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Mark Cuban on being broke to becoming a billionaire.Keys to Success & Stock Market Advice · Earn Your Leisure

0:01
Speaker 1: My graduates from my school being false back drop drop, Mike.
0:08
Speaker 2: Drop back drop drop.
0:20
Speaker 3: All right, guys, welcome back. Another exciting, groundbreaking episode for
0:26
Speaker 3: E y L.
0:27
Speaker 4: So the Billionaire Edition, Yeah, for sure.
0:29
Speaker 2: For sure the Billionaire Boys Club.
0:31
Speaker 3: So, you know, we've had the privilege of talking to
0:34
Speaker 3: a lot of great people and first and foremost, relationships
0:38
Speaker 3: are extremely important. So first and foremost we have to
0:40
Speaker 3: thank our guy, Al Harrington.
0:42
Speaker 4: Al Herring Episode sixteen.
0:44
Speaker 3: Yeah, great guy, great guy. So you know, we put
0:46
Speaker 3: it power social media. We put a post on social
0:48
Speaker 3: media and it was like tag Mark Cuban if you
0:51
Speaker 3: want to see him on Eve. It was like two
0:53
Speaker 3: thousand people tagged them and Al hit me right in
0:57
Speaker 3: the DM like, hey, I just spoke to his guy,
0:59
Speaker 3: hit them right now, So I did, and uh to
1:03
Speaker 3: his credit, the whole team was just absolutely phenomenal. So
1:08
Speaker 3: you know, kudos kudos to everybody, Kudos to Dawn and
1:11
Speaker 3: kudos to Jacob for being in. Kudos to Mark as well,
1:15
Speaker 3: just being extremely efficient and no hassle, no issues, and
1:20
Speaker 3: got it got it done, got it done. So serial entrepreneur,
1:24
Speaker 3: NBA team owner, investor, TV Star Media, Mogul family man,
1:28
Speaker 3: philanthropists and legend coach Icon. So you know we've talked
1:34
Speaker 3: to a lot of great people.
1:35
Speaker 5: Right down hill from there.
1:40
Speaker 3: Yeah, we talked to a lot of great people. Man
1:42
Speaker 3: shout out to Shaq d Wade, Dame Dash. But this
1:45
Speaker 3: is the first billionaire station that so looking forward to it.
1:50
Speaker 3: So first and foremost, mister Cuban, Uh.
1:53
Speaker 2: Thank thank you for.
1:56
Speaker 3: All right, all right, Mark, Mark, thank you for joining us.
2:00
Speaker 5: It no pleasure.
2:02
Speaker 2: So let's just jump right into it.
2:04
Speaker 3: So you know, our podcast is a little different because
2:06
Speaker 3: we kind of dig into the backstory. So the tweet
2:09
Speaker 3: that I put up it was when you said something
2:11
Speaker 3: to the effect of I had zero dollars with my
2:13
Speaker 3: bank account when I was twenty seven years old, and
2:17
Speaker 3: that went viral because you know, I did the calculations
2:19
Speaker 3: based off of Wikipedia. It was like it was like
2:23
Speaker 3: ten years later you became a millionaire. Fifteen years later,
2:25
Speaker 3: you became a billionaire. So you know, that's that's inspiring
2:28
Speaker 3: to a lot of people because it's like, you know,
2:31
Speaker 3: they see a billionaire and it's like to know a
2:32
Speaker 3: billionaire at one point in time in his late twenties
2:35
Speaker 3: had zero dollars in his bank accounts. So can we
2:38
Speaker 3: can we start where it all begins. So I know
2:40
Speaker 3: you moved to Dallas when you were in eighteen eighty
2:42
Speaker 3: two and you was a bartender and then you worked
2:46
Speaker 3: at a software company where you got fired. So can
2:49
Speaker 3: you can you start there?
2:51
Speaker 5: Sure? So I went to Indiana University and a bunch
2:53
Speaker 5: of my buddies had gone down to Dallas, and they
2:56
Speaker 5: were like, you know, from Indiana, there's like the others good.
3:01
Speaker 5: You know, the girls are hot and the economy's great.
3:03
Speaker 5: I'm like, wait, wait, back up that second one. And
3:09
Speaker 5: so I had a theat X one nine and nineteen
3:12
Speaker 5: seventy seven fiot X one nine with a hole on
3:14
Speaker 5: the floorboard. And so I wanted to go someplace warm,
3:17
Speaker 5: and I thought about La but my car wouldn't make it.
3:20
Speaker 5: Thought about Miami. My car wouldn't make it. But I
3:23
Speaker 5: could make the eight hours from Bloomington, Indiana, down to
3:26
Speaker 5: Dallas because I could calculate the amount of oil I
3:29
Speaker 5: was going to need every sixty miles and the amount
3:31
Speaker 5: of gas I was going to use. So I got
3:33
Speaker 5: down there and I moved in with my buddy and
3:37
Speaker 5: his five four roommates. So I made number six. So
3:42
Speaker 5: there were six of us living in the three bedroom apartment. Obviously,
3:46
Speaker 5: I had to get a job, and so I got
3:48
Speaker 5: a job working as a bar I say it was
3:50
Speaker 5: a bartender, but I was more bar back. And every
3:52
Speaker 5: now and then I would pour a drink, right, you
3:54
Speaker 5: know how it goes. And so did that at night,
3:58
Speaker 5: and then during the day I went looking for a
4:00
Speaker 5: job and got a job working for a computer store
4:04
Speaker 5: called Your Business Software. It was one of the first
4:07
Speaker 5: early computer stores. I remember being doing my interview because
4:11
Speaker 5: I had never taken computers in college. Nothing. I took
4:13
Speaker 5: one class and I cheated at them. And so I
4:16
Speaker 5: remember the guy asking me. He goes, well, what do
4:19
Speaker 5: you know about computers? And I'm like, I know how
4:22
Speaker 5: to read the manuals, right, I know how to sit
4:24
Speaker 5: in front of a computer and do basic stuff. And
4:27
Speaker 5: so he's like, well, all right, if you're willing to
4:30
Speaker 5: learn all this software programs by reading the manuals, I'll
4:33
Speaker 5: give you a shot. And so I got that job,
4:37
Speaker 5: paid me enough to pay my share of the rent.
4:40
Speaker 5: It still had my shitty ass car. And I'll tell
4:43
Speaker 5: you another story about that in a minute. You talk
4:45
Speaker 5: about being broke. And so I got that job, and
4:49
Speaker 5: so life is just going on, right, just trying to,
4:51
Speaker 5: you know, keep up with everything and pay my bills.
4:54
Speaker 5: Then my car dies and so now I got no car.
4:57
Speaker 5: I mean it had to hold the floorboard, you know,
5:00
Speaker 5: where I could see the road while I was driving,
5:02
Speaker 5: So I knew it was just a matter of time.
5:04
Speaker 5: And I didn't have any money to get a new car.
5:06
Speaker 5: So probably two weeks later and I'm getting rides to
5:10
Speaker 5: work and everything. Two weeks later, we're driving along with
5:13
Speaker 5: my budds and we're driving along and there's a car
5:17
Speaker 5: on the side of the road. I'm like, stop. He's
5:20
Speaker 5: like what He's like, somebody had to abandon that car.
5:23
Speaker 5: It was like a nineteen eighty Transam or nineteen seventy
5:26
Speaker 5: something Transam. I'm like, someone had to abandon that car.
5:29
Speaker 5: And I need a car, and so no, Lie. I
5:32
Speaker 5: had my buddy pull over. I open up the car door.
5:34
Speaker 5: It's open, right, and there's papers. And anybody who's ever
5:37
Speaker 5: missed a car payment right or had a car repossessed
5:40
Speaker 5: knows exactly what I'm talking about. Right, you got all
5:43
Speaker 5: the papers and everything, and you're trying to figure out
5:45
Speaker 5: how to pay the bills, and then when you just
5:47
Speaker 5: can't pay it and they're going to come get it,
5:49
Speaker 5: you just leave it right. You're just done with it,
5:54
Speaker 5: you know. So I knew what was going on, and
5:57
Speaker 5: so I opened the car, pulled out and saw the
5:59
Speaker 5: papers off seed, called the bank where I got, got
6:02
Speaker 5: back to our apartment. This is before cell phones. Got
6:05
Speaker 5: back to the apartment. Called the bank and said, I
6:06
Speaker 5: found this car on the side of the road. I
6:08
Speaker 5: know you guys are going to try to repossess it.
6:10
Speaker 5: Can you do me a favor. I'll pick up the
6:12
Speaker 5: payments on it, because I had my software job at
6:14
Speaker 5: that point. I'll pick up the payments on it because
6:16
Speaker 5: I lousey credit, awful credit, Like I had gone to
6:20
Speaker 5: radio Shack to try to buy a computer to help
6:22
Speaker 5: teach myself to learn, and I tried to do it
6:24
Speaker 5: on credit and they turned me down. Radio Shack turned
6:27
Speaker 5: me down, and so I called the bank. They gave
6:30
Speaker 5: me the okay to take over the payments. And that's
6:32
Speaker 5: when I started getting my life back on track and
6:35
Speaker 5: started building my credit up. But even then, I was
6:39
Speaker 5: like twenty four at the time and working at that job,
6:42
Speaker 5: and things started to go good for me. And then
6:45
Speaker 5: about nine months into that job, I had an opportunity
6:48
Speaker 5: to close the deal. And this deal would have got
6:50
Speaker 5: me a fifteen hundred dollars commission, which meant I could
6:52
Speaker 5: have moved out of we called it the Hill Hotel
6:54
Speaker 5: where I lived. It was in an apartment complex called
6:56
Speaker 5: the Village and a little part of it called the Hill.
6:59
Speaker 5: And so I I move out of the Hill Hotel,
7:01
Speaker 5: which was a shithole if I got this fifteen hundred
7:03
Speaker 5: dollars commission. And so I go to my boss, who
7:07
Speaker 5: and I normally have to sweep the floor, open up
7:09
Speaker 5: the store and all that, and I'm like, look, I
7:11
Speaker 5: want to close this deal and he's like, no, you
7:13
Speaker 5: got to be there to open up the store. Made
7:15
Speaker 5: the executive decision to go pick up the check, thinking
7:18
Speaker 5: when I bring him a fifteen thousand dollars check, fifteen
7:20
Speaker 5: hundred of which is going to be mine, life is good. Right,
7:24
Speaker 5: fired me on the spot. I realized I was a
7:27
Speaker 5: shitty employee. At that point in time. It wasn't the
7:29
Speaker 5: first time I've been fired or quit a job, right,
7:32
Speaker 5: And so started my own business called micro Solutions, and
7:36
Speaker 5: that you know, I was taking a step back financially
7:39
Speaker 5: because I had no income coming in begged somebody who
7:42
Speaker 5: was one of my prospects at the software store to
7:46
Speaker 5: load me five hundred bucks to be my first customer.
7:48
Speaker 5: So they gave me five hundred bucks so I can
7:50
Speaker 5: buy the software that they needed. And I took that
7:54
Speaker 5: and I just kept on growing from there, and so
7:57
Speaker 5: that three years later, you know, when I went to
8:00
Speaker 5: the ATM, I had my business going, but everything that
8:03
Speaker 5: I had was going into the business, right, And I thought,
8:06
Speaker 5: you know, it wasn't a normal paycheck, right, It wasn't
8:09
Speaker 5: a regular paycheck for me, and so you think sometimes
8:13
Speaker 5: you know, in your head, I've got a hundred bucks
8:14
Speaker 5: or two hundred bucks and you go there thinking you're
8:17
Speaker 5: going to take out some cash and it's all gone.
8:19
Speaker 5: And so that was that was my moment, and it
8:22
Speaker 5: was just like, Okay, this has got to be you know,
8:25
Speaker 5: it wasn't a low point because I had my company,
8:27
Speaker 5: but this was like the point where you know, I
8:30
Speaker 5: got to pay attention to the details and really start
8:32
Speaker 5: building this thing, and then it just blew up from there.
8:35
Speaker 5: I really put the effort in it, and it went big.
8:37
Speaker 6: So you didn't know anything about computers to actually working
8:41
Speaker 6: in a store with computers, reading the manuals to getting
8:43
Speaker 6: a software company, Like, how is this still manuals? Are
8:47
Speaker 6: you starting to surround yourself around people who will have
8:49
Speaker 6: some insight in the field.
8:50
Speaker 5: No, I got to learn, right because you know, if
8:52
Speaker 5: I'm going to be an investor now right, It's not
8:55
Speaker 5: like I'm worried about my next sale right to pay
8:56
Speaker 5: to give my fifteen hundred dollars commission. But you know,
8:59
Speaker 5: but if I'm going to be the guy that, you know,
9:01
Speaker 5: whether it's on Shark Tank or or doing deals, if
9:04
Speaker 5: I'm going to be a tech guy, you got to
9:06
Speaker 5: learn the tech I mean literally, I've got all these
9:09
Speaker 5: books around here, I mean just about you know, learning
9:12
Speaker 5: new technology, learning about AI, learning about you know, personalized medicine,
9:18
Speaker 5: all these things. So yeah, I still will read the manual,
9:21
Speaker 5: you know, only now it's like a download instead of
9:23
Speaker 5: a book. But yeah, because you got to. Because if
9:27
Speaker 5: I'm going to be out there saying I'm a tech
9:28
Speaker 5: guy and I don't know shit about tech man, I
9:30
Speaker 5: don't want to be that guy. I'll pass that fake
9:33
Speaker 5: it till you make it. I want to be that
9:35
Speaker 5: guy who really knows the stuff.
9:36
Speaker 3: I want to ask you about selling the company to
9:39
Speaker 3: H and R Block. But before that, you brung up
9:40
Speaker 3: a good point. How often do you do you educate
9:45
Speaker 3: yourself a day?
9:45
Speaker 7: Like?
9:46
Speaker 2: Is it like an hour?
9:47
Speaker 4: Like?
9:47
Speaker 5: Every day? Every minute? Everything I do is about learning more,
9:51
Speaker 5: because that's the only way I can kick your ass.
9:53
Speaker 5: You know, it's not I'm not going to out athletic
9:55
Speaker 5: you right, It's not about my basketball or IQ. It's
9:59
Speaker 5: about my my business IQ right, and technology and business
10:03
Speaker 5: and everything's always changing. If you know, five years ago,
10:07
Speaker 5: if someone would ask me about artificial intelligence, I went,
10:09
Speaker 5: no shit, right, Yet AI is the most important part
10:13
Speaker 5: of technology and really business going forward. So if I'm
10:17
Speaker 5: going to be an effective investor, an effective mentor an
10:20
Speaker 5: effective you know, operator of businesses, you know, even with
10:24
Speaker 5: the maths, I got to understand AI because you know,
10:27
Speaker 5: like with the Mavericks, when you know, when you talk
10:29
Speaker 5: about analytics, it's changed so dramatically even over the last
10:34
Speaker 5: five years, going from you know, different types of things
10:38
Speaker 5: per and you know, advanced RPM and all these different
10:42
Speaker 5: metrics for basketball to how do you implement artificial intelligence
10:46
Speaker 5: and pose estimation and computer vision and how do you
10:49
Speaker 5: understand all that stuff to make the right decisions for
10:51
Speaker 5: the maps, and so if I want to be in
10:54
Speaker 5: a position to make those decisions and not just ask
10:56
Speaker 5: somebody else to do it, I got to learn it.
10:59
Speaker 5: And so I put in hours, I do tutorials, I
11:02
Speaker 5: take little online classes, and it doesn't make me an expert.
11:05
Speaker 5: It's not like I'm gonna say, you know, I could
11:07
Speaker 5: get a job if I needed to running AI or
11:10
Speaker 5: running tech for a big company. I couldn't. But I
11:14
Speaker 5: understand all the concepts and understand the issues and how
11:16
Speaker 5: to apply them to business. So if you're going to
11:19
Speaker 5: be good at anything, you got to stay ahead of
11:21
Speaker 5: the game. And business is the ultimate sport, you know.
11:24
Speaker 5: I used to say it to Dirk and I always
11:26
Speaker 5: say it to Luca. You know, it's like, dude, you know,
11:28
Speaker 5: you play forty eight minutes. You know, a forty eight
11:31
Speaker 5: minute game. You practice a couple hours, you go home
11:34
Speaker 5: and you relax and you play. You know, you play
11:36
Speaker 5: Call of Duty. You know, business is twenty four by seven.
11:40
Speaker 5: I'm going every day because there's some sixteen year old
11:42
Speaker 5: kid out there trying to kick my ass in one
11:44
Speaker 5: of my companies and it ain't going to happen, right,
11:47
Speaker 5: And so I'm that competitive and I'm that you know,
11:50
Speaker 5: I work that hard at learning to try to stay
11:52
Speaker 5: ahead of the game.
11:53
Speaker 3: I mean, that's that's amazing to hear you say you
11:54
Speaker 3: can take an online classes and it's like, you know,
11:57
Speaker 3: for somebody of your stature to invest to still be
12:01
Speaker 3: investing your education, not to wrest on your lawrence. I
12:03
Speaker 3: think that that's something that's a teachable moment for all
12:06
Speaker 3: of us, but especially people that's aspiring to get to
12:09
Speaker 3: the next level. Is like if Mark Cuban is investing
12:12
Speaker 3: in his education, like everybody.
12:14
Speaker 5: The competitive sport, the ultimate competitive sport. You don't know
12:18
Speaker 5: who your competition is. That's always changing. They're coming out
12:21
Speaker 5: of nowhere. There's some kid who thinks he's gonna bust
12:24
Speaker 5: your ass, right, you know, and walk in and try
12:27
Speaker 5: to take them, you know, just try to do something
12:29
Speaker 5: that beats your company or one of my investment companies.
12:32
Speaker 5: And I can't let that happen. You know, somebody's got
12:34
Speaker 5: to be Lebron, you know, and I may not get there,
12:37
Speaker 5: but I'm gonna bust my ass try it.
12:39
Speaker 2: So let me ask you this.
12:40
Speaker 3: When you sold the company, the first company that you sold,
12:42
Speaker 3: I believe it was to h and R Block and
12:46
Speaker 3: it was thirty million.
12:47
Speaker 2: You netted two million, So.
12:49
Speaker 3: How is how did how was that process and actually
12:52
Speaker 3: letting go and selling your first company and kind of
12:55
Speaker 3: springboarding that until we're going to talk about the next
12:58
Speaker 3: company after that, But what was the process in that?
13:00
Speaker 5: So we had thirty million in sales? We actually sold
13:02
Speaker 5: the company for five million. I had brought on a
13:05
Speaker 5: partner who got too and then I gave a million
13:07
Speaker 5: to the employees, and so that that did me two million.
13:12
Speaker 5: And so I took that two million, and I got
13:15
Speaker 5: a broker at Goldman Sachs, and I'm like, I want
13:18
Speaker 5: to invest like an old man. I'm years old, because
13:22
Speaker 5: to me, the process was, you know, I took seven years.
13:27
Speaker 5: I worked crusted my ass at that company, seven years
13:29
Speaker 5: with no vacation, right my saying. I didn't go out
13:32
Speaker 5: and had fun. I did a lot of it, but
13:35
Speaker 5: everybody else was taken off to go to Mexico for
13:37
Speaker 5: a weekend or whatever. I had to stay back and work.
13:41
Speaker 5: And so, you know, I put in all this time,
13:44
Speaker 5: and my goal was always to retire, right. My goal
13:47
Speaker 5: wasn't to start this company and run it till I
13:49
Speaker 5: was seventy five years old and grow it to be
13:52
Speaker 5: just a big, enormous company. My goal was retired by
13:55
Speaker 5: the time of I was thirty five. And when I
13:57
Speaker 5: got the opportunity to sell the company, and what happened
14:00
Speaker 5: was I just got a letter from some dude who
14:02
Speaker 5: said he was interested in buying the company. He represented
14:05
Speaker 5: hn R Block and I was like, come on.
14:08
Speaker 4: I've been waiting for you.
14:09
Speaker 7: Yeah right, you know, I'm not messing around, and so,
14:12
Speaker 7: you know, and the offer was good enough at that
14:15
Speaker 7: point in time where I could say, you know what,
14:17
Speaker 7: if I'm willing to live like a student, I could retire.
14:21
Speaker 5: And so we went through the whole process. I went
14:24
Speaker 5: to Kansas City and met with the H and R
14:25
Speaker 5: Blockboard told him when I was you know what I
14:28
Speaker 5: thought we would do. As it turns out, they had
14:31
Speaker 5: other plans. They just wanted to buy the company and
14:32
Speaker 5: have somebody else running. And I was like, fine, you
14:35
Speaker 5: take it. I'm good with that. You know, pay me
14:38
Speaker 5: a little salary to answer questions when you need me.
14:41
Speaker 5: And I bought a lifetime pass on American Airlines for
14:44
Speaker 5: one hundred and twenty five thousand dollars, which man, I
14:47
Speaker 5: could take me and anybody else anywhere I wanted to
14:49
Speaker 5: go in the world at a moment's notice. Man, I'm
14:52
Speaker 5: at a club in La Let's go to Vegas. Come on,
14:54
Speaker 5: let's go. I'm in Vegas.
14:55
Speaker 4: You know you want to go to.
14:57
Speaker 2: How long was that? How long was that? Did that
14:59
Speaker 2: pass expire?
15:00
Speaker 5: Got fired? After I bought my planes, I gave it
15:02
Speaker 5: to my dad.
15:03
Speaker 4: It was my uh slice slice dune. I actually wrote
15:07
Speaker 4: that down.
15:08
Speaker 6: When you talk about your best investments, the first one
15:10
Speaker 6: you were explained is the investment yourself and how learning
15:12
Speaker 6: is a skill.
15:13
Speaker 4: And your next one was that the airline pass. I'm like, man,
15:17
Speaker 4: if I.
15:17
Speaker 5: Can get that, I don't know if they still sell them,
15:20
Speaker 5: but I doubt it. I'm in La, right, And I
15:23
Speaker 5: met a female friend about fifteen minutes earlier, and I'm like,
15:28
Speaker 5: let's go to Bacon. Oh, let's go to Vegas. And
15:33
Speaker 5: he's like, okay, let's go. So you know, all you
15:36
Speaker 5: got to do is call and make a reservation. And
15:39
Speaker 5: I made the reservation and when I show up, they
15:42
Speaker 5: have to make seats available in first class for me
15:44
Speaker 5: and my guests. And so I walked in there and
15:47
Speaker 5: they're booting out magic John right, I'm like, you don't
15:54
Speaker 5: know me from madam and I'm just hey Walke.
15:57
Speaker 4: Yeah, that's great.
15:59
Speaker 6: I heard us say that he got a wingstop because
16:01
Speaker 6: he wanted to show like the woman he was caught
16:04
Speaker 6: and he could get wings at any point.
16:07
Speaker 4: This kuy of Trump's it.
16:10
Speaker 5: I'm a boss, right. You know what the best part
16:14
Speaker 5: of the remixing name drops me. So that's even better.
16:17
Speaker 3: You got it, Hey, I put his album because he
16:20
Speaker 3: drops teflon down.
16:22
Speaker 2: Shout out to Rose.
16:24
Speaker 3: So so we got to talk about one of the
16:28
Speaker 3: legend one of the most legendary situations of all time
16:30
Speaker 3: and business. So audio net you start that in nineteen
16:33
Speaker 3: ninety five, which becomes broadcast dot com in nineteen ninety eight,
16:38
Speaker 3: which was the first live stream uh service that showed
16:42
Speaker 3: Victoria's Secret fashion show. Yeah, the first one rest in
16:45
Speaker 3: peace period. First streaming, Yeah, first streaming, Gay you revolutionized
16:48
Speaker 3: the whole streaming process. So you sell that in the
16:52
Speaker 3: middle of the dot com boom to Yahoo for five
16:55
Speaker 3: point seven billion dollars. The reason why this is so
16:58
Speaker 3: crazy for anybody that's not really familiar with what it is,
17:00
Speaker 3: like the dot com boom was when a lot of
17:03
Speaker 3: companies was getting brought at very high valuations. But it
17:07
Speaker 3: was like perfect timing because from my understanding, correct me
17:10
Speaker 3: if I'm wrong the company it was. You got Yahoo
17:13
Speaker 3: stock which was at like an all time high, peaked
17:15
Speaker 3: after it split of five hundred and then they peaked.
17:19
Speaker 3: It was eight one hundred and eighteen dollars in nineteen
17:21
Speaker 3: ninety nine. Two years later that stock was at eight
17:24
Speaker 3: dollars ninety three percent drop. In two thousand, you brought
17:30
Speaker 3: the Mavericks for two hundred and eighty five million, So
17:33
Speaker 3: what happened with that?
17:34
Speaker 2: Did you? Did you sell the stocks?
17:36
Speaker 4: In history?
17:36
Speaker 3: Got answer short the stock like how did you have
17:39
Speaker 3: a crystal ball? Are you a psychic?
17:42
Speaker 5: So first of all, like after I sold micro Solutions
17:45
Speaker 5: and that two million dollars, I started off in besting,
17:48
Speaker 5: real conservative. But my broker used to come to me
17:50
Speaker 5: all the time and say, ask me questions about these
17:52
Speaker 5: technology companies, and I would know more about them than
17:56
Speaker 5: the people who were buying selling the stocks that the brokerages,
17:59
Speaker 5: and so you know, I would give them answers and
18:02
Speaker 5: realize after I gave answers, the stocks will go up
18:05
Speaker 5: and down. If I said good stuff, the stocks will
18:07
Speaker 5: go over if I said, I'm like and he's like, dude,
18:09
Speaker 5: you got to start trading these stocks because you know
18:11
Speaker 5: more than our analysts. And so I did, and I
18:14
Speaker 5: was crushing it, right. And so for the next four
18:17
Speaker 5: or five years, I was making eighty ninety one hundred
18:19
Speaker 5: percent a year of my money in the stock market.
18:21
Speaker 5: My bank just kept on going straight up. And so
18:26
Speaker 5: by the time we sold Broadcast dot Com to Yahoo,
18:29
Speaker 5: I'd already seen these you know, bubbles come and go,
18:32
Speaker 5: the PC bubble, right, the PC software bubble, you know,
18:35
Speaker 5: and all these different companies go up and down. I'm like,
18:37
Speaker 5: you know, I got to be next to my name.
18:39
Speaker 5: I want to keep that being next to my name.
18:41
Speaker 5: I don't need to be greedy. And so I went
18:44
Speaker 5: to my broker and I said, I want to do
18:46
Speaker 5: something called hedging, and I wanted to hedge it right,
18:49
Speaker 5: which meant that I bought puts against the stock, which
18:52
Speaker 5: means if it goes down, I make money, and I
18:55
Speaker 5: sold calls against it, which means, if it could if
18:57
Speaker 5: it goes up, I made some money, but I don't
19:00
Speaker 5: make as much.
19:01
Speaker 4: Right.
19:01
Speaker 5: It forces those people who I sold the calls to
19:04
Speaker 5: to buy it from me at that price, and so
19:07
Speaker 5: the stock ended up going down and I may ended
19:09
Speaker 5: up making I made I kept all my net worth,
19:13
Speaker 5: you know, from the stock they got because I got
19:15
Speaker 5: it converted to cash because of the puts. But I
19:17
Speaker 5: actually actually made more from it than I got originally
19:21
Speaker 5: because of the value of the puts when they came
19:25
Speaker 5: when they came to their expiration date. And it was
19:28
Speaker 5: called one of the top ten trades on Wall Street
19:31
Speaker 5: of all time when I paid, because I ended up
19:34
Speaker 5: making more money instead of losing all that money. And
19:37
Speaker 5: it was crazy because I bought the mask in January
19:40
Speaker 5: of two thousand, so twenty one years ago, yes, two
19:44
Speaker 5: days ago, right, and so, and the hedge hadn't really
19:49
Speaker 5: fully taken place yet because it wasn't the hedge didn't
19:53
Speaker 5: really expire until two thousand and one and two thousand
19:55
Speaker 5: and two. So I remember sitting in sitting in the
19:58
Speaker 5: team bus with Nelson and Del Harris, who was our
20:02
Speaker 5: one of our coaches in our yeah yeah, and so
20:07
Speaker 5: I'm sitting there with him like, you paid two hundred
20:10
Speaker 5: and eighty five million dollars. That's crazy, that's like the
20:13
Speaker 5: most ever paid for any sports team ever. And I'm like, dude,
20:16
Speaker 5: look see this Yahoo stock that I got for audio
20:20
Speaker 5: net for broadcast dot com. It just went up seventy
20:23
Speaker 5: dollars today. That paid for all the Mavericks, right, I mean,
20:28
Speaker 5: I was living large, man, it was. It was. It
20:30
Speaker 5: was a good time.
20:31
Speaker 6: That paid for the private jet, the mansion, everything, So
20:35
Speaker 6: that you were doing option treating.
20:38
Speaker 5: Yeah, basically yeah, but only on my stock. Right. So
20:40
Speaker 5: I owned the Yahoo stock, sold the calls, we brought
20:43
Speaker 5: in revenue, used up money from the calls to five puts,
20:46
Speaker 5: which protected my downside. And when the stock crater, like
20:50
Speaker 5: you said, down to eight dollars, I got all that
20:53
Speaker 5: extra premium. I got all that extra money because I
20:55
Speaker 5: had bought the puts, and so yeah, so it turned
20:59
Speaker 5: out okay for.
20:59
Speaker 4: Me and girls. That's that's a lesson in hedging. I
21:03
Speaker 4: hope you're paying attention.
21:04
Speaker 5: And you know, like right now, if you've got all
21:07
Speaker 5: these stocks right now, you know I got to hedge
21:09
Speaker 5: on my stocks right now too, because you just don't know.
21:12
Speaker 5: You know, pigs get fat, hogs get slaughtered. Right, You
21:16
Speaker 5: don't need to get one hundred percent of every nickel
21:18
Speaker 5: if you give back a little bit and spend a
21:20
Speaker 5: little bit on the hedge. Even if you're going to
21:21
Speaker 5: lose that mount, you sleep good at night. And if
21:24
Speaker 5: the market craters, whether it's tomorrow or next year, I
21:27
Speaker 5: may have lost a little bit, but I protected the
21:30
Speaker 5: next day, you know, and the money I've got in
21:32
Speaker 5: the stock market. So you know, you got to you
21:35
Speaker 5: got to always remember you can't predict where the stock
21:37
Speaker 5: market's going, even though like right now, bitcoin's going straight up,
21:41
Speaker 5: the stock market's going straight up. Everybody thinks they're a genius, right,
21:44
Speaker 5: everybody's a genius in a bull market until you're not.
21:47
Speaker 5: And so even though you know, I might think one
21:49
Speaker 5: way or expect one thing to happen, I'm always hedging.
21:52
Speaker 6: Ern it's what's going on. It's a new Year, and
21:55
Speaker 6: guess what we're not doing New Year's resolutions. We're doing
21:57
Speaker 6: New Year. Who's executing? And in order to execute you
22:00
Speaker 6: got to have the information. What better place to start
22:03
Speaker 6: than EYL University, Shady tell.
22:05
Speaker 4: Them what we bringing.
22:05
Speaker 8: Yes, EYL University has graduated. We revamped the whole entire curriculum,
22:11
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22:15
Speaker 8: So it already includes over one hundred past webinars. It
22:18
Speaker 8: already includes weekly rebinars from industry experts. It already includes
22:22
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22:26
Speaker 8: to our private investment group on Facebook, Movie Club, book Club.
22:30
Speaker 8: But what we have added is the home buyers Blueprint
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Speaker 8: calls for mentorship, all things real estate.
22:44
Speaker 6: And you know how this word don't wait, don't hesitate,
22:47
Speaker 6: don't play yourself, reward yourself.
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Speaker 4: Here's what we're gonna do for you.
22:50
Speaker 6: We're gonna give you fifty percent off for a limited time,
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Speaker 6: only fifty percent off, and you're going to become an earner.
22:54
Speaker 4: Sit on the side, y'all, let's learnt.
22:59
Speaker 6: Yeah. So, I mean when you buy the maps at
23:01
Speaker 6: this point, I mean, you're just a fanatic of basketball.
23:03
Speaker 6: You didn't really even have any ownership like tenure, Like
23:07
Speaker 6: you had no idea. So I heard and I heard
23:09
Speaker 6: playing the stories that the players were actually coaching on
23:12
Speaker 6: what it is to be an owner, right like Michael
23:14
Speaker 6: Finley and Nash he told us about that.
23:16
Speaker 5: I had no idea. There was only two things out.
23:18
Speaker 5: You know, I still like, you know, in normal times,
23:21
Speaker 5: I still go play pick up, like I want the
23:23
Speaker 5: vaccine not only to feel sick, but so I can
23:26
Speaker 5: go play pick up again. Right, you go back to
23:28
Speaker 5: you know, the gym where I play, and you know,
23:31
Speaker 5: so to me, I'm a ball as lifetime type guy
23:33
Speaker 5: and I always have them. And like with Sinn and
23:36
Speaker 5: Nash and Dirk and my guy Eric Strickland, Rereg Butner.
23:40
Speaker 5: You know, these guys took me under their wing. David
23:43
Speaker 5: Jones even you know, just all giving me feedback on
23:48
Speaker 5: you know, what it's like to be a ballplayer, what
23:51
Speaker 5: you got to deal with as an NBA player and
23:53
Speaker 5: things they need. You know. I remember, like the first
23:56
Speaker 5: day I bought the team, we had a guy Gary Trent,
23:58
Speaker 5: his son now Gary trentjunior player on the right, and
24:02
Speaker 5: so Ge Trent, I remember, I'm like, what do you
24:04
Speaker 5: guys need? What can I do to make it easier
24:06
Speaker 5: for you to win games? And he goes, Cuban, he goes,
24:12
Speaker 5: this team is so cheap. Right now, we fly in
24:15
Speaker 5: to Oakland, California to play the Warriors, and we stay
24:21
Speaker 5: at a holiday in with new note room service. And
24:24
Speaker 5: so you got a whole team of your whole Mavericks
24:26
Speaker 5: team walking down the street in Oapland, California, sometimes three
24:29
Speaker 5: in the morning, looking for us seven to eleven to
24:31
Speaker 5: give food. You think that's safe. I'm like, okay, you money,
24:38
Speaker 5: I got you. And so we upgraded it to stay
24:41
Speaker 5: at Riz Carlton's. And then once we started doing it, everybody,
24:44
Speaker 5: all the teams started doing it. We started bringing Like
24:47
Speaker 5: when I first got there, we spent more money on
24:49
Speaker 5: computer repair and computer training than we did on player development.
24:54
Speaker 5: I'm like, this is crazy. We're spending millions of dollars.
24:56
Speaker 5: I mean, we had Juwan Howard with a nineteen million
24:59
Speaker 5: dollar contract, which would be a good contract today, right,
25:02
Speaker 5: And so I brought in all these former maths Mark
25:06
Speaker 5: you know, Greg Drily and Mark Bryant and all these guys,
25:11
Speaker 5: and they became our Moreland Wiley. They became our player
25:14
Speaker 5: development coaches. And the whole NBA crushed me because I
25:17
Speaker 5: brought in these guys, at like fifteen of them, everybody
25:20
Speaker 5: basically had their own player development coach, and I paid
25:23
Speaker 5: the guys like twenty five brand a year because they
25:25
Speaker 5: all just wanted to coaches twenty five brand a year
25:28
Speaker 5: because they just want to get back in the game, right,
25:30
Speaker 5: Kicky Vandaway, and so they all had jobs now which
25:33
Speaker 5: all put them in the NBA. A lot of them
25:34
Speaker 5: are still NBA player development guys and so, but all
25:39
Speaker 5: the other NBA teams just torched me. What are you doing?
25:42
Speaker 5: I mean people were writing articles. You know, how dumb
25:45
Speaker 5: is this guy? He's got fifteen players and fifteen coaches, right,
25:49
Speaker 5: because there were no development coaches. You know, you had
25:52
Speaker 5: three coaches on the bench. You had your lead you
25:54
Speaker 5: had your head coach, your lead assistant, and then maybe
25:57
Speaker 5: one other assistant, maybe two, right, and one of them helped,
26:01
Speaker 5: you know, guys rebound and you you know, coaches were
26:03
Speaker 5: supposed to work to develop guys. I'm like, that's crazy.
26:06
Speaker 5: You know, coaching is a hard enough job as it is,
26:09
Speaker 5: plans hard. You want to get people who work to
26:12
Speaker 5: develop your players. And we started doing it. And now
26:16
Speaker 5: all those player development staffs where teams have three, four
26:19
Speaker 5: or five ten guys working, that all started back from
26:22
Speaker 5: when I'm started. And now like we got sham sham guy,
26:25
Speaker 5: we even have you know, all handling coaches.
26:28
Speaker 4: Right in New York.
26:29
Speaker 5: Legend you see the sham come out on the.
26:37
Speaker 6: Yeah, man, you guys you definitely changed the game. I
26:39
Speaker 6: remember when there was first reports of TVs in the
26:42
Speaker 6: locker room and everybody's locker had a DVD player, and
26:45
Speaker 6: you were the first with the private planes. It was
26:47
Speaker 6: just like yo, the Dallas Mavericks became a place where
26:50
Speaker 6: you wanted to be. Like we grew up like Jason
26:52
Speaker 6: Kidd and Jim Jackson. It was like, all right, Jamal
26:55
Speaker 6: Mashburn playing right.
26:57
Speaker 5: So I bought the plane, but let's fuck with people, right.
27:01
Speaker 5: So when people we didn't do a press release or anything,
27:04
Speaker 5: but when people would ask about the plane, I told
27:06
Speaker 5: all the guys, you got to say that there's a
27:08
Speaker 5: weight room on the plane. There's no weight room out
27:11
Speaker 5: of play. Who's gonna put a weight room out of plane?
27:14
Speaker 5: But they all told everybody that there was a weight
27:17
Speaker 5: room on the plane. So all these people, all these
27:21
Speaker 5: still to this day think we have a weight room
27:23
Speaker 5: on the MAVs team plane. It were just.
27:25
Speaker 3: Legend legendary situation. And I believe the only NBA owning
27:28
Speaker 3: history to make an appearance at Live on Sunday.
27:31
Speaker 5: With many times probably st correct.
27:39
Speaker 3: With the championship trophy. I remember when they when they
27:41
Speaker 3: beat Miami, they went to live. That was that was legendary.
27:47
Speaker 5: Wait, the best part of that story was, you know,
27:50
Speaker 5: we just won and they came up. They go, look,
27:52
Speaker 5: we got this one hundred and forty thousand dollars bottle
27:55
Speaker 5: of champagne. Dirk looks at me and he goes, yes,
27:58
Speaker 5: you better get it. I'm like, I handed my my
28:02
Speaker 5: Black card and I'd just gotten a new Black because
28:05
Speaker 5: you know they every six twelve months whatever, they send
28:07
Speaker 5: you a new card, right, so for a theft protection
28:10
Speaker 5: and so i'd just gotten it, and you know you're
28:11
Speaker 5: supposed to sign it and call it in to activate it, right.
28:14
Speaker 5: I hadn't done that yet, and I was so out
28:17
Speaker 5: of it, right, I didn't even say twice. And so
28:19
Speaker 5: I give him my card and fifteen minutes later, Dirk's like, Yo,
28:23
Speaker 5: where's it at. Jet's like, where's it at? You know,
28:26
Speaker 5: all Tyson, Chandler, where's it at? They want to see
28:28
Speaker 5: this big bottle of champagne. And I get the tap
28:30
Speaker 5: on the shoulder, right, mister Cuban, can you come back
28:33
Speaker 5: in the back before I It's been a long time
28:35
Speaker 5: since I've got one of those cut off all that,
28:39
Speaker 5: and so I'll go in the back They're like, your
28:41
Speaker 5: credit card got the client. I'm like, some black AMX,
28:45
Speaker 5: it's not supposed to get the CLIENTB And so they
28:48
Speaker 5: call I had to call up American Express, no life,
28:51
Speaker 5: and I get the first line person. I'm sorry, sir.
28:53
Speaker 5: I'm like, can you put your manager on? And he's like,
28:56
Speaker 5: you know, how can we be sure this is mister Cuban.
28:58
Speaker 5: I'm like, did you watch TV? You se would happened
29:02
Speaker 5: at the game. So finally I got it approved and
29:04
Speaker 5: we got our final ship thing.
29:06
Speaker 3: Let me ask you a question some technical questions about
29:08
Speaker 3: the league. So the CBA, I feel like the NBA
29:11
Speaker 3: and the NFL is completely different because from my understanding,
29:15
Speaker 3: the NBA the players have fifty one percent of the revenue,
29:18
Speaker 3: where the NFL the players have forty eight percent of
29:21
Speaker 3: the revenue. And it seems like the NBA is way
29:23
Speaker 3: more player friendly and the players get more money, and
29:26
Speaker 3: it's a much stronger relationship between the owners guarantee contract
29:30
Speaker 3: the owners and the players, where the NFL it's no,
29:33
Speaker 3: it's not really guaranteed contracts. The owners and the players
29:36
Speaker 3: don't seem to have a good relationship. So what are
29:38
Speaker 3: your thoughts on the CBA and also I know you
29:41
Speaker 3: you have plans on being an NFL owner as well.
29:44
Speaker 3: So what is your what are your what are your
29:46
Speaker 3: thoughts on the difference between the league and in the NBA,
29:49
Speaker 3: how it's structured with the CBA and the relationship between
29:52
Speaker 3: the owners the.
29:52
Speaker 5: Players, no players to be an NFL owner.
29:54
Speaker 2: Okay?
29:55
Speaker 4: Two?
29:56
Speaker 5: Okay too. You know, you know people talk lot about
30:00
Speaker 5: guaranteed contracts in the NBA versus the NFL. The difference
30:03
Speaker 5: is the NFL gets a lot more bonus money up front, right,
30:06
Speaker 5: so you'll get paid a big check up front, so
30:09
Speaker 5: you don't your contract may not be guaranteed, but you're
30:12
Speaker 5: guaranteed money. Isn't all that different for the skill players
30:16
Speaker 5: right now? You know? And then the other big difference
30:18
Speaker 5: is they I think they have four years. Every player
30:22
Speaker 5: has got four years guarantee four year contracts, you know,
30:26
Speaker 5: in the NFL, where it's very it's variable in the NBA.
30:29
Speaker 5: But in any event, the biggest difference is, you know,
30:32
Speaker 5: in the NFL, NFL players talk about the league promoting
30:36
Speaker 5: the shield, right that it's all about you know what's
30:38
Speaker 5: on the you know, the NFL logo, and it's you know,
30:41
Speaker 5: they promote the NFL, whereas in the NBA, it's all
30:44
Speaker 5: about the players. But you know, the talent drives. We're
30:47
Speaker 5: a talent driven league. Our players have huge social media presence,
30:51
Speaker 5: you know, we're we're big, you know in social media,
30:55
Speaker 5: not just beliegue, but more importantly the players you know.
30:58
Speaker 5: And so that's the biggest difference. You know, if you
31:00
Speaker 5: looked at you know, I grew up in Pittsburgh, I'm
31:02
Speaker 5: a big Steelers fan or the Cowboys and a big
31:04
Speaker 5: Cowboys fan. You're going to know Dak Prescott and you
31:08
Speaker 5: might know Zeke Elliott, but you're not going to know
31:10
Speaker 5: the other fifty one guys on the team if they
31:12
Speaker 5: walk in the room, right, And I might know Ben
31:14
Speaker 5: Roethlisberger if I see him, but I'm not you know
31:17
Speaker 5: James Connor, but maybe not you know the other fifty
31:19
Speaker 5: one guys either basketball, you're playing two K right, you
31:22
Speaker 5: know one through fifteen who most of the guys are,
31:25
Speaker 5: maybe even the two way players, and that leads them
31:28
Speaker 5: to having big social media presence. And when you see
31:32
Speaker 5: a big highlight in the NBA or the NFL or
31:34
Speaker 5: any other sport, you're not going to see the face, right,
31:37
Speaker 5: There's no expression. They're in the helmets, you know, they
31:40
Speaker 5: can't take their helmets off, and that's intentional, right, that
31:43
Speaker 5: kind of keeps the visibility of the players down. And
31:47
Speaker 5: on the NBA, you see a highlight from Luca, You
31:49
Speaker 5: see Luca smiling, you see it ripping his jersey, you know.
31:53
Speaker 5: You see Lebron doing the same thing. You see kd right,
31:57
Speaker 5: you see the expression, the emotion. And then these guys
31:59
Speaker 5: are taking those highlights and the walk ins even when
32:03
Speaker 5: they come into the arena and showing what they're wearing
32:05
Speaker 5: or what their kicks are. You know, you're seeing those
32:07
Speaker 5: on their social media and that's being picked up, you
32:09
Speaker 5: know on overtime. You know, ball is life, you know
32:12
Speaker 5: dumk demis. You're seeing all these things over and over again,
32:15
Speaker 5: and that leads to their brands being bigger than the league,
32:18
Speaker 5: you know, and that gives a lot of leverage to
32:20
Speaker 5: the players that the NFL players don't have.
32:23
Speaker 6: Speak speaking of the NBA, and obviously in the Corona
32:26
Speaker 6: situation right now, we know that there's been a huge
32:28
Speaker 6: loss one point five million billion dollars been lost in revenue,
32:32
Speaker 6: and the likelihood of people coming back to the game,
32:35
Speaker 6: you know, is up in the air for this season.
32:37
Speaker 6: I'm just wondering, you know, what are the plans to
32:40
Speaker 6: kind of offset and maybe gain some more revenue, being
32:44
Speaker 6: that a large part of what you take in is
32:47
Speaker 6: not part of your income right now for the teams between.
32:50
Speaker 5: Last year and this year, it ain't pretty ye mind.
32:53
Speaker 5: You know, I'm going to lose a lot of money,
32:56
Speaker 5: and there's not a lot we can do right now.
32:58
Speaker 5: I mean, right now. The first thing safety safety, safety, safety,
33:01
Speaker 5: because if our guys aren't safe, we can't play. You know,
33:05
Speaker 5: I wouldn't put them in a position. It's like Texas.
33:07
Speaker 5: In Texas, we're allowed to have fans at mavskams. I
33:09
Speaker 5: can have up to five thousand people, but I'm not
33:12
Speaker 5: going to do it. I was just talking to Dwight
33:13
Speaker 5: Powell and MAXI Cleveland today and Luca and when I
33:16
Speaker 5: was down to practice, and you know, they were asking
33:20
Speaker 5: about it, and I'm like, look, it's not so much
33:22
Speaker 5: that I don't think I can keep, you know, the
33:24
Speaker 5: fans safe, But what happens is, out of five thousand people,
33:27
Speaker 5: somebody's going to happen, right somebody's going to have and
33:31
Speaker 5: you know, when you let people in the players and staff.
33:35
Speaker 5: You're gonna let in their friends and family, and so
33:38
Speaker 5: all it takes is one person who's a girlfriend, a parent,
33:42
Speaker 5: you know, a niece and nephew, whatever it is, talking
33:45
Speaker 5: to the wrong person, you know, in the concourse, and
33:49
Speaker 5: all of a sudden that then makes them sick, and
33:51
Speaker 5: that makes the player sick. Or with our protocols, you
33:55
Speaker 5: don't even have to be sick. If one of those
33:57
Speaker 5: people on that chain right there turns out to be sick,
34:00
Speaker 5: even if it doesn't make the player sick, we got
34:04
Speaker 5: to shut you down because of the protocols and so
34:07
Speaker 5: all that stuff together, I've decided not to have fans.
34:11
Speaker 5: I'm walking away. Probably. We've got thirty four home games
34:14
Speaker 5: that still to go for this season, and you know
34:16
Speaker 5: how much money is that going to be? Twenty thirty
34:18
Speaker 5: million dollars. I'd rather have a healthy squad and give
34:21
Speaker 5: us a better chance to win.
34:23
Speaker 2: So Shark Tank Shark.
34:25
Speaker 5: Tank Friday nights on ABC.
34:28
Speaker 3: We're back, sure, Okay, okay, yeah, So what are some
34:32
Speaker 3: all right?
34:33
Speaker 2: We got to talk about?
34:34
Speaker 4: Ring?
34:34
Speaker 2: Is that? Is that the biggest regret that you have?
34:37
Speaker 5: No No, So Riin did a good job, Jamie, you know,
34:41
Speaker 5: Jamie came on and I've got a rule when it
34:44
Speaker 5: comes to companies, and Ring violated this rule, and so
34:48
Speaker 5: it doesn't mean, you know, even though this is my rule,
34:51
Speaker 5: it doesn't mean there's other companies who can't do well.
34:53
Speaker 5: So if a company's going to have to raise hundreds
34:56
Speaker 5: of millions of dollars in order to do tens of
34:58
Speaker 5: millions of dollars in revenue, you I'm not going to invest. Now,
35:03
Speaker 5: that's not you know, in Silicon Valley they like that
35:05
Speaker 5: kind of stuff that they like to buy growth, right,
35:07
Speaker 5: so you can raise a lot of money, and if
35:10
Speaker 5: you show a growth curve that's really good, like Ring did,
35:13
Speaker 5: then they you know, there's a good chance you can
35:16
Speaker 5: get acquired. And as it turns out, Ring got acquired
35:19
Speaker 5: by Amazon. But what ends up happening to the early
35:22
Speaker 5: investors is because you have to raise so much money,
35:25
Speaker 5: you keep on getting diluted down and down and down
35:28
Speaker 5: and down. And so if I would have made that
35:30
Speaker 5: Shark Tank investment of seven hundred thousand dollars, I think
35:33
Speaker 5: it was to get ten percent of the company by
35:36
Speaker 5: the time it got sold for a billion dollars, I
35:39
Speaker 5: would have been lucky if I owned one percent because
35:42
Speaker 5: and probably not even that. Now one percent of a
35:45
Speaker 5: billion is still ten million. That's not bad, but it
35:48
Speaker 5: probably would have been less because what happens is because
35:51
Speaker 5: those companies are losing so much money. When the newer
35:55
Speaker 5: investors come on and they give you one hundred million dollars,
35:59
Speaker 5: they're not saying Mark, you know, just keep what you have.
36:02
Speaker 5: They're saying, I want better terms than you even gave
36:04
Speaker 5: your first investors. And so you know, when someone's given
36:08
Speaker 5: you one hundred million or two hundred million dollars, the
36:11
Speaker 5: terms get really onerous and they don't aren't really friendly
36:15
Speaker 5: to the initial investors unless you keep on investing a
36:18
Speaker 5: lot of money at the you know, in the hundreds
36:20
Speaker 5: of Like if I would have put up one hundred
36:22
Speaker 5: million dollars at that point in time, then I could
36:24
Speaker 5: have kept it. It might have been good, but that's just
36:27
Speaker 5: not what I'm going to do with a shark tank company.
36:29
Speaker 5: So it's not a bad thing for him, it's a
36:31
Speaker 5: great thing. But at the same time, you know, I
36:34
Speaker 5: don't feel like I missed anything.
36:35
Speaker 6: Has ever been somebody that's come on the show and
36:37
Speaker 6: you kind of sit there, like, why didn't I think
36:39
Speaker 6: of that? Or has there been a company that another
36:43
Speaker 6: shark took and you said, Man, I should have invested
36:45
Speaker 6: in that one.
36:47
Speaker 5: One one I wish I invested in just because it
36:49
Speaker 5: was fun. That's Spikeball. The guy came on and said
36:52
Speaker 5: that looks fun, but he wanted to start all these
36:53
Speaker 5: big spike ball leagues. And I figured I'm just going
36:55
Speaker 5: to have to go out there and just hype spike ball, right,
36:58
Speaker 5: which at the time I didn't think it would be
37:01
Speaker 5: as much money as it turned out to be. But
37:03
Speaker 5: the one that another shark did that I wish I
37:07
Speaker 5: had done is it's called comfy comfy clothes. I think
37:12
Speaker 5: it's called where there's just these huge, oversized not even
37:20
Speaker 5: I don't even know what you call it, these big
37:22
Speaker 5: oversized comfy comfy things you wear, right, you know whatever,
37:29
Speaker 5: And so anyways, they're like forty nine bucks apiece and
37:32
Speaker 5: they've sold millions millions.
37:35
Speaker 2: Barbara snug snuggle thing.
37:37
Speaker 5: Yeah, yeah, like a snugly typet snuggy like a snugget
37:42
Speaker 5: type thing where's just big and comfy, and I didn't
37:44
Speaker 5: even sink twice about it. Barbara bought twenty five percent
37:47
Speaker 5: of the company for like fifty or seventy five grand
37:51
Speaker 5: she has made and she said this in an episode
37:53
Speaker 5: she had made thirty seven million dollars from it. Wow,
37:58
Speaker 5: that's one I would have, you know, I can really
38:00
Speaker 5: want I would take that one. It's crazy, but I
38:04
Speaker 5: love Barbara. I'm thrilled for her. But thirty seven million
38:07
Speaker 5: dollars from less than one hundred grand investment, that's great.
38:11
Speaker 5: What do you also mean that the dudes that came
38:13
Speaker 5: on with that company? If she made thirty seven million
38:17
Speaker 5: for one fourth of the company, multiply that time three
38:20
Speaker 5: and that's what they made.
38:22
Speaker 4: What do you?
38:23
Speaker 3: What do you look for if somebody's trying to pitch
38:25
Speaker 3: you on Shark Tank, like, what do you what are
38:26
Speaker 3: your key things that you look to say? Okay, I
38:28
Speaker 3: mean this is something that I'm interested in, and.
38:31
Speaker 5: You know, and you brought the point, you know, is
38:33
Speaker 5: it something that makes me think? Why did I think
38:35
Speaker 5: of that? That's always the first thing, because I think
38:37
Speaker 5: I'm good at this stuff. And if there's something that
38:39
Speaker 5: somebody comes on and I'm like wow, you know, so
38:42
Speaker 5: that's first. If it's not one of those, then it's like, okay,
38:45
Speaker 5: is this somebody who's going to bust their ass? And
38:48
Speaker 5: be a grime, you know, hustling all my life type person,
38:51
Speaker 5: right and grinding all my life, just going because that
38:56
Speaker 5: that's what it takes. Because these aren't companies that are
38:58
Speaker 5: at the top of the food and killing it right.
39:00
Speaker 5: They need us for a reason and that's why they're there.
39:03
Speaker 5: And so if you're not willing to be a learner
39:06
Speaker 5: and grinding all the time, then it's not going to work.
39:09
Speaker 5: And what happens is having done the show so long,
39:13
Speaker 5: you know, you you realize that there are gonna be
39:14
Speaker 5: people who think that if I get in to deal
39:16
Speaker 5: with the shark, I'm going to do all the work
39:18
Speaker 5: right or whoever the shark is. It's got to be
39:20
Speaker 5: the exact opposite. And then, you know, grinding, learning, selling,
39:25
Speaker 5: because there's never been a company in the history of
39:27
Speaker 5: companies that was ever successful without selling. And what happens
39:31
Speaker 5: is a lot of entrepreneurs think, well, I'll get somebody
39:33
Speaker 5: else to do the selling. And you can't do that
39:36
Speaker 5: if you don't love your product enough to always want
39:38
Speaker 5: to make it available to people and let people know
39:41
Speaker 5: why it's great. It's not a good product. That's what
39:45
Speaker 5: I look for. Like I'll give you one example I
39:48
Speaker 5: had Noel this dude, and now you guys don't have naturals.
39:52
Speaker 5: You guys are missing upstairs.
39:54
Speaker 2: I got a low.
39:58
Speaker 4: I'm done. I'm done. I'm done.
40:03
Speaker 5: But you've got to come up called twist it a
40:05
Speaker 5: twist it upcome you know the naturally you got to
40:07
Speaker 5: use the sponges and everything, right, I had to learn
40:11
Speaker 5: this stuff. It's not something. So he made this little
40:17
Speaker 5: baby tennis racket, right, So it's just like put it
40:21
Speaker 5: in there and on one side because on one side
40:23
Speaker 5: it's the pointy so you can twist it up and everything.
40:26
Speaker 5: On the other side it's like a little tennis racket,
40:28
Speaker 5: so you can, you know, fluff it up and get
40:30
Speaker 5: it where you wanted to look at. And Noel sells
40:33
Speaker 5: them online now, crushing it, crushing it. I mean, you
40:37
Speaker 5: sold millions upon millions of dollars. It's one of my
40:40
Speaker 5: better investments. And now Noel is out there investing in
40:43
Speaker 5: other startup companies. And what you know, the lesson from
40:47
Speaker 5: Noel dirty It twisted up is that you can start
40:50
Speaker 5: with an idea that meets the need in your community, right,
40:54
Speaker 5: you don't it doesn't have to be some big idea
40:56
Speaker 5: that you're selling the people you don't know. You don't
40:58
Speaker 5: have to go out there and raise money. All he
41:00
Speaker 5: did was take the money from his job, make some
41:03
Speaker 5: prototypes and go to some barbershops that he knew and say, look,
41:06
Speaker 5: can you try this. And once they started asking for
41:09
Speaker 5: more and more and more and wanting to buy them
41:11
Speaker 5: and sell them to their customers, then he took that
41:13
Speaker 5: and just kept on building it and building it, and
41:16
Speaker 5: now he's making you know, million dollars plus a year.
41:18
Speaker 5: I'm doing really well from it too, And so you know,
41:22
Speaker 5: it doesn't matter where you started, where you come from.
41:24
Speaker 5: If you've got an idea that can help people around you,
41:26
Speaker 5: you don't need to go out and raise money. You
41:28
Speaker 5: just got to go out and do it.
41:29
Speaker 4: Sounds like a baby shark in the making.
41:31
Speaker 5: Oh that baby line. Now he's real deal.
41:35
Speaker 3: They say the average millionaire has seven streams of income.
41:37
Speaker 3: But shot out to Ian, we have a stock show
41:40
Speaker 3: call Market Money. It's like the hottest stock show on
41:42
Speaker 3: You should if you're if you're interested, you could come
41:44
Speaker 3: on that because you're you're a serious stock investor. But
41:48
Speaker 3: our co host Ian Dunlap, he said something, he said,
41:51
Speaker 3: actually somebody told him that actually twenty four streams, So
41:56
Speaker 3: what do you think about that? Because you had as
41:58
Speaker 3: so much about the seven streams of income, but then
42:00
Speaker 3: it's like twenty four streams. That's a lot more than seven.
42:03
Speaker 3: So do you think that that's too far to diversify?
42:05
Speaker 3: If you focus on wealth, you should focus on a
42:06
Speaker 3: few things or like what's your thoughts on that?
42:08
Speaker 5: Focus on what you're good at and what you know.
42:11
Speaker 5: So always remember this in any investment. You know, if
42:14
Speaker 5: you go to buy a stock, there's somebody selling it
42:17
Speaker 5: to you, right, they didn't just manufacture it, and they're
42:20
Speaker 5: not selling it because, oh you know what, I like Mark,
42:23
Speaker 5: I'm gonna sell in my stock. I know the price
42:25
Speaker 5: is going up, but I'm gonna sell it to him
42:26
Speaker 5: because he's a good guy. Right. It doesn't work like that.
42:29
Speaker 5: They're selling because they think it's going down or it's
42:30
Speaker 5: not going anywhere. They need the money. And so you
42:33
Speaker 5: always have to ask yourself why is somebody on the
42:35
Speaker 5: other side of the deal doing what they're doing, and
42:39
Speaker 5: just being good at one thing is really hard. And
42:42
Speaker 5: so what I always tell people, if you can get
42:44
Speaker 5: really really good at something, if you want to trade stocks,
42:48
Speaker 5: learn everything about the stocks you're trading, right, don't just guess.
42:51
Speaker 5: If you want to get into cryptocurrency, learn everything you can.
42:55
Speaker 5: Once you have some success, then you can start peeling
42:58
Speaker 5: off some of that money that you made and put
43:01
Speaker 5: it into other things and diversify your portfolio. But each
43:04
Speaker 5: thing that you add, don't do it unless you know
43:07
Speaker 5: what you're doing. And don't assume that somebody else, because
43:11
Speaker 5: they have money or because they call themselves in a
43:13
Speaker 5: financial advisor, knows what they're doing. Always check your whole card.
43:17
Speaker 5: Always make sure you know what you're doing, because you know,
43:21
Speaker 5: go back to the Internet bubble, there are a whole
43:23
Speaker 5: lot of people just paying any price, and they thought
43:26
Speaker 5: I was crazy. I went on CMBC and told people
43:29
Speaker 5: I had hedge, and every time y'aho's stock one up,
43:31
Speaker 5: they said, don't you feel really bad that you left
43:34
Speaker 5: this money on the table. And I'm like, no, I'm good.
43:37
Speaker 5: I sleep really good at that. And so don't get greedy. Right,
43:41
Speaker 5: So when you talk about seven or twenty four different
43:44
Speaker 5: forms of income, really what it comes down to is
43:46
Speaker 5: what are you good at? And stick to those things
43:50
Speaker 5: and if there's you know, most people can't be good
43:53
Speaker 5: at more than one thing. It's hard, right, And I
43:57
Speaker 5: can have multiple streams of income because I've got enough
44:01
Speaker 5: cash where I can take different chances. If you're a millionaire,
44:04
Speaker 5: you know, and you've got a million dollars in cash,
44:07
Speaker 5: that's not going to last you your whole life. So
44:09
Speaker 5: you've got to treat it with a lot of respect
44:12
Speaker 5: and make sure you know exactly what you're doing. It's
44:14
Speaker 5: always a thrill when you hit that platform, right when
44:17
Speaker 5: you say a million dollars, man, I've made it. How
44:19
Speaker 5: good does that feel? And you get all excited, you know,
44:22
Speaker 5: and everything. But you also have to be realistic and
44:25
Speaker 5: remember that, you know, being a millionaire doesn't mean you
44:28
Speaker 5: can go out and blow that cash. It means you've
44:30
Speaker 5: got to protect it. And why would you invest in
44:33
Speaker 5: something just to get seven different you know, streams of income.
44:37
Speaker 5: If you're not sure, and if you divide a million
44:40
Speaker 5: dollars up seven ways, you're going to lose some of them, right.
44:45
Speaker 5: It's going to be hard to have, you know, one
44:47
Speaker 5: hundred and fifty thousand dollars all making you money and
44:50
Speaker 5: doing well. Some of it's going to crap out, and
44:53
Speaker 5: so you've got to be really careful. You know what
44:56
Speaker 5: I tell people is have at least six months of
45:01
Speaker 5: expense money sitting in the bank. It's not more because,
45:04
Speaker 5: like we learned with the pandemic, she can go bad
45:07
Speaker 5: really fast. You know, twelve years ago we had the
45:10
Speaker 5: Great Recession, now we have the pandemic. And so if
45:14
Speaker 5: you have six months of expenses in cash just sitting
45:17
Speaker 5: in the bank, even though you're pissed, it's not earning
45:19
Speaker 5: anything being able to write that check to cover your
45:22
Speaker 5: rent if you lose your job or so god forbid,
45:24
Speaker 5: something worse happens. Right, you want to have that cushion.
45:29
Speaker 5: It's not twelve months. To me, that's not necessarily another
45:32
Speaker 5: form of income. But being able to sleep good at night,
45:35
Speaker 5: that's another form of income. Being stressed about all that
45:38
Speaker 5: shit all the time because you're into things you're not
45:40
Speaker 5: quite sure about. I mean, anybody who's made a little
45:43
Speaker 5: money has always looked at investments. And there's no worse
45:46
Speaker 5: feeling than you're calling your guy, calling your woman, whatever
45:50
Speaker 5: it is, the lady that's working with you and saying
45:54
Speaker 5: how are we doing, and always at the beginning it's oh,
45:56
Speaker 5: it's great. Exactly what we said, Oh it's great. Is
46:00
Speaker 5: that one day and one of those investments where they
46:02
Speaker 5: don't call you back, Oh it's just busy. Sorry, Then
46:04
Speaker 5: they don't call you back again. Then they don't call
46:06
Speaker 5: you back again. Right, that's because you did something you
46:10
Speaker 5: didn't fully understand. And so not that every investment can't
46:13
Speaker 5: go wrong, even with the best intentions, but you're gonna
46:17
Speaker 5: limit your risk. You want to limit your risk until
46:19
Speaker 5: you get to the point where you can say, fuck it, Okay,
46:22
Speaker 5: if I lose fifty grand, I'm fine. FI, there's one
46:25
Speaker 5: hundred grand, I'm fine. When you get to that point,
46:28
Speaker 5: then you can start making investments that get you to
46:31
Speaker 5: those seven different screams of income. You know, invite me
46:34
Speaker 5: back on if you want to come on, I'll come
46:35
Speaker 5: on the stock show and we can pick it up
46:37
Speaker 5: from here. You guys are amazing. Man. I enjoyed the appreciate.
46:40
Speaker 3: I appeciate that you're not in the market Monday. We
46:42
Speaker 3: would love to have you on market Mondays. But first
46:44
Speaker 3: and foremost, thank you. Thank you was gracious with your time,
46:47
Speaker 3: and once again, thank you to the whole team.
46:48
Speaker 2: Thank you to Al Harrington and.
46:51
Speaker 5: All I said, Hi, man, yeah, for sure, for sure.
46:54
Speaker 3: What would you what would you like to tell the
46:56
Speaker 3: people any last words that you would like to leave
46:59
Speaker 3: the people with.
47:00
Speaker 5: You know, life's about the grind, and life's about learning.
47:04
Speaker 5: You know, if it were easy, everybody would be doing it.
47:07
Speaker 5: But I think a lot of people get frustrated because
47:11
Speaker 5: it's hard to find something that you love to do
47:14
Speaker 5: and that you're good at. You know, like I told
47:16
Speaker 5: you guys the stories about getting into computers, I didn't
47:19
Speaker 5: know I was going to be good at computers. I
47:21
Speaker 5: tried bartending, I tried a lot of different things, a
47:23
Speaker 5: lot of jobs that didn't work out, until I got
47:26
Speaker 5: to something that did work out when I was twenty four,
47:28
Speaker 5: you know, twenty five. And then once I got there
47:31
Speaker 5: and realized I could be good at it, I just
47:33
Speaker 5: ramped it up and I just kept on levering up.
47:36
Speaker 5: And that's the hard part. When you're young, if you're
47:38
Speaker 5: you know, in college or in school or out of
47:41
Speaker 5: school for that matter, try different things. You don't have
47:45
Speaker 5: to have all those answers when you're young, Try all
47:47
Speaker 5: the different things, because you know what, if you're broke,
47:50
Speaker 5: now's the time to try it right, Because what's the
47:53
Speaker 5: worst that you're at, It's going to happen, right, you're
47:55
Speaker 5: gonna stay broke. But if you keep on trying different thing,
48:00
Speaker 5: when you find that one great thing, then amazing things happen.
48:03
Speaker 5: And when you find something you're good at, go for it.
48:06
Speaker 5: Go for it. Don't take any prisoners, man, Just do
48:09
Speaker 5: everything you can to be great at it. And that's
48:12
Speaker 5: when you really make money. That's that's how.
48:14
Speaker 2: The money is pleasure. And who's the who's the best
48:16
Speaker 2: rapper alive?
48:18
Speaker 5: The best rapper alive? It's not Truepac, that's for sure.
48:24
Speaker 5: I'm a little wing guy. I know that, does you know?
48:28
Speaker 4: Yeah?
48:28
Speaker 5: The uproars like it's still my song? Yeah, so we
48:36
Speaker 5: see who else? I like? I mean, like, I'm still DMX.
48:40
Speaker 5: Like my all time favorite song is DMX Fame. I
48:43
Speaker 5: saw DMX one time, right, we were both at a
48:45
Speaker 5: club and I'm talking to him and he's like, dude,
48:48
Speaker 5: I'm my fan fangirling, right, dude, I love same best
48:52
Speaker 5: song ever. He's like, don't hit me with that ship.
48:59
Speaker 5: That ship.
49:01
Speaker 2: Shout out to the dog.
49:03
Speaker 3: But Mark, thank you, thank you again, brother, and I
49:05
Speaker 3: appreciate it. Good luck on the season. You guys killing it. Luca, amazing,
49:11
Speaker 3: amazing talent. You gotta you gotta you got, you got
49:13
Speaker 3: the next one.
49:13
Speaker 2: Yeah, you got your.
49:15
Speaker 5: Coming back next week. So get better. Yeah, guys, appreciate it, y'all.
49:19
Speaker 2: Take care of all right, no problem, Thank you.
49:24
Speaker 1: My graduates from my school being forced back and drop
49:29
Speaker 1: bag drop Mike, drop back, drop drop