PBD Podcast - Jack Ma, Michael Murry and Janet Yellen are Making Millions | PBD Podcast | EP 35

Episode Date: January 6, 2021

In this episode, Patrick Bet David sits down with Adam Sosnick and Tom Zenner to Discuss Jack Ma, Michael Murry Shorting Tesla, Janet Yellen's Multi-million dollar speaking enterprise. Patrick Bet-David Podcast Episode 35. Download the podcasts on all your favorite platforms https://bit.ly/3kF7BT1 Text: PODCAST to 310.340.1132 to get added to the distribution list The Bet-David Podcast discusses current events, trending topics, and politics as they relate to life and business. Stay tuned for new episodes and guest appearances. Connect with Patrick on social media: Instagram: https://www.instagram.com/patrickbetdavid/ Twitter: http://www.twitter.com/patrickbetdavid Facebook: https://www.facebook.com/PatrickBetDavid.Valuetainment To reach the Valuetainment team you can email: [e-mail] About the host: Patrick is a successful startup entrepreneur, CEO of PHP Agency, Inc., emerging author, and Creator of Valuetainment on Youtube. As a natural critical thinker, Patrick takes complex leadership, management, and entrepreneurial ideas and converts them into simple life lessons for today and tomorrow’s entrepreneurs. Patrick is passionate about shaping the next generation of leaders by teaching thought-provoking perspectives on entrepreneurship and disrupting the traditional approach to a career. To reach the Valuetainment team you can email: [e-mail] Want Patrick on your podcast? - http://bit.ly/329MMGB --- Support this podcast: https://podcasters.spotify.com/pod/show/pbdpodcast/support

Yeah, so I'm looking at you. I'm like, what is going on? You look like you are, you know, 10 years younger or something Yeah, well, I also got laid this weekend You want to celebrate it with Okay All right, so we are back today episode number 35 Adam is back for Miami. Obviously at a great time and Thomas back here from California Nice to see you guys and It's it's good to well. We got a lot of things to cover today a lot of crazy stuff. Yeah, we've had some crazy stuff happening here in the office We got Kai back from Norway Kai say hi to everybody. Yeah

How was vacation in Norway for you? It was nice. I explored the few words Shout out my boy Adam. No, it's all your little bit. It sounds like he's hollering. Yeah, Lauren. Go for it I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure.

I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure.

I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm not sure. I'm means Doc. Okay. So Kai is further down that road. Got it. Is the doc. So in Norway, your dad and mom created a library where others can borrow your books and bring them back. Yes. That's a real story. No. Yeah. You know, it's a it's it's it's it was like an abandoned bus stop. So but is it real that your

books are there where people can come and get all those books are all this time. I'm telling other people are special of parents. You got not this. He was playing a sweet was playing a joke on me. Yeah. And I told them it would never work. Let me tell you. Hey, Pops, you played a joke. It worked and you got recognition for it. But I'm taking it back. I'm taking it back. Anyways, I so so welcome back. Hi, right? Explorer the fjords. Isn't that what you did?

It's not big. More than the fewer. Well, you look more relaxed. You look calm. I'm glad you made that stop to Miami. Yeah. Yeah. I needed it.

Maybe if we're in Florida, what if that happens? Like you're going to be more calmer. What do you think? Like I think I'll just be in my comfort zone. You know what happens when he goes to, you know, a red state. like you're gonna be more calmer. What do you think? I think I'll just be in my comfort zone. You probably already talked about that. I'm gonna go for it. That's what happens when he goes to, you know, a red state man, he can go down there.

As far as a very purple state, it's like the Joker's jacket over there. That's what I'm talking about. Okay, all right, so. How was your Christmas New Year? I saw you in Christmas. Yeah, that was awesome. Yeah, Christmas is great.

We had a good time. New Year's was, I couldn't even tell you what we do. What do we do for New Year's? Did you had a good time. New years was, I couldn't even tell you what we do. What do we do for your new years? Did you make it to midnight? No, not. New years? I did.

I think you weren't made at Mario. Oh, yeah, you know, I did. I was, I made a past midnight, but everybody went to Steve. Ever. You know, Jen's like, oh, babe, I'm like, babe, I know, babe. She's just, I'm just happy to know you're everybody. She's like, I'm not feeling good. She sounded drunk. No, she's pregnant. Yeah, no, I know. Yeah, know you're everybody. She's like, I'm not feeling it. She sounded drunk. She's pregnant.

You can't be trying to break this. So she goes to sleep. My dad stays up a little bit. The kids stay up latest and then I stayed up a little bit with Mariana. You were here in Dallas. I was here in Dallas. Yeah, we had a meeting this Sunday and Monday was one of the most epic. Was it not one of the most similar?

What was I meant meeting about? Did the two days we had in Dallas here, pretty legit meeting we had those two days with PHP last couple days. Yeah, it was a ridiculous meeting? The two days we had in Dallas here, pretty legit meeting we had those two days with PHP. Last couple days, yeah, yeah, it was a ridiculous meeting and then it ended up last night. I mean, we have to do what we do, you know, and there's always festivities, but there was a little too many festivities

to the last night which we'll talk offline, not online. But anyways, let's get into. But the show go, and I got a question for Senator. Wow. Let's not leave you out. Tom, the people want to know, did you make it to midnight on New Year's? You know what? Did you guys notice how bad the TV was that night? I mean, they were

two. They was watching. DDD minus list of entertainers. It was so bad. Usually the shows that ring in the New Year. I saw guy asking, and it was crappy. Cooper, have you done acid before? I know. I know. I I know that was Andy Cohen. Yeah, I'm Yeah, they they try to outdo each other every year and it's just it's nauseating watching those guys. So did you do acid on New Year's? I know I'm trying to think about made it past midnight. You didn't make it the midnight But I don't know why you asked you asked the question. You must have made it to like six o'clock and broken your own rules. So what happened to you? New Year's Eve. Oh, dude. I really want to go that. How would you do? Oh, dude. I really, we're gonna go there.

Tell them what you do. I was out. I was about, I was in South Beach. I was doing my thing. I actually went to bed slightly early for what time? Like at four. So you were fully out. Oh, it's out.

Yeah, it was out. And then my buddy, What's South Beach happening to New Year's Eve? You know what? A lot of the curfews in place in midnight, typically they extended it to one o'clock. But here's the thing with curfews. You just go to house parties.

But like I was that dude still in a mask at a house party. Like girls like take your stupid mask off. I was like oh shit, that's what's going on, all right. So I went to bed around four. My buddy, Adrian that you've spoken to. Yeah, cool guy. He has a two bedroom apartment in South Beach. I was staying with him, wakes me up. I swear to God, five in the morning. He's like, get up, Adrian, that you've spoken to. Yeah, cool guy. He has a two bedroom apartment in South Beach. I was staying with him, wakes me up.

I swear to God, five in the morning. He's like, get up, bro, get up. I got two girls out here, wake up. I'm like, what? What? I'm straight up pissed drunk. I got my glasses on. I wake up and I'm like, hey, they're like completely confused.

I was like, I'm just going back to bed. That's good. So yeah. So you went back to bed and he went back to investigations and stuff that he used. I made a new friend that night, just because, okay. All right, good, okay. All right, sounds good, sounds good.

All right. It was interesting. But happy New Year's everybody. Yes, so we have a lot of different things to cover here. Something very weird is going on with Jack Ma. Very weird. Very, very weird. Yeah, October 20, 40 gives a speech which we'll talk about.

And then he's disappeared since. The richest man in China's disappeared after he made a few comments about G and they haven't seen him since then. Then he had Roku is getting near to a deal of buying Quibi, which we talked about recently when we did the video. I said, someone's gonna buy these guys content out. Tesla zooms past $700 billion in the market

and Michael Burry from the movie Big Short, the real Michael Burry, real life Michael Burry, tweet something and then he deletes it and it's pretty epic what happens there and we'll read that Bitcoin plummet 17%, however JP Morgan Chase just made some prediction this morning which will cover that. AMC plans to sell $ million dollars of stock due to coronavirus pandemic. So it's SEC filings. Barstools, Dave Port, Noi raises 16.8 million dollars for 59 small businesses and counting phenomenal, phenomenal job to that guy. I mean, what he's doing, the attention he's bringing and the reaction of all these guys, how excited they're getting the

obviously Georgia runoff is taking place. Uh, the Adam's favorite president is going to be having a meeting this week January 6th in DC. I think you're going or you're not going to Trump's rally. To where? You're going to go to Trump's to spend some time with him or no. Trump's doing a rally. He's doing is he going.

I just want me to say something just for the audience. You know what they're like, fun little comments. I have not been paying attention to the news at all over the last. I had a meeting. Two weeks, two weeks detox. I've been spending time with family friends, a little bit of parting over new years. Completely. You know nothing about what's going on. The only thing I do know what's going on is is Jack Ma, I think is kind. I think about it. I said it. So all this stuff. I'm sure you're you gonna go and be with Trump on the six? Obviously, that's my guy.

Of course, I'm gonna go steal that on the two. I know you like that kind of stuff. I'm gonna steal that on the down. Trump promises wild protest in Washington, DC, on January 6, claims it's impossible. He lost. US officials are considering giving people two half of the doses of modernist COVID-19 shot

to speed up rollout vaccine. Chief Salawi says, and then a bunch of other things, North Korea's COVID-19 shot to speed up roll out vaccine chief Salawi says. And then a bunch of other things. North Korea requested COVID and vaccine cases from the global group, even though they reported that now one person got COVID. We got a few other stories. Obviously, we got a hardcore. Did we get the champagne to celebrate Pelosi's victory? That's right. How old is she? How old is she? Exactly. Exactly. Everybody that makes decisions in this country is 80. So anyways, so let's go into, do we go into the Jack Ma's story?

I want to, I want to hang on the Jack Ma's story a little bit. Let's talk about the Michaelbury Tesla. Let's talk about that and then we'll go into the Jack Ma. Okay. So Tesla zooms past $700 billion of market value. After nearly hitting 500,000 deliveries in 2020, they missed it by what? 450 cars. I believe, to say exact. They sold, they moved 499,550 deliveries in 2020. Elon Musk exceeds his production target. He fell short briefly. So proud of the Tesla team for

achieving the major milestone. Musk tweeted at the start of Tesla, I thought we had optimistically a 10% chance of surviving at all Tesla stock prices. Soared by more than 740% in 2020, a ton of stuff is being said about Tesla right now. We know this progress, but I wanna go to the Michael Burry tweet. Michael Burry of the big short, confirms he's shorting Tesla.

Back in September, Burry tweeted about Tesla's loft evaluation and said the company relies on regulatory credit sales rather than auto sales to turn a profit. And December, Burry confirmed on Twitter that he is also putting his money where his mouth is. So on Twitter, at Elon Musk, yes, I'm short T S L A Tesla, Oh, on Twitter, at Elon Musk, yes, I'm short, T S L A Tesla, but some free advice for a good guy. Seriously, this is insane to Elon. Issue 25 to 50% of your shares at the current ridiculous price. That's not delusion. You'd be cementing permanence and untold optionality.

If there are buyers, sell that Tesla souffle. Burry tweeted Tuesday night, the tweet was deleted since Musk's warnings, the souffle mentioned was a reference to warning Musk issued, this week to Tesla employees that Tesla stock price will immediately get crushed like a souffle under a sledgehammer. If Tesla doesn't reach the profit, profitability

Wall Street has already priced into the stock. And a Musk famously tweeted that Tesla stock prices too high. My honest opinion back in May of first, Tesla stock prices roughly quadruple seven months since that warning written in December. So what's going on over here with Tesla? It's going to crash this year. There's no way it won't. I mean, he is the flavor of the month. Anything you do about Elon Musk right now is a big story. Yeah. You know, okay, he thought the company had a chance of going under. Now it's worth 700 billion. By the way, it went up 5% yesterday. So what's that? You're thinking, that's no big deal. That's 35 billion that it just went up yesterday.

This is the Christian Bale character we're talking about in the short, right? This guy knows what's up. Oh, he knows what he knows. Oh my God. I mean, this guy is a doctor. He's a genius. I like Elon Musk. I like him as a pop culture character. Yeah.

I think he's one of the most genius minds that we've ever created on this planet. What he's doing with SpaceX, what he's doing with the the boring company, drilling these huge holes in big cities and getting rid of traffic. But this is ridiculous. Yeah. And you don't have to have a finance degree to realize this is quick sand. This is going to just, and here's the other thing. What if it did dissipate in value by 50 percent? Wouldn't that still be a win for a guy who thought his company was going to go wonder if

it was only worth 350 billion? Are you speculating? Are you saying this year they could drop 50 percent? I'm saying it very well could happen, especially with a democratic House of Representatives president, who knows where we're going to be after today, barring the results of Georgia. But this is just very dust. This is crazy. You throw out these numbers.

They're not even real. He's a pop culture character larger than life, a genius, but this doesn't make sense for Tesla. No way can they sustain this type of value. Yeah, I'm seeing these, I mean, we've talked about Elon Musk. This isn't basically this entire year. I mean, nobody said he was a number one business person of the year for 2020. According to Fortune magazine, his fortune has literally gone from what? 30 billion to over 100. He's the second richest man. He's gone from like not even in the top 20 or barely in the top 20 to number one. Yep

But just a couple things you know You've ever seen like the movie the big Lebowski. Yes, when they're like I don't think you're gonna do this big Lebowski You're a loser the basket. He's like that's like your opinion man So that's kind of where I'm at With with Tom over here. I'm like that's just like your opinion man like I That's that's just the first thing that came to mind. So, total G. I mean, let's just look at the numbers unless I'm interpreting this wrong.

And speaking of like your opinion, man, the guy Michael Burry, I mean, he's got a pretty credible opinion, but again, one opinion, there's a lot of people saying that he should short Tesla, but the people who are riding the wave are obviously making money. But here's the number I'm looking at. They said that their production target was 500,000 vehicles and they hit that number. They said they were off by a couple hundred cars, but sometimes they're slightly conservative

with their numbers. The numbers could vary. Elon's got 300 in his garage to get that number up. But like, at this point, how do you bet against Elon Musk with everything that he's doing? I remember we had, in one of the first podcasts, Pat, do you remember this? We said, and this is when Elon Musk, man, was like barely in the top 20 billionaires. I mean, he wasn't like where he is right now. It's been a, you know, amazing runny.

He's got this year. And we said, who would you bet on? Who's the number one stock, Bezos? Elon or Bezos, yeah. And Elon and I was like, no, I'm going with, I'm going with Bezos. He's from Miami, Miami guy, but at this point, how do you bet against Elon Musk?

Like you said, he's a pop culture icon, but yeah, I agree with you on that. But he's also a frickin' genius and he's delivering. Well, let me ask you this. If you're watching this right now, thumbs up,'s delivering. Well, let me ask you this. If you're watching this right now, thumbs up, thumbs up, if Tesla stock goes up, this could actually be a lot of thumbs down. Thumbs down if you think Tesla stock could go down, okay?

At this in 2021, will it go up or will it go down? Here's a couple things to be thinking about. Here's a couple things to be thinking about. You mentioned Biden, okay? You mentioned it's going to be a Democratic administration, et cetera, et cetera. Does the left lean pro gas or does the left lean pro electric cars? Electrogram. So perfect. So that benefits a Tesla, right?

Number two, we had Tom on last week when we were talking about GE, not GE, GM, talking about the fact that, hey, everything about now is electric. He showed the website, he showed all this stuff, and you know, added there, I don't know what the number was. Some 20 million cars that they sold, you know, a small minus-scale percentage was what? Electric. But they said by 2025, all of Cadillac is going to be what?

Electric. And then by 2030, they're pretty much making Cadillac an all 100% electric car. That's crazy for general motors to be deciding to do something like that, right? Okay. What advantage does he have? Here's the advantage that he has. What's Zuck Worth?

God knows what the guy's worth. Face, what is, what is the chances of somebody being able to create the next Facebook to beat Facebook zero? Okay, I don't know if it's zero, but it's point zero zero zero zero zero closest thing to zero, which I'm with you Where are you okay? So what is the chance of somebody building an electric car and competing? I don't think it zero No, but but I think it's higher than you know, maybe say 5% you can make something and compete The automotive business kind of like the bottling industry or like the soda business, like the compete with Coke and Pepsi, very difficult certain industries to get in and compete

with, right? Okay. I think the advantage he has is he came and said, this is the future and he took the lead and he indirectly with all the different charging places he has nationwide and different places in Europe. The guys got a semi monopoly going on where you have to all reach low to Tesla. Is it battery? Is it equipment?

Is it charmed? Somehow some way you got to go through Tesla. Does that mean this thing's going to grow the way it's grown right now? I don't know. Here's the other thing I will add with how Tesla would how he is. Last week we talked about it, Tom, where Tim Cook announced his car, Apple stock goes up $103 billion in one day, just because he dropped the word car in there, right? I mean, car.

The I car. So I think the guy is a visionary. I think the guy's killed at this. I have no idea how it's going to be in 2021, but I think everything is on his side, including a Biden administration would be on his side. Yes, let me follow up with a question to you because I know you're kind of on the short side of things.

Are we talking about 2021? Are we talking for the next decade as an example? Because if it's 2021, I can see it, you know, going down over the next 10 years, I'm a huge believer in electric cars and Tesla and everything that you said GM is doing, clearly we're on the path to that, clearly. So if it's one year, you may be right, but 10 years, the bars been raised to such a level where what if it did go down 20 or 30%, does that mean he's not a success? He's still a huge success, that's the thing. But he will be judged on this stock price.

I secretly don't think that he wants the stock price this high. What's it to benefit him? There's a couple other factors. Number one, production. How many of these cars can you legitimately produce per year? They have to create more factories. 500,000 isn't that many cars. And they pushed it to the limit with a huge fourth quarter to get to that number.

Apples coming into the game. So was China. China has three electric car manufacturing companies. They have 1.3 billion people, which surprisingly Tesla is moving strong into China. They're having success in China, but in my opinion, I think it all comes down to the battery. Because when you think about Apple, when you think about Apple getting into the computer game, they have their own systems, right? They had their own word, you know,

they have their own business documents, their own software, which put them ahead of the game of IBM, if they can somehow, whoever controls this battery, because if you can get a universal battery that works with multiple different types of cars, you don't just have to have a Tesla. Tesla might be outpriced for some people, especially when the traditional car makers are getting

into the game and you get a lower model, which there already are some, but it's unfair to Elon Musk, this stock price, because it is going to go down and people are going to think that he's a failure because of it. I don't think they are, though. I don't think that's the conversation. I think the conversation right now is the following. He's built multiple companies and he's been successful. Okay, you know, there are certain people

that for them, ties is for them. Okay, there are certain, you get to a certain status in your life where you earn sane status. St. status doesn't mean, if you do like an OJ Simpson 2000 yards in a season, you know, you go out and become the leading Russia, then you do something that you did. I'm sorry, that same status is gone forever, right?

But he's in sane status today. He has to really screw up and do something stupid in his personal life to lose that. You're giving him sane status. Oh, he's not done at once. No, no, I'm sorry. There is no other Elon Musk in America in the world today. There is no other Elon Musk in the world. You're taking Musk over Bezos back to our first question.

Yeah, but three companies. Yeah, I didn't, buddy. I'm not putting anybody head of this guy here. Nobody. I don't put anybody head him. I tell you, I think Bezos is enjoying life more than Elon Musk is. Thanks so. I think Bezos is a happier individual than Musk is.

Musk is brain is going to million miles than ourness tough to kind of enjoy yourself at times, right? When you're going like that, but let me make my point to you. Here's basic math, okay? Their top line revenue in 2020, the last number they have is September, they don't have all of it, but in 2020, $28.7 billion, their revenue is up 15.38%. Their revenue is up 15.38.

Let me say this one more time. Their revenue is only up 15.38% year over year. Say 20 is a 15.38. Let me say this one more time. The revenue is only up 15.38 per year over year. Say 20% they're up. Okay. By the way, they finish 2020 with their last report. The revenue is up only 20% but the value is up for X. Okay. Let me say that one more time. Your revenue goes up 20% but the value the company is up four times. So what's off that? So all Michael Burry is saying is maybe it's not the time right now to long this thing. Maybe it's good to show them.

Maybe you come back on a couple years from now. That's what he's saying. Michael's not a lightweight. So it's not like, you take who Elon Musk is and you take a Michael Burry. Michael Burry is great at what he does. For him to be able to predict the, you know, what was gonna happen with real estate market. Everybody's like, this guy's out of his mind.

Go all these big names, look at him and laugh at him. And he ended up being right and they made a movie about him and guess what? He's the one guy he hates doing interviews. He turns down all interviews. If you get an interview with Michael Burry, you got lucky, he doesn't like the camera, he doesn't like to talk, He doesn't like to talk.

He doesn't like the voice to do a lot of interviews. Just kind of wants to be buying stuff in an office. So for him to say that, the data validates Michael Burry is right. The numbers prove Michael Burry is right for 2021. Why did he delete the tweet, though? Because he is a non-confertational guy. He just doesn't want limelight. He doesn't want the spotlight in it brought more than he thought.

You don't know what has, sometimes you're having a drink. Oh, you're not gonna tweet it. You should tweet it and you tweet it. You don't know what happened. No one knows the context. That's you and your buddy, right? Yes, exactly. Yeah, he's a genius.

When you watch that movie, it's interesting to see what else he jumped on in the last 12 or 13 years since the real estate market. But I mean, this is kind of common sense. There's just no way it can sustain this. I don't think. Math is not on Elon's side. Math is not on Elon's side, but social capital is on Elon's side. The world is banking on this guy, period. Kai. So I think Elon Musk is one of the few, if not the only to help create or co-found four billion million dollar companies. You have PayPal, Tesla, SpaceX, and Solaris.

That's like Daniel DeLewis. I forgot he was involved in PayPal. Yeah. Kai, give me the company again. PayPal, Tesla, SpaceX, and Solar City. What Solar City? Solar panel. Solar.

Solar. Solar. And he also has the neural link. Neuralink. He's just getting started. He's just getting started. He's just getting started. There's not another Elon Musk in the world. Why can't I have a massive follow-up question? Why do you say that, Bayzos is enjoying life more than Musk at the point? Well, it's the, you know, the worry genius. I don't see Bayzos as a worry genius. I just see Bayals as an analytics

guy that's extremely logical. Asbergers, no emotion. I see that as basals. None of that emotion. That's where I would categorize. Gates was categorized as that at one point. Asbergers. When you have Asbergers, you don't have emotions. So you're not offended, you're not upset. You're just very much, so focused, right? But I think bezos is enjoying life more than muskets. It's like our boy Ben Shapiro. I think musk is constantly overthinking about the next few weeks.

You know what's funny is if you go back 20 years and you look at pictures of bezos and musk, they look older than today. They look better now. Yeah. Yeah. Yeah. Like they were balding. The dollars and the right to the doctors will do it. There's one more factor with Bezos. He looks happier now because of his new girlfriend, Lauren Sanchez. I mean, he's a different man because she is a sexual beast that you could just tell damn Tom. I was at her 30s. That I can't go all doing it for you. All right.

So you know her lower side. But she, you can just tell he's invigorated by her presence and he's enjoying life. He's taken her all over the world. He seems like a happier guy. That's what I mean. It may be something of these other things that he's accomplished in life has slid down the ladder a little bit more because why not enjoy the wealth? Like I was driving around Beverly Hills a few weeks ago with a friend of mine.

He's like, Hey, there's Bayes Oasis house. Hey, there's no one. He just houses all over the place. Every one. I around Beverly Hills a few weeks ago with a friend of mine, he's like, Hey, there's Bezos's house. Hey, there's no one. He just houses all over the place. Everywhere. I mean, you don't even know. I mean, why not enjoy it? Yeah. You know, at some point, and he's going to have another 20 years to enjoy it.

20 Bezos. How old is he? He's 56. No, I think he's going to go. He's going to, he's going to live a long time. Yeah. Remember, you know what city has the highest average life expectancy in the world. What city in the world? You can't say it. I think European country. You see me do the video. You can't say it. I haven't

seen anything. Okay. So what city is it? I'm going to say it's Zurich. Okay. What are you going to say? So random. Two things are popping in my mind. Somewhere in in Greece with a Mediterranean diet or possibly someplace in Japan. It's interesting how you say, because you went into people, I'm just going to have fun and I'm just going to dance and drink and party. What city is the richest city in the world with the most, monoco, monoco's life expectancy is the highest in the world, 89.5 years. The average person lives 89.5 years.

Yeah, because they're all freaking billionaires. The point is when you have money, you get the best health care, because that's what you do. So I think he's going to be living a long time. But none of you eat those lobster rolls, bro, though, that'll set your back. That's a lot of scurrola. Can I do ridiculous? Yes. Okay. I mean, look, I'm banking on Elon. I think we're all saying we're banking on Elon long term Tesla. I don't know. The math is not on their side in 2022. It's funny, though. He's got four other fallback companies. If this thing does take a dive

at all. And he's got the tequila coming out. So question for Tom, how are you? Who's Lauren Sanchez? Why are you at her 30th birthday? And why do you know that she's a quote unquote sexual beast? I don't know any of that. That's because it's like your opinion, man. My friend was dating her. So why was at her 30th birthday. Yeah, it was okay. Who is she? Lauren Sanchez, that's Jeff Bezos. No, I got that part, but who is she? Former news anchor, Phoenix LA, you know, extra.

So yeah, good girl. I mean, how did that happen with those two? Bezos, they were neighbors, you know, they lived next to each other in Beverly Hills. We got 12 houses. And she was married to the guy that ran a CAA. No, William Morris. Yeah.

The co-CEO of William Morris. Well, shout out to Bezos' ex-wife, Mackenzie Scott. She gives give a money. She's now worth 60 billion. Yeah. And she's given away billions and billions of ends earned the pandemic. Yeah.

So shout out to her. I have a lot of respect for that. Because I mean, I don't know if you guys feel the same way, like the whole ex-wife thing, they do nothing sometimes, and they just kind of like live a life of luxury because they married some rich dude, and they go shopping and they kind of live that. You just pissed off three percent of our audience. Yeah, yeah, I'm sorry, ladies.

But you know, they just kind of live that rodeo drive lifestyle, they go shopping and they, you know, but to see this lady that's worth this much is giving away her money and and giving back I got a lot of respect. Is there a strategy behind your compliment? Yeah, McKenzie Scott. How you hurting? How you doing? McKenzie's got.

Imagine Adam and McKenzie Scott. You know, I actually had him go overnight from being more 30 billion and then he's giving us videos. How to be a billion? You know what? Listen, you got to listen up here, buddy. There's a little podcast thing you got going on. That's a business conversation, isn't it? We're buying iTunes tomorrow, you know? You can run a podcast, I'm going to buy a podcast. She gave away six billion and she's still probably worth eight billion more than when she

started. This might deviate from the top of the book, but it's going to stay, you know, in Miami, speaking of this, I asked girls this question. All are you a planner? No, no, no, I asked girls, I say, ladies, question for you. You have two options. Would you rather be with a wealthy, wealthy dude? You never have to work again in your life or live in the high life, you live in a mansion,

you're driving a, you know, whatever car you want, you got all the, like life is good, but this dude is busted. He's gross, he's fatty, sloppy, he's ball, like the whole thing, right? You know, or you're living with some dude, you're, you're with a guy, total, you know, stud, six packs, like, you know, macho man, sexual, you know, the whole thing, hot, but he's broke his shit and he lives with his parents. Who do you pick? And you see these girls brains like, but the guys got the money and they, but this guy, they can't compute a lot of times. And then finally, do you know what the most common

response is? I'll just take the rich guy, fuck it. Like that's what they settle. But if you ask all the guys in this room Would you be with a wealthy older sloppy lady or a hot supermodel who's broke? What are you picking both? Both this guy says you're obviously picking the hot chick, right? Is it even a question time might want the old lady I don't know who you picking. I'm taking the hot chick Obviously, what's the processing?

Guys are obviously visual creatures and we don't care what you, like, how often do you actually care what the girl does for a living? I disagree, I disagree. I disagree. Who are you going with these with the old rich lady?

No, I disagree. What I disagree with you is, a guy is a, it mentally is an earner and provider. So to him, he takes the responsibility of being an earner and provider. Correct to him, he takes the responsibility of being an earner and provider. Correct. And a woman, depending on what her priorities

and her life are, looks at it as, I need someone that gives me protection, safety, responsibility, security, and the guy that's good looking is probably going to be smashing 10 other girls at the same time as you. So you're sharing your guys. So there is, so yeah, so the guy,

of course you're going to go with the, a 40 guy you're going to go, so I'm going to go work. I'm going to go make my money. So I want to be with the hot girl. I don't need you to bring your guys. So there is, so yeah, so the guy, of course, you're gonna go with a, a 40 guy, you're gonna go, so I'm gonna, I'm gonna go work. I'm gonna go make my money. So I want to be with the hot girl. I don't need you to bring your bill. You agree with me. Except I think you ought to consider a strategy

with McKenzie for you. Believe me, I've got some calls out to her. Okay. Can you please return a call? I think you got to consider some like that for you. Okay, so now that we have that, let's go to the Bitcoin community. Bitcoin is on fire.

It went from nothing to 34,000, drop 17% everybody panics is down to $30,000, but JP Morgan Chase just predicted. It's pretty crazy for JP Morgan Chase to say this, by the way. JP Morgan Chase just said that Bitcoin in 2021 could pass $146,000. They said it could pass $146,000 in 2021. Thoughts on Bitcoin defending.

Someone said the other day, was it the Guggenheim? They gave an interview, it was a pretty public, filling, through topic, investment type asset financial firm. And they said they thought that Bitcoin can go to 500,000 in the next few years. So this kind of goes back to the Tesla thing. There's a difference. If you're investing to all our investor friends out there,

there's a difference between day trading and decade trading. Right? So if you, who knows what's going to happen to Bitcoin? Like if you freaked out in 2018, oh, it's going down, it's going down. And the high was 20,000. Now we're talking about, oh my God, it might come down from 30,000. The big question is, where will Tesla be in five to 10 years?

Where will Bitcoin be in five to 10 years long term? If you're thinking, you know, shorting and you're just gonna be short in the next year or so, whatever, who freaking knows? That's not the point of investing. It's a long-term strategy. Yeah. That's sort of the problem that people get in is they try to time the market.

It's not about timing the market. It's about time in the market, right? So I think for a few years, people were not trusting crypto, not trusting Bitcoin, not trusting blockchain, everything, but clearly with everyone coming out there, you just said, JP Morgan, you had, ooh, PayPal, you had Visa, you have all these financial firms are saying, yeah, we're in on this, we're in. So the question is, is there a chance that it goes to zero or it goes to 100,000? What?

Zero? That's my, okay, so that's my question. No. There's more of a likely of a chance in the next few years it goes to a hundred thousand does zero I agree. I don't disagree. So yeah, that's where I'm taking long term. Yeah, I think if you like Did Adam's theory where he you know ask these girls randomly on the streets of Miami I do you want to reach? If you asked randomly that random girls. I know, but yeah, okay Don't you think 99.9% of the people don't know what the hell Bitcoin is?

So I think this is a game for people that understand it. They will doctor this price, however they see fit for them. And I think there's no limit to how high it can get. And I just don't think anybody understands it. Last week there was a pretty big story because the first professional athlete is having part of his salary in Bitcoin, an offensive lineman, and I forgot who he plays for now,

he used to play for Seattle, which is fascinating. Now, he is sponsored by a Bitcoin company, so him sending out tweets, he's having to do that, and I didn't really fully understand just how much he knew about it other than he was promoting the company, but I think you're gonna see a lot more of this. I think people that wanna act like they're a step ahead, you just don't think there's a full understanding of the average American, what Bitcoin is. Let me, let me, let me give you just a different

perspective on what happened on December 31st with me. December 31st, I have a million things to do, and I'm trying to finish off my ear, but at the same time, I'm trying to get my dividends paid out to all the investors, okay? So I call Chase. I'm on the phone. 30 minutes with Chase on the phone, their phone system wasn't working. First call hangs up. I call Chase again, it hangs up.

I call Chase. It's seven times. After being on hold for 15 minutes, Chase hangs up. Then I have different, then I start calling on three different phones. Then I get my relationship manager. Then I go, then I go to Chase directly. Then I, at the whole event, took about four hours of my day.

I sent a tweet to Chase, Chase responds back. I said, it's your phone system down, not working. I'm speaking with your seventh rep now, and your whole music works, but the rep speaks. They cut out, our finance department has had problems with your phones all day. They tried on three landlines and two cell phones and nothing. One guy responds back to me and he says, if you have to ask permission to use your money, then it's not really yours. And he says, Bitcoin can fix this, right?

So he says this and I sit down and I'm like, you know what? The fact that it took four hours of my day, that I have to go do all of this stuff, are you really Patrick Beddavid? What the hell do I have to tell you if I'm Patrick Beddavid? So I'm sitting on like, you know what? If this eventually goes this way with the process, it's way too slow the process.

In the process of business, like what we do, what I, the reason why we invest in internet technology, three and a half million dollars, that we put time into the last two years, is to eliminate steps so you can accelerate a process if Bitcoin can accelerate multiple processes for people's lives. And find, I think the challenge they've had, here's the challenge with Bitcoin. The typical Bitcoin investor that's obsessed about Bitcoin who understands it, is it fair to say that they have to be brighter than an average individual

when it comes out to math. They have to understand the technology, blockchain. You have to understand what's really going on. You can't sit there and explain it to the average person. The average person's like, what are you talking about, crypto, well, you got to mind what the hell is mining? What mining is this? And the deeper you go, people

like, dude, it's just too technical for me versus a baseball card industry that's blowing up right now. And they're selling shares of baseball cards. Here's his baseball card. They printed a hundred thousand of them. Only 20 of them have gone to PSA 10. This is one of the 20 that we have. It's worth this much for you. The market's paying 180 grand. What do you want to pay for it? It's probably going to be a 500,000 dollar card and five you. The market's paying 180 grand. What do you want to pay for? It's probably going to be a $500,000 card in five years.

The math and the way you explain the baseball card is what? Very easy. So somebody says, okay, cool. I'll buy the baseball card and I'll set on it because you look at it as what? You look at it as artwork. You know, I'm on his buy it

and I'm on his set on that artwork. Bitcoin, if they learn how to explain the benefits of it to different types of people, business owners, the average investor, the average buyer, the day-to-day person, the person that's insecure about their money being on Mac, the person that's older, that's worried about money and it's credit card, no, there's, I don't want to use my credit card online. If they learn to do better marketing with that, I think the upset on Bitcoin can be very high because the direction we're going right now, people don't trust the government, people don't trust politicians, people don't trust these politicians.

They're renting money like crazy. They don't trust them. So I think timing is on their side, and if they do it right, this could be a very interesting direction we go to the next five or 10 years. I just have a thought process, and I'm kind of tying everything we discussed

with Tesla with Bitcoin. So again, with my whole interviews, everything I do, I've interviewed a lot of people, when I do my man on the street stuff and I actually went to a Bitcoin convention and I interviewed hundreds and hundreds of people who have no investments whatsoever, no 401k plan, no IRA, no Roth IRA, no access to the traditional stock market, no S&P 500 index fund, nothing, nothing, nothing, nothing, but they got a Bitcoin account. Yeah. That's very dangerous. That is very dangerous.

That's like saying, oh, are you a stock market investor? Yeah, where do you invest, Tesla? That's it? You just have one stock, Tesla? Yeah, I'm riding with Elon, very dangerous. So diversification. So I've learned this just through my time just investing.

You know, you kind of have your main entree for me. That's an S&P 500 index fund. Cool. I have majority of that. But you also have a little bonds. You maybe have a little gold. Maybe you have a little cryptocurrency. If you're a believer in Bitcoin and blockchain, you know, rather than doing 5, 10 percent, maybe you put 20, 25%. Yeah, I've got like, I put 5%, nothing crazy. I put in, three years ago, like 40 grand or so. Oh, crap, drinks on Adam. Yeah, I mean, my dad's got up a little bit.

What if you buy that? Sixth out? No, no, no, no, no, no. This was at like 15, I want to say. 15th out, okay, good. So, no, it, no. This was at like 15, I wanna say. 15th out, okay, good. So, no, it's gone up a little bit, but never in a million years, but all my money in the Bitcoin

or into any crypto or into Tesla. That's ludicrous. But that's what people are doing. It's like, oh, I'm investing in Bitcoin. Let me give you the flip side of it. Let me give you the flip side of it. Let me give you the flip side of it. As ludicrous as that is, in the next five, 10 years,

you're gonna hear so many people that this thing, if this thing goes to half a million dollars, there's gonna be so many accidental billionaires that they're gonna say, and the million everyone's gonna talk to them like an expert. But they did exactly what you told them not to do. They did the opposite. They put everything in.

So what I'm trying to say to you is, if they find hold long term, if they don't try to get in and get out. If somebody is playing the, I don't care, I'm going for every, I want it all. Or I'm nobody. That's a strategy some people are taking. They're banking on Bitcoin helping

and becoming millionaires billionaires. That's what they're banking on. I don't think it's a, most least stressful strategy. But if this thing goes in a direction, it's gonna go. It could end up being a very big victory for those who are to the party. Risk first reward, right? Exactly, exactly.

So, let's talk about Jack Mom. I think it's time for us to talk about Jack Mom. It's a little weird what's been happening with Jack Mom. So, Jack Mom comes out and gives a speech on October 24th, which I think both all of us have read, or you know, you read some of the commentary on what he said. I'll kind of say a couple of the stuff that he gave to speech on October 24th.

He came up, he says, look, I'm a semi-retired man, I'm just Jack Ma, you know, I'm gonna give a message to you today. You're either gonna think this is immature, incorrect, or laughable, but I'm just gonna give this message to you. That's how you kind of set the whole thing up where it was kind of making them be safe. And then he got up and he started talking. And he says, look, there's three challenges that we're facing today.

One is lack of financial system that China doesn't have a financial system because we built too fast. Number two, innovation must come out of pride.