The 3 Biggest Business Opportunities For People In Their 20s | Scott Galloway

I look at this category and how much money is in this category and um it's going to happen it's just there's never been a business there's never been a carcass so tempting so bloated swimming so [Music] slowly all right we just asked Scott Galloway if he was 25 years old again what businesses would he start cuz this guy started I think nine businesses sold won for over $100 million and we said if you were 25 what would you do what are the ideas the opportunities the trends that you would take advantage of and he gave us two answers he said if you had no degree no college degree no fancy education he would do this and he said if I had a fancy degree instead I would do this other thing very cool to hear kind of where his head's at the small opportunities and the big one what he called the the multi- trillion dollar carcass that he can't believe nobody has uh has disrupted yet and on top of that we asked about his finances we talked about when he sold his companies and made his first few million bucks and then tens of millions of dollars all the way up to how he got over $100 million how he lost it along the way and what were the key moments that allowed him to to reach those Heights with his with his own finances you know I've seen probably 100 interviews with Scott Galloway and I'd never heard him reveal these numbers or talk about this so openly in fact at one point he goes I'm naked here I'm naked here guys you got to tell me something and so uh very very good interview with Scott Galloway enjoy welcome to the Pod uh I've been uh I've been listening to you for a very long time I was a fan of yours starting I think with L2 with the No Mercy No Malice videos and the reason I've liked you is I find myself you might be 15 or 20 years older than me but I find myself looking up to you because I think we have a lot of very similar characteristics which are a rotile disfunction not yet anger depression um I have hair but you're pretty buff you might be buffer than me I I admire you for that thanks for that uh like you like to post shirtless pics I like you for that I do but you're very hard to Peg down politically you're you're you're you're kind of like all over the map when it comes to that you also you you have beautiful language I'm a big fan of beautiful language you've got beautiful language you're better than I am but I look so I look up to you for that and you started a bunch of really amazing businesses but you're kind of known like I've told we did this episode where we talked about personal finances where you talked about spending 2 to 400,000 a month and people were like I you know Scott was so rich and I was like no he he created a bunch of really big companies but you're more famous for being like Scott Galloway the brand and I think that that's pretty cool and so you've done a bunch of really interesting stuff this is the whole episode by the way it's just Sam complimenting you it's like a reverse roast actually so you just sit there and you just get compliments at the end of the hour you know you feel good that that that's what happens here yeah so far I just let me say I'm really enjoying this it's like a verbal massage this is this works for me uh anyways go on keep going s well like I read these sentences and I'm like that's a beautiful line I love that [ __ ] I just love how he's coming up with that stuff um but yeah I mean I think it's like I think it's really good and what's crazy is you've had a better career as a as a business person and I was said the key to my success is is rejection and that is I've had a lot of the marketplace businesses Capital providers women uh have provided a great deal of rejection for me and my skill is my ability to endure that and move on and not let lose my sense of enthusiasm you know the ability to mourn and move on is key and the wonderful thing about America is that we don't Embrace failure that's [ __ ] but we tolerate it and I know so many really successful people who are very successful and then they do something on their own or they do something and it doesn't work for them and they get stuck they just lose their Mojo and they can't get past it they can't handle the bullet to the to the chest or the Bullet to the arm becomes an opportunistic infection that starts damaging everything about them and I've that's my only skill I'm OB you know I'm really into my dogs I started an e-commerce company I want to be the williamsa pet supplies I put a million bucks of my own money in I sold it for like a million and a half so I made some money not a lot um I invested or I started another e-commerce company I started a travel site sold that for a little bit of money um you know I've had a lot of kind of and then I've had things where I you know I ran into a you know drove into a wall at 200 miles per hour I started coming a red envelope which went public on the NASDAQ in 2002 and because I was young and dumb I kept investing and then I got in a war with the board and I did a proxy fight and I took over the board and put more of my money in and then 2008 came came and there's a long shoran strike and a software malfunction at the warehouse where we sent 10,000 gifts to the wrong addresses over the holidays and then a Wells Fargo analyst who was like 14 decided the credit crisis was coming and pulled our line and my stock went from seven bucks a share to zero in about 11 days and when the company had declared chapter 11 and I lost you know I lost pretty much everything do you remember how much money uh when you felt that Tipping Point where you did feel financially secure not like bulletproof where nothing will ever will happen but do you remember the inflection point where you're like okay this feels different than I've felt on on the climb I still don't I still haven't hit that point I'm still very anxious about money you know I had and I like to be very open about money because I think that not talking about money is basically a decorum that is promoted by the incumbents and the wealthy such that you don't understand how much money wealthy people have to keep poor and middle class people under the illusion that oh you you should be paying 45% taxes while I'm paying 17 and I think I think it's important to be very I think it's helpful to be transparent and I talk about how much money I've lost all my investments how much money I've gained my tax rates Etc but the the you know I'm I'm still I'm not obsessed with money I think about it all the time I'm trying to get a lot more I'm I'm giving it away I five from five years ago I decided I was going to give away every dollar I made in current income um because I want to start catching up to the non- philanthropic Scott for the first 45 years of his life but I'm still trying to make a [ __ ] ton of money I still feel financially very insecure I still worry about a recession becoming a depression and I'm the guy who lost it again I've lost it all a couple times and so I don't feel I'm at that point where I don't have Financial anxiety I do sleep with one eye open the big you know I sold my first company company for 28 million bucks by the time I split it with my ex and my partner in taxes I ended up with a few million dollars Red Envelope I got a few million there but I always seem to figure out a way to lose it but I was able to start again because I never had debt I've always lived below my means um uh but I would say the big win was probably selling L2 and I like that oh wow I can buy a plane like that was not in my reach before um so that was kind of the big one that was like all the moons line what was the price what did it sell for $200 or $300 million no it sold for $1 158 million but we'd only done one round of venture capital so the you know the common shareholders you know I was the largest Equity owner um so the top you know between me and the top six employees we probably own 70% of it um so that was that you know that was a lot of money for me I'd never had that kind of money before I'd always done well well but I'd never had that kind of that kind of capital and then getting to invest that in the midst of a bull market we sold in 2017 um you know i' I've made more money investing actually than I've made from my small from my businesses and I'm I got a book coming out of March about uh Financial um trying to develop Financial Security and you know the ability to create a army of capital even if it's only 50 bucks a month or 100 bucks a month put it in a tax deferred or tax efficient vehicle ver ify it and then let time take over against see above you don't know how fast time is going to go that's where I've built real wealth our software is the worst have you heard of HubSpot see most crms are a cobble together mess but HubSpot is easy to adopt and actually looks gorgeous I think I love our new CRM our software is the best HubSpot grow better this doesn't this doesn't make sense for Shawn because Shawn is not worried about money at all he's got this thing that I like to call like good emotional health he's very emotionally healthy his his parents did did him well and he's talked to me about this I sold my company two or three years ago and I made a fair bit not I'm I'm like I'm naked here what did you me yeah let's go let's go Sam you got to say he's hesitant he's hesitant because he's worried people listen okay go ahead uh at the end of the the process uh I walked away with about $20 million that and how old are you uh I was about 30 I was 31 or 32 so you should be extraordinary you should be unless you really screw up you should be much wealthier than I am by my age because to get that yeah but I still I still feel shitty I feel the same like I still like I felt awesome for a minute and then I felt shitty where I was like oh like when I see these world events right now when I saw like whatever happens every 6 months I'm like the world's going to end and and I do uh like an I'm boring Sean makes fun of me I do 8020 index and bonds that's the I only own exactly what you should be doing right now I think so and I and then I own Hub fot stock still and then I own Airbnb stock that's basically basically my portfolio and um Sean makes fun of me he's like how are you feeling insecure I'm like dude I'm broken like I'm broken like I it doesn't matter how much therapy I go to I'm just I'm a broke when it comes to money I have a scarcity mindset and I'm broken yeah I'm the same way and when you talk about how you're worth you know 100 million plus and you don't feel feel secure and Sean said he's like what a little [ __ ] like you know like you talk about masculinity man up you know what I mean like it's and I have the same thing I'm like I I can't so I'll give you I'm weak by but the only thing I would say is just uh I both of you guys obviously super smart guys and you know it's sort of irrational that you're feeling that way and I guess the question I would have Scott is like uh like you know you actually are financially secure now right like it would take um it would take a lot for you to get to the point where you're not able to fund your lifestyle or provide for your family or whatever at this at this point um so you know that that anxiety is is somewhat irrational and you're a very smart guy and you've clearly like done the self-development work in a bunch of other areas of your life I'm just surprised that I like I can't tell is it just one of these like virtue signal things where you're like hey guys I'm just I'm still like you I'm still I still sweat it and I'm like oh is that what these guys are doing they're just trying to relate to the common man um or are you actually just not like fixing that irrational part of your brain and just being like uh you know you know working on that like getting it getting it right um which one is it yeah so first off the Neurosis is real it's not a it's not a humble brag it's part of a brag but it's not a humble BR it's the Neurosis is real but it's also it's also a feature as well as a bug because I'm all over the people managing my money I know where my money is I think a lot about diversifying Sam what you're doing is exactly what you should be doing cuz you're not looking to get you're looking to get richer but more than anything you're looking to not get poor and the mistake I made at your age when I had some wins was I would double down and I would start another company and put all my money into one thing like you're quite frankly you should be selling down your Airbnb and your HubSpot stock and just letting you don't need the needle in a Hy stack you just need to buy the whole Hy stack cuz got enough capital I have a price Target like I I I have like a number where I'm like when we get to around this we're going to we'll get out of those yeah but I would do do I mean a longer conversation but Sean tier I think about financial insecurity a lot it is still very possible you know there's been periods in economic history where if you're invested and you know you can lose most or all of it um I've put a little bit of pressure on myself because and this is virtue signaling I give a lot of money away so but yeah I don't and also I have a really nice lifestyle but no the insecurity is still there I I I was always financially insecure growing up and I just don't know if that goes away but I I think some of it is a good thing I have my eye on stuff I think about it a lot and it's like if you want to be good at money if you want to be good at anything if you want to be good at tennis if you want to be good at Stam collecting you need to think about about it a lot it doesn't you know Roger Federer thinks about tennis a lot a lot and if you want to be good at money uh I think you have to have a certain amount of financial literacy you have to understand interest rates you have to be thinking wait when my mortgage rolls in 14 months is it going to go from 2 and a qu% to 7% oh wait it is does that mean I should be thinking about selling it paying off my mortgage you just if you want to be wealthy unless you're extraordinarily talented at something I mean extraordinarily talented and also can live below your means and most extraordinarily talented people have a tough time living below their means it's not how much you make it's how much you know you spend in your ability to create a Delta so you always save below live below your means yeah the the insecurity is real it really I still am very fearful of being broke I don't I don't want to go back there and not only that I'm getting to an agro I I don't have that much time to make it back so no the insecurity the insecurity is real what helps is is that you have cash flow now like a lot of startup people you're poor you're poor you're poor and then you're poor for seven years then you maybe hopefully have an exit then you get a windfall and then it feels good for a little while and then you're like but there's there's no more income um what changed for me because this podcast and Sean this podcast has done well is and and a few other things that we have got going on in our life we actually have regular great cash flow you have the same that has made me feel better is like getting checks every month and like seeing the balance go up on a consistent basis the cash flow like there's a difference between entrepreneurs I found between who sell and just make windfalls versus who have a business that they fully own and they're able to take out income every quarter or every year um and having that cash flow definitely makes me feel better oh no doubt you always want to be making money and also it keeps you in shape being subject to trying to make as much money as spend or ideally more at any age keeps you in the market you have to you have to understand what the market values and doesn't value it keeps you it's how I I think it keeps me that an exercise keeps me is is hopefully going to keep me sort of young and that is understanding how how to how to create something in the marketplace whether it's a podcast or a book or a talk for me that people are willing to pay for Keeps Me In the game it keeps keeps me in the ring it keeps me in shape uh so I think it's really important to and also you're right it does if you let the end of the year no okay if my even if my investments are down 20 or 30% which they were last year I'm still making you know almost as much or more than I spend that's that you do get huge comfort and peace from that you know one of the things we like to do on this podcast is um that's different than most is that we we ask every guest who comes on about what they're seeing now so like so far we talked about the past and most podcasts are just about your past how you how'd you do it but um we like to talk about Trends opportunities B what what business would you be starting or do you see as something people could start now right like if you go on if you go on hot ones you eat hot wings if you come on MFM you talk about ideas and opportunities that's sort of the stick um in fact we almost canceled this podcast because we didn't know if you were prepped and ready with that but Sam said no no no he's going to be he's good he's good off the cuff you'll be ready um what opportunities or ideas do you see today that either you know you're tempted to do or you say no I'm out of the game but if I was 25 again this is what I would be running at this is what I would be working on um this is a problem that I think somebody could go solve what do you see out there today so first off a lot of it is situational right someone coming out of someone with a degree from an elite University who has the ability whose parents will support them and doesn't have a high burn or maybe a partner that works you know it's just a lot of it situational I I don't like it I've never like this hustle culture where people say go offer to carry Jeff bezos's bags or have coffee because some if you're a single mother that's just not an option for you so some of it's situational so I'll go through a few situations if I'm a young man or woman and I haven't had the opportunity to get credentialed I don't have a traditional four-year college degree much less a college degree from Elite institution I think there going to be a lot of businesses whether it's carpet cleaning or gas stations or uh you know hanging and selling draperies into small Furniture companies that are owned by Boomers they're going to need uh transition nice small businesses and these individuals will need liquidity events and they're just aging out of the business they don't you know they're hitting their 60s and 70s and they don't want to be calling on car washes to sell in you know their product or whatever it is and these are businesses doing between half a million and 10 million a year that have no succession strategy because if they made money their kids don't want to be in this type of business because their kid went to Emy and wants to go to work at Google and I would try and find be really Scrappy about getting into a business understanding it trying to find people who own it and figure out a way to buy it using that person's Capital approach somebody and say I want to take over your business I'm going to buy it slowly over 5 years and then I'm going to give you coupons so you can retire um if I'm a credentialed person if I have a degree unfortunate enough I would go to work for a big platform I think we live in an era of of where antitrust is no longer in effect so the big companies if you were to divide the stock market into desiles the 10 the companies with the largest market cap over the last 30 years have outperform the bottom nine by huge Factor so going to work for a big company is vastly underrated they can abuse their Monopoly position they will have that mole removed you will get rich slowly working at Google or at McKenzie so if you're credentialed uh you know we over romanticize entrepreneurship if you have the ability to get into the greatest wealth creating vehicle in history and that is a US Corporation do it but they have security at the front saying do you have a degree from an elite college but if you do absolutely go to work for a big multinational conglomerate if you're an entrepreneur I think that the and credentialed and can raise money I would say that the intersection between Ai and healthare the most disruptable business in the world is US Healthcare three and a half to4 trillion dollar four out of Fe five people aren't happy with it it's cost of outpaced inflation for the last 40 years meaning it's got the biggest chin in the world and I think the fists of stone coming for it are uh is artificial intelligence where we can take Healthcare from a defensive based industry to offensive I give my grocery receipts my workout routine My Health Care records my sleep patterns to a company that figures it all out and then gives me prescripted goes on offense proactive lifestyle Grocery and exercise recommendations and I think there's just going to be a ton of Niche businesses and health care that leverage some form of AI are there any out there that you like yeah uh I'm an investor in a company called 98.6 that does text-based health care it's a private company so we sell into B2B a big you know Sam's and Sam's offers for $3 a month to every employee or we charge them three bucks a month an ability to text somebody in an AI says okay it's it's a it's a rash we're getting a dermatologist on the line they look at the rash using your smartphone and say this is fine I'm sending you a cream and hit and or this needs a prescription we're hitting the pharmacy and by the way that that investment I've written down by 80% it's been really hard I've I've lost money so far in that so I don't want to pretend that this is all easy but I would say if I were young and had intellectual capital and credentialing I would go into something around Ai and healthc care and then man well like that shocks me that you said that say that because when I look at I've done a few Healthcare things and I look at like the landscape it seems like impossible to like it just see there seems like there's a [ __ ] ton of Regulation figuring out insurance companies seems like the hardest thing there is um and even though everyone is frustrated about their setup this seems like a like a very challenging space to crack into and of course there's there's huge rewards if you can pull it off but it seems very very challenging I I just look at this I look at this category and how much money is in this category and um it's going to happen it's just there's never been a business there's never been a carcass so tempting so bloated swimming so slowly as us-based Healthcare we spend $113,000 per person but we die earlier and we're obese and we're more depressed the UK spends six and a half thou how can the UK in Australia be living longer and spending half what we in the US spend on health care that's just the mother of all chins there's going to be disruption there and I'd want to get in the way of that the other thing I'm really excited about and I think is the most underhyped I just did a blog post on this I think gp1 is bigger than gp4 what's gp1 OIC woia oh yeah yeah yeah yeah yeah which I i' I've tested semi glte a ton it's amazing um like I think there's like so many crazy implications on what it could do like I think I think it could i' I've been saying this I don't know [ __ ] by the way other than I tested it and I had drinking problems in the past I think it could like help solve alcoholism I think there's so many crazy things there was this guy on Twitter uh our buddy from CB insights was like what did he say did he say that um uh food companies are going to lose money cuz people are eating less and he said airline companies are going to make more money cuz people weigh less he's like that's how big of a deal these drugs are if I was starting a hedge Fone right now I would have a fund that did nothing but go short food stocks McDonald's nobody walks into Arby's and looks around and thinks this was a good decision no one ever thinks that and if if all of a sudden I could get an ejection or take a pill every week that help me make better decisions our instincts have not cut up to the institutional production of our economy we drink too much we eat any anytime we're near Salt Fat or sugar we Gorge because for 99 again 99% of our species history we couldn't find these things when mating the majority of men have had almost no mating opportunities through history a small minority of men have had all the meeting opportunities and then you're presented with a reasonable fact simile of sex called porn and there's a there's a decent segment of men out there who aren't working aren't getting out of the house because they're staying home and watching too much porn and they're also not engaging in relationships we drink too much I'm addicted to other people's affirmation my kid is on Snap too much this could be scaffolding I mean the weight loss thing is arguably the biggest addressable Market in the world 40% of America is obese 70% is obese and overweight but even bigger than that this could be the scaffolding on our instincts to update our instincts to where they need to be with in the industrial production that has gone exponential in the last 100 150 years with assembly line technology the microprocessor and say okay Scott you like THC too much you like alcohol way too much you're too desperate for other people's affirmation and what people say about you on Twitter bums you out way too much much we're going to calibrate these glp1 drugs to help you moderate your Cravings I mean what these things do is they moderate your cravings when your Cravings are getting the incorrect signals from 300,000 years of instinct on on the Savannah and everybody I mean they're finding out they're finding out people on OIC drink 60% less alcohol they're biting their nails less so the opportunity to update our instincts for the entire I mean the market I I'm just I'm blown away by this thing I think it could be just enormous and there isn't anybody that doesn't have that has instincts that has a behavioral model that is that is driven by Instinct that is caught up to our world I don't care who you are have you tried it I haven't but as you can tell I'm ready yeah jeez I feel like you just injected me digitally just now with it that was amazing you know how much it costs a month about 1,000 bucks a month right it's between $500 and $1,000 a month when I was trying it it was 500 a month out of pocket most insurance companies and and I think if you have diabetes they actually only cover it I think for a limited time but most people using it now are are just paying $500 to $1,000 a month and here's the crazy [ __ ] about this drug you have to increase your dosage every every week so you start with a very small amount and every two weeks or so you have to increase it like forever well I I don't know forever but over a course of at least a year you have to so the like when I first started taking it I would I would test out just a little bit and it would make me a little bit sick to my stomach you know the the downside of there's a few downsides one is upset stomach and then after about 3 weeks I'm like all right I feel great let's let's increase it and then now at the end of uh 6 months you're taking 10 times you basically on a syringe you got to fill thing up to 100 at first you fill it up to 10 and over a year you have to increase it and so you have to pay more and more money what could go wrong there's a lot of things that can go wrong with it I like I i' I've tested it one downside is I actually don't know if you develop healthy eating habits you just eat less and you lose muscle you lose muscle uh there are definitely downsides to it it's not a terribly new drug like uh I think that these types of things have been around for like 30 years so there's some studies but like the as it's being prescribed now it's definitely newish so there are definitely going to be downsides but it's super promising another one is uh metformin which isn't in the same um which isn't in the same category entirely but it does similar things that's super interesting I always think it's interesting when people like Sam Alman like these Geniuses who like see everything take it and he's been like this is the drug I take I take met Foreman all the time so that's super fascinating so I agree I think I think these this classification of drugs is is quite interesting I mean I was even thinking I'm trying to figure out the second order of effects here and like does Mna stock go down 80% because the reality is through the pandemic we the farri weaponized and politicized mass and vaccines and decided Well if you take them it means you're far left so if you're far right you don't want to take these things on the far left we weaponized and politicized obesity we didn't want to acknowledge that 88% of mortalities had one comorbidity uh at least that was obesity related and we started with this Trope of oh you're not obese you're finding your tree truth no you're not you're finding diabetes there's nothing to celebrate here and so we decided we didn't want to have an open conversation about the fact that America is obese 40% of a the kids you're more likely to commit suicide obesity and children it's terrible you're much more likely to be depressed as an adult not go to college you become more likely to kill yourself I mean so what happens to misto if all of a sudden we drastically reduce if you drastically reduce obesity in America you drastically reduce the vulnerability of the population to a Corona virus so do you need Mna I mean at at some point the reality is a 25-year-old who's thin yeah you get vaccinated for a variety of reasons but it's not at some point it becomes less obvious whether you need these vaccines when the society is healthy and not obese I I mean I'm just kind of Blown Away Hospital networks entire Hospital networks could go out of business if they're really honest the milin institutes that obesity related costs are $1.7 trillion a year when you look at everything from knee Replacements to cardiac to cancers that are obesity related we're looking at $1.7 trillion a year that's 7% of our economy so what happens when the entire economy gets a cost cut of 7% so I I'd want to get kind of near this techn I think this technology is going to have a bigger impact on the real economy than AI I think AI we've kind of hit Peak AI I love it I use it a lot but it's a little bit overhyped right now we're definitely kind of I would say I think about a month ago we hit Peak AI in terms of from an investor standpoint I would not want to be buying into AI companies right now as an entrepreneur I'd want to be raising money for an AI company but I anyways you asked me what I was excited about trying to find a baby boomer that wants to sell a small business and do seller financing uh if you're have certification you're fortunate enough for whatever reason you either have Rich parents or you're freakishly remarkable and you ended up at Dartmouth go to work for a big American company we are they're amazing you'll get rich slowly smart people great place to meet mentors great place to meet mates you just just these companies are totally underrated in terms of their power and what they can do for you professionally and economically uh if you're an entrepreneur something around Healthcare and Ai and I think from an investment standpoint uh I just want to be near I'm very excited about glp1 as an emerging technology we need to get you to start taking it so we can well have have you not taking it because you're afraid of the side effects or if you're not taking it because you're like I'm already cut I don't need this oh no I'd like look I think I I don't know this but who who gop1 should be uh who who should could reach right now is poor and middle-income households that are obese that's where the greatest societal benefit would be right now who I think is probably driving the sales are rich people who want to lose the last 10 or 20 pounds that's my gut my gut is that the people taking it right now the Hollywood drugs 100% dude I went to I went to CVS the other day I had to get like the whooping cough vaccine and I went to CVS and I had to wait for an hour to get the vaccine five people were in line I the [ __ ] worst thing about CVS and Walgreens is they say out loud oh are you here to pick up your simala like they say it like really loud like and I'm like the [ __ ] five people had lied and it was all older people who looked like they had diabetes five people they were like oh are you here for the OIC and like they say what the pricing is and they go all right I'll pay it and and and these people it it was like the white New Balance crowd it wasn't like a like you know like it was a Wrangler jeans crowd this wasn't like a like a high they didn't I didn't stereotype these people as like yuppies and they were swiping their card just jump up and yell cyia oh wait you said something else never mind I hate that about the phes where they say I'm like can you can you shut the [ __ ] up Scott this could be your philanthropy thing you should be giving away gop1 to the to the masses that could be your moment that nobody's on that train so I you inspired a thought like when I was 19 I I had terrible I had terrible acne growing up and it was a real source of enormous insecurity for me and I was painfully thin I look like kabad crane with bad skin and it was just really really painful and I was starting to get scars on my face cuz my acne was so bad and I started taking taking acutane and it was about the time I made the crew team at UCLA and I put on a bunch of weight and a bunch of muscle and my skin cleared up and it literally changed my life it just changed my life uh and not only because uh uh you know I was people were more attracted to me and I started having sex which was a wonderful thing in my life but I just felt so much better about myself and still to this day and it's probably inappropriate I was at a gas station and the gas attendant had just terrible acne and I'm like take this as you want I don't mean to offend you but if you heard you know there's there's there there's great drugs uh for this so I'm out there basically trying to prescribe as not as an unlicensed doctor um I don't know what made me think of that but uh this drug that drug literally I I found the guy who invented it this guy who sold the patent to Hoffman L Ro and I tried to write him a letter and they're like well he's dead but we appreciate the letter um anyways anyways but no I haven't taken it I haven't taken it I do take I do take creatine uh I struggle with and no one's going to feel bad about this I struggle with keeping weight on creatine's all the now you said uh uh I've made a bunch of money and I just don't feel good and uh God it's hard for me to to put weight on I just keep losing it so you're two for two on uh unlikable Cry Me a River boss cry me a river yeah I'm too rich and too thin oh yeah Professor punchable we got Professor punch ha that guy I hate that guy well you you do get a lot of punches there's the the what's it called the inverse um the inverse index Gallow index what do you think about that that's pretty good I like that yeah and the craziest call was the Macy's the Macy's call that was a I want to apologize in advance but I'm going to sound defensive the Macy's call was I said that multi- channel I said that about 10 years ago in Germany at a talk and I said that multi- channel retail was the future of marketing and that Macy's who had a great website and stores I said that was the future and in the same talk I said I believe Amazon Will Buy stores and I said I think Amazon will buy Whole Foods but my detractors don't take that clip they take the clip when I said the future looks more like Macy's the anti- Gallow ETF or index it's a bit cherry-picked because I know my picks and they've actually done pretty well but um the reality is the G the the index says since October 4th 2019 tech companies that the professor has predicted would fail have outperformed the S&P and seen a whopping 61% return even excluding Tesla when was that published I don't know because I I think I well one I picked I picked some companies that would lose that skyrocketed specifically Tesla um but I think someone who tracks it as of last year the end of last year because a lot of those stocks got hammered it was it was it was up again but I want to be clear I get I get it wrong all the time and someone who makes predictions like me should be held accountable what I find though is that the in people stop tracking the index when it's there's no longer a story there when I I mean this is what I found um when I talk about when I say that I think that Tesla is overvalued by the way you're right last updated uh on one of these the inverse Gallow index.com last updated 228 2022 which no one's interested because the narrativ when the market started to turn yeah because quite frankly the index is probably overperforming right now and no one's interested in that because the people who invented the index what I find generally especially on Twitter is when I am disparaging about a company or cryptocurrency the people who are along that start engaging in not only professional ass uh assassination but character assassination whenever someone really comes after me I'm like they must be an investor and one of the companies I have been critical of I would say don't never get in between a venture capitalist and their second million because they will take to Twitter and call you a plagiarist or accuse you of having done terrible things at NYU which you've never ever been accused of much less people have people have found you guilty of what what did they accuse you of I'm not even going to go there I've been accused of everything like Behavior stuff or just getting uh picks wrong oh I know it gets really ugly and then you click on the Twitter account it's a picture of a dog and there's no it's an anonymous account I think that there are Venture capitalists who you know fairly well who when I'm when I'm saying this company this cryptocurrency this coin the underlying technology there is no underlying technology and they are funding it with their brand name such that they can dump it because they don't have to disclose their sales and they hire a PR agency that creates 10,000 Bots and then creates a list of people who don't think Crocket is going to replace the dollar here I've got a good shirt that you can where for for when you're having those conversations for virgins no I would say yeah no it's for people yeah that's right it it means you never kissed a girl um anyways but what I have found is and I wasn't used to getting attack like that and every time I tried to you know I I hired a firm to unmask some of the people who were attacking me it was clearly like the same language I'm like they're using fake accounts and it was almost always someone who had a large financial position in the company that I said was overvalued but look at the end of the day I should be held accountable and when I get it wrong you know I'll have several million people on Twitter point it out um but as somebody who is very close to his own stock picks you things have kind of worked out over here wait wait you hired a firm to figure out who's behind these Twitter accounts I think it's so I I think it's political I've been very critical of Putin and I'm fairly and I know this sounds paranoid but it doesn't mean I'm wrong if I if I were Putin I would hire I would spend a small amount of money I'm spending hundred billion dollar a year in Ukraine and 100,000 Lives why wouldn't I take 5% of that or5 billion dollar and take some very bright scientists and uh do AI generated AB testing and create a list of my five seven 10,000 biggest detractors who are pro Ukraine and start slowly but surely undermining their Authority on social media platforms that have AAL aoral management team who will cash my checks and slowly but surely start undermining their Authority that's what I would do do you have any proof that anything like that has happened or is this just going to my comments go go any I don't know you that's that in itself is not pro it could just be someone time anytime you say any you'll do it go on and talk about Ukraine and you're going to start to see a lot of people attacking you personally and professionally who are anonymous and you could say wow it's just amazing that all of these Anonymous Bots seem to have decided to engage in character assassination because I consistently Am pro Ukraine and wouldn't they be stupid not to do it because people don't look click on the profile they just see the comment and it's always the same language Professor Galloway I don't know it's like what what's the threshold of your I in my eyes you're a big deal but what the threshold of you're a big deal to decision makers who decide these things but it's all about public opinion you can't win a war without public support you can't lose one with public support so the Putin the fastest Blue Line path to victory in Ukraine for Putin is the election of Donald Trump in my view and also uh trying to diminish or reduce public support for the war there so wouldn't they be stupid to not have the gru identify the 10,000 most critical PE or biggest supporters of UK Ukraine and slowly but surely undermine their credibility that's what I why would they'd be stupid not to do that especially on platforms that will cash anybody's checks and as it relates to the fog of misinformation are [ __ ] smoke machines why on Earth would they not do that no I mean I I think they should I I was just I'm giving you a hard time of like are you are you a big enough fish which that that's what that's what I'm trying to figure out oh I might be 20,000 out of a list of 20,000 people but I think I've made the list when it's actually the like Forbes 30 under 30 [ __ ] Putin's 10,000 under 10,000 that's the list that's the real list of influence right there if you go on Face the Nation and say this is the best investment in the history of the West unifying for the first time Europe is a union we've taken NATO out of the brain coma we pushed back on a murderous fascist 90 years ago this is a wonderful moment for the West it's 10% of our military but this is the best investment we ever made I think that qualifies me to get on the list that's what um well are are you enjoying being Scott Galloway the brand more than being Scott Galloway the founder of like an are you enjoying it more than being an operator of companies or are you enjoying uh I mean you have some cool blog posts where you're like when people say hi to me in the streets I love it it makes me feel great which one are you enjoying more Scott Galloway the brand or Scott Galloway the business person oh on the whole this is really wonderful I mean people come up to me and are super nice and you know I'm at that I have 13 and 16y old boys so everything I do is just like tragically uncool in their eyes they don't really seem to like me a great deal so when someone comes up to me it happened yesterday and like wants a picture with me and they're excited to meet me in front of my boys to be honest it just feels really nice and people generally speaking are just so nice and they come up and I get to meet new people yeah it's awesome and it feels very gratifying I'm also we talked about a addictions I'm addicted to affirmation from strangers it's sort of pathetic but I at least know it so I can modulate it and it's really wonderful people are really friendly and really nice you know I went to the Arsenal game with my boys and a bunch of people came up to me and said hi and I was at the Taylor Swift conference uh concert and the 16-year-old girl had made me a bracelet and came up and gave me a bra I mean it's just like I have all these wonderful moments with strangers so it's wonderful I do think there is an algorith for happiness though a pretty good one and that is to be rich but Anonymous cuz at some point I'm going to become the villain and some of the things you talked about before there's an entire industry in America around building people up and then tearing them down and so I wonder when my story turns to the villain because you know at some point I'll probably [ __ ] up and say something really stupid and then Wham people will weigh in but for the time being oh it's wonderful people are nice I just it's so rewarding really rewarding we're um we're coming up on the on our time but I I had one one last question I saw you talk uh I've seen you talk a few times and I've watched your stuff on YouTube the difference between your talks and most everyone's talks is you kind of break a bunch of the rules so you have like 150 slides uh each slide has lots of information on it and you talk super fast you've got a really beautiful Rhythm that it's I say fast but fast in a good way what is the process of like coming up with one these talks because your talks seem way more lucrative like one of your talks would be like maybe a big blog post that I wrote or that I would write and I imagine having like a talk is significantly more lucrative and probably way more fun you could travel all all over the world and and deliver them what's uh what's that process of like do you start with a headline and you're like let me go find data you find a data point and you're like I'm going to build something around this yeah so speaking is the most lucrative business I've ever been and I had 340 inbound requests for speaking speaking I accepted 30 of them I average $112,000 per speaking engagement and my attitude is someone's going to pay me $112,000 I can't just show up and be charming and interesting and like be me on stage I've got to bring something really unique and so I will spend the better part of three months with a team of analysts at prop G trying to come up with themes and data and slides and humor and video clips and then choreograph it and practice it over and over and then test it and try and make it something where you go okay when I mean just like a comedian well humor is a great way to lower people's defenses such that they'll be open to new ideas and so when I say things that are provocative or I'm asking them to think something different humor is a fantastic way to soften the beach for new ideas but you're testing your like you know before you get the Netflix show you're like testing it on the on the on the small um yeah but if I'm a if I'm a MasterCard and they're spending me 100 you know they're spending 150,000 bucks to have me speak for an hour in Barcelona which I did last week you can't just show up and be Scott Galloway I've got to be a guy who rep who gets finds these incredibly smart people to pull data together and that do a great job in my design team and you know greatness is in the agency of others so but it's a ton of fun I get to go to interesting places I get to pick the most interesting cool ones and it's a nice and I have an impact I talk a lot about struggling young men which is really something I'm passionate about and is really rewarding I feel like I'm having a difference I get to go to cool places so I kind of feel like it's my Victory lap right now I get to just sort of run around and you know but I'm but if someone's going to pay that kind of money you just can't show up and just start talking and you know a bunch of War stories about how awesome you are you got to show up with real insight or something that's going to catalyze a conversation with data they haven't seen before back to the drawing board for me then I thought that's uh I thought what I was doing is uh showing up and giving myself a Victory lap dude have you seen one of his talks like every slide has like a data point that is quite good and a story behind it and I'm like dude just finding this data is is a job you're you're an excellent performer uhal speaker and like Sam said you're very lyrical we we enjoy uh we enjoy what you do I think you're you're really great at what you do I don't know how you were as an entrepreneur but like I I feel like this is what you were meant to do is to uh to be smart and then um you know package that up and perform that because you can't educate without entertaining and you do a great job of both um thanks for coming on we really appreciate it thank you guys congrats on your success yeah thank you we I think you and I I I think our pods are are uh going back and forth sometimes in the chart so I look forward to uh uh kick in your ass I will bury you see you trenches uh thanks man we appreciate it Scott Galloway thanks again guys that's the [Music] pod

Channel: My First Million

Views: 302,638

Keywords: my first million, my first million podcast, my first million podcast episodes, the hustle, the hustle daily, the hustle trends, shaan puri, sam parr, sam parr the hustle, the hustle podcast, the hustle podcast my first million, startup podcast, entrepreneurship podcast, business entrepreneurship podcast, business, podcast, entrepreneurship

Id: P7FQKRfpYTA

Length: 49min 21sec (2961 seconds)

Published: Tue Oct 24 2023