The REAL Wolf of Wall Street Uncensored

so we are sitting with the legendary wolf of wallstreet jordan belfort how you doing brother I'm doing great it's good to have you here on value taemin we get a lot of requests about sitting with you and I was telling you a story earlier which I thought was pretty interesting I used to work at Morgan Stanley Dean Witter day before 9/11 and I'm in Austin I'm sitting at the bar having dinner Warfel Wall Street had just come out and this guy sitting next to me they're talking I said you know what do you do says I'm an advisor I'm a financial advisor from New York I said you know is this wolf of Wall Street story really love was it really a guy like not Hispanic it's absolutely y'all wanted to go to his parties this guy was epic it's one side to watch a movie because you see the fiction side and the other side is to actually sit down and talk and hopefully we can get some cool stories here so here's what I want to talk today I'm gonna talk a little bit about your story little bit about sales not necessarily on the sales how to sell I think your strength is not just how to sell there's a lot of great sales people but the sales management side I kind of want to talk to you about a little bit on sure who you targeted who you focused on who working with you how you got the best set of people and then maybe a little bit about Bitcoin and you know future the market and we think about this so so my first question would be this I watch wolf of wall strips okay in your mom and selling them back and my dad I said he comes back so how'd you like doing since I love the movie I says what do you think I say yes he think we should go back and have a Jennifer watching my wife he says he says nobody from the family should watch it this was the best he was talking about it so tell me you know forget about the stories in the movie what actually happened that maybe was a little too crazy to put in a movie was there any story didn't make it in the movie like wrote the book back in 2007 there were certain plot lines that got completely edit out because there were some public figures involved ISM so that a lot of political stuff going on - its senators and and Clinton stuff like that and I all got infants yeah Hillary Clinton is a whole big thing not the rest of the Hillary but with a u.s. senator that she was bucking heads with him it's a long story anyway I don't feel long sir you can't get it I really can't get to that because you know Hillary Clinton and Senators interested in the u.s. senator who was incredibly uh outspoken against her and they were bucking heads anyway make along snork yeah so what I submitted that to the publisher Random House they're like I don't know about that once they said that's gonna be a political you know you know hot potato so I added that one out but I think in terms of I think what people were are interested in source things that happened that was so crazy and in saying that simply were just you know not fit for public consumption there was some was a lot of that stuff actually so I think the one scene that sticks out among all was the bachelor party so if you read the book the wolf of Wall Street there's only one disconnect in the book is this scene where I am getting married and I have a hundred brokers call me the Las Vegas today ship a hundred hookers out there as well and it's just like the most insane situation you could imagine going on worth of Mirage Hotel and they sort of depicted that in the movie but they sort of cut the whole thing out right and what happened was is I wrote the whole scene right eight pages long and I said to my editor woman Daniel president and she'd already read insane stuff like you know he's already all the dark and Sally was there she read this and she says the fashion girls Wow wo W declamation weather shows I don't think other human beings will understand I said well I know a few humans long as this I just don't think people will get this scene so even more than what you saw them all oh my god it was I mean listen I was a couple scenes where you watch it you kind of uncomfortable like no this was like far worse than anything in the movie but for I mean the things that happened at this passional party were so depraved that uh that III had to leave like I ended up leaving Vegas like the next morning I got up and I hear we had to get out of there and uh if you think that movie does really well my hats off to Scorsese is that he was able to put the life of someone that did a lot of things wrong yeah did a lot of things really right as well but clearly made some huge mistakes but he put it on the screen without judgment and I think that's what a great director doesn't well I hate pursue that I got to move I don't want to be told how to feel I don't want to I haven't really Telegraph's like we're they make it so much like this is how you should feel right and there's a spoon-feeding emotion verse he said okay here's what happened you know it was fun there's no denying it was fun it was evil in some ways it was awesome in some ways but he's like I'll put it up there and let everyone have their own opinion of it and I think that was the magic of the movie was to be able to that's what Scorsese is so great at is like he just puts characters up there they could be loveable rogues hey you know it's just it's all about how you feel interact at the film versus someone that puts the movie up there and they just they telegraphing things they hate this person's like this person they're moralizing he didn't moralize so I think that was the brilliance of the movie of course leo is just an incredible actor Leo did a great job and I think he shocked a lot of people with the physical comedy and stuff and he was just great and I think one thing that people don't realize with Leo is he worked really hard on this it wasn't like just like I'm Leo DiCaprio talked about that was asking you questions what are you what do you do this would if we spent about a about 8 to 10 months together would you say oh yeah yeah we're really just constantly being together meeting and talking things through and speaking on the phone all the time he was working with a dialect coach and I was working with the coach with him we worked on all the scenes in the boardroom together Erin's wit the wrote the script it was amazing and I then took the brought this one of the stock scenes with her sales and I rewrote those just to make them totally authentic and I want to say it wasn't Kerry's amazing right but those doses are just oxy and short and leah was so intent on getting everything authentic and and I think that really why he was so great in the movies because he put the time in I'm a believer that you know with anything that you do should put your time that tells that says a lot about him he always he tell you it's not like he's like no Amelie all just great I'm so impressive yeah now let me ask you how was Scorsese with this whole process with you very interesting so Scorsese was very different Scorsese was like listen he fell in love with the whole straight line system that the actual sales side of it that that's what really intrigued him is that what was really going on he soared very quickly that behind the whole thing was this system I created allowed average people to become awesome right he's such a cinephile this guy I had like hundreds of hours of videos he studied every single video you know every single lie really he was really into the whole thing but it Snuffy's listen he didn't want to spend that much time with me personally cuz he owes I had this vision of you he goes and I don't want the real Jordan Belfort the influence how I want this character to pay with everything so I limited my contact with him at a certain point and he just put it at the end we spent time did he was awesome he gave me a cameo at the end and I was cool though when that happened I was really really cool and you know so really Leo is my conduit to Bharti mercy but it worked well I mean and I get it why he did he goes you know if you're there it's like I have a character I'm creating him is the real guy I'll be constantly going back and forth and it's sort of at a certain point it becomes counterproductive so but at the end you know what i but i sat there and watch the movie Oh will you nervous how the world's gonna view you know the wolf of Wall Street Jordan Belfort really I mean I wasn't enthusiastic like you can't wait to see you at that point I met my partner my wife and and she's amazing she's the best thing they ever say is amazing by the way just the way she welcomed us with a and I think you know she haven't heard my life but you have a great woman in your life or a great man if your will very partner it just makes you so confident about about your own not not about myself just about like I felt really good about it didn't matter what people for me I had the person that loved that my children so it didn't really bother me and um and I knew that you know when I wrote the book I knew I put myself out there for I get a lot of detractors but you know what I mean you know in the end and the Internet I think if Jesus Christ gave a sermon on the temple mount his famous sermon you'd have people trolls there's nothing new there that's [ __ ] he's filming you did of what you do people are gonna say it sucks right yes they and you live in that sort of world where you just have people are gonna love you and people are gonna hate you so I think that the haters serve a purpose so you know I don't any think much about it let me ask you this question you're not gonna get to where you get you said what you were upset because one year made what was the number forty or fifty 1 million he said I was upset because I didn't make a middle week 52 you said something like that some scene or whatever was but let's just say if you were to change two or three things for this to have lasted what would those two or three things be like did you think about this you know look because I'm about to sit with and Michael Franzese he's one of the Mafia families out of New York he was a top guy he was doing a lot of money himself but the principles of what he teaches I'm building a biz incorporation it's absolutely insane where you talk about in this book and the cells the training there you offer yourself on the internet anybody can learn from that and applied so if there was two or three adjustments what would those things be um number one for sure would be the delaying the gratification the biggest problem I had delaying the gratification that's a problem that a lot of young I was having and I learned that the hard way is that good things take time and there were some moves I made that made me a lot of money in the short term but then created problems to be over the long term and for example like Steve Madden shoes one of my companies right I remember I was the majority shareholder of Steve Madden shoes if I had not had that problem from all the stuff I did earlier I would have made seven hundred million a billion dollars just over that one wheel versus making twenty thirty million dollars cuz I was forced to sell it too early right it's one example and there's so many other examples just like that where for instance if I would have not gotten in trouble I would have made the dot-com boom and been positioned to have the biggest firm out there during internet craze I would have made it billions off of that so while I made a little bit of extra money sooner it costs me a lot more with long term by not playing that sort of long game playing the short game and I think that's a big mistake a lot of people make and it's something I learned really was crystallized when I wrote my first book the wolf on Wall Street because that took me a year to write I didn't make anything while I was writing it I mean I got some advance is very sure right and then lo and behold over years it turned into this amazing thing that just spawned an entirely new life for me so I think that it was a classic example of something that we you worked really hard on something and it pays off down the road so I think it's one major thing is uh is that second thing is that I think that a lot of young people it's not because they're bad or it's not about that because I was a really good kid of a great family never got in trouble never got in trouble no no it was never kind of like at all no never got went to jail never me your dad it from the way was pictured that was trying to protect you a lot of counting stuff wasn't that kind of family a really good yeah often you think when you're younger or even you're old if you haven't had this this lesson taught you the hard way is that I could be half pregnant when it comes to ethics notice I could be ethical but maybe I could step over the line nodes and get away with it yeah the problem with that is that when you step over the ethical line once your line of ethics moves a bit mmm so next time you step over you'll stop a bit further also [ __ ] further so with me you know I became desensitized to essentially right and wrong behavior and it's very easy on Wall Street we don't a lot of people as you as we found out in 2007 it wasn't just me everyone Oh even but 50 times bigger than where you live some of these guys cost a lot of people my ways I you know I always say everyone's doing it that's the old excuse surely do it yeah I did what I did it was wrong but the point was it's very easy to point say well everyone's doing it so you have to that's such a good point you have to maintain you at the gym really do this no how do you do that very simple it really is very simple you just don't think the first step kata that's it and that's the secret there's no way you could take you can't like just take a step and a blur than be a good person it's very very hard so once you go in it's harder to come out of it like to make a major shift out of it I don't think it's hard I think it depends on how you were to start in other words if you were unethical your whole life yeah yeah that's who you are yeah for me I was I was an ethical part I never had a problem before and I've had a problem after for me it was very easy to find my ethical way because in my heart of heart that's who I was so how who you surround yourself with is gonna impact you and I really made some bad decisions and who I surrounded myself with I just did when people tell you you're the king you're this you're that when I was 24 that was intoxicating you know all these young kids or look up to me I didn't handle that well I thought you start to think that you like the normal rules don't apply to you which is why this time when all this success had with the movie and all the speaking it didn't affect me at all like it did you were used to it yeah well I guess I knew it with or without it I was still who I was the first Parral you really start off is it all so different because you had different people in your life like your wife for sure for sure it's a combination of those things so you know it's who you associate with it's understand not to take the first step and then people say well how do you know well you know you know you know there's like this feeling you get you stomach most licious sociopath you know when you're not doing the right thing you get this sort of feeling maybe just if you had that feeling you're probably I do it the right way right and then you have to be careful not to use the power of rationalization because the human brain is incredibly adept at rationalizing so you know avoid that and you know all in all I think you know for me I'm fortunate that it ended up I got a second chance and that worked out really well but for many people you don't get that's right just don't don't put yourself behind the 8-ball avoid that you know I don't I don't mean don't fail fail you should fail everyone should fail I believe that they learn more about what I failed then when I succeeded in business right but going out there and losing your ethical way is a choice that you make I don't care if the about saying don't do drugs I'm sober but I'm not like don't do drugs about I'm talking about actions that impact other people negatively that doesn't end well and you really have to realize there is a sort of energy in the universe and there's a sort of there is karma and you know you want to be on the right side of that equation you know the sales community's got it's a small community about all their sales trainers all the guys that are out there I think you have you know like you see God use a guy like David you know David Ensor becomes a favorite but David made pretty much all the mistakes you can and then boom you know I think I think there's an opportunity there for the younger generation to learn from you in a way that maybe somebody else is not gonna be able to pass that down to them sure and yet so the good thing about the movie cuz it created a platform for me that's right so that's what I take that seriously which is why like we could talk about things like Bitcoin right I know you want to talk about that and you know that's why I've come out not against Bitcoin per se not mine I don't think bitcoins a scam but there's scams being perpetrated around Bitcoin that are very dangerous for people that don't know better and I think that's that's why I'm very concerned about it right now because to the average person who's never been through this before you know you could very easily get caught up and it's gonna cost you all your money have you invested yet no it's not a penny zero I'm there's a litte corn a Bitcoin of etherium not known at this point I can't because ethically I've come out heavily against it I will not be fixed the only thing I would do is I would short futures that mean I'd have a financial access to make my my opinion suspect so I've decided that the stay clear of a whole investment so I have the equation instead you know I'm constantly going on all the TV snute CNN Fox or less we got to go on the on the on their shows cuz I think I have a very unique purview into what's going on of course bitcoin is so much like a penny stock it's Elvis it's like it's always the perfect penny stock number penny sucks I was as a broker I was so excited about penny stocks Bitcoin gold but you know Bitcoin is the same world their favorite bitcoin is it was a wolf in sheep's clothing so it's because it's supposed to be a currency but no introduces it a currency it's an investment vehicle so so let me ask you this let's look at both sides okay let's say Bitcoin becomes what you say it is which is it's a bubble it's not gonna work out people lose twenty billion dollars let you say that goes away okay well let's look at the other side if it does become hypothetical it won't though but let's just say for that I won't I understand it but let's just say if we go in the direction where cryptocurrency it is done by let you say Goldman Sachs really that will happen that will happen that a Goldman is gonna do it and somebody with a lot of credibility absolutely if that does happen who gets hurt the most what corporations what industries get hurt the most it's the little people they get hurt you think the little people are the big big banks people have this whole thing wrong what's going on right now this crypto cart there's nothing different about cryptocurrency that any other currency this whole listen Bitcoin was thought of by some people that were not scam artists they were not looking to break any laws they were people that were almost like financial anarchists in a way but there was a social experiment on alternative money sure it's nothing you guys brother it's not gonna be that that's never gonna it's a naive way of looking at it it's never gonna happen you actually think that the US government in China and Japan and they're gonna allow this is no way or sorry what happened that they can it can happen however the technology itself is excellent as beautiful elegant and there's a place for that technology for a [ __ ] not just cryptocurrency whether it's futures anything they're tracking investments through a blockchain technology is an elegant technology it will never ever be this is besides the fact that this fundamental problems with Bitcoin that will not allow it to ever really used as currency in mass that's not the issue you're saying it will never happen as a mess no I don't believe so no so what do you think is gonna be thing's gonna be credit in cash you don't think will be a cashless society no I think that that what's gonna happen is is that blockchain technology will be adopted in one day probably very soon one of the big banks are could source your big bad banks in conjunction with the government will have a cryptocurrency but there's no different regular currencies because here's the thing about Bitcoin as a currency bitcoin is no more useful at 20,000 than in $100 yeah it still works whether it's a hundred dollars or two billion dollars you could still use Bitcoin as a currency right is it because you could divide up a billion times those so the only reason that's running up is because it's not being used as a currency it's being used for wild speculation and what's happening is that there's there's two sides to every equation when you come to anything that's trading publicly and that is there's the market capitalization mm-hmm which is Bitcoin is everybody saying it's 200 billion some odd dollars right but that's irrelevant all that matters when something is trading is what's called the float how much is actually out there that's being bought and sold almost all of Bitcoin is locked away and is not trading you're this tiny cell there's 200 billion dollars in market cap there's probably two million or four five ten million dollars the most trading of it so when you're having a very thin market cap like that it's easy to manipulate it what happens is once you buy Bitcoin it's not so easy to sell it it's a hassle to sell it so it keeps getting thinner and thinner which is why of these wild swings and then the latest thing this latest joke of Bitcoin was this guy and I just saw something happened which is here's a guy who's in siring is in this Bitcoin thing exchange something right and the guy is long massive amount of Bitcoin rides up the wave right he sells his Bitcoin and he announced after he sells it he announces I've sold all my Bitcoin it's worthless get out of Bitcoin and I put everything into big cash and guess what happens big cash that runs up a hundred why do you big kitchens running up this guy is there a lot of power that's last manipulated the might happen in 1922 years of Kennedy's nothingness classic regulation so it's because if this guy did not have a bad content you only would have done it we have done that trade shut up what was the reason why would he say it publicly I've sold all my Bitcoin by bit guess you always looking to his he's always it's a classic pumping done so so my question I'm sorry go ahead whether or not they can solve some of the technical problems that plagued Bitcoin long transaction times it's not designed correctly for mass use right there's too much negative stories damage done to powerful institutions and go they cannot let it never happen let's go over there okay let's go so you know I parked my car outside it said coins I said I don't have any coins who has coins nowadays I'm gonna get a ticket I said it's okay it's 75 bucks I'll pay to take almost meters now these you could use credit card this one gonna have crazy okay so no problem California I get it so I come in and I'm thinking in my mind what portion of the spend ature that you and I use today's coins probably 0.1% let's just say if we process it that way what percentage is cash I don't think it's that high well it's cash what percentage is credit let's say eighty percent ninety would you say that's around right right there okay okay do you think Bitcoin will ever be a 5 10 20 percent I think it completely off but it's all forget Bitcoin Bitcoin is never going anywhere my opinion okay never what blockchain technology well it'll be behind the scenes on your credit card you'll be behind the scenes on your stock tranches in other words there's uses for blockchain technology and all these it's a great technology and it'll be behind the scenes of trapping things making things cheaper interest but you'll still have all the financial institution you anyway but you'll be using it to make their expenses lower to make things more elegant around the world richer but it's not gonna change anything yes I heard you're top of Bitcoin and I said man I got like six or seven more questions I want to ask this guy come I want you to get deeper you know I know I'm listen I know I'm right okay he doesn't really know I promise you this one day and not in the not-so-distant future all these young kids would say what the hell like big Kobe's 20,000 is not like it's not a joke yeah I my concern is not I'm gonna put my money like you know how these guys say by the way think about shamov schemata is a guy don't know if you know shemot from facebook he's a partner of Golden State he's saying you put money in Bitcoin today in the next 20 years it's probably going to be a million dollars and the next ten years gonna be a hundred thousand dollars like that's what I'm saying okay so you gotta read the penny stock market okay he's talking about it I'm with you but you got to realize the market the best thing about the market is got to opinion even move solitudes gotta left you got rights to kind of hear them out and weigh it out there's a part that says that there's a part that says it's gonna be two dollars there's no difference between two dollars or twenty thousand dollars that's not my argument my argument is more my concern are we going in a direction where the banks because if you think you said central banks central banks are not gonna give up control because you look at political elections a lot of times the person that controls the super-delegates is the guy or the gal who has the money from the big banks so I see bitcoins biggest enemy being banks politicians and the government that may come in and say I'm not gonna give them that much control to you listen this the government the biggest thing that the governor is worried about all crimes you don't know one thing they hate more than anything money laundering you actually think that's a good answer seriously think you could allow this this technology to run ramp where everyone could launder money and it's never gonna it's never gonna not even a frickin possibility okay why do you think that bitcoin is constantly being played by scams why is it the people who did it warrants get the guys who found it we're not scam artists they weren't they were legitimate guys and you know doing an experiment a good idea right yeah this technology is flawed it's flawed in the sense that it opens itself up to be manipulated it creates it's like the perfect storm for manipulation in the 1980s we had things called blowing pools remember blind pools blind pools are the biggest scam ever and that's what that's what all these coins are they're blind pools where you raise money and you issue paper which is big it is a limited about right and so it's finite and then it would blowing pools you would say one day we'll figure out we're gonna buy something with the money well with this one I even buying anything right the poison is being raised you're creating value and there's nothing behind it all you're doing is running on scarcity that's that model is not gonna last because you're putting this in that category oh it's exactly even worse than Lulu say it's the same as credit swaps as well like similar to what happened with the more you look there's a woman who's behind this whole thing also is it was the fault the girl who found that well after our name the woman who was a big one of the primary designs of credit swaps is now trying to get Bitcoin used for the same thing is it though because she because she doesn't care so you put them in the same pool well it's big well not the same pool is very different in other words Bitcoin is just what you're doing is is that you're taking something the scam that's going on right now is something was designed to be used as a currency and it's being used as an investment vehicle that's what's going on okay there is no real currency going on it's like this tiny for the Bitcoin no one for every all the action in Bitcoin around the world what do you think is really being used as a currency like I'm virtually nothing so it's it's it's it's a wolf in sheep's clothing they say it's a clarity it's not being used as currency it's not particularly well suited as a currency for all the reasons we already spoke about and now let's say well the Bitcoin cash is better bottom line is this okay when this thing is adopted it'll be by governments in the mainstream and these people that a lot of will end up in jail the ones who you think they're not the founders you tell me the guys that are manipulative guys the guys that do it the wrong side okay and the investors what's gonna happen with Bitcoin is gonna be a Black Swan event in the next six months of it yeah but I'm not just you know I'm not saying bitcoins going down it might go to 50,000 I would just short Bitcoin for a second right now I don't know I don't know where it's going over this short I don't want to over the long term the outside you're just kind of looking at you what's gonna do I'm not saying I'm not saying it's going down I packed most of the Indies I said I think it's going up now I'm not so sure right now because I like the insiders now I see I see a classic pump and dump happening right now where they're early on the dump on Bitcoin going into the next which is big cash right so I see that happening so let's see you know if so the only way Bitcoin is going up is if someone's got an accident there are people out there willing to manipulate it'll go higher otherwise it's gonna it could it could be close to the end remember this you know with tulip mania the beginning of the end was where they started trading futures in tulips that was it once they sort of chase it over six months later right so people look at this thing Trading futures yeah it's legitimate no it's not people are the change with jimmies are no more the credit for thoughts was listen like so it's a complete joke io4 I don't for a fact I just no I I just hey I got nothing is guaranteed life okay I have never been more sure of something okay that is eggs really really barely the people that's screwing I'm not saying don't invest in it now but be really really careful make sure that you have a way out really quickly okay don't put more than you can afford to lose and just realize that you are on the outside looking in of people who are on the inside who have a plan you don't know about and all you're doing is try to guess when they're gonna screw you my concern is these guys are putting 50 60 70 % their savings into and thinking this is their way out like here's I'm gonna become a detonated on the unite and they might very well might become one if they can figure out when to get out the point is is that you know you know Bulls big money Bears make money pigs get slaughtered right and the question is is when are you gonna get out you know and because at a certain point or game you know a time the music to stop playing there's not gonna be up chairs everybody yeah in fact I mean very few chairs at all might be one chair and everyone else idiots and here's the thing when this thing really goes if it's at 30,000 it's not going with 30,000 to 29,000 to 28 it still for 30,000 of one that's right in with one trade it'll just stop trading it'll open up at 1600 next trade 400 gone yeah that's gonna happen yeah I remember when eToys went from 75 bucks to a penny due to the gifts not showing up on time during Christmas 15 17 years ago when he was just went home 75 to opinion nobody if you want to get trade this thing minute you're far better off getting involved in one of the other crypto currencies and Bitcoin right now and but listen the only I didn't want to say this because like you know because there's obviously ways to make money in this I refused to do it I will not get involved in this because it's all manipulated and you know but obviously you can make a lot of money when things you know by manipulating you got to get in right you gotta get him before the regulation is done you know and I sorry I really can't advise people to do that but you know you know if you knew the people who'd look at bit cash you know if you knew the people who are manipulating it these all you're to do is be in line with them you make a ton of money that's right so then but that's a whole different insider part they're gonna be dealing with so you know okay cool so that's plenty with Bitcoin here appreciate your thoughts let's talk sales management I mean you're you know you're a beast when it comes down to sales it was fascinating when you Tom are you one two three or sales training that you have with people you know certainty as a 10 as a dis as of that what I want to talk to you about is you recruit me I'm a new sales guy I'm working for you one what do you look for for somebody to be a good candidate for you well it depends on the industry it depends on what they're selling I mean you know in some industries you want to hire someone that has some experience and others you don't it's better to absolutely has no experience so you really can't answer that question blanket without having some context to it but you know there obviously there are certain personality types that tend to do better at selling it Stratton back in the day it was I don't care I don't want anyone who knows anything about stocks it's so easy for me to train someone to become a Salesman so the the skill of selling is a very easy skill set to acquire right when someone that knows how to teach you the straight lines very easy to learn more importantly is is does someone have a standard that is gonna demand and to make a lot of money that's what's that person's financial state I want hungry people people that really just want to make a lot of money and I want people who obviously gonna represent my product the right way I don't want a bunch of you know people who were not gonna go out there and serve the brand in some industries like I would never want to hire some without industry experience because it's so crucial to be able to speak a certain way in the industry right other times I want to hire some people that have connections already they might have sold a they already know the decision make is right I want someone that can to kind of walk in the door with a new product now hi that person so it all depends on the situation are there no matter what's for you like we're there and maybe then and now you know your experience are there things that you say if this guy can't do this this this you're not gonna make it in sales if someone can't take rejection that's obviously you know a red flag but I think a lot of time that is more of a symptom of a different problem that they don't know how to sell in other words my experience of people that have problems taking rejection is once you teach them at a cell they don't have a problem taking rejections they understand what it's about and how to handle it I look for someone whose desire they're hungry willing to learn team players obviously I I love people that want to work on Commission so if someone says they did a huge salary upfront and they don't really work that's a huge red flag no Commission right they'll love Commission based people and I've probably recruited and trained more salesmen anyone on the planet had tens of thousands of them right and sometimes just hard to know really it is hard to know we have some company develop tests based on my personality type like you know psychometric test for sales so you can do run a psychometric test on people so much of it comes down to what happens when the person gets hired is there an induction like you know having the right induction program to get someone indoctrinated into the cult sort of speaking of process your company and then also you know training them this is the biggest mistake that most companies make two things a they don't provide people with the sales training they need to make them expert clothes they technically know how to close the deal so they don't go into good situations and blow them right and the second thing as many companies don't invest enough in the marketing side of the equation to provide leads to the salespeople it's a big thing I can't tell you how many I get hired all the time to other companies to train the sales forces and at least 75% of the time they also need help in the marketing category they're not giving the sales wouldn't support they'd by giving them leads leaves although gasoline in the engine of a salesman so it's that - got it Jordan how much you think sales has changed from the times you were selling to today not much at all I mean people people think that it has I don't think it's change really at all what makes someone say yes has not changed so the same things of the same elements of you know of sales need to line up in someone's mind before they say yes what has changed is that there's different ways that we communicate with people right now for instance like you know you have email which is a big thing landing pages and conversions and so that gets loved with the mortgage but it's really sales and sort of walking and sales in one spot right but it really comes down to it someone's gotta sell someone something no God like look at Amazon you think they don't sell yes they do their processes they are so elegant at what they do that they've got it down to like one click because they realize that every time someone's gonna make a second action their response rate goes down right you know they're using all the principles of marketing and sales and everything they do it all so I think Jeff Bezos recruiter all the people here to sell them to come join Amazon handy sell Wall Street to believe in that so there's always salespeople involved like you know Jeff pairs businesses the most amazing salesperson he sold it he sold the concept to everybody I don't really know where people always when people look at sales that's very very linear like I'm a Salesman or I'm everyone's a sales but the way we get leads has changed very much very much social media yeah that's changed no doubt how you go out getting the leads but when someone walks in the door you pick up a telephone and that it's gonna be the same stuff and people are just smarter now cuz they have smart phones to look at so you have to be some you have to be you know more logic plays you can't just be a full-of-shit basically a Salesman so I want to ask one last questions on the under sale side for the sales managers out there people who are running a sales team they're running the sales organization what advice can you give to a sales manager to become a bit so I've been in sales I'm selling I'm making six figures maybe I'm not a quarter million maybe I'm making a half a million dollar your income how do I become a better sales manager what would you say number one is there are certain very basic principles that a lot of sales managers don't really adhere to number one is very often I'll go into a company and I'll see that they've instituted a flawed compensation structure with the compensation structure itself doesn't create doesn't get the most out of sales people Wow allows them to sort of work hard for a while they get lazy and work off residuals so you just talked about yeah yeah so that's one clear thing I see always is compensation structures that are not structured correctly that lead to laziness and salesmen to sit back and sort of collect royalties or trailing income right that's one thing another thing is that I think many sales managers don't do even close to enough sales training they don't make sure of every Salesforce that I've ever managed I made sure they were great salespeople number three is giving frequent meetings in other words motivation you know what you say to people every once in a while doesn't have that much impact what you say to them every day has massive impact isn't that amazing you got to give meetings all the time and keeping people's ears and you know it's like there's a greater purpose for the company and that only comes from constant communication and those are just three things I definitely you know that I see a massive holes I see in many sales losses so number one comp number two sales training number three motivation and constant communications so what is Jordan up to nowadays I mean you you know you've gone through what you're doing you have a movie now everybody wants you to be out there and so it's interesting you're telling me you're speaking in Tehran Iran that's absolute I still say yeah well I say you after this movie I said actually carry on say well the household name except everywhere but Iran and North Korea I guess I was wrong it's only North Korea now you know so they love the movie in Iran I didn't know that and so yeah so listen I mean for me right now it's a new year coming up right and my wife and Ivan deciding what we want to do when a good spot thankfully we have we have some breathing we're gonna make decisions and you know and I think that there's something really really awesome there's an awesome thing right now an opportunity I have and that is that there's probably hundreds of millions of people out there in the age group that are eighteen to thirty twenty five thirty and what's happening is people grow up with this movie and they and every year the audience gets bigger cuz they watched the movie they start to graduate college right and and as something I really want to do is really help unify this group of people and make sure they don't get screwed by things like Bitcoin or making the mistakes that I made I think there's so many things I did really well so many things I did really poorly and I think I was the best of the worst so I think I really represented a person could help serve as sort of a beacon of light for people to succeed in life and I want to really start connecting with form on that product I've spoken to millions of people around the world but I think I wants not really doing a lot stuff online about my own TV show a radio show on level c so I'm looking at that stuff that's exciting let's talk about your book man I read really a cool book where you get right into it and you said for 10 years I don't want to write a book and you said you know you don't write a book to make your money you write a book because you really want to share this with the audience and you actually I was I was reading it initially I was expecting it to be just a lot of story based you're getting right into it you're not even hesitate you're getting right into saying here's how you do this here's what I did here here's the key to this year and it's a very duplicatable manner love the way you're teaching which I was very impressed yeah is this book I wrote this book to help people I the right to make money I didn't care about the money and I mean there's better ways to make money in my books and I wrote this myself it wasn't ghostwriter I talked about years to do right I wanted this to be like a book that would that I didn't care how many copies had sold the first year I wanted to be like a thinking Grow Rich that would be around for a hundred years and I really believe it's gonna be that I think this book is just gonna keep selling and growing and becoming more and more staple of every person asset so the most I think it should be a must read to every human being because what it really is it's a communication strategy that's so the straight lines of communication strategy shows you how to communicate how to share your ideas your concepts it doesn't matter whether you're in sales or not it just shows you how to be a more effective human being and I just couldn't imagine going through life so many people who go through life and they have great ideas right brilliant ideas they have so much to give the world they have so much to provide from that family they could be rich but because they lack the ability to communicate in an effective way they die with their music on their lips they can't express their great world that's a skill you have to have if you want to be a successful oriented individual you will need to learn how to communicate your hopes your ideas your dreams in a way that connects with people and moves it to take action get you what you want to that's what ethical persuasion is all about yeah so for anybody that's watching this I would tell you for me here's how I read books I read a book first myself then I buy a copy for every one of my sales guys and I have them and I asked them to write a paper on it and I want to find out what you get out of it we've been running a book club for many many years and I think it's so interesting I'm so surprised you're not how few sales teams run a book club guys go get this book read the book if you got a sales team bite for every one of your sales guys and have them read it and post the review on Amazon follow Jordan I think Jordan you're on pretty much every social media plan and Twitter Instagram everything again brother thank you so much for your time and really enjoy these great conversations thank you for your time

Channel: Valuetainment

Views: 1,510,726

Rating: 4.8465834 out of 5

Keywords: Entrepreneur, Entrepreneurs, Entrepreneurship, Entrepreneur Motivation, Entrepreneur Advice, Startup Entrepreneurs, valuetainment, patrick bet david, Jordan Belfort, Wall Street, Wolf of Wall Street, bitcoin, sales, Patrick Bet-David, Belfort, the wolf of wall street, leonardo dicaprio, wolf of wallstreet, motivation, money, success, life of an entrepreneur, patrick bet david entrepreneur, martin scorsese, scorsese

Id: iKMpLFCbLz4

Length: 40min 17sec (2417 seconds)

Published: Thu Jan 25 2018

Reddit Comments

[u/BehindTheBlock]

Hundreds of butters will now claim that Jordan Belfort knows nothing about investing.

[u/devMartel]

Bitcoin and various other cryptocurrencies are a hilarious boon to guys like Jordan Belfort was in the 80s. All the classic stock and confidence schemes that have been done in history can be done all over again, and there's no one to really stop you because they're working as unregulated securities by definition.

[u/[deleted]]

A few minutes in, he talks about how great blockchains supposedly are and that it's just the currency aspect that is bad. I don't think that anyone who tells others that blockchains are a great technology actually understands how big of a technical hindrance the distributed factor of a blockchain really is. When you ignore the distributed part, you don't actually need blockchains but can rather use simple databases like everyone else does today.

[u/_per_aspera_ad_astra]

This is a wonderful interview. If you are just goofing around checking r/Buttcoin for a few minutes and have time for nothing else, watch this.

[u/SnapshillBot]

I think we're sitting on the verge of exponential interest in the currency.

Snapshots:

1. This Post - archive.org, megalodon.jp*, archive.is

^{I am a bot. (Info / Contact)}

[u/Tomatoshi]

Nobody knows more about funbux than the original Mr Funbux.

SELL $BTC

SELL $ETH

[u/Harrybow7]

I wish what he was saying didn’t make so much sense

[u/run_the_trails]

The volume for Bitcoin on coin market cap is higher than $10 million. Did he make a mistake?

[u/techknowledgy]

Great video. Lots of things I've been saying over the years as I saw them unfold, but he's the expert at this game.

Not sure who the BCH guy they showed was but that was not Roger Ver though. I think his argument against BCH is a bit specious as there was certainly intent to manipulate the market, but it was sort of a parting shot in the start of an ideological war. A bit different IMHO, but not far off the mark. Maybe he's talking about the Coinbase ordeal.