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Language: en
next time you're picking a president
think about your hiring somebody for a
job and ask better questions one of the
questions we need to hire today when
we're wanting to pick our president or
our governor is how they handle chaos
based on what experience not based on
what they've said based on what
experience what have they gotten done
what's their biggest accomplishment how
have they helped the economy what do you
want as a president do you want somebody
that needs other people's money when
they go run for office because the more
people's money you take and the more
they give guess what comes with that
nobody gives $10 million and says what
yo you know what you don't owe me any
favors but here's $10 million don't
worry about doing favors for me in your
super pack I'll give you $100 million
but I don't want any favors from you
that doesn't work that way they'll give
a $100 million and there's three favors
in the back and hey you got to change
his three laws to prevent this guy from
competing with me any president that
ever ran that needed the least
money the people of how hated I'll give
you a list of these guys John F Kennedy
his father funded 50 40 or 50% of the
entire thing and then people showed up a
big number and by the way he said I'm
willing to spend 100% of it when he
became president who hated Kennedy's
it's a long list of people are you
kidding me the oil people you got CIA
you got Federal Reserve you want me to
keep going you know the story you're
smart guys a lot of people that didn't
like that guy why cuz he didn't take
money from anybody that they needed they
knew he could do it on his own Reagan
his own financing okay you go Trump his
own financing you go Hillary Clinton
100% other people's money Biden nearly
100% of other people's money that's a
bit scary okay Kennedy was a Democrat
you know Trump is a republican it's not
like you're talking left or right but
maybe if like when when uh you you
probably know the story with Steve Jobs
when he started Apple when he started
Pixar right he put $7 million of his own
money into the company okay
we're having a meeting yesterday with
with Dana White at 2our meeting nice
meeting and we're having a couple other
the conversations about what could
possibly happen business dealings all
this other stuff guy comes to you he
says Tom we want to raise $10 million
for this project we're working on you're
going to ask we're going to ask probably
the same questions 80% will be the same
question 20% is going to be different
but what do you want to know so far
who's the management team what's their
past what's their background what's
different about this what's their blue
ocean do they already have a technology
is there an MVP what kind of results do
you have how many transactions have you
like our app man we've done nearly
10,000 transactions 100,000 uh times
this app's been downloaded we have
Revenue in the seven figure Mark so we
have a number to look at it now I come
ask you for $10 million and you say okay
what are you going to do with the $10
million I tell you oh that $10 million
I'm going to take five off the table for
myself and then we're going to take the
other five and I'm going to give give
myself a $500,000 year salary and we're
going to pay this person this and then
the last 2 million that's left we're
going to put into technology are you
giving that $10 million no now watch
this what if I come to you and I say uh
Tom here's a product this is our proof
this is what we done this is our
leadership team here's our salary we're
paying ourselves right now the $10
million we raise from you and your Camp
I'm taking zero salary I don't want any
salary nothing and I don't want to take
a penny off the table we're going to
take that money to put into technology
you're probably more open to the idea of
entertaining this and if I finish up
with the following thing and I tell you
by the way Tom I have put $6.8 million
of my own money into man you're not
going to say 6.8 doesn't even want to
take 6.8 right now of the money he put
into business he's willing to do it
later on he wants to put 100% in and he
doesn't want a salary and he doesn't
want to change a salary in the company
you're probably going to sit there and
say what's the risk for me there isn't
let's talk about it let's get lawyers
involved let's look at the deck let's
get deeper etc etc if a president comes
in and they're running and they say I'm
putting XYZ amount of my own money that
kind of gets my attention because you're
risking your own Capital as well we we
have to we have to start asking um what
do you have involved that you could lose
if this thing doesn't work out you know
as an investor we have to look at hiring
our president and our governors in that
way we've not been trained that way
we've been trained to just he's been 30
years in public service is that a good
thing or a bad thing well you know 30
years in public service we ought to give
him respect as a cop cool 30 years I get
it respect 30 years in the military
salute to you sir 30 years as a
firefighter that's a tough job you've
been 30 years as Congress what have you
done for the economy who's your funders
who's giving you money we have to ask
better questions now most people don't
want that conversation to be taking
place but I think our interview process
of whoever we pick that come with the
policies that's leading to the
catastrophes we're experiencing we have
to be a little bit more selective of the
presidents and the governors we
choose okay so that circles background
to me so I'm not a society guy I don't
think at the level of society I think at
the level of the individual and if you
fix the individual then if you fix
enough individuals and suddenly you get
a society that's high functioning so to
me there's ultimately no difference
between um talking about what does an
individual person need to do and then
how do you ask better questions because
right now if you tell people to ask
better questions they still aren't going
to ask those questions even if you give
them the questions to ask they will not
understand how to interpret the answer
to me you have to build up what I call
frame of reference so we all view the
world from a certain frame of reference
and when you believe the world ought to
be fair when you believe the equity is
the name of the game not equality of
opportunity Equity that everybody gets
the same on the other side um then those
people are going to act a certain way
and they will feel right and they will
feel Justified because from their frame
of reference it all makes sense if money
is evil and everything has to be viewed
through the lens of power uh then all of
a sudden their actions make sense if you
have a different worldview let's say
it's about Freedom capitalism
self-determination then you're going to
be viewing life through that lens um my
question
is is there a right lens that you are
like hey this is the thing that we ought
to put forth and this is what people
ought to pursue and I think the
downstream effects of that will be that
we elect better officials so on and so
forth let me let me ask this question so
let's let's have a little bit of a
banter here exchange I like this a um
what what causes a company to attract
tens
meaning if you've read step
schwartzman's books book in it he talks
about how at 1.30 billion a guy at one
point he realized it's all about hiring
tens not nines not eights but hiring
tens but most people can't afford tens
when you read readed Hastings no rules
rules they realize a 10 is the
equivalent of 28s okay 110 is the same
as 28s sounds about right sounds about
right okay so what causes a company to
attract
T you want me to give you the breakdown
I want to hear from you okay so number
one is going to be uh a mission that is
bigger than whatever Mission they have
in their own life that they are very
excited about next one is going to be um
that you're building something that is
novel and is actually going to allow
them to bring the full weight of their
talent and intelligence to bear um so
not retreading old stuff this is really
something new got it um the
World actually wants the
product uh they are compensated well
they have a sense of
ownership
autonomy um and they're surrounded by
other
tens okay so compensated well did you
say autonomy autonomy okay and then last
one was you're surrounded around other
tents yes okay I'm not going to ask you
how many tens you have here because I
don't want to cause a fight but uh uh we
won't go there surrounded by it isn't
all tens even my team knows that so so
so when you look at this compelling
Mission novel you know full uh uh you
know uh where we're going what we're
doing World actually wants to Pro uh
product compensated well autonomy
surrounded by
tents to me
um what does Blackstone do to get tens
is the mission that insane I don't know
um what is does Netflix do to get
tens what what does Yahoo do to lose
tens to Facebook what does Facebook do
to lose tens to Google what what does um
what what what are tens attracted to to
me everything here you could have an
incredible Mission check you could have
novel man this is we're doing a really
big thing historic check World actually
wants the product check if the incentive
program sucks you're not attracting
those people period let me make go a
little bit deeper for you you live in
the great state of California you know
California how many people they lost
between California and New York the last
last year 1.4 million 1.4 million you
saw this that do you know what state in
America's 50th place for the most people
lost last year California do you know
what state's number one FL uh Florida's
number one receiving net positive net
positive population Florida's number one
Texas Texas number two then you got
Carolinas this just came out by the way
very interesting number for you to look
at cuz at the bottom is California New
York Illinois
okay the economy is bigger in
California the econom is bigger in New
York the econom is bigger in a lot of
different places why are they leaving
because the incentive sucks so if a
state with better incentives is in place
like Florida which means what you keep
your state taxes if in Texas you keep
your state taxes Tennessee keep your
state taxes we'll figure it out in
California why are gas prices in some
places seven bucks why are gas prices in
certain places five bucks six bucks you
got this gas tax on top of this cast tax
on top how come the other states don't
have the gas tax these are the incentive
programs why did one of the biggest
liberals in America that try to save the
world you really want to talk about
climate change no one probably did more
good for climate change like try to do
good for climate change and a guy named
Elon Musk who voted for Obama who voted
for all these guys who voted for Hillary
and this guy moves to Austin Texas why
would he do that why did the guy who try
to legalize marijuana for the longest
time who said I'm voting for Bernie
Sanders what what is he doing moving to
Texas guy named Joe Rogan why did 40,000
employees leave Toyota go to Texas
because of the incentive program so
where am I going with this I you and I
are in the same place where everything
starts off with you and I like what do I
control what can I do about it right and
as you get to a different level I'm sure
youve paid a lot of taxes if I would ask
you about how much taxes you paid you
paid a lot of taxes for the money you've
made you guys build a billion Auto
Company when you have a billion auto
company and you've taken money off the
table multiple times you know and you're
doing it in this state you could have
your capital gains 23.8 but you got to
add that 13.3 on top of it so on your
state you sell you get $200 million in
the state of California you're going to
pay roughly $80 million in taxes but you
do that in FL or Texas you're going to
pay 60 million $50 million in taxes that
$30 million stays in your pocket guess
what that's pretty attractive incentive
wise what else when you look at it you
look at other people that want to live
as well the average person that's making
60 Grand year in California dude you
have to live 80 miles away in pale to be
able to make it and pale's even getting
expensive today quartz sale you got only
a couple Pockets you can live to be able
to survive with the kind of pay that
this uh Marketplace is paying you so
when I'm going back to the question and
you said well what percentage of people
are really going to be thinking about
that question this is the
problem that we have we think we have to
win everybody over we
don't we think we have to convert a 50%
of the population you don't it's the 12%
in the middle that run America that's
who runs America you got 47% that's
going to vote Democrat no matter what
you got 44% that's going to vote
Republican no matter what then you have
that middle whatever that number is
going to be that you're dealing with you
know maybe it's going to be 42 44 then
you got the Libertarians degree and all
this other stuff the independence and
Libertarians rule America so if those
guys who have the ability to have
courage to have a change of thought and
are neutral neutrality and are willing
to accept alternative Solutions and
they're able to reason well guess what
they watch a podcast like this and say
this makes a lot of of sense we
have to change incentive so what do we
do either one you say that I have no
desire to get into politics so how can I
help okay no problem go back somebody up
that you can feel that they can do it
and start recruiting people to run you
know behind Clos doors I'm recruiting
people to run like I'm talking to people
and saying you got a lot of values that
people would love I think you ought to
consider it really yes you ought to
consider it I never thought about that I
think you should think about that why
don't you read these three books see if
it does anything to you why don't you go
look at what the bushes and the
kennedies had as a legacy their legacy
was simple in their family you make
money first you take care of your wife
you take care of your uh kids they have
enough money to not have to worry about
anything they're set for school and all
that stuff you set yourself up a little
bit of retirement if you want to make a
little bit more money go for it but last
but not least you got to give back to
the country that give you this
incredible life how do you do it
nonprofit okay you either go into
politics or church but somehow somewhere
you got to contribute so I I want more
like I used to not care about politics
at all until I
realize America's problem is is the
incentive program the reason why we went
from 4% of kids being born to single
mothers in 1940 to 40% today is because
of the incentive program the reason why
we have so many divorces in the world we
are leading the world in divorces in
ways that doesn't even make any sense
we're at we're at 23.8 some numbers you
look at where China and India are at 3
or 4% our incentive program sucks when
you look at small business own owners
when you look at people going out there
fighting for let's print more money
every time these guys print more money
guys like you get richer every time they
print money you and I make more money CU
your money's in assets and your money's
in equities and that money is going to
go to these equities so the valuation of
these companies flips like right now
everybody's worried about a market crash
you know what's bigger than a market
crash today you know what scares me more
than a market crash today a reverse
market crash you know what a reverse
market crash it's what happened in
Venezuela this year imagine stock market
goes from 10,000 to 64,000
what like right now we have interest
rates at four at 8% 8 and a quarter some
places but let's just say
8% and and real estate prices are going
up it's the least amount of refi we've
done in 27 years refi application is at
the lowest for 27 years the amount of
inventory of homes for sale right now is
the lowest we've had in 20 years but
real estate prices are going up how so
imagine if Powell today takes this 8%
and he brings it down to 7 to six to 5
to four what happens market Dow goes to
60,000 40,000 50,000 why it's not
because the economy is doing good
because we have that money in the market
it's going somewhere so what happens all
of these people that were talking about
well look at the rich getting rich and
the poor getting poor your policies of
printing more money is causing to Rich
to get to richer and the poor to get
poor because the disparity is getting
wider if the Rich are making 12% on
their money and the poor are making zero
because they have it in checking
accounts what do you think is going to
happen every year that distance going to
get bigger man so what do we have this
year in 2023 most strikes we've ever had
you ever seen any this many strikes in
our lifetime we're three years apart you
and I I've never seen this many strikes
UAW strike finally agreed 42 bucks an
hour you got UPS strike you got
Walgreens CVS you got Kaiser 75,000 you
got there's so many strikes going on
today what are people saying dude I
can't make it I can't make the money and
in your state
California uh they rais the minimum wage
for fast food restaurants to whatever
the number is 22 bucks and you know what
Chipotle and mcdonal just announced
they're raising prices why because they
have to how are they going to make that
money you can raise minimum wage all you
want the restaurant is going to raise
the prices they're going to have to
raise the prices so
now all these automakers that are
sitting around saying oh you want us to
pay these guys 42 bucks an hour no
problem guess what the consumer is going
to have to pay $1,500 more for the car
they buy is the consumer okay with that
cuz that's how math Works math works
that way so to me at this phase of my
life if a person's 20 years old watching
this don't worry about what we talked
about last 20 minutes just go make your
money if a person's 30 years old
watching this and they got a wife and
kid and their careers like here they're
about to kind of go focus on your career
pay a little bit attention to this but
if you're 40 plus 45 plus and and you're
seeing what's really going on in the
economy and you're like what the hell
are all these policies I love my state
of Illinois but what the hell are we
doing here I love New York but what the
hell is going on New York I love San
Francisco but it's no longer San
Francisco then you have to pay very
close attention to the different
incentive programs in other states and
ask why can't we do that in California
why are we not doing that in New York
why are we not doing that in Illinois
people in California are not asking
those questions so uh I love this
compelling Mission novelty you know
novel World actually wants the product
compensation autonomy surrounded by tens
but at the basic most simplest thing is
our incentive program at the top of our
US Government today and by many states
absolutely sucks if you like that clip
check out the full powerful episode here
and I'll see you there