Paul and Skip sit down for a master class in world economics courtesy of Carlos Slim, the business titan named by Forbes as the richest man in the world from 2010 to 2013. Slim opens up about the tremendous responsibility that accompanies his wealth, his outlook for the global financial forecast, and how the rise of artificial intelligence presents an opportunity to re-think the traditional work week.
Our Way with yours truly paul Anka and my buddy Skip Bronson is a production of iHeart Rating. Hi folks, this is Paul Anka.
And my name is Skip Bronson.
We've been friends for decades and we've decided to let you in on our late night phone calls by starting a new podcast.
And welcome to Our Way. We'd like you to meet some real good friends of ours.
You're leaders in entertainment and.
Sports, innovators in business and technology, and even as sitting president or two.
Join us as we ask the questions they've not been asked before, tell it like it is, and even sing a song or two.
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We are very clear my family and me. You know, I think in business is important that the family is before everything. After family, you go to a business and then you go to Ukovic. I think that business man and an entrepreneur that we are creators of well, but also we managed well, but we are temporary managerself well because we don't take anything with us.
Hey Skip, Hey, there he is. There's the guy. How are you doing?
You're getting ready to go to our guests. This week's Homeland Mexico and leave you soon.
You tell me, yeah, I'm going to Cabo really looking forward to it.
I can't believe you're able to get Carlos Slim to do a podcast.
I know you're close friends, but you know that's awesome to get.
You know, he was You and I sat with our lists and it's as very diverse one as you know. And I think that I've leaned on some friends as you have, and they've both come forward. But I think that getting Carlos you're going to have a very interesting conversation and an educational kind of vibe to it, because the guy at his age is super smart, super sharp, and he's the humblest guy of that elk, of all of them that you and I know that I've ever met, and he's just one of the most beautiful human beings. He's got all his priorities, but his family's ahead of all of it. But this guy, you're going to really sit there and go, Wow, what a superstar.
This guy is a human being.
I want to remind him. In two thousand and eight, I met him, Barry Sterlett. He called me up and he said, listen, got Carlos Slim. Lady Linda Rothschild and another friend of Barry's, Rick Earthen, And he said, we're going to go take a look at some hotel properties and things we can buy. Carlos wants to invest, and it's an opportunity to spend time with him. I said, you're getting fantastic. So on Barry's plane flew to San Diego. Uh looked at it at the La Consta Resort, ironically, a place where I used to have a home. Then we flew up to northern California, and you know this. At the time, of course, I knew him as the richest man in the world, and I just couldn't get over what a humble guy he was.
Just he was just thoughtful and kind.
He wanted to hear what you had to say, didn't want to just talk about himself. He was interested in you, interested in ideas, and just I thought he was great. But I got a kick out of it because we went to a restaurant in La and we had to make sure that they had a television because the Yankees were playing. Wasn't it I mean it wasn't the World Series, It wasn't a playoff game, regular season game. He said, Oh no, I got to watch the baseball game. So we were calling all around our you know, assistants were calling, Hey, what restaurant has a television where we can eat, you know, watch TV, watch a baseball game.
So we did that and yeah, yeah, and I know, I know how close you are to him, and you know, yeah.
Extremely And you have a pick. Can't you show me a picture a while? But you've got to bring it and show it to on the zoom and remind him because you remember.
Yeah, I should do the habit. Actually I'm going to. I'll hold it up to the screen.
He'll totally remember. His memory is remarkable. And it's just you know, I got a circle of friends and you know, you're right in there, and I've just got friends that are just unreal. And he's just so special to me because I come to know what a kind of human being he is.
And he's very rare, very rare.
He's known for being wealthy, but he's also known for his philanthropy. I mean, he has done so much for so many and I really want to.
Hear about that.
I want to ask him about that and hear how he makes his decisions on you know, where he dedicates his reasons.
His family is very involved in that, the foundation his business. You know, I hang with him, we have dinners, and I just see exactly intelligent they are. The love that they have for him and the love they have for what they're doing is going to be it's just amazing, you know. But it's gonna be very cool. I'm really looking forward to this one big time.
I could also mention the fact that I met him also, and I'll say this one of your weddings.
Where I will.
You're so, I was seated between Carlos Slim and Warren Buffett.
I mean, how many places do you go where that happens.
Well, I hope it's the end of it for me.
You don't for meeting him again and any of that.
Well, there's one more to go, and that'll be the final one.
There you go, one more. Come on, you got you got a good you got a good girl. Now we gotta get the best. I got the best.
And something tells me Warren Buffett and Carlos will be there.
Uh yeah, they'll get invites.
Yeah they can get there, they will.
But you'll be there, my brother.
You say, but I got off behind marks for you know, it's funny with podcasts, there are some guests that you get, like, you know, we had Mark Burnett, he doesn't do podcasts, you know, other than they really don't. We got Alec Baldwin in the middle of all the stuff he's dealing with. But Carlos Slim, I mean, come on, that's no who else has Carlos Slim on the podcast? It's crazy nobody. Yeah, I'm really excited about listening to him. This is gonna be very cool, very different, very good.
Just sit back and listen and you're gonna love it. The guy is just full of all good stuff, good stuff. He's got to beat on everything.
I can't wait. I can't wait.
So let's root for the Rangers here, buddy.
Yeah, I'm doing it full speak.
Ye, root for them.
This series is on, as you know, so let's.
Get it at the end.
Looking forward to that too.
Okay, man, Well you travel safe and I love him.
Okay, thanks, I'll call you from Mexico. Okay, man, love it.
Hello everybody, it's a Skip and Paul on our way. And we've been having a great time doing this. We've had that many friends on and we've had some great, great interviews. But I must tell you personally that today is probably the most special the man that you're going to meet, that you're not going to see a lot, because he's one of the most humble, sensitive people I've ever known, a man I've known for years and years. I want to qualify that he's a great man. He's someone that I've shared so many hours and days with. So it's going to be a very warm and friendly and informative conversation today with someone that I love very Dearly folks. Carl Slim from Mexico City is on with Skip and I. Carlos, Welcome to our broadcast.
Thank you, Thank you very much. Paul, and I know that you are a really very good friend. That's why you say so kind and things about me. Thank you very much for what you have said that in parties, because we have a great friendship for many years.
Yes, Alas, I want to go back to the beginning before we get into business and other amazing things that I know are about you. Take us back to the beginning with your dad, how you started and what motivated you.
My father have a problems with the heart. He has in partos some problems, important problems, and that's why he tried to teach us to learn about in my case, about business, because he know that I like this kind of activity. And he gave me job, and he revised my job, and he said that it was good or it was right, and actually he pus away a little laughter all the jobs I do. He passed away when I was thirteen years old, but he left a lot of values and principles to the family, and especially for me. It was really very tough to lose my father at this age. It was painful, and I took like two years to get back. The issue was not the best time to lose well, it never really is a good time for lose your father. But when I was so young, I stayed two years with big, big problems of pain and angry. But then I went to high school and I begin to study and to be good friends and go to movies. But he left in me a lot of principles, values knowledge that I still have them very clear. Many of his words I still to use. We have them like values in the in the corporations. Two or three of them they are there, are there two or three of the ten we have they are very clear there. And it's very very difficult times.
What what motivated you, Carlos to succeed when you first started out in business.
Well, you know you have a tommage, you have any vocations. But your personality and your character and your interest and concerns are getting as time to go by more clear. And for me at the beginning in the university, when I was in Integrade, I begin to give the classes like a professor to to third grade in algebra. I was happy to teach. I was happy in the university world like a professor. Then I took two courses, a small courses about economy and evaluation of projects. I went also for three months to Chile that was part of the Latin American economic from the United Nations. And at the end I took a sabbatic year. In sixty four, when I was twenty four years old, I decided to take a sabatic year. I traveled, I read a lot, and in sixty five I begin my activity like businessman, creating two companies. One a bottling company that we both bottling company for Mexican soft drinks that the name was Carritos. And then I created and founded the in Barzila busaty that today is a very good financial group and with a a good choice and a lot of services and a lot of customers. That was my first two groups. Then also in the same month, maybe sixty six, I make a construction company and I make a real estate company, and I begin to create some companies during these third years of my business life. Then in the seventies, in the sixties, I get involved so very strong in real estate, a lot of real estate around the city, around Mexico City. And in the seventies I begin to get more involved in industry, and we get very involved in industry, and we have a big problem in Mexico in eighty two. Well was a problem worldwide was the problem of the external debt. A problem of the external debt was in eighty two because the inflation in JUS was of two digits and interest rates that said the federal bank but was twenty one up of twenty one percent, and you know twenty one percent is very difficult to be paid for the governments and for some business after they used to look for a lot of credit. At Mexico and other countries of Latin America have the crisis of the external debts from eighty two until lighty nine, but in eighty two after the evaluation, they came also the appropriation of the banks, and nobody wanted to have invelvements and was really a very very important time for the group to make investments. And we make a lot of invelvements in eighty two, eighty three, eighty four, eighty five, et cetera, et cetera, and we create an important group not only financial but also indus trail groups. During the eighties, we get involved in many involve many companies, some of in the market and other in the stock market and others in outside the market. The market the stock market, and we make a very interesting industrial group in the ages.
Because how many employees do you have all over the world today, I think.
We should have like three hundred and fifty thousand, and with in pasion they will be like sixty thousand already red tie, but we have like three hundred and fifty thousand, mainly in Mexico. In our company that we have in Spain, we have like sixty thousand workers. And we have a twenty four company telecom companies in Latin America and Austria and some other countries of Europe, and we have like three cod the fifty thousand.
You mentioned earlier, Carlos, the economy, how do you set the current state of the global economy and what factors do you believe the most critical for growth in the economy.
We're leaving an important change, a very important change from the industrial civilization to the technological civilization for seculary economy to a tercharry economy. And you know, all civilization changes create a lot of problems. Many people is living in so comfort that they don't want to change. And there is something that I learned with the Alvin Tefler. Alvin Tefler, I met him in ninety one and we get very good friends. We talk very often. And his point was that to move from the agricultural society to industrial society, it looks like count fifty years to move from the agricul dural society to the industrial society. There were a lot of things. You have the Civil War of the United States where they tied the North of US that were industrial were in the second secondary steps in the industrial civilization and the South that were still in the agricul rural society society and they have you have the Civil War in the US. Then you have these revolutions, Diffrench Revolution, in Mexico Revolution, some revolutions that you have a lot of problems to move from the from the agricultural to the industrial, and they took a lot of time to move ahead in the industrial society. Actually, many countries still are in the agricultural society in big parts. And now that we are that we begin with this technological civilization. Services is a society of services and digital society, whatever do you want to name it. Things are changing, are changing faster, and the change is creating problems because governments are not conducting the change. These changes would be conducted by governments. I will say that the only country that was clearly moving it and driving it was China. Other countries of Asia also make the conduction of the of the change of the civilization. And Albin Alvin Toffler used to say, actually it says also in a book in the nineties that Europe will have will will will have problems to move to the new civilization because they have a level of level of comfort so big that they don't want to change. And we already have looked at in France when they want to increase two years the age of retirement. How the biggest strikes they have there and how the people don't want to move, don't want to change, don't want to change the comfort. And now we're looking one Europe that is getting back, that is not moving ahead, let's say not getting back, but not moving ahead. They are not moving to the new civilization. That's not good. And you have other countries like China that moved from the aglicul to ural society, that were rural areas and auto consumption to a country that is already with high technology, with a very advanced industry, et cetera. We are in this change of humilitation. But then recently in the last few years, China have done very good. China has done most of its strong development in this century in the last twenty years fifteen to twenty years. And uh United States stay behind. Three years ago President buy and All March thirty one that we need to go to economic war against Chinese. And before that there were another problem between the US government and the Chinese. But now it is clear the Americans look that they cannot be global and they cannot buy whatever is cheaper. They understand that they need to have the essential goods they need to produce in US and now the United States are strongly making efforts to produce the good that they need in the US. But also they look in the partnership that Mexico is having with United States and Canada, the importance to bring things to produce in Mexico because they can be all efficient. That China are very competitive with China, but we are in a near shoring that you don't need to pay whatever price to bring the goods from Asia to America. Remember that the containers that used to be two thousand dollars container the transportation suddenly China increased to twelve thousand. It was clear that you cannot buy things that can move the prices of transportation from one day to another. And that's the big change. The big change is that we are moving from a global society now to regional society. No, we have a region that is North America, Canada, US and Mexico, and China is doing something there with Russia and other countries and now they will be regional. But also blow.
When we got started, I remembered that you and I had met in two thousand and eight with Barry Sternlicht and Lady Linda Rothschild and Rick Gerson, and we were flying around. You were talking now about opportunities and the way things have changed. You know, we're looking then in two thousand and eight, we had a bit of a crisis and there was an opportunity to buy real estate projects, you know, more efficiently, less expensive than in the past. And I said to Paul, one of the things that impressed me so much about you was how humble you are and what a kind person you are. And you had great interest in other people, not just talking about yourself, but more about ideas than things. I'm just curious in our country today, in the United States, our political situation is very different than it was back in two thousand and eight when I first met you. Back then, you know, the Republican had a point of view and the Democrats had a point of view. But they can at least they can at least work together in sort of a kind cooperative way, even though they had different ideas. I'm just wondering what you think about what you see happening in the United States now politically, how you feel about that.
Let me go a little back. We are very clear my family and me. You know, I think in business it's important that the family is before everything. After family, you go to business and then you go to your hobbies. I think that businessman and entrepreneurs that we are creators of wealth, but also we manage the wealth. But we are temporary managers of wealth because we don't take anything with us. We are temporary managers of wealth. So that is something important. Then, in my opinion, the crisis of two thousand and eight was coming from two thousand. You remember in two thousand we have a big crisis in the markets. In March of two thousand, the stock is changed fall down strongly. The situation economic was very tough. And you remember we have the Grispan was in charge of the head. The internet rate was six point seventy five percent, and then they begin to take down the interest change to one three one point seventy five in one year. And then in two thousand and one the market fall down forty forty percent, thirty percent. It was a very tough situation for the economy. We were worried at the fall of the market go to the banks and to the real estate and make a big crisis. But the president the Bush begin to be very active with sending checks back and getting the int rate to one report to one for seventy five percent interest, putting a lot of money everywhere. Actually it finished also with the war in the Irara that was part of that, and in two thousand and three that things were already okay. Instead of going and clean up whatever was done before, it followed the depsits. That's what we have many depsits and that why the two thousand and eight prices came and the crisis was thought. Because I think it was a mistake. They bankropped Lemon, remember now, and then when President Obama get on charge, he needed to put put one billion dollars for City Bank, one billion dollars for General modeors. They he supported many of the business that was in some bad conditions. I think it was a difficult moment, but things wal ahead because it as a good job. But they do for compounds all this in this moment. I think that in US, and it's not nice for the world. There is a division in the country that is not good. You need to be together. You need to be to be in union, the north, the South, the center. Everyone should be American. I think like they used you used to do for many, many many years, but now it's a big division economical, politically, socially. I don't know why the division is so growing. And you have now the competition of the two presidents that already compete a few years ago. I think that at the end of the day, the economic will be good. After the political issues and all these things, the economics will be in good shape, and Mexico will be part of this change. I think there will be a big competition, and I am glad that the competition is in this way, a big competition between US and China. But the good thing is because a big competition in technology and economy. That's the competition that I saw. I see for the future in more technology, more technology development, and a bigger economy, stronger economy, and China will do that also. Around geographical like I was telling now is like I say geographical group because I think a competition and I think that US is going to do it better. A few years ago, I was concerned looking that most of the money that the big business of US was going to entertainment. I don't understand why there will be everything in entertainment and Netflix goes ahead that the others get back and stay in some way more quiet. But now you are looking that the technology you are going to go very fast. You have the report today of a media they do fantastic and media the chip, the chips and the semiconductors, they can grow extraordinary in this quart very very very ski advanced. And I think that the US economy and the corporations of the US will be doing a good, very good job the next years. And I think that will be very important the partnership of Mexico for many of the of the issues to produce to produce here. In some ways the US economy, especially in the label, you have less blue collars, the blue boo collar cap disappeared the efficiency that they used to have many years ago, and now you have the employment in services. The labor is mainly in services, including the Waldmark and MacDonalds and whatever you like. The Amazon. They are mainly in services, and the blue collars are not as good as they used to be. They go to the coffee break, interruption of work, et cetera. And that's where Mexico can be very important to make these w It was also important that the Chinese president went to San Francisco to the meeting that you have a few months ago, and that is say later that they are not thinking and they don't like a cold war world. That's very important. And they are both country thinking in economy and technology. I think that's important for them and for the world and for the for the advanced. Now the intell artificial intelligence is coming fast and strongly, and immediately you see the American company is already there. In the American corporations are already in artificial intelligence. What problem plan we have in artificial intelligence we can It will increase the productivity and it will not so slowly disappear many label many labor will be done with artificial intelligence, not by human beings. That's why I have a few years many like ten or fifteen, I don't know how many talking about the change of labor. Instead of working five days of some countries are doing for to work three days eleven or Coward fowers. And in this way you have people that were Mount Juday well day and people that work third, Friday, young and Saturday. In this way you multiply the opportunities of employment. But also instead of retired as sixty five or sixty sixty five, they need to retire at seventy five because already. You look at Europe and the US the cost of the patient funds and you pay the patients and the health for the family, there are no funds to pay that. That's why Europe is moving. That's why the French government went to move two years. And I think that if the new people that work three days retired as seventy five years old, you take out the big problem of the pensions at sixty five, when people is living ninety years old in su Mari. I am positive of the near future of Aware countries.
Carlos. I've spent so many amazing times with you, and I agree with you on the politics. I think it's become very tribal in this country unfortunately. But one of the great moments was the first time you took me through your museum in Mexico City, which is one of the most incredible, incredible museums I've seen in modern times. Your love of art, where did it come from? How many pieces do you have?
You know?
Tell us about how it all started with that love of art and it culminated in this amazing museum that everyone I think should see. It's just an amazing experience.
Well, my wife love art when we went to Colimoon. We went to the museums in Europe. Every time we go there, we go to the museums. We may get involved in some more options to buy so MRK for our home. But I have a friend that tipasaway, a young friend, very very intelligent and cured with high levels of Curtura knowledge, and he recommended me to buy a collection from colonial art in Mexico. It was in the eighties, late eighties. I bought the collection. But when I about this big collection, it was to do a museum. After I about the collection, I built the I make a development development in an old factory and I make the museum there. The inauguration was in ninety four. And then, looking that people love to go to the museum, I make another museum in the in the other side of the city that the museum. You know, the inauguration was on thirteen years ago, and the people going there well by by beginning I offered that free, that is free always all the days, for all the life. My idea is that the museum is free for the people to go and to enjoy. And I am very happy to look that they go, Families, that they go, young people like they know from schools. That's really really very a big motivation for me to look how many go there, how much they enjoy, how clean they have the museum because they don't. You don't look that they painting badrooms out or something. And it has more many millions of people going there, and I am very happy and motivated to look back. And because of that, I follow, I follow buying in auctions in many options the art. We already our our main issue of the foundation is social. That's why now now we are more focused to the social issues and we have big programs of education. We have agreements with the universities of US. We have agreement for many years we can academy, can academy for basic education. Mainly we have a lot of agreements to give education. And we make also by ourselves a lot of training programs. And these training programs is for people to take this training program for jobs. That means that if we want to be in tourism, in the kitchen, in cooking, whatever he wants to do in mining, in construction, he can take these courses and with these courses take the job more easily because he already have training to work. Because it has been very successful that we work in head like I say, in in education, in sports, in culture, in other social issues, human rights, many many things. We are working in the Foundation, and we're very happy to do that. We know that the Foundations didn't solve the problem of employment, but they solved the problem of scaled education, training, enjoying the museums, enjoying sports. We have a sport, and we are very glad to develop the society with these programs of the Foundation. But also we have clear that the way to wat type of poverty as education and your work labeled to have opportunities of work.
So for most of us who learned about you, it originally happened when Forbes magazine listed you as the richest man in the world. It was quite an accomplishment, needless to say. But now you're known so much for your philanthropy, for your generosity, donating to so many causes. But how do you decide where you donate your money? There's so much there's so much need in the world. How do you decide where to donates?
Well, first of all, we put the money the foundation. The foundation have the money there. Second, the Foundation moves immediately when we have a crisis a problem let's say the Cura can of Akapulco. The next day we are there. We are there to support in many ways. Let's say, first of all detail communications. We go very fast to make them work again. But at the same day the problems made. The main problems is food water. We send sixteen portabilizing machines for water, water and and help food and then help we make commigations. And then after that you finished with the problem of the food and the emergency and the health. That is very important to take care because in this place and you have a lot of mosquito and you have another issue in the hospital. We lend them the motabilizing equipment and for energy also, and then we also bought from energy to have a in the in the mobile service faster because there were not power electric power available. The next step mainly is make a renaissance of a caul to make a Capuco come back. A Kapulco was down for many years, and now we went to we're working for the restoration of schoolsters and houses, who are taking a big number of houses like fifteen hundred to begin to make them come back, to have the ceilings okay, and the we want them to paint outside in some good colors in some areas to have the same color. We will try to do that and we're working still in that. So that's one of the problems when we have the earthquake of twenty seventeen. In this earthquake, we put a lot of money. We invite other people to put money and they put five five for and we put five for everyone that they put and we have a lot of money for the recomperation we finish. Our job is begin the twenty seventeen. We finished it like two years ago and with the pandemia, we managed to have a six hundred thirty beds in the hospital in the unity. No, it's not at that was the emergency we do. And you know, we find something very interesting. You remember when they intube the people, many of them passed away. Instead of using the the intube, we use something called full tasks of high flue. That means a respiration with a high pressure to be like if it's very que and seventy seventy percent of the people that use this this doesn't need to make to make the tube until a meet. They put the very strong fifty and it worked very fast. And uh, we managed like more than ten thousand people there and it was very successful. Actually, many of the people that were there that were more than three thousand people, there were a lot of people working there. They were the high quality people working there. And they get sick, some of them or many of them. And about the pass away. Another that we used to do is to go to these james and take out the people that were there because they were poor and cannot pay two hundred dollars or three hundred dollars. So the people that were not with violence and were the first time they had something, we pay the fire the pianza and we get them out of jail because they were in the jail because they were poor, not because they were criminals.
Your renovation in Acopoco, which you explained to me last time I saw you, you know, Aco Poco to the Americans was the place. How long is that going to take finishing that project? Carlos? And are the cartel will they be out of that region?
Look, uh, I think the reparation of hotels and houses and schools will be finished in my opinion this year six months maybe maybe this year. The condominiums are more complicated because they have forty owners and one owner owners think something and the other thing another. We don't know if they have insurance, et cetera, et cetera. But I think the main issue is security and security. There is the compromise of the government to put many places where they have the National Guard, and that's not the way that they put order. But we need to have a better security situation in a Caulco to make it popular. Actually, we're planning to make a visit in the first week of you to look how we are advancing on that. We have a permanent people there working, but we're going to make a checkop and maybe the ambassador of US is coming with us.
I'm going to be in Mexico tomorrow.
You're you're talking about Acapulco, where obviously there was a lot of tourism from the United States. Now I'm going to Cabo San Lucas tomorrow with friends. I can't get over what's going on here. It seems like every time I go there's another hotel, you know, being built. It's it's just phenomenal what's happened in Cabo. Isn't it remarkable?
That was a Lucas have done a great job and like you say, it's growing Extrowdinari Cabs and Lucas. Once begin the development maybe eighty years ago, I mean a lot of time ago, but in the last twenty years it had been very successful. After a Capuco it came. Do you remember Calcun Yeah, of course can to look also with big developments, but loss is very very important. Los Cabos for people of California and some of Canada is great. We have a lot of development north of Los Cabos, you know La Pass and there are many places up near near the California that are beautiful places. They are doing some developments already there. And now we are with a new program in Mexico called Riviera Nayarita. That it is Nayarita. You know Puntamita, Yes, in Punta Meta and all Bayarda, Porto wa Yarta, Porto wa Yartaa. It will go north until until some blasts that will be Rivera Nayarita. There are like four big developments coming. Puta Meta still is going to do two hotels and if you put me is beautiful and only way to the north have you full beaches. And it's another new big development. It's already big and old YadA. It is a very big development already, but it is going more to the Nayarit Rivera Nayarita north because Porto Kalisko, near the middle and north of Calisco is nayari and that's also what we are calling Rivera Nayarita.
Are you putting a road? Didn't you tell me last time I saw you? You're building a road from south to north or north to the south.
We make we make a road from the airport of Puerto Aayarta to the to the airport of the peak in Nayariit. That's all the way, all the Rivera Nayarita is taking there. It's beautiful this road because you you move from Tomarria part to other places and suddenly you find we see in prot of you, it's a beautiful road.
There's so many beautiful places. I went to San Miguel and I couldn't get over how beautiful it was.
There's a lot of population of retired, retired people living in.
There are so many people in California that always went to Hawaii. That was where we went, and now you know, more people than ever before going to Mexico. You know the people are so kind, you get amazing service. The weather, of course is wonderful, and the fact that it's so close in comparison to going to Hawaii, it's just a much better choice for a lot of the people who live where I do in Los Angeles where Paul lives, pretty pretty easy to get to.
Fantastic what happened there, the way they grow the hotels, because of land, the houses, everything, but totally they are doing things in the in the in the Sea of Fortees there are a beautiful place in development, and in La Pace it's also growing. And then you have Loretto that is beautiful, but it is not enough airplanes going there, but it's beautiful, and there are golf courses, a big beautiful mountains. It's beautiful and you find a lot of of sea life. Actually the blue the blue whales water in the December any February year near around Loretto. But you always find animals in the sea and you see whales and dolf a lot of golf in. I think it's a beautiful larry and near near California. When you have Pelippe, you have in Senada, and Pelipe has not grown as much it should be done. And you have also the other side of the of the of the sea, you have a sonora that also beautify for places. We have to have better security all around because there are these problems. I tell to some people of the US government, you stay with the with the drug and the money, and were staying with the arms and the bayous. We need to put order there in the two sides now not so much heart coming here and not too drugs going there.
You have so many interests, it's just yourself fascinating. Your business are baseball. But my question do you still I know you have had an investment in the New York Times. Are you still an investor in the New York Times?
No?
No, We we get involved to support New York Times. To remember they have a big problem, yes, and they are not having a financing, but we get financing. We have some convertibles, but it's completely a financial issue. We don't want to be in the in the world. We don't want to be giving opinions. We don't get We are in business and we don't want to get involved in media. Accepting like investments. We already make a big invevement on those times in you not by the one of Spain, the newspaper of Spain Spain. Yeah, we have involvements there, but nothing to be in the media politically. We don't want to be in media.
Charlos, how would you describe your your leadership style with everything that's going on, what is your style of leadership?
Well, I have people in charge and I have the fortune. It was a big fortune that my sons like like to work in business, like to be in business with the principle and values that we are. Also, my sony laws are involved. Now, my grandchildren are getting involved. Actually there are already two grands beginning to get involved and with a lot of responsibility. And well, I think that that's very important.
Everybody should know that it's twenty one grandchildren and amazing twenty three now, an amazing family. They are so close. And I went to Carlos's birthday party a few months ago. They had a big party at the museum for him. And the love with that family and all those grandchildren, I mean, you have to be the proudest man on earth because it's so evident how much love they have for you. The kind of family life you have.
Carlos, family is the first thing, and I have the fortune to have the love of them and that each love is that everyone love each other. That's right, that's very because you love each other. And now we have a new member of the family called I am grand grandfather. I have a girl three months old and everyone looks.
That's right. We were talking about that when she was about to come into the world a few months ago. Congratulations again. But what a family, Carlos. To see that is just heartwarming, heartwarming.
Thank you, thank you for the very It's the best bit I mean, you can have, without doubt, the low family and the love between remembers each other. Actually, also there is a very good relation with the other family, my brother's owns, my brother children, they have also a very good relation with them. Is a big family loving each other.
Can see that, Yeah, no, wonderful, that's.
That's so great without jellous without them, buy that's right. With a nice communication rare.
In today's world, Carlos, Carlos, there's any specific goals that you have right now at this point in your life, any projects, goals, projects that are are important in this environment.
Well, we want to to increase the activities of the foundation. We need to do more, We need to do that mainly in Mexico. We want to work harder in the foundation, especially health, education and civil rights. But also we are getting involved in a new activity. We're working in in gas, in gas production of gas and energy. We are doing her themical energy erthermical that means that we take it from from steam underground hertermical and we're producing also gas and we are looking in the way to make some oil. We think that guys will be a great substitude for the plans of energy and we are working on that. But also we have obviously we are working strongly to increase the activities of the bank. We have grown important way the last two years. Especially it's a good bank, a big bank, but it's getting stronger and higher. And we are also working stronger in the telecommunication business. And thetel communication business we have like twenty four countries and we are working hard to have a better service and to go very advanced in the technology we give them. We gave et cetera, et cetera. And we are also in other in other business like real estate. We have a company working in the environment very strongly in the environment, that is recollection, recycling and incineration of the garbage and we have operations in US. We are also in management, water and construction. In construction, we have two companies, one in Spain and one in Mexico that have a big work in construction.
We didn't talk about Russia, and I was just wondering what you're feeling is as to where that's all going to work out with Russia.
Well, I think Russia is a very important country with a lot of resources. I think that the problem of Russia, that maybe it will be changed, is that they still have agricultural mentality. We were talking about the agricultural society, industral society, and the technological society. If you look the Chinese, the Chinese fly away from the primitive agreeful out of consumption and rural to a very advanced technological country and industrial, modern industrial county. And Russia is still there, still thinking in the oil and gas and looking for bigger territory in the industrial society. Nobody thinks to increase the territory. Actually, US that took so much territory from Mexico finish in the nineteenth century. We need to assay agree to society. But now nobody in the world, I look, excepting Russia, one to increase the territory. But you are looking to do is to increase your market, to increase your economy, to increase your technology, to increase to make that your population get out of poverty. Because poverty is not only a problem of social justice and ethics, is a economic needs. You need to have people out of poverty for part of the economy, to for part of the market, to be part of the education and employment, et cetera. But in Russia they maintained strong oil and primary products, primary basic problems, army, war and looking for territory. That's the old issue. That's not the way to develop a country. I think Russia has very smart people. Actually, the Russians that have gone out of Russia are developing technology. Many things of technology are developed by by Russians outside. You remember that in the types of communies maybe fifty years ago, we talk about the Russians that were very good for mathematics and science and all this. Well, we need I think it's the change that we need to have. I think actually, maybe put in now that he's friend of the President of China, Tea should explain the President of China how technology is important, how is not territory. Important and importance is to have growing an economy, to have a better income to people. I think Rugia need to make these changes.
Well, we've taken so much of your time. I can't get over how generous you've been with your time with us and how much we appreciate and know you. And I could have an argument. Who's a better friend to Paul? He he's my very dear friend. But he loves you so much. The way he talks about you is is very endearing. Is he He just cares about you and loves you so much. He loves the time he spends with you. I know that it means so much to him.
One of my my concern is that my best friends live outside Mexico. My might have even my my brother Paul. I have also a very great friendship with with Aker. You know, with Aker that was in charge of AT and T and then from General Motor. But it was in Bad Jake. It's zero Bay in Spain. It isn't great because you don't we see every two months, every I don't know how long. But thank you for the conversation. It was for me very interesting to talk about so many things. Thank you, Thank you Chris, we thank you so much. You know I love you and for you to do this for me, I only know that people are going to learn so much about things that they were privy to reach the vast majority. So from Skip and I, we thank you so much and I'll hope to see you very soon.
My brother.
And dios Tabandiga meant.
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