The great USA reset: why I'm getting out now

1. 0:00 – 6:56

   FTX bankruptcy claims (Turning $2M into $15M with one trade)

   1. SGScott Galloway0:00

      I've invested in every piece of the stack. I've done mezzanine, I've done public company investing, growth stocks. Hands down, the best asset class is distressed. [upbeat music]

   2. SPSam Parr0:17

      I heard you say something recently, and I think this happens to us and, uh, it happens to you, I, I would have to imagine. You get pegged as, like, just, like, an influencer or a thought leader. In reality, you've built a lot of amazing companies and, um, you did... You, you talked about something the other day, that you were with Michael Lewis, and at the end of the podcast, you guys barely mentioned this, and it was, like, pretty astounding. You talked about, or you told the story about how when FTX went bankrupt, you made the, some, like, pretty amazing trade. Can you tell Shaan and I more about that story and what happened? Do you know what I'm talking about?

   3. SGScott Galloway0:53

      Yeah. So I always like to counter it with how many times I've fucked up. So I, I bought Netflix at ten bucks a share, I'm sorry, at twelve, and I sold it at ten, and now it's at eleven hundred. So I get it wrong all the time. I, I can't stand people who are constantly taking pictures of all their wins and posting them on social, so I get it wrong all the time. This one I got right, and that is, I'm that guy who reads bankruptcy filings, and I read the FTX banks- bankruptcy filing, and essentially, they list all their assets. And when you declare bankruptcy, your creditors come in and say, "All right. We're gonna take all the assets. We're gonna sell all the furniture, sell all the company, sell all the IP, whatever, whatever we can sell, and then we'll divide it up and give it pro rata to the creditors based on the claims they have." There was approximately eight billion dollars in claims against a bankrupt FTX. And I went through the list of assets, and one of the assets was they had said they'd made a five hundred million dollar investment in Anthropic. And I thought, "Wow." I looked when they made the investment. For the life of me, I couldn't find the valuation. I assumed the valuation was, um, uh, uh, uh, at about, um, five billion, so I thought they probably own about ten percent of Anthropic. It was trading, I estimated it was worth around forty billion, so I thought, "Okay, their stake in Anthropic is worth fifty cents on the dollar." In other words, creditors claim, uh, uh, eight billion in claims against the company, and I believe that stake in Anthropic was worth probably four billion. So I thought, "Okay, eventually the creditors are gonna get fifty cents on the dollar just on the Anthropic shares." At the time I started, at that time, you could buy claims against the bankrupt FTX for twenty-two cents. So I bought, uh, ten million dollars worth of claims for two point two million dollars. And, uh, it's better to be lucky than good. Crypto took off. Everything they had invested in went crazy, and it looks like we're gonna get a hundred and sixty cents on the dollar. So that was kind of a, an incredibly lucky, uh... It was also a good trade. There was a little bit of skill in there. I did my homework. But that's worked out, that's worked out really well.

   4. SPShaan Puri2:59

      Yeah, that's not luck. Luck, l- there's a lot of things you can call luck. That one is not luck in the sense that you're like, "I was reading the bankruptcy claims." All right, that's action, uh, not luck. And then you did the work to try to figure out like, "Okay, ballpark, what is this worth?" But you just said it in passing like, "So I went and bought claims." Now, you know, I consider myself not a complete novice at the world of business and investing. Where do you even go to do that? I didn't... I would... I, that wasn't even on the table. It's more exotic than buying a stock or even buying crypto. Like, going and buying bank- bankruptcy claims, how does one even do that, and then how'd you have the confidence to say, "All right, ten million"? Because you didn't need to go, you didn't need to bet size that large.

   5. SGScott Galloway3:37

      Right. So to be clear, I bought ten million in claims. I purchased them for two point two million. Um, so it wasn't easy. I typed in FTX bankruptcy claims, and I found this guy named Thomas Brazell, who's living in Italy, and he was making a market in them, and Thomas had assembled a team that went... Because when you buy a claim, you've got to make sure [chuckles] that the person who cl- who claims they own the claim actually owns it. Then you've got to do some diligence, then you've got to actually, actually legally transfer the claim. You're sending money to a third party. I mean, there's, there is risk here. So I contacted this guy who was doing, making a market in it, and I said, "I have some capital I wanna put to work here. I'll give you ten percent of the upside if you go buy these claims." And so he would every forty-eight or seventy-two hours say, "I found a basket," or, "I found a claim of three hundred and eighty-three thousand dollars, and they want, you know, ninety thousand for it." And I'd say, "Great." And I'd, I'd press, you know, yes, and he'd buy it and then transfer it into an account of mine. Uh, so it, yeah, it did take some real work.

   6. SPShaan Puri4:34

      So this guy basically made two... He, he basically, at the time, got like two hundred thousand dollars worth of claims, if you're giving him ten percent.

   7. SGScott Galloway4:41

      Yeah.

   8. SPShaan Puri4:41

      And then sounds like it went up about eight X from there. So this guy made a million bucks just brokering these FTX claims in a, in a way for you.

   9. SGScott Galloway4:48

      Well, he, he di- it was a lot of work though. So Thomas is gonna make... I, I mean, these are famous last words 'cause the, the, the trustee hasn't, hasn't distributed the funds yet, but it looks like we're gonna get fifteen million off of a two or two and a half million dollar investment, twelve and a half million dollars. He's gonna make a million dollars. But what he did was real work because he has a lawyer and people following up and doing diligence, and if it sounds sketchy, like, okay, this claim doesn't seem real, or it feels like maybe this person sold the claim to multiple parties, that happened to us. There was a kid in Italy who had sold the claim to us and sold it to a large hedge fund in the Bay Area. I had to go to the hedge fund and they said, "Oh, this is too bad. Let's just split it. It's gone up since then." And I'm like, "Well, no, who got the claim first? Who filed it first and got recognized?" And it was me, and I said, "Fuck you. I want a hundred. [chuckles] I want all of it."

   10. SPShaan Puri5:36

       [laughs]

   11. SGScott Galloway5:36

       I didn't use those words. They're not, they seem like fairly nice people. But he was doing real work. But this was... I, I like this stuff and, and the lesson here of all the assets, I've invested in every piece of the stack or every, every part of the capital structure. I've done seed. First off, I've founded companies, so that's the ultimate seed. I've done seed stage investing, uh, venture, growth, late stage. I've done mezzanine. I've done public company investing, growth stocks, mature companies, and then I've done distressed investing, where I've brought companies or partnered with someone smarter than me- To, um, go find, uh, claims against a bankrupt company or bring a company out of bankruptcy, hands down, the best asset class is distressed. And it goes to a very simple notion in investing: the sexier an investment, the lower the returns. Venture's sexy. Everyone wants to hang out with Tom Brady and Giseli. No one wants to hang out with old people. In distressed investing, it smells like piss. It smells like urine. You're... It's just like no one wants-

   12. SPSam Parr6:38

       [laughs]

   13. SGScott Galloway6:38

       ... to hang out with bankrupt companies. It's ugly. It's complicated. It reeks of death everywhere. This thing didn't work out. Do you remember? It looked like FTX. It looked like... W- if it's trading 22 cents on the dollar, the market is saying, "This might all be worth nothing."

   14. SPSam Parr6:55

       Yeah.

2. 6:56 – 15:58

   NJOY (Turning $2.5M into $75M)

   1. SGScott Galloway6:56

      So I have found generally the sexier the asset class, the lower the returns. And if I, if I was just an economic animal, I'd go back and learn a lot more about distressed credit. I've... The be- the biggest win I've ever had was bringing a consumer company out of bankruptcy. I partnered, or, um, I have a friend, Jason Mudrick, who runs a distressed credit shop called Mudrick Capital, and he 30X'd, we 30X'd on an inve- Granted, it was six years and a nightmare, and we almost went to zero two or three times, so we ended up-

   2. SPSam Parr7:24

      Wait, wait. Tell the, tell the story.

   3. SGScott Galloway7:24

      That was my best investment ever.

   4. SPSam Parr7:25

      Yeah. What, which one was that?

   5. SGScott Galloway7:27

      This is great.

   6. SPSam Parr7:27

      We're, well, this is like the only nerd podcast on earth where we are like, "Oh, you've just... That's our sweet spot" [laughs] Gr- tell us this story.

   7. SGScott Galloway7:34

      Okay. But, but I always have to match it with a loss. I'm, I'm in Audity, which is this amazing AI beauty company. I own, I don't know, a decent amount of shares. And I thought, "I need to generate some income here." I was bored, so I sold covered calls way out of the money, right? To try and collect rent. So stock's trading at, stock's trading at, I don't know, 40. I sell calls at 50 to generate some income, meaning that it, if, as long as it doesn't go above 50 in the next month, I'm fine. I hadn't sold covered calls in a long time. The next day it announced earnings, and the stock went to 61. So I've literally left, like, $2 million on the table selling covered calls trying to generate income off this thing, and I should've been smarter. I should've done a little bit of research, known that earnings were coming up, and known this is a great company and they're gonna do really well. So in the last week, I've literally, like, puked a million dollars for no fucking reason 'cause I didn't do due diligence.

   8. SPSam Parr8:26

      [upbeat music] All right, everyone, really quick. This is the third time Scott Galloway has been on MFM, and also, I read all of his books. I listen to all of his podcasts. I'm a huge fan of Scott's, and that's why we've had him on the pod so many times. And HubSpot, they did something awesome. So they took the 23 best insights from the first two episodes, but also this one, the one you're watching or listening to right now. They took the 23 best insights, insights on wealth creation, on spotting good deals, on building relationships, and they put it all together in one really easy-to-read document. And so instead of having to go and listen to all the other podcasts, which, by the way, you s- I think you still should, you could download their document to read all of the best stuff, and it's sort of like a cheat sheet or a guide on all the best stuff that Scott has said on MFM, all three episodes. So it's in the link below, or you can scan the QR code. But check it out. It's in the description. Enjoy the rest of the episode. [upbeat music]

   9. SGScott Galloway9:23

      Anyways, um, the company was a company called NJOY, and my mother died of a smoking-related illness, and a couple of my buddies said they were using a vape to get off of nicotine, this is like eight, 10 years ago, and that they had quit smoking using this thing called NJOY. The company had gone bankrupt. It was considered... It's called ENDS, Electronic Nicotine Delivery System. And the equivalent of the FDA in Britain sends these out for free if you're a smoker, 'cause, uh, let me be clear, no one under the age of 25 or anyone who doesn't smoke should vape nicotine. It's not good for you. But it's much less bad than smoking combustibles with, um, with, uh, tobacco. Uh, nicotine's highly addictive, but it's not, it doesn't cause cancer. It can... It's bad for brain development. I d- I don't wanna suggest anyone get addicted to nicotine, but I thought, "This is great at smoking cessation." We're getting in. We brought it out at a valuation of 60 million out of bankruptcy. Uh, I, my friend Jason is just this super smart, super aggressive guy. I wanted-

   10. SPSam Parr10:26

       Wait, but so you, you heard about this thing-

   11. SGScott Galloway10:29

       Yeah

   12. SPSam Parr10:29

       ... and then you Googled it, and you saw it was bankrupt, and then you're like, "I'm interested."

   13. SPShaan Puri10:33

       What came first, the chicken or the egg? Was it Jason was gonna go look, or you found the company, then you found Jason?

   14. SGScott Galloway10:38

       No, no, I wasn't that smart. I had heard about this company 'cause two of my friends had quit using it, and then Jason called me and said, "I'm about to bring a company out of bankruptcy. Have you ever heard of NJOY?" And I'm like, "Oh, yeah, I know the company, and I like it." So I put two and a half million bucks in, and he bought, brought it out of bankruptcy for 60 million, uh, and said, "This is a regulatory play. We're the least bad actor here." There was JUUL, which had gone up to, like, 10 or 15 billion in market cap, but was marketing to kids and selling bubblegum flavor, and was just getting hammered correctly and justifiably in the press as addicting a ton of kids. There, at one point, about three years into the investment, high schools in the Midwest were pulling the doors off of bathrooms because so many kids were vaping. And then the low, the absolute low point was there was a huge raft of kids going into emergency rooms with what was called popcorn lung.

   15. SPSam Parr11:35

       Yeah.

   16. SGScott Galloway11:36

       And basically, kids were getting so addicted to vaping that they were buying the vape liquid in, like, festivals and out of people's trunks, and people who were doing home brew of this vaping liquid were mixing in, were cutting it with, I think, vitamin A acetate, not recognizing that would have a n- really negative reactions on kids' lungs.

   17. SPSam Parr11:56

       And by the way, and during, during that era, I knew people who worked there. I'm pretty sure they gave all, like, 1,000 employees from the top to the bottom 500,000 or a million dollar bonus to retain them as employees because all the press was horrible, and they had to, like, deal with this conscious of, like, "Shit, I'm selling this horrible stuff. Okay, but I guess it's worth it if I get a million dollar bonus."

   18. SGScott Galloway12:16

       So we were-- We really were... We weren't cool at all. NJOY wasn't selling into teenagers looking to go to raves. NJOY was selling into a trucker. I mean, the stats around smoking are crazy. One out of three people who buy a, a carton of cigarettes promise themselves it's the last time they're ever gonna buy cigarettes. It, it is the just such an incredibly malicious, mendacious, addictive... It's the second-- I think it's the most, second most addictive substance. I grew up in a household, just a quick parable about me, uh, I remember I never went to the doctor. We just weren't the kind of [chuckles] family that went to doctors. It was like Robitussin was our emergency room. You know, Robitussin, we used Robitussin for everything. And I got so really sick with a lung infection, they took me to the doctor, and the doctor said, "Okay, he's got a serious lung infection. Here are vi- antibiotics. And also, Tom and Sylvia," my parents, "you can't smoke." So on the way home, we rolled down the window so they could smoke on the ride home, and then my dad went in first, got a wet towel, stuck it under my doorjamb, stuck me in my room, so they could continue smoking. I mean, they were so radically... My mother died of a smoking-related. They were so radically addicted to nicotine, so, or, or tobacco. Anyways, we brought it out, uh, for seventy-five million, popcorn lung, and I'm like, "And kids are dying." And not because of anything NJOY or even JUUL was doing, but because vaping had become so big that now kids were buying black market liquid that was damaging their health. And I'm like, "Great, I'm this guy who pr- who claims to care about young men, and I'm putting them in the fucking hospital." I... That was such an incredibly low moment for me, and I remember I resigned from the board because I'm like, "I just can't stay on..." I was on the board. I'm like, "I just can't stay on this board." My... I was on the board of my kid's school, and the headmaster was putting out memos warning of vaping, and I'm like, "I am such a fucking hypocrite." And I tried to sell my stake, and there was no market for it. There was no market for it. And, uh, Jason and the CEO, Ryan, were real visionaries and said, "This is all about an FDA play. We're the best actor in the space. We're selling to people who wanna quit smoking, where there's almost no youth complaints of y- underage people buying in third-party retailers." And they spent about a hundred or a hundred and twenty million bucks, I think, maybe a little less than that, trying to get FDA approval. And they thought, "If we get... If we become one of the three or four companies that has FDA approval around smoking cessation, this is a regulatory play." Anyways, five, seven years later, eighty or a hundred million dollars, we get the regulatory approval, and we sell the company for, I think, two point two billion to Altria. So that was a thirty x on my investment.

   19. SPSam Parr14:50

       Does, does that mean you turned two million into sixty?

   20. SGScott Galloway14:53

       Two and a half into seventy-five. Um-

   21. SPSam Parr14:55

       That's fucking insane. [chuckles]

   22. SGScott Galloway14:56

       I gave twenty-five away, though, 'cause of my guilt tax. So anyways-

   23. SPSam Parr14:59

       [laughs]

   24. SGScott Galloway15:01

       ... um, that hands down, nothing was ever like that. In total classic, ton of hair o- on it, almost went to zero, regulatory play, really unsexy, um, bankruptcy, just all the shit that you wouldn't naturally, that m- most people just wouldn't wanna get near. It was really, really difficult. And then just every... all the moons lined up, and Altria came in and said, "We have to own one of these companies." That's hands down been, other than the companies I've started and sold, which is hard work, as you guys know, that shit's hard. That's really hard. That was the best... Uh, and let me match it again with another one. Ninety-eight point six, this amazing healthcare texting company, preventive care by text message, Costco, big company signing up, three, five bucks a month, anyone in the company can text them, da, da, da. I invested five million bucks and went to zero in eighteen months. I mean, I've never lost that much money that fast.

3. 15:58 – 21:10

   YellowPages (Turning $4M into $20M)

   1. SPSam Parr15:58

      Didn't you do something else with, um... Did I hear a story, uh, about you doing a bankruptcy thing? Was it with Yellow Pages or White Pages or something like that?

   2. SGScott Galloway16:06

      Yeah, Dex Media. That's probably not my second best, but my third or fourth. Really great CEO, a guy named Joe Walsh.

   3. SPSam Parr16:13

      And you're talking about Yellow Pages the book.

   4. SGScott Galloway16:15

      Yellow Pages, the things, [chuckles] the things dropped on your, dropped on your, you know, on your porch. Uh, amazing business. Uh, it's like six hundred million in revenue and two hundred and eighty million in EBITDA, but it was declining twelve percent a year.

   5. SPSam Parr16:28

      It's just, uh, advertising?

   6. SGScott Galloway16:31

      Yeah, the local plumber. There's still a lot of people that, that in rural parts of America that get a phone book. It's, it's almost gone, but the business still... It's like AOL Dial-Up. It's like, why would anyone have AOL Dial-Up? Well, people still do.

   7. SPSam Parr16:42

      My mom does.

   8. SGScott Galloway16:43

      There you go.

   9. SPSam Parr16:44

      It's just twenty dollars a month. [laughs]

   10. SGScott Galloway16:46

       Uh, so again, another Jason Magic investment. I went on the board. I invested... I think I invested more there. I think I invested about four million bucks. And, and I really liked that board 'cause I could add a lot of value. I sort of understood the business, and they were trying to transition to become a CRM company 'cause the core asset of the company was relationships with tons of small and medium-sized businesses, and they started selling them calendaring and clienteling software. And basically, we would go and buy the biggest Yellow Pages company in the South, then the biggest Yellow Pages company in Canada, then the biggest Yellow Pages company in Australia.

   11. SPShaan Puri17:17

       Are they like franchisees, or is there one comp-- Is there one Yellow Pages, or how does that work?

   12. SGScott Galloway17:21

       Big companies. Like, there was like one or two companies in Australia that were still in the Yellow Pages business, and they traded at two to three times EBITDA 'cause everybody knew they were going away. But you could basically buy these companies, and then you would close [chuckles] the headquarters, keep the thirty percent of the best salespeople, and then let go of everyone else. And as long as you cut costs, cut costs faster than twelve percent a year through consolidation, you were cash flow, uh, accretive. And every year, the stock price went up. And then what the management team did that's just staggeringly impressive is they were able to transfer, uh, transition from, you know, a Yellow Pages company to a CRM software company, and they actually did it. So I think we bought in at like two or three bucks a share, and the stock's now, I don't know, at fifteen or twenty bucks. I've already sold my stake. I think I had four or five decks there, x there. I did ten x. But again, what is less sexy than [chuckles] Yellow Pages, right? And all the shit I invest in that's g- sounds remotely cool, and I think this is a lesson for listeners If you have financial capital, invest in the unsexy shit. And also more importantly, your human capital. If you wanna be an athlete, a rock star, a musician, an artist, a model, going to restaurants, nightclubs, just be clear, you're gonna make a lot less money than someone at that same level of talent in a less romantic industry. If you're just in the top ninety percent of tax lawyers, right? You're not in the bottom ten, just in the top ninety, you can make a good living in tax law. If you're in the top ten percent of actors, you make forty or fifty thousand dollars a year. Um, the majority of actors don't make a very good living. The majority, eighty-three percent of actors don't have health insurance 'cause they didn't make twenty-three thousand dollars last year, and that's members of the SAG-AFTRA union who are the best in the world. If you're in the top ten percent of tax law, you fly private and have a much broader selection set of mates than you deserve. So just keep in mind, you wanna do something sexy? Fine. You better get a lot of psychic return, 'cause the financial returns won't be nearly as great as the person in that shitty, boring business who's almost as good as you, but is gonna have a much, much bigger return on their human capital.

   13. SPShaan Puri19:29

       So I agree with everything you just said, but at the same time, I have this, like, cocky part of me that's like, "Cool, yeah, but I'll still be in that top, top one or two percent."

   14. SGScott Galloway19:37

       Right.

   15. SPShaan Puri19:37

       "I'll, I'll still get there."

   16. SGScott Galloway19:38

       Yeah.

   17. SPShaan Puri19:38

       And so I'm just curious, do y- are you wired like that? Like, you know, knowing, even knowing that, you still play the, like right now, you're playing the internet personality game. That's kind of like a Hollywood... That, that's like the Hollywood-

   18. SGScott Galloway19:48

       Mm-hmm

   19. SPShaan Puri19:48

       ... ratio, not the tax law ratio. You know, you're doing these exotic investments when-

   20. SGScott Galloway19:53

       Mm-hmm

   21. SPShaan Puri19:53

       ... you know, the math would show us that just being a boring indexer and a compounder that way is gonna work better than being a picker. But we do it 'cause we like it. It's fun. It gives us these other returns. Plus it feels really good to be smart when you get it right. Um, so, like, even knowing what you know, realistically, if you're twenty-eight, uh, whether you know that or heard that, would you do it any differently?

   22. SGScott Galloway20:14

       Yeah, but, uh, just to be blunt, and this is a story of privilege, I have access to deals that most people don't. And, uh, this is also gonna sound arrogant. I, I have an undergraduate degree in economics. I was a graduate student instructor in macro and microeconomics. I worked in fixed income at Morgan Stanley. I, I know more than your average bear about the markets, and I get deal flow that people don't get. People will call me and say, "Hi, I'm the CEO of this company, and it's going public. I would like you to be in the IPO."

   23. SPShaan Puri20:42

       When-- But, but when did that happen? I mean, was that happening during the Yellow Page era? Like, I mean, you're, you're, you, you're, you've been successful for decades, but you've only been popular for what? Eight years? Ten years?

   24. SGScott Galloway20:51

       It's really just happened in the last ten or fifteen years. If I had it to do again, um, and what I advise young people, unless they have some extraordinary niche knowledge or access to deal flow that other people don't have, which is almost nobody, hands down, go into index funds. And not only go into index funds, but make sure you're diversified geographically.

4. 21:10 – 27:55

   Prediction: The U.S market is about to have a 15-year downturn

   1. SGScott Galloway21:10

      My big theme over the last six months, and I've been saying this over and over, is that if you're just in SPY or in the NASDAQ and you think you're diversified because you're in an index fund, you're not, because I believe the U.S. is gonna go flat for the next decade. And if you look at the P/E of twenty-six versus Germany at twenty-two, Japan at eighteen, China at fourteen, and you look at the head-up-your-ass, sclerotic, reckless, ridiculously fucking stupid decisions of this administration and how it's undermining our brand of rule of law and consistency, that is gonna result in massive multiple contraction. And it doesn't matter how good the company is. If the broader market is engaging, is, is registering multiple contraction, uh, it's, you can't outrun it. So I have been massively transitioning my U.S. holdings into Asian, European, and also the only companies I invest in have at least fifty percent of their business abroad, because I think the U.S. has, is about to go into a ten or fifteen year, uh, down cycle. But to your question, would I do it again? If I did it again, uh, what I would do, quite frankly, is I would probably just buy residential real estate for rental. And I, I f- to me, that's the most... It's not only a good return, but because our society is rejectionist and, and wants to-- the entrants always wanna come up with a way to make it harder for the entrants. There's been such incredible NIMBYism in America that continues that real estate just gets unnatural lift. And so I think residential real estate over the long term, and there's very few investments you can lever up five to one. There's very few investments you can depreciate at two or three percent a year regardless if they're going up in value. And also, just from a mental wellness standpoint, I like the idea of being in investments that aren't marked every day. I check my phone way too much. I check my phone five or six times a day, and I get all bummed out when my covered calls on Audacy, I would've made a million bucks more. It bums me. I ruined my day yesterday.

   2. SPShaan Puri23:09

      [laughs]

   3. SGScott Galloway23:10

      Whereas, uh, the apartment rental units I own in Delray Beach, I don't know what they're worth today. I, uh, maybe they went down ten percent, maybe they didn't. But I like, uh, if I had it to do all over again, I probably just would've been taking all my excess cash flow and done massively diversified ETFs in all, als- all over the world, and I would've bought more and more, uh, rental, residential rental real estate.

   4. SPShaan Puri23:34

      Y- you said something great I saw on, when I was prepping for this, that you, y- you were talking about the ch- sort of checking your phone every day. You're like, look, if you're-

   5. SGScott Galloway23:41

      Mm-hmm

   6. SPShaan Puri23:41

      ... the r- stock market's a rollercoaster right now, and, like, you know, there's, like, a political sort of, like, circus going on. So you, it's easy to feel some type of way, and you had a good point of view. I don't know if you, if you said this off the cuff or, or if this is something you've k- sort of really thought about. But you, you were like, you said something along the lines of, "Look, if you got your health, all right, you're, you're at f- you've already got fifty-one percent of the game if you have your health. Let's start with that. All right, you got some friends, some family, you're having dinner with people?" Like, you know, and you started sort of stacking back up rather than being like-

   7. SGScott Galloway24:09

      Mm-hmm

   8. SPShaan Puri24:09

      ... "Cool, I'm gonna mood swing along with the sort of like rolling average [laughs] of the, of the index." You know what I mean? Um, what's, can you, can you sort of, like, give your take on that? Uh, I paraphrased you.

   9. SGScott Galloway24:21

      Well, I've been reading some Buddhism recently, and I love this one thing I read really s- struck me, and that is the person with good health has thousands of problems. The person with bad health has one problem. And you guys are... Well, you guys are younger than me. I-- when I went into my 50s, something happens in your 50s, and it's really awful. Two or three of your friends die. S- just like weird genetic shit pops up. I had a friend who was healthy, ripped, handsome, happy. This weird nerve r- disorder, Bartter scalene took him out. Another friend, we're in Tulum, 51, having a great time, great life, three kids, killing it professionally. A little bump on his head. What is that? I don't know. I gotta go and check it out. It's leukemia, but they think they can get rid of it with, with, with, uh, pharmaceuticals, so I don't need chemo or anything. Oh, it's not going away. I need chemo. Oh, it's come back stronger. I have to get a stem cell transplant. And they basically give him a very intense... And then it's like, oh, it's back. I'm done, and he's gone. Like diagnosis to death, six months. And you realize like, okay, if you're waiting to have washboard abs, if you're waiting to find the perfect spouse, if you're waiting to have more money, don't wait. I mean, really try and, try and take advantage of the moment. Tell people you love them. Be nice to yourself. Be kind to yourself. Enjoy yourself because it's going. I mean, you guys are sort of at the age where time starts to fall off a cliff, but I think a lot about the notion of freedom. I always thought that money would give me the freedom I wanted, and it has given me some freedom from the, the economic anxiety I've always had, and it's given me a lot of options. But what I have figured out as I've gotten older is that true freedom is releasing yourself from the conventions and expectations of a broader society around what I should write or what I should say or how I should condition something and say, you know, I constantly, when I talk about young men or I talk about what I think is going on in the world, I feel a need to add a sentence such that it, I water down, I water it down such that the far right or the far left don't come for me and shame me. And I still haven't found the freedom of releasing myself from the conventions of expectations. Now, I still wanna be kind because I like that. I wanna be a good person, but I still fall, I still have a lack of freedom around really my goal with my content is to catalyze a productive conversation that shapes better solutions. And I might be wrong. The conversation I'm catalyzing, the way I catalyze it, I might get it wrong, but that's my goal. And yet I'm still too fucking worried about being shamed or getting it wrong or saying something stupid or disappointing people or not being liked by strangers. So I still am not free. So I think a lot about what does it mean as I barrel towards the end to have real freedom? Because if you're just focused on getting to a certain point and think that you're gonna find the perfect X, Y, or Z, no. You're here to learn. You're here to enjoy yourself. You're here to be as kind as possible. You're here to surround yourself with as many people as possible who love you and let you love them. But I am trying to get off this hamster wheel of constant ambition and ch- en- engaging in true freedom, and I'm still not there.

   10. SPSam Parr27:36

       But do things... Y- you know, you, I guess it's, um, it's a, a weird like, uh, uh... You're, you're on both sides of this, and, and I think I am as well, where I, I act like a tough guy. This thing doesn't bother me. But then, like, I'll see a comment, and I'm like, you know, I'll think about it late at night. I'm like, "Oh, fuck." Like, am... Did I, do I really look puffy in the face?

5. 27:55 – 31:55

   The inverse galloway index

   1. SPSam Parr27:55

      Um, you have this thing called the, um, the anti-Galloway index or is that what it's called? Where, uh-

   2. SPShaan Puri28:01

      Inverse Galloway, anti-Galloway, something like that.

   3. SGScott Galloway28:03

      Yeah.

   4. SPSam Parr28:03

      The inverse-

   5. SGScott Galloway28:04

      The inverse galloway index.

   6. SPSam Parr28:05

      Does that, does that bother you?

   7. SPShaan Puri28:07

      Insult? Sign of respect? How do you take that?

   8. SPSam Parr28:09

      Yeah.

   9. SGScott Galloway28:10

      Well, no, at the, at the ti... Well, first off, anyone who takes pictures of a plane doesn't have a plane. A- anytime someone's Instagramming you pictures of a Gulfstream, it's not theirs. Anytime anyone says, "I, I don't care what other people think," it means they're obsessed with what other people think. It's like when people say, "Oh, I don't think about..." I hate it when VCs are like, "Well, I don't think about money." They're fucking obsessed with money. They'd fuck their sister for a nickel. I hate it when people say, "Well, I don't care about money. I just wanted to build great products and everything would work out." Yeah, okay. It's like those douchebags that say they went to school in Cambridge rather than just saying, "No, I went to Harvard." Well, good for you. It means you have rich parents, you shithead. Am I a little angry today? Am I a little angry today, guys? A little angry? Touch angry-ish?

   10. SPShaan Puri28:49

       [laughs] When we hit the 40-minute mark, you really just like crescendo.

   11. SGScott Galloway28:52

       Absolutely.

   12. SPShaan Puri28:52

       It's like Usain Bolt breaking away in the 100-meter dash.

   13. SPSam Parr28:55

       I think you're o- you're out of the investment or whatever it was called still.

   14. SPShaan Puri28:58

       It's just kicked in.

   15. SGScott Galloway28:59

       Yeah, it's kicking in.

   16. SPShaan Puri29:00

       It's called, it's kicked in.

   17. SGScott Galloway29:00

       It's kicking. It's up 10.

   18. SPShaan Puri29:01

       Do you want me to make fun of you some more?

   19. SGScott Galloway29:02

       It's up another 10%. [laughing] Now, look, uh, I would say the six or eight times I've had a, a quote-unquote, mental health episode where it's, something has really bummed me out and it's ruined my weekend and I haven't been able to enjoy my kids or whatever, it started online. Someone calls me Professor Genocide. I go on Morning Joe and I talk about my support of Israel and why I think they have a right to defend. You know, uh, I'm very pro-Israel. And thousands of comments that I don't care about children. People start referring to me offhandedly as professi- Professor Genocide. It, it fucking rattles me. There's just no getting away from it. And I don't... And I think some of that's good. I think if, if you're total... I've gotten much better. I let... I don't engage in comments anymore. I read the first 10 to get a feel for what they think, and I try to learn from them. But what I've found is most of the really vile content or comments, if you click on them, it's a bot. It's Dog Face 101 with three followers. So I try not to take it too seriously. But yeah, it's still, it affects me less than it used to, but it's still, it still does affect me. It still has the ability to bum me out. But at the same time, you can't be a sociopath. It also makes me really happy. I get a lot of positive feedback, and so I re- I try and register that emotion as well. I try and appreciate that people are nice enough to take time and say something nice in the comments. And also, I get a lot of really constructive feedback. Uh, you know, like your work Uh, really appreciate the effort you went into this. This, I think you got wrong, and this is why." And I learn from it. I don't mind that. I like that. I like pushback, um, i- you know, if, as long as it's civil and thoughtful. But yeah, it doesn't... The notion that it doesn't get to me, oh, no, it, it absolutely sometimes gets to me. It just gets to me less now. I am a little less focused on, on the comments, the sewage system.

   20. SPShaan Puri30:55

       So, w- w-

   21. SGScott Galloway30:55

       And also I got off of X, which helps a lot.

   22. SPShaan Puri30:58

       O- one of the things I think you're great at and, like, maybe... You know, in politics they have Jon Stewart. It's like somebody who's both funny and entertaining to listen to and, like, will speak truth to power, and if he sees something that he thinks is nonsense, and like, th- there's, there's people like that in, like, let's say the political game. I feel like you are, you do a little bit of that in the, in the business world and th- whether it's big tech or it's things like that. And you say, y- you said, uh, you know, "I don't feel totally free to kinda, like, say, you know, fully what I feel 'cause I'm worried about, you know, maybe what o- other people think." Do you feel like there is anybody who, who is, who is free? Like, you know, who do you look at and say, like, "Okay, the way, the way, the way they're doing it, uh, is something I admire," right?

   23. SGScott Galloway31:37

       Mm-hmm.

   24. SPShaan Puri31:37

       Because your role is, in some ways, like you're a takedown artist sometimes. You call out bullshit. You call out something that's wrong. You wanna catalyze that conversation, like you said, and, like, push us in a better direction. So inherently there's like a, a little bit of, like, finding negative things and calling them out or take, taking down something that's powerful but is going in the wrong direction.

6. 31:55 – 33:14

   Who Scott admires

   1. SGScott Galloway31:55

      Mm-hmm.

   2. SPShaan Puri31:55

      W- what about the other side? Like, is there somebody who you look at where you think, like, "Wow, the way they're living their life, that's, that's kickass," or this, "The way this, this industry's going, I think that's really great." Like, what's the positive spin of that?

   3. SGScott Galloway32:06

      Yeah, there's a lot. Uh, I'm, I, I'd say if there's one person who I really just admire, it's Sam Harris. I find he's so disciplined and so thoughtful and good and so unafraid. He just doesn't... He's, like, really thinks through issues. He doesn't say them errantly or flippantly. He really does his work, and then when he thinks he has moral clarity around something, he's just unafraid and absolutely n-

   4. SPShaan Puri32:29

      Who else do, who else like that do you admire? I-

   5. SGScott Galloway32:31

      Well, uh, I admire them for different reasons. I think Matt Levine at Bloomberg, I just love the way he looks at the markets. I find it so interesting. I think Bill Cohen at P- Puck, I like the way he looks at the markets. I love, uh, Josh Brown and Barry Ritholtz. I love... They're like a couple of Long Island guys talking about investments. Um, you know, I just did a podcast with David Brooks, and I love how he mixes spirituality with commentary of man and community, and he's more conservative, so I learn from him. There's people every day that I find their work, uh, really, really inspiring, so I don't... But I wouldn't say I have, like, one or, you know, specific role models I turn to. But there's so many people out there that I, I get a lot of inspiration from.

7. 33:14 – 37:19

   Advice for young men

   1. SPShaan Puri33:15

      You do, uh, this sort of, like, advice for young men, um, like, I guess, like, bucket of content, and I think it's pretty interesting. What's a message that you wish... Like, if you just pook, picked one message out of that bucket and you're like, "God, I really wish people actually listened to this one or internalized this one."

   2. SGScott Galloway33:33

      Mm-hmm.

   3. SPShaan Puri33:34

      Uh, what's the one that you really wish you could just, like, you know, if, if you could really get, in- incept this in people's brains, you think it would make the biggest difference?

   4. SGScott Galloway33:41

      So you're referring... I have a podcast called Office Hours. I found when I was teaching, you have something called Office Hours when you're a professor, and people come to your office, and they're supposed to ask you questions and say, "Well, I don't understand the brand core identity for the te-" No one ever came to me to talk about strategy or brand strategy. They came to me to talk about life advice or professional advice.

   5. SPShaan Puri34:01

      Like uncle shit.

   6. SGScott Galloway34:02

      You know what it's based off of? It's based off of the... Remember the show Frasier? The call-in he did?

   7. SPShaan Puri34:07

      Yeah.

   8. SGScott Galloway34:07

      Dr. Frasier had a call-in show. It's basically that.

   9. SPShaan Puri34:09

      Yeah.

   10. SGScott Galloway34:10

       People can call in and ask anything about life or, "Should I move to Houston? I'm engaged and I'm worried that my fiancé can't move. I'm worried that our relationship's gonna..." You know, whatever it might be, or, "Should I, should I buy, is it too late to buy Nvidia?" I mean, it's all over the map, and I enjoy giving advice. I think I'm good at it. The one piece of advice, if I could only give one piece of advice to young people, it's that nothing's ever as good or as bad as it seems, and that is a lot of your success and a lot of your failure isn't your fault. And at the end of your life, and there's research here, when you're on your deathbed and that's it, you're not gonna take a walk on the beach, you're never gonna be with your wife again, you're never gonna get to laugh with your kids again. And I'm an atheist, and I get a lot of power from m- my atheism. The things you're gonna regret, you're not gonna look back and say, "I regret that this happened." What you're gonna regret is how upset you were. And so recognize that when you get fired or you have an investment go bad or you have love that's unrequited or not returned, or you screw up and you say something unkind or professionally you just, you're not on the right path, keep in mind, again, you're gonna be upset at how upset you were, not at what happened. And at the same time, on the flip side, also recognize that when something really good happens to you, uh, whether it's good health or you have an investment that triples or you get promoted, realize a lot of that isn't your fault, and you should be... You're never more prone to a really stupid mistake than after a big win 'cause you start believing your own press. So be humble, really be grateful, realize a lot of it is the fact that you were born at the right place and the right time and were in the right position at the right time to do something, and just forgive yourself when things don't go well. Nothing's ever as good or as bad as it seems. Like, try and look in the mirror and say, if you got fired, "I can add value to a company." If someone doesn't return your love, you know, "I can make..." Look in the mirror, "I could make someone very happy. Investments will come and go. I will find good investments if I keep trying, and I'm a good person. I work hard. I will achieve some level of economic security." Because again, it's, it's just not, nothing's ever as good or as bad as it seems. That's the one piece of advice if-

   11. SPShaan Puri36:23

       You're, uh, you're reading Buddhism. You're talking about the end of life. The, the dog has chilled out. I've listened to you for a decade now. I, I, I enjoy this era of your, uh, thinking.

   12. SGScott Galloway36:34

       The mushrooms. It's, it's working. Uh, you know, I've heard that you're into that, and, uh, [laughs] it's working

   13. SPShaan Puri36:40

       Dude, there's a hilarious joke. You know, you know Hasan Minhaj, the comedian?

   14. SGScott Galloway36:43

       Yeah.

   15. SPShaan Puri36:43

       He had this great joke the other day. He's like, um, he, he goes, "Your religious preference is, uh, directly tied to how well you're doing in life." He's like, "No one loves Buddhism more than, like, a wealthy, wealthy, a wealthy white person." He's like, "You know Gwyneth Paltrow?"

   16. SGScott Galloway36:56

       Yeah, 100%.

   17. SPShaan Puri36:57

       "Love it. Loves her some namaste."

   18. SGScott Galloway36:58

       [laughs] That's right.

   19. SPShaan Puri36:59

       And then he's like, "But when you're on rock bottom, welcome to Islam, baby." He's like, "Mike Tyson, when he's going through it, converts." Like, you know, he's like, it's always that guy at that le- at that rock bottom that they find Islam. He's like, "I could just... I know exactly what religion you have if I know how well you're doing in life. I know what- I know how well you're doing in life-

   20. SGScott Galloway37:15

       100%

   21. SPShaan Puri37:15

       ... if I know your religion." [laughs]

   22. SGScott Galloway37:16

       100%. Yeah. I, I got it.

8. 37:19 – 44:18

   Scott spots the next $1B trend: European markets

   1. SPSam Parr37:19

      I wanna ask you, what, um... You know, I think three years ago, I, I forget exactly when, you were like, "ChatGPT, it's more like GLP-1s." Like, that's the thing. And, uh, you're, you're a bit early on that. But what other company, brand, movement do you think is quietly crushing it right now that not a lot of people are talking about it?

   2. SGScott Galloway37:40

      Well, wouldn't that be nice if I knew that? [laughs]

   3. SPSam Parr37:43

      But that's what you do, right? Every year, every year, uh, in your newsletter, you make, uh, you make some pretty wild predictions. What... You know, surely you have a, a notes app where, that-

   4. SGScott Galloway37:52

      Yeah

   5. SPSam Parr37:52

      ... you're, like, writing down ideas on what your prediction's gonna be at the end of the year.

   6. SGScott Galloway37:56

      Well, okay, so I, I said in 2023 the technology of the year was AI. In '24 I said it was GLP-1. And I pick stocks every year. I picked... I forget what I picked, uh, over the last few years, but I've gotten... My big tech stock pick for '24 was Reddit. Um, uh, and in '25, my quote-unquote big trend or big stock pick is really boring, and that is I think the rivers are about to reverse in terms of capital flows. And the unprecedented capital flows into the U.S. over the last 15 years, I think those rivers are about to reverse, and we're gonna see a massive outflow of capital. And it's already happened. I started selling down my U.S. stocks in Q4 of last year. It's been my big theme for '25. Um, just regression to the mean is an incredibly powerful force, and we have been on a unprecedented tear for about 14, 15 years. Economic cycles usually go about eight years. We've been on a tear for a good 14, 15. And, uh, I've been... My big investment or big theme, if you will, is that you're gonna see a massive reallocation of capital out of the U.S. into non-U.S. markets. And the market I like the most is Europe, because if you ask anyone about Europe, they just roll their eyes and go, "Oh, no, they're fucked. It's a museum. It's over-regulated." That's when you invest, is when something's been left for dead. There are really good companies in Europe trading at single-digit P/Es. And then in the U.S. you have Apple, which is not growing. Apple grew 1% last year, and it's at a P/E of 36, I think, or 34. So that just... It's trading like a growth stock, and it's not. It's a mature stock. So my big kinda theme is not... I don't, I, I don't know a technol- My technology that I really like was nuclear, and then I did more research on it, and people are like, "Nuclear's gonna take five to 10 years to come online. It's more LNG, it's more liquid natural gas." And then I realized I was over my head talking about energy. So my kind of, my thing here has been basically that, uh, you're about to see an enormous, uh, transition, uh, uh, ca- massive multiple, uh, contraction in the U.S. where we go from 26 to the high teens, maybe even lower. And we're, you're gonna see other markets outperform the U.S. That's, that's my big theme a- and that's what I'm, um, how I'm reallocating my capital. I'm gonna be almost, in terms of public stocks, I'm gonna b- be almost entirely out of the U.S. market within three or four months.

   7. SPSam Parr40:32

      Does that mean you'd be owning, uh, uh, I know you, you, you talked about a lot of your public holdings being indexed. Does that mean you'd own, like, a global market fund, or you'd be owning, uh, a European index? What, what does that mean?

   8. SGScott Galloway40:46

      No, because it's, it's sort of like what you were saying, that I can't resist picking individual stocks. I'm an investor, and this is a very risky one. I invested in a company called Vertical Aerospace, which is a VTOL company, vertical takeoff and landing. Uh, and my thesis is that generally you're gonna have multiple expansion in the UK or in the U... uh, in Europe. I think the last mile of transportation is... I'm fascinated with aviation. I think the last mile is the problem to be solved. Helicopters are this dirty, dangerous technology that just shouldn't be around. And these VTOLs, basically, I don't know if you've seen these things. They look like drones, and they have, you know, vertical pro- And they, they're electric, so they're really quiet, and one can land in your backyard, and you wouldn't know it's there. And they-

   9. SPSam Parr41:25

      I think Archer, in America, Archer is one of them.

   10. SGScott Galloway41:28

       Archer and Joby. So Archer and Joby traded, like, four to six million. This one, again, on the ropes. Uh, went in with my same friend, did a PIPE. It's got, like, I think a two or three hundred dol- three hun- three or four hundred million dollar market cap. And also, my real, my thesis is that, my big thesis is I'm trying to get in front of what I think is gonna be one of the greatest increases, unexpected increases in CapEx in modern history, and that is, um, essentially the EU has come to the painful conclusion it can no longer count on its crazy rinch U- rich uncle, uh, for military support or for kind of consistency. And so the EU is talking about taking 1%, 1.9% of GDP allocated def- to defense and increasing that to 3%. So $19 trillion economy, you're talking about an incremental spend of $200 billion a year on defense spending that no one was expecting even 12 to 24 months ago. So I'm looking... And by the way, defense stocks have already ripped. It might already be too late. The few defense stocks in Europe have already dramatically overperformed. But I think that there's gonna be, I think that additional spending is gonna be stimulative. And also there'll be some technology spillover, which I think will help the tech sector and I think inspire sort of an upward spiral in some European stocks. So, uh, I'm an investor in this company called Vertical Aerospace. I'm an investor in a fund, um, called Atlanta Partners that finds small and midcap special sits in Latin America and Europe, because I think big cap, kind of big cap growth has taken all the returns for the last decade, and I don't know how long that's gonna last. So I try and spread it out. Ray Dalio said something that was really powerful, that the key is to try and find 12 positive income streams that are not correlated. That if you can do that, you're gonna do really well. That on a risk-adjusted basis, if you can find 12 different stocks, companies, cash flows that are somewhat uncorrelated, that's the goal, and then you get kind of above-market risk-adjusted return, and that's what I'm trying to do. I'm trying to find either funds or individual companies that are somewhat uncorrelated. And the problem is everything's on co- everything now is somewhat correlated because diversification, that basic theme caught wind or purchase in the '80s, and so every large institutional investor started diversifying like crazy, which means it's impossible to have non-correlated assets now, because if an institution is investing in an iron ore manufacturer in Australia and Novo Nordisk, if they get in trouble and need to, uh, need capital, they're gonna sell everything. And so basically we're all kind of d- we're all kind of interconnected right now. So the, the, the recognition of diversification has made it more difficult to diversify. But I'm buying both individual stocks, investing with, investing, co-investing with friends and VCs. I'm an investor in two Israeli companies.

   11. SPShaan Puri44:16

       Do you have a target rate of return?

9. 44:18 – 46:00

   How does one ball?

   1. SPShaan Puri44:18

      Are you like, "I wanna compound at 15%, 20%?" What, do you have a, do you have a target, and do you, do you actually track it for yourself personally?

   2. SGScott Galloway44:26

      My target is I just wanna be a baller.

   3. SPSam Parr44:28

      Same.

   4. SPShaan Puri44:29

      What, what does it take to do that?

   5. SPSam Parr44:31

      I don't... [laughs] Yeah, I-

   6. SPShaan Puri44:32

      How does one, how does one ball?

   7. SPSam Parr44:33

      I don't.

   8. SGScott Galloway44:33

      I'm a-

   9. SPSam Parr44:33

      How does one ball, Scott? [laughs]

   10. SPShaan Puri44:35

       Yeah. Does this start with not asking that question?

   11. SGScott Galloway44:37

       Yeah, that's right. That, that immediately outs me as not a baller.

   12. SPShaan Puri44:40

       Yeah. [laughs]

   13. SGScott Galloway44:42

       Yeah. Uh, I'm going tonight to some British hotspot or some hotspot in London, and the door, the door woman lets me in because I think she thinks I have more money than I have. So I need to catch up to her expectations. [laughs]

   14. SPShaan Puri44:53

       Of me. [laughs]

   15. SGScott Galloway44:53

       Uh, of me. Uh, I need the perception of me to catch up to the real- or the reality to catch up to the perception.

   16. SPSam Parr44:58

       You should ask her, be like, "How much money do you think that I have?"

   17. SGScott Galloway45:00

       [laughs] Yeah.

   18. SPSam Parr45:00

       "So I know I need a target."

   19. SPShaan Puri45:02

       How risky.

   20. SGScott Galloway45:02

       Yeah. It's like when a-

   21. SPSam Parr45:04

       I need a, I need a goose to chase

   22. SGScott Galloway45:04

       ... it's like when a woman returns, uh, my eye contact at a bar, I'm like, "She's thinking I'm rich."

   23. SPShaan Puri45:09

       [laughs]

   24. SGScott Galloway45:10

       Um, anyways, I don't... I'm not that thoughtful. What I loosely try to think, m- I'm now at the point where I'm not looking to get rich, I'm looking to not get poor, so I don't think of returns. What I think of, I wanna find good investments and good assets, and I wanna make sure that... I, I always, I do, I do a lot of what they did in Starbain's Oxley. I do a lot of stress testing on my portfolio. I'm like, "Okay, what if the NASDAQ got cut in half tomorrow? What would that mean for me? What would happen if there was a real estate crash?" My biggest investment, and we haven't talked about this, my hands down my biggest personal investment theme is that I think income inequality is only gonna get worse. And, and I've been saying this for a long time. I think it's terrible, but I think it's only gonna get worse. I think the money has totally washed over Washington. We now have a ch- we now have a president who's opened a meme clone coin, which is essentially a Swiss banking account where anyone can put

10. 46:00 – 53:25

    Trump's meme coin and transnational oligarchs

    1. SGScott Galloway46:00

       money in.

    2. SPShaan Puri46:00

       Oh, by the way, congrats on your, uh, the 500K membership you bought to the Trump Friends Club or whatever.

    3. SGScott Galloway46:05

       Oh, yeah, yeah, the ambassadors, the, the doucheiest douches in Doucheville.

    4. SPShaan Puri46:09

       [laughs]

    5. SGScott Galloway46:10

       Um, yeah. For 500K. Um, I'd pay a lot of money not to be in that. Anyways-

    6. SPShaan Puri46:15

       [laughs]

    7. SGScott Galloway46:16

       And by the way, I think those guys-

    8. SPShaan Puri46:17

       He'd, he'd sell you that, too. He's a genius.

    9. SGScott Galloway46:19

       I feel like-

    10. SPSam Parr46:19

        [laughs]

    11. SPShaan Puri46:20

        [laughs]

    12. SGScott Galloway46:20

        ... people have been really critical of that. My sense is, right of free assembly, they can do whatever they want. I, what I think is criminal is having a meme coin that Putin could put... Wouldn't Putin be stupid not to call Trump and say, "I'll put a billion dollars in here, Polston, I have these mathematicians, and I'll take the value 'cause price discovery is at the margins. I'll take the value of this thing up to 30 billion, you own 80%. I'm gonna make you the wealthiest man in the world. And by the way, in unrelated news, could you stop supporting Ukraine?" Wouldn't he be stupid not to make that call? He's losing half a bill-

    13. SPSam Parr46:48

        What's the, uh, what's the Trump co- I, I, what, uh-

    14. SPShaan Puri46:51

        It's called Trump coin.

    15. SGScott Galloway46:52

        He has a meme coin.

    16. SPSam Parr46:52

        It's insane. Well, yeah, what's it at now? What's the market cap of it now? It, wasn't it, like, 5 billion?

    17. SGScott Galloway46:57

        Oh, it went to 20. Now I think it's at-

    18. SPSam Parr46:59

        What?

    19. SGScott Galloway46:59

        ... three or four.

    20. SPSam Parr47:00

        That's insane. [laughs]

    21. SGScott Galloway47:01

        By the way, you wanna talk about-

    22. SPSam Parr47:02

        Wait, didn't he... Wait, this happened bef- the day before the inauguration, yeah?

    23. SGScott Galloway47:06

        Okay, hold on. You wanna talk about grift? We're... They have flooded the zone with so much crazy shit. You wanna talk about grift? They announced the Trump coin the Friday night, the darker Friday night before his inauguration, so it would get lost in the news. 30 people made $800 million over the weekend. I'm gonna guess, I'm gonna go out on a limb here, that those people probably got a call maybe from someone close to Trump saying, "Launching a coin. You should do this." Then, over the course of the next couple months, I think about 80,000 people lost billions of dollars, i.e., retail investors. Then, as the lockup's coming off, he announces a big dinner to hype the stock. Then he decides, "Oh, you know what? The Division of Justice, the Department of Justice investigating scams in the crypto market, we should close that unit down."

    24. SPShaan Puri47:54

        [laughs]

    25. SPSam Parr47:55

        [laughs]

    26. SGScott Galloway47:56

        The, the grift here, if any Republican ever uses the word, you know, Hunter Biden, it should be just like, w- what Hunter Biden has been accused of is a parking ti- ticket compared to the double murder of grift this administration is levying against the American public-

    27. SPSam Parr48:14

        But, but, but also both could be wrong

    28. SGScott Galloway48:15

        ... literally every day.

    29. SPSam Parr48:16

        Both could be wrong.

    30. SGScott Galloway48:17

        What's that?
11. 53:25 – 1:04:56

    More advice for young men

    1. SGScott Galloway53:25

       I'm so good at talking about me. How are you guys?

    2. SPShaan Puri53:27

       [laughs] I think we both hit a point where we kind of had to make a decision on how much of our future decisions are gonna be dictated by money because, you know, 120% of my decisions between the age of maybe 20 and 32 were, uh, were dictated by, like, how do I be more successful?

    3. SGScott Galloway53:45

       Yeah.

    4. SPShaan Puri53:45

       And then, um, you sort of, I sort of realized, like, great, th- I see two groups of people in life, uh, you know, from here. Some people who just continue to make all their decisions based on money, even though they've already earned the last dollar they'll ever spend.

    5. SGScott Galloway53:58

       Yeah.

    6. SPShaan Puri53:58

       And that doesn't seem, like, that doesn't make any sense, but I totally get it 'cause they found a game, and they're good at the game, and the game is fun, and you get rewarded for that game, uh, with a clear, tangible, visible metric. And then there's a smaller group of people who went back and thought of a new game they wanted to play, and they went back to the bottom of the mountain, and, um, philosophically, that's my real answer to your question. Like, yeah, my, I got good stuff going on with my kids and their business and all that, but, like, philosophically, that's where I'm at, is, uh, picking what game I wanna play for the next seven to 10 years, uh, because I don't think it should be the same game I just played for the last 15. Like, what was the point of winning the last 15 if I'm just gonna play the same levels again and just keep doing that, even though incrementally it does nothing?

    7. SGScott Galloway54:42

       That's great self-awareness. I, I think your decision to be very focused on economic security in your 20s and 30s is absolutely the right decision, uh, because it'll provide more balance as you get older and more flexibility. You know, they say money is ink in your pen. It can write new chapters and make certain chapters burn brighter, but it's not your story. But fill up that pen while you have the health, the strength, the lack of dogs and kids. And also, young kids are... I don't know. I think young kids are overrated. Um, I, I... W- what I would say is, um, I'm, I'm contradicting myself. Another piece of advice: take so many pictures. Take so many pictures. Because, you know, the, the reason... You will get so sentimental and be so appreciative of these pictures because we're a species that values scarcity. We gorge because there's been an absence of fatty, sugary food. We- we're, you know, we wanna play, uh, we wanna gamble because there was an absence of free play, uh, on the savanna. We engage in porn because there's an absence of mating opportunities. Only 40% of men have reproduced throughout history, whereas 80% of women have. And scarcity makes us miss things and desire it. There's nothing more scarce than your kids, because literally your kid... I mean, it's like that saying, you never know the last time you're gonna pick up your kids. And my kid now, I mean, literally my little boy, you, you know, who I just went on a college tour with, it was yesterday that he was coming into my room, crawling into bed with me and saying, "Let's make a plan." And he used to just go, you know, just used to go ape shit crazy, like so excited when the new s- sh- you know, the new episode of Mandalorian came on, and like run around the house or, you know, jump into the pool after my dog. And those moments, y- you're gonna be so sentimental, and the thing that kind of, kind of fills that hole or that sadness is I do those Apple Memories every day.

    8. SPShaan Puri56:39

       Mm, yeah.

    9. SGScott Galloway56:40

       And you just, you cannot take enough pictures. And, and you're m- it sounds like you're more soulful than I was at your age, but trying to take time with your partner just to stop and kind of bask in those moments, 'cause, um, I think it was Gloria Vanderbilt said the happiest she w- ever was was when she had young kids at home. And I do believe looking back on it, that will be the moment I say that was the happiest I've ever been. So I think you're thinking about it, uh, correctly.

    10. SPShaan Puri57:08

        W- why, why do you say young kids are overrated?

    11. SGScott Galloway57:10

        I think babies are hard. I think babies... I, I should've said-

    12. SPShaan Puri57:13

        Oh

    13. SGScott Galloway57:13

        ... I think babies are tough.

    14. SPShaan Puri57:15

        Babies. Yeah.

    15. SGScott Galloway57:15

        I think kinda zero to three. Dads pretend to like it. I think most dads don't.

    16. SPShaan Puri57:19

        Yeah.

    17. SGScott Galloway57:19

        And then-

    18. SPShaan Puri57:20

        I openly, I openly dislike zero to 18 months. And then after that-

    19. SGScott Galloway57:23

        That's tough. That's probably better

    20. SPShaan Puri57:24

        ... I'm g- I'm good. I, I-

    21. SGScott Galloway57:25

        And then-

    22. SPShaan Puri57:26

        After that I'm, I, I love it

    23. SGScott Galloway57:27

        ... and then three to five is, you know, uh, gets- starts getting fun, and then like five to 15 is just the golden decade.

    24. SPShaan Puri57:34

        I'm shocked at, um, how soft it's made me. Like, uh, I cry pretty easily, like thinking about certain things with my children.

    25. SGScott Galloway57:41

        Oh, that's nice.

    26. SPShaan Puri57:42

        Dude, I watched this movie Wonder. Have you seen this movie Wonder?

    27. SGScott Galloway57:45

        Oh, gosh.

    28. SPShaan Puri57:46

        Dude, have a-

    29. SGScott Galloway57:46

        Didn't have a mate

    30. SPShaan Puri57:47

        ... Wonder will destroy you. [laughs]

Episode duration: 1:04:56