Latest / The Breakfast Club / INTERVIEW: Jordan Belfort Talks Trump; 2024 Election, American Economy, Wall Street; Wolf Of Wall Street + More

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INTERVIEW: Jordan Belfort Talks Trump; 2024 Election, American Economy, Wall Street; Wolf Of Wall Street + More · The Breakfast Club

0:00
Speaker 1: Wake that answer in the morning.
0:02
Speaker 2: Breakfast Club. Yeah, I'm Charlamagne to God. Justs hilarious. We
0:06
Speaker 2: are to Breakfast Club. India is not here at the moment,
0:08
Speaker 2: but we have a special guest in the building. He's
0:11
Speaker 2: been here before a couple of times. Jordan Belfer.
0:13
Speaker 3: What's that's up? Everybody?
0:16
Speaker 1: You guys are looking good today?
0:17
Speaker 2: You know how you feeling.
0:19
Speaker 3: I'm feeling good.
0:19
Speaker 1: Listen for a couple.
0:20
Speaker 3: Got a big surgery about three rotate a cuff right,
0:23
Speaker 3: and uh had a grabs that took. I had to
0:27
Speaker 3: take muscle from my laps and my Peck's a big deal.
0:29
Speaker 3: But I'm on the men there, so I'm solids or
0:32
Speaker 3: rock and right all rehab something rehab, do that and
0:34
Speaker 3: I do it. Yeah, a lot of golf, weightlifting, and
0:39
Speaker 3: I wrestled in college and I just had three surgeries
0:42
Speaker 3: before this. It was just like.
0:43
Speaker 4: Totally wearing tear.
0:44
Speaker 3: Yeah, wearing tear. Yeah.
0:46
Speaker 2: Justin's never met you before, but she did see The
0:47
Speaker 2: Wolf of Walls.
0:48
Speaker 1: Yes, and you're the real I'm the real wolf. I'm
0:51
Speaker 1: retired wolf, you know, the more benevolent wolf.
0:54
Speaker 3: Yeah. It was a great movie. And uh, the thing
0:56
Speaker 3: with that movie is interesting for me is that like
0:58
Speaker 3: that those those events took place thirty years ago, but
1:02
Speaker 3: like because the movie came out in twenty and thirteen,
1:05
Speaker 3: it's still on TV. He was like, no, that happened
1:07
Speaker 3: like three weeks ago, right, like like is your daughter
1:09
Speaker 3: still three years old?
1:10
Speaker 1: My daughter's thirty.
1:12
Speaker 3: I have a grandson. So it's pretty funny.
1:14
Speaker 2: You know, I don't think after where you got the
1:16
Speaker 2: wolf from? Where did the wolf come from?
1:17
Speaker 3: Believe it or not, the wolf came from a show
1:19
Speaker 3: you don't watch, Jolligan's Island, Okay, So I mean the
1:23
Speaker 3: character Thirst and how the third is nickname was the
1:26
Speaker 3: Wolf of Wall Street.
1:27
Speaker 1: So it's like a joke about that. Yeah yeah, uh huh.
1:30
Speaker 4: So about the movie, how much of it was like
1:32
Speaker 4: really vinced? Like was it that? Was any of it
1:34
Speaker 4: add ons or like?
1:35
Speaker 3: So I was saying, like I said, ninety percent of
1:37
Speaker 3: it was true and this stuff and my life was
1:40
Speaker 3: probably even more insane because it was stuff that you
1:42
Speaker 3: just couldn't put on screen, would be X ray.
1:44
Speaker 1: You know, I'm not bad, right, but the stuff that.
1:47
Speaker 3: Wasn't true, it was a lot of like characters, well
1:50
Speaker 3: like there collapse three people's actions into one character like
1:53
Speaker 3: Danny character got it was bad. Danny did it right?
1:56
Speaker 3: You know that was a diy Jonah Hill character, right,
1:58
Speaker 3: and they moved the tomeline around, but by and large
2:02
Speaker 3: it was really accurate.
2:03
Speaker 2: You know, you got a new book out called The
2:05
Speaker 2: Wolf of Investing. What came out fall the last year.
2:08
Speaker 2: My inside is playbook for making a fortune on Wall Street.
2:12
Speaker 2: You know the first thing people will say is why
2:14
Speaker 2: should you listen to him?
2:16
Speaker 1: Question? Big question.
2:18
Speaker 3: I think that you know, on some level, you know
2:21
Speaker 3: who better to expose what's going on on Wall Street?
2:26
Speaker 3: And someone that made the mistakes was parted on the inside,
2:29
Speaker 3: and and I think, you know, it's funny people say,
2:32
Speaker 3: you don't why don't you have a write.
2:33
Speaker 1: About the stock book? And I never did before.
2:35
Speaker 3: So my all my books about before was a bit
2:37
Speaker 3: about sales or my life story. Right. But you know,
2:42
Speaker 3: obviously I have massive knowledge about Wall Street around one
2:45
Speaker 3: of the largest drums on Wall Street in the nineties,
2:47
Speaker 3: the in the you know, IPO market.
2:50
Speaker 1: But I never thought of writing a book.
2:52
Speaker 3: But I think over the last since I started going
2:55
Speaker 3: out in two thousand and eight around the world and
2:57
Speaker 3: teaching sales and entrepreneurship, ethical sales, and I really helped
3:01
Speaker 3: millions and millions of people. And I think I've rebuilt
3:03
Speaker 3: my reputation to the point where I have a very
3:06
Speaker 3: large fan base who trusts me, and I've helped so
3:09
Speaker 3: many people. Like when I walk around people, so you
3:11
Speaker 3: changed my life, you change as I walk around people
3:12
Speaker 3: always if you changed my life. You know, I went
3:15
Speaker 3: into this business closing why Entrepreneurship, and I felt that
3:19
Speaker 3: it was like, you know, I felt comfortable enough.
3:21
Speaker 1: You know, I'm going to talk about investing.
3:22
Speaker 3: And I when I started writing the book, and I
3:24
Speaker 3: wrote what I considered to be the surest book of
3:27
Speaker 3: investing in they ha'ds so like unarguably the right way
3:30
Speaker 3: for someone to get welthing in the stock market. And
3:33
Speaker 3: it's eft opposite of everything I did back by the way,
3:35
Speaker 3: it's like the opposite of what I did when I
3:37
Speaker 3: actually went to check, like I was, you know, manipulating stocks.
3:40
Speaker 1: It's smaller stocks.
3:42
Speaker 3: The advice I'm giving in this book is really honestly,
3:45
Speaker 3: it's for any person of any age. Obviously the younger
3:48
Speaker 3: you thought, the better. But the thesis is as files,
3:52
Speaker 3: there's nothing any of that's revolutionary. It's just I wrote
3:54
Speaker 3: it in a really funny kind of laughed out loud,
3:56
Speaker 3: irreverent way, so people would kind of turn the page
3:59
Speaker 3: you made into a store because the truth is the
4:01
Speaker 3: best advice for investings out there. There's nothing you have
4:05
Speaker 3: to It's like I didn't do some analysis, like oh, eureka,
4:08
Speaker 3: I have this way. It's not like that.
4:09
Speaker 2: Okay, really, even with all this new stuff like bitcoin
4:12
Speaker 2: and you know, like that.
4:13
Speaker 3: So I listen in the book, I these two main
4:16
Speaker 3: investments I talk about. One is the S and P
4:19
Speaker 3: five hundred, which is an index, and so instead of
4:22
Speaker 3: buying just a random stock and try to trade in
4:25
Speaker 3: and out, which is a sucker's game by the way, right,
4:28
Speaker 3: And and what really bothers me and I have this
4:29
Speaker 3: big thing about cnbcing there and how they basically are
4:34
Speaker 3: like the worst thing that ever happened to the average investments.
4:36
Speaker 1: If you watch the CNBC, you'll.
4:38
Speaker 3: Think you can trade in and out of stocks short
4:40
Speaker 3: term to make money. And the fact is that the
4:42
Speaker 3: scientific academic studies going back to nineteen hundred that says
4:46
Speaker 3: it's virtually impossible.
4:48
Speaker 1: To make to beat the S and P. It's just
4:49
Speaker 1: like a pot.
4:50
Speaker 3: There's a few people that can do it right, and
4:52
Speaker 3: they're not taking It's like Warren Buffet if fews very few.
4:55
Speaker 3: No one could beat the S and P buy and launch, right,
4:57
Speaker 3: But if you watch the show, you'll think that's the
5:00
Speaker 3: best way to trade. To trade, go from oil into
5:02
Speaker 3: into crypto, from crypto into tech stocks, from tech stock
5:05
Speaker 3: into common and you're not gonna make money that way, right,
5:08
Speaker 3: So that one investment is the S and P.
5:11
Speaker 1: And I wrote the book.
5:12
Speaker 3: I think when I wrote the book, this was like
5:13
Speaker 3: thirty eight hundred and now it's five thousand, right. I
5:16
Speaker 3: also said bitcoin is a good investment, but small, like
5:19
Speaker 3: five to ten percent of your portfolio, right, the largest
5:21
Speaker 3: should be I think the S and P and at
5:24
Speaker 3: the time was twenty two thousand. Now it's seventy three thousand.
5:27
Speaker 3: But that doesn't the fact that I was right is
5:31
Speaker 3: irrelevant because it just as easily could have been down
5:34
Speaker 3: in one year. In other words, you can't look at
5:36
Speaker 3: investing as a one year proposition. I mean I wrote that,
5:40
Speaker 3: I said this is a bigcoin row I was twenty something.
5:42
Speaker 3: I think it's going higher, but it could be going lower.
5:45
Speaker 3: But I figured five to ten years from now it's
5:49
Speaker 3: massively higher. And the S and P was thirty eight hundred,
5:52
Speaker 3: and it might go to thirty six hundred. Maybe it's
5:54
Speaker 3: in four thousand. I an't think we go to five
5:55
Speaker 3: thousands and five thousand plus now. So I looked up
5:58
Speaker 3: like genius.
5:59
Speaker 1: That's not true.
5:59
Speaker 3: It could have easily been down. So you can't invest
6:03
Speaker 3: and worry about the price the next week, the next month,
6:06
Speaker 3: or even the next year. I believe the best way,
6:08
Speaker 3: especially people in that thirties, twenties, thirties, forties, even fifties, Right,
6:12
Speaker 3: you have to take a long term horizon and rely
6:15
Speaker 3: on what's called compounding. So with the S and P
6:18
Speaker 3: five hundred, the idea is that you know, you take
6:21
Speaker 3: the profits and you just let it as it compounds
6:24
Speaker 3: and get you're dividends. You reinvest the dividends, you let
6:27
Speaker 3: the compound over time, even though it only turns ten
6:30
Speaker 3: turns ten percent a year. So you say to yourself, like, well,
6:33
Speaker 3: ten percent a year, how do I get rich on
6:35
Speaker 3: ten percent a year?
6:36
Speaker 4: Right?
6:36
Speaker 3: If I put in thirty thousand dollars three grand, what
6:40
Speaker 3: does that do for me? Right? But what you don't
6:42
Speaker 3: realize is that the next year you have thirty three
6:44
Speaker 3: thousand and if it compounds, then you have a bit more.
6:47
Speaker 3: That compounding after it's like twenty years goes parabolic. So
6:51
Speaker 3: like literally, if you invest in like thirty thousand dollars
6:54
Speaker 3: in the S and P, and let's go back thirty
6:56
Speaker 3: years from thirty years ago, forty years ago, right, thirty
6:59
Speaker 3: thousand dollars two hundred dollars a weekend, you'd have like
7:02
Speaker 3: twenty five million dollars. Now it's like, and I just
7:05
Speaker 3: made that number up, so I could be off like
7:06
Speaker 3: five a table, but you're a massive amount of millions
7:09
Speaker 3: of dollars, right, So I think the trap that people
7:11
Speaker 3: forward to when they invest is they say, I only
7:14
Speaker 3: have five thousand dollars or ten thousand.
7:17
Speaker 1: I got to make a huge hit. I have to
7:19
Speaker 1: time the market.
7:20
Speaker 3: So they get trapped in trying to short term trade
7:23
Speaker 3: or they go on March and they get blown out
7:25
Speaker 3: and you can't. You could start with a small amount
7:27
Speaker 3: and end up with a huge amount if you have patience.
7:29
Speaker 3: That's what the book is about.
7:30
Speaker 4: Yeah, the key is patience.
7:33
Speaker 3: Patience and also that you know you're not going to
7:37
Speaker 3: beat the S and P five hundred. So the corner
7:39
Speaker 3: stone of your portfolio should be this and there's no
7:41
Speaker 3: fees attached to it. You put your money in, you
7:43
Speaker 3: let it ride. So it's like set it and forget.
7:45
Speaker 3: It's passive investing.
7:46
Speaker 2: Right, don't even put it in there, and don't even
7:49
Speaker 2: like you.
7:51
Speaker 3: Can't because the trap is is that you know, you
7:54
Speaker 3: think that you know, well, the market's gonna will bear market.
7:57
Speaker 1: Okay, fair enough, you have a bear market, but buy.
8:00
Speaker 3: You go back history historically it's always goes up over
8:04
Speaker 3: thirty years. So listen, it's possible the United States could
8:07
Speaker 3: be destroyed, but we have bigger problems than than your portfolio. Right,
8:10
Speaker 3: So that's that's the essence of the book. But also
8:13
Speaker 3: I go through a very very damning history and historically
8:16
Speaker 3: about Wall Street, how it got so fucked up? Okay,
8:19
Speaker 3: I go through that in detail, and it's pretty while
8:22
Speaker 3: when you read, like why is it that, like, you know,
8:24
Speaker 3: firms get away with murder?
8:26
Speaker 1: You guys know what's going on?
8:28
Speaker 3: I know, you know, like the bigger firms that I mean,
8:30
Speaker 3: they're engaged in massive fraud, but they also serve a
8:34
Speaker 3: very useful purpose. So they have like this kind of
8:36
Speaker 3: the Yin and Yang purpose. The purpose is without without
8:39
Speaker 3: the big firms, the economy would not run. You need
8:42
Speaker 3: to have brokerage firms and banks to provide credit, to
8:47
Speaker 3: give money to companies to go public, to do an
8:49
Speaker 3: oulysive compancy, which ones deserve money.
8:52
Speaker 1: To keep orderly markets. In other words, you need.
8:54
Speaker 3: Capital markets and you need a functional batting system to
8:58
Speaker 3: lend money, to raise money, to deploy money.
9:01
Speaker 2: Right, how much long do you think we'll have that?
9:03
Speaker 2: Because they've been I've been hearing rumors of potential bank crises.
9:07
Speaker 1: Yeah, yeah, well but you know, here's the thing.
9:09
Speaker 3: The bank there's in the US that won't be bank
9:11
Speaker 3: those those buy them, they'll bail them out.
9:13
Speaker 1: They'll always bail them out. There's no way.
9:15
Speaker 3: So even like when you hear all this stuff, like
9:17
Speaker 3: there's always noise back that he's six months ago, and
9:19
Speaker 3: there's no way they're gonna let even the big one
9:22
Speaker 3: in Silicon Valley bank, whereas a lot of money they
9:25
Speaker 3: acted very irresponsibly, right, although they be not as they
9:29
Speaker 3: just got bad bad luck and responsibility, right, But you
9:31
Speaker 3: knew the government was gonna not let the depositors, because
9:34
Speaker 3: that's if that happened, I mean shit, like you know
9:37
Speaker 3: it would be so bad. But what happened is is
9:39
Speaker 3: that everyone would take them money out of the small
9:41
Speaker 3: local banks and all you would have is the big
9:44
Speaker 3: four or five banks out there. Right. I don't really
9:46
Speaker 3: think that's an issue. But what happens is that when
9:48
Speaker 3: you look at the success of the United States economically.
9:52
Speaker 1: It's based I think on two things.
9:53
Speaker 3: Number one, it really well ordered capital markets, liquid can
9:57
Speaker 3: and also that the dollar is the reserve currency.
10:00
Speaker 1: That's a much bigger threat.
10:02
Speaker 3: I think, like the dollar right now is you know,
10:05
Speaker 3: kind of losing its luster around the world, and if
10:09
Speaker 3: the dollar ever loses it completely, that would be a
10:11
Speaker 3: disaster for the US.
10:12
Speaker 5: You think, so with this crash course that you just
10:17
Speaker 5: gave me, because you know, I'm into it, but I
10:19
Speaker 5: ain't into it like that. I just learned a lot
10:21
Speaker 5: in first what you only been in here for ten minutes?
10:23
Speaker 5: Do you think it's a waste of time to even
10:24
Speaker 5: go to college or to take a like class on
10:28
Speaker 5: and stuff like?
10:28
Speaker 2: You know?
10:29
Speaker 1: So I think those things that college is two sizes
10:32
Speaker 1: to it.
10:33
Speaker 3: If you want I have two children, right, okay, and
10:36
Speaker 3: a step as well. Right, if you want to be
10:38
Speaker 3: professional doctor, a lawyer, or something else, like my daughter's
10:43
Speaker 3: a psychologist right where a license is required. And I think,
10:47
Speaker 3: of course you should go to college and go down
10:50
Speaker 3: the path and do whatever courses you got to take
10:52
Speaker 3: to get licensed. And there you want to be an
10:54
Speaker 3: accountant a lawyer, right, that's one thing. Right, If you
10:59
Speaker 3: have no on entrepreneurial side, QUEU and you want to
11:01
Speaker 3: go and get an MBA is something you can do that.
11:04
Speaker 3: But if you're someone else that like is going to
11:07
Speaker 3: do either into the trades or you want to be
11:09
Speaker 3: an entrepreneur a music as a musician in music, right,
11:13
Speaker 3: I don't think there's any reason to go to college. Well,
11:15
Speaker 3: in college is a complete waste of time with ridiculously
11:19
Speaker 3: you know, pumped up.
11:21
Speaker 1: Tuitions that are just asinine if you ask me so,
11:24
Speaker 1: I would.
11:24
Speaker 3: Never recommend someone to go to college unless they want
11:27
Speaker 3: to choose that path.
11:28
Speaker 1: And my daughter it makes sense for my son, it didn't,
11:30
Speaker 1: you know.
11:31
Speaker 3: But for investing list, it's so listen for you, Like
11:34
Speaker 3: I said in a few it's it's so easy to
11:36
Speaker 3: manage your money because you don't need a money manager
11:38
Speaker 3: and you don't need a financial planner except for your taxes. Right,
11:41
Speaker 3: you just buy the most of your money eighty percent
11:44
Speaker 3: should be in the s and P five hundred. You
11:46
Speaker 3: take ten percent you put into a bond fund is
11:49
Speaker 3: in the book, right, bonds are like fixed income, so
11:51
Speaker 3: just to kind of smooth out the returns over the years,
11:54
Speaker 3: and then the rest and by the way, the rest
11:56
Speaker 3: you can speculate with.
11:57
Speaker 1: You can have fun.
11:58
Speaker 3: There's nothing wrong with taking fun five or ten percent
12:01
Speaker 3: of your money and taking some flyers on whatever that
12:05
Speaker 3: means bitcoin.
12:06
Speaker 1: You want to trade a short term stock.
12:08
Speaker 3: But the problem is if you don't set aside any
12:09
Speaker 3: money for risk capital, then you might start using a.
12:12
Speaker 1: Lot more than five to ten percent.
12:14
Speaker 3: But like, if you do that in thirty years, you'd
12:18
Speaker 3: just be shocked at how much money you ended up
12:21
Speaker 3: with simply from a ten percent return, like and some
12:24
Speaker 3: years it's gonna lose twelve percent, but then like last
12:27
Speaker 3: year he made twenty seven percent. Right, it averages out,
12:29
Speaker 3: And basically it's like a set and forget can't go
12:31
Speaker 3: wrong investment in some.
12:33
Speaker 1: Level, like you put a good point up in the beginning,
12:35
Speaker 1: why trust me?
12:36
Speaker 3: On some level, it was like when I wrote the book,
12:38
Speaker 3: was like by kind of making right what I felt
12:40
Speaker 3: like because I have a really young audience and I said,
12:43
Speaker 3: every kid reads this book, the amount of money they're
12:46
Speaker 3: gonna save themselves by not getting suckered in. It's like
12:49
Speaker 3: to these you know, to high margin where you borrow
12:52
Speaker 3: money against your positions, which kids do all the time.
12:54
Speaker 1: It's a freaking disaster, right, So I.
12:56
Speaker 3: Figured it was. It was like kind of my gift
12:58
Speaker 3: back to everybody. I think the book really was and
13:00
Speaker 3: I think I succeeded. You know.
13:01
Speaker 2: I like what you said there because you know, even
13:04
Speaker 2: when we talk about politics and you you know, whether
13:06
Speaker 2: it's a politician like you know, President Biden who's done
13:09
Speaker 2: things like the eighty six mandatory minimum CINCE and eighty
13:12
Speaker 2: eight crack law in ninety four crime bill, people are
13:14
Speaker 2: asking him now since you're in the position of power
13:16
Speaker 2: you're in, right, those are wrong, yeah, should but that's
13:21
Speaker 2: what it feels like you're attempting to do, you know.
13:23
Speaker 1: I mean, listen, I've been doing that.
13:25
Speaker 3: But like you met me when we met the last
13:26
Speaker 3: time with the sales stuff, right, and that book was
13:28
Speaker 3: hugely successful, you know, And and again when I walk,
13:33
Speaker 3: you know, I'll tell you what, it's the greatest thing
13:35
Speaker 3: to walk around the world. And it's all over the
13:37
Speaker 3: world and Peter confeious that you changed my life, Yeah,
13:40
Speaker 3: you made my life better or like also by the way,
13:43
Speaker 3: it's just that even if they haven't read anything I did,
13:46
Speaker 3: just the movie itself like the idea that a comeback
13:49
Speaker 3: like I really it's okay to curse here. I really
13:52
Speaker 3: fucked up, Like I really fucked up. And I was
13:54
Speaker 3: one of those peoples that I'm fucking guilty, like I'm on.
13:58
Speaker 3: I never tried to to like minimum what I did, right.
14:01
Speaker 3: I made like if you're in jail, everyone's like a
14:03
Speaker 3: minute said I like the.
14:04
Speaker 1: Fucking guilty, Yeah, you're right.
14:07
Speaker 3: Guilty, right, so, and of course I felt like shit
14:10
Speaker 3: about it, right, and people lost money. I paid back
14:12
Speaker 3: a ton of money the whole thing, right, And but
14:15
Speaker 3: you know, I'll tell you what the people a lot
14:18
Speaker 3: of young people are older people too. They see what
14:21
Speaker 3: happened to my life and how successful I am now,
14:24
Speaker 3: and they're like it gives them hope and and it's
14:27
Speaker 3: part of also my message.
14:28
Speaker 1: It doesn't matter. And we all make mistakes. And you
14:30
Speaker 1: could either there's two things.
14:31
Speaker 3: You could either be defined by your mistakes, right like
14:34
Speaker 3: you you can become your mistakes. I stirred up I'm
14:37
Speaker 3: a bad person, so I guess I'm bad now that's
14:39
Speaker 3: who I am. Or you can learn from your mistakes
14:42
Speaker 3: and get stronger and change and like cause you know,
14:46
Speaker 3: when you have pain like that, it's an impetus to change, right,
14:49
Speaker 3: And as long as you're wanting to put one foot
14:50
Speaker 3: in front of the other and do the hard work.
14:52
Speaker 3: And also I work really, really hard, and my hard
14:54
Speaker 3: work always ad been right you, it doesn't matter where
14:56
Speaker 3: you are, how low you've fallen in life, you could
14:58
Speaker 3: always turn and around. It's up to you, you know
15:01
Speaker 3: what I'm saying. And also part of that is learning
15:04
Speaker 3: specific skill sets. So for example, like with the sales book, right,
15:08
Speaker 3: that's like a sales is a skill that you matter
15:11
Speaker 3: what you do. You're always trying to not even self
15:15
Speaker 3: just communicate your ideas, your hopes, your dreams, the value
15:18
Speaker 3: that you have. It doesn't matter what line of work
15:20
Speaker 3: you're And you could be a mother trying to convince
15:21
Speaker 3: your kids to make their beds in the morning. You
15:24
Speaker 3: could be a teacher trying to convince your children and
15:25
Speaker 3: the value of doing their homework or just education in general.
15:28
Speaker 3: You could be a pastor trying to influence your congregation.
15:32
Speaker 3: You could be God for a bit, a politician trying
15:33
Speaker 3: to influence people to vote for you. Right, But in
15:35
Speaker 3: any line of work, that communication is critical, mission critical,
15:40
Speaker 3: and I think what happens and in any field, like
15:43
Speaker 3: in what you guys do, there's certain skill skets that
15:45
Speaker 3: you've honed over the years. You work really hard to
15:47
Speaker 3: get to where you are. You're an engineer, there's a
15:49
Speaker 3: certain skill sets are quiet today. If you start a business,
15:51
Speaker 3: you need to know certain entrepreneurial skills. A lot of
15:54
Speaker 3: times people they have the vision, they know what they
15:56
Speaker 3: want to do, but they're not wanting to learn the
15:58
Speaker 3: skills they need to succeed at it.
16:01
Speaker 1: So I'm a big believer in like.
16:02
Speaker 3: It's not just hard work, it's actually it's going to
16:05
Speaker 3: be some that whatever you're trying to do in life,
16:07
Speaker 3: there's going to be a mission critical skill that you
16:10
Speaker 3: have to perfect. And whether it's the you know, the
16:12
Speaker 3: ten thousand hours or whatever how many hours it takes,
16:15
Speaker 3: or being mentored by someone and not trying to jump ahead,
16:19
Speaker 3: which is by the mistake I made very young. I
16:20
Speaker 3: didn't use mentors correctly at the wrong one and you
16:23
Speaker 3: pick up bad habits, right, But if you if you
16:26
Speaker 3: want to put the hard work, and it doesn't matter
16:27
Speaker 3: how low you form, anybody can turn around, I believe.
16:31
Speaker 3: And at least you know, not even rich, but do
16:34
Speaker 3: really well in life. Yeah, you know.
16:36
Speaker 1: And that and this book, I guess is sort of
16:38
Speaker 1: like the U.
16:38
Speaker 3: And I hate writing, by the way, do you write?
16:41
Speaker 2: Yeah?
16:41
Speaker 5: Right?
16:41
Speaker 1: I hate it.
16:42
Speaker 2: I mean, I have somebody who writes with me, but
16:45
Speaker 2: I write, like my third book comes out in me.
16:47
Speaker 1: Yeah so, and that's awesome.
16:49
Speaker 3: This is my fourth book and I don't I write alone, right,
16:52
Speaker 3: I don't have a ghost writer at all, and help me.
16:55
Speaker 3: And I hate it, but like I love having written, right.
16:58
Speaker 3: The best thing is when the book is done right.
17:01
Speaker 3: It's a great feeling. So this is my fourth book,
17:03
Speaker 3: and I think it don't know, I.
17:06
Speaker 1: Think it's one more book, but I got it.
17:09
Speaker 3: It's a grind when you do it, though, you know,
17:11
Speaker 3: but you know, so yeah, I think I think the
17:15
Speaker 3: book is is uh going to really help anyone who
17:17
Speaker 3: reads it? That's my uh.
17:19
Speaker 2: And you know, people don't realize you actually paid people back,
17:22
Speaker 2: you paid the people that you I did.
17:25
Speaker 3: Yeah. Well, the problem I had is that it was
17:27
Speaker 3: really weird because I had this huge fine, right, but
17:31
Speaker 3: it didn't represent the people who lost money. It was
17:33
Speaker 3: just like the people who lost money was much less.
17:36
Speaker 3: And then, like, you know, I don't want to get
17:38
Speaker 3: into this, it's a whole subject, but you know, noisy,
17:40
Speaker 3: but you know, I got some letter, some rapport from
17:43
Speaker 3: the trustee or from the bankruptcy of the whole firm,
17:45
Speaker 3: and it said like they had extra money leftover, they
17:47
Speaker 3: couldn't find any more people to pay back. And yet
17:49
Speaker 3: I still kept paying back for twenty more years. But
17:52
Speaker 3: that's spilled book. I never resented. I'm you know, here's
17:55
Speaker 3: the truth. I think this. There's two ways to live life.
17:58
Speaker 3: One is to get bitter and to have resentment and
18:01
Speaker 3: to want revenge. I'm just not liked. I never hold
18:04
Speaker 3: grudges that any anybody or anything. And I look forward,
18:09
Speaker 3: not backwards. And you know, right now, I'm very fulsted.
18:11
Speaker 3: I unfortunate. A lot of people don't get a second chance.
18:14
Speaker 3: So when you do get a second chance like I did,
18:16
Speaker 3: and then you know, the movie was so awesome, right,
18:19
Speaker 3: you know, you have to respect that and cherish that
18:21
Speaker 3: and also honor that and not fuck up again. So
18:24
Speaker 3: like I'm really really careful so.
18:25
Speaker 4: We're not getting too Wall Street too.
18:28
Speaker 1: So I'm looking at Leon and I.
18:29
Speaker 3: We ended up on the same boat somewhere about two
18:32
Speaker 3: years ago, and we were kidding around how great the
18:34
Speaker 3: movie was, and like, you know, he said something really great.
18:36
Speaker 3: He goes, you know, I've never seen Marty so happy
18:40
Speaker 3: mart Scorsese on a movie set.
18:43
Speaker 2: You don't, we don't, we don't have we don't know.
18:44
Speaker 3: Him by I know Martinsese, right, I've never seen Martin
18:48
Speaker 3: Scorsese so happy on a movie set. He goes, like
18:51
Speaker 3: usually he's much more seriously, he was laughing his ass
18:53
Speaker 3: off and just he just had such and the movie
18:55
Speaker 3: reflects Marty's like the humor of it, like Marty was
18:58
Speaker 3: having a great time. He goes. I'm like yeah, yeah,
19:00
Speaker 3: and he goes, but there's not gonna be no sequel.
19:02
Speaker 3: Your life is way too boring. You too, You're too good.
19:04
Speaker 3: Now you're not doing drugs anymore. This is my guy
19:06
Speaker 3: right now. This is my red Bulls instead of cocaine,
19:09
Speaker 3: you know, which is not as strong by the way,
19:11
Speaker 3: you know, but it's more sustainable.
19:12
Speaker 2: Is it true that Donald Trump crashed the Wolf of
19:15
Speaker 2: Wall Street set?
19:19
Speaker 1: Who's what did I read?
19:21
Speaker 3: This.
19:22
Speaker 1: I read that, by the way, it's passed. I read
19:26
Speaker 1: where did I read that?
19:27
Speaker 3: Was that?
19:28
Speaker 2: Kristin Mulatty said it. Kristin Kristin merely me.
19:33
Speaker 1: Yeah, yeah, you know its member.
19:34
Speaker 3: Yeah yeah, she played my first wife. By the way,
19:37
Speaker 3: his real name was Denise.
19:39
Speaker 2: He said, says she crashed. He said he Donald Trump
19:42
Speaker 2: crashed his set and acted the damn fool.
19:45
Speaker 3: Well you know there you go, right, what.
19:46
Speaker 2: Did you hear? Martin Scorsese compare Donald Trump?
19:49
Speaker 1: Do you no what he said? Come on, man, do
19:53
Speaker 1: you know.
19:55
Speaker 3: You know that? I don't read anything about myself ever,
19:58
Speaker 3: no comments, No, I never. I don't have Google or nothing,
20:02
Speaker 3: because I think that for me at least, right, I
20:06
Speaker 3: know in my heart that I do good ship. I
20:09
Speaker 3: know it. I know everything I do. I'm on like,
20:12
Speaker 3: I'm giving more value than I'm getting in money, at
20:16
Speaker 3: least I'm trying, by the way, right, So like, and
20:18
Speaker 3: and there's haters out there in this world, and you
20:22
Speaker 3: have tons of I'm sure.
20:23
Speaker 1: You have tons of haters.
20:23
Speaker 3: You must. You gotta have something, you know. And by
20:28
Speaker 3: the way, and the haters drive engagement, which is great,
20:31
Speaker 3: by the way, So like I just let them, like
20:33
Speaker 3: I don't. In the beginning, I used to look, I
20:35
Speaker 3: fight with them, what do you you know? They're like,
20:38
Speaker 3: how could you listen to this guy?
20:39
Speaker 2: After?
20:40
Speaker 1: And I'm like, this is just ridiculous.
20:42
Speaker 3: Like if Jesus Christ was today and he gave the
20:44
Speaker 3: sermon on the Temple Mount, people say, what an idiot?
20:47
Speaker 3: Nothing new there. No matter who you are, they're gonna
20:50
Speaker 3: hate on you. So I just don't read anything about
20:52
Speaker 3: myself because there's even my wife is like, yeah, this
20:54
Speaker 3: is a great awk. I'm like, no, yeah, I don't
20:56
Speaker 3: want if someone tells me I'm so great, I don't
20:57
Speaker 3: want to know about it. I know who I am.
21:00
Speaker 3: I know my good, my bad, and my ugly and
21:02
Speaker 3: on the whole thing. And each day I try to
21:04
Speaker 3: be as good a person as I can.
21:06
Speaker 1: And if you recomment, you can go freaking crazy.
21:08
Speaker 3: What was this about Donald Trump?
21:11
Speaker 2: He said. Martin Scorsese was in London at a film
21:15
Speaker 2: festival and he said, paneled. Moderator Edgar Wright played a
21:19
Speaker 2: clip from Wolf of Wall Street and he said, some
21:22
Speaker 2: of your films people are punis for their sins, and
21:25
Speaker 2: Wolf of Wall Street they're celebrating. They're celebrated, right, Sked
21:29
Speaker 2: Wright said to Scorsese, who liken Bellford the Trump and
21:33
Speaker 2: his reply, he said, politically the country they elected Trump.
21:37
Speaker 2: It's about kill go, get the money, do anything you want.
21:39
Speaker 2: You can't do anything to me. When he's saying I
21:41
Speaker 2: don't have to pay taxes to a certain extent because
21:44
Speaker 2: I have smart lawyers, he's right, it's true. It's legal.
21:47
Speaker 2: Doesn't mean it's right, but it's legal. Scorsese said, to
21:50
Speaker 2: the former presidents multiple indictments.
21:53
Speaker 3: Yeah, I'd push back on that a little bit. I'll
21:55
Speaker 3: tell you why, because I suffered the consequences from my
21:59
Speaker 3: actions almost everything I did not. I did not leave
22:03
Speaker 3: jail with any money.
22:04
Speaker 1: I was broke.
22:05
Speaker 3: I started from scratch and and my comeback started with
22:09
Speaker 3: money I received from the Wolf of Wall Street book,
22:12
Speaker 3: and half of it went to pay back investors, so
22:14
Speaker 3: I was fifty percent one to investor. So it was
22:16
Speaker 3: really very I had really tough years in the beginning,
22:19
Speaker 3: So I pushed back on that. And also, you know,
22:23
Speaker 3: I think that, you know, I really try hard not
22:26
Speaker 3: to be a polarizing figure. I really do, and I
22:29
Speaker 3: don't know if that's good. And in the beginning, there
22:31
Speaker 3: was a few years ago I was a bit more
22:33
Speaker 3: polarizing because there was things that bothered me about COVID,
22:36
Speaker 3: you know, And I said, you know what, I just stop.
22:39
Speaker 3: I don't stop my position. I'm here to help people,
22:42
Speaker 3: to give entrepreneurial advice, stocking whatever, and I just want
22:46
Speaker 3: to I just stopped, so, like you know, and admittedly
22:48
Speaker 3: my engagement dropped it when you're stopped being as controversial.
22:51
Speaker 1: But you know, I think, listen, I think you could love.
22:54
Speaker 3: Trump, but you could hate Trump. But I mean, it
22:56
Speaker 3: is shocking that it seems the more bad things they
22:59
Speaker 3: say about him, the more people embrace him. I can't
23:03
Speaker 3: quite figure that out.
23:05
Speaker 1: Yeah, but it's shocked.
23:06
Speaker 3: I've never seen I thought, like the first time, even
23:08
Speaker 3: before he got elected in twenty sixteen, like that thing
23:12
Speaker 3: with the tape ran, I think.
23:13
Speaker 1: Oh, this guy's done.
23:14
Speaker 2: Yeah.
23:14
Speaker 1: I was like, this guy's done.
23:15
Speaker 3: And then when he came out and he's like saying
23:17
Speaker 3: you just completely like nothing, I was like, what a
23:19
Speaker 3: stupid And I was like, holy shit, it actually worked.
23:22
Speaker 2: But eventually crashing Yeah, well yeah, when did we ever
23:27
Speaker 2: seen it? Not like it's inevitable. Yeah, like Trump, he
23:31
Speaker 2: said he was a great president.
23:33
Speaker 3: Listen. I think that Trump the president. I look at
23:36
Speaker 3: all I can say is the world when Trump was
23:38
Speaker 3: president there was no wars. Now, some of that is
23:41
Speaker 3: could be coincidental, like cause some of it's just luck, right,
23:44
Speaker 3: but there was peace, There was energy with energy independent,
23:49
Speaker 3: I thought, you know, regulations, we were sort of less
23:53
Speaker 3: intrusive on business. And he was an asshole, like he
23:58
Speaker 3: was not he was like he he divided people, but
24:00
Speaker 3: you know, like there's like so he had this his
24:02
Speaker 3: personality was so abrasive, and I was like, what do
24:05
Speaker 3: you like, just stick to the fucking policies which were working.
24:08
Speaker 3: Immigration was was was tight at the border, and I
24:12
Speaker 3: believe those and I'm proving my parents, my great great
24:15
Speaker 3: grandmas and my grandparents were immigrants, right, So it's not
24:17
Speaker 3: that I'm anti immigrant, of course, I think, but legal immigrants.
24:20
Speaker 3: And there's the problem with that because the immigration system
24:22
Speaker 3: screwed up. That needs to change also. But I think
24:25
Speaker 3: the country was in a much better spot, except for
24:28
Speaker 3: the fact that he pissed so many people off in
24:31
Speaker 3: the process, and part of them being a great president
24:34
Speaker 3: is trying to unite and not divide. So, you know,
24:37
Speaker 3: but I have to say as a president, the world,
24:40
Speaker 3: the country was in a better spot. I think the
24:42
Speaker 3: world was in a better spot, and I think Biden's
24:45
Speaker 3: is a I don't think Biden is mentally his mental
24:48
Speaker 3: client think he's almost senile. I wouldn't quite say senile,
24:51
Speaker 3: but although I would say that this whole thing about
24:55
Speaker 3: the her report, right is nonsense, like and and Stewart
25:01
Speaker 3: had a great piece of it.
25:02
Speaker 1: So like the biggest thing that caused them naesure is
25:04
Speaker 1: being deposed.
25:06
Speaker 3: Like everyone who's got a kneesure on the deposed someone right,
25:09
Speaker 3: if you got something hot, you see the stuff in Georgia,
25:12
Speaker 3: like that lawyer, you could remember any of I don't remember.
25:14
Speaker 1: What happened yesterday.
25:15
Speaker 3: I don't know.
25:17
Speaker 1: Lawyer, So I think it's a bit unfair.
25:20
Speaker 3: Like I think it's more seriously the flubs he makes
25:23
Speaker 3: when he can't remember stuff and loses his track on.
25:25
Speaker 1: Yeah, but not as bad though, and they're not as bad.
25:28
Speaker 1: It's not as bad.
25:29
Speaker 2: I think it just depends what highlight reel you're.
25:32
Speaker 3: But seriously, I don't think i'm as fair the horror
25:35
Speaker 3: Bork like he's er every I didos, I don't remember
25:39
Speaker 3: what they I don't know right, So it's some fair
25:42
Speaker 3: Listen in the country will de saw. But I think
25:44
Speaker 3: whatever happens in the election, and I'm not a fan
25:47
Speaker 3: of Biden not I don't think you are either. I think, yeah, yeah,
25:51
Speaker 3: I just since if Trump gets elected, I hope he
25:54
Speaker 3: learns from the mistakes of like dividing and saying ship
25:56
Speaker 3: that is inflammatory and you just check that.
26:00
Speaker 1: At first, I was hoping that you.
26:01
Speaker 2: Kind of already went too far past that though, Like
26:04
Speaker 2: when you try to lead an attempted coup of this country,
26:07
Speaker 2: what you said was just a moment of foolishness. So yeah,
26:10
Speaker 2: was two things can be true. It is a moment
26:12
Speaker 2: of foolishness to try to lead in the tempt I
26:14
Speaker 2: think it.
26:14
Speaker 3: Was a riot, you know, I look differently at it
26:16
Speaker 3: because like they weren't armed. Then you see a real coup,
26:20
Speaker 3: you know, people come in with guns and its organized.
26:23
Speaker 2: Get it right the next time. Practice.
26:25
Speaker 3: I think it was an ugly moment. Obviously, was terrible
26:27
Speaker 3: and disgusting for the country.
26:29
Speaker 2: Right anything you should, you should? You should? We should
26:31
Speaker 2: rip up the constitution to overthrow the results of an election. Yeah,
26:34
Speaker 2: His lawyers said that he never agreed to support the constitution.
26:38
Speaker 2: You really want somebody who don't believe in the constitution
26:40
Speaker 2: to be the leader.
26:41
Speaker 1: I'm going to tell you something that I said.
26:42
Speaker 3: I was the first. I think I was the first
26:44
Speaker 3: person to say this. You go back to my social
26:46
Speaker 3: mediause I have a big video on it. Right, I'm
26:48
Speaker 3: gonna repost this. But right after he lost and everyone's saying,
26:51
Speaker 3: it's fraud, it's they stole the I'm like, no, it's not,
26:56
Speaker 3: it's not. There's no fraud. Okay, this fraud in every election,
26:59
Speaker 3: but that's just whatever. It's regular fraud and there always is, right,
27:02
Speaker 3: but no more than usual. Right. Trump lost the election
27:06
Speaker 3: because the Democrats played an amazing game of mail in
27:10
Speaker 3: voting and ballot harvesting legally like you can legally. The
27:13
Speaker 3: way they were doing it is they had all this
27:14
Speaker 3: early voting, and Trump said saying, go to the on
27:17
Speaker 3: the day of the election, go and you know, don't
27:20
Speaker 3: do mail in voting. So what happens is you have
27:22
Speaker 3: the Democrats have thirty do every day whatever the days
27:25
Speaker 3: before thirty forty days before. Bouts are sitting at everyone's desk,
27:29
Speaker 3: at everyone's house.
27:30
Speaker 1: The coffee table. People are knocking on the doors.
27:32
Speaker 3: Do you feel at your ballot and get your ballot,
27:34
Speaker 3: you get it, and this commercials ruwing. So you have
27:36
Speaker 3: thirty days of voting on one side and then the
27:39
Speaker 3: Republicans are basically showing up on election day. You're not
27:42
Speaker 3: gonna win like that. And that's why Biden got say
27:46
Speaker 3: how did he get eighty million votes? Because it was
27:48
Speaker 3: It's easy to do mail in voting, so they took
27:50
Speaker 3: advantage of what was happening. It was legal.
27:53
Speaker 1: I don't think the election was stolen anyway.
27:54
Speaker 3: I think they just want much smarter and more effective
27:57
Speaker 3: at harvesting ballots.
27:58
Speaker 1: And that's the new game.
28:00
Speaker 2: And nobody talks about the well, we don't talk enough
28:02
Speaker 2: about the series of unfortunate events that year was. Yeah, yeah,
28:07
Speaker 2: George Floyd, Yeah yeah, it was.
28:10
Speaker 1: It was a disaster.
28:11
Speaker 2: I don't think President Biden wins the election of all
28:13
Speaker 2: that that's not going on.
28:14
Speaker 3: Yeah, so so again, And I think the worst thing
28:17
Speaker 3: of it all is that there's two people that like,
28:21
Speaker 3: I mean, I don't think anyone really I would like
28:22
Speaker 3: to say two different people running absolutely. I mean right, so,
28:25
Speaker 3: like you know, I mean eighty and seventy eight, it's
28:27
Speaker 3: not in the eight. It's not age. My mother's ninety
28:30
Speaker 3: one and she's sharp as a tack. My mother like
28:33
Speaker 3: really shocked.
28:34
Speaker 2: Shouldn't be president?
28:35
Speaker 3: Yeah? It should be president, right, you know, honestly, even
28:39
Speaker 3: like it's sick. I'm sixty one years old now, Okay,
28:43
Speaker 3: I don't think I'm as sharpest when I was forty five.
28:47
Speaker 3: Now I have more wisdom and experience, and I think
28:50
Speaker 3: that's important. So I'm certainly hav enough acuity to be
28:52
Speaker 3: president if I'm not running trusting, right, But the.
28:54
Speaker 1: Point is, I think that when you get into your seventies.
28:57
Speaker 3: And I don't know, I don't think you're sure, just
28:59
Speaker 3: so you're not the person you are, I think there
29:01
Speaker 3: should be you know, certainly some at least mental acuity
29:04
Speaker 3: tests and also the job ages you I mean, so
29:08
Speaker 3: I think it's pretty sad that at this point we
29:10
Speaker 3: have an eighty or an eighty year old and seventy
29:13
Speaker 3: eighty one, seventy seven or seventy eight, right, you know
29:17
Speaker 3: that's the best we can do.
29:18
Speaker 5: I'm done with this fucking politician. Okay, So your ex wife, right, Nadine?
29:26
Speaker 5: Or is it is it?
29:26
Speaker 4: Didn't? You said no, no, no, dye? Is she still upset?
29:30
Speaker 4: It said that she's still upset.
29:32
Speaker 5: She's still upset and that you haven't given her an
29:34
Speaker 5: apology for what she feels like you ore one I want?
29:37
Speaker 4: So you know that is it?
29:38
Speaker 5: Because are you still upset that she posted something about
29:42
Speaker 5: like posted details about you guys' relationship.
29:45
Speaker 2: No, no, no.
29:46
Speaker 3: It's no no. I think this is you're into the
29:49
Speaker 3: personal stuff here a little bit. No, Listen, we have
29:51
Speaker 3: we have two children together, right, and we've always gotten
29:56
Speaker 3: along really well over the years, right. But she said
29:58
Speaker 3: some stuff that wasn't true, okay, and not that it's
30:01
Speaker 3: not true, but she's playing the victim, okay, as if
30:04
Speaker 3: she was the innocent flower and I corrupt her and
30:08
Speaker 3: they're just like, listen, I'm never going to minimize the mistakes.
30:11
Speaker 3: I was a drug addict. I was wild, okay, and
30:15
Speaker 3: I and I really never cheating her that much. I
30:17
Speaker 3: was with hookers mostly, and I know that's you know,
30:19
Speaker 3: some people have different opinions on that.
30:23
Speaker 1: But she was she had an affair with the trick
30:26
Speaker 1: she had.
30:26
Speaker 3: She was banging the trainer, okay, so like and you know,
30:30
Speaker 3: and by I did four quaaludes a day, she would
30:32
Speaker 3: do one a day. She was doing drugs with me
30:35
Speaker 3: as well. And I said to your message would be
30:38
Speaker 3: more powerful if you didn't make yourself a victim this
30:41
Speaker 3: whole thing. You're part of it, and it takes two
30:43
Speaker 3: to tango. And that was my only thing, was the
30:46
Speaker 3: positioning herself as a victim, because she was a very
30:49
Speaker 3: sophisticated young girl. Okay, you knew exactly what was going
30:52
Speaker 3: on the whole time.
30:54
Speaker 2: And did you have over releaseship?
30:57
Speaker 3: No, No, just cheating each other, cheating, cheat it too.
31:00
Speaker 3: And she did drugs too, and I did a lot more,
31:04
Speaker 3: and you know I had to go to rehab.
31:06
Speaker 1: She didn't. So I have not no listen, I.
31:10
Speaker 2: Really had one one penis, you had multiple quiz.
31:15
Speaker 3: I was, I was so out of control and the
31:18
Speaker 3: drug depol But I just I think my point was,
31:20
Speaker 3: and we've already we already made peace in this whole thing, right,
31:23
Speaker 3: But I said to.
31:25
Speaker 1: I think your message would be far more powerful if you.
31:28
Speaker 3: Take some ownership for your for your rolling it, versus
31:31
Speaker 3: trying to say you're a victim. I think that's ridiculous.
31:33
Speaker 3: You know, I don't think victim works for anybody. I
31:36
Speaker 3: think it's much better if you take responsibly for your
31:38
Speaker 3: own mistakes that you made. And I think it makes
31:40
Speaker 3: your message more powerful.
31:42
Speaker 2: Yeah, I don't. Yeah, I agree with that. I don't.
31:44
Speaker 2: I think there's a difference between victimhood and when somebody
31:47
Speaker 2: actually did you dirty, and there should be some atonement
31:50
Speaker 2: for it, right, Yeah, you know what I mean, because
31:51
Speaker 2: you wouldn't call anybody that you got over on when
31:54
Speaker 2: you were wolf victim. I mean they were victims, but
31:57
Speaker 2: you wouldn't tell them that victimhood don't work for them
31:59
Speaker 2: because they were telling Yeah.
32:01
Speaker 3: But anything that I would ever apologize to my ex
32:04
Speaker 3: wife about I've apologized many many times. Wait long before
32:08
Speaker 3: while we were getting divorced, and over the years we
32:10
Speaker 3: were very close for many years after very many very close.
32:14
Speaker 1: You know, we always got along really well.
32:16
Speaker 3: And I just didn't like it was succesious, weird things,
32:19
Speaker 3: saying things that were just blatantly untrue, like like online
32:23
Speaker 3: to try to get clickbait stuff, you know, and it
32:26
Speaker 3: really wasn't at a ball. I never read it ever.
32:29
Speaker 3: I don't read anything online. But I have a new
32:31
Speaker 3: wife who reads it.
32:33
Speaker 4: Yeah, I'm sure she bught it to you, and.
32:35
Speaker 3: That's yeah, And that was really what it was about.
32:38
Speaker 3: And also we have children together, and I thought it
32:40
Speaker 3: was inappropriate, you know, but she knows what she wants
32:42
Speaker 3: and she apologized to me for that as well.
32:44
Speaker 4: Amazing.
32:44
Speaker 3: I think she I think that she stopped doing it
32:46
Speaker 3: and we get along well now, so you know, and
32:49
Speaker 3: I whole long, I wish nothing but the best.
32:51
Speaker 1: By the way, I love that, you know, she's the
32:52
Speaker 1: mother of my children. She was a great mom. Sherely was.
32:55
Speaker 3: She was a great mom. And I think she always
32:57
Speaker 3: says I was a great dad. I hope she says that, right.
33:00
Speaker 4: She never said the thing.
33:01
Speaker 2: I'm joking.
33:04
Speaker 3: It was a great mom, you know. And uh, and
33:06
Speaker 3: we have two amazing kids together.
33:08
Speaker 4: Yeah, amazing.
33:11
Speaker 2: I got a couple more questions just about the investing
33:14
Speaker 2: in at Wall Street. You said earlier that America could
33:17
Speaker 2: be destroyed, right, and there's a lot of people who
33:19
Speaker 2: feel like America is on the decline, right, do you
33:24
Speaker 2: think America, the American economy is still a wise investment.
33:29
Speaker 3: I would never bet against the American economy. I think
33:31
Speaker 3: I think the American commy is still a great investment.
33:33
Speaker 3: And by the way, when you're buying the S and
33:34
Speaker 3: P five hundred, right, that's what you're buying. You're buying
33:38
Speaker 3: the American economies, the five hundred biggest companies, right that
33:40
Speaker 3: drive the American economy. What I was referring to before,
33:43
Speaker 3: I think the danger and I think it was so huge.
33:45
Speaker 3: If if there's one major mistake the Biden administrative administrat
33:50
Speaker 3: you made was freezing Russia out of the out of
33:53
Speaker 3: the monetary system. Okay, freezing Russian sovereign assets, cutting them
33:57
Speaker 3: off from SWIFT was a huge blunder because all did
34:01
Speaker 3: was drove them into this other system. They're trying to
34:03
Speaker 3: this brick system, yes, right, So, and it makes other
34:07
Speaker 3: countries So wait a second. So we're using the dollar
34:09
Speaker 3: as our reserve currency, and you don't like us, You're
34:11
Speaker 3: going to freeze our sovereign assets and cut us off.
34:14
Speaker 3: So it's a reason for other countries to run away
34:16
Speaker 3: from the dollar.
34:17
Speaker 2: So it's Brazil, Russia, India, China, craft Africa are all
34:21
Speaker 2: looking to establish this new reserve currency.
34:23
Speaker 1: To compete with the dollar, right.
34:25
Speaker 2: Yeah.
34:25
Speaker 3: And by the fact that the dollar is a reserve
34:28
Speaker 3: you don't know how I mean, you do know. I'm
34:30
Speaker 3: sure it's so important for the economy because it allows
34:33
Speaker 3: us the only reason we can keep printing money, and
34:36
Speaker 3: printing money has this huge deficit because everyone around the
34:39
Speaker 3: world sucks up these extra dollars. I go to all
34:41
Speaker 3: my wife's Argentinian. When I go to Argentina, everyone is
34:44
Speaker 3: it's all dollars. Everything's being collected in dollars. Transactions are
34:47
Speaker 3: all in dollars, the big ones, right. So without that
34:50
Speaker 3: around the world, we wouldn't be living the standalone that
34:54
Speaker 3: we have. So the dollar is just so important. And
34:57
Speaker 3: I think to drive Russia, do whatever you open to
35:00
Speaker 3: ride them out of the system. It just made them
35:02
Speaker 3: buying yen and this like now they were China right.
35:06
Speaker 3: Didn't make any sense to me, and it didn't. And
35:08
Speaker 3: the Russians aren't stuffing right now. Their economy, I think,
35:10
Speaker 3: is doing pretty well because selling oil still of me
35:12
Speaker 3: like it didn't matter. You know, I'm not pro Russia
35:15
Speaker 3: in there, I have nothing. I've gone to Russia many times.
35:17
Speaker 3: The Russian people are a most amazing people. I love them,
35:20
Speaker 3: the Russian people. My biggest event was in Moscow, thirty
35:23
Speaker 3: two thousand people. Wow, and it's a beautiful city. I
35:26
Speaker 3: love Russian people. Hate that the war's happening. I've been
35:29
Speaker 3: to Ukraine Kreev three times. You know, I'm saying love
35:32
Speaker 3: Ukrainian people, right, but to sanction them with freeze their
35:35
Speaker 3: assets and just making them and eventually they'll get the
35:38
Speaker 3: money back when the war's over, right, But to do
35:40
Speaker 3: it drove them out of the system, Like that's stupid.
35:41
Speaker 3: Could the dollar collapse, I don't think it collapses unless
35:46
Speaker 3: there's some sort of like you know, black swan event,
35:49
Speaker 3: like an EMP pulse that knocks everything out.
35:52
Speaker 4: I don't know.
35:52
Speaker 3: I don't think it happens like that. I think it's
35:54
Speaker 3: more a slow decline where you start to see that
35:58
Speaker 3: the dollar now maybe becomes, you know, fifty percent of
36:00
Speaker 3: the global currency of the world transactions versus eighty five
36:04
Speaker 3: wherever's eighties in the eighties somewhere, maybe a little lower,
36:06
Speaker 3: and it used to be.
36:07
Speaker 1: Like ninety five.
36:08
Speaker 3: It's getting it is already starting to unwind, right, But
36:13
Speaker 3: I don't think it happens And I could be wrong,
36:16
Speaker 3: But I don't think it happens in the next twenty years,
36:18
Speaker 3: in and in others, you know, one day it's just done.
36:21
Speaker 3: I don't think it happens that way, but I could
36:23
Speaker 3: be wrong.
36:26
Speaker 2: Wall Street, right, How can someone extract the benefits of
36:30
Speaker 2: Wall Street without being drawn into the dark side right.
36:33
Speaker 1: Yeah, that's a great question.
36:34
Speaker 3: So the dark side is putting on CNBC right and
36:39
Speaker 3: listening to the pundits and thinking that you can speculate
36:43
Speaker 3: and short term trades like buying a stock today at
36:46
Speaker 3: thirty dollars and cellar to thirty two number one you get.
36:50
Speaker 3: I mean, human beings, by nature are the worst stock
36:52
Speaker 3: pickers in the world, and listening to a stockbroker is
36:55
Speaker 3: just is like idiotic.
36:56
Speaker 1: And I'll tell you what it's.
36:57
Speaker 3: The Wall Street investing in thing is the one exception
37:01
Speaker 3: to the rule that we've all grown up with that
37:03
Speaker 3: if you want to get the best result, seek out
37:06
Speaker 3: an expert to help you.
37:07
Speaker 1: Get the best results.
37:08
Speaker 3: So, for example, if the pipes in your house crack
37:11
Speaker 3: and you have a leak, I suggest you call a plumber,
37:13
Speaker 3: a licensed plumber, to fix your pipes.
37:15
Speaker 1: Don't try to fix yourself. You can get a much
37:17
Speaker 1: better result. It's worth of three hundred dollars to get
37:19
Speaker 1: your pipes.
37:19
Speaker 3: Six. If your electricity shorts out, all right, call electrics.
37:23
Speaker 3: Don't go yourself and try to fix your electricuty right,
37:26
Speaker 3: much better results worth the five hundred dollars. Right. If
37:28
Speaker 3: you're sick, yeah, you eat surgery. Don't try to cut
37:32
Speaker 3: you cut me open. There, go to the doctor, a licensed,
37:34
Speaker 3: professionally expert to get you surgery and get you healthy. Right.
37:38
Speaker 3: That works in all professions except investing. It's the one
37:43
Speaker 3: exception where the people that manage money and give you
37:47
Speaker 3: advice don't get you a better ald to get you
37:49
Speaker 3: a worse result than if you did it yourself by
37:52
Speaker 3: simply buying the S and P five hundred. They're all
37:55
Speaker 3: trying to beat the S and P five hundred, and
37:57
Speaker 3: they never do. Now again, there's a few them that do.
38:01
Speaker 3: They're not taking your money. They're trading for multi billionaires
38:05
Speaker 3: and it's a closed market. And then you have the
38:08
Speaker 3: rest of these so called hedge fund managers. Those are
38:11
Speaker 3: the rock stars that can beat the market right, and
38:13
Speaker 3: the rest of the people bask in the afterglow and
38:17
Speaker 3: the return suck. When they take their twenty percent performance
38:20
Speaker 3: bonus at two percent matching, you're not going to beat
38:23
Speaker 3: the S and P five hundred. You do much worse.
38:26
Speaker 3: So it's so simple for an investor to get the
38:29
Speaker 3: value of Wall Street.
38:30
Speaker 2: Right.
38:30
Speaker 3: So Wall Street takes all these companies public, and if
38:32
Speaker 3: they do well, they end up in.
38:34
Speaker 2: The S and P.
38:34
Speaker 1: Five hundred.
38:35
Speaker 3: So if you own the S and P five hundred,
38:37
Speaker 3: you get to extract all the benefits and you don't
38:40
Speaker 3: play into all the nonsense, the noise about short term trading,
38:44
Speaker 3: the latest sector. It's just all the fancy leverage products.
38:49
Speaker 3: It's just a waste of time and it's been it's
38:51
Speaker 3: not this is not me. I didn't come up with this.
38:54
Speaker 3: Warren Buffett says the same exact thing.
38:56
Speaker 1: He gets to say.
38:57
Speaker 3: All the people are really a sincere and even a
39:01
Speaker 3: sincere money manager your frails. They just buy the fucking
39:04
Speaker 3: S and P five hundred and hold it. And if
39:06
Speaker 3: you want to smooth that, you could buy a little
39:08
Speaker 3: bonds in there as well. You very I hate bonds,
39:10
Speaker 3: but still you know the formula say you should buy
39:12
Speaker 3: some bonds as well. I talked about that in the book.
39:15
Speaker 3: But really the S and P. It's like, it's so simple.
39:18
Speaker 1: So that's how you extract the value out of Wall Street.
39:20
Speaker 1: You buy the S and B, open up.
39:22
Speaker 3: An account at van Dot or black Rock what they
39:24
Speaker 3: all have these accounts. There's no expenses. You could buy
39:27
Speaker 3: it in one trade and then every month put a
39:30
Speaker 3: little bit of money in and don't worry if it's
39:32
Speaker 3: up or down. If it's down, great, If it's upright,
39:35
Speaker 3: that doesn't matter because over the long term it's gonna
39:39
Speaker 3: compound like ten point two percent of the average and
39:42
Speaker 3: like over one hundred years. Right, it's gonna keep doing
39:44
Speaker 3: the same thing. And there no guarantees, but it's pretty
39:47
Speaker 3: much like that's what it's gonna do. And if you
39:49
Speaker 3: keep making small investments and reinvestor dividends, it grows so dramatically.
39:54
Speaker 3: In the beginning it's slow, but after ten, fifteen to
39:57
Speaker 3: twenty years it starts to skyrocket. You could end up
40:00
Speaker 3: with literally millions and millions of dollars, even if you
40:03
Speaker 3: don't have millions of dollars to invest. That's how you
40:05
Speaker 3: extract value from wall streed and don't play into the
40:09
Speaker 3: bullshit if you receive newsletters or stock just not wipe
40:12
Speaker 3: that you except if you want to speculate and have
40:15
Speaker 3: some fun. But that money is like casino money. That's
40:18
Speaker 3: the secret. It's really simple and in the book, and
40:20
Speaker 3: the book is really explains how to do it. You
40:22
Speaker 3: know a little bit more about the taxes and stuff,
40:24
Speaker 3: and it's a great read.
40:26
Speaker 4: You bring one exactly.
40:29
Speaker 1: He's got some.
40:33
Speaker 2: Wolsting he's keeping having at home for hisself.
40:38
Speaker 4: I don't see it.
40:39
Speaker 2: I have one at home. I'll find it. I have
40:40
Speaker 2: a couple.
40:41
Speaker 3: You know, I can't carry because of my arm right now?
40:43
Speaker 1: Yeah, oh yeah, right, whole nother arm. I was down
40:46
Speaker 1: then saying I'm a book today. You know, I love
40:50
Speaker 1: the Breakfast Club. I'm a father, a fan.
40:52
Speaker 3: I listened to the Breakfast Club, and your career is awesome.
40:55
Speaker 3: And but I love you know, I love the most
40:58
Speaker 3: how freaking honest you are about politics, that you're not
41:01
Speaker 3: like just a shill. And I really respect that more
41:04
Speaker 3: than you could imagine. I respect that because there's nothing
41:07
Speaker 3: more than I hate when I watch TV and there's
41:08
Speaker 3: people are just shilling for the Democratic Party. You're like
41:12
Speaker 3: dead Ball's honest. That's great and I really respect that.
41:14
Speaker 3: I think it's the point. You have a young audience,
41:15
Speaker 3: and young people need to hear that, you know.
41:17
Speaker 2: Thank you, Jordan. The Wolf of investing is out right now,
41:20
Speaker 2: is Jordan Belfoot. Thank you for coming brother my pleasure.
41:22
Speaker 2: Thanks Breakfast Club.
41:24
Speaker 3: Wake that answer up in the morning.
41:26
Speaker 2: The Breakfast Club