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Mark Cuban: Think Like A Shark | E19 · In Search Of Excellence

• 0:00
  Mark Cuban: There's nothing wrong with having a nine to five job. There's nothing wrong with driving an Uber or whatever it may be. Because there's other things you want to do. You want to be a composer, you want to just spend time with your kids.
• 0:10
  Mark Cuban: That's all wonderful. But you get to make that choice. And if your choice is to be an entrepreneur, if your choices to at some point, have enough to control your own time, you have to make a commitment. Because no one's handing you any of that.
• 0:26
  Randall Kaplan: Welcome to a Search of Excellence which is about our quest for greatness and our desire to be the very best we can be to learn, educate and motivate ourselves to live up to our highest potential.
• 0:34
  Randall Kaplan: It's about planning for excellence and how we achieve excellence through incredibly hard work, dedication and perseverance. It's about believing in ourselves and the ability to overcome the many obstacles we all face on our way there. Achieving Excellence is our goal and it's never easy to do we all have different backgrounds, personalities and surroundings. And we all have different routes on how will we hope and want to get there. My guest today is Mark Cuban mark is a serial entrepreneur, phenomenal investor, sports fanatic and incredibly generous philanthropist. He is the owner of the Dallas Mavericks NBA basketball team has been a host on the amazing TV show Shark Tank for the last 12 years, and is the author of the best selling book How to Win at the sport of business. If I can do it, you can do it. bark is a member of the Forbes 400 and has reported net worth of $4.3 billion. Among many other exciting ventures Mark launched his most recent company, the Mark Cuban cost plus drug pharmacy two months ago. Mark, it's an incredible pleasure to have you on my show. Welcome to In Search of Excellence. Thanks for having me, Randy. I always start my podcast with our family because from the moment we're born, our families helped shape our personalities or value in the preparation for our future.
• 1:42
  Randall Kaplan: You were born in Pittsburgh into a Jewish working class family in the suburb of Mount Lebanon.
• 1:48
  Randall Kaplan: Your dad Norton was an automobile upholsterer and you had described your mother as someone who had a different job or a different career goal every other week. What kind of values did they instill in you? And what kind of influence did your neighborhood have? I do both growing up and as an adult.
• 2:04
  Mark Cuban: Wow. In terms of values, I guess, self reliance, being able to take care of yourself, taking responsibility for your actions, always education, and trying to live a better life than my parents LED.
• 2:19
  Mark Cuban: Those were pretty much the values that they educated my brothers and I on
• 2:27
  Randall Kaplan: some points that they tell you, I want you to be the best you can be and reach your highest potential or two that come innately to you.
• 2:35
  Mark Cuban: No, they did. I mean, my dad worked at a company called Regency products where they did upholstery on cars, and he would have me come in there on weekends and sweep the floor, not because he wanted me to earn the $5 I earned for the day, but more because he wanted me to see what backbreaking work was all about, and how he wanted me to not like it, and to want to strive to achieve more.
• 3:00
  Randall Kaplan: We're going to talk about your early entrepreneurial endeavors in a minute. But before we do I want to talk about your early childhood. Can you tell us what you were like as a kid? Were you popular? Were you a leader? And outside of business? What did you do for fun?
• 3:15
  Mark Cuban: I guess my childhood childhood at three segments. I was born in a part of Pittsburgh called Squirrel Hill. And we lived there until I was five and moved to a suburb called Scott Township in an area called Bird land because all the streets were named after birds, and lived there till I was 12. And so that was a completely different neighborhood than Mount Lebanon. And growing up there. Everything was about sports. It was one of the neighborhoods where you knew all your neighbors and my friends were the guys that even if they didn't go to the same school as me, we would play wiffle ball or basketball or football down at the park that was at the bottom of the huge hill I lived in the middle of and some of those guys, I'm still friends with one I heard from just the other day.
• 4:01
  Mark Cuban: And so that was kind of all sports driven. There really wasn't other than my friend Danny, who's whose dad was an engineer and who would put us in front of a chalkboard trying to do math questions and race to answer math questions. That was one segment. And then my dad I never forget, took me out of school, I was 12 and said, Okay, you're old enough to be part of this process. We're moving less than a mile away to Mount Lebanon, because he felt that it had a better school and it did, then the high school I otherwise would have gone to and so Mount Lebanon was a completely different world or environment.
• 4:40
  Mark Cuban: Jefferson junior high to start and that's where I've made lifelong friends that were more geared towards education. I mean, when Nixon Elementary School in John Dewey Junior High in Scott Township, I was the only Jewish kid. I stood out a lot and people didn't understand that and then I moved to my Lebanon and and most of my friends were Jewish. And it wasn't a have a predominant Jewish school. But the six or seven guys who to this very day are my, some of my best friends were Jewish. And there was just more of an emphasis on education and that that created a big change for me.
• 5:14
  Randall Kaplan: You said you played hoops when you were younger? Are you good?
• 5:17
  Mark Cuban: Up until about the sixth grade, seventh grade, maybe. But then when I got to high school, I got cut a couple times trying out for the team. I thought I was good. But the coaches honestly didn't think, think so. But up until sixth sixth grade was probably the peak of my athletic career till I got to college.
• 5:35
  Randall Kaplan: Let's talk about the incredible entrepreneurial spirit you showed at a young age, most of the people around you thought you'd go to work in a steel mill, like many of the other kids, but your mother wanted you to learn how to install carpeting. But that wasn't part of your plan. You started your first business when you were 12 years old. And you did it in a pretty unique way your dad was playing poker with his buddies, drinking and whipping it up and you went into the room, grabbed a doughnut and told him you wanted a new pair of expensive Chuck Taylor Converse basketball shoes. Your dad said that shoes on your feet were working fine, and that when you got a job, you could buy whatever you wanted. At that point, one of his buddies who was drunk said hey, I can get you a job. I have all these trash bags, you can sell them door to door and you said done.
• 6:14
  Randall Kaplan: You charge $6 They cost you three see me $3 per bunch than when you were 60. And you started a stamp company went to stamp shows and trade shows you would trade up from one stamp to the next you knew what you were doing. Because you'd stay up until 3am or 4am Reading Lind Stamp News and Scott stamp journals and then have them all memorized to give yourself an edge. You also earn money by selling baseball cards and rare coins. When you were 16. You took advantage of a Pittsburgh Post Gazette strike by driving 130 miles to the plan in Cleveland where the newspapers were printed, you found a truck coming out of the plant, you convinced the driver to sell you his papers. So you would have to drive around and do his rounds.
• 6:52
  Randall Kaplan: Then you drove back to Pittsburgh and sold the papers for five times a cost to make money. You also work at a grocery store stocking shelves and at a deli where you sliced off a piece of your finger. You had the entrepreneur G and you were born with it. Can you tell us about the lessons you learned going door to door as a 12 year old and the importance of hustle and cold calling on our path to excellence? And can you also tell us about persistence? And how telling potential garbage bag customers that you knew their daughter helped you succeed?
• 7:24
  Mark Cuban: I think what I learned most was how to sell.
• 7:27
  Mark Cuban: And that selling wasn't something to be afraid of.
• 7:30
  Mark Cuban: Because it wasn't convincing anybody. I mean, it wasn't trying to change people's minds.
• 7:34
  Mark Cuban: It was trying to help them. So when you're you know when you're 12 years old, going door to door, you know it's Hi, my name is Mark, I live down the street.
• 7:45
  Mark Cuban: Do you use garbage bags? It was easy. It was just like, hey, for$6 I'll bring you a box of 100 whenever you need them, all you got to do was call my house and then I'll bring them down to you. And it was that easy. And you know from there, once I got that confidence, it started to get easy whether I was selling stamps, whether I was selling magazines door to door, it'd be like, Hi, my name is Mark. If I could show you how 75 cents a week and improve the education and entertainment of your family and put your kids in a better position at school with 75 cents a week be worth it. Yeah, things that I remember to this day and dealing with objections, those are all things that became core for me and really built my confidence.
• 8:33
  Randall Kaplan: I think education is one of the most important ingredients to our future success. You skipped school, your senior year of high school and enrolled as a full time student at the University of Pittsburgh, selling your stamp collection to help pay for college after a year there you transferred to Indiana University where you eventually graduated from the Kelley School of Business with a Bachelor of Science degree in management.
• 8:51
  Randall Kaplan: You had applied to the school without even visiting the campus because it had the cheapest tuition of all the business schools on the top 10 list.
• 8:59
  Randall Kaplan: During college you had a variety of ventures. You gave disco lessons to sorority girls for$25 An hour would you call the best job ever and which led to you hosting lavish disco parties at the Bloomingdale Bloomington National Guard Armory. You set up a chain letter that asked people to submit a small amount of money with the prospect that they could make more than $1,000 that venture paid for one semester of tuition. In September of your senior year you opened a popular bar called Molly's pub. Six months later, it was shut down because pictures from a wet t shirt contest made it in the newspaper and a probation officer recognize the picture of one of the very parolees who happened to be a 16 year old on probation for prostitution. You said you check your ID and it was good. I remember to this day doing so. I still have t shirts and cars I stuffed envelopes for three cents each and like you I managed to have a lot of fun at the great University of Michigan. There you go. How important was your college experience to your future success and is what you learn outside? To the classroom as important or more important than what you learn inside of the classroom.
• 10:04
  Mark Cuban: Yeah, I mean, at IU.
• 10:04
  Mark Cuban: What I learned there, and the impact it had on me was, like unquantifiable. That's how significant it was. I said the greatest skill in the classroom I learned was learning how to learn that from the time I was a freshman, when what I expected to the time I was a senior, just so much changed, and my expectations changed. But I just learned so much. And to this day, my ability to absorb things and my excitement to learn new things emanated from Indiana. I mean, I can tell you stories. My freshman year, I never really knew how smart I was. But I wanted to challenge myself. I went to class at Pitt, like you said, instead of my senior year of high school. And when I got to Indiana, this was before everything was computerized. I decided to register for an advanced for graduate level liberal or literally an MBA class and statistic, k 501. And they let me in I was shocked.
• 11:02
  Mark Cuban: I'm like, Okay, if I can pass an MBA level statistics class, all right, I might not be dumb. And so not only did I pass it, I got an A in it. Not only did I get an A in it, but the professor Wayne Winston and I connected 20 years later, plus when he was when I saw him in Indianapolis when the Mavs were playing the Pacers. And he came to work for me at the mavericks and became one of the very first if not the very first analytics employee for an NBA team. All because I snuck in to a class at Indiana.
• 11:35
  Mark Cuban: But that led me to think, okay, I can do this, I can challenge myself. So not only did I find myself being excited to learn, but I found myself being really excited to be challenged. And so I was taking other graduate level classes, until my junior year when one day I'm walking on campus. And the head of the graduate school, the MBA program, stopped me on campus and literally was poking me in the chest, saying, I don't know how you did it, but you are no longer in the MBA program. You can go into the honors program where you go undergrad, but you're not an MBA, and I had over a year my MBA done at that point. But again, going back to your question, learning to challenge myself not to be not being afraid of challenges, learning to get excited about learning, or skills that I got in the classroom and outside the classroom. And then just the social aspect of it just learning to network, making friends creating close friends, everybody, every kid goes through ups and downs during the period of college and having close friends, Ben and Tim and Tom guys who are still some of my best friends today was also critically important.
• 12:46
  Randall Kaplan: I took stat for a one as a freshman to senior level class and Rothman, who was a fixture at Michigan, I thought I was going to fail out of the class. But luckily I also got an A liberal.
• 13:00
  Mark Cuban: That's right. That's the key. Taking a high level stats class your freshman year.
• 13:05
  Randall Kaplan: It worked. I was very nervous right up until the end. But But I did get an A you graduated college in 1981. And I moved back to Pittsburgh, you took a job with Mellon bank back then a lot of the smaller regional banks still did everything on paper. But Mellon had a department that went in and converted a lot of them to computerized systems, which is what you worked on by your peers. Were just happy to have a job but you weren't. You wanted to be more entrepreneurial. So you took some initiative, can you tell us about the notes you sent to their CEO, David bars, the magazine story about Social Security payments, the rookie club, your newsletter, and the awesome reception you receive from doing all this?
• 13:43
  Mark Cuban: Yeah, you did your homework, where to start. So in my mind, you know, the number one job of any employer was to maximize earnings for the company that you work for period and a story that was non negotiable. So I was reading a copy of venture magazine doesn't even exist anymore, I still have it in the back in my big stack of old stuff. And there was an article about how you can cut your costs by doing some specific things for us, sort of with your social security payments for big companies. And so I got a copy of the magazine and I sent it doc mark for him you know with a note to him, and he sent me a thank you and but my boss did not like that at all. We thought I was stepping on his toes but I didn't stop there. So part of what I did it Mellon bank and I didn't do a great job a part of what I did was helping them convert from paper based systems to electronic digital based systems or as digital as they were at the time and we would go to the small banks in the middle of Michigan or West Virginia, wherever just small small banks and convert them and it got to be very, very tedious. So I created this thing called the remote mic or newsletter because micro is effectively what we did and it would just be funny you know, so and so did such and such and such and such did so and so. And then on top of that, I created something called the rookie Club, where we would get senior level executives to meet us at a bar and talk to us. And I'm organizing all these things.
• 15:10
  Mark Cuban: And then my boss at Whitman, called me into his office and just starts screaming at me. Who the hell do you think you are doing all this thing and without going through me and this and that. And that was pretty much the end of my career Mellon bank. Hey, don't fire me. But it was time for me to go.
• 15:31
  Randall Kaplan: We're going to talk about what came next in a minute. But before we do, what's your advice to the millions of people who are working in a job they don't like their boss, and they're thinking about leaving, should they stay in tough it out, or should they leave and risk that they may not like your next boss and also risk becoming a Job Hopper, which may prevent them from getting their next job after that?
• 15:50
  Mark Cuban: Well, two things, one, always realize you're a free agent. And you're allowed to look for your next job while you're in your current job. But more importantly, and this particularly as it applies to your first job, coming in college, you you paid to learn.
• 16:02
  Mark Cuban: But now that you've graduated, or you're starting your career, or getting your first job, you're getting paid to learn and take advantage of the to learn part of it. Because I think that's what we're people who are in jobs, they don't like make a mistake. They're just so miserable, they just can't wait to get out. And they don't realize that you can learn more from the jobs you don't like.
• 16:25
  Mark Cuban: And from the jobs you do, like learning what not to do is just as critically as important as learning what to do, particularly if you have any aspirations to go into management or to start your own company. And literally from that Mellon bank experience from the jobs that didn't work out for me, the companies that didn't work out, I learned as much, if not more from the failures of mine, myself and others, as I did from the good things that happened.
• 16:51
  Randall Kaplan: I mentor a lot of college students, I have an intern program 36 Kids, every summer, we got about 1000 applications. Now it's sort of a thing. And one of the first things I tell him, stay in your first job for two years, no matter what it may not be fine.
• 17:02
  Randall Kaplan: You may not like your boss, it's work. You have to learn how to get along with others and succeed. There's going to be very difficult people wherever you are. I had a scholarship student, Kristin Newsong Hi, Kristin, who worked at Price Waterhouse. And they sent her in the consulting division. They sent her to Decatur, Illinois, she had a boyfriend back in New York. She didn't like her boss.
• 17:25
  Randall Kaplan: She was miserable. Nothing against Decatur. But there's there's not a lot to do there.
• 17:28
  Randall Kaplan: There's no social life. And I told her to stick it out. And I think at the end of the day, she did. After two years, she went to the head of the firm and and she moved and she didn't like her boss either. And that was a very tricky thing to go on, to try to figure that out.
• 17:45
  Mark Cuban: Yeah, of course. But again, you're getting paid to learn. And if you look at it that way, look, we don't like every class we took in college.
• 17:50
  Mark Cuban: And it may have only been a semester, but that's a good four months, or whatever it is, where you may not be happy. Plus all the studying you're having to do to deal with this class that you don't like, work, your job is no different. If you really make an effort to learn not just I'm an accountant, and I'm counting rolls of carpet for an audit.
• 18:12
  Mark Cuban: But how's the company run? How are managers managing? If I don't like my boss, why don't I like my boss? And is there a way that I can communicate with that boss, that makes me better at communicating or learn from what they're doing. So I don't do the same things when I become a boss. It's just when you're 22 years old or 23 years old, it's hard to have that perspective.
• 18:34
  Mark Cuban: And you're doing it obviously with your students. And that's what I tried to convey as well that look at your ultimate goal.
• 18:41
  Mark Cuban: And within context of that ultimate goal. What can you learn from your current set of circumstances.
• 19:40
  Randall Kaplan: You left Mellon after about a year and worked for a TV Repair franchise called tronics 2000. But that Job did not work out either. So you left for Dallas on July 7 1982, you moved in with five friends in a three bedroom apartment. You slept on the floor, you had no money, no car, he did have a towel, but you've stolen it from a hotel that had holes in it.
• 20:00
  Randall Kaplan: Then you landed a job as a bartender to Greenville Avenue bar called Ilan, you tried to start a business selling powdered milk. It was cheaper by the gallon and you thought it tasted good enough. But that didn't work while you're working as a bartender and employment agency put an ad in a newspaper for job selling software at a store. So you purchased two pinstripe polyester suits for$99 to get ready for the interview. The company was called your business software and the store was the first software store in Dallas, you were 24 years old at the time you had zero experience. You were scared because you had never worked with a PC before.
• 20:35
  Randall Kaplan: Two guys tagged in you during the interview and asked you a bunch of questions. You didn't really know the answers to them.
• 20:41
  Randall Kaplan: But you finally nailed one that got you the job. What was the question? And what are the lessons here and their importance at the beginning of someone's career and throughout their entire career.
• 20:51
  Mark Cuban: So He asked me, what do you do? If you don't know the answer to a question? Or a technical question? I was like, I'll pick up the manual. And I'll read the answer. And I'll take as many hours as it takes to learn the answer. So I have a solution. And he goes, right answer. And he goes, I got one more question for you. Will you not tell the employment agency that that put the ad in the paper that we hired you, so we don't have to pay the fee? And I was like, conflicted a little bit, but I needed the job. I was tired of working at three in the morning for the bar. So I said, Yes. And that's what got me the job.
• 21:23
  Randall Kaplan: How important is that later in your career as well, always finding solutions to what you're doing. I have a lot of people over the years have worked for with me. And for some of our portfolio companies, you give them something they come back and say, it's not possible it takes two or three emails to get them to go find the answer, be resourceful.
• 21:41
  Randall Kaplan: What's your advice to people who may stop it? A and you want them to go to F or G or even Z before they can figure it out?
• 21:50
  Mark Cuban: First advice is don't apply for a job with me.
• 21:53
  Mark Cuban: The reality is, either there's an answer somewhere? Or the answer is you've done all the work to find out that there is no answer and have a great explanation why, but what's not acceptable is not putting in the effort to try to find it. And that's what a lot of people do.
• 22:07
  Mark Cuban: I say this all the time. There's some people employees, that if you tell them to do A, B, and C, they'll do A, B and C and not know that d and f exists. And there's others who aren't very good at details, where if you tell them to do A, B, and c, all they want to do is talk about D E and F or G, H and I. And so it helps to know what type of employee you are and how you approach problem solving. And as an employer or manager, it helps to know the type of people that you're dealing with as well. But for me personally, as an entrepreneur, knowing how to solve problems like that, being willing to put in the time to solve problems, I say all the time, the one thing in life you can control is your effort. And being willing to do so is a huge competitive advantage because most people don't.
• 22:54
  Randall Kaplan: We're going to talk about effort a little later in the broadcast something I'm very excited and a big believer in. So let's go back to your business software, they hire you, you're making $18,000 a year as part of your job, you had to be at work and sweep the floors and be there when the store opened at 930. In the morning, you're there for about nine months, and you're doing well as a salesperson and as a software consultant. After nine months there, you had a sales price the back to ask if you could come to his office at 9am to close the deal which created a conflict, because you would open the store at that time, you could have rescheduled the appointment, but you followed your first instinct to close the sale. So you call one of your co workers to come in and open the store for you. And you did in fact, close the deal. The next day, he came to work with a$15,000 check in your hand and your boss, Michael, who Mackey fired you sounds like a wonderful guy. We're going to talk about micro solutions in a minute. But before we do, can you tell us if you're expecting that and what exactly did you do or say when he fired you? And can you tell us how you went from not knowing anything about PCs to being a very successful salesperson shortly after you got the job and adjusted for the inflation over 31 years that$15,000 sale today is the equivalent of $45,000 not a small sale,
• 24:12
  Mark Cuban: not a small sell at all. So when he fired me, I didn't expect him to fire me, obviously, I thought, Okay, this is good for both of us, right?
• 24:18
  Mark Cuban: He's got a fledgling software store. And it's a win. But I also knew I was the only one in the store that had any technology knowledge at all, and it was all self taught. And so when he fired me, my first thought was, he can't do the deal. And so I was going to have an opportunity at some point the guy's name was Kevin, I'll never forget to go back to Kevin not right off the bat. Because I didn't have everything I needed.
• 24:45
  Mark Cuban: I needed the store for some things to go close that deal at some point in the future. And so I was like, Okay, I've got the edge here. So yet to answer your question, I was surprised because he needed it. But I'm like, Okay, this is my chance to go start my own company. It was time I was allows the employee, this is my fourth job, effectively fifth job, maybe depending on how you count. And it was time to start my own thing. And I knew at some point in their future if I started my own, Kevin was going to be a customer so I thought I'd have a good start. What do you
• 25:18
  Randall Kaplan: think the reason was he fired you? It's a huge sale to new store. It's a lot of money is probably more money than that store made in a month, I would guess month or two.
• 25:28
  Mark Cuban: Yeah. And they closed quickly, shortly after genius and the girl Barbara Depew. That put the floor for me and cleaned everything up, ended up working for me micro solutions, but I think what I learned from that and again, you learn as much from the bad companies as the good ones. I remember I had my two for $99 suits. And Michael would tell me that I needed to have better suits had to go to this place, or that place. And I'll never forget him telling me that if I ever decided that I needed glasses, because I was wearing context at the time, that this place called peeps was a great place to buy really nice glasses. And when it came to selling, he was never like, Okay, let's get out there and sell, let's get out there and sell, it was more on the CEO.
• 26:15
  Mark Cuban: And that was the same thing that happened at tronics 2000. It was the same thing I'd seen in other places where there was a CEO, who was more excited about being the CEO than doing the things necessary to close sales. And I learned very quickly from both of those companies, that you no business will ever succeed without sales. And if the CEO wasn't so excited about their product, and so in love with their product or service that they wanted to learn everything about it, and share it with potential customers that it wasn't going to work. So it was a great experience for me. And that's what led me to be able to start micro solutions. So we'll get
• 26:55
  Randall Kaplan: into that. Now at this point, you're 25 years old, you get fired. So what do you do you start micro solutions with the help of your previous customers from your business software. micro solutions was initially a systems integrator and software reseller and was an early proponent of technologies such as carbon copy Lotus Notes and CompuServe. And one of your biggest customers was perot systems. At one point early on, you had $84,000 in your bank account and had a receptionist steal more than $82,000 from you by writing forged checks. But you persevered. And seven years after he started the company, it was earning more than $30 million in revenue. And in 1990, you sold the company to CompuServe, for $6 million.
• 27:35
  Randall Kaplan: After taxes, you made approximately $2 million. I have a saying that sometimes our biggest disappointments lead to our best opportunities. Can you describe those seven years building a company? How hard was it? Can you tell us what you were thinking after you sold the company became a multimillionaire? At 32 years old, in your mind? Had you made it? And were you saying to yourself this is only the beginning? On our path to excellence? How important is it not to rest on our laurels and whatever we're doing?
• 28:03
  Mark Cuban: When I first got started, it was more about how long can I stay in business, I wasn't able to do a deal with Kevin right off the bat. So I had to find another company and realize I'm broke, I saved a tiny bit, but not much. And I'm sleeping on the floor still. And I'm fired. And so I remember driving to Galveston because another buddy of mine had gotten fired at about the same time, Greg shipper. And we're driving down to Galveston. And the whole time I had a yellow pad that I still have trying to come up with a name right in my initial documentation on once I came up with micro solutions, because it was a one inch name right micro Computer Solutions micro solution. And writing out our goal was to create productivity and profitability and create competitive advantages for all of our customers. And then coming back and saying, Okay, who's going to be my first customer and connecting to a company called architectural lighting, and going to them and saying, look, the software that you wanted when I was at your business software was going to cost me $250 To buy. And I told you, I will sell it to you for 500 I don't have to enter $50 to buy it. If you'll front me the 200 to $500 Effectively, if it doesn't work, I'll wash your car, I'll walk your dog, I don't care what it takes, I'll do it.
• 29:20
  Mark Cuban: And that started my path with micro solutions. And I can remember vividly each and every month I'm in business two months of in business three months, being excited because I had$15,000 in receivables. And I was able to pay myself $1,000 just growing this one step at a time and then get into a customer. And then we talked earlier about you know, loving to learn and paying attention. I think the smartest move I made to Smart Moves, I ended up partnering with a man named Martin Woodall who ended up becoming a very significant partner of mine. And he had some tech background, right he had he had graduated in an MS from West Virginia University. And so we connected because I was trying to get him to be a customer. And so he helped fill in the blanks that I didn't have from a technology perspective. But he didn't know how to sell he didn't know how to deal with customers he didn't understand the applications on on micro computers. And so I was able to continuously learn and after I connected with Martin, he would talk about these big systems, the old IBM Systems and we evolved very quickly into local area networks thinking okay, we'll take these PCs and connect them together seemed to make perfect sense but to everybody else that was a foreign concept.
• 30:38
  Mark Cuban: And that just opened the door for us to just focus and specialize in local area networks and then writing software for local area networks and I taught myself how to use these database languages database to and others and C++ and this nap over the years and went the next seven years without taking a vacation. I'll never forget because my buddies, every Thanksgiving, they were going to Mexico and tearing it up and going here and there. And the only real week I ever took off was the week between Christmas Day and New Year's Day for those seven years, but along the way, yeah, I'd get tired.
• 31:13
  Mark Cuban: And yeah, I'd get stressed. But I was just on a mission. I was loving what I was doing. Because every company that I dealt with, I did something different and unique for them. And you talked about stress. You mentioned what happened with Renee Hardy, it was crazy. We were maybe two years in and for us to have$84,000 in the bank was significant. And we thought we were doing everything right. I thought I took everything I learned from business school. I separated, having you know who approved the payables me who created the checks, Martin, who took them to the bank, Rene.
• 31:52
  Mark Cuban: Then one day, I got a call from the bank, saying, Son, sir, we just had this woman Renee Hardy drive through our drive thru, and cash these checks where the pay was whited out and her name was written in. Oh, Mike, you didn't catch them Did you you're just let me know. Well, of course, we cast them. We're a bank. That's what we do. 82,000 of our $84,000 that was being sent out for payables was gone.
• 32:18
  Mark Cuban: And tomorrow's credit, he did a lot of this heavy lifting. He dealt a lot with our vendors.
• 32:26
  Mark Cuban: And so he talked to each and every one of them, and convinced them that we were worth it, to stick with us and to buy us more time. And it took us a few years. But we were able to, to pay them all back. And we just continued to grow. Again, the same lessons I learned as a 12 year old that selling wasn't about convincing. It was about helping and spending nights, programming, teaching myself whatever it took. I mean, literally, I remember writing software, I did a bucket of riff that was disgusting. Now in hindsight, and start start coding, whatever it was I was whatever project I was working on, and look up thinking it was three or four hours later, and it'd be 1820 24 hours later, going to bed and dreaming about work. Putting relationships on hold, I was just so consumed by it, but not in a negative way.
• 33:15
  Mark Cuban: Because I loved it. I was growing a business, I was taking the lead. And it was my decision making that was getting this there it was what I thought would work and trialing it as any entrepreneur does. And typically having success. And then when CompuServe came along and offered to buy us, it was like, Okay, I busted my ass and gave up a lot of time, so I could get back my time. And when I sold the company, my goal was to retire. We sold it for 6 million, as you said, 1,000,001, two employees, 2 million went to me after taxes, and the rest went to Martin, my partner. And with that $2 million, I remember hooking up with a guy named Raleigh Ross, who worked for Goldman Sachs, and saying, I want you to invest this, just like I was a 65 year old man, I want to be a retiree because that's what I'm going to do, I'm going to retire. And I at the time, it was interesting, because that was 1990. And that was right about the time technology stocks were really starting to explode. And because I was right in the middle of this technology, boom, local area networks, Wide Area Networks, multiuser software, enterprise software, and the fact that I would literally install this stuff and write software for it, I knew it cold.
• 34:34
  Mark Cuban: And I was starting to talk my broker connected me at Goldman to the Rick charlatans of the we're all these big time analysts who are driving the price of stocks. And I knew more about it than they did. And so they will talk to me about these stocks, these public companies.
• 34:47
  Mark Cuban: Now my my broker was like, you can't pretend you're an old man and just invest in bonds. And you need to invest in these things, because you know it more than our people do. And that's what I did. And so over the next few years, I just crushed it in the stock market literally just 80% a year, so much so that one of the folks that Raleigh and then Charlie worked with, created a hedge fund that use my track record. And within months, I think was in nine months. We didn't have to raise money, we just sold the whole concept of the hedge fund to somebody else and made me even more money. And beyond with that, I bought a lifetime pass on American Airlines party like a rock star.
• 35:25
  Mark Cuban: That was a goal. And literally then it goes back to my dad, who always said that. The one thing in life you can't get back is time and I've given up a lot of times seven years without a vacation and it was my turn to get it back.
• 35:41
  Randall Kaplan: Don't rest on your laurels even when you've had success. Yeah.
• 35:45
  Mark Cuban: And then from there, every entrepreneur who's had success will tell you somebody's questioned them. And you know You're lucky. Oh, yeah. I can't tell you, you know, in the 80s How many times people Oh, you're so lucky. You started doing this right when PCs exploded? Oh, you're so lucky you started doing this. Right when local area networks and Wide Area Networks exploded? Oh, you're so lucky you started doing this right when the internet started.
• 36:10
  Mark Cuban: Oh, you're so lucky you started doing all the way through. And no entrepreneur wants to say, hey, that one deal and 20 years ago, you want to show yourself that you do and as an entrepreneur, that's just who I was. I took some time off, but I wasn't just going to stop there.
• 36:31
  Randall Kaplan: Traded tech stocks. Yep, you moved to LA live on the beach, took some acting classes and auditioned for some some commercial movie, you ended your first acting role in 1994 movie called talking about sex. Forget about. Then your cast in the role is a nameless villain and the action movie lost at sea. And you'll also audition for the film Twister, which was produced by Steven Spielberg and was released in 1996. The film grossed $494 million, and you lost out to Philip Seymour Hoffman. So maybe he's a little better actor than you are.
• 37:04
  Mark Cuban: I got a call back, which was a big thing for me back then. But it wasn't like it was me versus Phillip. And we were both having reads with Steven Spielberg now.
• 37:13
  Randall Kaplan: Now let's talk about Bobby Knight, Isaiah Thomas and Michael Jordan, and the beginning of a big one, the big one for our viewers and listeners who don't know Indiana, Indiana basketball was a huge thing back then. The legendary coach Bobby Knight was the coach all four years. And in the 19, all four years you were there in the 1981 season, your senior year, Indiana won the national championship with Isaiah Thomas who played for the pistons I'm from Detroit as their leader beating North Carolina who are led by none other than Michael Jordan.
• 37:39
  Randall Kaplan: You're a huge sports fan. And back then you could only hear about Indiana basketball games after they were over. So for four years after you graduated from college, four years after you graduated you, your former classmate, Todd Wagner did something to try to solve that problem. You joined a six year old company called Audio net, and we're going to talk about the progress you made there after joining the company in a minute. But he tells me the company did wide appeal to you and your deal with Cameron jab when you joined it. Can you also explain what an ISDN line is?
• 38:10
  Randall Kaplan: And how many of those you had when you joined? And then I just got to show you something here.
• 38:13
  Randall Kaplan: Mark. Were you still wearing the jean jacket back then? Or how have you changed? You know, change up the wardrobe? A little bit?
• 38:19
  Mark Cuban: No, that's still the same jacket that I still have.
• 38:23
  Mark Cuban: Let me correct Wikipedia there.
• 38:23
  Mark Cuban: Because that's probably some of that's probably from Wikipedia.
• 38:25
  Mark Cuban: So in 1995, late 94, maybe early 95, Todd and I got together California Pizza Kitchen not far from here. And we would get together all the time. And he said he had met a guy named Chris Jay, who wanted to put sports on, which were the beepers that people had, right.
• 38:44
  Mark Cuban: And I'm like, that's not going to work. But let me think about it. So we got back together again. And I said, Look, there's your right, there's got to be a way we can listen to Indiana basketball using this new thing called the internet. And this is by then early 1995. And so we told Chris Jay, that look, his idea is not going to work. But we really liked the idea. And I was going to put some money up to explore it. And I was just going to help them I was going to be an advisor and they were going to do all the work. It was obvious very quickly that Chris wasn't a worker. And at that time, and Todd didn't have a technical background, he was lawyer. So I knew networking.
• 39:22
  Mark Cuban: And I knew software. So I decided to go all in. So in 1995 Cameron audio was really gone and done. And we created something called Audio net. And Chris was part of it. Todd and I Chris ended up not investing any money, but we gave him a portion of the company anyways. And Todd and I split the balance, and we went to work. And I'll never forget because we started with a Packard Bell computer in the second bedroom of my house and started figuring out how we can take audio. And literally, I figured out to work with an eight hour VCR. We would go down to a station we got to work with us, KLA F and Dallas, and I would connect an eight hour VCR with those tapes to their board, I would take the tapes, I would go down there, pick up the tapes at the end of the day, take them to the second bedroom of my house, go through this process to put them onto the site. We call it audio net. Then I would spend the whole night going to CompuServe forums, AOL forums, websites, forums on the early days of the net and tell people if you want to hear about Dallas sports, or Dallas news come to this site called Audio net. And you had to go through all these jumped through all these hoops.
• 40:39
  Mark Cuban: You had to download a TCPI client you had to download a player client, you had to have a modem. You had to do all these things. And people did it. We didn't know what to expect. But within weeks we had 1000s of hits People go into audio net.com Listening to these tape delayed literally, radio shows that we had encoded. And the ISDN line that you're referring to is how we connected the PC that was in the second bedroom of my house to the internet, so we can move a little bit faster.
• 41:09
  Mark Cuban: So instead of it being 56k, it was 128k,
• 41:14
  Randall Kaplan: which was the big deal back then.
• 41:16
  Mark Cuban: It was as fast as you can get back then.
• 41:19
  Randall Kaplan: It's crazy to think about three years later, company changes its name to broadcast.com. At that point, the company was streaming live broadcast from 345 radio stations and 17 TV stations and cable networks, including producing live coverage of the Super Bowl and backstage interviews with the Academy Awards. It had lost about 12 and a half million dollars since it was founded but have grown to 330 employees and earn $13.5 million for the second quarter that year. And at that point, you're making $120,000 a year as president and on 4,724,940 shares or 27.8% of the company.
• 41:57
  Randall Kaplan: And on July 17. That year broadcast.com went public on NASDAQ with Morgan Stanley's your lead underwriter the shares were priced at $18. And clothes that day is 60 to 75 a share and nearly 250% gain giving it a market cap of more than a billion dollars. At that point your IPO had the largest first day jump of any IPO in the history of the stock market closed that day, your stake was worth about $300 million. Can you describe the feeling that you had that night and where you went to celebrate? And can you tell us the meaning of the tail number of the $40 million Gulfstream five that you bought online shortly after the IPO, which was then the largest e commerce transaction in history?
• 42:37
  Mark Cuban: Let's start with the second. So the tail number is 718 Mike, Charlie MC, Mark Cuban Mike, Charlie, and 718. So that IPO was set up July 17, but actually started trading on July 18. And so that's the 718718. My Charlie was why we picked that in terms of how I felt, I don't really remember. All I know is the market closed at 430. We went to Harry's I think it was like the biggest hottest bar.
• 43:08
  Mark Cuban: And every time we were watching all the news shows and everything. And every time they mentioned broadcast.com, we did a shot. And it went downhill from there very very, very quickly. It was a mess. But it was it was amazing. It was the most surreal experience ever.
• 43:26
  Randall Kaplan: Your dream had come true at that point.
• 43:29
  Mark Cuban: It was a step in the right direction. For sure. I say it's a step in the right direction, because the reality was the stock close to 60 to 75.
• 43:34
  Mark Cuban: But a top ticked at like $72.
• 43:39
  Mark Cuban: And literally I got an email from a woman the next day saying she had bought at $72 Was she okay? And I couldn't really reply other than to say, we're gonna bust our asses to make sure it's worthwhile to you. And that was the message because we flew back early the next morning, early, I mean, just a mess, because we had to go to work. Because going public, raising money is never an accomplishment. It's an obligation. Whoever you're raising that money from didn't give it to you because they like you. They give it to you because they really want the organization including you to succeed. It was a celebration of the moment, but also a realization that we had to go to work.
• 44:24
  Randall Kaplan: Let's talk about what happened after IPO and we'll start with the Victoria's Secret Fashion Show, which first aired on TV in 1995. On February 3 1999, it went online for the first time, only two months after Victoria's Secret as a company launched an online division they didn't know what they were doing. It was promoted heavily during the Superbowl that year and features supermodels like Tyra Banks and Stephanie Seymour it aired in 90 countries and drew a million and a half users which was then a record. But most people couldn't see a thing. The picture was jerky the audio cut in and out.
• 44:56
  Randall Kaplan: The event lasted 21 minutes. And despite his poor quality and frustrated viewers, it was considered the first major successful webcast at scale. It showed that webcast to be successful. And it was groundbreaking because it had brought in a new age of viewing.
• 45:08
  Randall Kaplan: Let's think about that for a moment. We take it for granted today that we can watch any event or TV show around the world on our phone or our watch and perfect clarity you are the first company in the world to broadcast a major event of that scale online. At that point you're competing against occupy who actually rescued the Victoria's Secret Fashion Show the following year after its website crashed. But going back to the first show, did you know at the time how groundbreaking this really was and that the future of the net would never again be the same? No.
• 45:41
  Mark Cuban: We just know we were going to have our hands full because back then, cloud computing wasn't the same. It was just barely existing if at all. And we had our own server farms. And so we had to figure out not only a way to aggregate enough servers, but a way to distribute the bandwidth so that we could support the number of users in. It wasn't so much. The difficulty we had was that the software wasn't designed to handle that number of users. And we created this cascading problem. I remember it vividly.
• 46:10
  Mark Cuban: But at the same time, we knew that we were starting that this was the start of why we already knew that, right? The Victoria's Secret show was more a question of where are we in terms of scaling? There was never an issue. I mean, we had, like you said, 500 radio stations, but we had hundreds more internet radio stations, where we created everything, where it'd be the middle of July, and we had Christmas music playing. We had police scanners, we had fire scanners, anything that we could put into audio or video we did, I would go in by public domain movies and create our own TV stations. We took an interest in Lions Gate was called trademark, a predecessor of Lions Gate. So we bought 10% of trademark studios to give herself a full complement of movies that we could put up. We did deals with a variety of different networks, just so we would have content.
• 47:08
  Mark Cuban: And so everything that you see today, in terms of investing in content, aggregating content, we were doing that on a back then it was a huge scale. But you know, relative today, it's much smaller, just trying to prove out the concept, where can we take it? And what did we have to do to continue to scale it. The other thing that we did, while we were doing it on the entertainment side to see to try to do proof of scale to see where we could take it. In the meantime, you mentioned we had$13 million in a quarter in sales, and then 18 million before we sold, we were doing business services, where we were going to companies like Intel, and they would do a product introduction in five languages to their entire employee and customer base around the world.
• 47:56
  Mark Cuban: And that really was the seminal change that really made us because we had sources of revenue, we weren't dependent on advertising. And having those multiple stools and opportunities really made a huge difference for us. And even when we sold our cumulative losses were there. But we were cashflow breakeven in our last quarter.
• 48:15
  Mark Cuban: So we really geared ourselves not towards. Okay, let's just push the technology for to see where we can take it but to run it as a real business.
• 48:26
  Randall Kaplan: I want to talk about a few topics post IPO competition and how quickly it can crush a company. Greed protecting your downside and hedging your risk and luck. Yep, two months after the Victoria's Secret Fashion Show You did something brilliant on April 1 1999, only nine months after your IPO Yahoo bought broadcast.com for $5.7 billion in Yahoo stock. You're 41 years old. And as part of the deal you had what's known as a lock up you had to hold your 14 point 6 billion shares of Yahoo stock for a period of six months.
• 48:57
  Randall Kaplan: Yahoo stock at the time was trading around $95 per share.
• 49:01
  Randall Kaplan: And during the first part of the lockup, you bought puts on an index to hedge your Yahoo shares in case they fell in price. The stock went up so the hedge failed. He lost $20 million on paper. But soon after that, you were so mad because by then you were working with Goldman Sachs again and something called a collar trade, who had bought puts at $85 and sold calls at$205. And when Yahoo share price started tanking your puts were worth $1.4 billion dollars. It's considered one of the most brilliant and best business decisions of all time. Over the next year and a half Yahoo stock fell 95% and only three years after that. Yahoo shut down broadcast.com Completely. On the flip side, Yahoo was purchased a broadcast.com is regarded as one of the worst internet acquisitions of all time. I lived part of the craziness. We filed for our IPO and occupy a year after we incorporated which is some kind of a record. It is a record a year we went public on October 29 1999, we had only$3.2 million in cap revenues.
• 50:02
  Randall Kaplan: Our IPO was priced at $28 a share. The first trade was at$110 a share in a close at a at$145.19 per share of 458% first day gain. Two months later on the last trading day of the year, we had a $35 billion market cap more than the combined value of Chrysler Ford and General Motors at the time.
• 50:27
  Randall Kaplan: I mean, I can't help a lot right now. I do a lot of founders back then who were young and had huge IPOs who were crazy rich on paper but didn't sell a single share of stock guys like Toby Lincoln II toys who at one point was worth $850 million on paper.
• 50:40
  Randall Kaplan: Why would you sell when the price of your stock kept going up and up and up? But many of these companies crashed and burned and they went BK you've just scribed yourself as lucky to have sold your company and then to also hedge your shares in Yahoo. Before the.com bubble burst. Can you tell us about all of that what you were thinking at the time? How did you have the maturity to do this? And on a related note, you've also said that you have to be lucky to be a billionaire. Is that really true?
• 51:12
  Mark Cuban: 100%? True? Yeah.
• 51:12
  Mark Cuban: Because timing related to opportunity is everything. I could do the exact same things.
• 51:17
  Mark Cuban: But if I was a year later, and the stock market had already cratered, I wouldn't be a billionaire. I'd still be wealthy, but I wouldn't be at the level I am today. And it's interesting, you know, you haven't been an occupied because we considered occupied to be our competition. That was it. Right?
• 51:32
  Mark Cuban: We we didn't look at anybody else who was streaming because at all, the streaming part became, and we knew it'd be become more of a utility, it was all about the network underneath. And you guys were doing distributed, and we were doing home run streaming. And so we would compete. And because for a lot of different reasons.
• 51:47
  Mark Cuban: So when we sold to Yahoo, a big part of what I would sell them on was, look, we've got to compete with your with Occupy, you guys have got the consumer side that allows us to draw an audience, right, which is huge, which allows us to compete with cable television and others. But in order to fulfill that we've got to compete with Occupy. And once the stock cratered, then they just, you know, rolled up the sidewalks, it was like, we're just not going to do it.
• 52:17
  Mark Cuban: And people say bind broadcasts was the mistake. Now the dumbest business mistake ever was turning their back on the opportunity because we couldn't some of your market cap would have come to Yahoo's way, YouTube would not exist, there'd be no reason for YouTube to exist at all. If they would have kept on running broadcast.com.
• 52:36
  Mark Cuban: The whole thing was, we would have, you know, meetings, this thing called breakfast with Dell, where Michael Dell would do a live stream where he would meet with customers, and then we'd uploaded and make it available immediately on the site. We'd have people doing original TV shows and streaming shows 1999 All these things that didn't become prevalent till years later. And so while I get a lot of crap about oh, you know, it's not there anymore.
• 53:05
  Mark Cuban: The reality is, it was the greatest squelched opportunity ever. And so in any event, but in terms of my personal decisions, how much money do you need? That was the foundation for the decision, period, end of story. I had a bee next to my name. I mean, that was the most insane thing I could ever possibly imagine that I would be a billionaire. And the idea of thinking, Okay, well, the stock price could go up, and I might get more, what was I going to do with it? You know, what, what was the value of having that much more money, that I still had the same house, same car, the same friends, the same everything. And so my goal was to protect it. You think back to what I said about micro solutions, where I said, my initial reaction after selling my company was to invest it like an old man, and put it in bonds.
• 53:48
  Mark Cuban: And in coupon it, that was my same attitude. So when we hedge and everything cratered. That choice actually made me more money, because the puts ended up being worth more than the value that was lost in the calls. And by the way, I got angry because I remember going on CNBC that and saying, you know, I did this caller and they're like, don't you feel silly now that the price of Yahoo was gone up from the 95, or whatever it was to$300. And my response was, yeah, I feel really silly in my, my G fives flying around everywhere my own jet.
• 54:24
  Randall Kaplan: Our stock went from 345 to 49 cents a share, delisted from NASDAQ. I was very lucky to leave the company right before we went public. So I was no longer an insider had no inside information was able to sell a lot of my stock. I'm truly grateful and was extremely lucky as well.
• 54:41
  Mark Cuban: I mean, look right, right there a perfect example.
• 54:44
  Randall Kaplan: Let's talk about shark tank, which started in 2009. When the producers asked you to be on the show in 2011, you're excited about the opportunity to find unique companies, you're excited about being able to inspire young people to become entrepreneurs, for both financial and moral reasons, which is one of the goals of my podcast. During an interview last year, you said that your favorite part of being on Shark Tank is being able to meet the young child who reminds you of yourself and hearing how you inspire them to start their own businesses. You made a name for yourself for being very truthful with aspiring entrepreneurs, you're very quick to tell some of them that you don't believe they're going to be able to run a business properly, or their products are going to fail. You've made some great investments on Shark Tank including tower paddleboards and that's in more in simple sugars, which was founded by a 19 year old woman who took a year off from high school to focus on our company before appearing on Shark Tank. But I want to talk about episode 12 from the season which aired on January 21 19 year old teen era teenager named Tanya speaks pitch her eyebrow gel company. Tanya speaks organic skincare to which at that point and earn $1.4 million in revenue since she started it You told her that skincare Here wasn't your specialty. And you passed on the deal. And surprisingly, despite her being incredibly talented and having all these revenues, the four other sharks also passed on it.
• 56:01
  Randall Kaplan: And then what happened is you said, Wait, wait, wait, and you told her that you thought someone was going to make her an offer. You told her this wasn't in your wheelhouse. But your wheelhouse was helping guide amazing entrepreneurs like her and helping them deal with the many legal landmines that come along when you start a company.
• 56:14
  Randall Kaplan: And you also told her, maybe you couldn't help her with eyebrow cream. But you could give her guidance that would help her avoid a lot of the pitfalls and growing a company. So you made her an offer for under 1000 for 20% of the company, but it came with two contingencies. You wanted her to meet your 14 year old daughter, Alyssa and your 17 year old daughter, Alexis, because you wanted your daughter's to learn from her.
• 56:36
  Randall Kaplan: And you said that maybe she would learn from them. And then you pause. And then you started to tear up. And I teared up when I watched it, I tear out an owl.
• 56:46
  Randall Kaplan: Because I have my kids. Sorry.
• 56:46
  Randall Kaplan: That's okay. But then you guys pretty sure deal 400,000 for 15% of the company, she said, Thank you, I'm honored to meet your daughter. So I'd really love that. She cried. And when she did, he told her that she'd be sitting in one of your chairs and be sharp one day, when she said was the highest compliment she'd ever had. Can you tell us about that touching moment and your aspirations for your kids?
• 57:13
  Randall Kaplan: And how to motivate your kids who grew up in privilege?
• 57:16
  Mark Cuban: At the time, there's investing and then there's Shark Tank investing. And when I'm doing the show, I'm not just thinking about how much money can I make from a deal. I'm thinking about, you know, what's the return on my time, based off of what I think people in the audience will gain, because it is a TV show, and it's going to air over and over and stream for decades. And it's important to me, where somebody who comes in who's young, who represents a lot of people who don't have the same level of opportunity as my kids have, where others have, that we set a good example and inspire people to realize you don't have to have everything in order to have a have a chance.
• 58:00
  Mark Cuban: And Tanya really is a great example of somebody who really just worked hard to create something. And I thought that was an example that really was important to people watching.
• 58:12
  Mark Cuban: And as far as my kids is, you know, it's the scariest thing ever after their health, they're not going to go through the same trials and tribulations that night. They're not going to tell stories about sleeping on the floor, they're not going to tell stories about having credit cards cut up, or having bill collectors chase them, they're not going to tell the story of how I got my first car in Dallas that was on the side of the road. And I tell it had been abandoned, because I'd had bill collectors chasing me. So I knew exactly what they were doing.
• 58:41
  Mark Cuban: And I called there was paperwork on the car seat, and I called the bank and asked him if I could take over the payment, they're not going to experience that. And it scares the hell out of me. And I tried to, like my parents did to get them to take responsibility for themselves.
• 58:56
  Mark Cuban: But they're not dumb. They see.
• 59:00
  Mark Cuban: They write up their friends say stuff, they, the dad owns a basketball team, we're not poor.
• 59:04
  Mark Cuban: And I just tried to have honest conversations with them. And whether was Tanya or I've done it with other companies of mine in the past, where I try to connect them in. And it's, it's not the same, because they don't have the same wide eyed wonderment that I did about possibilities because they've seen a lot of those possibilities in their own lives already. And it's scary. But it's the most important job I have. And I'm proud of my kids.
• 59:37
  Mark Cuban: And I'm excited for them. And sometimes I just gotta get out of the way Get out of my own head. But it's something my wife and I just focus on all day every day.
• 59:49
  Randall Kaplan: I have five kids, I've two in college, Wisconsin, Cornell, senior in high school, five year old and one and a half year old and we live very nicely. So that's a big old range. It's a lot like you I love my kids more than anything in the world. There's an I would take a bullet for my kids. And it's one of the hardest things to do is you want to coach them. And it's also hard to keep them humble.
• 1:00:14
  Randall Kaplan: Frankly, we live in Brentwood.
• 1:00:14
  Randall Kaplan: Third of the kids at their school have private jets. I grew up without things and I want to make sure they have things I get my girls nice purses from time to time. It's hard and when someone does something nice for my kids, it just it's so emotional for me, because I would do whatever I could for my kids. But what was the emotion that you were feeling? I mean, I was tearful Kevin O'Leary who was on my show who's known as a hard ass and he's not really by the way, he's not. But you can see there being tears in his eyes when the camera cut to him.
• 1:00:46
  Randall Kaplan: What are you feeling and I have goosebumps now thinking of my own kids like got emotional on your show? And I talked to some of my friends at the time to when they said, Holy shit. Did you see Mark Cuban? That said, Yeah, we were we had tears too.
• 1:01:03
  Mark Cuban: I mean, honestly, I was just thinking, Can I help this girl? Can I really help her? Right? I was thinking more about my responsibility than anything else, because it is a responsibility that to help her and Tanya, for better or worse, has decided she doesn't need a lot of help. She's doing her own thing. And she had a great airing of the show. And she's created a ton of business for herself. So I'm excited for, but that's what I was thinking. I was like, There's something I want from her, but how much will I really be able to help her?
• 1:01:32
  Mark Cuban: Because it was like going public thing. It's not an accomplishment. It's an obligation and wasn't about the money. It wasn't about the percentages. It was alright, I don't know anything about this company or this product. Can I help her and we'll see where it goes.
• 1:01:49
  Randall Kaplan: Let's talk about loving what you do. You grew up in Pittsburgh were a huge Steelers fan. You love basketball when you bought broadcast.com Your average season ticket holder on June 4 2000. When you're a month away from turning 42 years old, you purchased the majority stake in the Dallas Mavericks for $285 million from Ross Perot, which ironically was one of your biggest clients for pro systems at micro solutions. In the 20 years before he bought the team the Mavericks had won only 40% of their games, they had a playoff record of 22 and 27. In the 16 years after you bought the team you won 66% of regular season games and reach the playoffs in each of those seasons except for one 2011 You win the NBA championship against the Miami Heat that year. 22 of the 30 teams in the NBA were losing money and the average operating income per team was $6 million. The Mavericks didn't make a profit until 2013. But fast forward to 2020. And every team in the league was profitable with an average operating income of $62 million.
• 1:02:46
  Randall Kaplan: You bought the team for $300 million. And according to Forbes, the Mavericks are the ninth most valuable team in the league and are worth $2.7 billion dollars if you're doing the math. The MAVs increased the value by $2.4 billion or a 9x.
• 1:03:00
  Randall Kaplan: Which brings you to a compounded IRR of 10.69%. Numbers aside, how important have the Mavericks been to the city of Dallas and in all the amazing accomplishments in your career?
• 1:03:13
  Randall Kaplan: Where does owning the team rank for you?
• 1:03:18
  Mark Cuban: You know, sports is a completely different business.
• 1:03:20
  Mark Cuban: When Google or Apple has a record breaking quarter, there are no parades. There are nobody asking for rarely are people asking for the autographs of standing in line to get autographs for people who work there was sports. I learned very early on I might be in charge of the financials. But MAVs fans around the world truly on the Mavericks because there's such a personal connection between the teams we root for in ourselves, it connects families, the experiences we talk about, you know of going to a game and who we were with and the feelings that we had. That to me has been the most rewarding part, for better and worse because when you're losing, it goes the exact way you get all the grief or even when you don't win enough.
• 1:04:08
  Mark Cuban: And so the Mavericks have not been about economics to me at all. It's really been about the competitive side of me wanting to win, wanting to win for MAVs fans. And just the challenge if it was easy, everybody would win a championship every year. And there's only a limited number of teams. There's still teams that have never won one. And so it's more of the emotional connection to fans. I think that stands out to me over this period than anything else.
• 1:04:32
  Randall Kaplan: We've talked a lot about your failures and your challenges. And all of us have them on our path to excellence.
• 1:04:39
  Randall Kaplan: You talked about Molly's pub, shutting down a college Mellon bank and quitting tronics 2000 Powdered milk business when you move to Dallas sleeping on the floor, credit cards, the stolen tower with holes in it your lights turned off, couldn't pay your electricity bill. And you've said that you remember waking up some days thinking oh my god, is this going to happen and questioning if you would ever achieve success. You were laughed at some of your failures and things that you did. I was two people after me when I left a great job working for Eli Broad at Sun America I left $2 million in the money stock options on the table to help start a company in Boston that had no CEO no fun. They were at a commute to work every day from Los Angeles without a salary.
• 1:05:19
  Randall Kaplan: And they really laugh when he sold the company for$18,000,000,000.03 months after I left which was a full vesting event for all employees which meant with the takeover premium, I lost out on nearly two and a half million dollars. I was 30 years old engaged to be married and pay for my own wedding. But through all of our failures. You said that it doesn't matter how many times we fail and that we should not quit because all it takes is one and it's interesting because our biggest hits are often the ones that people thought were the most likely to fail. How important is experiencing failure on our path to excellence and why What advice do you have for those who have failed once, twice, or even 10 times and want to give up?
• 1:05:59
  Mark Cuban: But doesn't matter how many times you fail, you only gotta be right once right?
• 1:06:00
  Mark Cuban: Then everybody's gonna tell you how lucky you are. I don't wish failure on anybody. I don't think a failure, failure is a necessity. But it's inevitable, for the most part, right? Unless you're really, really fortunate.
• 1:06:13
  Mark Cuban: And if you're smart, you're gonna learn from it. We've talked about a lot of those failures. And I learned from each and every one of them and solid lessons that made me smarter in everything I've done.
• 1:06:24
  Mark Cuban: Since then,
• 1:06:27
  Randall Kaplan: I want to talk about the famous author and philosopher and Rand who wrote an incredible book called The Fountainhead for those of you who haven't read it, it's about a young architect who fights against conventional standards and refuses to compromise with an establishment that's unwilling to accept change and innovation. You said, You've loved the book, it was incredibly motivating to you and encourage you to think as an individual to take risks and reach your goals and is partly responsible for both your successes and failures. You've given a lot of advice on how to achieve excellence in business, to focus on sales, to just get the fuck up off your ass and do instead of asking for help, and among other things to be prepared. When I look at my own career, and some of the ingredients of my own success, the most important one is that I was always an am always the most prepared person in the room. I got my job working for Eli Broad by writing a very unique and detailed letter, it took five hours to write. And then I spent another 40 hours 40 preparing for the interview. That was my goal, to be the most prepared person in the room he'd ever met for a job interview, and I succeeded exactly what he said when I walked out the door. And he hired me six months later, for a job I was completely unqualified for. There's a famous music composer who once said, We should practice until we can't get it wrong. How important is work ethic in preparation of all the elements of success and being the most prepared person in the room? And can you tell us how being the most prepared person in the room played a role in your success?
• 1:07:54
  Mark Cuban: I mean, it's everything. I've got all these stupid sayings, but one of them is practice, do you can't get it wrong. You know, the one thing in life you can control is effort, everybody's got the will to win. But it's only those with the will to prepare that do win.
• 1:08:05
  Mark Cuban: How you do anything is how you do everything. These are the things that I repeat, in my own mind all the time to keep me focused, because there's always somebody competing with you.
• 1:08:15
  Mark Cuban: Business is the ultimate sport.
• 1:08:18
  Mark Cuban: In the NBA, I've said this to our players, we play 48 minutes on the clock. And then there's another game, you practice two hours, but after the season's over, you get some time off, and then you prepare for the next season. In business, that's not the case, you're working 24 by seven by 365. And there's always somebody there trying to kick your ass. When I was the youngest in the room. It was like, okay, they're not taking me seriously, when I was the oldest in the room, okay, they're not taking me seriously, because I'm either too young or too old or whatever. But I do the motherfucking work, it doesn't matter and whatever it takes. And you know, the interesting thing is that technology in particular is kind of like a ball of yarn. Creating the beginning of that ball is really hard, right? Because there's nothing you gotta use your finger and done, it ended up. But once you have a foundation, just rolling the yarn around and making a bigger and bigger gets easier and easier and easier. Because you learn how to learn. You learn how to understand the underlying principles and how to pick up on things. And where what's the signal, what's the noise, but you don't get to that point, unless you go the extra mile.
• 1:09:22
  Mark Cuban: Another one of my work like someone's working 24 hours a day to take it all away, because it's true. But not everybody is cut out to commit themselves like that. Not everybody is cut out for what you have to give up to do it. I went through relationships, I went that 70 Without a vacation, I was on a mission, right? I wanted to be in a position where I could retire, I wanted to be in a position where my time was my own. I wanted to be in a position by the time I got married and have kids, I wouldn't have to worry about all those things, because I knew what it could do to a relationship. And so if you want to be successful, you have to decide what you're willing to do. I'm not saying one way is right. And one way is wrong. If you have to make your your choices on how you want to live your life, you have to make your choices on what's most important to you. There's nothing wrong with having a nine to five job.
• 1:10:14
  Mark Cuban: There's nothing wrong with driving an Uber or whatever it may be. Because there's other things you want to do you want to be a composer, you want to just spend time with your kids.
• 1:10:22
  Mark Cuban: That's all wonderful. But you get to make that choice. And if your choice is to be an entrepreneur, if your choice is to make as much money as possible, if your choice is to at some point, have enough to control your own time. You have to make a commitment. Because no one's handing you any of that.
• 1:10:39
  Mark Cuban: In your search for excellence.
• 1:10:39
  Mark Cuban: People always ask me, What do I have to do? Everybody's got something that they're great at.
• 1:10:47
  Mark Cuban: The hard part is finding it and then when you find it being honest with yourself to make sure it's true really is something you can be great at, and then doing it. So you're the best at it or as close to being the best as you can. Because you don't always have to be the absolute best. Neither one of us is the absolute best at business, but we're gonna outwork 99% of the people that are out there. And that's going to put us in a position to have more success. And so not lying to yourself is probably the most fundamental underpinning of success that there is, because we all do our ideas the best, I really I have what it takes. I'm a winner. I know I'm a winner.
• 1:11:23
  Mark Cuban: We all are winners, we all have what it takes. But unless you find out what that one thing is, you can be great at, we're pretty damn good at and bust your ass to get there. You're just a statistic, you're just one more person that tried and you may not fail. But you may not be you may not you won't get to where you really want to go unless you're lucky.
• 1:11:43
  Randall Kaplan: It's great advice. Let's talk about your awesome new company, which is making huge news is called Mark Cuban cost plus drug company, which launched two months ago on January 19. It's an online pharmacy based in Dallas, and offers over 100 generic drugs to treat a variety of illnesses, including diabetes, asthma and heart conditions. And it provides consumers with incredibly low prices by charging only a 15% markup and a pharmacist fee. As two examples, you sell a 30 count of Imatinib, which is used to treat leukemia and other cancers for $17.10.
• 1:12:12
  Randall Kaplan: While other pharmacies charge$2,502.60 or more than 146 times what you're charging, you saw a 30 day supply of the diabetes drugs Metformin for $3.90, compared to a retail price of$20, or five times more, is cash only you don't accept health insurance. And for now, the drugs you're selling are made by other generic manufacturers. But you are currently building your own manufacturing facility, which is about halfway finished through construction. Can you tell us about this? What motivated you to start it? And what are your goals with it?
• 1:12:48
  Mark Cuban: Yeah, I was fortunate in that my partner Alex ash Lansky, who's a doctor, a radiologist, and a mathematician. And just one of the smartest people I've ever met, the guy's incredibly, he puts the term rocket scientist to shame came to me with some ideas on starting a compounding pharmacy. And I kind of evolved it to the idea of going after the pharmacy benefit manager and cost to patient pharmacy business. And if anybody who understands how drugs are priced in this country, they understand that it's very convoluted, and upside down in a lot of respects, because of the relationships between manufacturers and pharmacy benefit managers and insurance companies and hospitals, is just very incestuous. And just not necessarily in the best interest of patients. And so we started talking, it's more than three years ago now, and started creating the cost plus drugs.com. Company, and finally got to the point where this past January 19, we were able to finally release it. And the reason was very simple. I mean, it's just an obvious solution was needed. And the impetus, shockingly enough was, and I asked him about Martin Shkreli.
• 1:14:02
  Mark Cuban: And how he was just able to jack up prices for Daraprim. And if he could jack them up, why couldn't we cut them out? Right?
• 1:14:10
  Mark Cuban: And why couldn't we reduce them?
• 1:14:13
  Mark Cuban: Literally, we looked at buying a one year supply of dere print, just to try to put him out of business, but somebody had already bought the supply and you're not allowed to give drugs away. And so we decided to take this cost plus approach where we felt like because the drug industry and the pharmacy side of it, in particular, when it came to working with insurance companies was so convoluted that transparency would be the key to changing the game and disrupting it. And by not only being transparent, but having a markup of only 15% that we could really take the industry by storm. And that's exactly what we've done.
• 1:14:54
  Mark Cuban: And how's it going so far?
• 1:14:54
  Mark Cuban: beyond our wildest dreams, we're already at six month and 12 month projections for different KPIs less than a month in it's insane. It really, really.
• 1:15:05
  Randall Kaplan: I love it.
• 1:15:05
  Randall Kaplan: Congratulations. Yeah. And,
• 1:15:08
  Mark Cuban: you know, it also goes to understanding business.
• 1:15:10
  Mark Cuban: And we talked about preparation, it took three plus years to develop the relationship and before we released, but we knew what our core competency was going to be and will remain to be. And that's being the lowest cost provider of drugs, period in the store. If we can't be the low cost providers, we won't do it and get it to the point where we can, even if someone has insurance that we don't take, we very often are going to be under the copay that they have. And even better, as we unlike most companies where we get a reduction in our costs, we'll pass them through immediately.
• 1:15:44
  Mark Cuban: Yesterday we announced our first four price cuts and we've only been shipping for less than a month and we hope to do that every week. Week. And as you know, Randy, when you're at the antithesis of the way an entire industry does business, where your customers in their experiences of expected price increase after price increase or uncertainty, it may be cheap one day and expensive the next day and you don't know how it's going to impact you. The idea of not only having the lowest price to start, but those prices going down and are adding new drugs, hopefully on a monthly basis.
• 1:16:19
  Mark Cuban: That is a game changer in a lot of respects.
• 1:16:22
  Randall Kaplan: Having your name has certainly helped. I mean, I think I read 100 things online, it was blasted everywhere, as on my Apple news. And when I got it, I went online right away.
• 1:16:30
  Randall Kaplan: I'm sure you had a massive amount of traffic that day, that hopefully I'm sure the site didn't crash. But I sent it to maybe 20 people I knew I said to my entire family, you guys got to check this thing out. So not surprising that you're doing so well. Congratulations on that.
• 1:16:43
  Randall Kaplan: Thank you. I want to talk about work life balance. We're getting toward the end of the podcast.
• 1:16:50
  Randall Kaplan: You said you didn't take a vacation for seven years, you've got a lot on your plate, the maverick Shark Tank, your investments, the new online pharmacy, your philanthropy which we're going to talk about next, you have three kids, many ultra successful people I know are workaholics are not around for their kids, because they're always working, what's the right balance for you? And what's your advice to others on this front?
• 1:17:11
  Mark Cuban: You know, I had no balance, I had no balance, have no balance, my balance changed completely, if you will, I waited to get married, I knew I had no balance. And I knew that if I tried to have a family, while I was really pushing the envelope and trying to make all these things happen, that I would fail. And then after broadcast and after, you know spending my financial side of things, I was in a position to be able to do it. And what really changes the most in terms of the balances. Now given the position I'm in whether it's running a company or the financial circumstances, people work to my schedule, you know, when you're up and coming, you work to anybody schedule. You want me there at 3am I'm there at 3am. You want me there? 9pm.
• 1:17:52
  Mark Cuban: I'm there at 9pm. But now, I can say okay, let's do this via email. Because if it's halftime at a MAVs game, I can deal with it then. Or I have a MAVs game that night, I can't do it. Let's do it. The next day now people worked on my schedule. And I'm able to put my family first and kids first. And honestly, the pandemic had played a big role too, because it forced us all to come together and really learn to adjust to each other's schedules even more. Because the kids were home, we were home. My wife and I were home. And so it cemented that even further.
• 1:18:30
  Randall Kaplan: You have a reputation. By the way, I heard this two years ago that can email you your email address as public and you'd write back. So I've got this podcast, you're on the list. I had one with Kevin which went amazingly well. And I sent you an email I it took you four minutes to respond back to me saying you'll do it. So I'm grateful to you on that. And I just want to say it's amazing.
• 1:18:49
  Randall Kaplan: You make time for not only things on your plate, but people you don't know. So thank you for doing that. Thank you for reaching out. I want to talk about philanthropy, you've done so many incredible things that give back and there are too many to name but I want to talk about a couple of them and share them with our viewers and listeners and COVID Close sports stadiums around the country. You paid the hourly workers at American Airlines Arena out of your own pocket for a month when you started. The whole thing is some others followed you as well.
• 1:19:15
  Randall Kaplan: Awesome. Fan. There's Dante west to play in the NBA 13 years only one year for the Mavericks. He's struggled with bipolar disorder.
• 1:19:23
  Randall Kaplan: Drug addiction has been arrested several times. He was banned from the NBA because of the drug use and the arrest. A few years after he stopped playing he was homeless and 18 months ago a Mavericks fan saw him posted a video online of him panhandling on the side of a road at a gas station. At that point, you didn't know what he was doing.
• 1:19:42
  Randall Kaplan: He knew the gas station. It was a few miles from your house you got in your Tesla, you raced over you picked them up. You paid for a hotel room for him.
• 1:19:47
  Randall Kaplan: And then you've tried to help them since as he continues to struggle. I mean, that's insane.
• 1:19:53
  Randall Kaplan: Incredible. He only played for you for a year. And you did all this. And I don't think there's another owner of the NBA or any league who would have done any of that. It says tremendous amount about you, and what you're like as a person. Can you tell us what inspires you to help people? Can you tell us more about the Fallen Patriot fund the Mark Cuban foundation and what your goals are for philanthropy?
• 1:20:15
  Mark Cuban: Honestly, I don't have specific goals for philanthropy. I tried to be entrepreneurial because the challenge was philanthropy is when when you write a check, then you don't really solve a problem. Right? You put a bandaid on it, you know, it's the old, give a man a fish and eat for a day Teach a man to fish, right? I've really evolved towards more types of cost plus type thing right? Where it can be self sufficient. And that's what I look for, for the most part, but at the same time. If money can help somebody, it's only money. I know how to make money. I've got more than I can ever spend. And if I can help some but it doesn't always work.
• 1:20:53
  Mark Cuban: Look, delante has been in and out, he's walked out of rehab facilities that I've paid for.
• 1:20:57
  Mark Cuban: I've given him a job. And he's walked off. And it's been challenging to say the least, it hasn't been the success story we all hoped it would be. It's not over. But it's not where we hoped it would be. And so whether it's paying for a transplant or something of I just tried to either make it so I'm solving a problem immediately. The one thing I don't do is just give to big organizations, and say, okay, big organization, I'll show up your charity gala that you spent millions of dollars on, let me write you a big check. So you can put together your next charity gala. That just pisses me off to no and I really tried to focus where I can have a direct impact, or do something that is self sustaining, so that it creates a scenario where it takes care of itself.
• 1:21:42
  Randall Kaplan: Can you tell us more about the farm Patriot fund.
• 1:21:45
  Mark Cuban: When we invaded Iraq in 2002, I knew that there would be soldiers who weren't coming home, and their families would be impacted significantly. And so there weren't always programs to take care of the families that were in need. And so that's how it started. And just families of the military who were hurt or lost in Operation Iraqi Freedom, we helped cover their bills. And once that ended, we expanded that to first responders, whether it was their officers in LA that were shot point blank in their police cars, and giving them a grant, other first responders, whatever it may be, just trying to be there to help.
• 1:22:27
  Randall Kaplan: Amazing. Before we finish today, I want to go ahead and ask them very simple, open ended questions. I call this part of my podcast, fill in the blank to excellence. Are you ready to play? Go? When I started my career, I wish I had known
• 1:22:40
  Mark Cuban: not to drink so much.
• 1:22:44
  Randall Kaplan: The biggest lesson I've learned in my life is
• 1:22:47
  Mark Cuban: be nice. I wasn't always nice at the beginning.
• 1:22:50
  Mark Cuban: And really that probably, you know, I should have learned first, I was one of those guys who was just like, Go Go, go, go go. And I didn't have a lot of patience. Were for people I thought weren't using my mind common sense. And that was a mistake. In hindsight, I should have been nice. And I've learned that sense.
• 1:23:08
  Randall Kaplan: The one person in the world that I admire the most is
• 1:23:12
  Mark Cuban: my dad. That's not even close. He just almost everything I learned I learned from him. Is he still around? We lost him about three years ago.
• 1:23:21
  Randall Kaplan: How proud was he of all your success.
• 1:23:24
  Mark Cuban: I remember when I told him that made $100,000 In a year, and he's didn't cut but and stop crying. But it still took until his 70s he died at 92. He worked until the 70s Despite me trying to get him to quit. And still to the day he died. He was trying to use his credit card even though I paid for his credit card to pay for everything because that's what the dead does.
• 1:23:48
  Randall Kaplan: My grandmother is the person I admire the most.
• 1:23:50
  Randall Kaplan: She's 103 years old now. And right before we went public, I bought a house that was wood framed and she was in town and I took her by the house. It's a very nice house. I'm going to stay here forever, hopefully.
• 1:24:01
  Randall Kaplan: And she was looking around and she said, You said nothing. And then we went in the car and then we're going to dinner and my Acura Integra. And she said, Hey, Randy, that house is kind of big. Are you sure you can afford it? And it's been great to have her see my own success.
• 1:24:23
  Randall Kaplan: And I've been supporting her since. So the one of the highlights of my life. If you could meet one person in the world, who would it be?
• 1:24:31
  Mark Cuban: My daughter's boyfriend?
• 1:24:34
  Randall Kaplan: You haven't met him yet?
• 1:24:36
  Mark Cuban: He broke up with one and now. Ethan. I haven't. I've met him briefly but haven't really met him. I don't know that there's one person.
• 1:24:43
  Mark Cuban: Probably. I mean, I admire Elon Musk. I've talked to him, but I've never really spent time with him. So I think Elon would be fun to spend some time with
• 1:24:52
  Randall Kaplan: on a scale of one to 10,000 How great is Luca Don church
• 1:24:57
  Mark Cuban: 10,001 He's that good. He's a good kid. He's an amazing basketball player. And he's still learning and he's still working. He's a good good kid, man. I like Luca,
• 1:25:06
  Randall Kaplan: do you socialize with some of your players, I know that there's often a tough relationship. When the Los Angeles Kings had a different owner before Bruce Bergdahl bought the team. And once they he went to prison and the team was owned by someone else. I knew a lot of players and I knew Bruce and just a whole different thing can be very corporate or it can be personal.
• 1:25:27
  Mark Cuban: When I was younger, I was I was hanging out with the guys all the time. Now it's a little bit different, because the age gap is a lot more but yeah, I'll still hang out with them. We went out the other night actually. And so I have no problem and I enjoy it. It's fun to spend time with them. It's not business, right? It's just relationships and people don't realize it. Well, you know, because you just mentioned you dealt with professional athletes to just regular people just trying to live a regular life that just happened to have an amazing In skill,
• 1:25:53
  Randall Kaplan: I love sports.
• 1:25:53
  Randall Kaplan: It's fun for me to spend time.
• 1:25:56
  Randall Kaplan: We have a place up in Cordyline, Idaho and I friends with a pro golfer, and there's a bunch of athletes up there. So we had a hockey player, all star and I, the pro golfer and the three of us went golf him a horrible golfer, but it was so fun for them to talk about the sports, which really knew nothing about and the question that really seared into my mind was At what age did you know you were better than everybody else, and that all the people you were competing with? weren't going to make it and you were going to make it I mean just fascinating stuff. When they say hockey player was 12 Bobby Ryan, who played 13 seasons, most recently for the Red Wings crazy thing there. His dad tried to kill his mom when he was 10 years old shatter, got back together. They ran from the law, Bobby lived that isn't his real name. It is his real name now lived in El Segundo. He was a hockey phenom.
• 1:26:46
  Randall Kaplan: And they were just waiting for the marshals to bash down their door one day, which they did when he was 14 years old. Second pick in the draft behind Sidney Crosby. That's crazy. Crazy story. Yeah, I mean, that was fun for me. And the golfer was, I think 70 and he won the national championship in college. There you go. Good stuff. The one question you wish I'd asked you is,
• 1:27:12
  Mark Cuban: oh my god. You did a good job, Randy. Thank you. What can I play on the piano?
• 1:27:17
  Mark Cuban: Nothing. changes by David Bowie and stairway to have those are my two songs.
• 1:27:24
  Randall Kaplan: Do you have any last advice for those listening today?
• 1:27:27
  Mark Cuban: Play at 1.5x speed.
• 1:27:27
  Mark Cuban: You'll get it all that way you'll you'll be able to listen to it all the way through because you asked me some great questions and I really enjoyed it.
• 1:27:38
  Randall Kaplan: Thank you, Mark.
• 1:27:38
  Randall Kaplan: You've been someone I've admired for a very long time. You've been a phenomenal role model.
• 1:27:43
  Randall Kaplan: I've inspired many millions of people with your success, your humility, and your philanthropy.
• 1:27:46
  Randall Kaplan: I'm very grateful for your time today. Thank you so much for sharing your story with us.
• 1:27:53
  Mark Cuban: Ready? I gotta tell you, you crushed it on preparation. You knew stuff that I'd forgotten. When you ask me and the ACA, my commit connection and talking about everything but the things I'm used to talking about. I really appreciate it. Thanks for having me off.