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My guest tonight is a Shark Tank investor and a venture capitalists. Please welcome Kevin O'Leary. Nice to see you you too, Thank you for coming on the show. You don't want to say this first and foremost. I always give people their flowers, so I want to say me and my dad love you on Shark Tank.

My guest tonight is a Shark Tank investor and a venture capitalists. Please welcome Kevin O'Leary. Nice to see you you too, Thank you for coming on the show. You don't want to say this first and foremost. I always give people their flowers, so I want to say me and my dad love you on Shark Tank.

Appreciate Kirk.

Appreciate Kirk.

Yes, Shark Tank is one of those shows a family can sit down, we can watch it together, we can coseplayers, entrepreneurs and vicariously live through a fun piece of unscripted semi reality content. So thank you for giving us that. It's fourteen seasons, right, fourteen Okay.

Yes, Shark Tank is one of those shows a family can sit down, we can watch it together, we can coseplayers, entrepreneurs and vicariously live through a fun piece of unscripted semi reality content. So thank you for giving us that. It's fourteen seasons, right, fourteen Okay.

But the truth is we don't script anything because we see them the same time you do. We had no idea it splow blow up this way. I mean, it's a remarkable platform, yes, and it supports American entrepreneurship.

But the truth is we don't script anything because we see them the same time you do. We had no idea it splow blow up this way. I mean, it's a remarkable platform, yes, and it supports American entrepreneurship.

What's wrong with that?

What's wrong with that?

It's amazing. Now you have been making your rounds.

It's amazing. Now you have been making your rounds.

We were speaking backstage just to give everyone context. Obviously we're talking about Crypto FTX. You've been making the rounds, testifying before Congress, going on squat Box seventy eight times, and everybody's asking you about, you know, your endorsement of FTX, the fifteen million dollar bag, but nobody's asking you how you doing.

We were speaking backstage just to give everyone context. Obviously we're talking about Crypto FTX. You've been making the rounds, testifying before Congress, going on squat Box seventy eight times, and everybody's asking you about, you know, your endorsement of FTX, the fifteen million dollar bag, but nobody's asking you how you doing.

How are you feeling?

How are you feeling?

Well, let's just get the numbers, right. It was eighteen million, eighteen and it's all gone. And I get it, But you've got to understand something about venture investing. FTX was nothing but a startup. Okay, basically eighteen months old, that's it.

Well, let's just get the numbers, right. It was eighteen million, eighteen and it's all gone. And I get it, But you've got to understand something about venture investing. FTX was nothing but a startup. Okay, basically eighteen months old, that's it.

And can you can you take me through the relationship timeline of you and electrocuted?

And can you can you take me through the relationship timeline of you and electrocuted?

How long had you got? We can run it? I told you.

How long had you got? We can run it? I told you.

I was like, let's let's do because just for context, at first, you've been on squadbox, You've been on programs and you're like, bitcoin is dog shit, this is awful.

I was like, let's let's do because just for context, at first, you've been on squadbox, You've been on programs and you're like, bitcoin is dog shit, this is awful.

I'm paraphrasing. Yeah, I think I did say I did say.

I'm paraphrasing. Yeah, I think I did say I did say.

That because at that time the regulator was very, very negative. Yes, and then countries like Canada, Switzerland, United Ed, and Struggle in Australia they opened up. And if you're an investor that like me, I invested internationally, I started to allocate.

That because at that time the regulator was very, very negative. Yes, and then countries like Canada, Switzerland, United Ed, and Struggle in Australia they opened up. And if you're an investor that like me, I invested internationally, I started to allocate.

To it, right, and then you start thinking, you go, look, you know, SBF, it's starting to open up internationally is becoming more regulated in Switzerland and other countries. And so you know clearly this guy who's running this bahaman orgy is running a responsible operation. So how did he get in your dms? How did he penetrate that heart?

To it, right, and then you start thinking, you go, look, you know, SBF, it's starting to open up internationally is becoming more regulated in Switzerland and other countries. And so you know clearly this guy who's running this bahaman orgy is running a responsible operation. So how did he get in your dms? How did he penetrate that heart?

So obviously at a time in twenty twenty one when FTX was out financing doing rounds at a twenty three billion valuation, that was the hottest deal on the street. If you look at the people that invested in that, it's the who's who have ventured.

So obviously at a time in twenty twenty one when FTX was out financing doing rounds at a twenty three billion valuation, that was the hottest deal on the street. If you look at the people that invested in that, it's the who's who have ventured.

Came dude, I was pissed that I wasn't asking And when I look at that role and it's like squille O'Neil, like Steph Curry, Tom Brady, that's how you know I haven't made it.

Came dude, I was pissed that I wasn't asking And when I look at that role and it's like squille O'Neil, like Steph Curry, Tom Brady, that's how you know I haven't made it.

Well, let me in, baby, let me get that call. Are my agent called me? Maybe you're lucky you didn't get that call. Okay, think of it that way. Okay.

Well, let me in, baby, let me get that call. Are my agent called me? Maybe you're lucky you didn't get that call. Okay, think of it that way. Okay.

So at the end of the day, when you invest in any startup, and this includes FTX and plenty of others.

So at the end of the day, when you invest in any startup, and this includes FTX and plenty of others.

Eight out of ten times you lose your money.

Eight out of ten times you lose your money.

Since nineteen fifty four where they started compiling these stats. Now, sometimes it's alleged frauds sometimes bad executions, sometimes bad market, sometimes bad product, but forever reason, eight out of ten times you lose money. So the people that invest in FTX, if people are asking me, well, isn't this going to change investing forever?

Since nineteen fifty four where they started compiling these stats. Now, sometimes it's alleged frauds sometimes bad executions, sometimes bad market, sometimes bad product, but forever reason, eight out of ten times you lose money. So the people that invest in FTX, if people are asking me, well, isn't this going to change investing forever?

No, nothing's going to change.

No, nothing's going to change.

Sure, obviously we're gunning for that two times where we make a thousand X on our money. The next morning after I lost that eighteen million, yes, I was pissed, okay, but it didn't change anything about what I do as an investor, I get right up and I go at it again because I have If every time I had a loser investment, I had to go to Congress, I'd need an apartment there.

Sure, obviously we're gunning for that two times where we make a thousand X on our money. The next morning after I lost that eighteen million, yes, I was pissed, okay, but it didn't change anything about what I do as an investor, I get right up and I go at it again because I have If every time I had a loser investment, I had to go to Congress, I'd need an apartment there.

I mean, we lose a lot of deals, but.

I mean, we lose a lot of deals, but.

Every once in a while I get a monster hitting It pays for all the mistakes. FTX is in the past for me, too bad. I feel sick about it. We all look like idiots, but.

Every once in a while I get a monster hitting It pays for all the mistakes. FTX is in the past for me, too bad. I feel sick about it. We all look like idiots, but.

We got to move on.

We got to move on.

We have to fund the next venture. We have to fund the next entrepreneur.

We have to fund the next venture. We have to fund the next entrepreneur.

But how did he.

But how did he.

How did he penetrate? You didn't answer the question how did he get? I know, like I got the five talking points, but how.

How did he penetrate? You didn't answer the question how did he get? I know, like I got the five talking points, but how.

Did he just how did he slide in the DMS. How did he slide in the DMS?

Did he just how did he slide in the DMS. How did he slide in the DMS?

I know you're recording, this is all good? How did he slide in the DMS? Of your heart?

I know you're recording, this is all good? How did he slide in the DMS? Of your heart?

Come on?

Come on?

So the way, because I've gotten the call. I've gotten the call two places on this. I was a paid spokesperson, yes, yes, but I was also an investor. I took millions of dollars and invested them in FTX International and US. So I'm getting squeezed in both sides on this point. At the end of the day. The way I look at it is, Okay, I have an agent. He gets contacted and says, look, do you want to be a paid spokes with you to this? I said, I'm interested in crypto. What do we know about this company? We know that it's got the biggest investor list I've ever seen.

So the way, because I've gotten the call. I've gotten the call two places on this. I was a paid spokesperson, yes, yes, but I was also an investor. I took millions of dollars and invested them in FTX International and US. So I'm getting squeezed in both sides on this point. At the end of the day. The way I look at it is, Okay, I have an agent. He gets contacted and says, look, do you want to be a paid spokes with you to this? I said, I'm interested in crypto. What do we know about this company? We know that it's got the biggest investor list I've ever seen.

But then you reply all to like Kevin O'Leary all agents at CAIA dot com, and you go, I've said that this is dog shit reply and then you sent no, I didn't, and then they go they go, Kevin Comma enters.

But then you reply all to like Kevin O'Leary all agents at CAIA dot com, and you go, I've said that this is dog shit reply and then you sent no, I didn't, and then they go they go, Kevin Comma enters.

That's not the way this works.

That's not the way this works.

Is you going back and say, okay, at one point eight billion raised, who's in the rais who did the due diligence.

Is you going back and say, okay, at one point eight billion raised, who's in the rais who did the due diligence.

Plenty of them did.

Plenty of them did.

And it's the heavy hitters, huge hitters. We all know each other in the private equity business. And I said, okay, somebody dilded this thing. Yeah, and the parents were compliance lawyers out of Stanford. I mean that's pretty good.

And it's the heavy hitters, huge hitters. We all know each other in the private equity business. And I said, okay, somebody dilded this thing. Yeah, and the parents were compliance lawyers out of Stanford. I mean that's pretty good.

Yeah.

Yeah.

So at the end of the day, it's a very unfortunate outcome, and everybody looks to.

So at the end of the day, it's a very unfortunate outcome, and everybody looks to.

Because you do do your dute diligence. I've seen you. You are a savage. I do on Okay, have you seen him when he is on Shark Tank. If someone doesn't come correct with the due diligence, you suplex them through tables.

Because you do do your dute diligence. I've seen you. You are a savage. I do on Okay, have you seen him when he is on Shark Tank. If someone doesn't come correct with the due diligence, you suplex them through tables.

Play it, play it. It's crazy, check us out.

Play it, play it. It's crazy, check us out.

I looked at the valuation and I say, are you guys out of your friggin minds? What stops somebody who actually knows how to make sure it's to deliver them do this and make a lot of money and crush you like the cockroach that you are.

I looked at the valuation and I say, are you guys out of your friggin minds? What stops somebody who actually knows how to make sure it's to deliver them do this and make a lot of money and crush you like the cockroach that you are.

This is a very bad idea.

This is a very bad idea.

It howls at the moon and you should take it out behind the barn and shoot it. Look, I get the passion piece, but you know what I'd be crying about the fact you're not making a profit. If you were in one of my businesses, that mean I would spray you down with water. And every time you say I don't know, I'd hit you with electric cattle PRODT.

It howls at the moon and you should take it out behind the barn and shoot it. Look, I get the passion piece, but you know what I'd be crying about the fact you're not making a profit. If you were in one of my businesses, that mean I would spray you down with water. And every time you say I don't know, I'd hit you with electric cattle PRODT.

Oh my god. Now listen, now, listen, don't boot. No, don't poo, don't boo, don't pooh, don't poot, don't do that. Kevin. No, I'm serious.

Oh my god. Now listen, now, listen, don't boot. No, don't poo, don't boo, don't pooh, don't poot, don't do that. Kevin. No, I'm serious.

Kevin O'Leary on the show, and he was mad enough to come on the show, and we're having a conversation. We spoke backstage and we're polite to one another, and we're going to be polite.

Kevin O'Leary on the show, and he was mad enough to come on the show, and we're having a conversation. We spoke backstage and we're polite to one another, and we're going to be polite.

So we're not going to do that booming stuff. Isn't that? So? No, I mean that, sincerely, Believe me. I can take it. No, no, no, I'm not with it. This is about this is about doing the due diligence.

So we're not going to do that booming stuff. Isn't that? So? No, I mean that, sincerely, Believe me. I can take it. No, no, no, I'm not with it. This is about this is about doing the due diligence.

That's what spraying that person down and.

That's what spraying that person down and.

And buzzing them with the cattle PROD.

And buzzing them with the cattle PROD.

So obviously, obviously SPF and FTX, your boy has lost eight billion dollars of investor funds, and clearly from the reports, no one did their due diligence. So I'm asking you on behalf of the daily show. Will you fly to pala Alto where he's on house arrest and spray this down and tell them what the cattle prod. Enough of the forty appearances, enough with the more minute segments on Squawkbox. Let's take a Southwest flight tonight, layover in Chicago.

So obviously, obviously SPF and FTX, your boy has lost eight billion dollars of investor funds, and clearly from the reports, no one did their due diligence. So I'm asking you on behalf of the daily show. Will you fly to pala Alto where he's on house arrest and spray this down and tell them what the cattle prod. Enough of the forty appearances, enough with the more minute segments on Squawkbox. Let's take a Southwest flight tonight, layover in Chicago.

It's on me. We land SFO, my dad will pick us up and we will go to SBS.

It's on me. We land SFO, my dad will pick us up and we will go to SBS.

I think that's a little extreme, Okay, just a little.

I think that's a little extreme, Okay, just a little.

I mean, look, at the end of the day. Think about this.

I mean, look, at the end of the day. Think about this.

At the end of the day, a lot of people lost money and retail got fleets.

At the end of the day, a lot of people lost money and retail got fleets.

That's what happened at the end of the day. Okay, did Lehman Brothers change anything.

That's what happened at the end of the day. Okay, did Lehman Brothers change anything.

No Enron, no bear Stearns, no long term capital No, there's always going to be the bad actors. Sure, this is capitalism. And every once in a while there's a bad actor. You just went through a whole you know, litany of them, and the system self corrects. If you do bad things, shit happens to you, bad shit. And I think that's okay, that's our system. The whole idea is you can make money without being a fraudster.

No Enron, no bear Stearns, no long term capital No, there's always going to be the bad actors. Sure, this is capitalism. And every once in a while there's a bad actor. You just went through a whole you know, litany of them, and the system self corrects. If you do bad things, shit happens to you, bad shit. And I think that's okay, that's our system. The whole idea is you can make money without being a fraudster.

This is a great country. You can be an entrepreneur.

This is a great country. You can be an entrepreneur.

You can start a company with a great product and become.

You can start a company with a great product and become.

A multi millionaire.

A multi millionaire.

That's the path that people take ninety nine percent of the time, and we should celebrate that.

That's the path that people take ninety nine percent of the time, and we should celebrate that.

Okay, this comes along, you know, alleged fraud.

Okay, this comes along, you know, alleged fraud.

Like this, it's going to go through the system.

Like this, it's going to go through the system.

Hopefully we're going to get a huge recovery for everybody that lost their money. Already, the rumors are where it's six out of eight billion, they found that six point one billion.

Hopefully we're going to get a huge recovery for everybody that lost their money. Already, the rumors are where it's six out of eight billion, they found that six point one billion.

Who knows what else will be coming.

Who knows what else will be coming.

I want to help everybody on this situation, but I've moved on, and so's everybody else.

I want to help everybody on this situation, but I've moved on, and so's everybody else.

I have a theory, Yeah, I have a theory.

I have a theory, Yeah, I have a theory.

So in corporate America, I see a lot of urban professional elites with LinkedIn accounts here in the crowd tonight. In corporate America, they have a thing called CYA cover your ass. And I think, mister O'Leary, you're making the seventy appearances right now and testifying before Congress to let people know, hey, hey, hr something stuff happened. Someone burned down the house while mom and dad left. But you kind of were a part of the arson to begin with.

So in corporate America, I see a lot of urban professional elites with LinkedIn accounts here in the crowd tonight. In corporate America, they have a thing called CYA cover your ass. And I think, mister O'Leary, you're making the seventy appearances right now and testifying before Congress to let people know, hey, hey, hr something stuff happened. Someone burned down the house while mom and dad left. But you kind of were a part of the arson to begin with.

Well, let me correct you on that for a moment. Okay, during the period when everybody was trying to get allocation to FTX, particularly FTX us hottest deal on the street in twenty twenty one, I got countless calls from people saying, let me in on your allocation.

Well, let me correct you on that for a moment. Okay, during the period when everybody was trying to get allocation to FTX, particularly FTX us hottest deal on the street in twenty twenty one, I got countless calls from people saying, let me in on your allocation.

You owe me.

You owe me.

We've been we've done business together. I said, guys, it's a startup. It's a big one. It's a twenty three million dollars startup, but it's a startup. If I'm going to take this ride, I'll do it with my own dough. I'm not going to put anybody else's money into it. Nobody lost money on that deal in terms of investing on.

We've been we've done business together. I said, guys, it's a startup. It's a big one. It's a twenty three million dollars startup, but it's a startup. If I'm going to take this ride, I'll do it with my own dough. I'm not going to put anybody else's money into it. Nobody lost money on that deal in terms of investing on.

It, except me.

It, except me.

So I don't have the problem where I owe somebody, you know, an apology for investing beside me. I owe everybody and all of us involved owe an apology for not knowing it was an alleged fraud. But you know, this happens from time to time. But in my mind, but I can go to sleep every night knowing that it was my money. I lost it. I ate it, shame on me, but doesn't change what I do in the morning. I'm a very fortunate guy. I can take huge hits, and I move on and I keep going. That is the essence of entrepreneurship. You're going to get kicked to the ground once in a while. This was a big kick in the where it hurts, right. As somebody said to me, the one I remember the most. You know, the economist on CNBC said to me. We came out of the green room after I had one of those countless presentations on there about it.

So I don't have the problem where I owe somebody, you know, an apology for investing beside me. I owe everybody and all of us involved owe an apology for not knowing it was an alleged fraud. But you know, this happens from time to time. But in my mind, but I can go to sleep every night knowing that it was my money. I lost it. I ate it, shame on me, but doesn't change what I do in the morning. I'm a very fortunate guy. I can take huge hits, and I move on and I keep going. That is the essence of entrepreneurship. You're going to get kicked to the ground once in a while. This was a big kick in the where it hurts, right. As somebody said to me, the one I remember the most. You know, the economist on CNBC said to me. We came out of the green room after I had one of those countless presentations on there about it.

He said, Kevin, eighteen million.

He said, Kevin, eighteen million.

Dollars, that's a lot of guitars. And he's right, yeah, you love guitars.

Dollars, that's a lot of guitars. And he's right, yeah, you love guitars.

He loved guitars just for he's telling a story that's not great because you have to set up the premise for the punchline.

He loved guitars just for he's telling a story that's not great because you have to set up the premise for the punchline.

This is this is my I love this story. Okay, listen, here's what has to happen.

This is this is my I love this story. Okay, listen, here's what has to happen.

You have to be able to expose your position when you say you lost money. The only way for us to truly know is if a forensic accountant comes in. I want that, you want, you want the full transparency everybody.

You have to be able to expose your position when you say you lost money. The only way for us to truly know is if a forensic accountant comes in. I want that, you want, you want the full transparency everybody.

You don't understand everybody.

You don't understand everybody.

So you got the eighteen mil. Look me and you were in Hollywood, not these regular normies. So let's let's let's have the big boy talk.

So you got the eighteen mil. Look me and you were in Hollywood, not these regular normies. So let's let's let's have the big boy talk.

I want to have the toss. So out of the eighteen mil, we'll wait, hang on, let me let me get him in on it. So out of the eighteen mil, yo, you guys don't know this.

I want to have the toss. So out of the eighteen mil, we'll wait, hang on, let me let me get him in on it. So out of the eighteen mil, yo, you guys don't know this.

There's agents, managers, business managers of the irs.

There's agents, managers, business managers of the irs.

All of them fight a fika, they say that bye.

All of them fight a fika, they say that bye.

But out of that eighteen mil, my man probably saw let's go six to seven. Now that's just straight cash, but we don't know. Some of it could be USD, some of it could be some of that sweet sweet equity position, but we won't know until a forensic accountant comes in and want that. I have a hunch, yeah, I think you didn't lose a whole lot of the shirt off your back, but retail dead.

But out of that eighteen mil, my man probably saw let's go six to seven. Now that's just straight cash, but we don't know. Some of it could be USD, some of it could be some of that sweet sweet equity position, but we won't know until a forensic accountant comes in and want that. I have a hunch, yeah, I think you didn't lose a whole lot of the shirt off your back, but retail dead.

All of my money on the comp Just so you understand this, by the contract was in an FTX account, So eighteen comes in as you correct, about half of it pays taxes and agents and the unions and all that stuff. The rest goes into the account and on Saturday morning, November tenth, it was scraped out along with all the trading records. Everybody there, including me, does not know where that money is or do they have the trading records. Do I want to hire a forensic account Absolutely, I've disclosed I had thirty two positions. It wasn't cash, it was crypto and all kinds of coins and tokens, and so they're all gone and I would like to find out where they are.

All of my money on the comp Just so you understand this, by the contract was in an FTX account, So eighteen comes in as you correct, about half of it pays taxes and agents and the unions and all that stuff. The rest goes into the account and on Saturday morning, November tenth, it was scraped out along with all the trading records. Everybody there, including me, does not know where that money is or do they have the trading records. Do I want to hire a forensic account Absolutely, I've disclosed I had thirty two positions. It wasn't cash, it was crypto and all kinds of coins and tokens, and so they're all gone and I would like to find out where they are.

So would another million people.

So would another million people.

But it was also house money. That's the key difference. How do you say that you're playing off of cake? What's coming to you?

But it was also house money. That's the key difference. How do you say that you're playing off of cake? What's coming to you?

Hey, we're giving you a big it's a million cash I put into the equity. Sure, that's not a million cash.

Hey, we're giving you a big it's a million cash I put into the equity. Sure, that's not a million cash.

Definitely cash. I'll give you that. Thank you.

Definitely cash. I'll give you that. Thank you.

Okay, So you've lost one you've lost one million USD personal.

Okay, So you've lost one you've lost one million USD personal.

Yes, okay, actually more it was I think one point two five million.

Yes, okay, actually more it was I think one point two five million.

Okay. So the only way we're going to tell you, but you're making that heuristic.

Okay. So the only way we're going to tell you, but you're making that heuristic.

You're making that heuristic based off of that six point six to seven million coming in.

You're making that heuristic based off of that six point six to seven million coming in.

Look, we're gonna do Malcolmomy like it going for a lot of things.

Look, we're gonna do Malcolmomy like it going for a lot of things.

The only way we can really come to the conclusion of this is if we do the old rule. When you're sexting a partner, I'll show you yours if you show me.

The only way we can really come to the conclusion of this is if we do the old rule. When you're sexting a partner, I'll show you yours if you show me.

That's the only way. Let's not. We don't need to answer around it. Well, it's fine, it's fine.

That's the only way. Let's not. We don't need to answer around it. Well, it's fine, it's fine.

It's my whole deal is I've been totally transparent with that. The reason I've gone on and talked about it openly is I think we can all learn a lesson from this, and I'm teaching this case at Harvard. Actually, I think there's a lot to learn from it because it's a great example of when you do portfolio work, when you put big money to work, you've got to know you're never safe. You just don't know what's going to happen, right, and this case is crazy. We haven't even seen the end of this yet. We don't know what's going to happen. The records are supposedly backed up on the Amazon servers and no one's seen them yet.

It's my whole deal is I've been totally transparent with that. The reason I've gone on and talked about it openly is I think we can all learn a lesson from this, and I'm teaching this case at Harvard. Actually, I think there's a lot to learn from it because it's a great example of when you do portfolio work, when you put big money to work, you've got to know you're never safe. You just don't know what's going to happen, right, and this case is crazy. We haven't even seen the end of this yet. We don't know what's going to happen. The records are supposedly backed up on the Amazon servers and no one's seen them yet.

I don't know where that money went.

I don't know where that money went.

I'd like to find out, And that's the same questionitution has. I'm one of the only institutions walking around talking about it. But so what, it's a horrible outcome, it's a bad investment. I've made bad ones in the past, I'm going to make bad ones in the future, but I'm pretty good at good ones as well.

I'd like to find out, And that's the same questionitution has. I'm one of the only institutions walking around talking about it. But so what, it's a horrible outcome, it's a bad investment. I've made bad ones in the past, I'm going to make bad ones in the future, but I'm pretty good at good ones as well.

So that's the way it works.

So that's the way it works.

I hear you, and I think there's a detail that you need to add to your Harvard class, which is and all the other places that you go.

I hear you, and I think there's a detail that you need to add to your Harvard class, which is and all the other places that you go.

Bring you with me. Sure, I'll pull up.

Bring you with me. Sure, I'll pull up.

I mean if Kim Kardashian can pull up, pull up.

I mean if Kim Kardashian can pull up, pull up.

Now, let's sen with Kevin.

Now, let's sen with Kevin.

Kevin, let me let me just good, I will pull up. I will sincerely pull not. Okay, here's the thing. When you go on the Daily Show right now, or when you go on our friend Aaron ross Orkin's show, right when you say eighty percent of these companies fail, that is correct.

Kevin, let me let me just good, I will pull up. I will sincerely pull not. Okay, here's the thing. When you go on the Daily Show right now, or when you go on our friend Aaron ross Orkin's show, right when you say eighty percent of these companies fail, that is correct.

And let's say it's even more. Let's say it's a ninety eighties. Yeah, that's been around ninety fifty.

And let's say it's even more. Let's say it's a ninety eighties. Yeah, that's been around ninety fifty.

But what you're what you're not accounting for, is you're speaking to the upper one percent that can lose that money. Everybody else that's listening should probably just put their money in ETF, set it aside, go to sleep, wake up thirty years later. But but but you're not disclosing that. You're not disclosing again once again, your position, how much you've been personally paid upfront? I did I told you exactly No, No, not about FTX, just in general with the myriad of companies that you're.

But what you're what you're not accounting for, is you're speaking to the upper one percent that can lose that money. Everybody else that's listening should probably just put their money in ETF, set it aside, go to sleep, wake up thirty years later. But but but you're not disclosing that. You're not disclosing again once again, your position, how much you've been personally paid upfront? I did I told you exactly No, No, not about FTX, just in general with the myriad of companies that you're.

Oh, I see do you see what I'm saying? Guess what.

Oh, I see do you see what I'm saying? Guess what.

I'm a capitalist. I'm an investor.

I'm a capitalist. I'm an investor.

That's what I do.

That's what I do.

I'm not I'm ashamed of it. I love to do what I do. I help all kinds of entrepreneurs and I'm shroud of that. We don't make money all the time, is the point I'm trying to make. When you invest, you take risks, and that's why you need diversity.

I'm not I'm ashamed of it. I love to do what I do. I help all kinds of entrepreneurs and I'm shroud of that. We don't make money all the time, is the point I'm trying to make. When you invest, you take risks, and that's why you need diversity.

You need a lot of socks.

You need a lot of socks.

ETF's a good idea that has a lot of socks whatever at the end of the day.

ETF's a good idea that has a lot of socks whatever at the end of the day.

But it's not a whatever that position. Doing that.

But it's not a whatever that position. Doing that.

Putting your money in an spy S and P five hundred for thirty years is going to benefit ninety five percent of the population. And the key problem is is people turn to you, people like Kevin O'Leary, Mark Cuban, because they see you very differently than say, Larry David. We take it for Shaquille O'Neal or all the other people that were in the FTX commercial. Mister Wonderful says this is a good position in reality. Every time you go on squawk Box or any of your many let me just you all the time, remote crypto positions. I talk about platforms and diversity. I didn't do commercials and I never would because I don't advocate single products.

Putting your money in an spy S and P five hundred for thirty years is going to benefit ninety five percent of the population. And the key problem is is people turn to you, people like Kevin O'Leary, Mark Cuban, because they see you very differently than say, Larry David. We take it for Shaquille O'Neal or all the other people that were in the FTX commercial. Mister Wonderful says this is a good position in reality. Every time you go on squawk Box or any of your many let me just you all the time, remote crypto positions. I talk about platforms and diversity. I didn't do commercials and I never would because I don't advocate single products.

You don't do commercials.

You don't do commercials.

I mean you're on every third commercial during the commercial breaks of Shark Tank.

I mean you're on every third commercial during the commercial breaks of Shark Tank.

You know I'm talking.

You know I'm talking.

You're talking about FTX though, right, you're talking about FTX.

You're talking about FTX though, right, you're talking about FTX.

I'm not talking about FTX.

I'm not talking about FTX.

I'm saying in general, Yes, yeah, I understand, Okay, yeah, do you see what I'm saying.

I'm saying in general, Yes, yeah, I understand, Okay, yeah, do you see what I'm saying.

Yes, I guess yes.

Yes, I guess yes.

If you go to your YouTube channel, just on your YouTube channel, the fourth or fifth video on your YouTube channel is is this the bottom of the market? Do you know what that's signaling to retail investors. It's signaling them to either pop in or pop out, when in reality, you should just go, hey, hey, real talk. You should have one class at Harvard. It should be ten minutes. Listen me right now. Listen to me. Put your money in Vanguard portfolio BTSAX or S and P five hundred. Maybe do a bond position right now because it's giving you four percent. Set it aside and turn off squawk box.

If you go to your YouTube channel, just on your YouTube channel, the fourth or fifth video on your YouTube channel is is this the bottom of the market? Do you know what that's signaling to retail investors. It's signaling them to either pop in or pop out, when in reality, you should just go, hey, hey, real talk. You should have one class at Harvard. It should be ten minutes. Listen me right now. Listen to me. Put your money in Vanguard portfolio BTSAX or S and P five hundred. Maybe do a bond position right now because it's giving you four percent. Set it aside and turn off squawk box.

Actually, don't even listen to what I have to say you're being tough on Squawkbox. They do a service. People are interested. Listen. I understand indexing. That's great. I do that too.

Actually, don't even listen to what I have to say you're being tough on Squawkbox. They do a service. People are interested. Listen. I understand indexing. That's great. I do that too.

But if you want to extraordinary returns, you got to take risks on entrepreneurs.

But if you want to extraordinary returns, you got to take risks on entrepreneurs.

You have to back people that don't know their outcomes.

You have to back people that don't know their outcomes.

Right, So then your podcast and TV show she didn't.

Right, So then your podcast and TV show she didn't.

Tell me should be just well, you had a chance to Google evaluation was five million dollars.

Tell me should be just well, you had a chance to Google evaluation was five million dollars.

Do you wish you did that?

Do you wish you did that?

Sure?

Sure?

Yes, behindsight is twenty twenty always, and you will lose that way, you will.

Yes, behindsight is twenty twenty always, and you will lose that way, you will.

You could lose.

You could lose.

You can lose ninety five percent at the time that way trying to pick stocks, Kevin, you know this, Even the great Warren Buffett and Charlie Munger, the ghats of capitalism, even they say, now these g perreiatric coffin Dodgers now at their shareholders meeting.

You can lose ninety five percent at the time that way trying to pick stocks, Kevin, you know this, Even the great Warren Buffett and Charlie Munger, the ghats of capitalism, even they say, now these g perreiatric coffin Dodgers now at their shareholders meeting.

Go listen to me. Listen to me.

Go listen to me. Listen to me.

If I could do it all over again, I would just put it in next one and what they said, and tug it away and we'll play the cliff.

If I could do it all over again, I would just put it in next one and what they said, and tug it away and we'll play the cliff.

Kevin, it's on YouTube. Listen, Let's let's not do this. Can I ask you just a question why we can can do back and forth.

Kevin, it's on YouTube. Listen, Let's let's not do this. Can I ask you just a question why we can can do back and forth.

I just want to ask you this because I mean this sincerely. I've been trying to crack this. Are you a great investor or are you a great spokesperson?

I just want to ask you this because I mean this sincerely. I've been trying to crack this. Are you a great investor or are you a great spokesperson?

Because I think you're the latter.

Because I think you're the latter.

Okay, I don't agree with you. Let me tell you what's happened over the last ten years. The ability to tell a company's story, to get people to understand what their mission is and the benefit of their product is highly valuable, very because there's a million stories out there. And the biggest problem every company has, including giint s and P countries companies, is how do they get customer acquisition? How do they acquire customers? Eight out of ten companies fail in America after thirty six months because they're never able to get their customer acquisition costble all the lifetime value. That's why I change the equation. If I invest in your company, I tell your story. That's what my job is to do. Yes, I take risk. I'm fortunate to have money to invest, but I get behind it and tell the story. And that's what we do on shark Tank. Why are shark tank companies so successful? Why do so many more of them make money? Than the traditional eight out of ten because we tell their story to one hundred million people every year.

Okay, I don't agree with you. Let me tell you what's happened over the last ten years. The ability to tell a company's story, to get people to understand what their mission is and the benefit of their product is highly valuable, very because there's a million stories out there. And the biggest problem every company has, including giint s and P countries companies, is how do they get customer acquisition? How do they acquire customers? Eight out of ten companies fail in America after thirty six months because they're never able to get their customer acquisition costble all the lifetime value. That's why I change the equation. If I invest in your company, I tell your story. That's what my job is to do. Yes, I take risk. I'm fortunate to have money to invest, but I get behind it and tell the story. And that's what we do on shark Tank. Why are shark tank companies so successful? Why do so many more of them make money? Than the traditional eight out of ten because we tell their story to one hundred million people every year.

That's the magic sauce.

That's the magic sauce.

So I think I'm a great investor by being able to be a great storyteller too. People need to know what the product does, what the merits of it are. That's why they try it. That's why it's important to tell these stories you talk to any guilty.

So I think I'm a great investor by being able to be a great storyteller too. People need to know what the product does, what the merits of it are. That's why they try it. That's why it's important to tell these stories you talk to any guilty.

I hear what you're saying, so tell me, you know, because I go to couple's therapy. Let me tell you what I'm hearing. Okay, I mean this, sincerely, tell me if what I'm telling you is right wrong, what I hear your saying is no huss and I disagree with you. I think I am a great investor and a great spokesperson that you do both that if I see something a seat of a good idea in your company.

I hear what you're saying, so tell me, you know, because I go to couple's therapy. Let me tell you what I'm hearing. Okay, I mean this, sincerely, tell me if what I'm telling you is right wrong, what I hear your saying is no huss and I disagree with you. I think I am a great investor and a great spokesperson that you do both that if I see something a seat of a good idea in your company.

I'm great at communication. I'm good at the micro cult. True, I can communicate those things.

I'm great at communication. I'm good at the micro cult. True, I can communicate those things.

Okay, so then you have I would imagine you would feel some level of guilt when some of the companies that you are promoting end up leaving retail investors holding the bag.

Okay, so then you have I would imagine you would feel some level of guilt when some of the companies that you are promoting end up leaving retail investors holding the bag.

Where you're like, damn this.

Where you're like, damn this.

Because here's why you know with certainty in venture investing, investing in startups since the beginning of time, eight out of ten are going to fail. I know that, you know that, and the whole world knows that because those are the stats.

Because here's why you know with certainty in venture investing, investing in startups since the beginning of time, eight out of ten are going to fail. I know that, you know that, and the whole world knows that because those are the stats.

There's nothing you can do to change.

There's nothing you can do to change.

But the system of you going on these shows squat box is financial fomo, the graphs, the ticker. But you guys are swinging kettlebells and greenwich.

But the system of you going on these shows squat box is financial fomo, the graphs, the ticker. But you guys are swinging kettlebells and greenwich.

Do I got get an hour later? You know this, get a door dash ipo, Do I get an how later? Again? It's that fomo. I gotta get in now. I think philosophically, mysagree.

Do I got get an hour later? You know this, get a door dash ipo, Do I get an how later? Again? It's that fomo. I gotta get in now. I think philosophically, mysagree.

And our messaging is sure and I would agree with you on this.

And our messaging is sure and I would agree with you on this.

And I think if you're going to promote the idea of investing, you should also promote the idea of diversity.

And I think if you're going to promote the idea of investing, you should also promote the idea of diversity.

Diversification.

Diversification.

You can't put it all in any one position or any one institution because you don't know when there's going to be an exce Lehman Brother or Barristers, or when a stock goes to zero. By the way, big companies go to zero too, they do oh yeah, and so that happens. So if you have diversification, and I learned this from my mother. Never more than twenty percent in one sector. We have eleven sectors in the American economy, never more than five percent in one stock. That is the definition of diversity. And that's what I do with my own portfolio. That's how you stay out of trouble.

You can't put it all in any one position or any one institution because you don't know when there's going to be an exce Lehman Brother or Barristers, or when a stock goes to zero. By the way, big companies go to zero too, they do oh yeah, and so that happens. So if you have diversification, and I learned this from my mother. Never more than twenty percent in one sector. We have eleven sectors in the American economy, never more than five percent in one stock. That is the definition of diversity. And that's what I do with my own portfolio. That's how you stay out of trouble.

Okay, you obviously would agree with that. Sure, sure, arrest my case.

Okay, you obviously would agree with that. Sure, sure, arrest my case.

You're honor.

You're honor.

Yeah.

Yeah.

Wait a second, But when you are going on a six minute segment, if you did this, if you pulled up on your next squadbox segment and said.

Wait a second, But when you are going on a six minute segment, if you did this, if you pulled up on your next squadbox segment and said.

That amazing, I do say, but you don't you give well, you're not watching the right segment.

That amazing, I do say, but you don't you give well, you're not watching the right segment.

I've seen you do forty of them. I mean you're putting up shots, my man, and some of them are just airballs. Now listen.

I've seen you do forty of them. I mean you're putting up shots, my man, and some of them are just airballs. Now listen.

If you are a great investor, let me ask you this and a great spooks proud of my track record, why are you on cameo? I love CAMA our great investors on Cameo. I put up the graph video. That's put up the graph video.

If you are a great investor, let me ask you this and a great spooks proud of my track record, why are you on cameo? I love CAMA our great investors on Cameo. I put up the graph video. That's put up the graph video.

You can book a personalized video for fifteen hundred dollars. You can book a business video. I don't even know what that is.

You can book a personalized video for fifteen hundred dollars. You can book a business video. I don't even know what that is.

Why for sixteys don't.

Why for sixteys don't.

Understand why, because this helps entrepreneurs launch their products and services. That ninety nine percent of my cameos is a business that can't afford to go to an agent and.

Understand why, because this helps entrepreneurs launch their products and services. That ninety nine percent of my cameos is a business that can't afford to go to an agent and.

Pay half a million dollars.

Pay half a million dollars.

This is fantastic what they've done.

This is fantastic what they've done.

My biggest mistake on cameo was not to take down twenty percent of the stock when it was offered to me. I should have bought twenty percent. I mean, it was really a fantastic idea. Sorry, I'm an advocate and I'm going to keep doing it and people book them because it helps them.

My biggest mistake on cameo was not to take down twenty percent of the stock when it was offered to me. I should have bought twenty percent. I mean, it was really a fantastic idea. Sorry, I'm an advocate and I'm going to keep doing it and people book them because it helps them.

I'll do anything to help an entrepreneurs.

I'll do anything to help an entrepreneurs.

That's you.

That's you.

Why do you let me ask us for your quest sub questions? First of all, cameo is all These haven't been tough questions, sub questions, sub questions. First of all, cameo is absolute doc shit. It's a way for Rachel Doleazol to wish you happy birthday.

Why do you let me ask us for your quest sub questions? First of all, cameo is all These haven't been tough questions, sub questions, sub questions. First of all, cameo is absolute doc shit. It's a way for Rachel Doleazol to wish you happy birthday.

I'm not joking.

I'm not joking.

Number two, do you think big boy investors do cameos? Do you think Warren Buffett and Charlie Munger tap dance for sixty five one hundred dollars?

Number two, do you think big boy investors do cameos? Do you think Warren Buffett and Charlie Munger tap dance for sixty five one hundred dollars?

Now seem TALEB is out here doing it. They have business video.

Now seem TALEB is out here doing it. They have business video.

They're not venture investors that they don't start up entrepreneurs.

They're not venture investors that they don't start up entrepreneurs.

Do you need the fifteen hundred or sixty do you need any of it?

Do you need the fifteen hundred or sixty do you need any of it?

Listen, I spend plenty of dollars doing what I do, and I give to all kinds of philanthropic This.

Listen, I spend plenty of dollars doing what I do, and I give to all kinds of philanthropic This.

Is not about charity.

Is not about charity.

I'm talking about the actual qualitative, the quality.

I'm talking about the actual qualitative, the quality.

Of that I do.

Of that I do.

That that work because people tell me, and they have for years doing it.

That that work because people tell me, and they have for years doing it.

This has really helped me. I'm happy to do it. Read the comments. I mean, if you want to be a critic, go ahead, but read the comments. I mean, I mean, that's the content.

This has really helped me. I'm happy to do it. Read the comments. I mean, if you want to be a critic, go ahead, but read the comments. I mean, I mean, that's the content.

The comment of a person asking for a fifteen dollars. Sure, I don't do many fifteen hundred dollars there all the sixty five hundred one.

The comment of a person asking for a fifteen dollars. Sure, I don't do many fifteen hundred dollars there all the sixty five hundred one.

Unfortunately, I'm a.

Unfortunately, I'm a.

Little because if you're a business in mind and you want to use it, you got to you got to pay it.

Little because if you're a business in mind and you want to use it, you got to you got to pay it.

I feel very sorry for those people. Well, I'm sorry. You know, I'm going to charge you twelve hundred for yours. I'm going to give me a discount.

I feel very sorry for those people. Well, I'm sorry. You know, I'm going to charge you twelve hundred for yours. I'm going to give me a discount.

Okay, Okay, I'm not gonna do that.

Okay, Okay, I'm not gonna do that.

I get it. It's hard to rattle me on things.

I get it. It's hard to rattle me on things.

I know that work, you know.

I know that work, you know.

I mean you didn't.

I mean you didn't.

I mean, the cameo thing is really bad, man, It's a truly bad look.

I mean, the cameo thing is really bad, man, It's a truly bad look.

I don't agree. I don't agree.

I don't agree. I don't agree.

It's it's for grifters, sociopath sick offense and oh J.

It's it's for grifters, sociopath sick offense and oh J.

Simpson. I mean, like there's the people that are on cameos.

Simpson. I mean, like there's the people that are on cameos.

It is little negative on cameo.

It is little negative on cameo.

Okay, do you guys like cameo?

Okay, do you guys like cameo?

Don't pooh? Don't pooh.

Don't pooh? Don't pooh.

I mean I was just asking us. Okay, listen, this has been a this has been a.

I mean I was just asking us. Okay, listen, this has been a this has been a.

Very interesting, something nice about small business here.

Very interesting, something nice about small business here.

Yeah, let's do the small business. So we spoke backstage. She wants to plug the small business thing. But can I can I just say this one thing, We'll plug the small business. Then we're going to do this whole. This is all going to be online.

Yeah, let's do the small business. So we spoke backstage. She wants to plug the small business thing. But can I can I just say this one thing, We'll plug the small business. Then we're going to do this whole. This is all going to be online.

So it's all good.

So it's all good.

So I think the reason why I'm very passionate about this is because I think there is an ecosystem of a lot of.

So I think the reason why I'm very passionate about this is because I think there is an ecosystem of a lot of.

VC people and.

VC people and.

People with money going on these shows giving advice to retail and look. I think entertainment is important, but when Skip Bayless and Steven A. Smith give their hot takes, it doesn't potentially affect people's four one ks or their bank account. When you give financial tips, it's like a doctor giving a diagnosis to a patient they can't even see. You don't know the number of people that you're inadvertently.

People with money going on these shows giving advice to retail and look. I think entertainment is important, but when Skip Bayless and Steven A. Smith give their hot takes, it doesn't potentially affect people's four one ks or their bank account. When you give financial tips, it's like a doctor giving a diagnosis to a patient they can't even see. You don't know the number of people that you're inadvertently.

Let me tell you.

Let me tell you.

Let me tell you why I disagree with you.

Let me tell you why I disagree with you.

Do you think I should just don't? That's all I'm saying.

Do you think I should just don't? That's all I'm saying.

Be careful when you full people's begas everybody in the audience.

Be careful when you full people's begas everybody in the audience.

Do you think I should go to high schools as I do and talk to them about financial literacy and about credit card debt and about stocks and bonds?

Do you think I should go to high schools as I do and talk to them about financial literacy and about credit card debt and about stocks and bonds?

Is that a good thing to do?

Is that a good thing to do?

You should give them Jail Collins book, The Simple Path to Wealth, and one of the addendums should be turn off any program that I'm on besides Chartek, besides Charlotte.

You should give them Jail Collins book, The Simple Path to Wealth, and one of the addendums should be turn off any program that I'm on besides Chartek, besides Charlotte.

So I'm very proud to be on Shark Tank's awesome foe. I teach it's high schoolers and I teach graduate MIT engineers. Look, there is there is a You are allowed to have an opinion, and I'm glad you do it. It's an important part of the dialogue and the and the discussion we're having here. But at the end of the day. The more people that understand the financial system in this country, the better this country is.

So I'm very proud to be on Shark Tank's awesome foe. I teach it's high schoolers and I teach graduate MIT engineers. Look, there is there is a You are allowed to have an opinion, and I'm glad you do it. It's an important part of the dialogue and the and the discussion we're having here. But at the end of the day. The more people that understand the financial system in this country, the better this country is.

Now.

Now.

You may not agree on the message. That's okay, and that's the one thing about this country. We can have this dialogue and we don't have to agree. And I don't agree on half the stuff you're saying, but I respect the fact you have the opinion.

You may not agree on the message. That's okay, and that's the one thing about this country. We can have this dialogue and we don't have to agree. And I don't agree on half the stuff you're saying, but I respect the fact you have the opinion.

That's good with me.

That's good with me.

I appreciate it, and I appreciate you, and I really appreciate Do you want to do the small business thing? Yeah, I'll do my pitch and we'll let's do so you wanted to talk about small business, talk about that and then we'll do my.

I appreciate it, and I appreciate you, and I really appreciate Do you want to do the small business thing? Yeah, I'll do my pitch and we'll let's do so you wanted to talk about small business, talk about that and then we'll do my.

Pitch to let me tell you what we should be worried about in this country right now. And a new ambassadorship that I have. I know you like to be critical, but I want to hear you criticize this one.

Pitch to let me tell you what we should be worried about in this country right now. And a new ambassadorship that I have. I know you like to be critical, but I want to hear you criticize this one.

Okay.

Okay.

Are you ready? Are you ready?

Are you ready? Are you ready?

So everybody remembers PPP all of our company. I mean, if you're doing the cameos, you never know.

So everybody remembers PPP all of our company. I mean, if you're doing the cameos, you never know.

I didn't do it. You get a lot of money sixty five I don't know for the government. No, I didn't.

I didn't do it. You get a lot of money sixty five I don't know for the government. No, I didn't.

That's fine, anyway, that's funny, that's funny, all of margin you could you could have gotten thirty.

That's fine, anyway, that's funny, that's funny, all of margin you could you could have gotten thirty.

Take up no better jokes than that one. I'm going to give you four out of ten.

Take up no better jokes than that one. I'm going to give you four out of ten.

So look, let's get to the point is the program was launched and all small companies used it. They went to their bank and got it. Same time, another program was launched called the Employer Retention Credit. You've never heard of it, have you. Okay, small business is really hurting now because rates have gone up so high on them. You know, people talk about six percent fed rate. Small business is borrowing at eighteen percent now. They used to borrow at nine or seven. So it's been hell for them for the last two years. The government has two hundred and fifty billion dollars sitting waiting for them to pick it up on their payroll because they forgot to go get it.

So look, let's get to the point is the program was launched and all small companies used it. They went to their bank and got it. Same time, another program was launched called the Employer Retention Credit. You've never heard of it, have you. Okay, small business is really hurting now because rates have gone up so high on them. You know, people talk about six percent fed rate. Small business is borrowing at eighteen percent now. They used to borrow at nine or seven. So it's been hell for them for the last two years. The government has two hundred and fifty billion dollars sitting waiting for them to pick it up on their payroll because they forgot to go get it.

It's sitting there.

It's sitting there.

If you have a small business between five and five hundred people, you can make up to twenty six thousand dollars as a gift from the government towards your business one time. So if you have fifty employees, that's half a million dollars. If you have one hundredmployees that's one point one million. I'm pounding the drum everywhere I can to tell every company in America that qualifies, because you only have twenty three more months to get it.

If you have a small business between five and five hundred people, you can make up to twenty six thousand dollars as a gift from the government towards your business one time. So if you have fifty employees, that's half a million dollars. If you have one hundredmployees that's one point one million. I'm pounding the drum everywhere I can to tell every company in America that qualifies, because you only have twenty three more months to get it.

Go file go, file for it. Thank you for sharing that information. Thank you, thank you.

Go file go, file for it. Thank you for sharing that information. Thank you, thank you.

I mean, I think that's that's a very important thing to do.

I mean, I think that's that's a very important thing to do.

So before we get to tell me why that's a bad thing, I'm not.

So before we get to tell me why that's a bad thing, I'm not.

I think you're sharing a very important piece of information. Thank you in a not entertaining way. But it's important. Nonetheless, but it's important. It's important, and it's great. How many people.

I think you're sharing a very important piece of information. Thank you in a not entertaining way. But it's important. Nonetheless, but it's important. It's important, and it's great. How many people.

Are entertained by one point one million dollars cash?

Are entertained by one point one million dollars cash?

Let me go, I'm entertained.

Let me go, I'm entertained.

Okay, I have mister O'Leary on the show. I got to pitch you go ahead, So here's my pot. I think it's going to go badly. Yeah, here's my pitch. Here's my pitch. I mean, I wonder why this is my pitch. I think. You go on these shows. You are part of a system in the media, specifically financial Hot take media, the CNBC's the podcast appearances. People turn to you for financial advice. They ask you, how are the markets doing, what's up, what's down?

Okay, I have mister O'Leary on the show. I got to pitch you go ahead, So here's my pot. I think it's going to go badly. Yeah, here's my pitch. Here's my pitch. I mean, I wonder why this is my pitch. I think. You go on these shows. You are part of a system in the media, specifically financial Hot take media, the CNBC's the podcast appearances. People turn to you for financial advice. They ask you, how are the markets doing, what's up, what's down?

What are you into?

What are you into?

You give your opinions because people turn to you because you're mister wonderful. You obviously look like a successful entrepreneur and businessman. Advertently or inadvertently, you give people your opinion. People listen to that opinion and then make investment choices based on what they hear from you.

You give your opinions because people turn to you because you're mister wonderful. You obviously look like a successful entrepreneur and businessman. Advertently or inadvertently, you give people your opinion. People listen to that opinion and then make investment choices based on what they hear from you.

Think you create. Let me just finish, Let me finish, let me finish.

Think you create. Let me just finish, Let me finish, let me finish.

Okay, you give those opinions, It creates potential chaos and risk at scale because it's on the internet, and then you face no downside consequences when those people get fleeced.

Okay, you give those opinions, It creates potential chaos and risk at scale because it's on the internet, and then you face no downside consequences when those people get fleeced.

That's not fair.

That's not fair.

Totally disagree with you.

Totally disagree with you.

Is this a pitch where I invest the second one? We haven't got to do. We haven't got that one. Yeah, so let me tell you. Wait, wait, I gotta get to the end. We gotta get to Okay.

Is this a pitch where I invest the second one? We haven't got to do. We haven't got that one. Yeah, so let me tell you. Wait, wait, I gotta get to the end. We gotta get to Okay.

Well, now, the second part is I've thought to myself, question in here somewhere.

Well, now, the second part is I've thought to myself, question in here somewhere.

It's not the end, Okay.

It's not the end, Okay.

The second part is I thought to myself, I go, hey, you've clearly made picks and taken some massive l's. So he either cares about it and feels very bad about it, which you may, or you know you're taking those l's. But if you keep the three card Monte going and keep appearing on other shows and make other picks, you'll just bury the l's you had in the back. If you beat the algorithm, they can't even catch up to all the l's in the past. The problem is retail got left holding the bag a long time ago. So loser, yes or loss loss. So I think what you do is good. I think you are entertaining on Shark Tank. When you leave that environment and give financial advice people, regular people potentially get hurt. So I mean this humbly. This is my pitch to you. I want to quote the great Laura Ingram. I think you should focus on your strengths and shut up in Shark Tank.

The second part is I thought to myself, I go, hey, you've clearly made picks and taken some massive l's. So he either cares about it and feels very bad about it, which you may, or you know you're taking those l's. But if you keep the three card Monte going and keep appearing on other shows and make other picks, you'll just bury the l's you had in the back. If you beat the algorithm, they can't even catch up to all the l's in the past. The problem is retail got left holding the bag a long time ago. So loser, yes or loss loss. So I think what you do is good. I think you are entertaining on Shark Tank. When you leave that environment and give financial advice people, regular people potentially get hurt. So I mean this humbly. This is my pitch to you. I want to quote the great Laura Ingram. I think you should focus on your strengths and shut up in Shark Tank.

No reverse that you want me to my strength or Shark Tank. You said you want me to shut up on financial literacy, which one.

No reverse that you want me to my strength or Shark Tank. You said you want me to shut up on financial literacy, which one.

Is no, no, Your strength is so when okay, So jokes are great when you have to explain that no no. So she told Lebron to shut up and dribble because dribbling has his strength, right, So I said, Shark Tank is your strength, so then using that you just carry that.

Is no, no, Your strength is so when okay, So jokes are great when you have to explain that no no. So she told Lebron to shut up and dribble because dribbling has his strength, right, So I said, Shark Tank is your strength, so then using that you just carry that.

So my whole point is my actual daytime job is managing capital. That's what I do, and I've been doing it for thirty years, and you know it's it's a career I'm very proud of and I'm proud of my reputation. I had some mistakes and losers and bad investments, just like everybody else does. But long term, the best way to do it is always tell the truth, and you never have to remember what you said. And so everything I've told you is the truth. It's not all good news. And by the way, and investing, you are going to have some losers. You've learned that tonight, right of course, and so I wish I could only have winners.

So my whole point is my actual daytime job is managing capital. That's what I do, and I've been doing it for thirty years, and you know it's it's a career I'm very proud of and I'm proud of my reputation. I had some mistakes and losers and bad investments, just like everybody else does. But long term, the best way to do it is always tell the truth, and you never have to remember what you said. And so everything I've told you is the truth. It's not all good news. And by the way, and investing, you are going to have some losers. You've learned that tonight, right of course, and so I wish I could only have winners.

I never will.

I never will.

And everybody that invests has learned, whether I'm involved in their lives or not, that there are.

And everybody that invests has learned, whether I'm involved in their lives or not, that there are.

Losers and investing that's what happens.

Losers and investing that's what happens.

But as you've suggested, the market does give you one average about a nine percent return over a long period of time.