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

you're going to get exhausted eventually. Pull is something so 71 00:03:57.310 --> 00:03:59.900 compelling to you. It's more than you. that you were 72 00:04:00.020 --> 00:04:01.960 pulled to give more, to do more, to create more. 73 00:04:02.539 --> 00:04:05.639 I think second, I love people that are wickedly intelligent. 74 00:04:05.699 --> 00:04:09.419 I love wicked intelligence. However, I've met some wickedly intelligent 75 00:04:09.439 --> 00:04:10.879 people that can't fight their way out of a paper 76 00:04:10.900 --> 00:04:13.740 bag in a pragmatic way. So I would say that 77 00:04:13.860 --> 00:04:16.430 right up there with that sense of mission is that hunger, 78 00:04:16.879 --> 00:04:19.009 the hunger to be more, to do more, to give more, 79 00:04:19.050 --> 00:04:21.009 to create more, a hunger that doesn't go away, not 80 00:04:21.029 --> 00:04:23.110 a hunger like I got a goal to achieve X, 81 00:04:23.569 --> 00:04:25.509 lose weight and get to the party type of thing. 82 00:04:25.889 --> 00:04:28.730 That hunger that's insatiable, whether you're talking about somebody like 83 00:04:29.360 --> 00:04:32.800 Mark Benioff at Salesforce, he isn't doing these things anymore. 84 00:04:32.959 --> 00:04:36.379 Or somebody like Ray Dalio, who's still delivering after 50 years, 85 00:04:36.420 --> 00:04:39.399 almost in the investment business. Or you look at somebody, 86 00:04:39.430 --> 00:04:41.829 you know, like Richard Branson, who's got as much passion 87 00:04:41.870 --> 00:04:44.069 and hunger, almost 70 years old as he did when 88 00:04:44.089 --> 00:04:47.209 he was 16, starting his first company in Virgin, Crypt. 89 00:04:47.670 --> 00:04:50.470 So I think hunger is the most beautiful thing. And 90 00:04:50.509 --> 00:04:52.449 then one more is they're willing to do the hard work. 91 00:04:53.180 --> 00:04:55.439 I mean, some people have a nice vision and they're hungry, 92 00:04:55.459 --> 00:04:57.560 but not hungry enough to do what's hard and do 93 00:04:57.600 --> 00:04:59.899 it over and over again with repetition. I always say 94 00:04:59.920 --> 00:05:02.019 that when you see someone who's the best in the 95 00:05:02.060 --> 00:05:05.009 world at something, people get rewarded in public for what 96 00:05:05.029 --> 00:05:09.149 they practice insanely in private. I'm fortunate enough to own 97 00:05:09.209 --> 00:05:12.269 a piece of several sports teams and I've coached some 98 00:05:12.310 --> 00:05:13.769 of the teams and one of them I got a 99 00:05:13.769 --> 00:05:15.310 chance to work with and own a piece of is 100 00:05:15.360 --> 00:05:17.600 the Warriors. And so I've gotten to know the players 101 00:05:17.639 --> 00:05:19.500 over the years and Steph Curry is one of the greatest, 102 00:05:19.860 --> 00:05:22.350 is the greatest three-point shooter in history. But people look 103 00:05:22.370 --> 00:05:24.439 at him and you see him make a shot. He 104 00:05:24.480 --> 00:05:27.639 releases the ball for almost half court. He's chewing on 105 00:05:27.680 --> 00:05:28.000 his thing. 106 00:05:28.040 --> 00:05:28.600 He turns around. 107 00:05:28.639 --> 00:05:30.439 He doesn't even look. He knows it's going in. And 108 00:05:30.480 --> 00:05:33.040 people are like, oh my God, that's magical. Well, it is, 109 00:05:33.060 --> 00:05:35.879 but they don't realize for his entire life, he shoots 110 00:05:35.879 --> 00:05:40.089 500 shots a day, every single day, seven days a week, 3,500 shots, 111 00:05:40.810 --> 00:05:43.850 no exceptions whatsoever. So give me an idea. That means 112 00:05:43.870 --> 00:05:45.689 he's doing 14,000 shots a month, 168,000 shots a year. 113 00:05:45.829 --> 00:05:46.750 And his. 114 00:05:49.569 --> 00:05:51.709 Career in the NBA, which is a little more than 115 00:05:51.709 --> 00:05:57.699 15 years, he's shot literally 2.52 million practice shots. So 116 00:05:57.920 --> 00:06:02.720 he can make 3,000 shots, basically, that are three-pointers in 117 00:06:02.740 --> 00:06:05.220 the real games. I mean, it's just the number of 118 00:06:05.259 --> 00:06:07.040 shots he takes in a real game, the number he 119 00:06:07.360 --> 00:06:09.779 makes in a real game are not even one-tenth of 120 00:06:09.779 --> 00:06:12.860 1% of the practice shots. So it's like, that's what 121 00:06:12.899 --> 00:06:15.180 it takes. If you have that kind of hunger and drive, 122 00:06:15.199 --> 00:06:16.920 if you're willing to do the hard work, if you've 123 00:06:16.939 --> 00:06:19.180 got someone to serve greater than yourself, You're going to 124 00:06:19.199 --> 00:06:19.800 be a great leader. 125 00:06:20.689 --> 00:06:22.699 There's a lot of things you're world-class at, but I 126 00:06:22.750 --> 00:06:26.490 think most people would agree you're maybe the greatest keynote 127 00:06:26.550 --> 00:06:31.850 slash inspirational slash motivational speaker of all time. And I'm 128 00:06:31.910 --> 00:06:36.029 curious when you hear that, what do you do when 129 00:06:36.069 --> 00:06:38.509 we're not watching? Because we see you on stage. We 130 00:06:38.569 --> 00:06:42.129 see you moving thousands of people, stadiums, arenas of people. 131 00:06:42.470 --> 00:06:45.899 What are your Steph Curry moments? jump shots when nobody's 132 00:06:45.959 --> 00:06:48.779 watching to get ready to change so many lives when 133 00:06:48.800 --> 00:06:50.180 you're on stage at live events? 134 00:06:51.060 --> 00:06:51.819 That's a great question. 135 00:06:51.860 --> 00:06:54.040 People ask my wife sometimes, what's something about Tony that 136 00:06:54.139 --> 00:06:56.730 nobody knows? And she said, what his work ethic is 137 00:06:56.759 --> 00:07:00.290 like in terms of preparation. I'm so overprepared. I was 138 00:07:00.329 --> 00:07:03.089 doing this event a couple of weeks ago. We had 1.1 139 00:07:03.089 --> 00:07:07.170 million people for four days from 195 countries all participating 140 00:07:07.189 --> 00:07:09.129 in the seminar I put

on. And so you had 141 00:07:09.149 --> 00:07:11.829 people from every walk of life, every country, 193 countries, 142 00:07:11.870 --> 00:07:14.209 all the countries in the world But I was up 143 00:07:14.290 --> 00:07:16.649 till three or four in the morning every night watching 144 00:07:16.750 --> 00:07:20.470 the videos of people before they joined this challenge. And 145 00:07:20.490 --> 00:07:22.879 then each night I gave them homework and I watched 146 00:07:22.980 --> 00:07:25.600 and watched and watched. And what happens is I start 147 00:07:25.620 --> 00:07:28.180 to see patterns and I see what people need and 148 00:07:28.220 --> 00:07:30.620 I change what I'm doing the next day based on that. 149 00:07:31.000 --> 00:07:34.759 But also I've fortunately been doing this. People talk about 10,000 hours. 150 00:07:35.319 --> 00:07:36.920 And I think a lot of people, that's a barrier. 151 00:07:37.519 --> 00:07:39.839 You only really need about 20 hours to get good 152 00:07:39.860 --> 00:07:43.019 at something, decently good, not masterful, but good. And I 153 00:07:43.060 --> 00:07:44.339 think a lot of people don't begin because they hear 154 00:07:44.360 --> 00:07:47.839 this 10,000 hours that's been so overused. However, there's no 155 00:07:47.959 --> 00:07:50.379 question that if you keep improving, it's not the number 156 00:07:50.399 --> 00:07:53.819 of hours, but if you keep improving, and I've got 90,000 hours, 157 00:07:54.300 --> 00:07:57.420 I'm talking about on stage. That's not preparation times. So 158 00:07:57.879 --> 00:08:00.040 when you do that enough, at some point, I could 159 00:08:00.060 --> 00:08:02.500 be an idiot. I have to see patterns, right? And 160 00:08:02.540 --> 00:08:06.250 I think being able to recognize patterns, Most people today 161 00:08:06.269 --> 00:08:09.100 have such a short attention span. So to take people 162 00:08:09.129 --> 00:08:12.459 that won't sit for a three-hour movie, much less a 163 00:08:12.480 --> 00:08:15.240 20-minute presentation on video, and take them all over the 164 00:08:15.319 --> 00:08:18.439 world in different locations and different time zones and go 165 00:08:18.439 --> 00:08:21.360 12 hours a day, 13 hours a day, where they're 166 00:08:21.439 --> 00:08:24.839 fully engaged. requires a different level of preparation. It's also 167 00:08:24.879 --> 00:08:27.680 preparation in my body. So I do so many things 168 00:08:27.740 --> 00:08:30.220 now become popular, like cold plunges and stuff. I've been 169 00:08:30.240 --> 00:08:33.159 doing this for about 18 years to give you an idea. 170 00:08:33.179 --> 00:08:35.980 I have a hyperbaric oxygen machine. I reduce my oxygen 171 00:08:36.039 --> 00:08:39.480 for my intense workouts. So the amount I do physically 172 00:08:39.519 --> 00:08:41.600 to be able to get up there and maintain that 173 00:08:41.740 --> 00:08:44.919 energy for 12, 13 straight hours for four days or 174 00:08:44.960 --> 00:08:46.639 six days or seven

days in a row is another 175 00:08:47.100 --> 00:08:50.970 element of mine. And then it's constantly increasing. Asking new questions, 176 00:08:51.129 --> 00:08:53.470 constantly learning. I think very much like you, Ryan, that's 177 00:08:53.549 --> 00:08:54.929 why I wanted to meet you. It's like you and 178 00:08:54.950 --> 00:08:58.129 I share this passion for understanding what's the difference that 179 00:08:58.149 --> 00:09:00.049 makes the difference in the quality of leadership or the 180 00:09:00.070 --> 00:09:02.720 quality of life. And I'm constantly getting that from books 181 00:09:02.750 --> 00:09:06.279 and conversations and, and quite frankly, most importantly, from real 182 00:09:06.320 --> 00:09:07.980 people that I have the chance to interact with that 183 00:09:08.000 --> 00:09:08.899 are leaders around the world. 184 00:09:09.740 --> 00:09:14.100 The best athletes in the world have coaches. You've coached 185 00:09:14.120 --> 00:09:17.870 some of them. I think of Serena Williams. She's like 186 00:09:17.889 --> 00:09:19.929 the best of all time. You're one of her coaches. 187 00:09:19.950 --> 00:09:23.450 She also has a tennis coach. And Michael Jordan had 188 00:09:23.490 --> 00:09:26.490 Phil Jackson and Tiger Woods has hired swing coaches and 189 00:09:26.629 --> 00:09:30.750 other types of coaches. Presidents, Bill Clinton would call you 190 00:09:30.769 --> 00:09:32.009 the night. Well, I'm gonna get to that story in 191 00:09:32.029 --> 00:09:34.509 a second. But my point is saying is that the 192 00:09:34.549 --> 00:09:36.870 best of the best, they want to be coached. Peyton 193 00:09:36.889 --> 00:09:38.990 Manning talked about this all the time. He loved being 194 00:09:39.049 --> 00:09:41.509 coached in practice and games. He loved it. If your 195 00:09:41.529 --> 00:09:44.340 coach didn't coach you, he was upset. Who coaches you? 196 00:09:44.600 --> 00:09:46.960 You're the guy who coaches everybody else. Who helps you? 197 00:09:47.039 --> 00:09:49.720 I'm curious. Who watches your film or gives you feedback? 198 00:09:50.019 --> 00:09:51.100 How do you get coached? 199 00:09:52.059 --> 00:09:54.710 Well, I have a group of people that will often 200 00:09:54.730 --> 00:09:56.850 call me their coach, but I'm not stupid enough to 201 00:09:56.870 --> 00:09:59.679 be around such brilliant people and not learn myself. I 202 00:09:59.700 --> 00:10:02.220 have a core group like Mark Vanioff from Salesforce. Mark 203 00:10:02.679 --> 00:10:04.970 came to my seminars years ago and he was working 204 00:10:04.990 --> 00:10:06.970 for Oracle and he went to like four seminars in 205 00:10:06.990 --> 00:10:09.450 a row. And then he finally came up, introduced himself 206 00:10:09.509 --> 00:10:10.850 and he said, why don't you come on this journey 207 00:10:10.870 --> 00:10:12.690 with me? You convinced me I'm leaving Oracle. I'm going 208 00:10:12.710 --> 00:10:15.740 to start this company called Salesforce.com. And he said, I'll 209 00:10:15.759 --> 00:10:17.649 never forget. He said, we're going to do $ 100 million 210 00:10:18.049 --> 00:10:19.909 in business and change the world. So now he's doing 211 00:10:19.950 --> 00:10:22.289 like $ 30 billion. So it's been a fun journey. But 212 00:10:22.350 --> 00:10:24.690 Mark is one. Ray Dalio is another one who's a dear, 213 00:10:24.710 --> 00:10:27.350 dear friend and is a great coach. Like last week, 214 00:10:27.389 --> 00:10:29.269 I wanted to get some coaching on where I think 215 00:10:29.309 --> 00:10:31.620 the world's going financially. And I have the good fortune 216 00:10:31.629 --> 00:10:34.399 that I could pull together Ray Dalio, Paul Tudor Jones, 217 00:10:34.779 --> 00:10:37.779 Howard Marks, Jeffrey Gundlach, all in a matter of three 218 00:10:37.820 --> 00:10:40.759 or four days and pick their brains together. Peter Guber 219 00:10:40.779 --> 00:10:42.799 is a dear friend of mine who owns the Warriors 220 00:10:42.840 --> 00:10:45.539 and the Dodgers, and we own multiple pieces of teams together. 221 00:10:45.559 --> 00:10:48.299 But he's got 52 Academy Award nominations, one of the 222 00:10:48.330 --> 00:10:49.750 most brilliant people I know in the world. 223 00:10:50.169 --> 00:10:52.070 So I'm lucky enough to have. 224 00:10:52.110 --> 00:10:55.450 So many brilliant people that when I come and they 225 00:10:55.490 --> 00:10:57.210 say I'm their coach, I know how to coach them 226 00:10:57.250 --> 00:10:58.990 on what I'm doing. But when I get someone with 227 00:10:59.049 --> 00:11:01.549 great expertise, trust me, I pick their brains and we 228 00:11:01.570 --> 00:11:04.220 usually become good friends. And we then become pitching and 229 00:11:04.259 --> 00:11:05.980 catching instead of me just pitching to them. 230 00:11:06.440 --> 00:11:08.139 I love it when somebody can throw the ball back. 231 00:11:08.230 --> 00:11:09.889 And so I'm fortunate to do that with the kind 232 00:11:09.909 --> 00:11:11.970 of people I have the privilege of surrounding myself with. 233 00:11:12.409 --> 00:11:14.970 I'd be curious if you could take me inside a 234 00:11:15.029 --> 00:11:17.809 retreat or an offsite, whether some of those guys are 235 00:11:17.909 --> 00:11:20.309 other people where you're together in rooms, you're having dinners, 236 00:11:20.330 --> 00:11:22.529 you're probably doing some physical things together. What does it 237 00:11:22.649 --> 00:11:25.649 sound like in those rooms? What's the dialogue amongst the 238 00:11:25.740 --> 00:11:28.240 Titans of the world? What's the type of stuff you 239 00:11:28.279 --> 00:11:30.120 talk about and how do you help one another? 240 00:11:31.460 --> 00:11:32.919 Well, it depends on the context. 241 00:11:32.940 --> 00:11:35.080 So last week, when I was talking about, we had 242 00:11:35.100 --> 00:11:37.179 a group of leaders together and we went up to 243 00:11:37.220 --> 00:11:39.919 Whistler Canada in the mornings. We all skied and

snowboarded 244 00:11:39.960 --> 00:11:41.559 and so forth. And then we came together for the 245 00:11:41.600 --> 00:11:43.779 second half of the day from noon to midnight or 246 00:11:43.899 --> 00:11:45.460 one in the morning. That's the kind of, I do 247 00:11:46.019 --> 00:11:49.649 deep immersions. And we were digging every aspect of what's happening. 248 00:11:49.690 --> 00:11:53.070 We had Secretary of State Pompeo there. And we're finding 249 00:11:53.169 --> 00:11:56.269 from all these brilliant minds, we had, I think, eight 250 00:11:56.309 --> 00:11:59.610 self-made billionaires there all talking about where's the world right now? 251 00:11:59.690 --> 00:12:02.309 What's coming? How do we adapt? Because we have. 252 00:12:02.149 --> 00:12:07.220 $ 212 trillion of unfunded liabilities when you count Medicare and 253 00:12:07.240 --> 00:12:09.649 Social Security. And there's no human way that can ever 254 00:12:09.690 --> 00:12:12.360 be paid back. And so now the interest rates are higher. 255 00:12:12.379 --> 00:12:15.399 The interest on that alone, if interest rates don't drop significantly, 256 00:12:15.779 --> 00:12:17.519 it's going to be a disaster. It's not that far 257 00:12:17.559 --> 00:12:20.639 in the future where 50% of all tax receipts would 258 00:12:20.659 --> 00:12:23.320 just be covering, to give you a perspective, the interest rate. 259 00:12:23.620 --> 00:12:25.340 If the interest rates stay where they are in that 260 00:12:25.399 --> 00:12:27.539 same short period of time, we get to where 100% 261 00:12:27.539 --> 00:12:30.889 of tax receipts would just be covering the debt, right? 262 00:12:30.970 --> 00:12:34.789 Just covering the interest on the debt. So that's not feasible. 263 00:12:34.929 --> 00:12:38.070 So something's going to change. And so that brings up 264 00:12:38.129 --> 00:12:40.669 a lot of emotion, as you might matter, because people 265 00:12:40.710 --> 00:12:42.700 love certainty and they have their lives the way they 266 00:12:42.720 --> 00:12:45.139 are and they want to continue those ways if they're successful. 267 00:12:45.580 --> 00:12:47.460 But you have to be able to adapt. And we're 268 00:12:47.840 --> 00:12:49.200 in the middle of a global change. 269 00:12:49.279 --> 00:12:51.340 Ray Dalio talks about this when he talks about the 270 00:12:51.360 --> 00:12:54.340 changing world order. There are these patterns that you can see. 271 00:12:54.700 --> 00:12:57.149 By the way, everything I do is about patterns. If 272 00:12:57.169 --> 00:13:00.120 you develop three skills, or if you want to help 273 00:13:00.159 --> 00:13:02.590 your kids, be sure your grandkids have a great future 274 00:13:02.629 --> 00:13:06.559 regardless of AI or robotics or nanotechnology. The answer is 275 00:13:06.580 --> 00:13:08.240 they've got to come learning machines. And the way you 276 00:13:08.259 --> 00:13:10.309 do that is, number one, you master the skill of 277 00:13:10.750 --> 00:13:14.490 pattern recognition. Because when you start to recognize patterns, things 278 00:13:14.549 --> 00:13:17.389 are no longer chaos. They're no longer overwhelming to you. 279 00:13:17.889 --> 00:13:20.389 But what's more powerful is when you not only recognize them, 280 00:13:20.409 --> 00:13:22.200 but you get the second skill, you start to use 281 00:13:22.240 --> 00:13:25.480 those patterns. So you look at any great musician, any 282 00:13:25.720 --> 00:13:29.559 great business person, any great financial trader or investor, anyone's 283 00:13:29.580 --> 00:13:32.649 great at anything. They know exactly the way to move 284 00:13:32.950 --> 00:13:35.570 their body or their voice or the camera angle or 285 00:13:35.610 --> 00:13:39.789 their eyes to produce that result, maximum result every single 286 00:13:39.820 --> 00:13:41.940 time if they're the best in the world. But the 287 00:13:42.019 --> 00:13:43.960 very best make it to the third level, which is 288 00:13:43.980 --> 00:13:46.500 you start creating your own patterns. If you're learning to 289 00:13:46.539 --> 00:13:49.940 play music, if you're playing the piano, initially you're probably 290 00:13:49.960 --> 00:13:52.440 going to be playing somebody else's music. You're learning a pattern. 291 00:13:53.070 --> 00:13:55.029 And you learn how to use it. And then gradually 292 00:13:55.070 --> 00:13:57.450 you start to bring yourself through it. And I think 293 00:13:57.490 --> 00:13:59.870 that's really what I do in those environments is I 294 00:13:59.950 --> 00:14:02.379 really help people see what those patterns are. So there 295 00:14:02.389 --> 00:14:05.139 are some patterns in the economy. There's patterns in people's emotions. 296 00:14:05.539 --> 00:14:08.980 There's patterns in business. I'm fortunate enough now to have 297 00:14:08.980 --> 00:14:12.659 114 companies. We're doing over $ 7. 5 billion in business across 298 00:14:12.700 --> 00:14:15.519 all these different industries. And it's all because I never 299 00:14:15.879 --> 00:14:18.509 went to Harvard Business School or any business school. I 300 00:14:18.529 --> 00:14:20.169 got to work with the best entrepreneurs in the world 301 00:14:20.240 --> 00:14:23.080 and study their patterns, figure out what made them successful 302 00:14:23.440 --> 00:14:25.740 and study the ones that made people make mistakes or 303 00:14:25.779 --> 00:14:28.639 have failures. And if you get enough of that, you 304 00:14:28.659 --> 00:14:31.500 develop principles that can guide you. And that's what happens 305 00:14:31.539 --> 00:14:34.210 in these situations. But we have private one-on-one conversations. We 306 00:14:34.250 --> 00:14:37.789 have group conversations where it's intimate like that, only 500 people. 307 00:14:38.230 --> 00:14:39.649 But then there's the 10,000, 15,000. I just did 1.1 308 00:14:39.649 --> 00:14:45.100 million people and And we're still having pretty intimate conversations 309 00:14:45.120 --> 00:14:49.379 because I'm

using technology adapted because of what happened during COVID. 310 00:14:49.799 --> 00:14:52.379 And I built a 25,000 square foot studio with 20 311 00:14:52.379 --> 00:14:55.919 foot high LED screens, 0.67 resolution so I can see 312 00:14:56.299 --> 00:14:58.960 everything that's going on. And I went to the founder 313 00:14:59.000 --> 00:15:00.679 of Zoom, who's a fan of mine, and said, listen, 314 00:15:00.720 --> 00:15:03.279 I need more than 1,000 or 1,200. I need 50,000. 315 00:15:03.279 --> 00:15:06.149 I need 100,000. And so now we can bring you 316 00:15:06.169 --> 00:15:08.710 up on screen, full screen, interact with you. You're larger 317 00:15:08.750 --> 00:15:12.309 than life, 20 feet tall. And the interactivity is amazing. 318 00:15:12.370 --> 00:15:14.929 So we have people. We'll start, for example, here in 319 00:15:14.960 --> 00:15:18.019 Palm Beach, Florida at 10 in the morning, and it's 320 00:15:18.080 --> 00:15:20.460 midnight in Australia. And we've got thousands of people going 321 00:15:20.480 --> 00:15:23.000 from midnight in Australia until 1 in the afternoon the 322 00:15:23.059 --> 00:15:25.980 next day, about 12 1⁄2, 13 hours. for four days 323 00:15:26.039 --> 00:15:28.200 and nights. And I'm looking at them. I'm seeing them 324 00:15:28.220 --> 00:15:30.480 in their homes and I can see the sun coming 325 00:15:30.559 --> 00:15:32.720 up and then going down by the end of the program. 326 00:15:33.159 --> 00:15:36.350 So those patterns really help us. But everything I do 327 00:15:36.429 --> 00:15:39.289 still requires a change in physiology. What I mean by 328 00:15:39.330 --> 00:15:42.429 that is information doesn't change your life. 329 00:15:43.129 --> 00:15:45.149 If I asked where you were on 9-11, I bet 330 00:15:45.190 --> 00:15:47.009 you remember vividly. Am I right? Oh, yeah. 331 00:15:47.129 --> 00:15:47.330 Yeah. 332 00:15:47.570 --> 00:15:48.710 Wait room at Miami University. 333 00:15:48.830 --> 00:15:51.169 Yep. You can remember the moment, what you saw, who 334 00:15:51.200 --> 00:15:51.620 was there. 335 00:15:51.629 --> 00:15:54.580 People all over the world, even non-Americans can tell you that. 336 00:15:54.679 --> 00:15:54.919 Why? 337 00:15:54.940 --> 00:15:55.009 Why? 338 00:15:55.429 --> 00:15:57.919 If I asked you where you're on, say, 8-11, you 339 00:15:57.940 --> 00:15:58.580 don't have a clue. 340 00:15:58.600 --> 00:16:02.440 And the reason is information without emotion is barely retained. 341 00:16:02.519 --> 00:16:06.340 But when there's strong emotion information, it's retained. So we've 342 00:16:06.360 --> 00:16:10.019 been doing these studies during COVID. I was approached by 343 00:16:10.450 --> 00:16:13.169 the people at Stanford because two of their professors came 344 00:16:13.210 --> 00:16:16.049 to one of my programs, a five-day program. And they 345 00:16:16.070 --> 00:16:18.549 were both clinically depressed and came out with no depression, 346 00:16:18.570 --> 00:16:20.870 no more use of the drugs, anything like that. They 347 00:16:20.889 --> 00:16:23.070 were blown away. And he said, do you have any 348 00:16:23.110 --> 00:16:25.330 data on this? And I said, well, yeah, I've got 349 00:16:25.370 --> 00:16:28.120 millions of clients. They said, no, but like scientific data. 350 00:16:28.129 --> 00:16:29.549 I said, no, but if you want to run a study, 351 00:16:29.620 --> 00:16:31.759 I'd love to support it. And I said, we'd love 352 00:16:31.779 --> 00:16:33.840 to do one on depression, because as you can imagine, 353 00:16:33.860 --> 00:16:37.620 during COVID, depression went wild, so did overdoses. And I said, okay, 354 00:16:37.639 --> 00:16:39.440 but what do the meta studies show? What are we 355 00:16:39.500 --> 00:16:43.679 banking against? What does traditional intervention look like? And he said, well, 356 00:16:43.700 --> 00:16:46.529 it's usually drugs and some therapy, verbal therapy. And he 357 00:16:46.570 --> 00:16:49.950 said that across the meta studies, 60% of the people. 358 00:16:49.789 --> 00:16:50.669 Make no improvements. 359 00:16:51.169 --> 00:16:53.450 Which I had no clue, it's pretty horrific in my mind, 360 00:16:53.450 --> 00:16:57.019 40% improved, but on average they improved 50%, which means 361 00:16:57.039 --> 00:16:59.750 they're half as depressed as they were. Some people get well, 362 00:16:59.870 --> 00:17:02.909 most don't. Most stay on these SSRIs for a very 363 00:17:02.950 --> 00:17:05.150 long time. And we now proven a year ago, the 364 00:17:05.170 --> 00:17:07.769 meta-studies show SSRIs don't even work, but we still sell 365 00:17:07.809 --> 00:17:09.150 millions of them every single day. 366 00:17:09.190 --> 00:17:09.789 It's crazy. 367 00:17:10.329 --> 00:17:11.829 So I said, well, I think we could beat that. 368 00:17:11.950 --> 00:17:14.079 I think you could beat that with a placebo. And 369 00:17:14.130 --> 00:17:16.440 he laughed and said, maybe. And I said, what's the 370 00:17:16.500 --> 00:17:18.500 best study you've ever done? Well, if we were banking 371 00:17:18.539 --> 00:17:20.619 against that, and they said five years ago at Johns 372 00:17:20.660 --> 00:17:23.549 Hopkins- They did a study where they took people for 373 00:17:23.549 --> 00:17:29.349 30 days and gave them psilocybin, magic mushrooms, hallucinogenic, and 374 00:17:29.410 --> 00:17:33.069 cognitive therapy for a month. I said, well, after a 375 00:17:33.109 --> 00:17:34.789 month of that, you must have got some change in 376 00:17:34.829 --> 00:17:35.250 their brain. 377 00:17:35.289 --> 00:17:35.750 And he laughed. 378 00:17:35.769 --> 00:17:38.210 He goes, it was the most incredible change we've ever 379 00:17:38.230 --> 00:17:41.710 seen in psychiatry. Six weeks after this 30 days of 380 00:17:41.759 --> 00:17:46.079 the drugs and the therapy, these individuals showed no symptoms whatsoever. 381 00:17:46.079 --> 00:17:49.470 54% of them had no symptoms whatsoever. And he

said, 382 00:17:49.490 --> 00:17:51.130 it was amazing. I said, well, why don't you use 383 00:17:51.170 --> 00:17:52.069 that as the benchmark? 384 00:17:52.450 --> 00:17:52.910 So they did. 385 00:17:53.190 --> 00:17:55.259 And we used no drugs, obviously. And it wasn't a month. 386 00:17:55.319 --> 00:17:58.319 It was five days. But it was reorganizing, which is 387 00:17:58.359 --> 00:18:01.240 what we do, the pattern of perception, the pattern of 388 00:18:01.299 --> 00:18:04.539 decision making, the pattern of emotion, which affects everything in 389 00:18:04.559 --> 00:18:06.549 your life. And we don't tell people how to do that. 390 00:18:06.589 --> 00:18:07.930 We show them how to do it and how to 391 00:18:07.970 --> 00:18:11.089 rewire it in their nervous system so it's automatic. And 392 00:18:11.250 --> 00:18:14.140 the interesting thing is the results were so dramatic. they 393 00:18:14.160 --> 00:18:16.660 were afraid to be canceled. So they took the information, 394 00:18:16.700 --> 00:18:19.380 sent it blind to three other organizations, got the same results. 395 00:18:19.400 --> 00:18:22.089 The results were these after six weeks of attending the 396 00:18:22.109 --> 00:18:24.789 five day it's called date with destiny seminar. 100% of 397 00:18:24.809 --> 00:18:28.809 the people had no symptoms of depression whatsoever. Even better, 398 00:18:28.809 --> 00:18:32.009 17% of the people who had suicidal ideation, which means 399 00:18:32.029 --> 00:18:34.829 they're constantly thinking of suicide, none had it. They did 400 00:18:34.890 --> 00:18:37.470 a follow-up 11 months later with no more intervention from me, 401 00:18:37.529 --> 00:18:39.990 no interaction from me with any of those clients. And 402 00:18:40.009 --> 00:18:42.130 they found that they not only were not depressed, but 403 00:18:42.170 --> 00:18:44.839 they had a 72% reduction in negative emotions and a 404 00:18:44.839 --> 00:18:48.799 51% depression. improvement and positive emotions. So they're now doing 405 00:18:48.900 --> 00:18:52.559 one on quiet quitting and corporate engagement. They just did 406 00:18:52.599 --> 00:18:55.200 a year-long program, the largest study of its type. And 407 00:18:55.240 --> 00:18:56.759 I haven't seen the final results, but I saw them 408 00:18:56.779 --> 00:18:58.980 at six months and it was amazing. It took away 409 00:18:59.440 --> 00:19:04.630 four years of shutdowns, created a massive disturbance from engagement, 410 00:19:04.650 --> 00:19:08.059 which as you probably know, Engagement is directly tied to 411 00:19:08.119 --> 00:19:10.559 EBITDA or profit. The higher the engagement, the higher the 412 00:19:10.599 --> 00:19:14.049 profit of a company. And there's engaged, there's disengaged, and 413 00:19:14.069 --> 00:19:18.109 there's active disengaged. Disengaged would be like quiet quitting. And 414 00:19:18.369 --> 00:19:20.869 actively disengaged is like loud quitting, where people are still 415 00:19:20.890 --> 00:19:23.200 at the company but trying to destroy it. In the 416 00:19:23.299 --> 00:19:26.460 history of those studies, in those four years of COVID, 417 00:19:26.480 --> 00:19:29.599 we had the biggest drop in engagement in history. We 418 00:19:29.640 --> 00:19:33.880 had the largest increase in active disengagement in history. We, 419 00:19:34.000 --> 00:19:37.980 in five days, outstripped everything that happened from four years 420 00:19:38.039 --> 00:19:40.890 and then some, and it continued to grow for six months. 421 00:19:40.930 --> 00:19:42.849 And I'll get to see the 12-month mark, but from 422 00:19:42.869 --> 00:19:45.269 when I've heard third party, at least it's gone extremely well. 423 00:19:45.309 --> 00:19:48.750 So there are ways to rewire people, and a lot 424 00:19:48.789 --> 00:19:49.930 of it has to do with the way in which 425 00:19:50.000 --> 00:19:52.880 you engage the nervous system. So it isn't just sitting 426 00:19:52.900 --> 00:19:55.599 and listening to somebody. That wouldn't do squat. But when 427 00:19:55.619 --> 00:19:58.660 you engage the nervous system, you change biochemistry while you're learning. 428 00:19:58.980 --> 00:20:00.720 That's that retention like you had for 9-11. Wow. 429 00:20:00.740 --> 00:20:00.819 Okay. 430 00:20:03.880 --> 00:20:08.089 Massive transformation that you make with people. That's obvious, proven, right? 431 00:20:08.130 --> 00:20:11.049 Studies are there. I want to go back to maybe 432 00:20:11.089 --> 00:20:14.349 a little bit more relatable time. You're 17 years old, 433 00:20:14.710 --> 00:20:19.150 rough upbringing. Most people, it's well-known, but you meet Jim Rohn. 434 00:20:20.029 --> 00:20:22.779 And I love mentors and I love the story because 435 00:20:22.799 --> 00:20:25.359 I'm so lucky to have some really amazing mentors and 436 00:20:25.400 --> 00:20:27.299 football coaches in my life that have changed my life. 437 00:20:27.759 --> 00:20:30.839 And I'm curious, Tony, when you think about that time 438 00:20:30.880 --> 00:20:33.630 in your life and the work ethic you developed and 439 00:20:33.670 --> 00:20:36.529 all the things that came about from that relationship. What 440 00:20:36.549 --> 00:20:38.150 did you learn from Jim and how did he help you? 441 00:20:38.170 --> 00:20:40.329 I think one of the most valuable things I learned 442 00:20:40.369 --> 00:20:43.130 from him was I had four different fathers. Uh, we 443 00:20:43.150 --> 00:20:45.849 were always broke. Um, we had no money at Thanksgiving 444 00:20:45.890 --> 00:20:47.940 when I was 11. And as a result of that, 445 00:20:48.099 --> 00:20:50.440 I got fed and, but it was more than getting fed. 446 00:20:50.480 --> 00:20:52.359 It made me believe strangers care. And it started me 447 00:20:52.380 --> 00:20:55.039 on a journey from 17 on where I started feeding people, 448 00:20:55.079 --> 00:20:57.809 two families, four families, And I decided to feed 100 449 00:20:57.809 --> 00:21:00.170 million

people a year, 100 million meals a year. Anyway, 450 00:21:00.190 --> 00:21:02.410 in the United States, I said, I'm going to provide 451 00:21:02.430 --> 00:21:04.470 a billion meals in 10 years. I did that in 452 00:21:04.509 --> 00:21:06.269 eight years. I finished that last year. Now I'm doing 453 00:21:06.269 --> 00:21:09.369 100 billion meal piece. But what I really learned from 454 00:21:09.430 --> 00:21:12.470 that was I had so much pain and suffering. I 455 00:21:12.509 --> 00:21:15.990 wanted to understand why my fathers were always broke or 456 00:21:16.029 --> 00:21:18.329 losing their jobs because they were good people. I mean, 457 00:21:18.349 --> 00:21:20.750 from my perspective, I've sunned all four of them. They're 458 00:21:20.769 --> 00:21:23.869 good human beings. And Jim Rohn said to me, he said, Tony, 459 00:21:23.890 --> 00:21:25.920 the way I can explain this to you is We're 460 00:21:25.960 --> 00:21:29.460 all equal as souls, but we're not equal in the marketplace. 461 00:21:30.420 --> 00:21:32.619 And I said, what does that mean? And he said, well, 462 00:21:32.880 --> 00:21:35.099 think about this, because I was complaining about the fact 463 00:21:35.160 --> 00:21:37.319 that a school teacher only made, I think back then 464 00:21:37.359 --> 00:21:39.440 it was like $ 40, 000 a year when I was asking 465 00:21:39.460 --> 00:21:42.240 the question. And some hedge fund guy made a billion 466 00:21:42.269 --> 00:21:44.730 dollars that year was pretty famous. And he said, well, 467 00:21:44.750 --> 00:21:47.490 let's start with McDonald's. He said, people complain about McDonald's 468 00:21:47.529 --> 00:21:50.609 and minimum wage. He goes, it's not designed to be 469 00:21:50.630 --> 00:21:53.019 a long-term job. It's an entry job. And the reason 470 00:21:53.059 --> 00:21:55.920 it's so cheap in its minimum wage is because anyone 471 00:21:55.940 --> 00:21:57.380 can learn to do it. So there's not a lot 472 00:21:57.400 --> 00:21:59.720 of added value. In fact, now, as I'm sure fast 473 00:21:59.740 --> 00:22:02.099 food is now starting to use robots already, they're going 474 00:22:02.119 --> 00:22:04.319 to replace it all because anybody can do it. And 475 00:22:04.339 --> 00:22:07.109 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.