568: Tony Robbins - Learning From Mentors, Building Confidence, Becoming More Valuable, and Coaching The World's Most Impactful Leaders

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Best investments in the world are limited to the wealthiest
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people how insane is that imagine you're making 50 more
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money per year compounded.
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The holy grail of investing.
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It's mind-boggling show people how to actually do it how
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an average person could do this now that'll change the game.
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The greatest keynote inspirational motivational speaker of all time what
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do you do When we're not watching.
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I've had the opportunity to work with everybody from Mother Teresa.
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Serena Williams.
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Nelson Mandela. Every living president. Who coaches you? It started
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me on a journey. I decided to feed 100 million people.
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What's the dialogue amongst the titans of the world?
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The biggest problem in our society today is where's the
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world right now?
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What's coming? It's going to be a disaster.
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If you want to help your kids have a great future,
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regardless of AI, something's going to change.
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Got it.
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People talk about 10,000 hours. I've got 90,000 hours. Wow.
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That's a big difference.
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Uncertainty kills performance. If you're considered the best on earth,
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you're going to prosper no matter what happens. What's something
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about Tony that nobody knows?
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Welcome to the Learning Leader Show, presented by Insight Global.
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I am your host, Ryan Hawk. Thank you so much
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for being here. Text HAWK to 66866 to become part
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of Mindful Monday. You, along with tens of thousands of
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other learning leaders from all over the world, will receive
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a carefully curated email from me each Monday morning to
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help you start your week off right today. You'll also
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receive the first two chapters of my new book, The
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Score That Matters, for free if you text HAWK to 66866. Now,
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on to tonight's featured leader. For the past 40 years,
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Tony Robbins has been known worldwide as one of the
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most impactful business and life coaches. He's hosted millions of
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people at his events, written six international bestselling books, He's
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involved in more than 100 businesses that have done more
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than $ 7 billion in revenue. And as part of his
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work with Feeding America, Tony has provided more than 850
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million meals to those in need. Tony has personally coached
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President Bill Clinton, Serena Williams, Conor McGregor, Mark Benioff, Usher,
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the Golden State Warriors, and many others. During our conversation,
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we discussed Tony's origin story and what he learned from
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early mentors in his life like Jim Rohn. Then he
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shares how to develop, maintain, and grow confidence in yourself.
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Then Tony shares his intense, maniacal preparation process for his
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live events and how all of us can prepare for
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the big moments in our lives. Talk about that and
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so much more. Ladies and gentlemen, please enjoy my conversation
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with Tony Robbins. Tony, first, thanks for coming on the
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Learning Leader Show. It's great to have you, man.
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Thanks, Ryan.
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It's great to meet you.
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I'm curious, over the course of your life, you've gotten
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to work alongside some of the best of the best,
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leaders who have sustained excellence, and that's really what I
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study here and have for the past nine years. I'm curious,
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what have you found to be some of the commonalities
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among leaders who sustain excellence over an extended period of time?
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I've been very privileged, to say the least.
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I've had The opportunity to work with everybody from Mother Teresa,
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Nelson Mandela, every living president except the current one. Some
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of the greatest leaders in entertainment, business, obviously in finance.
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Common denominators. I'd say that the number one thing is
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finding something that you care about more than yourself. They
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have some kind of mission or vision that gives them
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that energy. You and I both know when it comes
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to drive, there's push and there's pull motivation, right? Push,
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you're going to get exhausted eventually. Pull is something so
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compelling to you. It's more than you. that you were
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pulled to give more, to do more, to create more.
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I think second, I love people that are wickedly intelligent.
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I love wicked intelligence. However, I've met some wickedly intelligent
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people that can't fight their way out of a paper
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bag in a pragmatic way. So I would say that
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right up there with that sense of mission is that hunger,
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the hunger to be more, to do more, to give more,
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to create more, a hunger that doesn't go away, not
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a hunger like I got a goal to achieve X,
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lose weight and get to the party type of thing.
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That hunger that's insatiable, whether you're talking about somebody like
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Mark Benioff at Salesforce, he isn't doing these things anymore.
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Or somebody like Ray Dalio, who's still delivering after 50 years,
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almost in the investment business. Or you look at somebody,
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you know, like Richard Branson, who's got as much passion
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and hunger, almost 70 years old as he did when
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he was 16, starting his first company in Virgin, Crypt.
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So I think hunger is the most beautiful thing. And
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then one more is they're willing to do the hard work.
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I mean, some people have a nice vision and they're hungry,
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but not hungry enough to do what's hard and do
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it over and over again with repetition. I always say
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that when you see someone who's the best in the
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world at something, people get rewarded in public for what
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they practice insanely in private. I'm fortunate enough to own
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a piece of several sports teams and I've coached some
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of the teams and one of them I got a
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chance to work with and own a piece of is
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the Warriors. And so I've gotten to know the players
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over the years and Steph Curry is one of the greatest,
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is the greatest three-point shooter in history. But people look
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at him and you see him make a shot. He
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releases the ball for almost half court. He's chewing on
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his thing.
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He turns around.
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He doesn't even look. He knows it's going in. And
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people are like, oh my God, that's magical. Well, it is,
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but they don't realize for his entire life, he shoots
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500 shots a day, every single day, seven days a week, 3,500 shots,
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no exceptions whatsoever. So give me an idea. That means
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he's doing 14,000 shots a month, 168,000 shots a year.
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And his.
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Career in the NBA, which is a little more than
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15 years, he's shot literally 2.52 million practice shots. So
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he can make 3,000 shots, basically, that are three-pointers in
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the real games. I mean, it's just the number of
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shots he takes in a real game, the number he
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makes in a real game are not even one-tenth of
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1% of the practice shots. So it's like, that's what
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it takes. If you have that kind of hunger and drive,
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if you're willing to do the hard work, if you've
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got someone to serve greater than yourself, You're going to
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be a great leader.
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There's a lot of things you're world-class at, but I
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think most people would agree you're maybe the greatest keynote
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slash inspirational slash motivational speaker of all time. And I'm
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curious when you hear that, what do you do when
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we're not watching? Because we see you on stage. We
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see you moving thousands of people, stadiums, arenas of people.
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What are your Steph Curry moments? jump shots when nobody's
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watching to get ready to change so many lives when
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you're on stage at live events?
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That's a great question.
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People ask my wife sometimes, what's something about Tony that
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nobody knows? And she said, what his work ethic is
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like in terms of preparation. I'm so overprepared. I was
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doing this event a couple of weeks ago. We had 1.1
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million people for four days from 195 countries all participating
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in the seminar I put on. And so you had
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people from every walk of life, every country, 193 countries,
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all the countries in the world But I was up
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till three or four in the morning every night watching
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the videos of people before they joined this challenge. And
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then each night I gave them homework and I watched
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and watched and watched. And what happens is I start
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to see patterns and I see what people need and
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I change what I'm doing the next day based on that.
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But also I've fortunately been doing this. People talk about 10,000 hours.
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And I think a lot of people, that's a barrier.
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You only really need about 20 hours to get good
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at something, decently good, not masterful, but good. And I
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think a lot of people don't begin because they hear
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this 10,000 hours that's been so overused. However, there's no
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question that if you keep improving, it's not the number
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of hours, but if you keep improving, and I've got 90,000 hours,
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I'm talking about on stage. That's not preparation times. So
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when you do that enough, at some point, I could
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be an idiot. I have to see patterns, right? And
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I think being able to recognize patterns, Most people today
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have such a short attention span. So to take people
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that won't sit for a three-hour movie, much less a
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20-minute presentation on video, and take them all over the
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world in different locations and different time zones and go
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12 hours a day, 13 hours a day, where they're
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fully engaged. requires a different level of preparation. It's also
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preparation in my body. So I do so many things
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now become popular, like cold plunges and stuff. I've been
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doing this for about 18 years to give you an idea.
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I have a hyperbaric oxygen machine. I reduce my oxygen
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for my intense workouts. So the amount I do physically
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to be able to get up there and maintain that
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energy for 12, 13 straight hours for four days or
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six days or seven days in a row is another
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element of mine. And then it's constantly increasing. Asking new questions,
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constantly learning. I think very much like you, Ryan, that's
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why I wanted to meet you. It's like you and
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I share this passion for understanding what's the difference that
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makes the difference in the quality of leadership or the
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quality of life. And I'm constantly getting that from books
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and conversations and, and quite frankly, most importantly, from real
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people that I have the chance to interact with that
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are leaders around the world.
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The best athletes in the world have coaches. You've coached
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some of them. I think of Serena Williams. She's like
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the best of all time. You're one of her coaches.
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She also has a tennis coach. And Michael Jordan had
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Phil Jackson and Tiger Woods has hired swing coaches and
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other types of coaches. Presidents, Bill Clinton would call you
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the night. Well, I'm gonna get to that story in
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a second. But my point is saying is that the
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best of the best, they want to be coached. Peyton
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Manning talked about this all the time. He loved being
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coached in practice and games. He loved it. If your
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coach didn't coach you, he was upset. Who coaches you?
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You're the guy who coaches everybody else. Who helps you?
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I'm curious. Who watches your film or gives you feedback?
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How do you get coached?
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Well, I have a group of people that will often
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call me their coach, but I'm not stupid enough to
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be around such brilliant people and not learn myself. I
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have a core group like Mark Vanioff from Salesforce. Mark
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came to my seminars years ago and he was working
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for Oracle and he went to like four seminars in
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a row. And then he finally came up, introduced himself
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and he said, why don't you come on this journey
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with me? You convinced me I'm leaving Oracle. I'm going
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to start this company called Salesforce.com. And he said, I'll
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never forget. He said, we're going to do $ 100 million
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in business and change the world. So now he's doing
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like $ 30 billion. So it's been a fun journey. But
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Mark is one. Ray Dalio is another one who's a dear,
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dear friend and is a great coach. Like last week,
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I wanted to get some coaching on where I think
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the world's going financially. And I have the good fortune
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that I could pull together Ray Dalio, Paul Tudor Jones,
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Howard Marks, Jeffrey Gundlach, all in a matter of three
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or four days and pick their brains together. Peter Guber
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is a dear friend of mine who owns the Warriors
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and the Dodgers, and we own multiple pieces of teams together.
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But he's got 52 Academy Award nominations, one of the
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most brilliant people I know in the world.
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So I'm lucky enough to have.
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So many brilliant people that when I come and they
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say I'm their coach, I know how to coach them
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on what I'm doing. But when I get someone with
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great expertise, trust me, I pick their brains and we
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usually become good friends. And we then become pitching and
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catching instead of me just pitching to them.
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I love it when somebody can throw the ball back.
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And so I'm fortunate to do that with the kind
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of people I have the privilege of surrounding myself with.
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I'd be curious if you could take me inside a
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retreat or an offsite, whether some of those guys are
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other people where you're together in rooms, you're having dinners,
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you're probably doing some physical things together. What does it
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sound like in those rooms? What's the dialogue amongst the
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Titans of the world? What's the type of stuff you
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talk about and how do you help one another?
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Well, it depends on the context.
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So last week, when I was talking about, we had
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a group of leaders together and we went up to
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Whistler Canada in the mornings. We all skied and snowboarded
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and so forth. And then we came together for the
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second half of the day from noon to midnight or
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one in the morning. That's the kind of, I do
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deep immersions. And we were digging every aspect of what's happening.
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We had Secretary of State Pompeo there. And we're finding
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from all these brilliant minds, we had, I think, eight
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self-made billionaires there all talking about where's the world right now?
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What's coming? How do we adapt? Because we have.
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$ 212 trillion of unfunded liabilities when you count Medicare and
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Social Security. And there's no human way that can ever
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be paid back. And so now the interest rates are higher.
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The interest on that alone, if interest rates don't drop significantly,
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it's going to be a disaster. It's not that far
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in the future where 50% of all tax receipts would
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just be covering, to give you a perspective, the interest rate.
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If the interest rates stay where they are in that
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same short period of time, we get to where 100%
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of tax receipts would just be covering the debt, right?
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Just covering the interest on the debt. So that's not feasible.
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So something's going to change. And so that brings up
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a lot of emotion, as you might matter, because people
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love certainty and they have their lives the way they
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are and they want to continue those ways if they're successful.
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But you have to be able to adapt. And we're
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in the middle of a global change.
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Ray Dalio talks about this when he talks about the
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changing world order. There are these patterns that you can see.
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By the way, everything I do is about patterns. If
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you develop three skills, or if you want to help
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your kids, be sure your grandkids have a great future
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regardless of AI or robotics or nanotechnology. The answer is
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they've got to come learning machines. And the way you
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do that is, number one, you master the skill of
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pattern recognition. Because when you start to recognize patterns, things
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are no longer chaos. They're no longer overwhelming to you.
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But what's more powerful is when you not only recognize them,
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but you get the second skill, you start to use
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those patterns. So you look at any great musician, any
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great business person, any great financial trader or investor, anyone's
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great at anything. They know exactly the way to move
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their body or their voice or the camera angle or
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their eyes to produce that result, maximum result every single
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time if they're the best in the world. But the
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very best make it to the third level, which is
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you start creating your own patterns. If you're learning to
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play music, if you're playing the piano, initially you're probably
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going to be playing somebody else's music. You're learning a pattern.
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And you learn how to use it. And then gradually
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you start to bring yourself through it. And I think
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that's really what I do in those environments is I
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really help people see what those patterns are. So there
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are some patterns in the economy. There's patterns in people's emotions.
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There's patterns in business. I'm fortunate enough now to have
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114 companies. We're doing over $ 7. 5 billion in business across
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all these different industries. And it's all because I never
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went to Harvard Business School or any business school. I
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got to work with the best entrepreneurs in the world
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and study their patterns, figure out what made them successful
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and study the ones that made people make mistakes or
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have failures. And if you get enough of that, you
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develop principles that can guide you. And that's what happens
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in these situations. But we have private one-on-one conversations. We
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have group conversations where it's intimate like that, only 500 people.
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But then there's the 10,000, 15,000. I just did 1.1
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million people and And we're still having pretty intimate conversations
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because I'm using technology adapted because of what happened during COVID.
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And I built a 25,000 square foot studio with 20
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foot high LED screens, 0.67 resolution so I can see
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everything that's going on. And I went to the founder
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of Zoom, who's a fan of mine, and said, listen,
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I need more than 1,000 or 1,200. I need 50,000.
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I need 100,000. And so now we can bring you
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up on screen, full screen, interact with you. You're larger
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than life, 20 feet tall. And the interactivity is amazing.
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So we have people. We'll start, for example, here in
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Palm Beach, Florida at 10 in the morning, and it's
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midnight in Australia. And we've got thousands of people going
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from midnight in Australia until 1 in the afternoon the
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next day, about 12 1⁄2, 13 hours. for four days
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and nights. And I'm looking at them. I'm seeing them
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in their homes and I can see the sun coming
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up and then going down by the end of the program.
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So those patterns really help us. But everything I do
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still requires a change in physiology. What I mean by
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that is information doesn't change your life.
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If I asked where you were on 9-11, I bet
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you remember vividly. Am I right? Oh, yeah.
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Yeah.
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Wait room at Miami University.
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Yep. You can remember the moment, what you saw, who
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was there.
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People all over the world, even non-Americans can tell you that.
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Why?
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Why?
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If I asked you where you're on, say, 8-11, you
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don't have a clue.
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And the reason is information without emotion is barely retained.
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But when there's strong emotion information, it's retained. So we've
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been doing these studies during COVID. I was approached by
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the people at Stanford because two of their professors came
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to one of my programs, a five-day program. And they
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were both clinically depressed and came out with no depression,
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no more use of the drugs, anything like that. They
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were blown away. And he said, do you have any
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data on this? And I said, well, yeah, I've got
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millions of clients. They said, no, but like scientific data.
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I said, no, but if you want to run a study,
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I'd love to support it. And I said, we'd love
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to do one on depression, because as you can imagine,
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during COVID, depression went wild, so did overdoses. And I said, okay,
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but what do the meta studies show? What are we
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banking against? What does traditional intervention look like? And he said, well,
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it's usually drugs and some therapy, verbal therapy. And he
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said that across the meta studies, 60% of the people.
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Make no improvements.
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Which I had no clue, it's pretty horrific in my mind,
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40% improved, but on average they improved 50%, which means
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they're half as depressed as they were. Some people get well,
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most don't. Most stay on these SSRIs for a very
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long time. And we now proven a year ago, the
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meta-studies show SSRIs don't even work, but we still sell
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millions of them every single day.
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It's crazy.
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So I said, well, I think we could beat that.
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I think you could beat that with a placebo. And
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he laughed and said, maybe. And I said, what's the
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best study you've ever done? Well, if we were banking
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against that, and they said five years ago at Johns
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Hopkins- They did a study where they took people for
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30 days and gave them psilocybin, magic mushrooms, hallucinogenic, and
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cognitive therapy for a month. I said, well, after a
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month of that, you must have got some change in
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their brain.
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And he laughed.
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He goes, it was the most incredible change we've ever
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seen in psychiatry. Six weeks after this 30 days of
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the drugs and the therapy, these individuals showed no symptoms whatsoever.
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54% of them had no symptoms whatsoever. And he said,
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it was amazing. I said, well, why don't you use
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that as the benchmark?
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So they did.
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And we used no drugs, obviously. And it wasn't a month.
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It was five days. But it was reorganizing, which is
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what we do, the pattern of perception, the pattern of
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decision making, the pattern of emotion, which affects everything in
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your life. And we don't tell people how to do that.
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We show them how to do it and how to
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rewire it in their nervous system so it's automatic. And
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the interesting thing is the results were so dramatic. they
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were afraid to be canceled. So they took the information,
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sent it blind to three other organizations, got the same results.
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The results were these after six weeks of attending the
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five day it's called date with destiny seminar. 100% of
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the people had no symptoms of depression whatsoever. Even better,
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17% of the people who had suicidal ideation, which means
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they're constantly thinking of suicide, none had it. They did
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a follow-up 11 months later with no more intervention from me,
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no interaction from me with any of those clients. And
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they found that they not only were not depressed, but
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they had a 72% reduction in negative emotions and a
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51% depression. improvement and positive emotions. So they're now doing
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one on quiet quitting and corporate engagement. They just did
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a year-long program, the largest study of its type. And
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I haven't seen the final results, but I saw them
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at six months and it was amazing. It took away
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four years of shutdowns, created a massive disturbance from engagement,
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which as you probably know, Engagement is directly tied to
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EBITDA or profit. The higher the engagement, the higher the
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profit of a company. And there's engaged, there's disengaged, and
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there's active disengaged. Disengaged would be like quiet quitting. And
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actively disengaged is like loud quitting, where people are still
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at the company but trying to destroy it. In the
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history of those studies, in those four years of COVID,
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we had the biggest drop in engagement in history. We
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had the largest increase in active disengagement in history. We,
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in five days, outstripped everything that happened from four years
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and then some, and it continued to grow for six months.
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And I'll get to see the 12-month mark, but from
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when I've heard third party, at least it's gone extremely well.
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So there are ways to rewire people, and a lot
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of it has to do with the way in which
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you engage the nervous system. So it isn't just sitting
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and listening to somebody. That wouldn't do squat. But when
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you engage the nervous system, you change biochemistry while you're learning.
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That's that retention like you had for 9-11. Wow.
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Okay.
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Massive transformation that you make with people. That's obvious, proven, right?
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Studies are there. I want to go back to maybe
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a little bit more relatable time. You're 17 years old,
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rough upbringing. Most people, it's well-known, but you meet Jim Rohn.
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And I love mentors and I love the story because
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I'm so lucky to have some really amazing mentors and
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football coaches in my life that have changed my life.
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And I'm curious, Tony, when you think about that time
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in your life and the work ethic you developed and
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all the things that came about from that relationship. What
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did you learn from Jim and how did he help you?
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I think one of the most valuable things I learned
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from him was I had four different fathers. Uh, we
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were always broke. Um, we had no money at Thanksgiving
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when I was 11. And as a result of that,
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I got fed and, but it was more than getting fed.
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It made me believe strangers care. And it started me
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on a journey from 17 on where I started feeding people,
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two families, four families, And I decided to feed 100
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million people a year, 100 million meals a year. Anyway,
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in the United States, I said, I'm going to provide
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a billion meals in 10 years. I did that in
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eight years. I finished that last year. Now I'm doing
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100 billion meal piece. But what I really learned from
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that was I had so much pain and suffering. I
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wanted to understand why my fathers were always broke or
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losing their jobs because they were good people. I mean,
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from my perspective, I've sunned all four of them. They're
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good human beings. And Jim Rohn said to me, he said, Tony,
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the way I can explain this to you is We're
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all equal as souls, but we're not equal in the marketplace.
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And I said, what does that mean? And he said, well,
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think about this, because I was complaining about the fact
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that a school teacher only made, I think back then
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it was like $ 40, 000 a year when I was asking
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the question. And some hedge fund guy made a billion
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dollars that year was pretty famous. And he said, well,
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let's start with McDonald's. He said, people complain about McDonald's
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and minimum wage. He goes, it's not designed to be
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a long-term job. It's an entry job. And the reason
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it's so cheap in its minimum wage is because anyone
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can learn to do it. So there's not a lot
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of added value. In fact, now, as I'm sure fast
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food is now starting to use robots already, they're going
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to replace it all because anybody can do it. And
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the robots certainly can do it. And so now he said,
476
00:22:07.150 --> 00:22:10.390
now you look at your teachers. He goes, I'm respectful
477
00:22:10.410 --> 00:22:12.089
of teachers. I had some great teachers. He goes, but
478
00:22:12.250 --> 00:22:14.549
of all your teachers, I'm sure you had some really
479
00:22:14.589 --> 00:22:18.650
good ones. But what percentage were great? I said, I
480
00:22:18.680 --> 00:22:20.450
don't know, but I had two or three that were amazing.
481
00:22:20.470 --> 00:22:21.329
He goes, two or three.
482
00:22:21.430 --> 00:22:23.529
And he goes, and how many people did they influence?
483
00:22:24.329 --> 00:22:26.390
I said, well, we had a class of 35 people, right?
484
00:22:26.450 --> 00:22:28.710
He said, so they picked a job also where they
485
00:22:28.730 --> 00:22:32.680
were not rewarded for performance. They wanted instead security. So
486
00:22:32.740 --> 00:22:35.519
they have a limited return because lots of people want
487
00:22:35.559 --> 00:22:37.759
security and most people are not willing to put themselves
488
00:22:37.799 --> 00:22:39.680
on the line. He said, the guy you're talking about,
489
00:22:39.700 --> 00:22:42.190
the hedge fund that you're so judgmental of, He said
490
00:22:42.210 --> 00:22:44.829
people in those days were getting like a 6% return, right?
491
00:22:45.259 --> 00:22:46.960
It wasn't like the recent years of two and three
492
00:22:47.019 --> 00:22:49.519
on bonds and things like that. And he said he
493
00:22:49.539 --> 00:22:52.579
got 47% return for three years.
494
00:22:52.420 --> 00:22:52.900
In a row.
495
00:22:53.279 --> 00:22:56.039
He said, Tony, those are people's pensions. That's their future.
496
00:22:56.140 --> 00:23:00.109
That's their children. That's their college funds. That's everything. He goes,
497
00:23:00.150 --> 00:23:02.130
he's worth it. So he said, what I want you
498
00:23:02.150 --> 00:23:05.849
to get from this is your job is to become
499
00:23:05.910 --> 00:23:08.849
more valuable. Your job is to find a way to
500
00:23:08.890 --> 00:23:11.779
do more for others than anybody else is doing. And
501
00:23:11.799 --> 00:23:15.349
I said, that's actually aligned with my own emotional view
502
00:23:15.380 --> 00:23:17.849
of life or spiritual view of life, which is that's what,
503
00:23:18.069 --> 00:23:21.170
that's what makes for me business spiritual. I always tell
504
00:23:21.210 --> 00:23:23.190
all the people in my company, this is a spiritual game.
505
00:23:23.549 --> 00:23:25.589
Our job is do more for others than anybody else
506
00:23:25.630 --> 00:23:27.490
in the marketplace. If we do that over and over
507
00:23:27.569 --> 00:23:30.049
year after year, eventually you'll build a brand. And when
508
00:23:30.069 --> 00:23:31.609
you build a brand, you will not have to worry
509
00:23:31.670 --> 00:23:34.359
about prosperous because people will get on their knees and
510
00:23:34.430 --> 00:23:37.059
reach behind to get a Coca-Cola from some other Cola
511
00:23:37.079 --> 00:23:39.420
because that's the brand they want. If you're considered the
512
00:23:39.460 --> 00:23:42.299
best on earth, you're going to prosper no matter what happens.
513
00:23:42.380 --> 00:23:45.660
And so that idea of constantly adding value, he really
514
00:23:45.700 --> 00:23:47.359
brought to me. But he was a mentor. I had
515
00:23:47.420 --> 00:23:50.789
a mentor named John Grinder, who was the co-founder of
516
00:23:50.829 --> 00:23:54.589
Neuro Linguistic Programming, NLP. I learned from him how to
517
00:23:55.009 --> 00:23:57.369
really make changes in minutes people think would take months
518
00:23:57.430 --> 00:24:00.069
or years. He was a genius, how to use language
519
00:24:00.089 --> 00:24:02.480
to change the nervous system. And he was also a
520
00:24:02.779 --> 00:24:06.779
former Green Beret and Special Forces guy and worked undercover,
521
00:24:06.859 --> 00:24:09.400
and he had a unique way of using his body
522
00:24:09.440 --> 00:24:11.069
to change the way he was thinking and feeling.
523
00:24:11.109 --> 00:24:12.710
And so I learned a lot from him.
524
00:24:12.730 --> 00:24:15.690
I developed my own style of it, but the principles
525
00:24:15.730 --> 00:24:17.549
of that were priceless for me.
526
00:24:17.970 --> 00:24:19.190
So throughout my life, I've had that.
527
00:24:19.230 --> 00:24:20.789
Then I have all the people I told you about
528
00:24:20.809 --> 00:24:23.930
that I start out being the coach to, but I
529
00:24:24.009 --> 00:24:25.869
quickly start trying to learn from them as well. It's
530
00:24:25.890 --> 00:24:28.069
like when I'm doing my financial books, as an example,
531
00:24:28.109 --> 00:24:31.019
or I did my Life Force Health book, I interviewed
532
00:24:31.019 --> 00:24:35.240
150 of the greatest doctors literally in the world, regenerative doctors, scientists,
533
00:24:35.660 --> 00:24:38.730
Nobel laureates, the best of the best. I don't go
534
00:24:38.789 --> 00:24:41.190
to the average guy to get answers. The average guy
535
00:24:41.250 --> 00:24:43.089
is a nice person, but they're not going to give
536
00:24:43.130 --> 00:24:45.269
you a breakthrough, right? They're going to tell you what
537
00:24:45.289 --> 00:24:47.329
everybody else tells you. Same thing in finance. I went
538
00:24:47.369 --> 00:24:51.559
interviewed 50 of the smartest financial people alive, all self-made billionaires,
539
00:24:51.619 --> 00:24:54.039
nobody from the lucky sperm club, right? They all earned
540
00:24:54.099 --> 00:24:56.160
it from scratch and they all did in different ways.
541
00:24:56.240 --> 00:24:58.859
And my job is find those patterns and then present
542
00:24:58.880 --> 00:25:01.119
it in a way where people can really get it.
543
00:25:01.339 --> 00:25:03.009
And I think that's a huge part of what we
544
00:25:03.029 --> 00:25:05.200
do is we're able to take complex issues and and
545
00:25:05.220 --> 00:25:06.920
deliver them in a way that people can really use them.
546
00:25:07.319 --> 00:25:09.769
You brought up Grinder and NLP. Can you go a
547
00:25:09.769 --> 00:25:12.849
little bit deeper here? Because I think some have heard that,
548
00:25:12.869 --> 00:25:15.609
they know the acronym, but they don't maybe fully understand
549
00:25:15.710 --> 00:25:17.490
what that means. What's NLP?
550
00:25:18.109 --> 00:25:21.589
A program, it's a study of how the nervous system
551
00:25:21.630 --> 00:25:25.359
can be affected by language, neurolinguistics, and then programming, how
552
00:25:25.380 --> 00:25:28.119
you can kind of condition the nervous system, basically. And
553
00:25:28.140 --> 00:25:29.900
it was a study of some of the great therapists
554
00:25:29.920 --> 00:25:31.799
in the world, some of the best in family therapy.
555
00:25:32.380 --> 00:25:35.329
Ericksonian hypnosis was something that they studied. They looked for
556
00:25:35.349 --> 00:25:37.799
the patterns that were able to create changes in minutes
557
00:25:37.880 --> 00:25:40.779
instead of months or years or decades. And Grinder and
558
00:25:40.799 --> 00:25:43.359
Bandler are the two co-founders of it. In fact, Richard
559
00:25:43.380 --> 00:25:45.759
Bandler is coming to visit here. He's going to come
560
00:25:45.779 --> 00:25:47.619
speak for me at my home to a group of
561
00:25:47.839 --> 00:25:49.920
the biggest donors for us. I'm excited for people to
562
00:25:49.960 --> 00:25:52.190
see one of the co-founders. I didn't spend a lot
563
00:25:52.309 --> 00:25:55.269
of time developing with him. I was working with Grinder.
564
00:25:55.769 --> 00:25:57.910
But it was just beautiful patterns, like learning how to
565
00:25:57.930 --> 00:26:01.410
eliminate a phobia that somebody could be therapy for seven years.
566
00:26:01.470 --> 00:26:02.730
I learned how to get rid of it in 15
567
00:26:02.730 --> 00:26:04.430
or 20 minutes. And I built my career in the
568
00:26:04.450 --> 00:26:08.980
beginning by challenging traditional psychiatrists and psychologists, getting on radio
569
00:26:09.019 --> 00:26:11.380
shows and saying, I don't care what your problem is.
570
00:26:11.380 --> 00:26:14.079
I don't care if you've had phobia for years. See me.
571
00:26:14.119 --> 00:26:16.500
I'll have it one hour because I'm the one-stop therapist.
572
00:26:17.000 --> 00:26:19.019
And then I'd get all these calls. And then could
573
00:26:19.039 --> 00:26:19.339
you do this?
574
00:26:19.359 --> 00:26:19.720
Can you do this?
575
00:26:19.759 --> 00:26:22.200
Yes, yes, yes. And then my career really started. I
576
00:26:22.200 --> 00:26:23.809
was in Vancouver, British Columbia, Canada.
577
00:26:23.829 --> 00:26:26.559
I was saying this in this psychiatrist made my whole
578
00:26:26.619 --> 00:26:28.339
career because he got on the phone and on the
579
00:26:28.359 --> 00:26:29.539
radio and challenged me.
580
00:26:29.539 --> 00:26:31.619
He said, you're a liar. You're a charlatan. People like
581
00:26:31.660 --> 00:26:33.700
you shouldn't be allowed on the radio. And he's really harsh.
582
00:26:34.460 --> 00:26:36.380
And so I paused and I was trying to be nice.
583
00:26:36.440 --> 00:26:38.180
And I said, sir, I said, have you ever met
584
00:26:38.220 --> 00:26:38.640
me before?
585
00:26:38.660 --> 00:26:40.200
He goes, no. Have you ever met my clients?
586
00:26:40.279 --> 00:26:43.109
No. Because you never met me. You never met my clients.
587
00:26:43.190 --> 00:26:45.269
And you're calling me a liar and a charlatan on
588
00:26:45.349 --> 00:26:48.130
national radio. I said, you're a scientist, aren't you? He said,
589
00:26:48.150 --> 00:26:50.829
of course, I'm a physician. I said, well, a scientist
590
00:26:50.849 --> 00:26:53.430
would never make an ass assumption. So you must be
591
00:26:53.470 --> 00:26:57.119
stating your hypothesis. And he paused and he goes, yeah.
592
00:26:57.299 --> 00:26:59.839
And I said, your hypothesis is I'm a liar and charlatan,
593
00:26:59.859 --> 00:27:01.539
but you have no evidence. And I suggest you come
594
00:27:01.579 --> 00:27:03.700
and prove it. I said, the best way is I'm
595
00:27:03.720 --> 00:27:06.220
doing a free event at the Holiday Inn two nights
596
00:27:06.240 --> 00:27:06.599
from now.
597
00:27:07.160 --> 00:27:07.740
It's free for.
598
00:27:07.680 --> 00:27:09.839
Everyone to come. I'm going to do a series of demonstrations.
599
00:27:09.900 --> 00:27:11.259
I said, why don't you bring me one of your
600
00:27:11.299 --> 00:27:13.700
own patients? I said, bring me somebody you've never been
601
00:27:13.720 --> 00:27:15.700
able to cure. I said, I'm sure you've got plenty
602
00:27:15.720 --> 00:27:18.220
of those. You want to play hardball? I can play hardball, right?
603
00:27:18.720 --> 00:27:20.059
And he goes, well, we all have patients that aren't
604
00:27:20.079 --> 00:27:22.029
ready to change yet. And I said, well, I haven't
605
00:27:22.069 --> 00:27:24.329
found any. Of course, I've only done four therapies at
606
00:27:24.369 --> 00:27:26.390
that point, but I was a real believer in it, right?
607
00:27:27.089 --> 00:27:29.130
And so, sure enough, the guy cuts them off. So,
608
00:27:29.130 --> 00:27:31.549
see you over night at the Holiday Inn. Those days,
609
00:27:31.589 --> 00:27:33.430
I'd have a free guest event. It might have 50
610
00:27:33.430 --> 00:27:36.779
people in it, and 500-plus people showed up. We had
611
00:27:36.799 --> 00:27:38.660
people standing along the walls. I mean, if the fire
612
00:27:38.680 --> 00:27:40.400
department came in, they'd shut us down in a heartbeat.
613
00:27:40.960 --> 00:27:43.319
And those days, I introduced myself. And I don't know, Ryan,
614
00:27:43.339 --> 00:27:45.079
if you do what I do, but have you ever
615
00:27:45.099 --> 00:27:46.880
met somebody on the phone for the first time? You know,
616
00:27:46.900 --> 00:27:48.339
you haven't seen them yet, and you hear their voice,
617
00:27:48.400 --> 00:27:50.339
and you make a picture of what they look like? Sure.
618
00:27:51.390 --> 00:27:53.970
So I'm picturing this guy going, okay, I'll be there.
619
00:27:53.990 --> 00:27:56.130
I'm picturing this huge guy with like a scared woman
620
00:27:56.190 --> 00:27:59.289
on his arm. Nobody matches that criteria. So I get
621
00:27:59.349 --> 00:28:01.490
up to introduce myself and I go, hi, I'm Tony Robbins.
622
00:28:01.670 --> 00:28:02.950
I'm here today to show you how I can make
623
00:28:02.990 --> 00:28:05.299
changes in minutes you thought were months or years. And
624
00:28:05.359 --> 00:28:07.190
just as I'm going to the next sentence, like out
625
00:28:07.210 --> 00:28:09.640
of a movie, the side door bursts open and this
626
00:28:09.680 --> 00:28:12.319
guy's like five, two, this woman wrapped around his arm,
627
00:28:12.339 --> 00:28:15.119
goes walking straight down the middle, stands right in front
628
00:28:15.160 --> 00:28:16.599
of me while I'm speaking. So, you know, I turned
629
00:28:16.619 --> 00:28:18.819
the audience and go, it looks like I have a visitor.
630
00:28:19.400 --> 00:28:20.880
And I go to shake his hand. He wouldn't shake
631
00:28:20.920 --> 00:28:23.319
my hand. He goes, here's the woman. And I proceeded
632
00:28:23.380 --> 00:28:25.559
to take this woman on stage. And she had a
633
00:28:25.640 --> 00:28:27.880
snake phobia. He had been treating her for seven years.
634
00:28:28.400 --> 00:28:31.200
And a snake phobia is an uncontrolled response to it.
635
00:28:31.210 --> 00:28:32.829
She'd have a dream of a snake biting her in
636
00:28:32.849 --> 00:28:35.190
the face. And the adrenaline would wake her up. And
637
00:28:35.210 --> 00:28:37.049
it would happen sometimes three or four times a night,
638
00:28:37.490 --> 00:28:39.710
seven years. And I said, well, bring her down. That
639
00:28:39.730 --> 00:28:42.150
should take me 10 or 15 minutes, right? So they
640
00:28:42.170 --> 00:28:44.230
got him all riled up. But I brought her on stage.
641
00:28:44.359 --> 00:28:47.079
I showed it how quickly you could easily get her fearful.
642
00:28:47.670 --> 00:28:49.250
And when I was done about 20 minutes later, I
643
00:28:49.269 --> 00:28:51.390
wrapped a snake around her and I had my hook.
644
00:28:51.910 --> 00:28:53.710
I found the way to get across. So then I
645
00:28:54.140 --> 00:28:57.140
got people that were addicted to drugs and alcohol. And
646
00:28:57.180 --> 00:28:59.700
I got a woman who hadn't had an orgasm in
647
00:28:59.700 --> 00:29:01.640
10 years and I gave her an orgasm without touching her.
648
00:29:01.980 --> 00:29:03.380
And guys were coming up to me going, you teach
649
00:29:03.420 --> 00:29:04.940
me how to do that when I'm tired? It became
650
00:29:04.980 --> 00:29:11.200
very popular. But those experiences allowed me to accelerate the
651
00:29:11.240 --> 00:29:14.769
number of people I could reach because results became my brand. Wow.
652
00:29:15.009 --> 00:29:18.329
You have this amazing amount of confidence. And this is
653
00:29:18.369 --> 00:29:20.589
a question I get from newly promoted people from time
654
00:29:20.630 --> 00:29:23.490
to time is this sense of imposter syndrome and maybe
655
00:29:23.519 --> 00:29:25.700
a lack of confidence that sometimes those go hand in hand.
656
00:29:26.119 --> 00:29:28.380
What are the ways you would advise other people who
657
00:29:28.440 --> 00:29:31.640
are lacking some of the confidence that you have to
658
00:29:31.680 --> 00:29:34.329
then acquire that and then maintain it and grow it?
659
00:29:35.599 --> 00:29:39.470
Confidence is conditioned and confidence without competence is not great.
660
00:29:40.019 --> 00:29:41.880
But if you can at least get the confidence that
661
00:29:41.900 --> 00:29:44.599
you can find the answers, nothing like the word confidence,
662
00:29:44.660 --> 00:29:45.539
it's underutilized.
663
00:29:45.579 --> 00:29:46.759
The word for me is certainty.
664
00:29:47.099 --> 00:29:49.400
Have you ever seen a great basketball player or a
665
00:29:49.440 --> 00:29:51.660
kicker in football and they're going to shoot the free
666
00:29:51.680 --> 00:29:53.160
throw or they're going to go kick it and right
667
00:29:53.200 --> 00:29:54.950
before they do it, you go, they're going to miss it.
668
00:29:55.440 --> 00:29:57.680
And sure enough, they do. Have you ever had that experience? Sure.
669
00:29:57.700 --> 00:29:57.960
Yeah.
670
00:29:58.490 --> 00:30:02.309
You're an athlete yourself. You were a quarterback, weren't you? Yeah. Yeah.
671
00:30:02.470 --> 00:30:04.950
Yeah. So you know what I'm talking about? Well, what
672
00:30:04.990 --> 00:30:07.230
is it that people see that are amateurs? They see
673
00:30:07.269 --> 00:30:08.670
the uncertainty. Yeah.
674
00:30:08.750 --> 00:30:10.390
Uncertainty kills performance.
675
00:30:10.859 --> 00:30:15.039
Now, certainty doesn't guarantee great performance, but it maximizes your possibilities, right?
676
00:30:15.420 --> 00:30:17.559
So for me, I wasn't confident, but I did it
677
00:30:17.579 --> 00:30:19.880
the same way. You see, why is, I just gave
678
00:30:19.900 --> 00:30:22.559
you the example earlier. Why is Steph so confident? Because
679
00:30:22.599 --> 00:30:26.009
he's done it 8 million times. Confidence is tying his shoes, right?
680
00:30:26.460 --> 00:30:28.859
So when you get up to speak, a lot of
681
00:30:28.880 --> 00:30:30.940
people get fearful and I can give them a little tip.
682
00:30:31.009 --> 00:30:34.349
It's fearful because they're thinking about themselves instead of being
683
00:30:34.390 --> 00:30:36.789
in the audience. If you've done your job and you
684
00:30:36.809 --> 00:30:39.410
have enough things to talk about, I have an idea
685
00:30:39.430 --> 00:30:40.809
of what I'm going to talk about, but then I
686
00:30:40.890 --> 00:30:43.349
feel the audience and the whole thing changes. But it's
687
00:30:43.369 --> 00:30:46.750
because I made so many deposits in my emotional, psychological,
688
00:30:46.789 --> 00:30:50.769
spiritual bank account. That when I go to cash a verbal.
689
00:30:50.509 --> 00:30:51.569
Check, it doesn't bounce.
690
00:30:51.630 --> 00:30:54.670
There's plenty there. So there's nothing that I know of
691
00:30:54.690 --> 00:30:58.750
that's better than preparation. Because when you're overprepared, you have certainty.
692
00:30:58.849 --> 00:31:01.859
I can handle anything. And then decades of that certainly
693
00:31:01.910 --> 00:31:03.640
builds more certainty. But I'll tell you where it really
694
00:31:03.660 --> 00:31:08.339
started for me. I remember when I was 17, my
695
00:31:08.400 --> 00:31:10.900
fourth father and mom had a big fight on Christmas Eve.
696
00:31:11.380 --> 00:31:13.720
She kicked my dad out. She was a pretty powerful lady.
697
00:31:14.140 --> 00:31:16.309
He went back east and left us there. I was
698
00:31:16.349 --> 00:31:19.269
devastated and I started to defend my father. And so
699
00:31:19.289 --> 00:31:20.750
my mother chased me out with a knife. Now she
700
00:31:20.769 --> 00:31:22.269
wouldn't have stabbed me or killed me, but I wasn't
701
00:31:22.309 --> 00:31:24.130
going back in that house. And so I had to
702
00:31:24.150 --> 00:31:25.369
figure out what the hell I was going to do.
703
00:31:26.289 --> 00:31:28.029
And so I was still in high school and I
704
00:31:28.069 --> 00:31:29.809
was working as a janitor because we were really poor.
705
00:31:29.829 --> 00:31:32.450
I needed to help support the family. And I took
706
00:31:32.470 --> 00:31:35.390
these buses to go there. And I'd come home at
707
00:31:35.450 --> 00:31:37.349
two in the morning because you could clean a bank
708
00:31:37.390 --> 00:31:39.190
and it wasn't per hour. It's like if I cleaned
709
00:31:39.210 --> 00:31:41.460
two banks and did it within the time period that
710
00:31:41.500 --> 00:31:42.720
I wanted to do it, I got the job done.
711
00:31:42.740 --> 00:31:44.440
It didn't matter how many hours. So I'd finish that
712
00:31:44.480 --> 00:31:46.910
at two in the morning. Go home on the buses,
713
00:31:46.970 --> 00:31:48.910
get up and do this whole game over and over again.
714
00:31:49.309 --> 00:31:52.529
And one night I came out of the bank at
715
00:31:52.569 --> 00:31:54.359
two in the morning and I'm standing at the bus stop.
716
00:31:54.359 --> 00:31:58.519
15 minutes, 20 minutes, 30 minutes, no buses. I'm freaking out.
717
00:31:58.579 --> 00:32:00.440
I know what I can call can come pick me up.
718
00:32:00.500 --> 00:32:03.339
I'm way too far away. And so all of a
719
00:32:03.339 --> 00:32:04.960
sudden a car comes by, a lone car in the
720
00:32:04.980 --> 00:32:07.470
middle of the night. And guy pulls over, rolls his window, goes, hey, bud,
721
00:32:07.829 --> 00:32:09.609
didn't you see the paper? I said, what? He goes,
722
00:32:09.950 --> 00:32:13.150
there's a bus strike. So it's like, holy shit, how
723
00:32:13.170 --> 00:32:15.309
the hell am I going to get home? And at
724
00:32:15.349 --> 00:32:16.849
that point, I had a lot of anger in me.
725
00:32:16.869 --> 00:32:19.029
So it started with anger. But I had picked up
726
00:32:19.069 --> 00:32:22.099
this book called The Magic of Believing by Claude M. Bristol,
727
00:32:22.119 --> 00:32:24.650
an old classic book. And I'd read it, and it
728
00:32:24.670 --> 00:32:27.660
talked about how to condition your mind. And you don't
729
00:32:27.680 --> 00:32:30.220
do it by affirmation. Affirmation is when you go, I'm happy,
730
00:32:30.259 --> 00:32:32.299
I'm happy, I'm happy, I'm happy, and your brain goes, BS,
731
00:32:32.319 --> 00:32:34.960
you're not happy. It's when you speak something with such
732
00:32:35.000 --> 00:32:38.480
authority and use your entire body with such certainty over
733
00:32:38.519 --> 00:32:41.619
and over again that literally you hypnotize yourself into finding
734
00:32:41.660 --> 00:32:44.319
this new reality, this new part of yourself. So I
735
00:32:44.380 --> 00:32:46.630
decided I was going to run home. This is 14,
736
00:32:46.630 --> 00:32:49.680
14 and a half miles. And I never run three miles.
737
00:32:50.000 --> 00:32:52.980
I was a little overweight. But it was pure. First,
738
00:32:53.019 --> 00:32:54.660
it was anger towards my mom. And then I got
739
00:32:54.680 --> 00:32:56.440
rid of that because you run out of that fuel
740
00:32:56.480 --> 00:32:59.940
real quick. And that's just like doing the simple incantations
741
00:33:00.039 --> 00:33:02.509
every day and every way. I'm getting stronger and stronger
742
00:33:03.049 --> 00:33:03.630
every day.
743
00:33:03.529 --> 00:33:03.950
And every way.
744
00:33:03.970 --> 00:33:05.950
I'm getting stronger every day and every way. And I
745
00:33:06.049 --> 00:33:07.710
emphasize a different word. And then I go every day
746
00:33:07.730 --> 00:33:10.390
I'm happier and happier. I did that the entire way.
747
00:33:11.059 --> 00:33:13.079
Ran the longest ever run of my entire life. But
748
00:33:13.119 --> 00:33:15.619
what really came out of it was this conditioning in
749
00:33:15.660 --> 00:33:19.940
me of absolutely nothing will stop me. And to this day,
750
00:33:20.059 --> 00:33:22.559
I'll be 64 in a few weeks. That part of
751
00:33:22.599 --> 00:33:25.349
me is so vibrantly alive. Whenever I need it, it's there.
752
00:33:25.789 --> 00:33:28.390
So it's a conditioning process. I do the same thing
753
00:33:28.410 --> 00:33:31.450
around economics. I grew up dead poor. I didn't want
754
00:33:31.490 --> 00:33:33.470
my children to have to go where we had. We
755
00:33:33.490 --> 00:33:35.569
had no food. It's the reason I provide 100 million
756
00:33:35.609 --> 00:33:37.390
meals a year. I've done that now for 10 years.
757
00:33:37.970 --> 00:33:38.130
So.
758
00:33:38.799 --> 00:33:42.079
How do I change myself? I created these incantations. God's
759
00:33:42.099 --> 00:33:44.400
wealth is circulating in my life. His wealth flows to
760
00:33:44.460 --> 00:33:48.180
me with avalanches of abundance. All my needs, desires, and
761
00:33:48.200 --> 00:33:51.349
goals are met instantaneously by infinite intelligence. For I'm one
762
00:33:51.369 --> 00:33:53.470
with God and God is everything. And with every word,
763
00:33:53.490 --> 00:33:56.349
I see it. So I'd say avalanches of abundance, say
764
00:33:56.490 --> 00:33:59.210
avalanches of love and respect and connection and growth and
765
00:33:59.289 --> 00:34:02.650
economic well-being. And I would do that for hours in
766
00:34:02.690 --> 00:34:06.150
my car driving my little Volkswagen. And what happens is
767
00:34:06.190 --> 00:34:10.260
your brain literally becomes certain. It's just like any muscle.
768
00:34:10.300 --> 00:34:12.619
The more you use a muscle, the stronger it gets.
769
00:34:12.639 --> 00:34:14.949
You don't use it, you lose it. And most people,
770
00:34:15.409 --> 00:34:17.650
if they've never done something before, they get stopped by
771
00:34:17.670 --> 00:34:20.010
what I call the tyranny of how. But I've never
772
00:34:20.050 --> 00:34:21.250
done it. Yeah, I'm going to do this. Oh, but
773
00:34:21.289 --> 00:34:23.409
I've never done it. Oh, they don't have certainty. What
774
00:34:23.449 --> 00:34:25.210
I've learned is I don't even know how. I don't
775
00:34:25.230 --> 00:34:27.010
even know what and why. If I know what I
776
00:34:27.050 --> 00:34:29.050
want and why I want it and why it's important
777
00:34:29.070 --> 00:34:31.630
enough and it's something more than just me. Then I
778
00:34:31.650 --> 00:34:33.190
just step into it and I'll find it.
779
00:34:33.349 --> 00:34:33.809
And I've done it.
780
00:34:33.789 --> 00:34:36.090
Enough times now that I have that kind of internal certainty,
781
00:34:36.139 --> 00:34:38.300
but it's a habit, just like the habit of shooting
782
00:34:38.320 --> 00:34:40.420
the ball. You got to do it before it's needed,
783
00:34:40.820 --> 00:34:43.900
not suddenly try to get that confidence when everything's on
784
00:34:43.920 --> 00:34:44.239
the line.
785
00:34:45.099 --> 00:34:46.909
One of the things that I love that's been a
786
00:34:46.949 --> 00:34:49.969
through point of this entire conversation, Tony, is that when
787
00:34:49.989 --> 00:34:52.389
you want to learn about something, you don't screw around.
788
00:34:52.429 --> 00:34:54.789
You go to the best of the best in the world.
789
00:34:55.360 --> 00:34:57.739
And so the third book in this trilogy, when it
790
00:34:57.780 --> 00:35:01.179
comes to money and finance, I'm curious to learn more
791
00:35:01.739 --> 00:35:04.170
about the holy grail of investing.
792
00:35:04.449 --> 00:35:06.530
Well, actually, I hadn't written a book in 20 years
793
00:35:06.690 --> 00:35:09.489
back when 2008 happened. I just don't like writing books
794
00:35:09.510 --> 00:35:10.949
because when I'm speaking, it's live.
795
00:35:11.010 --> 00:35:11.449
It's now.
796
00:35:11.489 --> 00:35:14.110
You can change it. And it's like sitting by yourself
797
00:35:14.150 --> 00:35:17.119
and writing books. And most people don't read, unfortunately. But
798
00:35:17.340 --> 00:35:19.940
when 2008 happened and we went through the world financial
799
00:35:19.980 --> 00:35:22.590
crisis and my billionaire friends were stressed out and my
800
00:35:22.639 --> 00:35:24.590
barber was, it didn't matter who you were, everybody was
801
00:35:24.650 --> 00:35:26.489
affected by it. Because the government didn't give you money
802
00:35:26.530 --> 00:35:29.469
like they did during this last round we had with COVID.
803
00:35:29.989 --> 00:35:32.590
So at that time, I finally, after two years when
804
00:35:32.630 --> 00:35:35.610
nothing happened, we punished the people that almost destroyed the
805
00:35:35.659 --> 00:35:38.760
financial system by giving them more of our money. My
806
00:35:38.840 --> 00:35:41.340
answer was, let me go interview 50 of the smartest
807
00:35:41.360 --> 00:35:43.880
financial people on earth and say, is the game still winnable?
808
00:35:43.900 --> 00:35:44.559
Because it looks rigged.
809
00:35:45.449 --> 00:35:47.929
And it is in some ways, but it's still totally
810
00:35:47.949 --> 00:35:49.489
winnable if you know what you're doing. And I figured
811
00:35:49.510 --> 00:35:50.880
I can go from the best to the best. Well,
812
00:35:51.380 --> 00:35:54.579
that grew. And then a few years later, I realized
813
00:35:54.760 --> 00:35:57.519
I've given people all these answers. It was a 700 page,
814
00:35:57.519 --> 00:36:00.599
650 page book. My billionaire friends loved it. It was
815
00:36:00.619 --> 00:36:02.639
number one New York Times bestseller. It's still the bestselling
816
00:36:02.679 --> 00:36:05.829
financial book of this century, the last 20, 24 years.
817
00:36:06.449 --> 00:36:09.469
But what's interesting is I knew when all that changes,
818
00:36:09.489 --> 00:36:12.550
people forget all that when the market starts melting. And
819
00:36:12.590 --> 00:36:15.110
a bear market happens usually about every five years. We've
820
00:36:15.130 --> 00:36:17.809
had an extended time without one for a while. And
821
00:36:17.829 --> 00:36:20.309
so I decided I'd write Unshakeable to protect people for
822
00:36:20.349 --> 00:36:22.489
that so they wouldn't make the stupid mistakes that most
823
00:36:22.530 --> 00:36:25.150
people make that ruin their financial future. And I was done.
824
00:36:26.050 --> 00:36:29.000
But then I kept bumping into people that the majority
825
00:36:29.019 --> 00:36:30.679
of which are not where they want to be financially.
826
00:36:30.719 --> 00:36:33.559
Their goals are not on target. And now inflation is
827
00:36:33.599 --> 00:36:37.039
really eroding that even more for people. And so when
828
00:36:37.059 --> 00:36:38.440
I was talking to Ray Dow, he became a good
829
00:36:38.480 --> 00:36:41.019
friend over the years, the last decade or so. And
830
00:36:41.039 --> 00:36:43.380
I was asking one time, instead of all the principles
831
00:36:43.420 --> 00:36:46.920
we've talked about, if there was a single principle that
832
00:36:47.159 --> 00:36:49.409
would be the most important investment principle of someone to
833
00:36:49.429 --> 00:36:52.550
know if they're going to succeed, what is it? And
834
00:36:52.570 --> 00:36:55.269
he said, Tony, I've struggled with this for over a decade.
835
00:36:55.309 --> 00:36:56.269
And he said, I want to tell you what I
836
00:36:56.329 --> 00:36:58.530
think is the holy grail of investing. So that's the
837
00:36:58.550 --> 00:37:01.119
title of the book, comes right from him. And I said,
838
00:37:01.280 --> 00:37:03.389
what is it? He goes, well, everybody wants bigger returns,
839
00:37:03.929 --> 00:37:06.550
but bigger returns usually require more risk and more risk
840
00:37:06.570 --> 00:37:08.510
can keep you from getting the returns. It's just this
841
00:37:08.570 --> 00:37:11.610
bad cycle. He said, but, you know, everyone knows the
842
00:37:11.650 --> 00:37:15.059
power of diversification. Diversification is the only free lunch. Markowitz
843
00:37:15.099 --> 00:37:18.199
won the Nobel Prize for it. He goes, but very
844
00:37:18.239 --> 00:37:20.320
few people understand how to apply it. And he said,
845
00:37:20.340 --> 00:37:22.559
I'll tell you what I found out. If you can
846
00:37:22.579 --> 00:37:24.940
find eight, this is the principle, if you can find
847
00:37:24.960 --> 00:37:29.639
eight to 12 uncorrelated investments that you believe in, you
848
00:37:29.679 --> 00:37:33.280
reduce your risk by 80% and get the same upside
849
00:37:33.380 --> 00:37:37.000
or better. There's nothing like it. And so I remember
850
00:37:37.119 --> 00:37:38.800
when he told it to me, I got excited, wrote
851
00:37:38.840 --> 00:37:40.300
it down, and then I started to go work on it.
852
00:37:40.900 --> 00:37:42.780
And you find it's not easy to get things that
853
00:37:42.820 --> 00:37:45.389
are not correlated. The obvious ones you'd say aren't correlated
854
00:37:45.409 --> 00:37:47.630
are stocks and bonds, right? Stocks are designed, they're going
855
00:37:47.650 --> 00:37:49.190
to go up. Bonds are going to be in safety
856
00:37:49.230 --> 00:37:51.670
when they go down. But of course, in 2022, they
857
00:37:51.710 --> 00:37:54.400
both went down. 2008, they both went down. And if
858
00:37:54.590 --> 00:37:56.079
we had more time, I can show you it's happened
859
00:37:56.139 --> 00:37:58.659
over and over again. So that's not a good solid
860
00:37:58.699 --> 00:38:00.980
strategy because that's not going to protect you during downtimes.
861
00:38:01.559 --> 00:38:04.219
So how do you find 8 to 12 uncorrelated investments? Well,
862
00:38:04.239 --> 00:38:08.340
you have to turn to private investments, private alternative investments.
863
00:38:08.400 --> 00:38:11.780
I'm talking about private equity, private credit, private real estate.
864
00:38:12.300 --> 00:38:14.239
And so I thought, the one gift I have in
865
00:38:14.280 --> 00:38:16.909
my life at this stage is access. What if I
866
00:38:16.969 --> 00:38:21.469
interviewed 13 of like a baker's dozen of the greatest
867
00:38:21.969 --> 00:38:24.769
institutional or greatest, I should say, private equity investors in
868
00:38:24.789 --> 00:38:26.849
the world and found out what they do?
869
00:38:27.659 --> 00:38:28.679
And I was blown away.
870
00:38:28.699 --> 00:38:31.929
As blown as I was by the first 50 people
871
00:38:31.949 --> 00:38:34.550
I interviewed, the Ray Dalys, the Carlicans, Warren Buffetts, et cetera,
872
00:38:34.570 --> 00:38:37.409
I have to say I respect all those people immensely.
873
00:38:38.050 --> 00:38:40.610
I have a greater affinity for these men and women
874
00:38:40.670 --> 00:38:44.190
because they have firms that are $ 20 to $ 100 billion funds,
875
00:38:45.030 --> 00:38:49.110
and they're consistently producing 20% compounded for decades, some of
876
00:38:49.130 --> 00:38:53.389
them 30% compounded for decades. And the average investor can't
877
00:38:53.409 --> 00:38:55.590
even think of those, wouldn't even believe it. But of course,
878
00:38:55.610 --> 00:38:59.190
for decades, if you're a big pension fund, right, if
879
00:38:59.230 --> 00:39:01.829
you're a big financial institution, if you're the ultra wealthy,
880
00:39:02.269 --> 00:39:05.699
you've got access to these things. And so first, I
881
00:39:05.739 --> 00:39:07.400
just wanted to figure out how to get my own
882
00:39:07.400 --> 00:39:08.760
8 to 12. And I remember one day I was
883
00:39:08.820 --> 00:39:11.800
at JP Morgan holds an alternative investments conference once a year.
884
00:39:12.260 --> 00:39:13.719
And you have to have a billion dollar net worth
885
00:39:13.780 --> 00:39:16.250
as a minimum to get in. And I was speaking.
886
00:39:16.289 --> 00:39:18.659
I wasn't a billionaire yet, so I'm speaking. But right
887
00:39:18.699 --> 00:39:20.460
before me was Ray Dalio. And somebody asked him the
888
00:39:20.500 --> 00:39:23.489
same question. He gave the same answer, 8 to 12.
889
00:39:23.489 --> 00:39:26.550
And these billionaires, everyone had not written a note all morning.
890
00:39:26.889 --> 00:39:28.610
And every head went down and wrote it like crazy.
891
00:39:28.940 --> 00:39:31.650
So simple. But then how do you find it?
892
00:39:32.039 --> 00:39:34.659
Well, when you go interview these guys, you discover that
893
00:39:34.920 --> 00:39:38.440
they have built machines. They're not trying to find alpha
894
00:39:38.739 --> 00:39:40.710
by finding the right timing at just the right price.
895
00:39:41.510 --> 00:39:44.929
They create alpha. And they do it by adding more value.
896
00:39:44.989 --> 00:39:47.570
They buy a company. And let's take an example like
897
00:39:47.789 --> 00:39:51.510
Robert Smith of Vista. Robert Smith is named one of
898
00:39:51.530 --> 00:39:55.050
the top 50 most brilliant financial minds of this century.
899
00:39:55.650 --> 00:40:01.250
He's a genius. $ 100 billion fund, I can't tell you
900
00:40:01.269 --> 00:40:03.670
what his compounding is because you have to have a prospectus.
901
00:40:04.070 --> 00:40:05.789
But all I can tell you is it's way above
902
00:40:05.789 --> 00:40:08.400
20% per year for 26 straight years, way above it.
903
00:40:09.130 --> 00:40:12.909
And how does he do it? Well, he's specialized. Software
904
00:40:12.949 --> 00:40:14.389
as a service is his specialty.
905
00:40:15.110 --> 00:40:17.210
He can take any company like that, and he knows
906
00:40:17.349 --> 00:40:19.809
so much about it over these 26 years, 30 years.
907
00:40:20.210 --> 00:40:21.869
He knows what to do with the CEO, what to
908
00:40:21.909 --> 00:40:23.210
do with the marketing, what to do with some of
909
00:40:23.230 --> 00:40:26.349
the costs. And so he takes that thing, builds it
910
00:40:26.389 --> 00:40:28.550
up like a machine, and then sells it to a
911
00:40:28.590 --> 00:40:31.210
larger company or takes it public for a giant multiple
912
00:40:31.230 --> 00:40:33.590
in either case. And that's how they're able to do this.
913
00:40:33.929 --> 00:40:38.030
There's a gentleman named Ramsey Masalam at Veritas. Oh, my God,
914
00:40:38.050 --> 00:40:41.150
this guy's a genius. In 2000, I think it was
915
00:40:41.150 --> 00:40:46.800
10 or 11, his partner committed suicide. And the agreement
916
00:40:46.960 --> 00:40:49.619
is when the key player leaves, the people could take
917
00:40:49.639 --> 00:40:51.610
their money out. Usually in private equity, your money's tied
918
00:40:51.670 --> 00:40:53.989
up for five years. And they do that because then
919
00:40:54.010 --> 00:40:55.710
when the market goes down, they don't have to sell.
920
00:40:56.130 --> 00:40:58.070
They can buy then. And when the market goes up,
921
00:40:58.110 --> 00:40:59.690
they can sell. They have a great advantage over the
922
00:40:59.730 --> 00:41:02.349
public markets. And so people are willing to tie up
923
00:41:02.380 --> 00:41:04.320
their money a little bit and have liquidity somewhere else
924
00:41:04.360 --> 00:41:06.559
and have those kinds of returns. You look at what
925
00:41:06.599 --> 00:41:08.539
he did. He went around and met every investor. So
926
00:41:08.559 --> 00:41:10.119
no one left their money out. And he grew from
927
00:41:10.139 --> 00:41:12.159
less than $ 2 billion to $ 45 billion in the last
928
00:41:12.159 --> 00:41:17.650
10 years, again, returns way above 20%.
929
00:41:17.650 --> 00:41:19.090
And how did he do it? He specialized.
930
00:41:19.260 --> 00:41:22.679
The government buys more technology than anybody else. And so
931
00:41:22.960 --> 00:41:24.579
most people don't want to deal with the government. It's
932
00:41:24.599 --> 00:41:26.920
such a pain in the rear. And he figured out
933
00:41:26.940 --> 00:41:28.940
how to master that. And now he's able to produce
934
00:41:28.960 --> 00:41:32.510
these returns again and again and again. But here's what's
935
00:41:32.650 --> 00:41:35.210
really exciting, to give you a sense, Ryan. The reason
936
00:41:35.250 --> 00:41:38.789
I wrote the book is two things happened. One is
937
00:41:39.389 --> 00:41:41.789
more people can participate now. I'm sure you know the
938
00:41:41.829 --> 00:41:45.000
government actually classifies whether you can access these or not.
939
00:41:45.460 --> 00:41:47.519
The best investments in the world are limited to the
940
00:41:47.559 --> 00:41:50.960
wealthiest people. How insane is that? And I've argued about
941
00:41:51.000 --> 00:41:53.940
this forever. And just a few months ago, the House
942
00:41:54.000 --> 00:41:57.320
and Congress agreed. And they came up with a new law.
943
00:41:57.340 --> 00:41:58.380
It was bipartisan.
944
00:41:58.440 --> 00:41:59.219
It's pretty amazing.
945
00:41:59.239 --> 00:42:01.929
In fact, I think only 50 votes against it, like
946
00:42:01.929 --> 00:42:05.269
380 plus votes. And it was to say this. You
947
00:42:05.289 --> 00:42:07.909
could have inherited your money. That doesn't mean you're a
948
00:42:07.929 --> 00:42:10.340
sophisticated investor or you might be a good business person,
949
00:42:10.360 --> 00:42:12.940
but that doesn't make you a great investor. Why should
950
00:42:12.980 --> 00:42:14.880
someone have to have that amount of money? A million
951
00:42:14.920 --> 00:42:18.019
dollars minimum if you're going to be an accredited investor
952
00:42:18.139 --> 00:42:21.900
or 200,000, not counting your house, or 200,000 income or 300,000
953
00:42:21.900 --> 00:42:24.110
for a couple is the standard right now. And they said,
954
00:42:24.150 --> 00:42:25.530
we think you should be able to take a test
955
00:42:25.809 --> 00:42:27.829
so you understand what you're getting into. And if you
956
00:42:27.849 --> 00:42:30.130
pass the test, you should be an accredited investor. So
957
00:42:30.150 --> 00:42:32.389
they passed that law. Senators now picked it up. In
958
00:42:32.409 --> 00:42:35.110
the next 90 days, they think that'll pass bipartisan as well.
959
00:42:35.489 --> 00:42:37.409
That'll change the game. But it used to be only
960
00:42:37.409 --> 00:42:39.909
1% of the people were accredited. Now it's one out
961
00:42:39.949 --> 00:42:42.670
of five families that are accredited investors. So I was like, okay,
962
00:42:42.690 --> 00:42:44.769
I want to do this. But then there's one other problem, right?
963
00:42:44.789 --> 00:42:46.530
And I'm sure you may have experienced this as well.
964
00:42:47.690 --> 00:42:48.389
You know a lot of people.
965
00:42:48.409 --> 00:42:49.150
I know a lot of people.
966
00:42:49.719 --> 00:42:53.210
The very best investors in the world Their funds are
967
00:42:53.250 --> 00:42:55.150
closed out in a heartbeat. It's like if you want
968
00:42:55.170 --> 00:42:59.019
to buy one of the new special purpose Ferraris, you know,
969
00:42:59.039 --> 00:43:01.920
the SP2, it's $ 4 million and you can't even buy
970
00:43:02.019 --> 00:43:05.659
one because they're all pre-sold to all the other Ferrari dealers. Well,
971
00:43:05.699 --> 00:43:07.619
it's the same way when you look at these people.
972
00:43:07.659 --> 00:43:09.840
These are the best of the best. Now, before I
973
00:43:09.860 --> 00:43:11.389
explain something to you, let me show you one other thing.
974
00:43:12.530 --> 00:43:14.849
If you want to know how valuable private equity investments
975
00:43:14.929 --> 00:43:17.710
are and where they should be in your asset allocation...
976
00:43:17.920 --> 00:43:20.679
The wealthiest people on average have 46% of their money
977
00:43:20.719 --> 00:43:23.940
in alternative investments, private equity, private credit, et cetera. And
978
00:43:23.960 --> 00:43:26.219
they only have 29% in the public markets. Still need
979
00:43:26.239 --> 00:43:29.139
the public markets for liquidity, but that's a big difference.
980
00:43:29.460 --> 00:43:31.159
That's why they're as profitable as they are.
981
00:43:31.679 --> 00:43:31.920
Why?
982
00:43:31.940 --> 00:43:34.179
Because they know something you probably don't know. Not you,
983
00:43:34.260 --> 00:43:35.079
but people don't know.
984
00:43:35.719 --> 00:43:36.300
And that is this.
985
00:43:36.480 --> 00:43:38.119
If you look at the S & P 500, you
986
00:43:38.179 --> 00:43:40.619
bought the index, which is common for people to do today.
987
00:43:40.969 --> 00:43:43.449
Great way to simplify your investing and does pretty well.
988
00:43:44.110 --> 00:43:48.440
In fact, for 35 years, it's averaged 9.2% compounded. So
989
00:43:48.460 --> 00:43:51.000
for readers that aren't used to this, think of that
990
00:43:51.059 --> 00:43:55.079
as doubling your money every eight years. That's pretty cool. However,
991
00:43:55.340 --> 00:43:56.980
if you weren't dealing with the guys I'm dealing with
992
00:43:57.019 --> 00:43:59.960
in this book, if instead you're dealing with average private equity,
993
00:44:00.260 --> 00:44:05.099
average private equity has been 14.2%. Imagine you're making 50%
994
00:44:05.099 --> 00:44:09.820
more money per year compounded. Compounding is where you get wealthy.
995
00:44:10.199 --> 00:44:12.250
So let me give you a number for that. If
996
00:44:12.289 --> 00:44:13.670
you had a million dollars and put it in the
997
00:44:13.710 --> 00:44:16.710
stock market and you forgot about it, 35 years later,
998
00:44:16.730 --> 00:44:20.289
it's worth $ 26 million. A million in the same time
999
00:44:20.329 --> 00:44:23.690
period in private equity is worth $ 139 million. Or you
1000
00:44:23.710 --> 00:44:28.860
could say $ 100, 000, right? You're now worth $ 2. 6 or $ 100, 000,
1001
00:44:28.739 --> 00:44:34.320
you're worth $ 13. 9 million. It's mind-boggling. And in the last
1002
00:44:34.320 --> 00:44:38.039
35 years, every stock market in the world has underperformed
1003
00:44:38.360 --> 00:44:41.440
average private equity. So now let's talk about access for
1004
00:44:41.460 --> 00:44:45.760
a second. So I got some access. He probably got
1005
00:44:45.780 --> 00:44:48.139
some access, but it's a little sliver, right? Because it
1006
00:44:48.179 --> 00:44:50.030
all gets eaten up. And you only get access if
1007
00:44:50.050 --> 00:44:51.789
you know the right people and you got enough money.
1008
00:44:52.590 --> 00:44:54.730
So one day I was lamenting about this to a
1009
00:44:54.750 --> 00:44:56.690
friend of mine who used to be a partner with
1010
00:44:56.730 --> 00:44:59.750
Paul Tudor Jones and formed his own firm. Very successful
1011
00:44:59.769 --> 00:45:02.909
financial guy. I was like, I got access. I shouldn't complain,
1012
00:45:02.929 --> 00:45:05.409
but the numbers are so small. It's like, it's not
1013
00:45:05.469 --> 00:45:08.210
where I want to be. And he said, Tony, you've
1014
00:45:08.250 --> 00:45:10.360
done so much for me. I'm going to clue you
1015
00:45:10.389 --> 00:45:12.519
in on where I put most of my money. This
1016
00:45:12.539 --> 00:45:15.360
guy's incredibly successful, so I'm leaning forward on this one, right?
1017
00:45:15.699 --> 00:45:16.360
Tell me, right?
1018
00:45:16.920 --> 00:45:19.880
He said, there's this firm in Houston, Texas called Cass.
1019
00:45:19.900 --> 00:45:22.360
And when he said Houston, Texas, my brain got scrambled.
1020
00:45:22.380 --> 00:45:26.440
I'm like, not New York, not Connecticut, not London, not Singapore, Houston?
1021
00:45:26.760 --> 00:45:29.360
He goes, Tony, they're outside the bubble. And here's what
1022
00:45:29.409 --> 00:45:32.389
they've done. Instead of fighting to try and get some
1023
00:45:32.550 --> 00:45:36.030
sliver of one of these funds, He said they've taken
1024
00:45:36.130 --> 00:45:40.210
billions of dollars, they've locked arms as investors, and bought
1025
00:45:40.269 --> 00:45:44.110
in giant pieces, small pieces, but giant numbers across the
1026
00:45:44.230 --> 00:45:46.050
biggest private equity firms in the world.
1027
00:45:46.699 --> 00:45:47.480
Here's what that means.
1028
00:45:48.320 --> 00:45:51.260
When you invest in private equity as an investor, you're
1029
00:45:51.280 --> 00:45:53.900
called a limited partner. The general partner is the owners
1030
00:45:53.940 --> 00:45:57.659
of the fund. That's the CEO, the C-suite, those individuals. Well,
1031
00:45:57.920 --> 00:46:00.760
they charge you 2% a year while your money is
1032
00:46:00.800 --> 00:46:02.690
tied up for five or 10 years, depending on what
1033
00:46:02.730 --> 00:46:06.449
kind of situation you're in. So they're guaranteed a huge
1034
00:46:06.510 --> 00:46:08.989
sum of money, whether they perform or not. If they
1035
00:46:09.010 --> 00:46:11.559
had a billion-dollar fund, to give you perspective, Ryan, for
1036
00:46:11.599 --> 00:46:14.130
five years, that means they have $ 100 million tied up.
1037
00:46:14.239 --> 00:46:16.260
And most of these funds are $ 20 billion to $ 100 billion.
1038
00:46:16.579 --> 00:46:18.869
So how would you like to have a guaranteed $ 100
1039
00:46:18.590 --> 00:46:21.989
million as your base of income, guaranteed? But then they
1040
00:46:22.010 --> 00:46:25.360
get 20% of the upside. So it's not uncommon to
1041
00:46:25.400 --> 00:46:27.920
grow their business from a billion to two billion. I
1042
00:46:27.940 --> 00:46:29.840
have one company that we invested in. I think we
1043
00:46:29.860 --> 00:46:33.139
started out at something like 6.2. And I think the
1044
00:46:33.159 --> 00:46:36.380
numbers now are 35. So you get a sense of
1045
00:46:36.460 --> 00:46:39.280
the massive expansion that you get with that. So they
1046
00:46:39.300 --> 00:46:41.389
make their two and 20. Well, when you're a partner,
1047
00:46:42.409 --> 00:46:45.110
you get the two and 20. You're literally side by
1048
00:46:45.199 --> 00:46:47.960
side with them. You're not being charged that. You're getting it.
1049
00:46:48.559 --> 00:46:51.840
And you get mini vintages, meaning not one fund. You
1050
00:46:51.860 --> 00:46:53.539
get every fund they own. The funds they did in
1051
00:46:53.559 --> 00:46:56.059
the past were under low inflation. The funds they're doing
1052
00:46:56.079 --> 00:46:58.130
now are under high inflation. The future funds they're going
1053
00:46:58.150 --> 00:47:01.170
to do. So you get diversification across time. And if
1054
00:47:01.210 --> 00:47:03.650
the fund ever gets sold, by the way, when they
1055
00:47:03.670 --> 00:47:06.070
go from one to two, their cost doesn't.
1056
00:47:05.869 --> 00:47:06.389
Go through the roof.
1057
00:47:06.429 --> 00:47:09.570
It's a small cost change, right? And when they ever
1058
00:47:09.610 --> 00:47:11.889
get sold, they get sold for a multiple. You make
1059
00:47:11.929 --> 00:47:14.809
them multiple on the business. It is my single favorite investment.
1060
00:47:15.030 --> 00:47:17.329
I have 65 private equity firms that I have a
1061
00:47:17.349 --> 00:47:22.829
piece of. The Vistas, the Veritas, the Starwoods, the NCAPs,
1062
00:47:23.050 --> 00:47:25.349
the biggest ones in the world. So this is the
1063
00:47:25.389 --> 00:47:27.179
kind of thing that's available now. And that's why I
1064
00:47:27.199 --> 00:47:29.130
wrote this book to show people how to actually do it,
1065
00:47:29.159 --> 00:47:31.800
how an average person could do this now. Wow.
1066
00:47:31.880 --> 00:47:33.920
So the regular person, anybody can do this now.
1067
00:47:34.440 --> 00:47:35.889
That's correct. Got it.
1068
00:47:36.079 --> 00:47:36.329
Love it.
1069
00:47:36.719 --> 00:47:37.920
Man, I know we got to run, Tony, but I
1070
00:47:37.920 --> 00:47:40.000
got one more before we take off. In addition to
1071
00:47:40.320 --> 00:47:42.079
encouraging everybody to dive into the new book, The Holy
1072
00:47:42.099 --> 00:47:44.460
Grail of Investing, you're meeting with somebody who's a little
1073
00:47:44.480 --> 00:47:46.179
bit later than you were when you met Jim Rome.
1074
00:47:46.239 --> 00:47:48.320
Maybe they went to college, they graduate, they want to
1075
00:47:48.340 --> 00:47:50.659
do some good in the world, but they're not really
1076
00:47:50.760 --> 00:47:52.820
fully clear on what that's going to be. What are
1077
00:47:52.840 --> 00:47:55.320
some general pieces of life slash career advice you give
1078
00:47:55.340 --> 00:47:55.900
to that person?
1079
00:47:56.820 --> 00:48:00.119
I tell people there's no comparison for a belief versus
1080
00:48:00.159 --> 00:48:02.440
an experience. A belief is a poor substitute for an experience.
1081
00:48:02.460 --> 00:48:03.940
You might believe this is going to be something I'm
1082
00:48:03.960 --> 00:48:06.059
going to love or I'm going to be great at something.
1083
00:48:06.500 --> 00:48:07.480
But you need the experience.
1084
00:48:07.539 --> 00:48:09.510
And so what I tell people is get around things
1085
00:48:09.679 --> 00:48:11.329
that you think you're interested in, that you think you'd
1086
00:48:11.349 --> 00:48:14.289
have a passion around, and find a way to shadowbox,
1087
00:48:14.510 --> 00:48:17.510
volunteer your time, do some menial job just to be
1088
00:48:17.530 --> 00:48:20.010
in the environment so you see what that's like day
1089
00:48:20.070 --> 00:48:22.030
in and day out. And then something's going to hit you.
1090
00:48:22.570 --> 00:48:25.699
When something hits you and it unleashes your desire, that's
1091
00:48:25.739 --> 00:48:28.920
the first step. But you need not only passion and desire,
1092
00:48:28.940 --> 00:48:31.860
you also need skill. So I'm very passionate about singing,
1093
00:48:31.900 --> 00:48:34.739
but you wouldn't want to listen to me. I love singing.
1094
00:48:34.780 --> 00:48:36.760
I love music. So you have to make sure that
1095
00:48:36.920 --> 00:48:39.829
along with your passion, there's a skill you can gain
1096
00:48:39.869 --> 00:48:41.769
to make yourself effective in that area. But the only
1097
00:48:41.789 --> 00:48:43.869
way you're going to know is by putting yourself in
1098
00:48:43.909 --> 00:48:47.150
different environments and and experiencing it. You can't just do
1099
00:48:47.170 --> 00:48:49.769
it in your head because we're terrible at predicting what's
1100
00:48:49.809 --> 00:48:52.139
really going to fulfill us. But I'd also say you
1101
00:48:52.159 --> 00:48:54.260
don't even have to know what your final version is
1102
00:48:54.280 --> 00:48:56.820
to already have a business on the side that has
1103
00:48:56.880 --> 00:48:58.639
no employees and you only have to work on a
1104
00:48:58.659 --> 00:49:01.539
few hours a year and that's becoming an owner. The
1105
00:49:01.619 --> 00:49:04.699
biggest problem in our society today is young people, they
1106
00:49:04.739 --> 00:49:07.019
like socialism, a lot of them talk about it, because
1107
00:49:07.039 --> 00:49:08.639
they've never been in a socialist country. I was in
1108
00:49:08.659 --> 00:49:10.869
the Soviet Union when it was the Soviet Union. It
1109
00:49:10.889 --> 00:49:12.969
made me a capitalist. It wasn't equal.
1110
00:49:13.050 --> 00:49:13.670
It is not fair.
1111
00:49:13.710 --> 00:49:15.550
They have no idea what that really is. It's not
1112
00:49:15.590 --> 00:49:18.170
just free money. And the reason is we haven't taught
1113
00:49:18.230 --> 00:49:20.340
them to tap into free enterprise. I'll give you a
1114
00:49:20.340 --> 00:49:22.260
simple example. Do you have an iPhone? Yes.
1115
00:49:23.079 --> 00:49:26.400
Have you bought several over the years? Yes. Me too.
1116
00:49:26.760 --> 00:49:28.739
I've had every iPhone since the beginning. I was trying
1117
00:49:28.760 --> 00:49:31.519
to help this young person understand this. So I went online.
1118
00:49:31.599 --> 00:49:33.880
I figured out the exact prices of every iPhone.
1119
00:49:33.900 --> 00:49:35.550
We totaled it up. It's $ 20, 326, I think it is.
1120
00:49:38.519 --> 00:49:42.079
It's over 20 grand, 20,653. Then I went and said,
1121
00:49:42.139 --> 00:49:44.940
let's see if we bought that same iPhone. The first
1122
00:49:45.059 --> 00:49:48.969
one in 2007 was $ 604. Well, let's buy $ 604 of
1123
00:49:49.090 --> 00:49:51.349
stock at the same time of Apple. And every year,
1124
00:49:51.389 --> 00:49:53.710
whatever they spent on the phone, we bought those shares
1125
00:49:53.750 --> 00:49:55.110
of Apple at whatever the price was.
1126
00:49:55.510 --> 00:49:56.309
You know what it's worth today?
1127
00:49:56.309 --> 00:50:02.309
$ 204, 000. Instead of being out 20 grand, you have 204.
1128
00:50:02.309 --> 00:50:05.329
That's being an owner instead of being the stupid consumer.
1129
00:50:06.550 --> 00:50:08.150
By the way, today you can have fun with this.
1130
00:50:08.349 --> 00:50:10.230
If you're worried about the stock market, part of why
1131
00:50:10.250 --> 00:50:12.449
I wrote this book is because there's all these other
1132
00:50:12.550 --> 00:50:14.659
options that aren't tied to the market. Market can crash
1133
00:50:15.090 --> 00:50:19.039
and sports teams go crazy. Sports teams have produced... Check
1134
00:50:19.059 --> 00:50:23.190
this out. An 18% compounded return for the last 11 years.
1135
00:50:23.650 --> 00:50:24.869
But you can go back all the way to the
1136
00:50:24.929 --> 00:50:27.050
60s and 70s when people weren't making any money in
1137
00:50:27.070 --> 00:50:31.110
the market and you were getting 16% compounded returns. It's mind-boggling.
1138
00:50:31.610 --> 00:50:33.670
One of my dear friends, Peter Gruber, we own some
1139
00:50:33.690 --> 00:50:36.679
sports teams together and he owns... the Dodgers, the Warriors.
1140
00:50:36.969 --> 00:50:38.739
We own together the LAFC. I have a little piece
1141
00:50:38.760 --> 00:50:40.679
of the Dodgers, a little piece of the Warriors. And
1142
00:50:40.920 --> 00:50:42.960
what's amazing is, I remember when he bought the Dodgers,
1143
00:50:43.019 --> 00:50:45.360
it was $ 2 billion he paid for them. And if
1144
00:50:45.400 --> 00:50:47.239
you look at the newspapers at that time or watch
1145
00:50:47.260 --> 00:50:50.099
the media, they all went crazy. No one's paid more
1146
00:50:50.139 --> 00:50:52.679
than $ 800 million for a baseball team. The Dodgers are
1147
00:50:52.699 --> 00:50:54.570
a great team. Maybe they're worth a billion, but not
1148
00:50:54.570 --> 00:50:56.829
$ 2 billion. This guy's crazy. He'll never make the money.
1149
00:50:57.510 --> 00:50:59.630
So I went to Pete and I go, Peter, I
1150
00:50:59.670 --> 00:51:01.409
know you're no dummy. I want to join you in this,
1151
00:51:01.469 --> 00:51:03.730
but how are you going to make money spending $ 2
1152
00:51:03.429 --> 00:51:05.880
billion on this? He said, Tony, He goes, I've made
1153
00:51:05.880 --> 00:51:10.079
52 Academy Award-nominated films. He goes, I like cliffhangers. I'll
1154
00:51:10.099 --> 00:51:12.000
announce on Tuesday. When you hear it, call me up,
1155
00:51:12.039 --> 00:51:15.480
and we'll go party together. So sure enough, here on Tuesday,
1156
00:51:15.500 --> 00:51:18.079
I call him. He sold the local TV rights for
1157
00:51:18.099 --> 00:51:21.849
the Dodgers in one day for $ 7 billion and made
1158
00:51:21.849 --> 00:51:22.530
$ 5 billion.
1159
00:51:22.250 --> 00:51:22.929
Net in the day.
1160
00:51:23.409 --> 00:51:27.090
Because of cord cutting, sports now have become a different thing.
1161
00:51:27.110 --> 00:51:29.489
They're not just butts in seats. They have a monopoly.
1162
00:51:30.329 --> 00:51:33.170
Your fans are fanatics, and they're multigenerational. They own the
1163
00:51:33.210 --> 00:51:36.710
real estate. And now media is everything. Of the top
1164
00:51:36.710 --> 00:51:40.199
100 shows this last year, 92 of the top viewed
1165
00:51:40.239 --> 00:51:43.340
shows in the United States were sports. Because you can't
1166
00:51:43.400 --> 00:51:45.219
binge on them and you got to watch it real time.
1167
00:51:45.260 --> 00:51:47.679
You got to watch the commercials. And that's what makes
1168
00:51:47.719 --> 00:51:50.320
them so valuable today. And people can own a piece
1169
00:51:50.360 --> 00:51:51.679
of a sports team. You know, I had to go
1170
00:51:51.760 --> 00:51:54.769
decades and make enough money, get enough reputation to be
1171
00:51:54.789 --> 00:51:57.309
part of buying a sports team. Today, there's a couple
1172
00:51:57.329 --> 00:51:59.309
of companies, smaller ones that know how to do this
1173
00:51:59.329 --> 00:52:02.800
and have the relationships in every sport, NBA, soccer. Major
1174
00:52:02.820 --> 00:52:06.489
League Baseball, National Hockey League, and Major League Soccer. The
1175
00:52:06.550 --> 00:52:08.030
only one that's not done it yet is the NFL.
1176
00:52:08.070 --> 00:52:10.340
They announced two days ago in the New York Times
1177
00:52:10.380 --> 00:52:12.360
that in six weeks they're gonna make a decision It
1178
00:52:12.380 --> 00:52:14.340
looks likely they're going to probably join this as well
1179
00:52:14.400 --> 00:52:16.760
so that now people can have the fun of being
1180
00:52:16.800 --> 00:52:19.559
an owner, but also the returns that are much greater
1181
00:52:19.599 --> 00:52:21.840
than the stock market. And it's not tied to the market.
1182
00:52:21.860 --> 00:52:24.340
So if you're worried about that, you need diversification. Just
1183
00:52:24.360 --> 00:52:27.690
another great opportunity. So while you're looking for your ultimate purpose,
1184
00:52:28.230 --> 00:52:30.510
why not set a financial security along the way? Even
1185
00:52:30.530 --> 00:52:32.389
if you're starting with tiny amounts of money, you can
1186
00:52:32.449 --> 00:52:35.489
create financial freedom along the way while you're having what
1187
00:52:35.510 --> 00:52:36.929
you find to be your ultimate dream.
1188
00:52:37.949 --> 00:52:38.429
Love it, man.
1189
00:52:38.550 --> 00:52:40.090
Tony, thank you so much. The book, again, is called
1190
00:52:40.110 --> 00:52:43.389
The Holy Grail of Investing. Really appreciate your time, Tony.
1191
00:52:43.409 --> 00:52:45.980
I'd love to continue our dialogue as we both progress, man.
1192
00:52:46.719 --> 00:52:47.360
I look forward to that.
1193
00:52:47.380 --> 00:52:48.340
And by the way, I want everybody to know, if
1194
00:52:48.360 --> 00:52:50.460
you get the book for yourself, I'm donating, as I've
1195
00:52:50.480 --> 00:52:52.360
done for my last three books, 100% of the money
1196
00:52:52.380 --> 00:52:54.980
to Feeding America. We've provided over a billion meals in
1197
00:52:55.000 --> 00:52:57.280
the last eight years in this book and my additional donations.
1198
00:52:57.639 --> 00:52:59.489
But while you're helping yourself, you'll be helping somebody else
1199
00:52:59.550 --> 00:52:59.969
in need, too.
1200
00:53:00.550 --> 00:53:01.889
Love it, man. Thanks so much, Tony.
1201
00:53:01.909 --> 00:53:03.230
Appreciate it. Take care.
1202
00:53:07.719 --> 00:53:10.900
It is the end of the podcast club. Thank you
1203
00:53:11.019 --> 00:53:13.880
for being a member of the end of the podcast club.
1204
00:53:13.920 --> 00:53:17.280
If you are, send me a note, ryan at learningleader.com.
1205
00:53:17.300 --> 00:53:20.179
Let me know what you learned from this conversation with
1206
00:53:20.199 --> 00:53:23.900
the great Tony Robbins. A few takeaways from my notes.
1207
00:53:24.360 --> 00:53:29.119
The advice Tony received when he was 17 from Jim Rohn.
1208
00:53:29.139 --> 00:53:34.739
He said, your job is to become more valuable. We
1209
00:53:34.800 --> 00:53:39.309
are all equal as souls, but not equal in the marketplace.
1210
00:53:39.610 --> 00:53:44.150
Our job as leaders is to continually add more value
1211
00:53:44.610 --> 00:53:46.530
to those we are serving, to those we are leading.
1212
00:53:46.550 --> 00:53:49.369
We should always be thinking about how can I add
1213
00:53:49.809 --> 00:53:54.300
more value. Next, commonalities among leaders who sustain excellence. They
1214
00:53:54.480 --> 00:53:58.500
find something they care about more than themselves. They have
1215
00:53:58.559 --> 00:54:02.820
a deep hunger for it, and they work amazingly hard
1216
00:54:03.239 --> 00:54:06.949
at it. You are rewarded in public for what you
1217
00:54:07.070 --> 00:54:11.750
practice in private. Steph Curry has taken far, far more
1218
00:54:11.889 --> 00:54:16.019
practice shots than the ones in games. And he's rewarded
1219
00:54:16.139 --> 00:54:20.920
in public for what he does in private. And then
1220
00:54:21.059 --> 00:54:25.960
a belief is a poor substitute for an experience. You
1221
00:54:26.000 --> 00:54:28.739
might believe it's something you're going to love, but you
1222
00:54:28.760 --> 00:54:31.570
don't fully know it until you do it. And so
1223
00:54:31.590 --> 00:54:33.650
you've got to get in the arena and do it.
1224
00:54:33.789 --> 00:54:38.130
See what it's like. That's when you'll really learn. Once again,
1225
00:54:38.150 --> 00:54:39.909
I would say thank you so much for continuing to
1226
00:54:39.969 --> 00:54:42.769
spread the message and telling a friend or two, hey,
1227
00:54:42.809 --> 00:54:45.260
you should listen to this episode of The Learning Leader
1228
00:54:45.300 --> 00:54:47.820
Show with Tony Robbins. I think he'll help you become
1229
00:54:47.860 --> 00:54:49.920
a more effective leader because you continue to do that
1230
00:54:50.360 --> 00:54:52.920
and you continue to go to Spotify or Apple Podcasts
1231
00:54:53.019 --> 00:54:55.650
and you subscribe. and you write a review and rate
1232
00:54:55.670 --> 00:54:59.130
the show, hopefully five stars. By doing that, you are
1233
00:54:59.190 --> 00:55:03.050
continually giving me the opportunity to do what I love
1234
00:55:03.219 --> 00:55:06.400
on a daily basis. And for that, I will forever
1235
00:55:06.639 --> 00:55:09.119
be grateful. Thank you so, so much. Talk to you soon.
1236
00:55:09.340 --> 00:55:09.559
Can't wait.