean this year?
01:08:40Oh, I fed 42 million people in 37 years. I get to do a hundred million this year to get to a billion.
01:08:46That calls you to action. So what I've been doing with people is saying, so what if I told you in
01:08:50the next 36 months, there'll be as much change as probably you've ever experienced in your lifetime
01:08:55for humanity. Almost everybody agrees, especially when you point out three things. AGI. We'll have AGI
01:09:01in the next 36 months. Some people would argue we already have it. That means one agent has more power
01:09:07in one category, chemistry, mathematics, whatever it is than any human being. Pretty much there. Ray
01:09:12Kurzweil predicted that this would happen in, uh, in 90, you know, that we'd have this within three
01:09:17years and now back in 1990. Right. Um, and he's now, I interviewed him the other day and he said,
01:09:22I was conservative. It's going to happen sooner. In five to six years, we'll have super intelligence.
01:09:27That means one agent will have the power of all human minds combined. When that happens,
01:09:32the world changes so radically. Second piece quantum. I was just with the vice chairman of IBM.
01:09:38We were talking about AI and I was saying, I'm concerned that look, there's people, there's no
01:09:44safety because everybody's going for the trillion dollar target. And if they don't do it, there's the
01:09:47stick of China taking over. Right. So there's not a look at this. He goes, well, if you're concerned
01:09:52about that, be more concerned about quantum, he said, because quantum, whoever gets quantum first
01:09:58can basically make the other military defunct. We don't have to even have the missiles. We can get
01:10:02their codes and fire things off where it's all encryption. It's it's. And I, and you've all been
01:10:07here in quantum is 15 years, 70. He said, when I asked him, when's it going to happen? He goes,
01:10:11between us and, and, and Google, we're the two drivers. China's a little bit behind, but not much.
01:10:17He said, it's critically important. 36 months. You know, you go over and you see, uh, if you've been
01:10:23up to, um, to see, uh, Brett Adcock and his group up there and figure AI, you walk in this building
01:10:30and it is like you're in the future. There's nothing but robots everywhere doing everything. Not robots
01:10:34like you see in China, you know, they're robotic and they do karate and, you know, they're running a
01:10:38program thinking robots that make things happen. It's happening right now as we speak. So all of this is
01:10:44happening now, maybe it's more than 36 months on the robots probably for some of them, but at some
01:10:49point there'll be more robots than humans, right? Between him and Elon, you can guess that for sure.
01:10:53Not to mention what China's doing. So we're living in a time where there'll be more changed anytime in
01:10:57history. So you have to say, what does that do to me? I look at my thesis and say, that means if you
01:11:03don't have agents as a company in the next 36 months, your chances of competing are quite small.
01:11:09They're not getting implemented right now because there's a fear level. 60% of most CEOs think AI
01:11:16is going to be the greatest thing in the world. But if you see what Microsoft just talked about,
01:11:2194% of these AI projects never get integrated. That's why they're not producing them. And yet
01:11:26the ones that do, it disrupts it. You heard all the frontier companies were all talking about,
01:11:32Hey, you know, it's going to disrupt jobs. You got to be prepared. And that didn't go real well.
01:11:36So now they're going to create more jobs. They are right. They will create more jobs,
01:11:40but in the time period, they're going to disrupt those smaller jobs. And that's a mass number of
01:11:44people. They're going to need reskilling. So I look and go, we want to be in the position of helping
01:11:48companies bring on agents, not to replace people, to empower them. The way we get it, we, I'm working
01:11:54with Salesforce. We just now, we had the people out here from the UAE, because they want to make their
01:11:59entire government agentic. And so we're working with them. The reason they're working with us is we have a
01:12:03different approach. Our approach is we don't pick some giant AI in the sky where you put everything
01:12:08there, because if something breaks down, you don't know what caused it. We create these micro little
01:12:13AIs. And what we do is we look at people's workflow and you find out that 60% of what people do is busy
01:12:19work. And so they don't like busy work, but they're caught up in it. Your head of marketing is making a
01:12:24PDF. I mean, what, what the hell are you doing? Right? So now what we do is we give them an agent
01:12:29that is their assistant. We have a scanning device that shows all of where they spend the work.
01:12:34It shows it and you put them to work. It doesn't replace your job. It makes you more powerful.
01:12:39That's a way of integrating. We got to reskill a mass number of Americans. That's a whole nother
01:12:44element, not only America, but the rest of the world. And then we got to get people prepared for a
01:12:48world of uncertainty. Most of us have been living with rented certainty. The certainty, what I mean by
01:12:54rented is we're certain because we have a certain job. We have a certain income. We have a certain
01:12:58family of a certain way of being all that goes away when your house burns down or when all of a sudden
01:13:03you lose your job, or when all of a sudden somebody in the family gets injured or hurt, or there's a
01:13:07disease or something of that nature. Well, we're going to see that certainty shattered by the pace of
01:13:13change. And so we have to prepare people for that. So for myself, I look at this as a triangle of impact.
01:13:18So I'm in the business of bringing companies to Gentic. I'm doing it with Salesforce. I'm actually
01:13:23doing the integration for them at their upcoming event in September here. I'm working on getting
01:13:28people debt-free college education. We have a company now that's where one of the biggest problems is how
01:13:35do you reskill people rapidly? Well, traditionally you try to teach a mass number of people and not many
01:13:40people have the skill as a teacher to do that. So you get one sigma improvement if you can make the
01:13:45class size small, but there's always been the two sigma problem that we've known for 40 years. And
01:13:49that is you take an average student and give them one-on-one mentoring, they outproduced 98% of the
01:13:54class, but it's been too expensive. But with a Gentic AI, now we have it. So we take people now that just
01:14:00lost their jobs. We give them a guaranteed new skills, new life, no debt. Do you know what the
01:14:06largest debt in America is? Mortgage. You know what the number two is? Student debt. $1.8 trillion
01:14:12of student debt. A four-year college education takes on average 20 years to pay off. President Obama,
01:14:19when he was a senator, was still paying off some of his college debt right before he ran for president,
01:14:23to give you an idea. So we're going to create a solution in that area. And then I'm working with the
01:14:28guys that built Calm, if you remember Calm, the largest app in the world for meditation. These guys built it
01:14:33and sold it for a billion and a half like it was. I sat down with them and said, listen,
01:14:38we need more therapists. And even if you're the best therapists in the world, there aren't enough.
01:14:43And people are now going to ChatGPT. And I'm sure you saw, there's all these lawsuits. 1.3 million
01:14:48people a week asked ChatGPT about suicide. The other day, there's another article about a woman
01:14:53who committed suicide. And the ChatGPT not only explained how to do it, but it wrote her suicide note.
01:14:58Right? These are made for sycophancy. They're designed to keep you online talking.
01:15:03They're not designed to actually help you to change. So I've built something with them where
01:15:07we have now technology that reads your micro expressions. So you're on screen,
01:15:12see every emotion you're feeling. It's not just an LLM and it has auditory elements,
01:15:16was spent $30 million spent to identify what auditory elements mean, what emotions you're having.
01:15:21So if you and I are sitting here and I say, how's it going? You go,
01:15:24fine. Or you go, fine. Or you go, fine. The LLM just sees fine. But you and I see something
01:15:32completely different. So we can interact. And if it's something that's suicidal, it moves it up to
01:15:35988. So think about this. There's 11 million veterans in this country. We have 2,000 therapists
01:15:41for them. It takes four months to see one. Most veterans don't want to talk to a therapist. They
01:15:46don't want to talk to a female therapist. They find a lot of the male guys don't. It makes them feel weak.
01:15:51They're not going to go spend four months and 17 are killing himself every day. For 90% less money,
01:15:56we can be there 24/7, 365, helping them with something that's proven and has a track record.
01:16:01So I think you have to have a thesis, like what's happening in the world and where is it going? Just
01:16:07like the thesis of there's going to be 5% more spending of the GDP of all these countries, then
01:16:13that means you probably should be looking at something on the military side. If you want to have
01:16:17a growth investment, what's your thesis for investing? That's mine for where I'm putting my
01:16:21primary time and energy, but we have a series of thesis of where you can make a difference.
01:16:26And so you might even touch on some of the other areas like energy.
01:16:29Well, I mean, when you think about the world of AI, it's touching every aspect of it. But one of the
01:16:35things that is absolutely incumbent is you have to have energy to be able to power it. If you don't have
01:16:40enough energy, you don't have the ability to do AI of any type, any form, any substance. And everybody's
01:16:46talking about that with data centers, but no one really wants to admit how far behind the production
01:16:51of energy we are. And to be very clear, we're for all kinds of energy from traditional to sustainable
01:16:57to transitional, whatever you want to call it. We're going to need all of the above in order to be able
01:17:03to meet the enormous demand growth. That's not just coming from AI. It's coming from the fact that
01:17:08billions of people are moving up in their economic situation. When somebody goes from lower income to
01:17:14middle income, they want a lot more power and a lot more energy. When somebody goes from middle income
01:17:18to higher income, they consume a lot more energy. So all of it is the same growth curve as far as
01:17:24demand. But what's not changed is supply. And the amount of supply that's out there is basically
01:17:30flatlining or growing very, very little. Those lines are expected to cross in 2028, where we will
01:17:36literally not have as much power as we need to be able to meet all the demand. You're talking about
01:17:42the data centers alone in this country will consume more power than all of New York City.
01:17:48Just the data centers than that one city in literally three years to five years. That is something that
01:17:55we have to meet the demand of. But again, it's not just data centers. So we don't want to demonize
01:17:59data centers. It's the consumption of AI. And obviously, if the United States is going to compete in the
01:18:05world of AI, the AI arms race, if you will, then we have to have the power to do it. Because I assure you
01:18:11that China and other countries are going to be putting all the demand, all the supply out there that they need
01:18:16to be able to meet the AI demand. We need 50% more energy by 2035. 50% more than we're doing right now.
01:18:23So that means we're going to use all forms of energy. And energy, because of the way we've
01:18:27approached it recently, has been a tremendous opportunity. Give them a sense of what kinds of
01:18:31changes we've seen. Well, I mean, we've seen to where there were so many people chasing energy as an
01:18:35investment asset class to where people decided, for reasons that they have the freedom to decide,
01:18:40that they didn't want to invest in fossil fuels and traditional energy. So we have a very simple
01:18:46metric that we follow called the reserve replacement ratio. And the book, we talk about it, you know,
01:18:50anybody who's been a teenager or had a teenager, if they know that the milk is full at the beginning
01:18:56of the day, if they don't go buy more milk, by the end of the day, it's going to be less full,
01:19:00right? And eventually, they're going to run out of milk. Well, that's exactly what it is with energy,
01:19:03because this stuff doesn't last forever. It depletes, it goes away, just like the milk carton. So
01:19:09somebody has to go replenish the milk. And so far in this decade, for every one unit of energy that
01:19:16we're consuming, we're only replacing point two of that energy. So we're consuming at five times
01:19:23faster the rate than what we're creating new energy. And it's not like you can flip a switch. It takes
01:19:29years to get major energy resources online. So we are way behind. And unfortunately, that's going to
01:19:36cross, which creates the opportunity to where, you know, as an example, in some cases, because there's
01:19:41just not that many people investing in it, we're able to buy things at three times cash flow or four
01:19:46times cash flow. And we've seen enormous returns, because we're willing to invest all across the
01:19:52energy spectrum. And that includes nuclear and other places where there's great opportunity,
01:19:56but it's going to take all of it. And those that provide the capital are going to be very well
01:20:01rewarded for doing so. I want to mention, just to catch back also, that anybody who's in a position,
01:20:07like I have a brother-in-law that's 60 years old, he's a software engineer. You know, the Gary
01:20:15gentleman who's the vice chairman of IBM told me his daughter was crunching code and used to get a
01:20:20million dollars for a nine month project because she's one of the best in the world to crunch code.
01:20:25Now it's done by an agent in four days for free. She doesn't have a job, but she's pregnant. So she
01:20:30has a future and they have money. So he's not worried about her, but people are being disrupted.
01:20:35The biggest challenge is how do they get reeducated? So we have an ability to do this. And if they go to
01:20:40unitedcolleges.org, unitedcolleges.org, they can apply and see what type of jobs are actually out there in
01:20:46demand, what professions they could tap into to retool themselves. And they can do it at their own
01:20:51tempo with an agent that knows everything about you, knows you love soccer, teaches you how to do
01:20:56that, adapts to your training capacity and gives you that skill. So I just want to plant that seed for
01:21:01people because so many people are being disrupted. The guy's 60 years old. He walks in, 650 people are
01:21:06let go of that morning. He's one of them in the company, 25 years, no economic plan to back him
01:21:12up. No back, no severance. And guess what? They took the whole thing, agentic sold to a Swedish company.
01:21:19He's got two kids in college. He's got a wife. That's a substitute teacher makes $30,000 a year.
01:21:24And he's got a mortgage. What's he going to do? He can't go try and get some new education at that
01:21:28and pay for that piece and go further in debt. So we're solving that aspect to give you an idea.
01:21:32So while there's opportunity everywhere, disruption still means if you retool yourself, you can take
01:21:38advantage. Anybody can still do well in this world. People say, you know, is it possible really to do
01:21:43well financially? Is the game rigged? The game is still a game you can absolutely win, but you got to
01:21:48learn and you got to take a little bit of time to understand what's possible. And you'd at least give
01:21:52yourself a short period of time where you say, I'm going to find a diversification of eight to 12
01:21:57uncorrelated assets and reduce my risk 80% while I'm working on my job or my
01:22:02career or whatever else I'm doing. So that's my other business. That's going to protect me.
01:22:06Because social security at this point is not probably going to be enough for anybody,
01:22:10if it's even here later on for people to have a quality of life that they need.
01:22:13It seems like there's a lot of change happening in the world. And that means that
01:22:16people are going to get scared. Lots of people get stuck thinking and overthinking a decision.
01:22:21They'd spend so much time worrying about what decision to make that their life sort of
01:22:24turns into a relationship with the internal drama of the decision itself. Obviously,
01:22:28you've spent a lot of time thinking about human psychology, human nature and behavior.
01:22:32Have you got a framework inside of finance or outside of it generally in life for
01:22:36becoming better at the decision-making process? How do you think about making decisions?
01:22:40I have a very specific process. It takes a little time to explain, but it hears its essence.
01:22:45The most important thing in decision-making is value clarification. When you know what's
01:22:49most important to you, you can make a decision. Most people are trying to hit multiple targets at once.
01:22:55I want to do this. And if I do that, it'll work. What if I do that? But then that works.
01:22:58But what if I do, and they do it in their head. So the first piece is it's got to be done on your
01:23:02computer, on paper, outside your head. You got to start with, I call it O-O-C-E-M-R, real quick.
01:23:07O is you start with the outcomes. What are the outcomes? What do I, what am I want from this
01:23:12decision? What's the most, and then you got to rate them in order of importance. They're not illegal.
01:23:17I want a job that's going to do this, this, and this. Okay. Well, is it the money the most important?
01:23:20Is it the lifestyle that's most important? Is it the quality of who you're going to be around?
01:23:24You have to rate the importance because you may not get them all equally. We want to make sure
01:23:29what's most important to you get. Once I do the outcomes clearly, now I need to know what are my
01:23:34options. And the delusion is one choice is no choice. Two choices is a dilemma. There's at least
01:23:40three choices always. And if you live that principle, you'll find it. When you usually get three,
01:23:44you'll find four or five. And I get people to come up with options they haven't thought of before.
01:23:48You go, okay, don't judge them yet. Right? So out comes O. O, okay. What are my options? C,
01:23:54what are the consequences? So now I look at each option and say, okay, what's the upside or downside
01:24:01of each one? And I make the list in paper, not in my head. You know, I have actually a computer
01:24:06program I designed for this. And so now I can see upsides, downsides. Okay. I've done half of it.
01:24:10Now EMR. Now I need to evaluate. I need to evaluate. Okay. There's this upside and the
01:24:15downside, but what's the probability of it happening? Like you might say, oh, I could lose everything.
01:24:20Okay. But what's the probability or all I'll make a billion, but what's the probability?
01:24:25Is it 90%, 10%, 5%? That starts for you to really evaluate what your better options are.
01:24:32And now what'll happen is some of those options will be clear. You, they don't make sense.
01:24:36So the M is mitigate. I might end up with two or three options here and I go, okay, well,
01:24:41how do I get the best of this one and this one? What could I do to combine them? There's a new way
01:24:44to do this. And I teach that process. And then the R is resolve. O-O-C-E-M-R. The resolve,
01:24:49this is what I'm going to do. Because in the end, everybody wants to make a decision they're certain
01:24:53about. This'll get you about as certain as you can get. But at the same time, there is no absolute
01:24:58certainty. I mean, if you're a leader, you're paid for making difficult decisions.
01:25:02I was with general Swartzkopf years ago when the first, you know, that's how old I am,
01:25:07the first, uh, war we had in the middle east there. And when we're dealing with Saddam and,
01:25:14he was brilliant. And I asked him, cause he was very decisive guy. And I asked him, you know,
01:25:19how is it you make the tough decisions? And he said, when I was a private, he goes, I worked for a
01:25:24general and this general was a tough guy. He was a four star general. And he said, one day they found out
01:25:30that there had been a decision that the Pentagon had struggled with for 20 years, a very giant
01:25:35strategic decision. And the general is finally going to make the decision what to happen.
01:25:39So they sent reams of binders of information in to have him evaluate. And four days before,
01:25:45they're getting all this and there's an army, he said, of like five people, help him to organize
01:25:49this for the general and summarize it. The general had to fly overseas and he didn't get back till the
01:25:53night before. So he said, generally, we got to cancel the meeting. You're not prepared. He goes,
01:25:57no, the meeting goes forward, 8:30 in the morning. Shows up at 8:30 in the morning. And he's freaked
01:26:02out. It's like, there's no way the general knows enough to make this decision. General says,
01:26:06okay, give me what you got. You have 15 minutes. They go, they give this incorporate. Tell me your
01:26:11side, give me 15 minutes. As soon as I'm done, he stood up and he said, that's what we're doing.
01:26:16Everybody stood up, saluted the general. This is a decision not been made for 10 years,
01:26:21really strategic decision. So Swartzkopf tells me, he said, he's freaking out inside. So whenever he
01:26:26leaves, he goes and knocks on the general's door and says, permission to speak openly? He said,
01:26:30at ease. He goes, General, I'm the chief of staff here. There's no way you know enough information to
01:26:36make this decision. You, I mean, there's reams more of information for you to know. He said, yes.
01:26:41He said, how could you make that decision? He said, because the decision needed to be made.
01:26:45No one's done it for 10 years. I got enough information to make a decision. I made one.
01:26:50Now, if we're wrong, I'm going to find out quicker because we're going to do something. And if we're
01:26:53right, we're going to move forward. He goes, I never forgot that. He said, then I got one more
01:26:58lesson from him. One time, the general's leaving again. He said, you're in charge. I'm going to be
01:27:02on for 10 days. Make whatever decisions are necessary. And he's freaking out because this is a private
01:27:07guy. He goes, well, but, but sir, but sir, like, I don't know what to do. He goes,
01:27:13when you come put in command, take charge. He said, rule 13. He goes, what's rule three? Put
01:27:18in command, take charge. He's leaving. He goes, sir, but, but I don't know what to do.
01:27:23He said, rule 14. What's rule 14? He goes, do what's right. Do what's right. You know,
01:27:29you build decision-making muscles by making more decisions. Some people have a hard time deciding
01:27:34what they're having for dinner. You've been with somebody in everybody else's order. They still
01:27:36can't decide. You know, they have weak decision-making muscles. Decide. And the more you decide,
01:27:42the stronger you get. But this OOCMR, knowing my outcomes, because that's what it's about,
01:27:47value clarification, knowing my options, knowing the consequences, evaluating probability,
01:27:53mitigating to come up with a better solution, and resolving, that's the six steps that I use and
01:27:57teach people. And every single thing he just talks about applies to finances and investment management
01:28:01100%. So if somebody doesn't know what they're trying to achieve, are they trying to make a 30%
01:28:05return or a 3% return? If they don't know why that's important, if they're not willing to take the
01:28:10volatility that it takes, and then look at the probability-adjusted outcome of that investment,
01:28:14then they can't make a good decision. Which is why, going back to what I said earlier,
01:28:17it's all about investing based on percentages, not on dollars. If somebody's like, it's a million
01:28:23dollars, that's a lot of money. It is a lot of money. And you don't want to lose it. But if it's
01:28:281% of your portfolio, and it goes to zero, that's going to suck, but it's not going to be fatal.
01:28:34Right? So it's liberating and it's freeing for somebody to be able to be much more analytical,
01:28:38less emotional. And every single professional investor will say the same thing. Emotion is the
01:28:43enemy to investment success, period. So you have to be clinical and you have to remove the emotion.
01:28:50And the only way to do that is have a consistent process that is based on percentages that say,
01:28:56okay, if this happens, I can live with it. And if that worst case I can live with,
01:29:00the upside will take care of itself. And all of that applies exactly what Tony just described.
01:29:05Okay. Boys, I appreciate both of you. Where should people go to find out more about what's going on?
01:29:10So he's got a whole lot of different places you can go to. Ours is simple,
01:29:13casinvestments.com. That's where you can learn everything about what we're doing as a firm.
01:29:17And obviously, he's got all the various things he's involved in.
01:29:19Tony Robbins.com. And you can see any of the businesses that we're involved in. And
01:29:23we've got an event coming up shortly here. We do only a few events a year now, really large ones.
01:29:27So we have 17,000 people here in Miami for four days called Unleash the Power Within. So if anybody's
01:29:32interested in that, they can reach out to us as well. Well, and I can just tell you this, having gone
01:29:36through the tape series in 1991 and not going to my first, you know, opportunity to go to a live
01:29:42event until 2013, don't wait that long. Folks that like and follow Tony and have learned
01:29:49a lot from Tony, go to a live event. It's completely different than anything that you
01:29:53could expect to do just through the tape. It was life changing for me. And I know many
01:29:57other people do the same way. What date is it? It's coming up in November.
01:30:01I think it's 4th, 5th, and 6th. Yeah. Boys, I appreciate both of you.
01:30:04Until next time. Thank you so much for having us.
01:30:06We appreciate it. We'll do it again.
01:30:08Thank you very much for tuning in. If you enjoyed that episode,
01:30:10the algorithm is certain that you're going to enjoy this one as well.
01:30:15Go on, give it a watch.
커뮤니티 글
아직 글이 없습니다. 이 영상에 대한 첫 번째 글을 작성해 보세요!
이 영상에 대해 글쓰기