Latest / Real Donald Trump Wisdom / The Art of the Deal - Chapter 1: Dealing - A Week in the Life - Summary (1987)

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The Art of the Deal - Chapter 1: Dealing - A Week in the Life - Summary (1987) · Real Donald Trump Wisdom

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  Hey guys, back for another quick review of Donald
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  Trump's first book, The Art of the Deal, first
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  chapter. A week in the life, dealing. So we've
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  been with him for five days, and we've seen his
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  schedule, which he keeps very flexible. And a
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  few things that we can take from his approach
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  is he keeps his meetings very short to the point
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  that's... One of the key things, and that's how
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  he can get so much done in a day. He comes to
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  a decision quickly, he understands what time
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  to allocate. Basically, he goes straight to the
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  point and does not waste time at all. That allows
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  him to do a lot of things in his week. We established
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  here already in the 1980s that Trump has connections
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  to Wall Street. top bank CEOs he understands
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  the legal system his sister is a judge in New
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  Jersey and he already is dealing with governments
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  he has one of his associates up in Australia
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  fly to Australia to negotiate the development
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  of a casino and hotel there so already on these
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  three very important sphere of public and private
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  life he has excellent connections and knows how
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  to handle people again in finance in the judiciary
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  system and in government right so he's proficient
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  at these three spheres and so we see that early
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  on he we also see his approach to media he feels
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  that if the media is allowed to criticize him
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  he criticizes back right the human being on the
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  other side of the mic or or typing an article
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  is no better than than him for sure right at
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  least uh let's say equals if the person feels
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  okay criticizing unjustly he feels it's okay
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  to retaliate in a similar fashion basically if
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  someone criticizes him and he feels it's unwarranted
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  he can criticize by and he doesn't feel that
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  a journalist gets uh immunity from that if the
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  journalist is deceitful and dishonest As we've
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  seen, we all have our own take on certain things
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  and we can see where there's clear dishonesty.
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  Trump doesn't mind calling it out and calling
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  out the flaws of the person who is criticizing
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  him. So definitely tit for tat, he doesn't tolerate.
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  unjust criticism you'll see he's cool with self
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  -deprecating humor like you'll see that like
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  he does the snl skits like he's okay with that
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  like when it's kind of from a good place but
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  he can sense when it's malicious and he does
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  not tolerate that um We see also his negotiating
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  style and tactics. So, okay, first of all, he
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  does have cash on hand. We see how he acquired
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  Mar -a -Lago for a fraction of what it costs
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  for Mar -a -Lago. It's a magnificent property
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  in Florida that has, if I read correctly, around
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  128 rooms. It's a mansion with a golf course,
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  tennis courts, and Trump got it for only $8 million.
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  How did he do it? So $5 million plus $3 million
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  for the furnishing. How did he do it? Basically,
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  he saw that the house was a bit abandoned by
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  the previous owners. Very large estate. And he
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  put in an offer for $15 million, which is low.
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  But for some reason, it was never accepted. And
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  the, you know, they were interested with going
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  to other buyers and every subsequent deal fell
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  through. So none of the deal, none of the offers
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  on the house, you know, went all the way. And
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  Trump, what he did, instead of coming back with
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  the same offer, he instead went with a lower
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  bid. Every time that he was refused, he's like,
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  all right, they want to take the risk. they'll
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  take the risk and the risk is that my next offer
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  is going to be lower and eventually so it went
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  from 15 to 8 million that that's how it how it
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  ended and he was able to first of all he acted
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  quickly on instinct which is a recurrent theme
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  had the cash on hand he said he was able to deplore
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  the necessary monies at at the right time and
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  And it was very quick to act. He saw the property
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  by passing in a neighborhood. And he really wanted
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  it. And he didn't let go. He had the patience
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  to see his strategy through. So he bid a full
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  cash offer. That was not accepted. And he had
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  the patience to see what was going on with the
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  property. Even though they turned him down. First
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  of all, he was persistent. But he wasn't, let's
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  say, foolish in the negotiations. Quite the contrary.
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  He saw that they had trouble selling. And if
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  they're more eager to sell, then he's eager to
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  buy. He has the upper hand in the negotiation.
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  And that's how he walked away. by paying $8 million
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  for one of the top properties in probably the
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  entire state of Florida. And we know today how
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  little, fortunately, $8 million is for that kind
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  of property. So Trump really did an amazing deal
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  on purchasing Mar -a -Lago. So he takes us through
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  this process as he details his week. in office
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  uh so again he that was a decision made on instinct
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  and it's something that comes back trump is a
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  very like he believes in the human intelligence
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  that comes from your gut right you're really
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  much smarter than the books and the school let
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  you to believe at the at the core we have human
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  deeply rooted human intelligence that that's
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  like the split second intuition that's hard to
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  describe but trump really leans into that to
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  intuition to make his decisions and to make his
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  assessment and actually if you discard your intuition
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  and like your gut feeling you're bound unfortunately
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  to to make mistakes right so unfortunately the
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  school curriculums encourage rigid very structured
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  inside the box thinking, but life is much more
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  dynamic than that. And Trump knows that there's
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  deep intelligence. And if you read some of the
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  leading neuroscientists, there's a few books,
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  either by Daniel Goleman, I think it's called
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  The Science of Self -Deception. And another one
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  is Descartes' Error by Antonio Damasio. So we
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  have Two Harvard neuroscientists who basically
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  tell you in their books how quickly we come to
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  decisions without even consciously registering
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  them. The blink of an eye, our peripheral vision
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  can already alert us of certain things. So if
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  we're blind to these signals... If we don't take
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  into account our feelings in an interaction,
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  we're really discarding important information.
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  Trump does the opposite. He really leans in to
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  the gut feeling. That's something you won't really
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  hear elsewhere. It's not widely preached, but
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  it is at the core of Trump's success. It really
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  is. And I think of a lot of human beings who
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  have been extremely successful. It's at key moments,
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  right? If you see certain interviews by Jeff
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  Bezos, you'll see that he said that his most
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  important decisions weren't made through analysis.
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  They were made, and I'm paraphrasing, something
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  like with intuition. So it wasn't by... doing
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  the math or crunching the numbers on excel it's
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  really you is it a good deal or not you can have
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  a of course if you know what you're talking about
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  a good intuition and you should stick to that
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  and finally we see trump's um emphasis on cutting
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  costs in his real estate project so he really
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  wants to make sure the contractors are like on
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  time and on budget and this is a bit counter
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  into it like we feel you know the the bigger
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  the billionaire, the more lavish they'll be in
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  their spending. And that's true for his personal
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  apartment, which he makes it look like what he
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  calls the modern -day Versailles. But it's not
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  necessarily true for his business interests.
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  His business interests, of course, it's very
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  simple and intuitive that the profit of a real
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  estate developer is contingent on a mastery of
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  the costs. So if the costs get out of hand, they
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  really can eat into its profit. And worst, they
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  can potentially, if it's truly out of control,
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  make the project a loss. Even if the apartments
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  go for expensive prices, if the project was poorly
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  managed, the profit margin is essentially gone.
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  So Trump is very careful about keeping costs
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  low, and that's also his approach to government,
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  looking for efficiencies, how he negotiated.
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  If it's just for Air Force One, with Boeing,
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  he was very clear about his expectations of how
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  much it should cost. They adjusted the price
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  for him and then hiked it up back when Biden
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  came to office. So we see that he knows what
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  luxury is. He enjoys luxury, but he also wants
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  a good deal. And in general, for his business
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  dealings, he's going to want the best quality
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  for the price. For his personal taste. He can
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  splurge. But for his business, really, it's about
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  a bang for a buck, if you will. And that concludes
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  a week in the life. We're going to continue with
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  the next chapter of the art of the deal, trump
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  cards, the elements of the deal, shortly.