Man Who Owns 4% Of All Bitcoin: His Final WARNING To Everyone Who Doesn't Own It | Michael Saylor

I used AI to make 15 billion dollars I used AI to make 15 billion dollars last year. last year. last year. >> You did? >> You did? >> You did? >> I did because the AI gave us a solution >> I did because the AI gave us a solution >> I did because the AI gave us a solution to the problem that no one had ever to the problem that no one had ever to the problem that no one had ever encountered before in the history of the encountered before in the history of the encountered before in the history of the world. And so my advice is don't try to world. And so my advice is don't try to world. And so my advice is don't try to outwork the robots. What you want to do outwork the robots. What you want to do outwork the robots. What you want to do is ask the AI to do something that's is ask the AI to do something that's is ask the AI to do something that's never been done before. And if you want never been done before. And if you want never been done before. And if you want to create these incredible success to create these incredible success to create these incredible success things, you want to locate the magic things, you want to locate the magic things, you want to locate the magic opportunity. I know this because I'm a opportunity. I know this because I'm a opportunity. I know this because I'm a technology entrepreneur and [music] technology entrepreneur and [music] technology entrepreneur and [music] we're the biggest buyer of Bitcoin in we're the biggest buyer of Bitcoin in we're the biggest buyer of Bitcoin in the world. So, what is my mission? I'm the world. So, what is my mission? I'm the world. So, what is my mission? I'm preaching the gospel of digital preaching the gospel of digital preaching the gospel of digital empowerment [music] and Bitcoin is empowerment [music] and Bitcoin is empowerment [music] and Bitcoin is digital money and it's going to be the digital money and it's going to be the digital money and it's going to be the best long-term capital asset and you can best long-term capital asset and you can best long-term capital asset and you can actually own something and someone more actually own something and someone more actually own something and someone more powerful than you can't take it away powerful than you can't take it away powerful than you can't take it away from you. from you. from you. >> What you mean they can't take Bitcoin >> What you mean they can't take Bitcoin >> What you mean they can't take Bitcoin from you? from you? from you? >> So, this is a stack of currency. You >> So, this is a stack of currency. You >> So, this is a stack of currency. You walk through an airport on this, they walk through an airport on this, they walk through an airport on this, they ask you if you have cash, they just take ask you if you have cash, they just take ask you if you have cash, they just take it. So cash in a physical form is a it. So cash in a physical form is a it. So cash in a physical form is a problem. So what do you do? You put it problem. So what do you do? You put it problem. So what do you do? You put it in a bank. So the bank then decides in a bank. So the bank then decides in a bank. So the bank then decides whether you get to keep it and whether whether you get to keep it and whether whether you get to keep it and whether you get it back. But I could move a you get it back. But I could move a you get it back. But I could move a million dollars of Bitcoin from here to million dollars of Bitcoin from here to million dollars of Bitcoin from here to anywhere to London to anywhere in anywhere to London to anywhere in anywhere to London to anywhere in cyerspace in a few seconds. So the last cyerspace in a few seconds. So the last cyerspace in a few seconds. So the last thing in the world you want to save is thing in the world you want to save is thing in the world you want to save is money.

money. money. >> So what about this? Why not just put all >> So what about this? Why not just put all >> So what about this? Why not just put all of my money into gold? of my money into gold? of my money into gold? >> Well, gold is up 12% a year, but Bitcoin >> Well, gold is up 12% a year, but Bitcoin >> Well, gold is up 12% a year, but Bitcoin is up 33. is up 33. is up 33. >> What about the S&P 500? you're going to >> What about the S&P 500? you're going to >> What about the S&P 500? you're going to get double the performance from BTC that get double the performance from BTC that get double the performance from BTC that you would get from like the S&P index. you would get from like the S&P index. you would get from like the S&P index. >> So, should I buy a house? >> So, should I buy a house? >> So, should I buy a house? >> I will tell you why you shouldn't buy a >> I will tell you why you shouldn't buy a >> I will tell you why you shouldn't buy a house. house. house. >> And then you sold a bit of Bitcoin >> And then you sold a bit of Bitcoin >> And then you sold a bit of Bitcoin recently after telling a lot of people recently after telling a lot of people recently after telling a lot of people sell a kidney if you must but keep the sell a kidney if you must but keep the sell a kidney if you must but keep the Bitcoin. So, why did you sell the Bitcoin. So, why did you sell the Bitcoin. So, why did you sell the Bitcoin instead of your kidney? Bitcoin instead of your kidney? Bitcoin instead of your kidney? >> Because >> Because >> Because Michael, beyond just buying [music] Michael, beyond just buying [music] Michael, beyond just buying [music] Bitcoin, what is a good strategy to Bitcoin, what is a good strategy to Bitcoin, what is a good strategy to build and become wealthy in your view? build and become wealthy in your view? build and become wealthy in your view? And then you [music] have 10 rules for And then you [music] have 10 rules for And then you [music] have 10 rules for young adults building a strong young adults building a strong young adults building a strong foundation for their life and career. foundation for their life and career. foundation for their life and career. So, let's go through these. So, first >> this is super interesting to me. My team >> this is super interesting to me. My team given me this report to show me how many given me this report to show me how many given me this report to show me how many of you that watch this show subscribe. of you that watch this show subscribe. of you that watch this show subscribe. And some of you have told us according And some of you have told us according And some of you have told us according to this that you are unsubscribe from to this that you are unsubscribe from to this that you are unsubscribe from the channel randomly. So, favor to ask the channel randomly. So, favor to ask the channel randomly. So, favor to ask all of you, please could you check right all of you, please could you check right all of you, please could you check right now if you've hit the subscribe button now if you've hit the subscribe button now if you've hit the subscribe button if you are a regular viewer of the show if you are a regular viewer of the show if you are a regular viewer of the show and you like what we do here. We're and you like what we do here. We're and you like what we do here. We're approaching quite a significant landmark approaching quite a significant landmark approaching quite a significant landmark on this show in terms of a subscriber on this show in terms of a subscriber on this show in terms of a subscriber number. So, if there was one simple free number. So, if there was one simple free number. So, if there was one simple free thing that you could do to help us, my thing that you could do to help us, my thing that you could do to help us, my team, everyone here, to keep this show team, everyone here, to keep this show team, everyone here, to keep this show free, to keep it improving year over free, to keep it improving year over free, to keep it improving year over year and week over week, it is just to year and week over week, it is just to year and week over week, it is just to hit that subscribe button and to double hit that subscribe button and to double hit that subscribe button and to double check if you've hit it. Only thing I'll check if you've hit it. Only thing I'll check if you've hit it. Only thing I'll ever ask of you, do we have a deal? If ever ask of you, do we have a deal? If ever ask of you, do we have a deal? If you do it, I'll tell you what I'll do.

you do it, I'll tell you what I'll do. you do it, I'll tell you what I'll do. I'll make sure every single week, every I'll make sure every single week, every I'll make sure every single week, every single month, we fight harder and harder single month, we fight harder and harder single month, we fight harder and harder and harder and harder to bring you the and harder and harder to bring you the and harder and harder to bring you the guests and conversations that you want guests and conversations that you want guests and conversations that you want to hear. I've stayed true to that to hear. I've stayed true to that to hear. I've stayed true to that promise since the very beginning of the promise since the very beginning of the promise since the very beginning of the D of Co, and I will not let you down. D of Co, and I will not let you down. D of Co, and I will not let you down. Please help us. Really appreciate it. Please help us. Really appreciate it. Please help us. Really appreciate it. Let's get on with the show. Let's get on with the show. Let's get on with the show. [music] Michael, because of your success as a Michael, because of your success as a technology entrepreneur, you are a technology entrepreneur, you are a technology entrepreneur, you are a multi-billionaire from my math and multi-billionaire from my math and multi-billionaire from my math and you're heavily focused on digital you're heavily focused on digital you're heavily focused on digital currencies at the moment, specifically currencies at the moment, specifically currencies at the moment, specifically Bitcoin. What else do we need to know Bitcoin. What else do we need to know Bitcoin. What else do we need to know about you in terms of what you've built about you in terms of what you've built about you in terms of what you've built and accomplished outside of that? and accomplished outside of that? and accomplished outside of that? >> I always wanted to make a technical >> I always wanted to make a technical >> I always wanted to make a technical contribution. So, the the early business contribution. So, the the early business contribution. So, the the early business was business intelligence. So how do you was business intelligence. So how do you was business intelligence. So how do you extract intelligence from large raw data extract intelligence from large raw data extract intelligence from large raw data sources and that was what micro strategy sources and that was what micro strategy sources and that was what micro strategy did. We created a global business did. We created a global business did. We created a global business intelligence company and [snorts] intelligence company and [snorts] intelligence company and [snorts] I think in 2020 when the co lockdowns I think in 2020 when the co lockdowns I think in 2020 when the co lockdowns took place and the world turned upside took place and the world turned upside took place and the world turned upside down that was when I discovered my down that was when I discovered my down that was when I discovered my greatest idea and it wasn't even my idea greatest idea and it wasn't even my idea greatest idea and it wasn't even my idea right it it was Satoshi's idea but I I right it it was Satoshi's idea but I I right it it was Satoshi's idea but I I discovered Bitcoin in 2020 and the discovered Bitcoin in 2020 and the discovered Bitcoin in 2020 and the company today is $60 billion but we company today is $60 billion but we company today is $60 billion but we peaked about 125 billion so we got peaked about 125 billion so we got peaked about 125 billion so we got somewhere between 100 and 200 times somewhere between 100 and 200 times somewhere between 100 and 200 times bigger since we discovered Bitcoin bigger since we discovered Bitcoin bigger since we discovered Bitcoin >> and when you speak to the general public >> and when you speak to the general public >> and when you speak to the general public now when you do podcasts like this, what now when you do podcasts like this, what now when you do podcasts like this, what is the the essence of the message that is the the essence of the message that is the the essence of the message that you're aiming to communicate to them?

you're aiming to communicate to them? you're aiming to communicate to them? >> Bitcoin is uh is digital empowerment, >> Bitcoin is uh is digital empowerment, >> Bitcoin is uh is digital empowerment, digital capital. We're living through digital capital. We're living through digital capital. We're living through the digital transformation of assets and the digital transformation of assets and the digital transformation of assets and this is just as profound transformation this is just as profound transformation this is just as profound transformation as digital intelligence. The real as digital intelligence. The real as digital intelligence. The real profound breakthrough of Bitcoin is this profound breakthrough of Bitcoin is this profound breakthrough of Bitcoin is this idea idea idea that you can take economic energy, that you can take economic energy, that you can take economic energy, convert it to digital form and tightly convert it to digital form and tightly convert it to digital form and tightly bind it to the person, the family, the bind it to the person, the family, the bind it to the person, the family, the company, but the country. We can talk company, but the country. We can talk company, but the country. We can talk about how we all hate countries, but you about how we all hate countries, but you about how we all hate countries, but you know, the history of the world is all know, the history of the world is all know, the history of the world is all the weak countries getting smashed by the weak countries getting smashed by the weak countries getting smashed by all the big countries. So if what you're all the big countries. So if what you're all the big countries. So if what you're interested in in is empowerment and interested in in is empowerment and interested in in is empowerment and fairness and equity for the small fairness and equity for the small fairness and equity for the small company, the small family, the small company, the small family, the small company, the small family, the small person, the small country, the weak. How person, the small country, the weak. How person, the small country, the weak. How do you do it? Well, you basically do you do it? Well, you basically do you do it? Well, you basically encrypt the money, put it in cyberspace, encrypt the money, put it in cyberspace, encrypt the money, put it in cyberspace, protect it with a private key. It's like protect it with a private key. It's like protect it with a private key. It's like now you can actually own something and now you can actually own something and now you can actually own something and someone more powerful than you can't someone more powerful than you can't someone more powerful than you can't take it away from you.

take it away from you. take it away from you. >> There's two types two types of money >> There's two types two types of money >> There's two types two types of money there in front of you. There's dollar there in front of you. There's dollar there in front of you. There's dollar bills and then I've got a couple of bills and then I've got a couple of bills and then I've got a couple of Bitcoin on the table. What you mean they Bitcoin on the table. What you mean they Bitcoin on the table. What you mean they can't take Bitcoin from you? can't take Bitcoin from you? can't take Bitcoin from you? >> Okay. So, this is a stack of currency. >> Okay. So, this is a stack of currency. >> Okay. So, this is a stack of currency. You walk through an airport on this. You walk through an airport on this. You walk through an airport on this. They ask you if you have cash. If you They ask you if you have cash. If you They ask you if you have cash. If you do, they just take it. Cash in a in a do, they just take it. Cash in a in a do, they just take it. Cash in a in a physical form is a problem. So what do physical form is a problem. So what do physical form is a problem. So what do you do? You put it in a bank. Well, a you do? You put it in a bank. Well, a you do? You put it in a bank. Well, a bank is uh is a counterparty. So the bank is uh is a counterparty. So the bank is uh is a counterparty. So the bank then decides whether you get to bank then decides whether you get to bank then decides whether you get to keep it and whether you get it back. You keep it and whether you get it back. You keep it and whether you get it back. You go to the bank and you ask for it back. go to the bank and you ask for it back. go to the bank and you ask for it back. They might ask you why you ask for it They might ask you why you ask for it They might ask you why you ask for it back. If you ask for that much back, back. If you ask for that much back, back. If you ask for that much back, they file a form with the Treasury they file a form with the Treasury they file a form with the Treasury Department. You know, if you ask for too Department. You know, if you ask for too Department. You know, if you ask for too much money back too soon, right? Someone much money back too soon, right? Someone much money back too soon, right? Someone comes knocking on your door. So the comes knocking on your door. So the comes knocking on your door. So the challenge with this this is fiat challenge with this this is fiat challenge with this this is fiat currency and um you hold this at the currency and um you hold this at the currency and um you hold this at the pleasure of the nation state and by not pleasure of the nation state and by not pleasure of the nation state and by not just your nation state it's like every just your nation state it's like every just your nation state it's like every country on earth gets to decide whether country on earth gets to decide whether country on earth gets to decide whether you get to spend this stuff right- which you get to spend this stuff right- which you get to spend this stuff right- which is interesting and if you want to is interesting and if you want to is interesting and if you want to actually transfer money to someone in actually transfer money to someone in actually transfer money to someone in another country you need the permission another country you need the permission another country you need the permission of your bank another bank the central of your bank another bank the central of your bank another bank the central bank of their country the correspondent bank of their country the correspondent bank of their country the correspondent bank there might be seven different bank there might be seven different bank there might be seven different banks that have to decide whether the banks that have to decide whether the banks that have to decide whether the money gets from here to there. So, this money gets from here to there. So, this money gets from here to there. So, this is permissioned money, you know, that's is permissioned money, you know, that's is permissioned money, you know, that's uh managed by the state. And with uh managed by the state. And with uh managed by the state. And with Bitcoin, I can take a million dollars. I Bitcoin, I can take a million dollars. I Bitcoin, I can take a million dollars. I can actually encrypt it in a chip in a can actually encrypt it in a chip in a can actually encrypt it in a chip in a physical coin, the cusacius coin, and physical coin, the cusacius coin, and physical coin, the cusacius coin, and that's a million dollars. I slide it

that's a million dollars. I slide it that's a million dollars. I slide it across and it's literally a bearer across and it's literally a bearer across and it's literally a bearer asset, you know, and so that's one asset, you know, and so that's one asset, you know, and so that's one manifestation of it. But you could also manifestation of it. But you could also manifestation of it. But you could also put it into information form. I could put it into information form. I could put it into information form. I could transfer this to you just in the form of transfer this to you just in the form of transfer this to you just in the form of a private key that I wrote on a piece of a private key that I wrote on a piece of a private key that I wrote on a piece of paper that I gave to you. paper that I gave to you. paper that I gave to you. >> A series of letters you could give me. >> A series of letters you could give me. >> A series of letters you could give me. >> Yeah. Or I could send you a message. I >> Yeah. Or I could send you a message. I >> Yeah. Or I could send you a message. I could send a text message like, "So, could send a text message like, "So, could send a text message like, "So, good luck getting a million dollars of good luck getting a million dollars of good luck getting a million dollars of gold from here to London if people don't gold from here to London if people don't gold from here to London if people don't want you to move it. But I could move a want you to move it. But I could move a want you to move it. But I could move a million dollars of Bitcoin from here to million dollars of Bitcoin from here to million dollars of Bitcoin from here to anywhere in a few seconds." The idea was anywhere in a few seconds." The idea was anywhere in a few seconds." The idea was I don't want to trust Apple or Google or I don't want to trust Apple or Google or I don't want to trust Apple or Google or Morgan Bank or a central bank or a Morgan Bank or a central bank or a Morgan Bank or a central bank or a government, right? And so in the extreme government, right? And so in the extreme government, right? And so in the extreme case, you know, two people can meet in case, you know, two people can meet in case, you know, two people can meet in Africa and I can trade you some Bitcoin Africa and I can trade you some Bitcoin Africa and I can trade you some Bitcoin for your truck and I don't need the for your truck and I don't need the for your truck and I don't need the permission of seven banks and 16 permission of seven banks and 16 permission of seven banks and 16 governments and 32 other bureaucrats in governments and 32 other bureaucrats in governments and 32 other bureaucrats in order to buy that truck. What is it that order to buy that truck. What is it that order to buy that truck. What is it that most people, the average person doesn't most people, the average person doesn't most people, the average person doesn't understand about the nature of money as understand about the nature of money as understand about the nature of money as it's sat in their bank as it relates to it's sat in their bank as it relates to it's sat in their bank as it relates to the debasement of it or the sort of the debasement of it or the sort of the debasement of it or the sort of inflation of it? Because most people inflation of it? Because most people inflation of it? Because most people think if they've got, you know, $10,000 think if they've got, you know, $10,000 think if they've got, you know, $10,000 in their bank and they keep it there and in their bank and they keep it there and in their bank and they keep it there and maybe getting interest on it at 4% a maybe getting interest on it at 4% a maybe getting interest on it at 4% a year, they're going to be good.

year, they're going to be good. year, they're going to be good. >> So, this is about $10,000, I guess. Um, >> So, this is about $10,000, I guess. Um, >> So, this is about $10,000, I guess. Um, one acre of land in Miami Beach on the one acre of land in Miami Beach on the one acre of land in Miami Beach on the water cost $10,000 about a hundred years water cost $10,000 about a hundred years water cost $10,000 about a hundred years ago. ago. ago. I know this because I have a house on I know this because I have a house on I know this because I have a house on the water and I have the the deed of the water and I have the the deed of the water and I have the the deed of sale and it was about on two acres and sale and it was about on two acres and sale and it was about on two acres and it was $20,000. The entire house cost it was $20,000. The entire house cost it was $20,000. The entire house cost $100,000 and uh it's about $20,000 worth $100,000 and uh it's about $20,000 worth $100,000 and uh it's about $20,000 worth of land. today. Uh, one acre of land on of land. today. Uh, one acre of land on of land. today. Uh, one acre of land on this the same acre on the water this the same acre on the water this the same acre on the water $10 million $10 million $10 million maybe $20 million. So, you know what maybe $20 million. So, you know what maybe $20 million. So, you know what happened here, right? It's the same happened here, right? It's the same happened here, right? It's the same dollar. It works out to be a,000x dollar. It works out to be a,000x dollar. It works out to be a,000x increase in price. So when land goes increase in price. So when land goes increase in price. So when land goes from $10,000 to $10 million, that means from $10,000 to $10 million, that means from $10,000 to $10 million, that means that the currency, the dollar, the that the currency, the dollar, the that the currency, the dollar, the money, lost about 7% of its economic money, lost about 7% of its economic money, lost about 7% of its economic value every year for 100 years running.

value every year for 100 years running. value every year for 100 years running. If you lose 7% a year, you know, then If you lose 7% a year, you know, then If you lose 7% a year, you know, then you get cut in half, right? 10 times, you get cut in half, right? 10 times, you get cut in half, right? 10 times, right? So what do most people not know right? So what do most people not know right? So what do most people not know about about money? What they don't about about money? What they don't about about money? What they don't realize is that the best currency money realize is that the best currency money realize is that the best currency money being a medium exchange unit account being a medium exchange unit account being a medium exchange unit account store of value, the dollar, the best in store of value, the dollar, the best in store of value, the dollar, the best in the 20th century and the 21st century, the 20th century and the 21st century, the 20th century and the 21st century, the US dollar lost 7% of its value every the US dollar lost 7% of its value every the US dollar lost 7% of its value every year going for 100 years. That's the year going for 100 years. That's the year going for 100 years. That's the best it's ever going to get. It's not best it's ever going to get. It's not best it's ever going to get. It's not that good for everybody else. If you go that good for everybody else. If you go that good for everybody else. If you go to most other countries, they lose 14% to most other countries, they lose 14% to most other countries, they lose 14% of their value. And so they collapse in of their value. And so they collapse in of their value. And so they collapse in about 30 years. So what you have is a about 30 years. So what you have is a about 30 years. So what you have is a situation where if you store your wealth situation where if you store your wealth situation where if you store your wealth in currency in in the money of the in currency in in the money of the in currency in in the money of the society the question really is just are society the question really is just are society the question really is just are you going to lose most of your money you going to lose most of your money you going to lose most of your money within 10 years that's the weak within 10 years that's the weak within 10 years that's the weak currencies in Africa for example most currencies in Africa for example most currencies in Africa for example most currencies in Africa you couldn't hold currencies in Africa you couldn't hold currencies in Africa you couldn't hold you your wealth even for 10 years maybe you your wealth even for 10 years maybe you your wealth even for 10 years maybe 5 years or are you going to lose all 5 years or are you going to lose all 5 years or are you going to lose all your money in 30 years hyperinflation your money in 30 years hyperinflation your money in 30 years hyperinflation happened in Brazil happened in Argentina happened in Brazil happened in Argentina happened in Brazil happened in Argentina you know that's Mexico. That's most you know that's Mexico. That's most you know that's Mexico. That's most places and that's the status quo. The places and that's the status quo. The places and that's the status quo. The average fiat currency, you know, average fiat currency, you know, average fiat currency, you know, collapses in about 29 years, I think.

collapses in about 29 years, I think. collapses in about 29 years, I think. And then the best is if you happen to be And then the best is if you happen to be And then the best is if you happen to be a citizen of the greatest nation in the a citizen of the greatest nation in the a citizen of the greatest nation in the world and you win all the wars, you're world and you win all the wars, you're world and you win all the wars, you're just going to lose all your money in, just going to lose all your money in, just going to lose all your money in, you know, half life is 35 years, you're you know, half life is 35 years, you're you know, half life is 35 years, you're going to lose your money over the course going to lose your money over the course going to lose your money over the course of a hundred years. of a hundred years. of a hundred years. >> So, should I buy a house? >> So, should I buy a house? >> So, should I buy a house? So, you get to the next interesting So, you get to the next interesting So, you get to the next interesting point, which is that $100,000 in 19 uh point, which is that $100,000 in 19 uh point, which is that $100,000 in 19 uh 26 in Miami Beach today would be worth 26 in Miami Beach today would be worth 26 in Miami Beach today would be worth $100,000. That house $50 to $100 $100,000. That house $50 to $100 $100,000. That house $50 to $100 million. So, the house is better, right? million. So, the house is better, right? million. So, the house is better, right? In fact, if you're trying to preserve In fact, if you're trying to preserve In fact, if you're trying to preserve your wealth, you have to acquire scarce your wealth, you have to acquire scarce your wealth, you have to acquire scarce desirable property. So, your choice is, desirable property. So, your choice is, desirable property. So, your choice is, do I buy real estate? Do I residential do I buy real estate? Do I residential do I buy real estate? Do I residential real estate? Do I buy commercial real real estate? Do I buy commercial real real estate? Do I buy commercial real estate? Do I buy a private company? Do I estate? Do I buy a private company? Do I estate? Do I buy a private company? Do I buy a public company like stocks? Do I buy a public company like stocks? Do I buy a public company like stocks? Do I buy collectibles? So, let me tell you buy collectibles? So, let me tell you buy collectibles? So, let me tell you why you shouldn't buy a house. Because why you shouldn't buy a house. Because why you shouldn't buy a house. Because uh there's a 2% property tax on houses uh there's a 2% property tax on houses uh there's a 2% property tax on houses in in Florida, which means that if you in in Florida, which means that if you in in Florida, which means that if you buy a house, you pay 2% of the value buy a house, you pay 2% of the value buy a house, you pay 2% of the value every year. 2%, you know, means that every year. 2%, you know, means that every year. 2%, you know, means that every 36 years, you actually pay the every 36 years, you actually pay the every 36 years, you actually pay the cost of the house in tax to the cost of the house in tax to the cost of the house in tax to the government. not a very good store of government. not a very good store of government. not a very good store of value because uh you're taking on a value because uh you're taking on a value because uh you're taking on a massive tax load and you're taking on a massive tax load and you're taking on a massive tax load and you're taking on a maintenance load. But having said it, maintenance load. But having said it, maintenance load. But having said it, it's still a better deal than just it's still a better deal than just it's still a better deal than just holding cash in a bank or holding cash holding cash in a bank or holding cash holding cash in a bank or holding cash in a safe. You know, commercial real in a safe. You know, commercial real in a safe. You know, commercial real estate looks a bit better, right?

estate looks a bit better, right? estate looks a bit better, right? Because with commercial real estate, you Because with commercial real estate, you Because with commercial real estate, you can offset the tax, the insurance, and can offset the tax, the insurance, and can offset the tax, the insurance, and the maintenance cost with rents. So, the maintenance cost with rents. So, the maintenance cost with rents. So, what really works out with commercial what really works out with commercial what really works out with commercial real estate most of the time is you buy real estate most of the time is you buy real estate most of the time is you buy a million dollars commercial real a million dollars commercial real a million dollars commercial real estate, you have a bunch of fees, you estate, you have a bunch of fees, you estate, you have a bunch of fees, you charge rent, the rent offsets the charge rent, the rent offsets the charge rent, the rent offsets the maintenance cost. You don't really make maintenance cost. You don't really make maintenance cost. You don't really make any money on the rent, but the any money on the rent, but the any money on the rent, but the underlying million dollars appreciates underlying million dollars appreciates underlying million dollars appreciates 7% a year every year. And so, you 7% a year every year. And so, you 7% a year every year. And so, you actually can build wealth with actually can build wealth with actually can build wealth with commercial real estate if you can just commercial real estate if you can just commercial real estate if you can just cover the maintenance expenses. Most cover the maintenance expenses. Most cover the maintenance expenses. Most people are are told that the way to people are are told that the way to people are are told that the way to build wealth when they leave university build wealth when they leave university build wealth when they leave university and they get into the working world is and they get into the working world is and they get into the working world is to buy a house. So most people that's to buy a house. So most people that's to buy a house. So most people that's what most people do. They they get a what most people do. They they get a what most people do. They they get a job, a 9 to5, they take the money they job, a 9 to5, they take the money they job, a 9 to5, they take the money they get from that, they go and get a get from that, they go and get a get from that, they go and get a mortgage, they buy a house, and they mortgage, they buy a house, and they mortgage, they buy a house, and they move in. That's kind of what we're all move in. That's kind of what we're all move in. That's kind of what we're all told implicitly. Is that a good strategy told implicitly. Is that a good strategy told implicitly. Is that a good strategy to build and become wealthy? In your to build and become wealthy? In your to build and become wealthy? In your view, view, view, >> the only way that it's a good strategy >> the only way that it's a good strategy >> the only way that it's a good strategy is is is you're buying the house in a you're buying the house in a you're buying the house in a jurisdiction where the property taxes jurisdiction where the property taxes jurisdiction where the property taxes are manageable, then yeah, you can you are manageable, then yeah, you can you are manageable, then yeah, you can you can generate some wealth. But if I flip can generate some wealth. But if I flip can generate some wealth. But if I flip that and you end up taking a 7% mortgage that and you end up taking a 7% mortgage that and you end up taking a 7% mortgage and you get massive tax and massive and you get massive tax and massive and you get massive tax and massive insurance expenses, then that same insurance expenses, then that same insurance expenses, then that same investment, you know, works out the investment, you know, works out the investment, you know, works out the other way and it it crushes you to other way and it it crushes you to other way and it it crushes you to death. So, a better idea generally is death. So, a better idea generally is death. So, a better idea generally is commercial real estate if you're if you

commercial real estate if you're if you commercial real estate if you're if you actually have the, you know, the actually have the, you know, the actually have the, you know, the business acumen to to uh get in the business acumen to to uh get in the business acumen to to uh get in the commercial real estate business because commercial real estate business because commercial real estate business because you can pass all the expenses through to you can pass all the expenses through to you can pass all the expenses through to your tenants. These things are all hard, your tenants. These things are all hard, your tenants. These things are all hard, right? Real estate business is hard. right? Real estate business is hard. right? Real estate business is hard. Starting your own company is hard. Starting your own company is hard. Starting your own company is hard. Investing in other companies is hard. Investing in other companies is hard. Investing in other companies is hard. The conventional thing, the safe thing The conventional thing, the safe thing The conventional thing, the safe thing is I just put all my money in a money is I just put all my money in a money is I just put all my money in a money market and I get paid 3% and then after market and I get paid 3% and then after market and I get paid 3% and then after tax I've got one and a half%. And the tax I've got one and a half%. And the tax I've got one and a half%. And the currency is losing 7% of its value a currency is losing 7% of its value a currency is losing 7% of its value a year and you're just losing five or 6% year and you're just losing five or 6% year and you're just losing five or 6% of your wealth every year for your life. of your wealth every year for your life. of your wealth every year for your life. So that's why Bitcoin is such a So that's why Bitcoin is such a So that's why Bitcoin is such a compelling thing. That's why people that compelling thing. That's why people that compelling thing. That's why people that believe in Bitcoin are passionate about believe in Bitcoin are passionate about believe in Bitcoin are passionate about it because the average person shouldn't it because the average person shouldn't it because the average person shouldn't have to be a real estate expert. They have to be a real estate expert. They have to be a real estate expert. They shouldn't have to be a tax expert. They shouldn't have to be a tax expert. They shouldn't have to be a tax expert. They shouldn't have to be capable of shouldn't have to be capable of shouldn't have to be capable of launching their own restaurant or bar or launching their own restaurant or bar or launching their own restaurant or bar or bakery. You shouldn't have to be a stock bakery. You shouldn't have to be a stock bakery. You shouldn't have to be a stock picker. Why shouldn't the typical person picker. Why shouldn't the typical person picker. Why shouldn't the typical person just be able to take their money, put it just be able to take their money, put it just be able to take their money, put it into an asset which appreciates in value into an asset which appreciates in value into an asset which appreciates in value 15% a year, and they don't have to worry 15% a year, and they don't have to worry 15% a year, and they don't have to worry about it?

about it? about it? >> What about the S&P 500? they could just >> What about the S&P 500? they could just >> What about the S&P 500? they could just put it into the stock market, right? put it into the stock market, right? put it into the stock market, right? >> Yeah. John Bogle's real contribution and >> Yeah. John Bogle's real contribution and >> Yeah. John Bogle's real contribution and the success of uh the S&P 500 is this the success of uh the S&P 500 is this the success of uh the S&P 500 is this idea that currency is not a store of idea that currency is not a store of idea that currency is not a store of value. Real estate is illquid and scary value. Real estate is illquid and scary value. Real estate is illquid and scary and difficult and inefficient and high and difficult and inefficient and high and difficult and inefficient and high maintenance. So what is the liquid maintenance. So what is the liquid maintenance. So what is the liquid capital asset that I can I can buy? And capital asset that I can I can buy? And capital asset that I can I can buy? And it turns out to be like SPY. It's just it turns out to be like SPY. It's just it turns out to be like SPY. It's just the S&P 500 in the form of an ETF. So the S&P 500 in the form of an ETF. So the S&P 500 in the form of an ETF. So that has returned 15% over the past 6 that has returned 15% over the past 6 that has returned 15% over the past 6 years over a 100 years maybe 10% years over a 100 years maybe 10% years over a 100 years maybe 10% something like that something like that something like that >> every year >> every year >> every year >> and if the US dollar is losing 7% of its >> and if the US dollar is losing 7% of its >> and if the US dollar is losing 7% of its value in scarce desirable terms over the value in scarce desirable terms over the value in scarce desirable terms over the course of a 100 years and you're getting course of a 100 years and you're getting course of a 100 years and you're getting 10% you're getting a 2 or 3% boost and 10% you're getting a 2 or 3% boost and 10% you're getting a 2 or 3% boost and return for accepting the volatility return for accepting the volatility return for accepting the volatility uh of being invested in the stock market uh of being invested in the stock market uh of being invested in the stock market but it's not a bad idea right it if you but it's not a bad idea right it if you but it's not a bad idea right it if you want the conventional want the conventional want the conventional best idea to preserve your wealth best idea to preserve your wealth best idea to preserve your wealth without taking on individual, you know, without taking on individual, you know, without taking on individual, you know, corporate risk and individual real corporate risk and individual real corporate risk and individual real estate risk. I just buy the S&P index estate risk. I just buy the S&P index estate risk. I just buy the S&P index and wait.

and wait. and wait. >> What about this? >> What about this? >> What about this? >> This is gold. >> This is gold. >> This is gold. >> Yep. >> Yep. >> Yep. >> Why not just put all of my money into >> Why not just put all of my money into >> Why not just put all of my money into gold? gold? gold? >> It's not an awful idea to buy gold. Gold >> It's not an awful idea to buy gold. Gold >> It's not an awful idea to buy gold. Gold is up um 12% a year for the past six is up um 12% a year for the past six is up um 12% a year for the past six years. So whereas the S&P is up 15, years. So whereas the S&P is up 15, years. So whereas the S&P is up 15, gold's up 12, the NASDAQ's up 18, gold's up 12, the NASDAQ's up 18, gold's up 12, the NASDAQ's up 18, Bitcoin is up 33. Okay. So generally if Bitcoin is up 33. Okay. So generally if Bitcoin is up 33. Okay. So generally if you look at the world and you say where you look at the world and you say where you look at the world and you say where do you want to save your money, you want do you want to save your money, you want do you want to save your money, you want to buy a capital asset, gold's a winner, to buy a capital asset, gold's a winner, to buy a capital asset, gold's a winner, S&P's a winner, diversified tech stocks S&P's a winner, diversified tech stocks S&P's a winner, diversified tech stocks are a winner, Bitcoin is a winner. Now are a winner, Bitcoin is a winner. Now are a winner, Bitcoin is a winner. Now you're going to say to me, well then, you're going to say to me, well then, you're going to say to me, well then, well, why Bitcoin? Well, the answer is well, why Bitcoin? Well, the answer is well, why Bitcoin? Well, the answer is if you're living in Turkey, if you're if you're living in Turkey, if you're if you're living in Turkey, if you're living in Argentina, if you're living in living in Argentina, if you're living in living in Argentina, if you're living in Brazil before the currency collapses or Brazil before the currency collapses or Brazil before the currency collapses or Mexico or Venezuela or any country in Mexico or Venezuela or any country in Mexico or Venezuela or any country in Africa, you don't get gold, you don't Africa, you don't get gold, you don't Africa, you don't get gold, you don't get the S&P, you don't get QQQ, you get the S&P, you don't get QQQ, you get the S&P, you don't get QQQ, you can't buy diversified real estate in the can't buy diversified real estate in the can't buy diversified real estate in the US. Those options I named are a western US. Those options I named are a western US. Those options I named are a western world conventional capital assets. So, world conventional capital assets. So, world conventional capital assets. So, the big mistake, don't invest in non- the big mistake, don't invest in non- the big mistake, don't invest in non- capital assets. Don't put all your capital assets. Don't put all your capital assets. Don't put all your family's money in soybeans, you know.

family's money in soybeans, you know. family's money in soybeans, you know. Don't buy barrels of crude oil. Don't Don't buy barrels of crude oil. Don't Don't buy barrels of crude oil. Don't buy cotton. Don't invest in things that buy cotton. Don't invest in things that buy cotton. Don't invest in things that a factory or a robot or an AI can a factory or a robot or an AI can a factory or a robot or an AI can generate infinite of. You buy things generate infinite of. You buy things generate infinite of. You buy things that the robots and the AIs and the big that the robots and the AIs and the big that the robots and the AIs and the big factories cannot pump out by the million factories cannot pump out by the million factories cannot pump out by the million gallons. And so what is that? It is gallons. And so what is that? It is gallons. And so what is that? It is maybe an ounce of gold. It is a share in maybe an ounce of gold. It is a share in maybe an ounce of gold. It is a share in the 500 most desirable companies in the the 500 most desirable companies in the the 500 most desirable companies in the world. It is one out of 21 million world. It is one out of 21 million world. It is one out of 21 million Bitcoin. All of those things are things Bitcoin. All of those things are things Bitcoin. All of those things are things that the robots are not going to create that the robots are not going to create that the robots are not going to create infinite of. Those are capital assets. infinite of. Those are capital assets. infinite of. Those are capital assets. Which capital asset is a function of Which capital asset is a function of Which capital asset is a function of where you live and what your mindset is. where you live and what your mindset is. where you live and what your mindset is. If you're living in a war zone, my If you're living in a war zone, my If you're living in a war zone, my advice is Bitcoin because you're not advice is Bitcoin because you're not advice is Bitcoin because you're not carrying this through a checkpoint, carrying this through a checkpoint, carrying this through a checkpoint, right? Like, you know, if if you need to right? Like, you know, if if you need to right? Like, you know, if if you need to go through an airport, you want go through an airport, you want go through an airport, you want something that you get to keep and take something that you get to keep and take something that you get to keep and take with you. You talked about the robots with you. You talked about the robots with you. You talked about the robots there.

there. there. >> Yeah. >> Yeah. >> Yeah. >> And uh when we say the robots, I think >> And uh when we say the robots, I think >> And uh when we say the robots, I think we mean both the the surge in robotics we mean both the the surge in robotics we mean both the the surge in robotics we're saying, but also artificial we're saying, but also artificial we're saying, but also artificial intelligence that's going to empower intelligence that's going to empower intelligence that's going to empower them to be very very intelligent. them to be very very intelligent. them to be very very intelligent. >> Yeah. How has this changed your thesis >> Yeah. How has this changed your thesis >> Yeah. How has this changed your thesis and how you view the future? Because and how you view the future? Because and how you view the future? Because it's it's a profound surprise, I think, it's it's a profound surprise, I think, it's it's a profound surprise, I think, to all of us that artificial to all of us that artificial to all of us that artificial intelligence is accelerating at the rate intelligence is accelerating at the rate intelligence is accelerating at the rate we're seeing. we're seeing. we're seeing. >> Technology fails until it succeeds. When >> Technology fails until it succeeds. When >> Technology fails until it succeeds. When I was at MIT, people were trying to I was at MIT, people were trying to I was at MIT, people were trying to make, you know, speech recognition work. make, you know, speech recognition work. make, you know, speech recognition work. It just didn't work. For a thousand It just didn't work. For a thousand It just didn't work. For a thousand years, people wanted to fly and it years, people wanted to fly and it years, people wanted to fly and it didn't work. And in 1902, the New York didn't work. And in 1902, the New York didn't work. And in 1902, the New York Times declared that every learned Times declared that every learned Times declared that every learned scientist knows that you'll never be scientist knows that you'll never be scientist knows that you'll never be able to fly. And then in 1903, we fly. able to fly. And then in 1903, we fly. able to fly. And then in 1903, we fly. In 2023, you know, the AI started In 2023, you know, the AI started In 2023, you know, the AI started working. You can see what's happening. working. You can see what's happening. working. You can see what's happening. We've affected the digital We've affected the digital We've affected the digital transformation of intelligence, cars are transformation of intelligence, cars are transformation of intelligence, cars are going to drive themselves. It's pretty going to drive themselves. It's pretty going to drive themselves. It's pretty clear that anything that takes massive clear that anything that takes massive clear that anything that takes massive human labor, you know, whether it's human labor, you know, whether it's human labor, you know, whether it's lawyering, writing a contract, or lawyering, writing a contract, or lawyering, writing a contract, or composing a poem or composing a script composing a poem or composing a script composing a poem or composing a script or composing a book. It's like, you want or composing a book. It's like, you want or composing a book. It's like, you want a book? Tell the AI what kind of book a book? Tell the AI what kind of book a book? Tell the AI what kind of book you want. Here's my 10. You know, I want you want. Here's my 10. You know, I want you want. Here's my 10. You know, I want this. I want it to be set in London. I this. I want it to be set in London. I this. I want it to be set in London. I want these protagonists. Can you make it want these protagonists. Can you make it want these protagonists. Can you make it like that? Put some more violence in it.

like that? Put some more violence in it. like that? Put some more violence in it. You know, Voltater, right, was You know, Voltater, right, was You know, Voltater, right, was impressive because he created, you know, impressive because he created, you know, impressive because he created, you know, this much literature and and when he did this much literature and and when he did this much literature and and when he did it, it came out of the mind of one man it, it came out of the mind of one man it, it came out of the mind of one man and that was quite amazing. And, you and that was quite amazing. And, you and that was quite amazing. And, you know, I think we're always going to know, I think we're always going to know, I think we're always going to admire the people that did it first, admire the people that did it first, admire the people that did it first, right? But, you know, the AIS will think right? But, you know, the AIS will think right? But, you know, the AIS will think for us. you know, put the AI into the for us. you know, put the AI into the for us. you know, put the AI into the robot. We're not that far, right? Like robot. We're not that far, right? Like robot. We're not that far, right? Like when I when I sit and I talk to my voice when I when I sit and I talk to my voice when I when I sit and I talk to my voice assistant, whether it's Chad or whether assistant, whether it's Chad or whether assistant, whether it's Chad or whether it's Grock, and it's it's like she knows it's Grock, and it's it's like she knows it's Grock, and it's it's like she knows everything and she keeps getting everything and she keeps getting everything and she keeps getting smarter, you know, you know, every smarter, you know, you know, every smarter, you know, you know, every single week she gets smarter and it's single week she gets smarter and it's single week she gets smarter and it's like what happens when they go into a like what happens when they go into a like what happens when they go into a robot? It's like, well, you can you robot? It's like, well, you can you robot? It's like, well, you can you pretty much can imagine a billion robots pretty much can imagine a billion robots pretty much can imagine a billion robots and maybe we'll pay 200 bucks a month and maybe we'll pay 200 bucks a month and maybe we'll pay 200 bucks a month for a robot and the robot will just for a robot and the robot will just for a robot and the robot will just pretty much do everything. And so the pretty much do everything. And so the pretty much do everything. And so the question is, do you want someone to do question is, do you want someone to do question is, do you want someone to do everything to cook, to clean, you know, everything to cook, to clean, you know, everything to cook, to clean, you know, to take out the trash? Would you like a to take out the trash? Would you like a to take out the trash? Would you like a self-driving car? Of course you do.

self-driving car? Of course you do. self-driving car? Of course you do. We're on the verge of these perfect We're on the verge of these perfect We're on the verge of these perfect products, right? that like we'll get to products, right? that like we'll get to products, right? that like we'll get to the point where we're like I I you used the point where we're like I I you used the point where we're like I I you used to actually have an oven that burned to actually have an oven that burned to actually have an oven that burned things like what things like what things like what what it was stupid. Yeah, it was too what it was stupid. Yeah, it was too what it was stupid. Yeah, it was too stupid to know it was going to burn the stupid to know it was going to burn the stupid to know it was going to burn the Huh? Why didn't you just put Huh? Why didn't you just put Huh? Why didn't you just put intelligence into the appliance, right? intelligence into the appliance, right? intelligence into the appliance, right? Why why would you ever have an Why why would you ever have an Why why would you ever have an unintelligent impliance right at this unintelligent impliance right at this unintelligent impliance right at this point when it gets exponentially point when it gets exponentially point when it gets exponentially cheaper? We used to get in traffic cheaper? We used to get in traffic cheaper? We used to get in traffic accidents, accidents, accidents, right? like like the big reveal, right? right? like like the big reveal, right? right? like like the big reveal, right? The big the big inversion is when people The big the big inversion is when people The big the big inversion is when people realize that the self-driving cars are realize that the self-driving cars are realize that the self-driving cars are safer than the person driven cars, safer than the person driven cars, safer than the person driven cars, right? It's like you used to make right? It's like you used to make right? It's like you used to make mistakes. mistakes. mistakes. You know, the irony of course is now You know, the irony of course is now You know, the irony of course is now when you send a message to someone, if when you send a message to someone, if when you send a message to someone, if you want to prove that it came from you, you want to prove that it came from you, you want to prove that it came from you, you have to actually put errors in it, you have to actually put errors in it, you have to actually put errors in it, right? It's like if you put errors in right? It's like if you put errors in right? It's like if you put errors in it, I believe you typed it. you know, it, I believe you typed it. you know, it, I believe you typed it. you know, the AI can draft a thing as though it the AI can draft a thing as though it the AI can draft a thing as though it had a PhD in English and it had 20 years had a PhD in English and it had 20 years had a PhD in English and it had 20 years experience as a copy editor. And so experience as a copy editor. And so experience as a copy editor. And so we're reaching this point where lack of we're reaching this point where lack of we're reaching this point where lack of of effectiveness is just laziness, of effectiveness is just laziness, of effectiveness is just laziness, right? Like if you wrote something which right? Like if you wrote something which right? Like if you wrote something which wasn't perfect, wasn't perfect, wasn't perfect, it's because you're lazy, not because it's because you're lazy, not because it's because you're lazy, not because you're not perfect. I mean, the AI you're not perfect. I mean, the AI you're not perfect. I mean, the AI create perfect documents. They do create perfect documents. They do create perfect documents. They do perfect research. the robots will do any perfect research. the robots will do any perfect research. the robots will do any amount of work. And I I think Elon makes amount of work. And I I think Elon makes amount of work. And I I think Elon makes this point which is we're about to trip

this point which is we're about to trip this point which is we're about to trip over an age of abundance. over an age of abundance. over an age of abundance. >> Do you believe that's true? >> Do you believe that's true? >> Do you believe that's true? What does that say about Bitcoin? What does that say about Bitcoin? What does that say about Bitcoin? Because I'm looking at some of the Because I'm looking at some of the Because I'm looking at some of the quotes here that Elon said about the age quotes here that Elon said about the age quotes here that Elon said about the age of abundance and he says in a future of abundance and he says in a future of abundance and he says in a future where anyone can have anything. You no where anyone can have anything. You no where anyone can have anything. You no longer need money as a database for longer need money as a database for longer need money as a database for labor allocation. If AI and robotics are labor allocation. If AI and robotics are labor allocation. If AI and robotics are big enough to satisfy all human needs, big enough to satisfy all human needs, big enough to satisfy all human needs, then the relevance of money declines then the relevance of money declines then the relevance of money declines rapidly. I'm not sure we will have it. rapidly. I'm not sure we will have it. rapidly. I'm not sure we will have it. If you are stranded on a desert island If you are stranded on a desert island If you are stranded on a desert island with a trillion dollars, it will be with a trillion dollars, it will be with a trillion dollars, it will be pointless because there is no labor to pointless because there is no labor to pointless because there is no labor to allocate. In a benign scenario, we will allocate. In a benign scenario, we will allocate. In a benign scenario, we will have universal high income, not just have universal high income, not just have universal high income, not just universal basic income, meaning anyone universal basic income, meaning anyone universal basic income, meaning anyone can have any products or any services can have any products or any services can have any products or any services that they want. Universal high income that they want. Universal high income that they want. Universal high income via checks issued by federal governments via checks issued by federal governments via checks issued by federal governments is the best way to deal with is the best way to deal with is the best way to deal with unemployment caused by AI/rootics unemployment caused by AI/rootics unemployment caused by AI/rootics because AI [snorts] and robotics will because AI [snorts] and robotics will because AI [snorts] and robotics will produce goods and services far in excess produce goods and services far in excess produce goods and services far in excess of the increase in money supply. So, of the increase in money supply. So, of the increase in money supply. So, there will be no inflation. Work will there will be no inflation. Work will there will be no inflation. Work will become optional. Kind of like playing become optional. Kind of like playing become optional. Kind of like playing sports or a video game. You can go to sports or a video game. You can go to sports or a video game. You can go to the store and buy vegetables or you can the store and buy vegetables or you can the store and buy vegetables or you can go and grow them in your backyard go and grow them in your backyard go and grow them in your backyard because you like growing them. That's because you like growing them. That's because you like growing them. That's what work will be like. AI and robotics what work will be like. AI and robotics what work will be like. AI and robotics are going to make so much stuff and are going to make so much stuff and are going to make so much stuff and provide so many services that they will provide so many services that they will provide so many services that they will actually run out of things to do for the actually run out of things to do for the actually run out of things to do for the humans. Money is fundamentally humans. Money is fundamentally humans. Money is fundamentally information. The true constraints of the information. The true constraints of the information. The true constraints of the future won't be financial. They'll be future won't be financial. They'll be future won't be financial. They'll be energy and mass.

energy and mass. energy and mass. >> He's half right. I agree with with part >> He's half right. I agree with with part >> He's half right. I agree with with part of what he says that is consumer goods, of what he says that is consumer goods, of what he says that is consumer goods, consumables, utilitarian goods uh will consumables, utilitarian goods uh will consumables, utilitarian goods uh will become abundant, but there are always become abundant, but there are always become abundant, but there are always going to be scarce desirable goods that going to be scarce desirable goods that going to be scarce desirable goods that will not become abundant. And I I think will not become abundant. And I I think will not become abundant. And I I think he overstates the case. Money will still he overstates the case. Money will still he overstates the case. Money will still be valuable. Wealth will still be be valuable. Wealth will still be be valuable. Wealth will still be valuable. But I'll give you an example. valuable. But I'll give you an example. valuable. But I'll give you an example. Henry VII didn't have clean water. Did Henry VII didn't have clean water. Did Henry VII didn't have clean water. Did not have heat. Did not have cooling. not have heat. Did not have cooling. not have heat. Did not have cooling. these things the king of England did not these things the king of England did not these things the king of England did not have and technology gave all these have and technology gave all these have and technology gave all these things to the middle class and so if you things to the middle class and so if you things to the middle class and so if you live in the middle class today you know live in the middle class today you know live in the middle class today you know you can have your appendix out you know you can have your appendix out you know you can have your appendix out you know but Henry VII didn't have dental crowns but Henry VII didn't have dental crowns but Henry VII didn't have dental crowns he didn't have x-rays so you get modern he didn't have x-rays so you get modern he didn't have x-rays so you get modern medical care you know the infant medical care you know the infant medical care you know the infant mortality rate has plunged life is safer mortality rate has plunged life is safer mortality rate has plunged life is safer clean water clean air right clean food clean water clean air right clean food clean water clean air right clean food and technology gave them to us We stamp and technology gave them to us We stamp and technology gave them to us We stamp out infinite Coca-Cola, infinite out infinite Coca-Cola, infinite out infinite Coca-Cola, infinite Hershey's bars, ice cream, right?

Hershey's bars, ice cream, right? Hershey's bars, ice cream, right? Running water, right? Electricity. So Running water, right? Electricity. So Running water, right? Electricity. So all of those things have been given to all of those things have been given to all of those things have been given to the middle class, the working class in the middle class, the working class in the middle class, the working class in the developed world, right? Not the developed world, right? Not the developed world, right? Not everywhere, but let's say in the everywhere, but let's say in the everywhere, but let's say in the developed world. But everybody doesn't developed world. But everybody doesn't developed world. But everybody doesn't get a Hampton's house. Everybody doesn't get a Hampton's house. Everybody doesn't get a Hampton's house. Everybody doesn't get their own private jet. They don't get their own private jet. They don't get their own private jet. They don't get their own private yacht. So what get their own private yacht. So what get their own private yacht. So what happened with the explosion of happened with the explosion of happened with the explosion of affluence? affluence? affluence? Massive utilitarian entitlement. lots of Massive utilitarian entitlement. lots of Massive utilitarian entitlement. lots of cars, but you know, okay, so everybody cars, but you know, okay, so everybody cars, but you know, okay, so everybody gets a car, but how many people get a gets a car, but how many people get a gets a car, but how many people get a Porsche? What happens with humanity is Porsche? What happens with humanity is Porsche? What happens with humanity is we always invent the luxury car? We come we always invent the luxury car? We come we always invent the luxury car? We come up with the trophy asset. And and again, up with the trophy asset. And and again, up with the trophy asset. And and again, uh but most people don't actually want uh but most people don't actually want uh but most people don't actually want that. They want to be able to like feed that. They want to be able to like feed that. They want to be able to like feed their family and not have to worry about their family and not have to worry about their family and not have to worry about the bills. So all of those people, you the bills. So all of those people, you the bills. So all of those people, you saying that those people are going to be saying that those people are going to be saying that those people are going to be they're going to be good. They're not they're going to be good. They're not they're going to be good. They're not going to have to worry. I'm saying that going to have to worry. I'm saying that going to have to worry. I'm saying that if if your aspiration is a good life, if if if your aspiration is a good life, if if if your aspiration is a good life, if you want infinite food, infinite energy, you want infinite food, infinite energy, you want infinite food, infinite energy, infinite education, infinite infinite education, infinite infinite education, infinite entertainment, entertainment, entertainment, right, you're probably going to get it.

right, you're probably going to get it. right, you're probably going to get it. My point is in theory, right, why does My point is in theory, right, why does My point is in theory, right, why does money matter today? Because everybody, money matter today? Because everybody, money matter today? Because everybody, you know, has electricity and water you know, has electricity and water you know, has electricity and water because people want to buy something because people want to buy something because people want to buy something more than water. By the way, water is more than water. By the way, water is more than water. By the way, water is the proletarian drink. the proletarian drink. the proletarian drink. >> What does that mean? >> What does that mean? >> What does that mean? >> It means that if you go to a restaurant, >> It means that if you go to a restaurant, >> It means that if you go to a restaurant, you don't and you can't afford anything you don't and you can't afford anything you don't and you can't afford anything else, you ask for a cup of water, right? else, you ask for a cup of water, right? else, you ask for a cup of water, right? [clears throat] And then if you have [clears throat] And then if you have [clears throat] And then if you have some more money, you get yourself a some more money, you get yourself a some more money, you get yourself a Coca-Cola or a soft drink and that costs Coca-Cola or a soft drink and that costs Coca-Cola or a soft drink and that costs five bucks. But if you have more money, five bucks. But if you have more money, five bucks. But if you have more money, you buy yourself a vodka. And then when you buy yourself a vodka. And then when you buy yourself a vodka. And then when you have more money, you want to buy you have more money, you want to buy you have more money, you want to buy yourself the specialty high-end tequila. yourself the specialty high-end tequila. yourself the specialty high-end tequila. And eventually people find a way to And eventually people find a way to And eventually people find a way to spend $38 on a drink. And uh you know in spend $38 on a drink. And uh you know in spend $38 on a drink. And uh you know in New York City, you know, you can see New York City, you know, you can see New York City, you know, you can see that everywhere. Why do we go to that everywhere. Why do we go to that everywhere. Why do we go to restaurants and pay $300 to eat at a restaurants and pay $300 to eat at a restaurants and pay $300 to eat at a restaurant because you can actually feed restaurant because you can actually feed restaurant because you can actually feed yourself on three bucks a day? And the yourself on three bucks a day? And the yourself on three bucks a day? And the answer is there's always going to be a answer is there's always going to be a answer is there's always going to be a hierarchy of affluence and people are hierarchy of affluence and people are hierarchy of affluence and people are going to find things to aspire to that going to find things to aspire to that going to find things to aspire to that will be more than will be more than will be more than the utilitarian mean that everybody the utilitarian mean that everybody the utilitarian mean that everybody gets. If I give you a universal gets. If I give you a universal gets. If I give you a universal healthcare, people want private healthcare, people want private healthcare, people want private healthcare. If I give everybody a house, healthcare. If I give everybody a house, healthcare. If I give everybody a house, someone's going to want a house twice as someone's going to want a house twice as someone's going to want a house twice as big. Everybody's always going to have a big. Everybody's always going to have a big. Everybody's always going to have a reason to want something more, you know, reason to want something more, you know, reason to want something more, you know, >> because we're status orientated animals.

>> because we're status orientated animals. >> because we're status orientated animals. >> That's the cynical way to look at it. >> That's the cynical way to look at it. >> That's the cynical way to look at it. But the other way to look at it is I But the other way to look at it is I But the other way to look at it is I wanted to be sitting on a mountain peak wanted to be sitting on a mountain peak wanted to be sitting on a mountain peak skiing, but not that mountain peak skiing, but not that mountain peak skiing, but not that mountain peak because the snow's not good on that because the snow's not good on that because the snow's not good on that mountain peak this week. mountain peak this week. mountain peak this week. >> And it's too busy on this one. >> And it's too busy on this one. >> And it's too busy on this one. >> Yeah. And that one's too crowded. you >> Yeah. And that one's too crowded. you >> Yeah. And that one's too crowded. you know, it's like there there's always know, it's like there there's always know, it's like there there's always going to be some exclusivity. You know, going to be some exclusivity. You know, going to be some exclusivity. You know, there's going to be a quest. So, I I there's going to be a quest. So, I I there's going to be a quest. So, I I think that money's not going away. I think that money's not going away. I think that money's not going away. I think it's pretty obvious if you look think it's pretty obvious if you look think it's pretty obvious if you look around you that that uh people still around you that that uh people still around you that that uh people still need money. It is true that the basic need money. It is true that the basic need money. It is true that the basic needs in life, basic transportation, needs in life, basic transportation, needs in life, basic transportation, basic energy, basic health care, all of basic energy, basic health care, all of basic energy, basic health care, all of those things can be manufactured in those things can be manufactured in those things can be manufactured in quantity and they'll get progressively quantity and they'll get progressively quantity and they'll get progressively cheaper. We'll call them consumer goods. cheaper. We'll call them consumer goods. cheaper. We'll call them consumer goods. If this uh knowledge work does become, I If this uh knowledge work does become, I If this uh knowledge work does become, I guess, taken by the robots and the AIs, guess, taken by the robots and the AIs, guess, taken by the robots and the AIs, there's some people say there's going to there's some people say there's going to there's some people say there's going to be new jobs created and everyone will be be new jobs created and everyone will be be new jobs created and everyone will be fine. But it's not clear to me that fine. But it's not clear to me that fine. But it's not clear to me that there will be enough new jobs created in there will be enough new jobs created in there will be enough new jobs created in a period of time um to satisfy the a period of time um to satisfy the a period of time um to satisfy the demand of people to have something to do demand of people to have something to do demand of people to have something to do professionally. It used to be everybody professionally. It used to be everybody professionally. It used to be everybody was a farmer, right? And then all of a was a farmer, right? And then all of a was a farmer, right? And then all of a sudden in America, we have new jobs like sudden in America, we have new jobs like sudden in America, we have new jobs like called accountants and lawyers and film called accountants and lawyers and film called accountants and lawyers and film producers. You're a podcaster. Your job producers. You're a podcaster. Your job producers. You're a podcaster. Your job didn't exist 20 years ago. It did. You didn't exist 20 years ago. It did. You didn't exist 20 years ago. It did. You know, the job description did not exist.

know, the job description did not exist. know, the job description did not exist. The business did not exist. There's a The business did not exist. There's a The business did not exist. There's a lot of things that exist today. Yeah. I lot of things that exist today. Yeah. I lot of things that exist today. Yeah. I there are people that make a living there are people that make a living there are people that make a living putting on makeup and clothes and putting on makeup and clothes and putting on makeup and clothes and posting on Instagram and that was not a posting on Instagram and that was not a posting on Instagram and that was not a job that existed 30 years ago. So job that existed 30 years ago. So job that existed 30 years ago. So there'll be a lot of new jobs. There'll there'll be a lot of new jobs. There'll there'll be a lot of new jobs. There'll be dislocation. There's going to be be dislocation. There's going to be be dislocation. There's going to be political unrest. What do I think? I political unrest. What do I think? I political unrest. What do I think? I think this is the best argument in favor think this is the best argument in favor think this is the best argument in favor of encouraging a free market and of encouraging a free market and of encouraging a free market and allowing uh liberal uh unregulated allowing uh liberal uh unregulated allowing uh liberal uh unregulated businesses to prosper because if you businesses to prosper because if you businesses to prosper because if you have a progressive society and by the have a progressive society and by the have a progressive society and by the way the United States is sort of more way the United States is sort of more way the United States is sort of more progressive progressive progressive >> define progressive in this context >> define progressive in this context >> define progressive in this context >> you're allowed to start a business >> you're allowed to start a business >> you're allowed to start a business you're allowed to sell a product it's you're allowed to sell a product it's you're allowed to sell a product it's not illegal to to create a not illegal to to create a not illegal to to create a But you you can't do what you're doing But you you can't do what you're doing But you you can't do what you're doing in Cuba, in Cuba, in Cuba, >> right? In North Korea, you couldn't do >> right? In North Korea, you couldn't do >> right? In North Korea, you couldn't do it. it. it. >> I read something crazy last night about >> I read something crazy last night about >> I read something crazy last night about driving autonomous cars. It said lawyers driving autonomous cars. It said lawyers driving autonomous cars. It said lawyers are trying to stop block EVs because are trying to stop block EVs because are trying to stop block EVs because these particular lawyers make a lot of these particular lawyers make a lot of these particular lawyers make a lot of money from litigating car accidents.

money from litigating car accidents. money from litigating car accidents. >> We wouldn't want people to not crash. >> We wouldn't want people to not crash. >> We wouldn't want people to not crash. >> Yeah. >> Yeah. >> Yeah. >> Like Yeah. So the point is there are all >> Like Yeah. So the point is there are all >> Like Yeah. So the point is there are all sorts of laws and restraint of trade sorts of laws and restraint of trade sorts of laws and restraint of trade like you can't have an Airbnb in the like you can't have an Airbnb in the like you can't have an Airbnb in the face of modern technology. If you have face of modern technology. If you have face of modern technology. If you have modern technology and it's creating modern technology and it's creating modern technology and it's creating dislocation if your goal is to embrace dislocation if your goal is to embrace dislocation if your goal is to embrace the technology the technology the technology create maximum productivity create maximum productivity create maximum productivity and then minimize the disruption and the and then minimize the disruption and the and then minimize the disruption and the inflammation inflammation inflammation then the more degrees of freedom you then the more degrees of freedom you then the more degrees of freedom you offer the less pain there'll be. Because offer the less pain there'll be. Because offer the less pain there'll be. Because in a more free society, you're going to in a more free society, you're going to in a more free society, you're going to have 10,000 new kinds of businesses pop have 10,000 new kinds of businesses pop have 10,000 new kinds of businesses pop up or 100,000 new business opportunities up or 100,000 new business opportunities up or 100,000 new business opportunities that no one conceptualized. And they'll that no one conceptualized. And they'll that no one conceptualized. And they'll be threatening to the status quo, but be threatening to the status quo, but be threatening to the status quo, but they'll be rational and they'll create they'll be rational and they'll create they'll be rational and they'll create value. And then they will create gainful value. And then they will create gainful value. And then they will create gainful employment and they'll create wealth for employment and they'll create wealth for employment and they'll create wealth for all the people that are displaced, all the people that are displaced, all the people that are displaced, right, by by the technology. >> Steve, what you doing? Uh, just making >> Steve, what you doing? Uh, just making myself a delicious coffee myself a delicious coffee myself a delicious coffee >> from the freezer.

>> from the freezer. >> from the freezer. >> From the freezer. Have you not heard >> From the freezer. Have you not heard >> From the freezer. Have you not heard about Contier? about Contier? about Contier? >> No. >> No. >> No. >> Oh my gosh. This is going to change your >> Oh my gosh. This is going to change your >> Oh my gosh. This is going to change your life. A couple of months ago, the life. A couple of months ago, the life. A couple of months ago, the founder of this business called Matt founder of this business called Matt founder of this business called Matt sent a big shipment of this coffee to sent a big shipment of this coffee to sent a big shipment of this coffee to our office in London. What most people our office in London. What most people our office in London. What most people don't know is that the processing of don't know is that the processing of don't know is that the processing of coffee takes out a lot of the taste. So, coffee takes out a lot of the taste. So, coffee takes out a lot of the taste. So, what they do is they flash freeze it at what they do is they flash freeze it at what they do is they flash freeze it at the optimal moment when it's most tasty. the optimal moment when it's most tasty. the optimal moment when it's most tasty. And they send you in the post the coffee And they send you in the post the coffee And they send you in the post the coffee in these little frozen ice cubes. Now, in these little frozen ice cubes. Now, in these little frozen ice cubes. Now, Matt sent a big shipment to my office. I Matt sent a big shipment to my office. I Matt sent a big shipment to my office. I moved it to the kitchen. I said to the moved it to the kitchen. I said to the moved it to the kitchen. I said to the team, "Knock yourselves out." And then I team, "Knock yourselves out." And then I team, "Knock yourselves out." And then I saw so many messages in our Slack saw so many messages in our Slack saw so many messages in our Slack channel of people going, "Oh my god, channel of people going, "Oh my god, channel of people going, "Oh my god, what the hell is that? It's so what the hell is that? It's so what the hell is that? It's so delicious." All I have to do is pop it delicious." All I have to do is pop it delicious." All I have to do is pop it out in the morning using the little out in the morning using the little out in the morning using the little button on the back of this thing. I pour button on the back of this thing. I pour button on the back of this thing. I pour my hot water in and I mix it and that is my hot water in and I mix it and that is my hot water in and I mix it and that is done. You can get $30 off your first done. You can get $30 off your first done. You can get $30 off your first order of Cometier coffee if you go to order of Cometier coffee if you go to order of Cometier coffee if you go to cometier.com/stephven. cometier.com/stephven. cometier.com/stephven. try it and please Instagram DM me, try it and please Instagram DM me, try it and please Instagram DM me, LinkedIn me and let me know if you love LinkedIn me and let me know if you love LinkedIn me and let me know if you love it as much as I do. One of the things it as much as I do. One of the things it as much as I do. One of the things you've heard me talk about quite a lot you've heard me talk about quite a lot you've heard me talk about quite a lot over the last couple of years, and this over the last couple of years, and this over the last couple of years, and this is something that's true in business and is something that's true in business and is something that's true in business and content, but also with everything in content, but also with everything in content, but also with everything in life, is that consistency is the thing life, is that consistency is the thing life, is that consistency is the thing that really, really compounds. The same that really, really compounds. The same that really, really compounds. The same is true in sales. When your team is is true in sales. When your team is is true in sales. When your team is small, consistency happens naturally.

small, consistency happens naturally. small, consistency happens naturally. The team knows of every deal, so nothing The team knows of every deal, so nothing The team knows of every deal, so nothing gets missed. But as I've experienced, gets missed. But as I've experienced, gets missed. But as I've experienced, when you grow, this starts to break when you grow, this starts to break when you grow, this starts to break down, and deals start to slip. down, and deals start to slip. down, and deals start to slip. Follow-ups don't happen. Leads go cold. Follow-ups don't happen. Leads go cold. Follow-ups don't happen. Leads go cold. That shouldn't have. And when this That shouldn't have. And when this That shouldn't have. And when this happens, a lot of leaders look at it and happens, a lot of leaders look at it and happens, a lot of leaders look at it and think they have a people problem. When think they have a people problem. When think they have a people problem. When actually it's a systems problem. The actually it's a systems problem. The actually it's a systems problem. The businesses that I've watched scale well businesses that I've watched scale well businesses that I've watched scale well commercially all have a system their commercially all have a system their commercially all have a system their team uses every single day. And for my team uses every single day. And for my team uses every single day. And for my team, that system has been our sponsor, team, that system has been our sponsor, team, that system has been our sponsor, Pipe Drive. It's an easy to use Pipe Drive. It's an easy to use Pipe Drive. It's an easy to use intelligent CRM tool for growing sales intelligent CRM tool for growing sales intelligent CRM tool for growing sales teams that gives you visibility of every teams that gives you visibility of every teams that gives you visibility of every deal in your sales pipeline at every deal in your sales pipeline at every deal in your sales pipeline at every single stage. And it shows you what single stage. And it shows you what single stage. And it shows you what needs to happen for that deal to move needs to happen for that deal to move needs to happen for that deal to move forward, all in real time. It's what forward, all in real time. It's what forward, all in real time. It's what keeps our commercial operation keeps our commercial operation keeps our commercial operation consistent when we were a team of five consistent when we were a team of five consistent when we were a team of five or when our commercial team was a team or when our commercial team was a team or when our commercial team was a team of 50. Over a 100,000 companies are of 50. Over a 100,000 companies are of 50. Over a 100,000 companies are already running their sales on it. So, already running their sales on it. So, already running their sales on it. So, if you'd like to join them, sign up at if you'd like to join them, sign up at if you'd like to join them, sign up at piperive.com/ceo piperive.com/ceo piperive.com/ceo where you'll get an exclusive 30-day where you'll get an exclusive 30-day where you'll get an exclusive 30-day free trial instead of the usual 14 days free trial instead of the usual 14 days free trial instead of the usual 14 days and there's no credit card needed at and there's no credit card needed at and there's no credit card needed at all. Head to piperive.com/ceeo. You know, earlier you were talking about You know, earlier you were talking about how you can get AI to write a book. I how you can get AI to write a book. I how you can get AI to write a book. I was thinking as you were saying it, the was thinking as you were saying it, the was thinking as you were saying it, the interesting thing is I now ask my AI um interesting thing is I now ask my AI um interesting thing is I now ask my AI um what book I need to read and to make what book I need to read and to make what book I need to read and to make that book for me versus being that book for me versus being that book for me versus being prescriptive to it and because it has prescriptive to it and because it has prescriptive to it and because it has this huge memory on me. It knows what this huge memory on me. It knows what this huge memory on me. It knows what I'm dealing with. It knows the I'm dealing with. It knows the I'm dealing with. It knows the businesses I'm building, the problems I businesses I'm building, the problems I businesses I'm building, the problems I have. And so I just say what what do I have. And so I just say what what do I have. And so I just say what what do I what's the question I should be asking what's the question I should be asking what's the question I should be asking you? Which book should I be reading? And you? Which book should I be reading? And you? Which book should I be reading? And then can you make that book for me? Make then can you make that book for me? Make then can you make that book for me? Make it 20 pages. is I like it in this it 20 pages. is I like it in this it 20 pages. is I like it in this particular style cuz it's my favorite particular style cuz it's my favorite particular style cuz it's my favorite style of author and then I want to

style of author and then I want to style of author and then I want to download it as an MP3 file and listen to download it as an MP3 file and listen to download it as an MP3 file and listen to it on my way to work. I have 43 minutes. it on my way to work. I have 43 minutes. it on my way to work. I have 43 minutes. Could you say what should what's the Could you say what should what's the Could you say what should what's the question I should be asking you? Yeah, question I should be asking you? Yeah, question I should be asking you? Yeah, you're you're using you're using that as you're you're using you're using that as you're you're using you're using that as an example, but at the end of the day, an example, but at the end of the day, an example, but at the end of the day, you have to govern the state space. For you have to govern the state space. For you have to govern the state space. For example, anybody could say what question example, anybody could say what question example, anybody could say what question should I ask? But the real issue is should I ask? But the real issue is should I ask? But the real issue is what's the what are the input what's the what are the input what's the what are the input constraints? If you're a baker in constraints? If you're a baker in constraints? If you're a baker in Nigeria in Logos, Nigeria in Logos, Nigeria in Logos, >> okay, >> okay, >> okay, >> right? There's a certain set of >> right? There's a certain set of >> right? There's a certain set of conditions that are different than if conditions that are different than if conditions that are different than if you happen to be a fireman in Los you happen to be a fireman in Los you happen to be a fireman in Los Angeles. Angeles. Angeles. >> Yeah. >> Yeah. >> Yeah. >> Right. And so what's the state space >> Right. And so what's the state space >> Right. And so what's the state space that you're exploring in order to create that you're exploring in order to create that you're exploring in order to create a contribution? a contribution? a contribution? And uh I I'll give you an example like And uh I I'll give you an example like And uh I I'll give you an example like um I used AI. I used AI to make $15 um I used AI. I used AI to make $15 um I used AI. I used AI to make $15 billion last year. billion last year. billion last year. >> Is that true story? >> Is that true story? >> Is that true story? >> This is true, right? >> This is true, right? >> This is true, right? >> You did? >> You did? >> You did? >> I did. Yeah. >> I did. Yeah. >> I did. Yeah. >> And I used an AI to make $15 billion in >> And I used an AI to make $15 billion in >> And I used an AI to make $15 billion in a way that no one would ever conceive a way that no one would ever conceive a way that no one would ever conceive that you could make $15 billion. that you could make $15 billion. that you could make $15 billion. >> This is a true story. >> This is a true story. >> This is a true story. >> Okay. Yeah. Let's let's go back to me in >> Okay. Yeah. Let's let's go back to me in >> Okay. Yeah. Let's let's go back to me in 2025.

2025. 2025. We have a company that has billions of We have a company that has billions of We have a company that has billions of dollars of Bitcoin, uh, $30 billion of dollars of Bitcoin, uh, $30 billion of dollars of Bitcoin, uh, $30 billion of Bitcoin. We want to actually raise Bitcoin. We want to actually raise Bitcoin. We want to actually raise capital to buy more Bitcoin. We maxed capital to buy more Bitcoin. We maxed capital to buy more Bitcoin. We maxed out the equity markets. Uh, we became out the equity markets. Uh, we became out the equity markets. Uh, we became the largest issue of convertible bonds the largest issue of convertible bonds the largest issue of convertible bonds in the in the world and we maxed out the in the in the world and we maxed out the in the in the world and we maxed out the convertible bond market and and uh that convertible bond market and and uh that convertible bond market and and uh that was our journey in the first five years was our journey in the first five years was our journey in the first five years of our Bitcoin. of our Bitcoin. of our Bitcoin. >> To simplify this for Jenny and Dave, you >> To simplify this for Jenny and Dave, you >> To simplify this for Jenny and Dave, you borrowed as much money as you could from borrowed as much money as you could from borrowed as much money as you could from traditional means. traditional means. traditional means. >> Yes. >> Yes. >> Yes. >> Okay. Yeah. >> Okay. Yeah. >> Okay. Yeah. >> To buy Bitcoin. >> To buy Bitcoin. >> To buy Bitcoin. >> Yeah. >> Yeah. >> Yeah. >> Yeah. By the beginning of 2025, we had >> Yeah. By the beginning of 2025, we had >> Yeah. By the beginning of 2025, we had issued as many convertible bonds as you issued as many convertible bonds as you issued as many convertible bonds as you could issue. We were the largest issuer could issue. We were the largest issuer could issue. We were the largest issuer in the world and it wasn't scalable. So, in the world and it wasn't scalable. So, in the world and it wasn't scalable. So, we needed to invent a new type of we needed to invent a new type of we needed to invent a new type of security, a new type of credit security, a new type of credit security, a new type of credit instrument that we could use to borrow instrument that we could use to borrow instrument that we could use to borrow money to buy more Bitcoin. So, we went money to buy more Bitcoin. So, we went money to buy more Bitcoin. So, we went to the AI. I went to the AI and I to the AI. I went to the AI and I to the AI. I went to the AI and I started exploring how do I design a started exploring how do I design a started exploring how do I design a preferred stock? And so, I said, I think preferred stock? And so, I said, I think preferred stock? And so, I said, I think I want to create a security that's not a I want to create a security that's not a I want to create a security that's not a common equity and I don't want it to be common equity and I don't want it to be common equity and I don't want it to be a bond. I want it to be some hybrid in a bond. I want it to be some hybrid in a bond. I want it to be some hybrid in the middle. A preferred stock, you know, the middle. A preferred stock, you know, the middle. A preferred stock, you know, for the layman, it's it's just a for the layman, it's it's just a for the layman, it's it's just a security that could be anything. You can security that could be anything. You can security that could be anything. You can give it any terms. I can sell you a give it any terms. I can sell you a give it any terms. I can sell you a preferred stock and give you the right preferred stock and give you the right preferred stock and give you the right to put it back to me in 12 months and it to put it back to me in 12 months and it to put it back to me in 12 months and it looks like debt. I can give you a looks like debt. I can give you a looks like debt. I can give you a guaranteed coupon on it. I can give you guaranteed coupon on it. I can give you guaranteed coupon on it. I can give you conversion rights and and make it look conversion rights and and make it look conversion rights and and make it look like equity. So, we used AI to design a like equity. So, we used AI to design a like equity. So, we used AI to design a a convertible preferred stock called a convertible preferred stock called a convertible preferred stock called STRK. when we did it, no one had ever STRK. when we did it, no one had ever STRK. when we did it, no one had ever created a preferred stock uh that was created a preferred stock uh that was created a preferred stock uh that was backed by Bitcoin before and uh and we'd

backed by Bitcoin before and uh and we'd backed by Bitcoin before and uh and we'd never issued it. And so it was kind of a never issued it. And so it was kind of a never issued it. And so it was kind of a combination of financial engineering and combination of financial engineering and combination of financial engineering and digital asset engineering and legal work digital asset engineering and legal work digital asset engineering and legal work and securities law. So we built it and and securities law. So we built it and and securities law. So we built it and uh and you know when we asked the uh and you know when we asked the uh and you know when we asked the lawyers and the bankers, they're like, lawyers and the bankers, they're like, lawyers and the bankers, they're like, "Well, no one's ever done it before." "Well, no one's ever done it before." "Well, no one's ever done it before." Okay? And you know their their answer by Okay? And you know their their answer by Okay? And you know their their answer by the way is no one's ever done it before the way is no one's ever done it before the way is no one's ever done it before and people don't do that. So, we don't and people don't do that. So, we don't and people don't do that. So, we don't think you should do that. And we're think you should do that. And we're think you should do that. And we're like, well, everything else that people like, well, everything else that people like, well, everything else that people have done, we've maxed out. And so, have done, we've maxed out. And so, have done, we've maxed out. And so, we're kind of at the point where our we're kind of at the point where our we're kind of at the point where our growth is going to stop unless we find a growth is going to stop unless we find a growth is going to stop unless we find a way out of the box. So, we're going to way out of the box. So, we're going to way out of the box. So, we're going to have to do something no one's ever done have to do something no one's ever done have to do something no one's ever done before using before using before using new technology, right? We're using new technology, right? We're using new technology, right? We're using digital capital, we're using uh digital digital capital, we're using uh digital digital capital, we're using uh digital intelligence, and we're using a digital intelligence, and we're using a digital intelligence, and we're using a digital treasury company. So, three new forms of treasury company. So, three new forms of treasury company. So, three new forms of something in order to create value. And something in order to create value. And something in order to create value. And uh after we done three of them, we uh after we done three of them, we uh after we done three of them, we decided what we wanted to do was create decided what we wanted to do was create decided what we wanted to do was create a short duration credit instrument, one a short duration credit instrument, one a short duration credit instrument, one that would be would trade stably around that would be would trade stably around that would be would trade stably around $100, around par. And we're trying to $100, around par. And we're trying to $100, around par. And we're trying to figure out how do you get a preferred figure out how do you get a preferred figure out how do you get a preferred stock to trade at at a stable level.

stock to trade at at a stable level. stock to trade at at a stable level. It's what what you would call It's what what you would call It's what what you would call technically short duration credit, but technically short duration credit, but technically short duration credit, but it's like we're trying to create a money it's like we're trying to create a money it's like we're trying to create a money market type instrument where people can market type instrument where people can market type instrument where people can buy it at 100, sell it at 100, collect buy it at 100, sell it at 100, collect buy it at 100, sell it at 100, collect the yield, and not worry about it the yield, and not worry about it the yield, and not worry about it trading up and down or being sensitive trading up and down or being sensitive trading up and down or being sensitive to interest rates. Well, if you do that, to interest rates. Well, if you do that, to interest rates. Well, if you do that, you have to ver in order to get it to you have to ver in order to get it to you have to ver in order to get it to trade stable, if you want the price to trade stable, if you want the price to trade stable, if you want the price to be stable, you have to change the be stable, you have to change the be stable, you have to change the dividend rate. And so, we created an dividend rate. And so, we created an dividend rate. And so, we created an instrument that where we could tra instrument that where we could tra instrument that where we could tra change the dividend rate every month. change the dividend rate every month. change the dividend rate every month. Now, had anybody ever done it? No. In Now, had anybody ever done it? No. In Now, had anybody ever done it? No. In the history of the world, no one ever the history of the world, no one ever the history of the world, no one ever created a variable dividend rate created a variable dividend rate created a variable dividend rate preferred stock. Is it illegal? No. Why preferred stock. Is it illegal? No. Why preferred stock. Is it illegal? No. Why has no one ever done it? No one ever had has no one ever done it? No one ever had has no one ever done it? No one ever had a reason to do it. They never thought to a reason to do it. They never thought to a reason to do it. They never thought to do it. The lawyers, the bankers, the do it. The lawyers, the bankers, the do it. The lawyers, the bankers, the conventional investors, they're like, conventional investors, they're like, conventional investors, they're like, "Well, we've never seen it done before. "Well, we've never seen it done before. "Well, we've never seen it done before. We're not sure you can do it." We go to We're not sure you can do it." We go to We're not sure you can do it." We go to the AI. We said, "Well, can we do it?" the AI. We said, "Well, can we do it?" the AI. We said, "Well, can we do it?" They're like, "Of course you can do it. They're like, "Of course you can do it. They're like, "Of course you can do it. Just do this, this, and this, and this, Just do this, this, and this, and this, Just do this, this, and this, and this, and that." Well, they said they don't and that." Well, they said they don't and that." Well, they said they don't like that. We'll just do this, this, like that. We'll just do this, this, like that. We'll just do this, this, this. this. this. >> Which AI? >> Which AI? >> Which AI? >> Chat, GPT, Open AI. So, Chbt made you >> Chat, GPT, Open AI. So, Chbt made you >> Chat, GPT, Open AI. So, Chbt made you $15 billion.

$15 billion. $15 billion. >> Yeah. Because the short of it is we >> Yeah. Because the short of it is we >> Yeah. Because the short of it is we brought that IPO to market. It became a brought that IPO to market. It became a brought that IPO to market. It became a $2.5 billion IPO, the biggest IPO of the $2.5 billion IPO, the biggest IPO of the $2.5 billion IPO, the biggest IPO of the year to date. And then we put a shelf year to date. And then we put a shelf year to date. And then we put a shelf registration on it. We sold another $8 registration on it. We sold another $8 registration on it. We sold another $8 billion of it. So, we sold 10.5 billion billion of it. So, we sold 10.5 billion billion of it. So, we sold 10.5 billion of that instrument plus4 billion of the of that instrument plus4 billion of the of that instrument plus4 billion of the other instruments. So, we basically sold other instruments. So, we basically sold other instruments. So, we basically sold $15 billion of credit, which kind of $15 billion of credit, which kind of $15 billion of credit, which kind of equates to the company making about $15 equates to the company making about $15 equates to the company making about $15 billion. billion. billion. >> I'm thinking about what this means >> I'm thinking about what this means >> I'm thinking about what this means generally for the average person generally for the average person generally for the average person listening listening listening >> because everyone's like searching for >> because everyone's like searching for >> because everyone's like searching for business ideas and new ideas. And you're business ideas and new ideas. And you're business ideas and new ideas. And you're telling me that you you can use AI now telling me that you you can use AI now telling me that you you can use AI now to come up with novel business ideas and to come up with novel business ideas and to come up with novel business ideas and solutions that are outside of the box solutions that are outside of the box solutions that are outside of the box and that would generate value for and that would generate value for and that would generate value for people. um you though there is it's people. um you though there is it's people. um you though there is it's almost like hearing that there's an almost like hearing that there's an almost like hearing that there's an arbitrage opportunity with this arbitrage opportunity with this arbitrage opportunity with this intelligence. I was reading something intelligence. I was reading something intelligence. I was reading something the other day that said only 2% of the other day that said only 2% of the other day that said only 2% of households have a chat GPT or AI households have a chat GPT or AI households have a chat GPT or AI subscription still. So do you think subscription still. So do you think subscription still. So do you think there is an an arbitrage there for there is an an arbitrage there for there is an an arbitrage there for people who go to AI now and and can people who go to AI now and and can people who go to AI now and and can build business ideas from it? If if build business ideas from it? If if build business ideas from it? If if you're an entrepreneur, right, if you if you're an entrepreneur, right, if you if you're an entrepreneur, right, if you if you aspire to create a business or you aspire to create a business or you aspire to create a business or create something of value, then it's the create something of value, then it's the create something of value, then it's the no-brainer is you definitely should pick no-brainer is you definitely should pick no-brainer is you definitely should pick one or more of these AIs and maybe you one or more of these AIs and maybe you one or more of these AIs and maybe you want to become adept using multiple want to become adept using multiple want to become adept using multiple them. They're they're just different them. They're they're just different them. They're they're just different tools. It's it's kind of like saying you tools. It's it's kind of like saying you tools. It's it's kind of like saying you got to learn how to use a computer and got to learn how to use a computer and got to learn how to use a computer and you got to learn how to read reading, you got to learn how to read reading, you got to learn how to read reading, writing, arithmetic, right? Just basics.

writing, arithmetic, right? Just basics. writing, arithmetic, right? Just basics. And then once you've done that, you you And then once you've done that, you you And then once you've done that, you you do need to have some domain expertise in do need to have some domain expertise in do need to have some domain expertise in something, right? The question is what something, right? The question is what something, right? The question is what are you going to do, right? You either are you going to do, right? You either are you going to do, right? You either want to create um a new product or you want to create um a new product or you want to create um a new product or you want to create a new service or you want want to create a new service or you want want to create a new service or you want to radically transform an existing to radically transform an existing to radically transform an existing product or service using AI to be much product or service using AI to be much product or service using AI to be much cheaper, much better. But to my mind, cheaper, much better. But to my mind, cheaper, much better. But to my mind, you know, I would try to create you know, I would try to create you know, I would try to create something magical. Like for example, can something magical. Like for example, can something magical. Like for example, can you create something that does you create something that does you create something that does everybody's accounting does, you know, everybody's accounting does, you know, everybody's accounting does, you know, does the work of a million accountants does the work of a million accountants does the work of a million accountants and sell it for 10 bucks a month? Right? and sell it for 10 bucks a month? Right? and sell it for 10 bucks a month? Right? >> If you were 18 now, if your kids came to >> If you were 18 now, if your kids came to >> If you were 18 now, if your kids came to you and said, "Dad, what should I go and you and said, "Dad, what should I go and you and said, "Dad, what should I go and study at university and what shouldn't I study at university and what shouldn't I study at university and what shouldn't I study at university?" Would your answer study at university?" Would your answer study at university?" Would your answer be different now as we stand on the be different now as we stand on the be different now as we stand on the foothills of this new technology? foothills of this new technology? foothills of this new technology? >> You want to study the new thing, right? >> You want to study the new thing, right? >> You want to study the new thing, right? You want to learn the new thing. And so You want to learn the new thing. And so You want to learn the new thing. And so if you look at the history of of if you look at the history of of if you look at the history of of science, the real question is what's on science, the real question is what's on science, the real question is what's on the S-curve.

the S-curve. the S-curve. >> On the S-curve, >> On the S-curve, >> On the S-curve, >> the whole theory of the S-curve is for a >> the whole theory of the S-curve is for a >> the whole theory of the S-curve is for a thousand years we try to fly and thousand years we try to fly and thousand years we try to fly and infinite energy makes no progress. You infinite energy makes no progress. You infinite energy makes no progress. You cannot fly. And then in 1903, cannot fly. And then in 1903, cannot fly. And then in 1903, all of a sudden we can sort of fly. And all of a sudden we can sort of fly. And all of a sudden we can sort of fly. And in 66 years, we go from flying 20 miles in 66 years, we go from flying 20 miles in 66 years, we go from flying 20 miles an hour to flying 300 miles an hour. an hour to flying 300 miles an hour. an hour to flying 300 miles an hour. First a fighter jet, then a passenger First a fighter jet, then a passenger First a fighter jet, then a passenger jet. Then we have like rockets that are jet. Then we have like rockets that are jet. Then we have like rockets that are unmanned. Then we have man rockets and unmanned. Then we have man rockets and unmanned. Then we have man rockets and then we have rockets that go to orbit then we have rockets that go to orbit then we have rockets that go to orbit and then we have rockets that go to the and then we have rockets that go to the and then we have rockets that go to the moon. And so that's an example of an moon. And so that's an example of an moon. And so that's an example of an S-curve. But then you know what happens S-curve. But then you know what happens S-curve. But then you know what happens in the mid70s we designed the 737 the in the mid70s we designed the 737 the in the mid70s we designed the 737 the 747 747 747 and we hit a wall you know and 737 is and we hit a wall you know and 737 is and we hit a wall you know and 737 is still the primary airplane for the next still the primary airplane for the next still the primary airplane for the next 50 years. And if you look at the 50 years. And if you look at the 50 years. And if you look at the efficiency of an airplane from 1975 efficiency of an airplane from 1975 efficiency of an airplane from 1975 uh to the year 2025 over 50 years the uh to the year 2025 over 50 years the uh to the year 2025 over 50 years the modern airplanes are 15% more efficient modern airplanes are 15% more efficient modern airplanes are 15% more efficient like so what you got was a diminishing like so what you got was a diminishing like so what you got was a diminishing return and when you're on the scurve return and when you're on the scurve return and when you're on the scurve things are doubling every 3 years you're things are doubling every 3 years you're things are doubling every 3 years you're doubling you're doubling you're doubling doubling you're doubling you're doubling doubling you're doubling you're doubling your exponential growth and then you hit your exponential growth and then you hit your exponential growth and then you hit diminishing returns and then you diminishing returns and then you diminishing returns and then you stagnate and then you stop and then stagnate and then you stop and then stagnate and then you stop and then things are just not getting any better.

things are just not getting any better. things are just not getting any better. So So So >> let's show an S-curve on the screen and >> let's show an S-curve on the screen and >> let's show an S-curve on the screen and also uh the the new S-curve coming in also uh the the new S-curve coming in also uh the the new S-curve coming in below it. below it. below it. >> Like when I was at MIT, you know, >> Like when I was at MIT, you know, >> Like when I was at MIT, you know, everybody basically flocked to everybody basically flocked to everybody basically flocked to electrical engineering and computer electrical engineering and computer electrical engineering and computer science because that was the cool thing. science because that was the cool thing. science because that was the cool thing. And so the mistake to make when you go And so the mistake to make when you go And so the mistake to make when you go to school is you get at the end of the to school is you get at the end of the to school is you get at the end of the Scurve. You basically start studying Scurve. You basically start studying Scurve. You basically start studying something that has hit diminishing something that has hit diminishing something that has hit diminishing returns. And once you hit that returns. And once you hit that returns. And once you hit that diminishing return, diminishing return, diminishing return, no material progress may take place for no material progress may take place for no material progress may take place for 100 years. It might be that you just 100 years. It might be that you just 100 years. It might be that you just can't break through. Propulsion can't break through. Propulsion can't break through. Propulsion technology is the limiting factor. Like technology is the limiting factor. Like technology is the limiting factor. Like why don't we have planes that will fly, why don't we have planes that will fly, why don't we have planes that will fly, you know, supersonic, you know, on um, you know, supersonic, you know, on um, you know, supersonic, you know, on um, you know, a tank of gas that's this this you know, a tank of gas that's this this you know, a tank of gas that's this this much, right? Or fusion drives. Well, much, right? Or fusion drives. Well, much, right? Or fusion drives. Well, because we don't. Now on the other hand, because we don't. Now on the other hand, because we don't. Now on the other hand, semiconductors semiconductors semiconductors uh started exploding and semi and uh started exploding and semi and uh started exploding and semi and semiconductor technology has continued semiconductor technology has continued semiconductor technology has continued to advance. We haven't hit that limit to advance. We haven't hit that limit to advance. We haven't hit that limit yet. And that's that's why so many yet. And that's that's why so many yet. And that's that's why so many profound breakthroughs were made in profound breakthroughs were made in profound breakthroughs were made in computer science over the past 50 years.

computer science over the past 50 years. computer science over the past 50 years. This has kind of hit an S-curve, hasn't This has kind of hit an S-curve, hasn't This has kind of hit an S-curve, hasn't it? As a form factor, my iPhone here, it? As a form factor, my iPhone here, it? As a form factor, my iPhone here, you know that over since the iPhone, as you know that over since the iPhone, as you know that over since the iPhone, as you said, since iPhone like 6, it hasn't you said, since iPhone like 6, it hasn't you said, since iPhone like 6, it hasn't really gotten thinner, better. the really gotten thinner, better. the really gotten thinner, better. the battery hasn't really taken a leap battery hasn't really taken a leap battery hasn't really taken a leap forward as such. So, we're now looking forward as such. So, we're now looking forward as such. So, we're now looking for another form factor to interface for another form factor to interface for another form factor to interface with computers. with computers. with computers. >> Yeah. You know, the iPhone 1 didn't have >> Yeah. You know, the iPhone 1 didn't have >> Yeah. You know, the iPhone 1 didn't have cut and paste cut and paste cut and paste >> and we didn't get cut and paste till the >> and we didn't get cut and paste till the >> and we didn't get cut and paste till the version three. And so, there was a rapid version three. And so, there was a rapid version three. And so, there was a rapid improvement versions 1 through six or 1 improvement versions 1 through six or 1 improvement versions 1 through six or 1 through 7, call it. And at that point, through 7, call it. And at that point, through 7, call it. And at that point, you start hitting diminishing returns. you start hitting diminishing returns. you start hitting diminishing returns. And if you were do some utility function And if you were do some utility function And if you were do some utility function and you were to score it on a scale of 1 and you were to score it on a scale of 1 and you were to score it on a scale of 1 to 100, you would have gone from like to 100, you would have gone from like to 100, you would have gone from like five to 70 in a hurry and then you would five to 70 in a hurry and then you would five to 70 in a hurry and then you would have gone from 70 to 90 over the next have gone from 70 to 90 over the next have gone from 70 to 90 over the next few iterations and then you're 91 92 you few iterations and then you're 91 92 you few iterations and then you're 91 92 you hit that limit and now if if you are hit that limit and now if if you are hit that limit and now if if you are starting a company right you don't starting a company right you don't starting a company right you don't create another iPhone right create another iPhone right create another iPhone right [clears throat] the real question right [clears throat] the real question right [clears throat] the real question right now is uh can I create smart glasses now is uh can I create smart glasses now is uh can I create smart glasses where I have something that's like my where I have something that's like my where I have something that's like my Maui gym sunglasses. I put them on, they Maui gym sunglasses. I put them on, they Maui gym sunglasses. I put them on, they weigh nothing and they have the camera weigh nothing and they have the camera weigh nothing and they have the camera and they see what I see and they hear and they see what I see and they hear and they see what I see and they hear what I hear and they know where I am and what I hear and they know where I am and what I hear and they know where I am and plug that into AI. And in that point, I plug that into AI. And in that point, I plug that into AI. And in that point, I can just say, "Hey, Eve, what is that?"

can just say, "Hey, Eve, what is that?" can just say, "Hey, Eve, what is that?" You know, where am I? And tell me about You know, where am I? And tell me about You know, where am I? And tell me about that. And and it's like, why do I have that. And and it's like, why do I have that. And and it's like, why do I have to type anymore? When I met um Mark to type anymore? When I met um Mark to type anymore? When I met um Mark Zuckerberg, he showed me the the device Zuckerberg, he showed me the the device Zuckerberg, he showed me the the device that's on the way from Meta. This is not that's on the way from Meta. This is not that's on the way from Meta. This is not a secret because I know they've talked a secret because I know they've talked a secret because I know they've talked about it publicly, about it publicly, about it publicly, >> which is just a it was just a plain >> which is just a it was just a plain >> which is just a it was just a plain wrist strap with no screen on it, but it wrist strap with no screen on it, but it wrist strap with no screen on it, but it linked to the glasses. And in the linked to the glasses. And in the linked to the glasses. And in the glasses, when I looked around, I could glasses, when I looked around, I could glasses, when I looked around, I could see all of my screens and everything see all of my screens and everything see all of my screens and everything like that. And I and if I just because like that. And I and if I just because like that. And I and if I just because of this wrist strap, if I just click, it of this wrist strap, if I just click, it of this wrist strap, if I just click, it clicks on all the stuff. So, I was just clicks on all the stuff. So, I was just clicks on all the stuff. So, I was just sat here with this little wrist strap. sat here with this little wrist strap. sat here with this little wrist strap. The wrist strap again was just like a The wrist strap again was just like a The wrist strap again was just like a cotton bracelet, very thin cotton cotton bracelet, very thin cotton cotton bracelet, very thin cotton bracelet. And as I just looked around, I bracelet. And as I just looked around, I bracelet. And as I just looked around, I could click on everything and open could click on everything and open could click on everything and open things and call people insex and go on things and call people insex and go on things and call people insex and go on YouTube, etc. And it was just up here in YouTube, etc. And it was just up here in YouTube, etc. And it was just up here in my peripheral. You imagine again, my peripheral. You imagine again, my peripheral. You imagine again, imagine that on an S-curve. At some imagine that on an S-curve. At some imagine that on an S-curve. At some point, it's going to be a some sort of point, it's going to be a some sort of point, it's going to be a some sort of like almost like contact lens type thing like almost like contact lens type thing like almost like contact lens type thing that's that I can just, that's that I can just, that's that I can just, >> by the way, this is why you should study >> by the way, this is why you should study >> by the way, this is why you should study fantasy, right? Because they have this, fantasy, right? Because they have this, fantasy, right? Because they have this, right, in magic worlds, right? This is right, in magic worlds, right? This is right, in magic worlds, right? This is like, you know, like I just wear my like, you know, like I just wear my like, you know, like I just wear my talisman, you know? I have a necklace.

talisman, you know? I have a necklace. talisman, you know? I have a necklace. What is it different? Oh, it makes me What is it different? Oh, it makes me What is it different? Oh, it makes me omnisient, all powerful, immortal, omnisient, all powerful, immortal, omnisient, all powerful, immortal, indestructible. I live forever. Well, indestructible. I live forever. Well, indestructible. I live forever. Well, well, what do you have to do to make the well, what do you have to do to make the well, what do you have to do to make the product work? Nothing. I'm wearing the product work? Nothing. I'm wearing the product work? Nothing. I'm wearing the wristband and I walk and every door wristband and I walk and every door wristband and I walk and every door opens to me and stuff happens. And opens to me and stuff happens. And opens to me and stuff happens. And here's where Elon gets it right. It's here's where Elon gets it right. It's here's where Elon gets it right. It's like the number one engineering mistake like the number one engineering mistake like the number one engineering mistake is engineers want to optimize a part is engineers want to optimize a part is engineers want to optimize a part that shouldn't exist. Like, make the that shouldn't exist. Like, make the that shouldn't exist. Like, make the parts go away, right? We start on the parts go away, right? We start on the parts go away, right? We start on the topic of what should you study, right? topic of what should you study, right? topic of what should you study, right? It's study technologies that allow you It's study technologies that allow you It's study technologies that allow you to create magic things that your parents to create magic things that your parents to create magic things that your parents could never. If your parents would say could never. If your parents would say could never. If your parents would say that's magic, you're on the right track, that's magic, you're on the right track, that's magic, you're on the right track, right? So like how about what's better right? So like how about what's better right? So like how about what's better than the wristband? Just like how about than the wristband? Just like how about than the wristband? Just like how about you just like implant one pellet you just like implant one pellet you just like implant one pellet >> neural link? >> neural link? >> neural link? >> Yeah. Maybe it's a neurolink. Maybe it's >> Yeah. Maybe it's a neurolink. Maybe it's >> Yeah. Maybe it's a neurolink. Maybe it's uh maybe it's when I'm born there's a uh maybe it's when I'm born there's a uh maybe it's when I'm born there's a slight implant and now I I hear like I slight implant and now I I hear like I slight implant and now I I hear like I can talk to the AI in cyerspace can talk to the AI in cyerspace can talk to the AI in cyerspace forever. forever. forever. >> But should you go study that because >> But should you go study that because >> But should you go study that because conceivably the artificial intelligence conceivably the artificial intelligence conceivably the artificial intelligence and the robots are going to be the ones and the robots are going to be the ones and the robots are going to be the ones that create that technology if they have that create that technology if they have that create that technology if they have a PhD and everything and that's a PhD and everything and that's a PhD and everything and that's accelerating.

accelerating. accelerating. >> Yeah. Well, I guess we're back back to >> Yeah. Well, I guess we're back back to >> Yeah. Well, I guess we're back back to the what should you study? You ought to the what should you study? You ought to the what should you study? You ought to study digital intelligence or digital study digital intelligence or digital study digital intelligence or digital assets if you can generate assets if you can generate assets if you can generate you know, generate proteins, gener uh you know, generate proteins, gener uh you know, generate proteins, gener uh generate any kind of uh life form or generate any kind of uh life form or generate any kind of uh life form or enzyme or protein or the like. Maybe enzyme or protein or the like. Maybe enzyme or protein or the like. Maybe it's interesting, but I think um with it's interesting, but I think um with it's interesting, but I think um with regard to AI, regard to AI, regard to AI, you don't want to learn how to do things you don't want to learn how to do things you don't want to learn how to do things the AI can do. What you want to do is the AI can do. What you want to do is the AI can do. What you want to do is learn how to ask the AI to do something learn how to ask the AI to do something learn how to ask the AI to do something that's never been done before. Like if I that's never been done before. Like if I that's never been done before. Like if I were to go back to school, 95% of what I were to go back to school, 95% of what I were to go back to school, 95% of what I learned uh I probably wouldn't want to learned uh I probably wouldn't want to learned uh I probably wouldn't want to study. study. study. >> What about a surgeon? Do you think you >> What about a surgeon? Do you think you >> What about a surgeon? Do you think you want to be a surgeon? want to be a surgeon? want to be a surgeon? >> No. >> No. >> No. >> What about a lawyer? >> What about a lawyer? >> What about a lawyer? >> No. >> No. >> No. >> Accountant? >> Accountant? >> Accountant? >> No. >> No. >> No. >> Driver? >> Driver? >> Driver? >> No. >> No. >> No. At some point, what you have to do is At some point, what you have to do is At some point, what you have to do is ask a aren't really answering the ask a aren't really answering the ask a aren't really answering the question yet, but you you have to ask question yet, but you you have to ask question yet, but you you have to ask whatever is the marginal question that whatever is the marginal question that whatever is the marginal question that hasn't been answered by the hasn't been answered by the hasn't been answered by the civilization. Maybe I'll take it. I I'll civilization. Maybe I'll take it. I I'll civilization. Maybe I'll take it. I I'll take that position, which is the way you take that position, which is the way you take that position, which is the way you create value in the world is you bring create value in the world is you bring create value in the world is you bring something into the world that wasn't something into the world that wasn't something into the world that wasn't here before.

here before. here before. >> This is something that I've made for >> This is something that I've made for >> This is something that I've made for you. I realize that the dire audience you. I realize that the dire audience you. I realize that the dire audience are strivvers. Whether it's in business are strivvers. Whether it's in business are strivvers. Whether it's in business or health, we all have big goals that we or health, we all have big goals that we or health, we all have big goals that we want to accomplish. And one of the want to accomplish. And one of the want to accomplish. And one of the things I've learned is that when you aim things I've learned is that when you aim things I've learned is that when you aim at the big big big goal, it can feel at the big big big goal, it can feel at the big big big goal, it can feel incredibly psychologically uncomfortable incredibly psychologically uncomfortable incredibly psychologically uncomfortable because it's kind of like being stood at because it's kind of like being stood at because it's kind of like being stood at the foot of Mount Everest and looking the foot of Mount Everest and looking the foot of Mount Everest and looking upwards. The way to accomplish your upwards. The way to accomplish your upwards. The way to accomplish your goals is by breaking them down into tiny goals is by breaking them down into tiny goals is by breaking them down into tiny small steps. And we call this in our small steps. And we call this in our small steps. And we call this in our team the 1%. And actually this team the 1%. And actually this team the 1%. And actually this philosophy is highly responsible for philosophy is highly responsible for philosophy is highly responsible for much of our success here. So, what we've much of our success here. So, what we've much of our success here. So, what we've done so that you at home can accomplish done so that you at home can accomplish done so that you at home can accomplish any big goal that you have is we've made any big goal that you have is we've made any big goal that you have is we've made these 1% diaries and we released these these 1% diaries and we released these these 1% diaries and we released these last year and they all sold out. So, I last year and they all sold out. So, I last year and they all sold out. So, I asked my team over and over again to asked my team over and over again to asked my team over and over again to bring the diaries back, but also to bring the diaries back, but also to bring the diaries back, but also to introduce some new colors and to make introduce some new colors and to make introduce some new colors and to make some minor tweaks to the diary. So, now some minor tweaks to the diary. So, now some minor tweaks to the diary. So, now we have a better range for you. So, if we have a better range for you. So, if we have a better range for you. So, if you have a big goal in mind and you need you have a big goal in mind and you need you have a big goal in mind and you need a framework and a process and some a framework and a process and some a framework and a process and some motivation, then I highly recommend you motivation, then I highly recommend you motivation, then I highly recommend you get one of these diaries before they all get one of these diaries before they all get one of these diaries before they all sell out once again. And you can get sell out once again. And you can get sell out once again. And you can get yours at the diary.com.

yours at the diary.com. yours at the diary.com. And if you want the link, the link is in And if you want the link, the link is in And if you want the link, the link is in the description below. There should be a the description below. There should be a the description below. There should be a button just down below here. And if it button just down below here. And if it button just down below here. And if it says subscribed, you're already says subscribed, you're already says subscribed, you're already subscribed. If it says subscriber, that subscribed. If it says subscriber, that subscribed. If it says subscriber, that means you're not yet. And if you're not means you're not yet. And if you're not means you're not yet. And if you're not subscribed, please could you do us a subscribed, please could you do us a subscribed, please could you do us a favor and hit that button? It helps the favor and hit that button? It helps the favor and hit that button? It helps the show more than you know. And according show more than you know. And according show more than you know. And according to the algorithm, you're someone that to the algorithm, you're someone that to the algorithm, you're someone that watches our show, but you haven't yet watches our show, but you haven't yet watches our show, but you haven't yet hit that button. Thank you so much. hit that button. Thank you so much. hit that button. Thank you so much. >> Beyond just buying Bitcoin, is there any >> Beyond just buying Bitcoin, is there any >> Beyond just buying Bitcoin, is there any sort of actionable steps that the sort of actionable steps that the sort of actionable steps that the working class should take right now to working class should take right now to working class should take right now to prepare for this robot transition that prepare for this robot transition that prepare for this robot transition that you're talking about? you're talking about? you're talking about? >> I mean, the actionable step is is >> I mean, the actionable step is is >> I mean, the actionable step is is learn learn learn >> learn about the robots >> learn about the robots >> learn about the robots >> digital >> digital >> digital >> digital >> digital >> digital >> like understand digital. For example, >> like understand digital. For example, >> like understand digital. For example, how much content's available on YouTube how much content's available on YouTube how much content's available on YouTube right now? like right now? like right now? like >> infinite rather now >> infinite rather now >> infinite rather now >> right what can you get for free on >> right what can you get for free on >> right what can you get for free on YouTube and what can you create of value YouTube and what can you create of value YouTube and what can you create of value right if you're in the business of right if you're in the business of right if you're in the business of content creation my advice would be content creation my advice would be content creation my advice would be study digital channels as it's like study digital channels as it's like study digital channels as it's like should I go and become a stage actor on should I go and become a stage actor on should I go and become a stage actor on Broadway Broadway Broadway it's it's a it's a a much smaller thing it's it's a it's a a much smaller thing it's it's a it's a a much smaller thing Mr. beast can get 100 million Mr. beast can get 100 million Mr. beast can get 100 million subscribers. You can get 20 million subscribers. You can get 20 million subscribers. You can get 20 million subscribers. You're not getting 20 subscribers. You're not getting 20 subscribers. You're not getting 20 million subscribers if you do the thing million subscribers if you do the thing million subscribers if you do the thing that your parents' parents did. So, I that your parents' parents did. So, I that your parents' parents did. So, I think that you want to look at digital think that you want to look at digital think that you want to look at digital platforms. There's there's digital platforms. There's there's digital platforms. There's there's digital communication like X or Instagram.

communication like X or Instagram. communication like X or Instagram. There's YouTube and and the like, but There's YouTube and and the like, but There's YouTube and and the like, but there's also there's also there's also there's also digital intelligence. I there's also digital intelligence. I there's also digital intelligence. I >> Let's just stress test that first point >> Let's just stress test that first point >> Let's just stress test that first point a bit. I guess a lot of content creators a bit. I guess a lot of content creators a bit. I guess a lot of content creators are thinking at the moment now because are thinking at the moment now because are thinking at the moment now because of these frontier models that can of these frontier models that can of these frontier models that can produce video, content, pictures. A kid produce video, content, pictures. A kid produce video, content, pictures. A kid in Mumbai or Manhan where we are now can in Mumbai or Manhan where we are now can in Mumbai or Manhan where we are now can set up an agent while they're asleep and set up an agent while they're asleep and set up an agent while they're asleep and say, "Listen, just post 100 videos while say, "Listen, just post 100 videos while say, "Listen, just post 100 videos while I'm asleep on this every single I'm asleep on this every single I'm asleep on this every single platform. Actually, I'll make five platform. Actually, I'll make five platform. Actually, I'll make five agents and I'll ask all of them to post agents and I'll ask all of them to post agents and I'll ask all of them to post 100 videos each." So, you're going to 100 videos each." So, you're going to 100 videos each." So, you're going to have this you have in terms of supply have this you have in terms of supply have this you have in terms of supply and demand, presumably that's a supply and demand, presumably that's a supply and demand, presumably that's a supply shock. there's this slop tsunami coming shock. there's this slop tsunami coming shock. there's this slop tsunami coming in and then if you look at demand of in and then if you look at demand of in and then if you look at demand of attention online it is arguably fixed. attention online it is arguably fixed. attention online it is arguably fixed. Financial times did a report said that Financial times did a report said that Financial times did a report said that young young people are actually starting young young people are actually starting young young people are actually starting to come down in terms of time spent to come down in terms of time spent to come down in terms of time spent online. online. online. >> Uh slightly older generations are >> Uh slightly older generations are >> Uh slightly older generations are starting from a lower base. They're starting from a lower base. They're starting from a lower base. They're still going up but they're starting from still going up but they're starting from still going up but they're starting from a lower base. So you got a tsunami slop a lower base. So you got a tsunami slop a lower base. So you got a tsunami slop of supply and fixed demand. of supply and fixed demand. of supply and fixed demand. >> This even this business feels a little >> This even this business feels a little >> This even this business feels a little bit insecure. Actually a lot of the bit insecure. Actually a lot of the bit insecure. Actually a lot of the major podcasters are actually down on major podcasters are actually down on major podcasters are actually down on YouTube. If I look at the top who I YouTube. If I look at the top who I YouTube. If I look at the top who I would consider the sort of top five would consider the sort of top five would consider the sort of top five podcasters in my niche, um, every single podcasters in my niche, um, every single podcasters in my niche, um, every single one of them is down at least 50%. In the one of them is down at least 50%. In the one of them is down at least 50%. In the last 20ish, uh, 12 12 24 months.

last 20ish, uh, 12 12 24 months. last 20ish, uh, 12 12 24 months. >> Well, the solution is certainly not to >> Well, the solution is certainly not to >> Well, the solution is certainly not to not pay attention, right? So, for not pay attention, right? So, for not pay attention, right? So, for example, if you're in the business of example, if you're in the business of example, if you're in the business of creating content right now, you would creating content right now, you would creating content right now, you would ask the question, can I enhance the ask the question, can I enhance the ask the question, can I enhance the content with AI or can I better market content with AI or can I better market content with AI or can I better market or distribute the content with AI? or distribute the content with AI? or distribute the content with AI? >> What is the moat? the moat's going to be >> What is the moat? the moat's going to be >> What is the moat? the moat's going to be the most talented content, the person the most talented content, the person the most talented content, the person creating the best stuff that everybody creating the best stuff that everybody creating the best stuff that everybody wants to see. There are videos being wants to see. There are videos being wants to see. There are videos being created like here's a walkth through of created like here's a walkth through of created like here's a walkth through of a 16th century warship and you know I a 16th century warship and you know I a 16th century warship and you know I don't know if you've seen a guy don't know if you've seen a guy don't know if you've seen a guy constructs the entire warship from the constructs the entire warship from the constructs the entire warship from the keel and he creates the ribs and he keel and he creates the ribs and he keel and he creates the ribs and he shows you the lower deck and the ballast shows you the lower deck and the ballast shows you the lower deck and the ballast and he takes you through every step and and he takes you through every step and and he takes you through every step and it's a three-dimensional it's a three-dimensional it's a three-dimensional uh video animation takes about an hour uh video animation takes about an hour uh video animation takes about an hour and it's absolutely riveting. I have no and it's absolutely riveting. I have no and it's absolutely riveting. I have no reason to care about 16th century reason to care about 16th century reason to care about 16th century warships, but I can't take my eyes off warships, but I can't take my eyes off warships, but I can't take my eyes off it because it's just so fascinating to it because it's just so fascinating to it because it's just so fascinating to see him explain everything. see him explain everything. see him explain everything. >> Are you saying creativity is the mo >> Are you saying creativity is the mo >> Are you saying creativity is the mo still or understanding what humans want still or understanding what humans want still or understanding what humans want and then delivering it which I guess is and then delivering it which I guess is and then delivering it which I guess is creativity?

creativity? creativity? Let's say the Led Zeppelin example. But Let's say the Led Zeppelin example. But Let's say the Led Zeppelin example. But what what you see in human history is what what you see in human history is what what you see in human history is within 10 years of whenever there's a within 10 years of whenever there's a within 10 years of whenever there's a new technology platform, there's some new technology platform, there's some new technology platform, there's some geniuses, they push it to the limit and geniuses, they push it to the limit and geniuses, they push it to the limit and they do 95% of everything that can be they do 95% of everything that can be they do 95% of everything that can be done and it all happens within 10 years done and it all happens within 10 years done and it all happens within 10 years and they live forever. So and they live forever. So and they live forever. So >> why didn't anybody before Beethoven do >> why didn't anybody before Beethoven do >> why didn't anybody before Beethoven do stuff with the panel? uh the piano comes stuff with the panel? uh the piano comes stuff with the panel? uh the piano comes out, some genius does stuff with the out, some genius does stuff with the out, some genius does stuff with the piano, right? And between Beethoven and piano, right? And between Beethoven and piano, right? And between Beethoven and Shopan and you know and a few players, Shopan and you know and a few players, Shopan and you know and a few players, it's like it's not clear to me if humans it's like it's not clear to me if humans it's like it's not clear to me if humans try for another 10,000 years, they'll do try for another 10,000 years, they'll do try for another 10,000 years, they'll do much better. So with Led Zeppelin, you much better. So with Led Zeppelin, you much better. So with Led Zeppelin, you had electric guitars and you had had electric guitars and you had had electric guitars and you had amplification and everything kind of amplification and everything kind of amplification and everything kind of clicked late60s clicked late60s clicked late60s like the sound of the early 60s was not like the sound of the early 60s was not like the sound of the early 60s was not quite there and then by 197172 quite there and then by 197172 quite there and then by 197172 you could do some amazing stuff. And if you could do some amazing stuff. And if you could do some amazing stuff. And if you think about all the classic rock you think about all the classic rock you think about all the classic rock between 1970 and 1980 you have human between 1970 and 1980 you have human between 1970 and 1980 you have human creativity pushing the edge of the creativity pushing the edge of the creativity pushing the edge of the envelope in so many directions. And then envelope in so many directions. And then envelope in so many directions. And then you hit this diminishing return. And you hit this diminishing return. And you hit this diminishing return. And then along comes sampling, right? And then along comes sampling, right? And then along comes sampling, right? And then you get Swedish House Mafia and then you get Swedish House Mafia and then you get Swedish House Mafia and Aviche and that's new technology. And Aviche and that's new technology. And Aviche and that's new technology. And then they push it to the extreme. And then they push it to the extreme. And then they push it to the extreme. And then along comes YouTube and Justin then along comes YouTube and Justin then along comes YouTube and Justin Bieber comes out of nowhere, you know, Bieber comes out of nowhere, you know, Bieber comes out of nowhere, you know, and Mr. Beast comes out of nowhere and and Mr. Beast comes out of nowhere and and Mr. Beast comes out of nowhere and they push it to the extreme. And what they push it to the extreme. And what they push it to the extreme. And what you see with every generation is I give

you see with every generation is I give you see with every generation is I give you a new thing whether it's a piano or you a new thing whether it's a piano or you a new thing whether it's a piano or electric guitar or internet. Think about electric guitar or internet. Think about electric guitar or internet. Think about Facebook and Mark Zuckerberg and what he Facebook and Mark Zuckerberg and what he Facebook and Mark Zuckerberg and what he did at just about the point when you did at just about the point when you did at just about the point when you could do that with the web. And then could do that with the web. And then could do that with the web. And then think about the early mobile apps, you think about the early mobile apps, you think about the early mobile apps, you know, WhatsApp and the like. It's like know, WhatsApp and the like. It's like know, WhatsApp and the like. It's like what you want to do if you want to what you want to do if you want to what you want to do if you want to create these incredible success things create these incredible success things create these incredible success things is you want to locate the magic is you want to locate the magic is you want to locate the magic opportunity right at the right point on opportunity right at the right point on opportunity right at the right point on the Scurve where it just now became the Scurve where it just now became the Scurve where it just now became commercially viable to do it and it's a commercially viable to do it and it's a commercially viable to do it and it's a zero to one moment and you want to be zero to one moment and you want to be zero to one moment and you want to be there. You want to be the first person there. You want to be the first person there. You want to be the first person that applies that technology, right? Uh that applies that technology, right? Uh that applies that technology, right? Uh to this new idea. Like what did our to this new idea. Like what did our to this new idea. Like what did our company do to to go from nothing to $60 company do to to go from nothing to $60 company do to to go from nothing to $60 billion or from 1 billion to 60 billion? billion or from 1 billion to 60 billion? billion or from 1 billion to 60 billion? We were the first company to take We were the first company to take We were the first company to take digital capital Bitcoin and put it digital capital Bitcoin and put it digital capital Bitcoin and put it together with digital credit and a together with digital credit and a together with digital credit and a digital treasury model. So we created a digital treasury model. So we created a digital treasury model. So we created a credit instrument, a security that you credit instrument, a security that you credit instrument, a security that you could never created before. or you could never created before. or you could never created before. or you couldn't have made it 10 years ago. You couldn't have made it 10 years ago. You couldn't have made it 10 years ago. You couldn't build it on top of anything couldn't build it on top of anything couldn't build it on top of anything other than Bitcoin. So we needed to get other than Bitcoin. So we needed to get other than Bitcoin. So we needed to get to the point where we had 10 or 20 to the point where we had 10 or 20 to the point where we had 10 or 20 billion dollars of capital and then we billion dollars of capital and then we billion dollars of capital and then we could create this thing that was a could create this thing that was a could create this thing that was a multi-billion dollar thing and that multi-billion dollar thing and that multi-billion dollar thing and that becomes resonant and that window is like becomes resonant and that window is like becomes resonant and that window is like 12 to 24 months and you go through that 12 to 24 months and you go through that 12 to 24 months and you go through that window and you create something that

window and you create something that window and you create something that might be a hundred billion dollar thing might be a hundred billion dollar thing might be a hundred billion dollar thing because you go through if you went because you go through if you went because you go through if you went through 36 months early you smack into a through 36 months early you smack into a through 36 months early you smack into a wall and you fail. And if you wait like wall and you fail. And if you wait like wall and you fail. And if you wait like at this point our company is 20 times at this point our company is 20 times at this point our company is 20 times bigger than the next biggest one, 50 bigger than the next biggest one, 50 bigger than the next biggest one, 50 times bigger than the company doing times bigger than the company doing times bigger than the company doing something similar. Did we plan it? Not something similar. Did we plan it? Not something similar. Did we plan it? Not at all. We found some extraordinary cool at all. We found some extraordinary cool at all. We found some extraordinary cool thing. We committed to it with all of thing. We committed to it with all of thing. We committed to it with all of our heart and soul and we declared we our heart and soul and we declared we our heart and soul and we declared we were going to make it work come hell or were going to make it work come hell or were going to make it work come hell or high water. And we got punched in the high water. And we got punched in the high water. And we got punched in the face a hundred times. And every single face a hundred times. And every single face a hundred times. And every single time we ran into a problem, we stopped. time we ran into a problem, we stopped. time we ran into a problem, we stopped. We recalibrated. we went a different We recalibrated. we went a different We recalibrated. we went a different direction and the process of creating direction and the process of creating direction and the process of creating something beautiful like the beautiful something beautiful like the beautiful something beautiful like the beautiful thing like everybody wants a bank thing like everybody wants a bank thing like everybody wants a bank account that pays 10%. So if you can account that pays 10%. So if you can account that pays 10%. So if you can figure out how to give people this thing figure out how to give people this thing figure out how to give people this thing they want with a new technology they want with a new technology they want with a new technology that was impossible that did not exist 5 that was impossible that did not exist 5 that was impossible that did not exist 5 years or 3 years earlier then you years or 3 years earlier then you years or 3 years earlier then you resonate in the society right you'd go resonate in the society right you'd go resonate in the society right you'd go viral like we were just the first ones viral like we were just the first ones viral like we were just the first ones to get there it exploded. If you gave me to get there it exploded. If you gave me to get there it exploded. If you gave me a billion dollars right now and said run a billion dollars right now and said run a billion dollars right now and said run a marketing campaign it wouldn't be as a marketing campaign it wouldn't be as a marketing campaign it wouldn't be as effective like you couldn't buy the effective like you couldn't buy the effective like you couldn't buy the success with a billion dollars of success with a billion dollars of success with a billion dollars of marketing. You just have to the Led Zepp marketing. You just have to the Led Zepp marketing. You just have to the Led Zepp guys, they didn't spend a billion guys, they didn't spend a billion guys, they didn't spend a billion dollars marketing. You got to be in the dollars marketing. You got to be in the dollars marketing. You got to be in the right place, the right time, and you right place, the right time, and you right place, the right time, and you have to have the courage to offer people have to have the courage to offer people have to have the courage to offer people the new thing. I have been thinking a the new thing. I have been thinking a the new thing. I have been thinking a lot about this this idea of you said,

lot about this this idea of you said, lot about this this idea of you said, you know, if you spent a billion you know, if you spent a billion you know, if you spent a billion dollars, you couldn't go as viral as dollars, you couldn't go as viral as dollars, you couldn't go as viral as that. And if someone came along and that. And if someone came along and that. And if someone came along and spent a ton of money today, they spent a ton of money today, they spent a ton of money today, they couldn't go as big as, let's say, couldn't go as big as, let's say, couldn't go as big as, let's say, Michael Jackson. When we go back through Michael Jackson. When we go back through Michael Jackson. When we go back through history, I was thinking about this this history, I was thinking about this this history, I was thinking about this this idea because I watched the Michael idea because I watched the Michael idea because I watched the Michael Jackson documentary recently and he was Jackson documentary recently and he was Jackson documentary recently and he was at a level of fame that is I don't think at a level of fame that is I don't think at a level of fame that is I don't think we've ever seen since. And I think part we've ever seen since. And I think part we've ever seen since. And I think part of the reason why was because there was of the reason why was because there was of the reason why was because there was a constraint on the distribution a constraint on the distribution a constraint on the distribution channels back then. So in my house there channels back then. So in my house there channels back then. So in my house there was 20 albums over there, box set albums was 20 albums over there, box set albums was 20 albums over there, box set albums and Michael Jackson was like three of and Michael Jackson was like three of and Michael Jackson was like three of them. And then the other way that we them. And then the other way that we them. And then the other way that we could consume was the TV over there and could consume was the TV over there and could consume was the TV over there and there was like six channels and MTV was there was like six channels and MTV was there was like six channels and MTV was one of them and it was Michael Jackson one of them and it was Michael Jackson one of them and it was Michael Jackson all day. [snorts] In the world we live all day. [snorts] In the world we live all day. [snorts] In the world we live in now where there's my phone experience in now where there's my phone experience in now where there's my phone experience >> is a completely different phone >> is a completely different phone >> is a completely different phone experience to yours because of AI. AI is experience to yours because of AI. AI is experience to yours because of AI. AI is learning what I like and showing me my learning what I like and showing me my learning what I like and showing me my own little version of the world. I own little version of the world. I own little version of the world. I [snorts] wonder if it's possible to be [snorts] wonder if it's possible to be [snorts] wonder if it's possible to be as big as a Michael Jackson once was for as big as a Michael Jackson once was for as big as a Michael Jackson once was for anybody these days. And actually I I anybody these days. And actually I I anybody these days. And actually I I even with the YouTuber you mentioned even with the YouTuber you mentioned even with the YouTuber you mentioned earlier, I wonder now if fame or or earlier, I wonder now if fame or or earlier, I wonder now if fame or or being a content creator or musician once being a content creator or musician once being a content creator or musician once looked like this, this sort of like high looked like this, this sort of like high looked like this, this sort of like high ceiling and then you're known for a ceiling and then you're known for a ceiling and then you're known for a hundred years like Michael Jackson. And hundred years like Michael Jackson. And hundred years like Michael Jackson. And now with algorithms that are now with algorithms that are now with algorithms that are personalized, does it now look like personalized, does it now look like personalized, does it now look like this?

this? this? Shorter and shallower, Shorter and shallower, Shorter and shallower, is it possible to get big? You could is it possible to get big? You could is it possible to get big? You could say, well, I can't get as big as Michael say, well, I can't get as big as Michael say, well, I can't get as big as Michael Jackson, but on the other hand, Elon Jackson, but on the other hand, Elon Jackson, but on the other hand, Elon Musk got big, right? Like like there are Musk got big, right? Like like there are Musk got big, right? Like like there are things that get big, right? Companies things that get big, right? Companies things that get big, right? Companies get big. Open AI went from nothing to get big. Open AI went from nothing to get big. Open AI went from nothing to how many users in just a few months. So how many users in just a few months. So how many users in just a few months. So I I think what you could say is going I I think what you could say is going I I think what you could say is going viral is about hitting a resonating viral is about hitting a resonating viral is about hitting a resonating frequency in the civilization whether frequency in the civilization whether frequency in the civilization whether it's an artistic frequency or it's a it's an artistic frequency or it's a it's an artistic frequency or it's a political frequency or it's a it's a political frequency or it's a it's a political frequency or it's a it's a technical frequency. Yeah, there are technical frequency. Yeah, there are technical frequency. Yeah, there are some things where there's going to be a some things where there's going to be a some things where there's going to be a glut. There's going to be well let's glut. There's going to be well let's glut. There's going to be well let's take Instagram, right? It's like on one take Instagram, right? It's like on one take Instagram, right? It's like on one hand a billion people have like bad hand a billion people have like bad hand a billion people have like bad photos posted online but on the other photos posted online but on the other photos posted online but on the other hand there are people that managed to hand there are people that managed to hand there are people that managed to get you know 8 million followers and get you know 8 million followers and get you know 8 million followers and they you know are the Kardashians you they you know are the Kardashians you they you know are the Kardashians you know you have these people that get know you have these people that get know you have these people that get massively big and that's the other side massively big and that's the other side massively big and that's the other side of the equation.

of the equation. of the equation. So I don't really know how it all plays So I don't really know how it all plays So I don't really know how it all plays out except for the fact that it seems out except for the fact that it seems out except for the fact that it seems clear that there is room for human clear that there is room for human clear that there is room for human creativity and innovation. creativity and innovation. creativity and innovation. And if your goal is to make a And if your goal is to make a And if your goal is to make a contribution, contribution, contribution, right? If you're at if you're in your right? If you're at if you're in your right? If you're at if you're in your working years where you want to upgrade working years where you want to upgrade working years where you want to upgrade the world and make a difference and be the world and make a difference and be the world and make a difference and be remembered for something, remembered for something, remembered for something, then a a pretty simple principle is then a a pretty simple principle is then a a pretty simple principle is don't keep doing the same thing over and don't keep doing the same thing over and don't keep doing the same thing over and over, working harder and harder every over, working harder and harder every over, working harder and harder every year, fighting against the modern year, fighting against the modern year, fighting against the modern automation, automation, automation, you know, epidemic, right? Don't try to you know, epidemic, right? Don't try to you know, epidemic, right? Don't try to outwork the robots. It's like you're outwork the robots. It's like you're outwork the robots. It's like you're you're lamenting, you know, how you're lamenting, you know, how you're lamenting, you know, how difficult it is for a content creator. difficult it is for a content creator. difficult it is for a content creator. But let me remind you that it used to be But let me remind you that it used to be But let me remind you that it used to be you would go be a college professor and you would go be a college professor and you would go be a college professor and teach 200 students a year for 20 years teach 200 students a year for 20 years teach 200 students a year for 20 years and you would feel that your life and you would feel that your life and you would feel that your life contribution was 4,000 people whose contribution was 4,000 people whose contribution was 4,000 people whose minds you touched and now you get 4,000 minds you touched and now you get 4,000 minds you touched and now you get 4,000 people a second. Okay? So you're judging people a second. Okay? So you're judging people a second. Okay? So you're judging yourself against the next thing. But if yourself against the next thing. But if yourself against the next thing. But if you look back in time, technology has you look back in time, technology has you look back in time, technology has given us the ability to amplify given us the ability to amplify given us the ability to amplify our intellect and amplify our intellect and amplify our intellect and amplify our creativity our creativity our creativity in a way that is uh unprecedented in in a way that is uh unprecedented in in a way that is uh unprecedented in human history.

human history. human history. >> Yeah. I think I think in part it's I'm >> Yeah. I think I think in part it's I'm >> Yeah. I think I think in part it's I'm wondering now if we're kind of we wondering now if we're kind of we wondering now if we're kind of we technology said okay you can reach more technology said okay you can reach more technology said okay you can reach more people TV radio all these things and people TV radio all these things and people TV radio all these things and actually now with intelligence it's actually now with intelligence it's actually now with intelligence it's saying oh we can figure out exactly what saying oh we can figure out exactly what saying oh we can figure out exactly what Michael wants so we're starting to live Michael wants so we're starting to live Michael wants so we're starting to live in these smaller echo chambers where in these smaller echo chambers where in these smaller echo chambers where your creative idea or your creative your creative idea or your creative your creative idea or your creative piece of content reaching lots of people piece of content reaching lots of people piece of content reaching lots of people is going to become harder because the is going to become harder because the is going to become harder because the algorithms are now in the way and algorithms are now in the way and algorithms are now in the way and they're deciding who sees what um and they're deciding who sees what um and they're deciding who sees what um and they're optimizing for the the I guess they're optimizing for the the I guess they're optimizing for the the I guess the platform the the platform's monetary the platform the the platform's monetary the platform the the platform's monetary desire the The thing that I think is desire the The thing that I think is desire the The thing that I think is really interesting and I've been mulling really interesting and I've been mulling really interesting and I've been mulling for the last couple of months is that for the last couple of months is that for the last couple of months is that that which is really really hard and that which is really really hard and that which is really really hard and scarce and actually you could say scarce and actually you could say scarce and actually you could say something being hard and scarce are are something being hard and scarce are are something being hard and scarce are are are the same cuz to create something are the same cuz to create something are the same cuz to create something scarce is also hard like you did with scarce is also hard like you did with scarce is also hard like you did with that financial instrument. Very few that financial instrument. Very few that financial instrument. Very few people on earth could have created that. people on earth could have created that. people on earth could have created that. We don't run public companies. We don't We don't run public companies. We don't We don't run public companies. We don't have the information etc. or even that have the information etc. or even that have the information etc. or even that YouTuber you mentioned who walks you YouTuber you mentioned who walks you YouTuber you mentioned who walks you through those uh the 1600s or whatever. through those uh the 1600s or whatever. through those uh the 1600s or whatever. That is very hard to do. I've theorized That is very hard to do. I've theorized That is very hard to do. I've theorized that actually pursuing that which is that actually pursuing that which is that actually pursuing that which is hard and scarce. Getting you to come hard and scarce. Getting you to come hard and scarce. Getting you to come here today is not easy. So that's kind here today is not easy. So that's kind here today is not easy. So that's kind of my moat. Michelle Obama coming and of my moat. Michelle Obama coming and of my moat. Michelle Obama coming and sitting down with me here is still kind sitting down with me here is still kind sitting down with me here is still kind of my moat. Um is is is what we should of my moat. Um is is is what we should of my moat. Um is is is what we should aim at. What do you think of that as a aim at. What do you think of that as a aim at. What do you think of that as a theory? I agree. Let's say you have a theory? I agree. Let's say you have a theory? I agree. Let's say you have a business, whatever your business is business, whatever your business is business, whatever your business is right now, the right thing to do is to right now, the right thing to do is to right now, the right thing to do is to spend an intense time with the AI spend an intense time with the AI spend an intense time with the AI considering what are all the ways you considering what are all the ways you considering what are all the ways you can upgrade and improve the product or can upgrade and improve the product or can upgrade and improve the product or the service you create, right? Uh, for

the service you create, right? Uh, for the service you create, right? Uh, for example, like it used to be you do this example, like it used to be you do this example, like it used to be you do this in English and the issue is well what if in English and the issue is well what if in English and the issue is well what if what about Japanese or Chinese or French what about Japanese or Chinese or French what about Japanese or Chinese or French or whatever and you know the hard way is or whatever and you know the hard way is or whatever and you know the hard way is you learn 20 languages and you know but you learn 20 languages and you know but you learn 20 languages and you know but then how does your guest or we translate then how does your guest or we translate then how does your guest or we translate it or you hire you know we used to spend it or you hire you know we used to spend it or you hire you know we used to spend money to hire translators but now you money to hire translators but now you money to hire translators but now you could have the AI translate this into a could have the AI translate this into a could have the AI translate this into a 100 languages right now the question is 100 languages right now the question is 100 languages right now the question is should you or not can I enhance it right should you or not can I enhance it right should you or not can I enhance it right it's interesting when someone describes it's interesting when someone describes it's interesting when someone describes something, but you're like, let's just something, but you're like, let's just something, but you're like, let's just put up a chart of the S-curve there. And put up a chart of the S-curve there. And put up a chart of the S-curve there. And then the next step is, can I market it then the next step is, can I market it then the next step is, can I market it better or distribute it better? And the better or distribute it better? And the better or distribute it better? And the next step is, next step is, next step is, am I creating something that'll be am I creating something that'll be am I creating something that'll be valuable in a decade? Well, will it be valuable in a decade? Well, will it be valuable in a decade? Well, will it be valuable in a hundred years? valuable in a hundred years? valuable in a hundred years? >> Well, this is probably a good time to >> Well, this is probably a good time to >> Well, this is probably a good time to mention this. 24 months ago, we started mention this. 24 months ago, we started mention this. 24 months ago, we started exactly that, which was there are exactly that, which was there are exactly that, which was there are aliens. No, no, no, no, no. me. Yeah. And ask yourself how many me. Yeah. And ask yourself how many people that do podcast interviews offer people that do podcast interviews offer people that do podcast interviews offer that level of quality of content. And I that level of quality of content. And I that level of quality of content. And I think that you're I think you're think that you're I think you're think that you're I think you're outstripping like I don't know of outstripping like I don't know of outstripping like I don't know of anybody else that's done it. Neither do anybody else that's done it. Neither do anybody else that's done it. Neither do I.

I. I. >> Right. >> Right. >> Right. >> We started almost 3 years ago and for >> We started almost 3 years ago and for >> We started almost 3 years ago and for the first 24 months it was a tragic the first 24 months it was a tragic the first 24 months it was a tragic failure. So you had the data scientists failure. So you had the data scientists failure. So you had the data scientists in the corner of our office failing for in the corner of our office failing for in the corner of our office failing for 24 months and then about 12 months ago 24 months and then about 12 months ago 24 months and then about 12 months ago for the first time ever we saw that the for the first time ever we saw that the for the first time ever we saw that the translation technology underneath us had translation technology underneath us had translation technology underneath us had improved and that we could get the view improved and that we could get the view improved and that we could get the view duration in Spanish to be [snorts] duration in Spanish to be [snorts] duration in Spanish to be [snorts] higher. higher. higher. >> Yeah. >> Yeah. >> Yeah. >> Than English. >> Than English. >> Than English. >> And how many months do you think Jimmy >> And how many months do you think Jimmy >> And how many months do you think Jimmy Paige spent trying to master the Paige spent trying to master the Paige spent trying to master the electric guitar? electric guitar? electric guitar? >> More than 24 months. >> More than 24 months. >> More than 24 months. >> Yeah. Yeah. A lot longer. >> Yeah. Yeah. A lot longer. >> Yeah. Yeah. A lot longer. >> My advice to an entrepreneur is you >> My advice to an entrepreneur is you >> My advice to an entrepreneur is you focus, you commit. If you're successful focus, you commit. If you're successful focus, you commit. If you're successful in less than four years, you got lucky. in less than four years, you got lucky. in less than four years, you got lucky. It's pro, you know, if it takes you 10 It's pro, you know, if it takes you 10 It's pro, you know, if it takes you 10 years, well, between four and 10 years years, well, between four and 10 years years, well, between four and 10 years is is very very normal. is is very very normal. is is very very normal. If you haven't had success by the 10ear If you haven't had success by the 10ear If you haven't had success by the 10ear point, you're probably not cut out for point, you're probably not cut out for point, you're probably not cut out for the business. But you know what you're the business. But you know what you're the business. But you know what you're doing is it's totally logical. It's doing is it's totally logical. It's doing is it's totally logical. It's like, is AI going to remake this like, is AI going to remake this like, is AI going to remake this industry? The first issue is can you industry? The first issue is can you industry? The first issue is can you make the product better? And the second make the product better? And the second make the product better? And the second question is, what's it worth? Right.

question is, what's it worth? Right. question is, what's it worth? Right. >> Right. You can do that. Can you get >> Right. You can do that. Can you get >> Right. You can do that. Can you get paid? You know, and by the way, even if paid? You know, and by the way, even if paid? You know, and by the way, even if you didn't get paid, I would argue that you didn't get paid, I would argue that you didn't get paid, I would argue that your audience have limited attention your audience have limited attention your audience have limited attention span. It's like I don't have time to span. It's like I don't have time to span. It's like I don't have time to listen to every Lex Freriedman, every listen to every Lex Freriedman, every listen to every Lex Freriedman, every Joe Rogan, every Diary of the CEO, and Joe Rogan, every Diary of the CEO, and Joe Rogan, every Diary of the CEO, and every one of the next 20. And so, I'm every one of the next 20. And so, I'm every one of the next 20. And so, I'm going to become loyal. I'm going to going to become loyal. I'm going to going to become loyal. I'm going to become a customer and a fan of whoever become a customer and a fan of whoever become a customer and a fan of whoever serves me the best content. And serves me the best content. And serves me the best content. And certainly if I'm a native Portuguese certainly if I'm a native Portuguese certainly if I'm a native Portuguese speaker [snorts] or a native Russian speaker [snorts] or a native Russian speaker [snorts] or a native Russian speaker, you all of a sudden just leaped speaker, you all of a sudden just leaped speaker, you all of a sudden just leaped right to the top. right to the top. right to the top. >> This goes to my point about hard and >> This goes to my point about hard and >> This goes to my point about hard and scarce because people in in Portugal scarce because people in in Portugal scarce because people in in Portugal maybe have never heard Michael Sailor maybe have never heard Michael Sailor maybe have never heard Michael Sailor before in Portuguese. So in terms of before in Portuguese. So in terms of before in Portuguese. So in terms of scarce, it's actually the only interview scarce, it's actually the only interview scarce, it's actually the only interview now available that is 2 hours long of now available that is 2 hours long of now available that is 2 hours long of Michael Sailor talking in Cantonese with Michael Sailor talking in Cantonese with Michael Sailor talking in Cantonese with Steven, you know, and so that we then Steven, you know, and so that we then Steven, you know, and so that we then are competing. We have that's kind of are competing. We have that's kind of are competing. We have that's kind of the moat then, right? Well, that that the moat then, right? Well, that that the moat then, right? Well, that that becomes a benefit to all your guests. becomes a benefit to all your guests. becomes a benefit to all your guests. You're the distribution channel for me You're the distribution channel for me You're the distribution channel for me >> to send the message of digital capital, >> to send the message of digital capital, >> to send the message of digital capital, digital empowerment to the world and digital empowerment to the world and digital empowerment to the world and then your guest become your moat. I then your guest become your moat. I then your guest become your moat. I think that with every single business, think that with every single business, think that with every single business, it's pretty clear. You have to ask the it's pretty clear. You have to ask the it's pretty clear. You have to ask the question, is technology going to question, is technology going to question, is technology going to cannibalize my business or disrupt it?

cannibalize my business or disrupt it? cannibalize my business or disrupt it? and am I going to be the one that and am I going to be the one that and am I going to be the one that embraces it and evolves and grows with embraces it and evolves and grows with embraces it and evolves and grows with it or am I going to fight it? And then it or am I going to fight it? And then it or am I going to fight it? And then of course you're in a dialogue with the of course you're in a dialogue with the of course you're in a dialogue with the market. For example, the great thing market. For example, the great thing market. For example, the great thing about what you've done is if you've done about what you've done is if you've done about what you've done is if you've done it, you can look and see how it runs and it, you can look and see how it runs and it, you can look and see how it runs and and whether YouTube actually expands and whether YouTube actually expands and whether YouTube actually expands your reach and then you can look at the your reach and then you can look at the your reach and then you can look at the engagement and and figure out whether or engagement and and figure out whether or engagement and and figure out whether or not you're able to monetize that, not you're able to monetize that, not you're able to monetize that, whether you're able to able to convert whether you're able to able to convert whether you're able to able to convert that and then you tweak it, right, and that and then you tweak it, right, and that and then you tweak it, right, and adjust and you're adjust and you're adjust and you're 6 months or 12 months can be enough that 6 months or 12 months can be enough that 6 months or 12 months can be enough that you have a lasting advantage forever, you have a lasting advantage forever, you have a lasting advantage forever, right? If you're 12 months ahead of right? If you're 12 months ahead of right? If you're 12 months ahead of everybody else everybody else everybody else >> and you're compounding in >> and you're compounding in >> and you're compounding in >> Yeah. it compounds over time and then >> Yeah. it compounds over time and then >> Yeah. it compounds over time and then maybe they never catch you like that's maybe they never catch you like that's maybe they never catch you like that's you know and but that's the story of you know and but that's the story of you know and but that's the story of every business right that's that's the every business right that's that's the every business right that's that's the story of Ford Motor Company and Standard story of Ford Motor Company and Standard story of Ford Motor Company and Standard Oil that's the story of Microsoft it's Oil that's the story of Microsoft it's Oil that's the story of Microsoft it's the story of Facebook it's everybody's the story of Facebook it's everybody's the story of Facebook it's everybody's story which is you just have to focus story which is you just have to focus story which is you just have to focus commit and then if you're good enough commit and then if you're good enough commit and then if you're good enough invariably what happens is is your invariably what happens is is your invariably what happens is is your customers customers customers will make you the winner will make you the winner will make you the winner The world needs someone to do what you The world needs someone to do what you The world needs someone to do what you do. Like someone had to has to win, do. Like someone had to has to win, do. Like someone had to has to win, right? There needs to be a winner. The right? There needs to be a winner. The right? There needs to be a winner. The audience out there wants they want what audience out there wants they want what audience out there wants they want what you do. They want they they want to walk you do. They want they they want to walk you do. They want they they want to walk into the living room and figure out what into the living room and figure out what into the living room and figure out what Obama was thinking or they want to hear, Obama was thinking or they want to hear, Obama was thinking or they want to hear, you know, what Mark Zuckerberg was you know, what Mark Zuckerberg was you know, what Mark Zuckerberg was thinking and they want someone to bring

thinking and they want someone to bring thinking and they want someone to bring them into that living room. They want them into that living room. They want them into that living room. They want you to host them in. They need someone you to host them in. They need someone you to host them in. They need someone to do that job. You don't you don't have to do that job. You don't you don't have to do that job. You don't you don't have to be what perfect or better than to be what perfect or better than to be what perfect or better than anybody ever lived. You need to be anybody ever lived. You need to be anybody ever lived. You need to be better than the people that are better than the people that are better than the people that are currently doing it now. Or you need to currently doing it now. Or you need to currently doing it now. Or you need to be one of, you know, a handful of people be one of, you know, a handful of people be one of, you know, a handful of people that are that are doing it because at that are that are doing it because at that are that are doing it because at that point, right, the audience comes to that point, right, the audience comes to that point, right, the audience comes to you, the guests come to you. You're you, the guests come to you. You're you, the guests come to you. You're making a market, right? You're the making a market, right? You're the making a market, right? You're the market maker in that information. It's market maker in that information. It's market maker in that information. It's just the real key is know what your just the real key is know what your just the real key is know what your value proposition is. Stay in your lane, value proposition is. Stay in your lane, value proposition is. Stay in your lane, you know, don't don't try to compete in you know, don't don't try to compete in you know, don't don't try to compete in an area where you're not going to be the an area where you're not going to be the an area where you're not going to be the best in the world. But on the other best in the world. But on the other best in the world. But on the other hand, right, the the one thing that's hand, right, the the one thing that's hand, right, the the one thing that's pretty clear is that anybody can have pretty clear is that anybody can have pretty clear is that anybody can have the best in the world in like two the best in the world in like two the best in the world in like two seconds at their fingertips. And so you seconds at their fingertips. And so you seconds at their fingertips. And so you don't want to be the third best. You don't want to be the third best. You don't want to be the third best. You don't want to be mediocre across a bunch don't want to be mediocre across a bunch don't want to be mediocre across a bunch of things. You want to be exceptional in of things. You want to be exceptional in of things. You want to be exceptional in one area. Figure out what that one area one area. Figure out what that one area one area. Figure out what that one area is. And then maybe you have two million is. And then maybe you have two million is. And then maybe you have two million followers, then 200 million followers, followers, then 200 million followers, followers, then 200 million followers, right? Then eventually, you know, over a right? Then eventually, you know, over a right? Then eventually, you know, over a 100 years, two billion. You you just you 100 years, two billion. You you just you 100 years, two billion. You you just you just have to have this vision.

just have to have this vision. just have to have this vision. >> One of the things that comes with the >> One of the things that comes with the >> One of the things that comes with the pursuit of being first is you go over pursuit of being first is you go over pursuit of being first is you go over the hill, you take the arrows, as the the hill, you take the arrows, as the the hill, you take the arrows, as the phrase goes. And so even in that phrase goes. And so even in that phrase goes. And so even in that experiment that I just showed you that experiment that I just showed you that experiment that I just showed you that we started 3 years ago which was trying we started 3 years ago which was trying we started 3 years ago which was trying to figure out how we translate the to figure out how we translate the to figure out how we translate the diversity into lots of different diversity into lots of different diversity into lots of different languages. It sounds simple. Problem is languages. It sounds simple. Problem is languages. It sounds simple. Problem is you discover you go Spanish words you discover you go Spanish words you discover you go Spanish words are longer. So the video in Spanish is 3 are longer. So the video in Spanish is 3 are longer. So the video in Spanish is 3 hours 10 but in English it's 3 hours. hours 10 but in English it's 3 hours. hours 10 but in English it's 3 hours. It's just 3 hours and then the video is It's just 3 hours and then the video is It's just 3 hours and then the video is going to be up and then Canton how long going to be up and then Canton how long going to be up and then Canton how long is Cantonese words? And then you oh my is Cantonese words? And then you oh my is Cantonese words? And then you oh my god you have to then translate all the god you have to then translate all the god you have to then translate all the thumbnails and all the titles in 20 thumbnails and all the titles in 20 thumbnails and all the titles in 20 languages at the same time. That's why languages at the same time. That's why languages at the same time. That's why you end up three years in when you you end up three years in when you you end up three years in when you thought it was just a one hour job. But thought it was just a one hour job. But thought it was just a one hour job. But also, if you zoom out even further, also, if you zoom out even further, also, if you zoom out even further, there's this graveyard of other things there's this graveyard of other things there's this graveyard of other things we tried that never worked. There's this we tried that never worked. There's this we tried that never worked. There's this the other 90% of experiments we ran in the other 90% of experiments we ran in the other 90% of experiments we ran in the corner that did nothing. And it's I the corner that did nothing. And it's I the corner that did nothing. And it's I always say to the team, there's two always say to the team, there's two always say to the team, there's two things a year that define us. And of things a year that define us. And of things a year that define us. And of that, in our failure and experimentation that, in our failure and experimentation that, in our failure and experimentation team, which is literally what it's team, which is literally what it's team, which is literally what it's called, we tried 60 things. called, we tried 60 things. called, we tried 60 things. >> Yeah. >> Yeah. >> Yeah. >> But there's this, you know, five of them >> But there's this, you know, five of them >> But there's this, you know, five of them are met, are met, are met, >> two of them gamechanging. So the >> two of them gamechanging. So the >> two of them gamechanging. So the attitude of dealing with failure at the attitude of dealing with failure at the attitude of dealing with failure at the very forefront of trying to be first I very forefront of trying to be first I very forefront of trying to be first I think is something people don't talk think is something people don't talk think is something people don't talk about enough.

about enough. about enough. >> Focus your energy, guard your time. Just >> Focus your energy, guard your time. Just >> Focus your energy, guard your time. Just cuz you can do a thing doesn't mean you cuz you can do a thing doesn't mean you cuz you can do a thing doesn't mean you should do the thing. Right? Most of the should do the thing. Right? Most of the should do the thing. Right? Most of the time, the reason people fail is they get time, the reason people fail is they get time, the reason people fail is they get successful in their 30s and they're successful in their 30s and they're successful in their 30s and they're successful at one thing and it's like successful at one thing and it's like successful at one thing and it's like all of a sudden they've decided they're all of a sudden they've decided they're all of a sudden they've decided they're going to do 10 other things because going to do 10 other things because going to do 10 other things because they're good at everything and they they're good at everything and they they're good at everything and they dilute their focus in 10 ways. dilute their focus in 10 ways. dilute their focus in 10 ways. People always underestimate the People always underestimate the People always underestimate the maintenance obligation like always. And maintenance obligation like always. And maintenance obligation like always. And so I yeah, the right the right solution so I yeah, the right the right solution so I yeah, the right the right solution to growth is to growth is to growth is I would like to make whatever I'm doing I would like to make whatever I'm doing I would like to make whatever I'm doing twice as good. twice as good. twice as good. And if I do 10 things to make it 10% And if I do 10 things to make it 10% And if I do 10 things to make it 10% better, I'm probably diluting better, I'm probably diluting better, I'm probably diluting distracting the uh phenomena that causes distracting the uh phenomena that causes distracting the uh phenomena that causes most businesses to fail, it's a dilutive most businesses to fail, it's a dilutive most businesses to fail, it's a dilutive distractions or it's it's dilutive distractions or it's it's dilutive distractions or it's it's dilutive expansions. They do one thing, it works, expansions. They do one thing, it works, expansions. They do one thing, it works, and then instead of turning their energy and then instead of turning their energy and then instead of turning their energy in to make that better and better and in to make that better and better and in to make that better and better and better and better, they start to better and better, they start to better and better, they start to bifurcate and tricate and they expand bifurcate and tricate and they expand bifurcate and tricate and they expand and they over reach to too many areas.

and they over reach to too many areas. and they over reach to too many areas. It's like the dude with the great It's like the dude with the great It's like the dude with the great restaurant and he's got the second restaurant and he's got the second restaurant and he's got the second restaurant and he's got a chain of 37 restaurant and he's got a chain of 37 restaurant and he's got a chain of 37 restaurants and they all suck and he's restaurants and they all suck and he's restaurants and they all suck and he's like, "Yeah, I remember the guy used to like, "Yeah, I remember the guy used to like, "Yeah, I remember the guy used to have there's no one by the way with a have there's no one by the way with a have there's no one by the way with a failed restaurant chain that wasn't a failed restaurant chain that wasn't a failed restaurant chain that wasn't a successful restaurant at scale one, successful restaurant at scale one, successful restaurant at scale one, >> right? Like you didn't get to a failure >> right? Like you didn't get to a failure >> right? Like you didn't get to a failure of 37 or 62 or 437 until you had a good of 37 or 62 or 437 until you had a good of 37 or 62 or 437 until you had a good one." But it's very very common that one." But it's very very common that one." But it's very very common that people think that they can just cookie people think that they can just cookie people think that they can just cookie cutter these things out and you can't. cutter these things out and you can't. cutter these things out and you can't. And so the conundrum that you're putting And so the conundrum that you're putting And so the conundrum that you're putting your finger on is I want to grow and your finger on is I want to grow and your finger on is I want to grow and progress but I want to not dilute and progress but I want to not dilute and progress but I want to not dilute and distract. And that requires this distract. And that requires this distract. And that requires this maturity of saying, "I tried it, had a maturity of saying, "I tried it, had a maturity of saying, "I tried it, had a moderate success, but it's not enough. moderate success, but it's not enough. moderate success, but it's not enough. Kill it like and and and move on because Kill it like and and and move on because Kill it like and and and move on because it's just not going to work." it's just not going to work." it's just not going to work." >> There's two things that came to mind >> There's two things that came to mind >> There's two things that came to mind there. The first is a lot of young there. The first is a lot of young there. The first is a lot of young people come up to me and they're 9 people come up to me and they're 9 people come up to me and they're 9 months into their idea and they're not months into their idea and they're not months into their idea and they're not rich yet. So they're they look over rich yet. So they're they look over rich yet. So they're they look over there and they see their friend has there and they see their friend has there and they see their friend has started a thing with uh CBD. And so started a thing with uh CBD. And so started a thing with uh CBD. And so they're like, I think I need to go into they're like, I think I need to go into they're like, I think I need to go into CBD. And so their careers kind of look CBD. And so their careers kind of look CBD. And so their careers kind of look like this sort of like swinging through like this sort of like swinging through like this sort of like swinging through the jungle, grabbing onto the next the jungle, grabbing onto the next the jungle, grabbing onto the next branch and letting go of the last and branch and letting go of the last and branch and letting go of the last and never really making um upward motion never really making um upward motion never really making um upward motion towards any goal. And then the other towards any goal. And then the other towards any goal. And then the other thing I thought about as you're speaking thing I thought about as you're speaking thing I thought about as you're speaking is I've been mulling this um really only is I've been mulling this um really only is I've been mulling this um really only over the last two months this idea that over the last two months this idea that over the last two months this idea that if you take a long-term approach to if you take a long-term approach to if you take a long-term approach to things, you make foundational decisions

things, you make foundational decisions things, you make foundational decisions today that create huge competitive today that create huge competitive today that create huge competitive advantages. And the simple analogy I advantages. And the simple analogy I advantages. And the simple analogy I would give, if you gave me 10 seconds to would give, if you gave me 10 seconds to would give, if you gave me 10 seconds to make the highest possible tower that I make the highest possible tower that I make the highest possible tower that I can, what I'm going to do is I'm going can, what I'm going to do is I'm going can, what I'm going to do is I'm going to go like this and I'm going to go like to go like this and I'm going to go like to go like this and I'm going to go like this and I'm going to try and do this and I'm going to try and do this and I'm going to try and do something like this. And just by nature something like this. And just by nature something like this. And just by nature of the time constraint, of the time constraint, of the time constraint, it's unstable. If you gave me 10 years it's unstable. If you gave me 10 years it's unstable. If you gave me 10 years and infinite blocks again, I would start and infinite blocks again, I would start and infinite blocks again, I would start like this. like this. like this. >> I'd do this one here. I'll put this one >> I'd do this one here. I'll put this one >> I'd do this one here. I'll put this one here. I'll put this one here. And I'd here. I'll put this one here. And I'd here. I'll put this one here. And I'd build something more stable. And when I build something more stable. And when I build something more stable. And when I look at some of the great founders and look at some of the great founders and look at some of the great founders and also when I saw that you'd been at your, also when I saw that you'd been at your, also when I saw that you'd been at your, you know, micro strategy for more than you know, micro strategy for more than you know, micro strategy for more than three almost four decades, I think it three almost four decades, I think it three almost four decades, I think it was, was, was, >> I thought, oh, you're one of the rare >> I thought, oh, you're one of the rare >> I thought, oh, you're one of the rare long-termists in a world where most of long-termists in a world where most of long-termists in a world where most of my generation, we think about our career my generation, we think about our career my generation, we think about our career or what we're working on in like maximum or what we're working on in like maximum or what we're working on in like maximum 5year periods, then we're going to quit 5year periods, then we're going to quit 5year periods, then we're going to quit and go do something else. Startup and go do something else. Startup and go do something else. Startup founders, they build so they can sell founders, they build so they can sell founders, they build so they can sell and then they they they're sort of and then they they they're sort of and then they they they're sort of holding it together with tape as the holding it together with tape as the holding it together with tape as the acquirer comes to buy the thing. And acquirer comes to buy the thing. And acquirer comes to buy the thing. And they're nervous as the contract's being they're nervous as the contract's being they're nervous as the contract's being signed because they know if the the signed because they know if the the signed because they know if the the acquirer looks under the hood, they're acquirer looks under the hood, they're acquirer looks under the hood, they're going to see some. But then I look at going to see some. But then I look at going to see some. But then I look at Elon and I go, "Oh gosh, he went Elon and I go, "Oh gosh, he went Elon and I go, "Oh gosh, he went and rebuilt a brand new battery and then and rebuilt a brand new battery and then and rebuilt a brand new battery and then built the charging network and SpaceX built the charging network and SpaceX built the charging network and SpaceX took two decades." My question is about took two decades." My question is about took two decades." My question is about this long-termism and does it create a a this long-termism and does it create a a this long-termism and does it create a a competitive advantage? I think Elon competitive advantage? I think Elon competitive advantage? I think Elon thinks like a like an engineer and uh if thinks like a like an engineer and uh if thinks like a like an engineer and uh if you if you look at his businesses, you if you look at his businesses, you if you look at his businesses, they're all built upon each other. Like they're all built upon each other. Like they're all built upon each other. Like if you figure out how to launch a rocket if you figure out how to launch a rocket if you figure out how to launch a rocket and you have the the highest payload

and you have the the highest payload and you have the the highest payload capacity and the the the cheapest cost capacity and the the the cheapest cost capacity and the the the cheapest cost to orbit, then you've got an advantage. to orbit, then you've got an advantage. to orbit, then you've got an advantage. Now the question is what do you want to Now the question is what do you want to Now the question is what do you want to put in orbit? We put satellites, but put in orbit? We put satellites, but put in orbit? We put satellites, but what satellite like Starlink satellite what satellite like Starlink satellite what satellite like Starlink satellite because that's the thing everybody wants because that's the thing everybody wants because that's the thing everybody wants internet. And so all of a sudden he's internet. And so all of a sudden he's internet. And so all of a sudden he's got an advantage, you know, in the sky got an advantage, you know, in the sky got an advantage, you know, in the sky and then you build on that advantage and and then you build on that advantage and and then you build on that advantage and you know with battery technology, right? you know with battery technology, right? you know with battery technology, right? >> But he could have gone to Russia and >> But he could have gone to Russia and >> But he could have gone to Russia and bought a rocket and just shot that up bought a rocket and just shot that up bought a rocket and just shot that up and that would have been the short term. and that would have been the short term. and that would have been the short term. Even with Tesla, he could have bought Even with Tesla, he could have bought Even with Tesla, he could have bought the batteries off Ford or the batteries off Ford or the batteries off Ford or >> one great natural example is like a >> one great natural example is like a >> one great natural example is like a chambered Nautilus. If you look at if chambered Nautilus. If you look at if chambered Nautilus. If you look at if you look at a creature and it's building you look at a creature and it's building you look at a creature and it's building a shell and it's spiraling out on itself a shell and it's spiraling out on itself a shell and it's spiraling out on itself and basically it keeps building on its and basically it keeps building on its and basically it keeps building on its own structure and it's nature's solution own structure and it's nature's solution own structure and it's nature's solution for growth under pressure. It's the for growth under pressure. It's the for growth under pressure. It's the Fibonacci sequence too. If you look at a Fibonacci sequence too. If you look at a Fibonacci sequence too. If you look at a Fibonacci sequence, if I have this and Fibonacci sequence, if I have this and Fibonacci sequence, if I have this and then the next structure is here and the then the next structure is here and the then the next structure is here and the next structure is there and the next next structure is there and the next next structure is there and the next structure is there, part of my previous structure is there, part of my previous structure is there, part of my previous business is the foundation for my next business is the foundation for my next business is the foundation for my next business. And so if you're thinking your business. And so if you're thinking your business. And so if you're thinking your growth strategy is to build on a growth strategy is to build on a growth strategy is to build on a foundation of something you already had foundation of something you already had foundation of something you already had and extend its functionality in a and extend its functionality in a and extend its functionality in a natural fashion, that's natural stable natural fashion, that's natural stable natural fashion, that's natural stable growth. When your second business idea growth. When your second business idea growth. When your second business idea is unrelated to your first business in is unrelated to your first business in is unrelated to your first business in any way other than the fact that you own any way other than the fact that you own any way other than the fact that you own both both both >> right now, you're not building on a >> right now, you're not building on a >> right now, you're not building on a stable foundation. So most of these stable foundation. So most of these stable foundation. So most of these businesses that work and and the the businesses that work and and the the businesses that work and and the the best idea is that they start with

best idea is that they start with best idea is that they start with someone dominating a market. I'm really someone dominating a market. I'm really someone dominating a market. I'm really good at this. good at this. good at this. >> Mark Zuckerberg. >> Mark Zuckerberg. >> Mark Zuckerberg. >> Yeah. And now what is the natural thing >> Yeah. And now what is the natural thing >> Yeah. And now what is the natural thing that I can add that I can use my that I can add that I can use my that I can add that I can use my existing business to to maybe I'm existing business to to maybe I'm existing business to to maybe I'm marketing it? Well, you're Coca-Cola. marketing it? Well, you're Coca-Cola. marketing it? Well, you're Coca-Cola. Well, we deliver a pallet of drinks to Well, we deliver a pallet of drinks to Well, we deliver a pallet of drinks to 87,000 87,000 87,000 restaurants in the UK every morning. restaurants in the UK every morning. restaurants in the UK every morning. What's a natural extension? Well, I can What's a natural extension? Well, I can What's a natural extension? Well, I can put one more type of drink on the put one more type of drink on the put one more type of drink on the pallet, right? You need to use your pallet, right? You need to use your pallet, right? You need to use your distribution strength, your market distribution strength, your market distribution strength, your market strength, your technical strength in strength, your technical strength in strength, your technical strength in order to lever. I think you look at all order to lever. I think you look at all order to lever. I think you look at all the great businesses in the history of the great businesses in the history of the great businesses in the history of the world against Standard Oil, Ford the world against Standard Oil, Ford the world against Standard Oil, Ford Motor, Boeing, Microsoft, the things Motor, Boeing, Microsoft, the things Motor, Boeing, Microsoft, the things they did that worked were generally they did that worked were generally they did that worked were generally building on top of their foundation, building on top of their foundation, building on top of their foundation, either loyal customers or distribution either loyal customers or distribution either loyal customers or distribution or some financial asset they already or some financial asset they already or some financial asset they already had. Another way to say it is if there's had. Another way to say it is if there's had. Another way to say it is if there's no one else in the world that has that no one else in the world that has that no one else in the world that has that is better situated to do this thing than is better situated to do this thing than is better situated to do this thing than you, you, you, then you're probably in good shape, then you're probably in good shape, then you're probably in good shape, right? If there are 97 other companies right? If there are 97 other companies right? If there are 97 other companies that have more assets than you in that that have more assets than you in that that have more assets than you in that space, well, you know, you got to bet space, well, you know, you got to bet space, well, you know, you got to bet that all 97 of them are not going to that all 97 of them are not going to that all 97 of them are not going to react to you when you do it. It's a bit react to you when you do it. It's a bit react to you when you do it. It's a bit harder. So, and that's where the harder. So, and that's where the harder. So, and that's where the long-termism comes in because to build long-termism comes in because to build long-termism comes in because to build that fundamental advantage, it it it by that fundamental advantage, it it it by that fundamental advantage, it it it by definition is going to take time.

definition is going to take time. definition is going to take time. >> Good example, uh, Amazon Prime, right? >> Good example, uh, Amazon Prime, right? >> Good example, uh, Amazon Prime, right? Where Amazon started giving free Where Amazon started giving free Where Amazon started giving free shipping, you know, first free shipping shipping, you know, first free shipping shipping, you know, first free shipping or very cheap shipping and one day or very cheap shipping and one day or very cheap shipping and one day shipping and and everybody said, "Well, shipping and and everybody said, "Well, shipping and and everybody said, "Well, you're losing money. You're losing you're losing money. You're losing you're losing money. You're losing money. You're losing money." And they money. You're losing money." And they money. You're losing money." And they lost money doing this for like a decade. lost money doing this for like a decade. lost money doing this for like a decade. And then they got to some point where And then they got to some point where And then they got to some point where like everybody in the country was a like everybody in the country was a like everybody in the country was a member of Amazon Prime and they're like, member of Amazon Prime and they're like, member of Amazon Prime and they're like, "Okay, well now it's 20 bucks a month "Okay, well now it's 20 bucks a month "Okay, well now it's 20 bucks a month instead of 10 bucks a month." And it's instead of 10 bucks a month." And it's instead of 10 bucks a month." And it's like an extra $10 a month times like a like an extra $10 a month times like a like an extra $10 a month times like a hundred million people. And people like, hundred million people. And people like, hundred million people. And people like, "Oh my god, they just made 12 billion in "Oh my god, they just made 12 billion in "Oh my god, they just made 12 billion in one press release per year in cash flow one press release per year in cash flow one press release per year in cash flow and that's worth like $250 billion." And and that's worth like $250 billion." And and that's worth like $250 billion." And you're like, "What? What were you you're like, "What? What were you you're like, "What? What were you doing?" It's like we were we were doing?" It's like we were we were doing?" It's like we were we were building the moat. That story is not building the moat. That story is not building the moat. That story is not uncommon with every other thing. It's uncommon with every other thing. It's uncommon with every other thing. It's like you first believe you build the like you first believe you build the like you first believe you build the biggest distribution channel you can. biggest distribution channel you can. biggest distribution channel you can. People are going to tell you they're People are going to tell you they're People are going to tell you they're going to tell you, "Well, there's no going to tell you, "Well, there's no going to tell you, "Well, there's no future to whatever the podcast. There's future to whatever the podcast. There's future to whatever the podcast. There's no future to something."

no future to something." no future to something." And what'll happen is 99% of the people And what'll happen is 99% of the people And what'll happen is 99% of the people will drop out because they don't will drop out because they don't will drop out because they don't believe. And the true believers, the believe. And the true believers, the believe. And the true believers, the ones that are not created, won't adapt. ones that are not created, won't adapt. ones that are not created, won't adapt. And then there'll be some that'll say, And then there'll be some that'll say, And then there'll be some that'll say, "I believe, but I also know there's a "I believe, but I also know there's a "I believe, but I also know there's a threat, but I'm going to channel the threat, but I'm going to channel the threat, but I'm going to channel the technology threat, and I'm going to technology threat, and I'm going to technology threat, and I'm going to evolve, and I'm going to emerge as evolve, and I'm going to emerge as evolve, and I'm going to emerge as something a thousandx better than something a thousandx better than something a thousandx better than anybody could conceive." And that's a anybody could conceive." And that's a anybody could conceive." And that's a beautiful story. So, speaking of strong beautiful story. So, speaking of strong beautiful story. So, speaking of strong foundations, you have 10 rules for young foundations, you have 10 rules for young foundations, you have 10 rules for young adults building a strong foundation for adults building a strong foundation for adults building a strong foundation for their life and career. And you've talked their life and career. And you've talked their life and career. And you've talked about two of them here, which is about two of them here, which is about two of them here, which is focusing your energy and not chasing focusing your energy and not chasing focusing your energy and not chasing every good idea. Yeah. every good idea. Yeah. every good idea. Yeah. >> The second one was guard your time. The >> The second one was guard your time. The >> The second one was guard your time. The third one is train your mind. third one is train your mind. third one is train your mind. And with that you've got train your And with that you've got train your And with that you've got train your body. body. body. >> You know the funny story of that is I I >> You know the funny story of that is I I >> You know the funny story of that is I I was invited to a cocktail party of a was invited to a cocktail party of a was invited to a cocktail party of a billionaire on the French Riviera in a billionaire on the French Riviera in a billionaire on the French Riviera in a beautiful home. And I showed up and I beautiful home. And I showed up and I beautiful home. And I showed up and I walked into the party think I was going walked into the party think I was going walked into the party think I was going to hang out and another billionaire to hang out and another billionaire to hang out and another billionaire showed up and he said, "You know, Mike, showed up and he said, "You know, Mike, showed up and he said, "You know, Mike, I just had twins, a boy and a girl. And I just had twins, a boy and a girl. And I just had twins, a boy and a girl. And I'm walking around asking all of all of I'm walking around asking all of all of I'm walking around asking all of all of my friends for advice for them. And I my friends for advice for them. And I my friends for advice for them. And I want you to like write some advice for want you to like write some advice for want you to like write some advice for them that I can give to them on their them that I can give to them on their them that I can give to them on their 21st birthday. And he's got this book 21st birthday. And he's got this book 21st birthday. And he's got this book where he's actually collecting advice where he's actually collecting advice where he's actually collecting advice for his his children to give them on for his his children to give them on for his his children to give them on their 21st birthday as young adults. So their 21st birthday as young adults. So their 21st birthday as young adults. So I sit down and I think think think and I sit down and I think think think and I sit down and I think think think and I'm like, "Focus your mind, guard your I'm like, "Focus your mind, guard your I'm like, "Focus your mind, guard your time, and train your mind. You got to time, and train your mind. You got to time, and train your mind. You got to learn to you got to learn something,

learn to you got to learn something, learn to you got to learn something, right? You got to learn reading, right? You got to learn reading, right? You got to learn reading, writing, arithmetic. You you have to writing, arithmetic. You you have to writing, arithmetic. You you have to actually develop a cultured base. So, actually develop a cultured base. So, actually develop a cultured base. So, it's like get an education and then it's like get an education and then it's like get an education and then train your body like because if if train your body like because if if train your body like because if if you're weak, you're not going to make you're weak, you're not going to make you're weak, you're not going to make it, right? You're not you're not going it, right? You're not you're not going it, right? You're not you're not going to survive. And then think for yourself. to survive. And then think for yourself. to survive. And then think for yourself. Everybody in the world wants to program Everybody in the world wants to program Everybody in the world wants to program you to believe to do something they want you to believe to do something they want you to believe to do something they want you to do. And you have to have the you to do. And you have to have the you to do. And you have to have the presence of mind to think that's not presence of mind to think that's not presence of mind to think that's not right. Just because everybody that I right. Just because everybody that I right. Just because everybody that I know and famous, rich and beautiful know and famous, rich and beautiful know and famous, rich and beautiful people tell me it's right doesn't make people tell me it's right doesn't make people tell me it's right doesn't make it right. You need to decide think for it right. You need to decide think for it right. You need to decide think for yourself and then curate your friends yourself and then curate your friends yourself and then curate your friends because you you know you become who you because you you know you become who you because you you know you become who you surround yourself with and if you surround yourself with and if you surround yourself with and if you surround yourself with positive uh surround yourself with positive uh surround yourself with positive uh inspirational talented people, you'll be inspirational talented people, you'll be inspirational talented people, you'll be the best person version of yourself. And the best person version of yourself. And the best person version of yourself. And if you surround yourself with negative, if you surround yourself with negative, if you surround yourself with negative, cynical, failing people, they're going cynical, failing people, they're going cynical, failing people, they're going to want you to fail or they're not going to want you to fail or they're not going to want you to fail or they're not going to inspire you to succeed and and to inspire you to succeed and and to inspire you to succeed and and they'll bring you down. And so after they'll bring you down. And so after they'll bring you down. And so after curate your friends, curate your curate your friends, curate your curate your friends, curate your environment, right? Like make it a happy environment, right? Like make it a happy environment, right? Like make it a happy place where you can work or you can place where you can work or you can place where you can work or you can live. And you know, the world didn't say live. And you know, the world didn't say live. And you know, the world didn't say you had to be in the dark in an ugly you had to be in the dark in an ugly you had to be in the dark in an ugly situation. And and after that, keep your situation. And and after that, keep your situation. And and after that, keep your promises.

promises. promises. At the end of the day, people remember At the end of the day, people remember At the end of the day, people remember if you didn't keep your promise. So you if you didn't keep your promise. So you if you didn't keep your promise. So you you tell you tell someone you're going you tell you tell someone you're going you tell you tell someone you're going to do something, do it, right? If if you to do something, do it, right? If if you to do something, do it, right? If if you keep your promises, you'll find those keep your promises, you'll find those keep your promises, you'll find those are the people that invest in you. They are the people that invest in you. They are the people that invest in you. They uplift you. They make you successful. uplift you. They make you successful. uplift you. They make you successful. They may be the difference between life They may be the difference between life They may be the difference between life and death or the difference between and death or the difference between and death or the difference between success and failure for you. And and success and failure for you. And and success and failure for you. And and ultimately, you know, we're all in ultimately, you know, we're all in ultimately, you know, we're all in relationships with each other, right? relationships with each other, right? relationships with each other, right? And uh and no one is so powerful that And uh and no one is so powerful that And uh and no one is so powerful that they can afford to take anybody else for they can afford to take anybody else for they can afford to take anybody else for granted. Uh we all need each other. And granted. Uh we all need each other. And granted. Uh we all need each other. And and um finally, and um finally, and um finally, stay cheerful and constructive. It stay cheerful and constructive. It stay cheerful and constructive. It doesn't matter whether bad things doesn't matter whether bad things doesn't matter whether bad things happen. The point is people want to come happen. The point is people want to come happen. The point is people want to come to work with someone that's cheerful and to work with someone that's cheerful and to work with someone that's cheerful and happy and constructive. They want to, happy and constructive. They want to, happy and constructive. They want to, you know, they want to be in a you know, they want to be in a you know, they want to be in a relationship with that person. All those relationship with that person. All those relationship with that person. All those are just basic principles to get through are just basic principles to get through are just basic principles to get through life. And then the final point is life. And then the final point is life. And then the final point is upgrade the world. If you have a plan, upgrade the world. If you have a plan, upgrade the world. If you have a plan, if you're on a mission to upgrade the if you're on a mission to upgrade the if you're on a mission to upgrade the world, you're going to feel better about world, you're going to feel better about world, you're going to feel better about yourself. You get up every day, you have yourself. You get up every day, you have yourself. You get up every day, you have a mission, you have something to do.

a mission, you have something to do. a mission, you have something to do. Like what is my mission? You know, I'm Like what is my mission? You know, I'm Like what is my mission? You know, I'm preaching the gospel of digital preaching the gospel of digital preaching the gospel of digital empowerment, right? Satoshi empowerment, right? Satoshi empowerment, right? Satoshi created this created this created this economic property, right? He gave economic property, right? He gave economic property, right? He gave economic empowerment to 8 billion people economic empowerment to 8 billion people economic empowerment to 8 billion people for the first time in human history. And for the first time in human history. And for the first time in human history. And uh we created the world's first perfect uh we created the world's first perfect uh we created the world's first perfect money. We created, you know, digital money. We created, you know, digital money. We created, you know, digital energy, digital matter, digital energy, digital matter, digital energy, digital matter, digital property, right? We can be a thousandx property, right? We can be a thousandx property, right? We can be a thousandx more as as humans with technology than more as as humans with technology than more as as humans with technology than we were. I look through all human we were. I look through all human we were. I look through all human history and I see it's a story of history and I see it's a story of history and I see it's a story of misery. misery. misery. You know, why do people die? Lack of You know, why do people die? Lack of You know, why do people die? Lack of clean water, lack of clean air, lack of clean water, lack of clean air, lack of clean water, lack of clean air, lack of clean food, lack of clean money. clean food, lack of clean money. clean food, lack of clean money. What do we want? We want to live What do we want? We want to live What do we want? We want to live forever. We want to live happily forever. We want to live happily forever. We want to live happily forever. forever. forever. >> Do you want to live forever? >> Do you want to live forever? >> Do you want to live forever? >> I want to live as long as I can live, >> I want to live as long as I can live, >> I want to live as long as I can live, you know, constructively and make a you know, constructively and make a you know, constructively and make a contribution. If if I could be if I can contribution. If if I could be if I can contribution. If if I could be if I can be engaged and vital, then yeah, at the be engaged and vital, then yeah, at the be engaged and vital, then yeah, at the point that I can no longer make a point that I can no longer make a point that I can no longer make a contribution, uh, then I will move on contribution, uh, then I will move on contribution, uh, then I will move on gracefully.

gracefully. gracefully. >> But if there was a button in front of >> But if there was a button in front of >> But if there was a button in front of you now and the button pressing it you now and the button pressing it you now and the button pressing it guaranteed you immortality, would you guaranteed you immortality, would you guaranteed you immortality, would you press it? press it? press it? >> I think so. I suppose so. Why aren't you >> I think so. I suppose so. Why aren't you >> I think so. I suppose so. Why aren't you then um committing more of your efforts then um committing more of your efforts then um committing more of your efforts to longevity? People ask Elon the same to longevity? People ask Elon the same to longevity? People ask Elon the same question. question. question. >> I think there's 8 billion people on the >> I think there's 8 billion people on the >> I think there's 8 billion people on the planet and there are many people that I planet and there are many people that I planet and there are many people that I respect that are much more qualified to respect that are much more qualified to respect that are much more qualified to pursue that mission than me. pursue that mission than me. pursue that mission than me. >> And the thing that you've chosen to >> And the thing that you've chosen to >> And the thing that you've chosen to focus your efforts on and become the focus your efforts on and become the focus your efforts on and become the leading voice on and I've watched you leading voice on and I've watched you leading voice on and I've watched you for many many many years is I've you for many many many years is I've you for many many many years is I've you know when Bitcoin comes down in price know when Bitcoin comes down in price know when Bitcoin comes down in price and sometimes I need a bit of a and sometimes I need a bit of a and sometimes I need a bit of a therapist to remind me of why I've therapist to remind me of why I've therapist to remind me of why I've invested in Bitcoin and that person has invested in Bitcoin and that person has invested in Bitcoin and that person has been you over the years. Uh, and then been you over the years. Uh, and then been you over the years. Uh, and then when it's up, you know, you're you're to when it's up, you know, you're you're to when it's up, you know, you're you're to your credit, you're consistent about it. your credit, you're consistent about it. your credit, you're consistent about it. And that is, you know, I I have watched And that is, you know, I I have watched And that is, you know, I I have watched you and talk, I think this guy must be you and talk, I think this guy must be you and talk, I think this guy must be he's either like batshit crazy or a he's either like batshit crazy or a he's either like batshit crazy or a genius. And it's sometimes hard to tell. genius. And it's sometimes hard to tell. genius. And it's sometimes hard to tell. And it goes back to what you were saying And it goes back to what you were saying And it goes back to what you were saying earlier when people will say you're earlier when people will say you're earlier when people will say you're crazy at first and and then you'll be crazy at first and and then you'll be crazy at first and and then you'll be proven right. Now, historically, you've proven right. Now, historically, you've proven right. Now, historically, you've been proven right. If you if you zoom been proven right. If you if you zoom been proven right. If you if you zoom out from when you started advocating for out from when you started advocating for out from when you started advocating for Bitcoin, um, Bitcoin is down right now.

Bitcoin, um, Bitcoin is down right now. Bitcoin, um, Bitcoin is down right now. So, again, we're back into fear. People So, again, we're back into fear. People So, again, we're back into fear. People are scared again in there. It's funny are scared again in there. It's funny are scared again in there. It's funny what happens because when it was going what happens because when it was going what happens because when it was going up a couple of months ago, everyone up a couple of months ago, everyone up a couple of months ago, everyone thought, "Oh my god, this is going to be thought, "Oh my god, this is going to be thought, "Oh my god, this is going to be the future of money and now it's down." the future of money and now it's down." the future of money and now it's down." Everyone is like convinced that it's it Everyone is like convinced that it's it Everyone is like convinced that it's it was always a Ponzi scheme and it's it's was always a Ponzi scheme and it's it's was always a Ponzi scheme and it's it's done. You've got a I guess trying trying done. You've got a I guess trying trying done. You've got a I guess trying trying to simplify this for average people. to simplify this for average people. to simplify this for average people. You've taken a lot of debt out to buy You've taken a lot of debt out to buy You've taken a lot of debt out to buy more and more and more and more and more more and more and more and more and more more and more and more and more and more Bitcoin. Is that accurate? Bitcoin. Is that accurate? Bitcoin. Is that accurate? >> I guess we've got about $6.5 billion of >> I guess we've got about $6.5 billion of >> I guess we've got about $6.5 billion of convertible debt and $15 billion of convertible debt and $15 billion of convertible debt and $15 billion of preferred stocks outstanding. and we're preferred stocks outstanding. and we're preferred stocks outstanding. and we're sitting on top of about $ 58 billion of sitting on top of about $ 58 billion of sitting on top of about $ 58 billion of assets right now. So, we have raised assets right now. So, we have raised assets right now. So, we have raised about $65 billion in capital to buy about $65 billion in capital to buy about $65 billion in capital to buy Bitcoin, but most of it was in debt. Bitcoin, but most of it was in debt. Bitcoin, but most of it was in debt. >> Okay. >> Okay. >> Okay. >> Of the 65 billion, for the most part, >> Of the 65 billion, for the most part, >> Of the 65 billion, for the most part, we've raised capital with equity and we've raised capital with equity and we've raised capital with equity and some debt in order to buy Bitcoin. And some debt in order to buy Bitcoin. And some debt in order to buy Bitcoin. And we've been doing that because we wanted we've been doing that because we wanted we've been doing that because we wanted to pump $65 billion of capital of money to pump $65 billion of capital of money to pump $65 billion of capital of money of energy into the ecosystem. So, we're of energy into the ecosystem. So, we're of energy into the ecosystem. So, we're we're powering the ecosystem with we're powering the ecosystem with we're powering the ecosystem with capital.

capital. capital. >> Everyone theorizes, I've seen a few >> Everyone theorizes, I've seen a few >> Everyone theorizes, I've seen a few people on my timeline that I follow people on my timeline that I follow people on my timeline that I follow theorize how bad it would have to get theorize how bad it would have to get theorize how bad it would have to get for Bitcoin in terms of price for you to for Bitcoin in terms of price for you to for Bitcoin in terms of price for you to be in trouble because you be in trouble because you be in trouble because you >> Bitcoin could fall to $5,000 a coin, we >> Bitcoin could fall to $5,000 a coin, we >> Bitcoin could fall to $5,000 a coin, we would still be over collateralized would still be over collateralized would still be over collateralized against the debt. against the debt. against the debt. >> You'd still be fine. >> You'd still be fine. >> You'd still be fine. >> Yeah. >> Yeah. >> Yeah. >> And the other thing people theorize a >> And the other thing people theorize a >> And the other thing people theorize a lot, and again, I did a comment analysis lot, and again, I did a comment analysis lot, and again, I did a comment analysis to figure out what people wanted to hear to figure out what people wanted to hear to figure out what people wanted to hear from you, is you sold a bit of Bitcoin. from you, is you sold a bit of Bitcoin. from you, is you sold a bit of Bitcoin. >> You've been asked this a few times. I >> You've been asked this a few times. I >> You've been asked this a few times. I know you sold a bit of Bitcoin recently know you sold a bit of Bitcoin recently know you sold a bit of Bitcoin recently after telling a lot of people maybe to after telling a lot of people maybe to after telling a lot of people maybe to hold on to their Bitcoin. hold on to their Bitcoin. hold on to their Bitcoin. >> People want to know why you sold the >> People want to know why you sold the >> People want to know why you sold the Bitcoin. Bitcoin. Bitcoin. >> Okay. Well, so let's make the first >> Okay. Well, so let's make the first >> Okay. Well, so let's make the first point. point. point. The only person that's never sold more The only person that's never sold more The only person that's never sold more Bitcoin than me, Bitcoin than me, Bitcoin than me, >> Satoshi, >> Satoshi, >> Satoshi, >> is Satoshi. Satoshi never sold a million >> is Satoshi. Satoshi never sold a million >> is Satoshi. Satoshi never sold a million a million one Bitcoin. a million one Bitcoin. a million one Bitcoin. Our company has 847,000 Bitcoin. And so Our company has 847,000 Bitcoin. And so Our company has 847,000 Bitcoin. And so we bought more and we're holding it more we bought more and we're holding it more we bought more and we're holding it more than anybody other than Satoshi. And than anybody other than Satoshi. And than anybody other than Satoshi. And Satoshi is not active. So we have a Satoshi is not active. So we have a Satoshi is not active. So we have a reasonable chance of of never selling reasonable chance of of never selling reasonable chance of of never selling more Bitcoin than Satoshi if we just more Bitcoin than Satoshi if we just more Bitcoin than Satoshi if we just keep at it for the next few years.

keep at it for the next few years. keep at it for the next few years. >> Um what I've said is um >> Um what I've said is um >> Um what I've said is um >> sorry I should probably show this. This >> sorry I should probably show this. This >> sorry I should probably show this. This is this is why there's a kidney. is this is why there's a kidney. is this is why there's a kidney. >> You said sell a kidney if you must but >> You said sell a kidney if you must but >> You said sell a kidney if you must but keep the Bitcoin. I I have I have waged keep the Bitcoin. I I have I have waged keep the Bitcoin. I I have I have waged a campaign non-stop every day for six a campaign non-stop every day for six a campaign non-stop every day for six years to to promote and advocate Bitcoin years to to promote and advocate Bitcoin years to to promote and advocate Bitcoin as a long-term store of value, right? as a long-term store of value, right? as a long-term store of value, right? And and what I would say is if you have And and what I would say is if you have And and what I would say is if you have money that you don't need for the next money that you don't need for the next money that you don't need for the next four years and your choice is do I four years and your choice is do I four years and your choice is do I invest it in the S&P or a house or a invest it in the S&P or a house or a invest it in the S&P or a house or a private company or soybeans or money private company or soybeans or money private company or soybeans or money markets or debt instruments, markets or debt instruments, markets or debt instruments, I think that Bitcoin is the best, right? I think that Bitcoin is the best, right? I think that Bitcoin is the best, right? I think the Bitcoin is digital capital. I think the Bitcoin is digital capital. I think the Bitcoin is digital capital. It's going to be the best long-term It's going to be the best long-term It's going to be the best long-term capital asset. And uh you know, so why capital asset. And uh you know, so why capital asset. And uh you know, so why did you sell the Bitcoin instead of your did you sell the Bitcoin instead of your did you sell the Bitcoin instead of your kidney? kidney? kidney? >> Yeah. Um, >> Yeah. Um, >> Yeah. Um, we sold some Bitcoin a few weeks ago we sold some Bitcoin a few weeks ago we sold some Bitcoin a few weeks ago because there was a narrative or a because there was a narrative or a because there was a narrative or a belief in the market that our company belief in the market that our company belief in the market that our company had become so systemically integrated or had become so systemically integrated or had become so systemically integrated or important to Bitcoin that we could never important to Bitcoin that we could never important to Bitcoin that we could never sell and if we sold, Bitcoin would go to sell and if we sold, Bitcoin would go to sell and if we sold, Bitcoin would go to zero and our stock would go to zero zero and our stock would go to zero zero and our stock would go to zero >> because you own 4% of the total supply >> because you own 4% of the total supply >> because you own 4% of the total supply of Bitcoin.

of Bitcoin. of Bitcoin. >> Yeah. Because we own 4% because we're >> Yeah. Because we own 4% because we're >> Yeah. Because we own 4% because we're the biggest buyer. We're the biggest the biggest buyer. We're the biggest the biggest buyer. We're the biggest buyer of Bitcoin in the world. So the buyer of Bitcoin in the world. So the buyer of Bitcoin in the world. So the first sentiment was well Bitcoin will first sentiment was well Bitcoin will first sentiment was well Bitcoin will never succeed if they don't keep buying. never succeed if they don't keep buying. never succeed if they don't keep buying. And the second sentiment or belief uh And the second sentiment or belief uh And the second sentiment or belief uh misconception was if we sell it'll crash misconception was if we sell it'll crash misconception was if we sell it'll crash Bitcoin and it'll crash the company. And Bitcoin and it'll crash the company. And Bitcoin and it'll crash the company. And because of that short sellers and and because of that short sellers and and because of that short sellers and and certain people in the market took the certain people in the market took the certain people in the market took the position that the $55 billion of Bitcoin position that the $55 billion of Bitcoin position that the $55 billion of Bitcoin we own was worth nothing. And so what we we own was worth nothing. And so what we we own was worth nothing. And so what we had was this ignorant uh skeptical had was this ignorant uh skeptical had was this ignorant uh skeptical notion that all the company's assets notion that all the company's assets notion that all the company's assets were worthless. And because the were worthless. And because the were worthless. And because the company's assets were worthless, we company's assets were worthless, we company's assets were worthless, we wouldn't pay our dividends. And because wouldn't pay our dividends. And because wouldn't pay our dividends. And because we wouldn't pay our dividends, the we wouldn't pay our dividends, the we wouldn't pay our dividends, the credit would go to zero, the equity credit would go to zero, the equity credit would go to zero, the equity would go to zero, the company would would go to zero, the company would would go to zero, the company would fail, and Bitcoin would fail. fail, and Bitcoin would fail. fail, and Bitcoin would fail. And we said, well, Bitcoin is trades 20 And we said, well, Bitcoin is trades 20 And we said, well, Bitcoin is trades 20 billion a day or more, and we've got 55 billion a day or more, and we've got 55 billion a day or more, and we've got 55 billion of it. And if we were 0.01 01% billion of it. And if we were 0.01 01% billion of it. And if we were 0.01 01% of the market, we could still meet all of the market, we could still meet all of the market, we could still meet all of our obligations and it's not going to of our obligations and it's not going to of our obligations and it's not going to change the price of Bitcoin. But no one change the price of Bitcoin. But no one change the price of Bitcoin. But no one believed us. So if if you want people to believed us. So if if you want people to believed us. So if if you want people to believe that you can do a thing, you believe that you can do a thing, you believe that you can do a thing, you have to do the thing. If you told me you have to do the thing. If you told me you have to do the thing. If you told me you could do a backflip right now, but I could do a backflip right now, but I could do a backflip right now, but I said you you can't at some point you said you you can't at some point you said you you can't at some point you have to do the backflip, right?

have to do the backflip, right? have to do the backflip, right? Especially if I tell you that I'm going Especially if I tell you that I'm going Especially if I tell you that I'm going to throw you in jail if you can't do a to throw you in jail if you can't do a to throw you in jail if you can't do a backflip. backflip. backflip. >> Who told you that? >> Who told you that? >> Who told you that? >> Well, that's exactly what's going on in >> Well, that's exactly what's going on in >> Well, that's exactly what's going on in the market. The market's position was the market. The market's position was the market. The market's position was the company is worthless. The stock is the company is worthless. The stock is the company is worthless. The stock is going to zero. Bitcoin is going to zero going to zero. Bitcoin is going to zero going to zero. Bitcoin is going to zero because they can't sell. Right? because they can't sell. Right? because they can't sell. Right? >> So if we want to defend Bitcoin >> So if we want to defend Bitcoin >> So if we want to defend Bitcoin like we have to prove that we can sell like we have to prove that we can sell like we have to prove that we can sell it on occasion, right? So what we're it on occasion, right? So what we're it on occasion, right? So what we're doing is we're commercializing the doing is we're commercializing the doing is we're commercializing the market in digital credit. And if you market in digital credit. And if you market in digital credit. And if you have a billion dollars of Bitcoin and have a billion dollars of Bitcoin and have a billion dollars of Bitcoin and they believe it's worth a billion, you they believe it's worth a billion, you they believe it's worth a billion, you can sell $200 million of credit and then can sell $200 million of credit and then can sell $200 million of credit and then you can grow the business if they you can grow the business if they you can grow the business if they believe that. If they don't believe that believe that. If they don't believe that believe that. If they don't believe that the Bitcoin is worth anything, you can't the Bitcoin is worth anything, you can't the Bitcoin is worth anything, you can't and you sell the 200 million of credit, and you sell the 200 million of credit, and you sell the 200 million of credit, the credit's worthless and the company's the credit's worthless and the company's the credit's worthless and the company's worthless. And so we were in a doom loop worthless. And so we were in a doom loop worthless. And so we were in a doom loop or the the market was in this doom loop. or the the market was in this doom loop. or the the market was in this doom loop. uh this this negative uh short I don't uh this this negative uh short I don't uh this this negative uh short I don't know like a a psychosis almost like know like a a psychosis almost like know like a a psychosis almost like hyperventilating hyperventilating hyperventilating saying that the largest buyer of Bitcoin saying that the largest buyer of Bitcoin saying that the largest buyer of Bitcoin can't sell it and if they do sell it can't sell it and if they do sell it can't sell it and if they do sell it Bitcoin will fail and what we needed to Bitcoin will fail and what we needed to Bitcoin will fail and what we needed to do was demonstrate that if we sold do was demonstrate that if we sold do was demonstrate that if we sold Bitcoin it wouldn't fail. So when we Bitcoin it wouldn't fail. So when we Bitcoin it wouldn't fail. So when we sold the Bitcoin it was 60 59,000 and it sold the Bitcoin it was 60 59,000 and it sold the Bitcoin it was 60 59,000 and it traded up. And so we broke that traded up. And so we broke that traded up. And so we broke that misconception. We broke that that misconception. We broke that that misconception. We broke that that narrative. It turns out that the break narrative. It turns out that the break narrative. It turns out that the break even point for us is about 3.2%. So if even point for us is about 3.2%. So if even point for us is about 3.2%. So if Bitcoin appreciates 3.2%, we can pay the Bitcoin appreciates 3.2%, we can pay the Bitcoin appreciates 3.2%, we can pay the dividends forever by just selling the dividends forever by just selling the dividends forever by just selling the Bitcoin. But you can imagine if you're a

Bitcoin. But you can imagine if you're a Bitcoin. But you can imagine if you're a short seller, you say, "Well, you can't short seller, you say, "Well, you can't short seller, you say, "Well, you can't sell the Bitcoin." Haha, because Bitcoin sell the Bitcoin." Haha, because Bitcoin sell the Bitcoin." Haha, because Bitcoin will fail. And so they want to say that will fail. And so they want to say that will fail. And so they want to say that the credit is worthless because you the credit is worthless because you the credit is worthless because you won't sell the Bitcoin. So the way to won't sell the Bitcoin. So the way to won't sell the Bitcoin. So the way to break that cycle is you sell the break that cycle is you sell the break that cycle is you sell the Bitcoin. Now you can illustrate that the Bitcoin. Now you can illustrate that the Bitcoin. Now you can illustrate that the credit is actually good credit. We can credit is actually good credit. We can credit is actually good credit. We can pay the dividends forever. And now the pay the dividends forever. And now the pay the dividends forever. And now the credit investors credit investors credit investors >> without having to sell more Bitcoin. >> without having to sell more Bitcoin. >> without having to sell more Bitcoin. >> Now the whole point of this was we were >> Now the whole point of this was we were >> Now the whole point of this was we were selling equity in order to pay the selling equity in order to pay the selling equity in order to pay the dividend on the credit. dividend on the credit. dividend on the credit. >> Yeah. >> Yeah. >> Yeah. >> And the short sellers took the position >> And the short sellers took the position >> And the short sellers took the position that you're going to sell the equity that you're going to sell the equity that you're going to sell the equity until the stock goes to zero because you until the stock goes to zero because you until the stock goes to zero because you can't sell the Bitcoin. can't sell the Bitcoin. can't sell the Bitcoin. >> Yeah. >> Yeah. >> Yeah. >> So how do you actually get how do you >> So how do you actually get how do you >> So how do you actually get how do you break that? Well, you have to say, well, break that? Well, you have to say, well, break that? Well, you have to say, well, we can sell the Bitcoin we can sell the Bitcoin we can sell the Bitcoin >> and you sold enough Bitcoin to pay the >> and you sold enough Bitcoin to pay the >> and you sold enough Bitcoin to pay the dividend. So we sold enough Bitcoin to dividend. So we sold enough Bitcoin to dividend. So we sold enough Bitcoin to pay the dividends to prove that we could pay the dividends to prove that we could pay the dividends to prove that we could fund the dividends with Bitcoin which fund the dividends with Bitcoin which fund the dividends with Bitcoin which means we don't have to sell the equity means we don't have to sell the equity means we don't have to sell the equity and if if we don't have to sell the and if if we don't have to sell the and if if we don't have to sell the equity then the equity trades at a equity then the equity trades at a equity then the equity trades at a premium to Bitcoin trades rationally and premium to Bitcoin trades rationally and premium to Bitcoin trades rationally and then the credit trades rationally. So it then the credit trades rationally. So it then the credit trades rationally. So it was a benefit to the equity investors was a benefit to the equity investors was a benefit to the equity investors and the credit investors to show that and the credit investors to show that and the credit investors to show that you can power the company with Bitcoin.

you can power the company with Bitcoin. you can power the company with Bitcoin. >> Do you do you intend to sell more? >> Do you do you intend to sell more? >> Do you do you intend to sell more? >> It's not our primary strategy. So I if >> It's not our primary strategy. So I if >> It's not our primary strategy. So I if the if the the common stock trades at a the if the the common stock trades at a the if the the common stock trades at a premium uh to the underlying assets then premium uh to the underlying assets then premium uh to the underlying assets then probably we fund with the common stock probably we fund with the common stock probably we fund with the common stock but if the common stock ever sells at a but if the common stock ever sells at a but if the common stock ever sells at a discount or trades at a discount to the discount or trades at a discount to the discount or trades at a discount to the common to the Bitcoin assets then you common to the Bitcoin assets then you common to the Bitcoin assets then you sell Bitcoin in order to protect the sell Bitcoin in order to protect the sell Bitcoin in order to protect the common stock. common stock. common stock. >> And where do you think Bitcoin's going >> And where do you think Bitcoin's going >> And where do you think Bitcoin's going in terms of monetary value in terms of in terms of monetary value in terms of in terms of monetary value in terms of one Bitcoin currently? What you said one Bitcoin currently? What you said one Bitcoin currently? What you said it's what 68,000 or something? it's what 68,000 or something? it's what 68,000 or something? >> I think it appreciates about 30% a year >> I think it appreciates about 30% a year >> I think it appreciates about 30% a year for the next 20 years. for the next 20 years. for the next 20 years. Right. And then it'll slow down to being Right. And then it'll slow down to being Right. And then it'll slow down to being appreciative about 20% a year. So appreciative about 20% a year. So appreciative about 20% a year. So >> you think it's the best asset to put >> you think it's the best asset to put >> you think it's the best asset to put your money in really really irrespective your money in really really irrespective your money in really really irrespective of who you are. of who you are. of who you are. >> Another way to say it is I think it >> Another way to say it is I think it >> Another way to say it is I think it appre I think it outperforms the S&P appre I think it outperforms the S&P appre I think it outperforms the S&P index by a factor of 1.5 to two. index by a factor of 1.5 to two. index by a factor of 1.5 to two. >> Who shouldn't invest in Bitcoin? >> Who shouldn't invest in Bitcoin? >> Who shouldn't invest in Bitcoin? >> The right people to invest in Bitcoin >> The right people to invest in Bitcoin >> The right people to invest in Bitcoin are long-term capital investors. So if are long-term capital investors. So if are long-term capital investors. So if you have a certain amount of money and you have a certain amount of money and you have a certain amount of money and you don't need it for the next four you don't need it for the next four you don't need it for the next four years and ideally 10 years, then you years and ideally 10 years, then you years and ideally 10 years, then you would take a portion of your capital would take a portion of your capital would take a portion of your capital investment portfolio and buy Bitcoin.

investment portfolio and buy Bitcoin. investment portfolio and buy Bitcoin. And if you believe in it, if you're a And if you believe in it, if you're a And if you believe in it, if you're a Bitcoin maxi, if you spend 100 hours Bitcoin maxi, if you spend 100 hours Bitcoin maxi, if you spend 100 hours studying it, you'd buy a lot. And if studying it, you'd buy a lot. And if studying it, you'd buy a lot. And if you're not sure, you'd probably you're not sure, you'd probably you're not sure, you'd probably diversify that portfolio across, you diversify that portfolio across, you diversify that portfolio across, you know, some real estate, some equity, know, some real estate, some equity, know, some real estate, some equity, some other long-term assets, and some some other long-term assets, and some some other long-term assets, and some Bitcoin. The people that shouldn't buy Bitcoin. The people that shouldn't buy Bitcoin. The people that shouldn't buy it are people that need the money back it are people that need the money back it are people that need the money back in 12 weeks. What about like a regular in 12 weeks. What about like a regular in 12 weeks. What about like a regular 25year-old? Um, the one of the questions 25year-old? Um, the one of the questions 25year-old? Um, the one of the questions that I saw emerging from some of the that I saw emerging from some of the that I saw emerging from some of the interviews you've done is if if a normal interviews you've done is if if a normal interviews you've done is if if a normal young person has a few hundred to invest young person has a few hundred to invest young person has a few hundred to invest today, why should they bother with Wall today, why should they bother with Wall today, why should they bother with Wall Street products like stocks or corporate Street products like stocks or corporate Street products like stocks or corporate stocks instead of just buying a real stocks instead of just buying a real stocks instead of just buying a real Bitcoin and holding it themselves? Bitcoin and holding it themselves? Bitcoin and holding it themselves? >> Yeah, I think if you have money to >> Yeah, I think if you have money to >> Yeah, I think if you have money to invest for the long term, you're going invest for the long term, you're going invest for the long term, you're going to get double the performance from BTC to get double the performance from BTC to get double the performance from BTC that you would get from like the S&P that you would get from like the S&P that you would get from like the S&P index. But for that 25-year-old, would index. But for that 25-year-old, would index. But for that 25-year-old, would would it not be smarter for them to would it not be smarter for them to would it not be smarter for them to spend it on something that's going to spend it on something that's going to spend it on something that's going to help them train their mind? Like you help them train their mind? Like you help them train their mind? Like you said, if you only have $100, said, if you only have $100, said, if you only have $100, >> I wouldn't go spend $500,000 on an >> I wouldn't go spend $500,000 on an >> I wouldn't go spend $500,000 on an expensive, you know, university expensive, you know, university expensive, you know, university education, but I would spend 20 bucks a education, but I would spend 20 bucks a education, but I would spend 20 bucks a month on an AI subscription. So, so month on an AI subscription. So, so month on an AI subscription. So, so yeah, you should definitely spend money yeah, you should definitely spend money yeah, you should definitely spend money necessary to get the the super Grock or necessary to get the the super Grock or necessary to get the the super Grock or the Pro or the professional edition.

the Pro or the professional edition. the Pro or the professional edition. Whether it's, you know, $20 a month or Whether it's, you know, $20 a month or Whether it's, you know, $20 a month or $200, $200 a month is the most I would $200, $200 a month is the most I would $200, $200 a month is the most I would spend. $20 a month is probably the least spend. $20 a month is probably the least spend. $20 a month is probably the least I would spend. But look, we're talking I would spend. But look, we're talking I would spend. But look, we're talking about your Netflix subscription at that about your Netflix subscription at that about your Netflix subscription at that point. But a after you've done that, point. But a after you've done that, point. But a after you've done that, then you're talking about what you ought then you're talking about what you ought then you're talking about what you ought to be invested in. I think that the that to be invested in. I think that the that to be invested in. I think that the that you ought to be invested in digital you ought to be invested in digital you ought to be invested in digital capital because you can take it with you capital because you can take it with you capital because you can take it with you anywhere in the world. If you invest in anywhere in the world. If you invest in anywhere in the world. If you invest in an Airbnb or real estate, you know, an Airbnb or real estate, you know, an Airbnb or real estate, you know, you're locked into a certain city, you you're locked into a certain city, you you're locked into a certain city, you can't travel with it. It's high can't travel with it. It's high can't travel with it. It's high maintenance. There's a lot of risk. If maintenance. There's a lot of risk. If maintenance. There's a lot of risk. If you invest in an individual stock, you you invest in an individual stock, you you invest in an individual stock, you have a lot of anxiety because they come have a lot of anxiety because they come have a lot of anxiety because they come and they go and you got to pick the and they go and you got to pick the and they go and you got to pick the right stock. And most stocks will fail, right stock. And most stocks will fail, right stock. And most stocks will fail, but some will succeed. But but it it but some will succeed. But but it it but some will succeed. But but it it really is much more challenging. really is much more challenging. really is much more challenging. I I think really it comes down to if you I I think really it comes down to if you I I think really it comes down to if you have a liquid portfolio, have a liquid portfolio, have a liquid portfolio, you know, are you going to invest in you know, are you going to invest in you know, are you going to invest in like the S&P index if you're a like the S&P index if you're a like the S&P index if you're a conventional capital investor? Are you conventional capital investor? Are you conventional capital investor? Are you going to invest in Bitcoin if you're a going to invest in Bitcoin if you're a going to invest in Bitcoin if you're a digital or, you know, a technology digital or, you know, a technology digital or, you know, a technology capital investor?

capital investor? capital investor? >> Michael, we have a closing tradition >> Michael, we have a closing tradition >> Michael, we have a closing tradition where the last guest leaves a question where the last guest leaves a question where the last guest leaves a question for the next guest not knowing who for the next guest not knowing who for the next guest not knowing who they're leaving it for. And the question they're leaving it for. And the question they're leaving it for. And the question left for you is what is one thing you left for you is what is one thing you left for you is what is one thing you believe that maybe you haven't talked believe that maybe you haven't talked believe that maybe you haven't talked about enough that you think likely 99% about enough that you think likely 99% about enough that you think likely 99% of the world don't yet believe. If I look at my life and I think about If I look at my life and I think about something that's been that's had a real something that's been that's had a real something that's been that's had a real impact on me, it's after I got a full impact on me, it's after I got a full impact on me, it's after I got a full education, you know, uh from college, I education, you know, uh from college, I education, you know, uh from college, I I eventually went back and I studied two I eventually went back and I studied two I eventually went back and I studied two topics on my own. one uh like practical topics on my own. one uh like practical topics on my own. one uh like practical applied statistics all the stuff that applied statistics all the stuff that applied statistics all the stuff that Nicholas TB wrote like fooled by Nicholas TB wrote like fooled by Nicholas TB wrote like fooled by randomness and skin in the game and the randomness and skin in the game and the randomness and skin in the game and the black swan and uh you know how do you black swan and uh you know how do you black swan and uh you know how do you know the difference between something know the difference between something know the difference between something that's meaningful and something that's that's meaningful and something that's that's meaningful and something that's just misleading random data that was just misleading random data that was just misleading random data that was profoundly valuable to me and I would profoundly valuable to me and I would profoundly valuable to me and I would say you know anybody that hasn't read say you know anybody that hasn't read say you know anybody that hasn't read all of those books probably ought to go all of those books probably ought to go all of those books probably ought to go read those books and and obsess over read those books and and obsess over read those books and and obsess over uh applied statist statistics. That's uh applied statist statistics. That's uh applied statist statistics. That's the one thing the AI will not be able to the one thing the AI will not be able to the one thing the AI will not be able to do for you when you have to decide do for you when you have to decide do for you when you have to decide whether to cross the street while you're whether to cross the street while you're whether to cross the street while you're typing on your phone. You know, the AI typing on your phone. You know, the AI typing on your phone. You know, the AI will not give you a neverending real will not give you a neverending real will not give you a neverending real time stream of common sense to tell you time stream of common sense to tell you time stream of common sense to tell you should or should not do that thing. And should or should not do that thing. And should or should not do that thing. And so I I think that that's really so I I think that that's really so I I think that that's really important. And the second thing that I important. And the second thing that I important. And the second thing that I did after I left school and and after a did after I left school and and after a did after I left school and and after a lifetime of experience is like I went

lifetime of experience is like I went lifetime of experience is like I went back and I just read uh the story of back and I just read uh the story of back and I just read uh the story of civilization by Durant. Every page, 11 civilization by Durant. Every page, 11 civilization by Durant. Every page, 11 volumes, 14,000 pages. Most of the volumes, 14,000 pages. Most of the volumes, 14,000 pages. Most of the history that you read in school, it's history that you read in school, it's history that you read in school, it's the cliffotes. the cliffotes. the cliffotes. But if you go through the entire thing, But if you go through the entire thing, But if you go through the entire thing, and I recommend that one just cuz I and I recommend that one just cuz I and I recommend that one just cuz I think it was a pretty well balanced think it was a pretty well balanced think it was a pretty well balanced history that covered art and culture and history that covered art and culture and history that covered art and culture and politics and technology and mil, it's politics and technology and mil, it's politics and technology and mil, it's not just military history, not just not just military history, not just not just military history, not just political history, but it was, you know, political history, but it was, you know, political history, but it was, you know, all a very synthetic history. When you all a very synthetic history. When you all a very synthetic history. When you go back and you read it all as an adult, go back and you read it all as an adult, go back and you read it all as an adult, then it gives you such a profound then it gives you such a profound then it gives you such a profound appreciation for humanity and it gives appreciation for humanity and it gives appreciation for humanity and it gives you so much wisdom. And what you'll find you so much wisdom. And what you'll find you so much wisdom. And what you'll find is all these things you think you're is all these things you think you're is all these things you think you're discovering, they got discovered in like discovering, they got discovered in like discovering, they got discovered in like 15th century Russia and then they got 15th century Russia and then they got 15th century Russia and then they got rediscovered, you know, like most of rediscovered, you know, like most of rediscovered, you know, like most of these things that people tell you or these things that people tell you or these things that people tell you or this is new and profound. Oh, it was new this is new and profound. Oh, it was new this is new and profound. Oh, it was new and profound a hundred times in a row or and profound a hundred times in a row or and profound a hundred times in a row or a thousand times in a row. It was just a thousand times in a row. It was just a thousand times in a row. It was just the story was told a different way each the story was told a different way each the story was told a different way each time.

time. time. >> Give me an example of a thing that we >> Give me an example of a thing that we >> Give me an example of a thing that we think is new, but history tells you think is new, but history tells you think is new, but history tells you >> maybe the fact that currency started >> maybe the fact that currency started >> maybe the fact that currency started getting debased when Nixon went off the getting debased when Nixon went off the getting debased when Nixon went off the gold standard, you know, and what gold standard, you know, and what gold standard, you know, and what happened in 1971 or whatever. And the happened in 1971 or whatever. And the happened in 1971 or whatever. And the truth of the matter is that was the truth of the matter is that was the truth of the matter is that was the point at which the US dollar started point at which the US dollar started point at which the US dollar started weakening at a much more rapid rate. But weakening at a much more rapid rate. But weakening at a much more rapid rate. But it turns out that every currency it turns out that every currency it turns out that every currency everywhere in history has been debased. everywhere in history has been debased. everywhere in history has been debased. My point here really is uh I think My point here really is uh I think My point here really is uh I think people think that they that they learned people think that they that they learned people think that they that they learned stuff in college, stuff in college, stuff in college, but really it's not too late to go back but really it's not too late to go back but really it's not too late to go back and relearn math, especially applied and relearn math, especially applied and relearn math, especially applied statistics. And it's not too late to go statistics. And it's not too late to go statistics. And it's not too late to go back and relearn history. And as an back and relearn history. And as an back and relearn history. And as an adult, you always appreciate those adult, you always appreciate those adult, you always appreciate those things much better. Yeah. you almost things much better. Yeah. you almost things much better. Yeah. you almost it's like the education is wasted on the it's like the education is wasted on the it's like the education is wasted on the youth you know because you don't you youth you know because you don't you youth you know because you don't you don't have the life experiences to don't have the life experiences to don't have the life experiences to appreciate what you're reading but also appreciate what you're reading but also appreciate what you're reading but also you know they're they're summarizing you know they're they're summarizing you know they're they're summarizing editing and censoring a lot of the stuff editing and censoring a lot of the stuff editing and censoring a lot of the stuff you read and and uh if you just go back you read and and uh if you just go back you read and and uh if you just go back and say I'm just going to you know read and say I'm just going to you know read and say I'm just going to you know read the entire thing in its entirety and the entire thing in its entirety and the entire thing in its entirety and there are a lot of other things you there are a lot of other things you there are a lot of other things you could also read full histories of other could also read full histories of other could also read full histories of other things but as an adult. Uh I think that things but as an adult. Uh I think that things but as an adult. Uh I think that that just makes you a better person and that just makes you a better person and that just makes you a better person and makes you a better business person, makes you a better business person, makes you a better business person, makes you a better leader. And also it makes you a better leader. And also it makes you a better leader. And also it helps you overcome the arrogance of helps you overcome the arrogance of helps you overcome the arrogance of thinking, oh, I'm the first guy in human

thinking, oh, I'm the first guy in human thinking, oh, I'm the first guy in human history that ever encountered it. And history that ever encountered it. And history that ever encountered it. And and what you'll realize is no, you're and what you'll realize is no, you're and what you'll realize is no, you're not. And the empowering part is someone not. And the empowering part is someone not. And the empowering part is someone else did, and this is how they worked else did, and this is how they worked else did, and this is how they worked their way through the issue. And and their way through the issue. And and their way through the issue. And and that can be very inspirational for you. that can be very inspirational for you. that can be very inspirational for you. >> Michael, [snorts] thank you. Thank you >> Michael, [snorts] thank you. Thank you >> Michael, [snorts] thank you. Thank you for taking the time. Thank you for um for taking the time. Thank you for um for taking the time. Thank you for um opening all of our eyes and thank you opening all of our eyes and thank you opening all of our eyes and thank you for uh building a business which has for uh building a business which has for uh building a business which has continued to innovate in such a way that continued to innovate in such a way that continued to innovate in such a way that people never thought was possible. Thank people never thought was possible. Thank people never thought was possible. Thank you for introducing me to Bitcoin. Um I you for introducing me to Bitcoin. Um I you for introducing me to Bitcoin. Um I think you both introduced me to it but think you both introduced me to it but think you both introduced me to it but also you enabled me to have a mental also you enabled me to have a mental also you enabled me to have a mental framework for not selling it. Um when I framework for not selling it. Um when I framework for not selling it. Um when I when I had I would have lost a lot of when I had I would have lost a lot of when I had I would have lost a lot of money and thankfully now I don't even money and thankfully now I don't even money and thankfully now I don't even know where it is. my brother, my brother know where it is. my brother, my brother know where it is. my brother, my brother and some of my siblings take care of it and some of my siblings take care of it and some of my siblings take care of it for me and I don't have to uh experience for me and I don't have to uh experience for me and I don't have to uh experience the angst and also just thank you for the angst and also just thank you for the angst and also just thank you for pushing for this idea of sovereignty pushing for this idea of sovereignty pushing for this idea of sovereignty because I think um in the world of because I think um in the world of because I think um in the world of increasing censorship and centralization increasing censorship and centralization increasing censorship and centralization sovereignty I think is a really winning sovereignty I think is a really winning sovereignty I think is a really winning idea and I think that's what you're sort idea and I think that's what you're sort idea and I think that's what you're sort of philosophically aiming at as well and of philosophically aiming at as well and of philosophically aiming at as well and um yeah [snorts] I hope to speak to you um yeah [snorts] I hope to speak to you um yeah [snorts] I hope to speak to you sometime soon because you're a very sometime soon because you're a very sometime soon because you're a very you're an individual capable of speaking you're an individual capable of speaking you're an individual capable of speaking about such a broad range of subjects about such a broad range of subjects about such a broad range of subjects that I care so much about.

that I care so much about. that I care so much about. >> It's a pleasure to be on the journey >> It's a pleasure to be on the journey >> It's a pleasure to be on the journey together. Thank you, my friend. YouTube together. Thank you, my friend. YouTube together. Thank you, my friend. YouTube have this new crazy algorithm where they have this new crazy algorithm where they have this new crazy algorithm where they know exactly what video you would like know exactly what video you would like know exactly what video you would like to watch next based on AI and all of to watch next based on AI and all of to watch next based on AI and all of your viewing behavior. And the algorithm your viewing behavior. And the algorithm your viewing behavior. And the algorithm says that this video is the perfect says that this video is the perfect says that this video is the perfect video for you. It's different for video for you. It's different for video for you. It's different for everybody looking right now. Check this everybody looking right now. Check this everybody looking right now. Check this video out and I bet you, you might love video out and I bet you, you might love video out and I bet you, you might love it.