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EYL #116 The Maverick feat. Mark Cuban · Earn Your Leisure

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