The Breakfast Club - INTERVIEW: Jordan Belfort Talks Trump; 2024 Election, American Economy, Wall Street; Wolf Of Wall Street + More

Episode Date: March 18, 2024

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Wake that ass up early in the morning. The Breakfast Club. Yep, Charlemagne Tha God, Jess Hilarious. We are The Breakfast Club. Envy is not here at the moment, but we have a special guest in the building. He's been here before, a couple of times. Jordan Belfort. What's up? What's up? How's everybody?

How are you, sir? You guys are looking good today. Thank you. How you feeling? I'm feeling good. Listen, recovering. I had a big surgery about three weeks ago. Rotator cuff, right? And had to do grabs that took, I had to take muscle from my lats and my pecs, a big surgery about three weeks ago. Rotator cuff, right? And I had to do grabs. I had to take muscle from my lats and my pecs. It's a big deal. But I'm on the mend there, so I'm solid as a rock.

I'm ready to rehab. How did you do that? How did I do it? A lot of golf, weightlifting. And I wrestled in college. And I just had three surgeries before this. It was just like totally wasted. So wear and tear.

Yeah, wear and tear. Jess has never met you before before but she did see the wolf of wall street yes and you're the real i'm the real wolf i'm retired wolf you know more benevolent wolf disease yeah it's a great movie and uh the thing with that movie is interesting for me is that like that those those events took place 30 years ago but, because the movie came out in 2013 and it's still on TV. People are like, it happened like three weeks ago, right?

Like, is your daughter still three years old? My daughter's 30. I have a grandson, so it's pretty funny, you know? I don't think I've ever asked you where you got the wolf from.

Where did the wolf come from? Believe it or not, the wolf came from a show. You ever watch Gilligan's Island? Yeah. Okay, so the character, Thurston Halberd III, his nickname was the Wolf of Wall Street. So it was like a joke about that. Yeah so I didn't did the character Thurston how the third his nickname was

the wolf of Wall Street so it was like a joke about that yeah yeah uh-huh so about the movie how much of it was like real events like was a lot was any of the add-ons or like so I would say like let's say 90% of it was true and this stuff and my life was probably even more insane because it was stuff that you just couldn't yeah put on screen you'll be x-rayed you know right um but the stuff that wasn't true it was a lot of like characters well like they would collapse three people's actions into one character like the danny character got it was bad danny did it right you know that was a donna jona hill character right and uh they moved the timeline around but by and large it was really accurate you know you got a new book out called

the wolf of investing uh what came out fall of last year my insider's playbook for making a fortune on wall street yeah you know the first thing people will say is why should you listen to him it's a good question any tips from him yeah good question i think that you know on some level you know who better to uh expose what's going on wall street and someone that made the mistakes was part of it on the inside um and and i think you know it's funny people say you know why don't you ever write about the stock market i never did before so my all my books about before this a bit about sales on my life story right um but you know obviously i have massive knowledge about wall street i ran one of the largest firms on wall street in the 90s in the in the you know obviously I have massive knowledge about Wall Street around one of the largest

firms on Wall Street in the 90s in the you know IPO market but I never thought of writing a book but I think over the last since I started going out in 2008 around the world and teaching sales and entrepreneurship ethical sales and I really helped millions and millions of people and I think I've rebuilt my reputation to the point where I have a very large fan base who trust me and I really helped millions and millions of people and I think I've rebuilt my reputation to the point where I have a very large fan base who trust me and I've helped so many people. When I walk around, people say, you changed my life. As I walk around, people always say, you changed my life. I went into this business course, entrepreneurship, and I felt that it was like I felt comfortable enough. I said, I'm going to talk about investing. When I started writing

the book, I wrote what I consider to be the purest book of investing it's so like unarguably the right way for someone to get wealthy in the stock market it's the exact opposite of everything i did back by the way it's like the opposite of what i did when i actually went to jail like i was you know manipulating stocks it's smaller stocks the advice i'm giving in this book is really honestly it's for any person of any age obviously the younger you start the better but the thesis is as follows there's nothing in here that's revolutionary it's just i wrote it in a really funny i kind of laugh out loud irreverent way so people would kind of turn the page made into a story because the truth is

the best advice for investing is out there yeah there's nothing you have to it's like i didn't do some analysis like oh eureka i have this way it's not like that okay really even with all this new stuff like bitcoin and you know things like that so if listen in the book i i there's two main investments i talk about one is the s&p 500 which is an index and so instead of buying just a random stock and trying to trade in and out which is a sucker's game by the way right and and what really bothers me and i have this big thing about cnbc in there and and and and how they basically are like the worst thing that could ever happen to the average investor because if you watch the cnbc you'll think you can trade in and out of stocks

short term and make money and the fact is that the scientific academic studies going back to 1900 that says it's virtually impossible to make, to beat the S&P. There's a few people that can do it, right? And they're not taking it. It's like Warren Buffett, a few of us, very few. No one could beat the S&P by and large, right? But if you watch the show, you'll think that's the best way to trade, to trade, go from oil into crypto, from crypto into tech stocks, from tech stock into commodity. And you're not going to make money that way right so that one investment is the s&p and i wrote the book i think when i wrote the book this was like 3800 now it's 5000 right i also said bitcoin's a good investment but small like five to ten percent of your portfolio

right the largest should be i think the s&p and at the time was 22 000 now it's 73 000 but that doesn't like the fact that i was right is irrelevant because it just as easily could have been down in one year in other words you can't look at investing as a one-year proposition i mean i wrote that i said listen bitcoin right 20-something. I think it's going higher, but it could be going lower. But I think in five to 10 years from now, it's massively higher. And the S&P was 3,800. It might go to 3,600. Maybe it's in 4,000.

I didn't think it would go to 5,000. It's at 5,000 plus now. So I looked up my genius, but that's not true. It could have easily been down. So you can't invest and worry about the price the next week, the next month, or even the next year. I believe the best way, especially people in their 30s, 20s, 30s, 40s, even 50s, right? You have to take a long-term horizon and rely on what's called compounding. So with the S&P 500, the idea is that you take the profits and you just let it, as it compounds,

and you get your dividends, you reinvest the dividends. You let the compound over time even though it only returns 10% a year. So you say to yourself like, well, 10% a year, how do I get rich on 10% a year, right? If I put in $30,000, three grand, what does that do for me, right? But what you don't realize is that the next year you have $33,000, and if it compounds, then you have a bit more. That compounding, after it gets like 20 years, goes parabolic. So, like, literally, if you invested like $30,000 in the S&P, and let's just go back 30 years, 30 years ago, four years ago, right? $30,000 and put $200 a week in.

You'd have like $25 million now. And I just made that number up so i'm i could be off like five or ten but you're a massive amount of millions of dollars right so i think the trap that people fall into when they invest is they say i only have five thousand dollars or ten thousand i gotta make a huge hit i have to time the market so they get trapped in trying to go short-term trade or they go on margin they get blown out and you can't start with a small amount and end up with a huge amount if you have patience

that's what the book is about patience and also that you know you're not going to beat the S&P 500 so the cornerstone of your portfolio should be there's no fees attached so you put your money in you let it ride so it's like set it and forget it's passive investing right my account said don't even put it

in there don't even look you can't because the trap is is that you know you think that you know well the market's gonna we'll have a bear market okay fair enough you know a bear market but buying you go back historically it's always goes up over 30 years. So listen, it's possible the United States could be destroyed, but we have bigger problems than your portfolio, right? So that's the essence of the book. And also, I go through

a very, very damning history historically about Wall Street, how it got so fucked up, okay? I go through that in detail, and it's pretty wild when you read, like, why is it that, like, you know, firms get away with murder? I mean, you guys know what like why is it that like you know firms get away with murder you guys know what's going on i mean i know you know like the bigger firms like i mean

they're engaged in massive fraud but they also serve a very useful purpose so they have like this kind of the yin and yang what's the purpose the purpose is without without the big firms the economy would not run you need to have brokerage firms and banks to provide credit to give money to companies to go public to do analysis of companies to see which ones deserve money to keep orderly markets in other words you need capital markets and you need a functional banking system to lend money to raise money to deploy money right how much longer you think we'll have that because they've been i've been hearing rumors of potential bank crashes yeah yeah well but you know here's the thing the bank there's in the u.s they won't be bankrupt they'll just buy them all they'll bail them out

they'll always bail them out and they there's no way so even like when you hear all this stuff like there's all this noise back maybe six months ago and there's no way they're gonna let even the big one in silicon valley bank where it's a lot of money and they acted very irresponsibly. Right. Although they put them not as, they just got bad, bad luck and a responsibility. Right.

But the, you knew the government was going to not let the depositors. Cause that's, if that happened, I mean, shit, like, you know,

it would be so bad. But what happened is, is that everyone would take their money out of the small local banks. And all you would have is the big four or five banks out there, right? So I don't really think that's an issue. But what happens is that when you look at the success of the United States economically, it's based, I think, on two things. Number one, really well-ordered capital markets, liquid capital,

and also that the dollar is the reserve currency. That's a much bigger threat, I think. Like the dollar right now is is you know kind of losing its luster around the world and if the dollar ever loses it completely that would be a disaster for the u.s you think it's possible i'm sorry so with this crash course that you just gave me because i you know i'm into it but i ain't really into it like that i just learned a lot in first what you only been in here for 10 minutes yeah do you think it's a waste of time to even go to college or take a like class on and stuff like you know so I think the thing that college is this two-size-fits-all if you want I have two children right okay and

a step as well right if you want to be professional doctor or lawyer or some something else like my daughter's a psychologist right where a license is required and i think of course you should go to college and go down the path and do whatever courses you got to take to get licensed and there you want to be an accountant a lawyer right that's one thing right if you have no entrepreneurial side cue and you want to go and get an mba or something you can do that but if you're someone else that like is not is going to do either into the trades or you want to be an entrepreneur or music like my son's a musician in music right I don't think there's any reason to

go to college I think college is a complete waste of time with ridiculously you know pumped up tuitions that are just asinine if you ask me so i would never recommend someone to go to college unless they want to choose that path for my daughter it made sense for my son it didn't you know but for investing let's it's so listen for you like i said in a few minutes it's so easy to manage your money because you don't need a money manager and you don't need a financial planner except for your taxes right you just buy the most of your money. 80% should be in the S&P 500. You take 10%, you put into a bond fund. It's all in the book, right?

Bonds are like fixed income. So just to smooth out the returns over the years. And then the rest, and by the way, the rest you can speculate with. You can have funds. There's nothing wrong with taking 5% or 10% of your money and taking some flyers on whatever that means. Bitcoin, you want to trade a short-term stock,

but the problem is if you don't set aside any money for risk capital, then you might start using a lot more than 5% or 10%. But if you do that, in 30 years, you'd just be shocked at how much money you ended up with simply from a 10% return.

Some years, it's going to lose 12 but then like last year it made 27 right it averages out and basically it's like a set and forget can't go wrong investment in some level like you put a good point up in the beginning why trust me on some level it was like when i wrote the book was like by kind of making right what i felt like because i have a really young audience and i said every kid reads this book the amount of money they're going to save themselves by not getting suckered in it's like to these you know to high margin where you borrow money against your positions which kids do all the time it's a freaking disaster right so I figured it was it was a kind of my gift back to everybody I think the book really was that and I think I succeeded you know I like what you said there

because you know even when we talk about politics and you you know whether it's a politician like you know president biden who's done things like the 86 mandatory minimum sentence and 88 crack laws 94 crime bill people are asking him now since you're in the position of power you're in right those wrong yeah right some of those should so that's what it feels like you're attempting to do yeah well i mean listen i've been doing that but like you met me when we met the last time with the sales stuff right that book was hugely successful you know and um and again when i walk you know i'll tell you what this is the greatest thing to walk around the world and it's all over the world and people come up to you say you changed my life yeah you made my life better or like also by the way is just that even

if they haven't read anything just the movie itself like the idea that I come back is it okay to curse you? I really fucked up I really fucked up and I was one of those people I'm fucking guilty I never tried to

minimize what I did when you're in jail everyone's like I'm innocent I'm fucking guilty guilty right so um and of course I felt like shit about it right and people lost money I paid back a ton of money the whole thing right and um but you know I'll tell you what the people a lot of young people older people too they see what happened to my life and how successful I am now and they're like it gives them hope and and it's part of also my message doesn't matter we all make mistakes and you could either there's two things you could either be defined by your mistakes right like you can book

you can become your mistakes i screwed up i'm a bad person so i guess i'm bad now that's who i am or you could learn from your mistakes and get stronger and change and and like because you know when you have pain like that it's an impetus to change right and as long as you're willing to put one foot in front of the other and do the hard work and also i work really really hard and my hard work always have been right you it doesn't matter where you are how low you've fallen in life you could always turn it around it's it's up to you you're saying and also part of that is learning specific skill sets so for example like with the sales book right that's like a sales is a skill that you need

no matter what you do you're always trying to not even sell just communicate your ideas your hopes your dreams the value that you have it doesn't matter what line of work you're in you could be a mother trying to convince your kids to make their beds in the morning you could be a teacher trying to convince your children the value of doing their homework or just education in general. You could be a pastor trying to influence your congregation. You could be, God forbid, a politician trying to influence people to vote for you, right? But in any line of work, that communication is critical, mission critical. And I think what happens in any field, like in what you guys do there's certain skill sketch

that you've honed over the years you work really hard to get to where you are if you're an engineer there's certain skill sets required to that if you start a business you need to know certain entrepreneurial skills a lot of times people they have the vision they know what they want to do but they're not going to learn the skills they need to succeed at it so i'm a big believer in like it's not just hard work. It's actually, there's going to be some, whatever you're trying to do in life, there's going to be a mission critical skill that you have to perfect.

And whether it's the, you know, the 10,000 hours or whatever, how many hours it takes or being mentored by someone and not trying to jump ahead, which is by the mistake I made very young. I didn't use mentors correctly.

I had the wrong one. And you pick a bad habits, right? But if you want to put the hard work in, it doesn't matter how low you form, anybody can turn it around, I believe, and at least not even rich, but do really well in life. And this book, I guess, is

sort of like the... And I hate writing, by the way. Do you write? Yeah, I write. I hate it. I mean, I have somebody who writes with me, but I write. My third book comes out in me. Yeah. And that's awesome. This is my fourth book, and I write alone.

I don't have a ghostwriter at all. Help me. And I hate it, but I love having written. The best thing is when the book is done, right? Absolutely. It's a great feeling. So this is my fourth book, and I think this is my last. No, I don't know. I think it's my last. Maybe I is my fourth book and um i think this would be my last i think it's like maybe i'll one more book but i gotta take some grind when you do it

though you know but you know so yeah i think i think the book is is uh gonna really help anyone who reads it that's my uh and you know people don't realize you actually paid people back you paid the people that you i did yeah well the problem i had is that it was really weird because i had this huge fine right but it didn't represent the people who lost money it was like the people who lost money was much less and then like you know i don't want to get into this it's a whole subject but like you don't get noisy but you know i got some letter some report from the trustee or from the bankruptcy of the whole firm and it said like they had extra money left over they couldn't find any more people to

pay back and yet i still kept paying back for 20 more years but that's spilled a guy i never resented i'm you know here's the truth i think there's there's two ways to live life one is to get bitter and and to have resentment and to want revenge i I'm just not liked. I never hold grudges about anybody or anything. And I look forward, not backwards. And right now, I'm very fortunate. I'm fortunate. A lot of people don't get a second chance. So when you do get a second chance like I did,

and then the movie was so awesome, you have to respect that and cherish that and also honor that and not fuck up again. So I'm really, really careful. We're not getting to Wolf of Wall Street 2. Leo and I, we ended up on the same boat somewhere about two years ago and we were kidding around how

great the movie was and he said something really great. He goes, you know, I've never seen Marty so happy on a movie set. We don't know him by Marty. I know, Marty Scorsese, right? He goes, I've never seen Martin Scorsese on a movie set we don't know him by Martin Martin Scorsese right because I've never seen Martin Scorsese so happy on a movie set

usually he's much more serious he was laughing his ass off and the movie reflects Marty's humor of it like Marty was having a great time he goes yeah yeah but there's not going to be no sequel your life is way too boring you're too good now you're not doing drugs anymore.

Right now, this is my Red Bulls instead of cocaine, which is not as strong, by the way, but it's more sustainable. Is it true that Donald Trump crashed the Wolf of Wall Street set? I read this. I read that, by the way. It's possible. Where did I read that? by the way. It's possible. Where did I read that? Kristen Miladi said it.

Kristen Miladi said it. Yeah, yeah. She was a cast member. Yeah, yeah. She played my first wife, by the way, whose real name was Denise. Right. She said Donald Trump crashed the set and acted a damn fool. Well, you know, there you go, right? Well, did you hear Martin Scorsese compare Donald Trump crashed the set and acted a damn fool well you know

there you go right well did you hear Martin Scorsese compare Donald Trump to you no what did he say come on stop man he just said he sees similarities in you too do you know that I don't read anything about myself ever no comments I never

I don't have google or nothing I think that for me at least I know in my heart that I do good shit. I know it. I know that everything I do, I'm on, like, I'm giving more value than I'm getting in money. Or at least I'm trying, by the way, right? So, like, and there's haters out there in this world. Yeah, I was going to say a lot of shit could be made up. And no matter what, you have tons of, I'm sure you have tons of haters.

You must. Everybody loves me. Oh, what? Yeah. I was going to say, a lot of shit can be made up. And you have tons of, I'm sure you have tons of haters. You must. Everybody loves me. Oh, what? Yeah, everybody. You got to have something. And by the way, and the haters drive engagement, which is great, by the way.

Yeah, yeah. So I just let them, like, in the beginning, I used to look, I'd fight with them. What do you, you know, how could you listen to this guy

after, and I'm like, this is just ridiculous. Like, if Jesus Christ was today and he gave the sermon on the Temple Mount, people would say, what an idiot. Nothing new there. No matter who you are, they're going to hate on you. So I just don't read anything about myself because even my wife was like, yeah, this is a great arc.

I'm like, no. If someone tells me I'm so great, I don't want to know about it. I know who I am. I know my good, my bad, and my ugly and the whole thing. And each day I try to be as good a person as I can. And if you read comments, you can go freaking crazy. What was this about Donald Trump?

He said, Martin Scorsese was in London at a film festival and he said, the panel's moderator, Edgar Wright, played a clip from Wolf of Wall Street and he said, some of your films, people are punished for their sins and Wolf of Wall Street, And he said, some of your films, people are punished for their sins and Wolf of Wall Street, they're celebrated.

Wright said to Scorsese, who likened Belfort to Trump in his reply. He said, politically, the country they elected Trump, it's about kill, go get the money, do anything you want. You can't do anything to me.

When he's saying, I don't have to pay taxes to a certain extent because I have smart lawyers. He's right. It's true legal doesn't mean it's right but it's legal scorsese said to the former president's uh multiple indictments yeah so y'all this is quest love and i'm here to tell you about a new podcast i've been working on with the story pirates and john glickman called historical records it's a family-friendly podcast. Yeah, you heard that right. A podcast for all ages.

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on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. I'd push back on that a little bit i'll tell you why because um i suffered the consequences from my actions i lost everything i did not i did not leave jail with any money i was broke i started from scratch and and my comeback started with money i received from the wolf of wall street book and half of it went to pay back investors so i was 50 went to investors so it was very, I had really tough years in the beginning.

So I pushed back on that. And also, you know, I think that, you know, I really try hard not to be a polarizing figure. I really do. And I don't know if that's good. In the beginning, there was a few years ago, I was a bit more polarizing, Like there was things that would bother me about COVID, you know. And I said, you know what? I said, stop. I don't want to stop my position. I'm here to help people, to give entrepreneurial advice, stock it, whatever. And I just don't want to, I just stopped.

So like, you know, and admittedly, my engagement dropped when you stop being as controversial. But, you know, I think, listen, I think you could love Trump or you could hate Trump. But, I mean, it is shocking that it seems the more bad things they say about him, the more people embrace him. I can't quite figure that out. Basically, it's all got to catch up. Yeah, but it's a shock.

I've never seen, I thought like the first time, even before he got elected in 2016, like that thing with the tape grab, I think, oh, this guy's done. I was like, this guy's done yeah i was like this guy's done and then when he came out and he was like saying he just completely like nothing i was like what a stupid and i was like holy shit actually worked but eventually it's going all crashing yeah well yeah that you like when have we when have we ever seen it not i know like it's

inevitable yeah you like trump so you said he was a great president. Listen, I think that Trump, the president, all I can say is the world when Trump was president, there was no wars. Now, some of that could be coincidental. Some of it's just luck, right? But there was peace. There was energy. We're energy independent.

I thought regulations were less intrusive on business. And he was an asshole like because he was not he was like he he divided people but you know like so he had this his personality was so abrasive and i was like what are you like just stick to the fucking policies which were working immigration was was was tight at the border and i believe those and i'm pro him my parents my great great-grandparents, and my grandparents were immigrants, right? So it's not that I'm anti-immigrant, of course, I think,

but legal immigrants, and there's a problem with that because the immigration system is screwed up. That needs to change also. But I think the country was in a much better spot except for the fact that he pissed so many people off in the process. And part of being a great president

is trying to unite and not divide so you know but i have to say as a president the world the country was in a better spot i think the world was in a better spot and i think biden's as i don't think biden is mentally his mental i think he's almost senile i wouldn't quite say senile but but I would say that this whole thing about the her report, right, is nonsense. Like, and Stuart had a great piece on this. So, like, the biggest thing that causes amnesia is being deposed. Like, everyone's got amnesia when they're being deposed by someone, right? Especially if you've got something to hide.

Did you see the stuff in Georgia? Like, that lawyer? He couldn't remember anything. I don't remember. What happened yesterday? I don't remember. What happened yesterday? I don't know. Your lawyer preps you to do it that way. So I think it's a bit unfair.

Like I think it's more serious of the flubs he makes when he can't remember stuff and loses his track on. Trump does that too though. Yeah. But not as bad though. Not as bad. It's not as bad. I think it just depends what highlight reel you're watching.

But seriously, I don't think it's fair to her at all. Because like he's under every, I did, when I'm on the phone watching. But seriously, I don't think it's fair that the horror book. He's under every... I don't remember what they... I don't know. So it's unfair. Listen, the country will decide. But I think whatever happens in the election... And I'm not a fan of Biden.

I don't think you are either. I think... No, I'm not a fan of the president. I just sincerely hope if Trump gets elected, I hope he learns from the mistakes of dividing and saying shit that is inflammatory. And if you just check that. At first, I was hoping. I think he's kind of already went too far past that, though.

Like when you try to lead an attempted coup in this country, what you said was just a moment of foolishness. So, yeah. Which two things can be true. Yeah. It is a moment of foolishness to try to lead an attempted coup. I think it was a riot. You know, I look differently at it because like they weren't armed. Then you see a real coup.

You know, people come in with guns and it's organized like that. They'll get it right the next time. This is just practice. I think it was an ugly moment. Obviously, it was terrible and disgusting for the country, right? And he said we should rip up the Constitution to overthrow the results of an election. Yeah. His lawyer said that he never agreed to support the Constitution.

You really want somebody who don't believe in the Constitution to be the leader of the free world? Listen, I'm going to tell you something. I think I was the first person to say this. You go back to my social media because I have a big video on it, right? I'm going to repost this. But right after he lost and everyone's saying it's fraud, they stole. I'm like, no, it's not it's they stole the i'm like no it's not i'm only it's not there's no fraud okay there's fraud in every election but that's just whatever there's

regular fraud and there always is right but no more than usual right trump lost the election because the democrats played an amazing game of mail-in voting and ballot harvesting legally like you can legally the way they were doing it is they had all this early voting, and Trump said, go on the day of the election, don't do mail-in voting. So what happens is the Democrats have 30, whatever days before, 30, 40 days before, ballots are sitting at everyone's desk, at everyone's house, the coffee table. People are knocking on the doors. You fill out your ballot, get your ballot.

You get it, and there's commercials running. So you have 30 days of voting on one side. And then the Republicans are basically showing up on election day. You're not going to win like that. And that's why Biden got how did he get 80 million votes? Because it was all it's easy to do mail in voting. So they took advantage of what was happening. It was legal. I don't think the election was stolen in any way. I think they just were much smarter and more effective at harvesting ballots. And that's the new game. And nobody talks about the – well, we don't talk enough about the series of unfortunate events that year was.

You had COVID. You had George Floyd. Yeah, it was a disaster. That led you to a disaster. Yeah, I don't think President Biden wins the election if all of that's not going on. Yeah. So, again, and I think the worst thing of it all is that there's two people that, like, I mean, I don't think anyone really – I would like to see two different people running. Absolutely.

I mean, right? So, like, you know, I mean, 80 and 78. It's not age. My mother's 91, and she's sharp as a fucking tack, my mother. All right? Like, really sharp. She shouldn't be president. Yeah, sharp. She shouldn't be president. She shouldn't be president. Honestly, even

I'm 61 years old now. I don't think I'm as sharp as when I was 45. Now I have more wisdom and experience and I think that's important. So I certainly have enough acuity to be president. I'm not running, trust me. But the point is, I think that when you get into your 70s and I don't know, I don't think you're just you're not the person you are.

I think there should be, you know, certainly some at least mental acuity tests and also the job ages you. I mean, so I think it's pretty sad that at this point we have an 80 was an 80 year old and 70, 80, 81, 77 or 78, right? That's the best we can do. I'm done with this fucking politics shit, okay? So your ex-wife, right? Nadine.

Or is it? No, no, no. Nadine. She's still upset. It said that she's still upset. She's still upset that you haven't given her an apology. For what? She feels like you owe her one i was nice so you know that is it because are you still upset that she posted uh something about like posted details about you guys's relationship no no no it's no no i think no this is oh you're into the personal stuff here a little

bit no listen we have we have two children together, right? And we've always gotten along really well over the years, right? But she said some stuff that wasn't true. Got it. Okay? And not that it's not true, but she's playing the victim, okay? As if she was the innocent flower and I corrupt her. And it's just like, listen, I'm never going to

minimize the mistakes. I was a drug addict. I was wild, okay? And I really never cheated on her that much. I was with hookers. I was wild. Okay. And I really never cheated on her that much. I was with hookers mostly. And I know that some people have different opinions on that. But not like real life relationships. But she had an affair with the

trainer. She was banging the trainer. Okay. So like, and you know, I did four quaalids a day. She would do one a day. She was doing drugs with me as well. And I said to her, your message would be more powerful if you didn't make yourself a victim in this whole thing. You're part of it, and it takes two to tango. And that was my only thing was the positioning herself as a victim because she was a very sophisticated young girl who knew exactly what was going on the whole time.

Did you have an open relationship? No, cheating on each other cheating she cheated too and um and she did drugs too and i did a lot more and and you know i had to go to rehab she didn't um so i have not no listen i i will she had one quaalude one penis you. You had multiple quaaludes. It doesn't matter. I was so out of control in the drug department. I think my point was, we already made peace in this whole thing, right? But I said, I think your message would be far more powerful if you take some ownership for your role in it versus trying to say you were a victim. I think that's ridiculous. I don't think victimhood works for anybody. I think it's's much better you take responsibility for your own mistakes that you made and i think it makes your message more powerful yeah yeah i don't yeah i

agree with that i i don't i think there's a difference between victimhood and when somebody actually did you dirty and there should be some atonement for it right yeah you know what i mean yeah because you wouldn't call anybody that you got over on when you was the wolf a victim i mean they were victims but you wouldn't tell them that victimhood don't work for them because they're just telling the truth yeah but anything that i would ever apologize to my ex-wife about i've apologized many many times way long before like we'll all be getting divorced and over the years we were very close for many years after very many very close you know we always got along really well. And I just didn't like it.

It was a weird thing of saying things that were just blatantly untrue, like online to try to get clickbait stuff. Right. And it really wasn't at a ball. I never read it, ever. I don't read anything online. But I have a new wife who reads it. Yeah, I'm sure she bought it to you at dinner and that's yeah and that was really what it was about and also we have children together i thought it

was inappropriate you know but she does what she wants and she apologized to me for that as well amazing i think she i think that she stopped doing it and we get along well now so you know and i hope i wish her nothing but the best by the way i love that you know she's a mother of my children she was a great mom she really was she was a great mom and i think she always says i was a great dad i hope she says that right no she never said saying i'm joking yeah i'm joking i was a great mom you know and uh and we have two amazing kids together yeah yeah amazing wolf i got a couple more questions just about the investing in Wall Street You said earlier that America

Could be destroyed And there's a lot of people who feel like America is on The decline Do you think The American economy Is still a wise investment I would never bet against the American economy I think the American economy is still a great investment

And by the way when you're buying the S&P 500, that's what you're buying. You're buying the American economy. It's the 500 biggest companies that drive the American economy. What I was referring to before, I think the danger, I think it was a huge... If there's one major mistake the Biden administration

made, was freezing Russia out of the monetary system. Okay? Freezing Russian sovereign assets, cutting them all from you made was freezing russia out of this out of the monetary system okay freezing russian sovereign assets cutting them all from swift was a huge blunder because all it did was drove them into this other system they're trying to this brick system yeah i saw that right so what so it and it makes other countries so wait a second so we're using the dollar as our reserve currency and you don't like us you're going to freeze our sovereign assets and cut us off so it's a reason for other countries to run away from the dollar so it's brazil russia india china south africa they're all looking to establish this new reserve currency to compete with the

dollar right yeah and and by the fact that the dollar is is a reserve you don't know how i mean you do know i'm sure it's so important for the economy because it allows us the only reason we can keep printing money and printing money have this huge deficit because everyone around the world sucks up these extra dollars i go to my wife's argentinian when i go to argentina everyone is it's all in dollars everything's being collected in dollars transactions are all in dollars the big ones right so without that around the world we wouldn't be living the standard that we have so the dollar is is just so important and i think to drive russia do whatever you want but to drive them out of the system it

just made them start buying yen and it's like now they were china right didn't make any sense to me and it didn't and the russians aren't suffering right now their economy i think is doing pretty well because they're selling oil still i mean like it didn't matter you know i'm not pro-russian okay i'm nothing i've gone to russia many times the russian people are the most amazing people i love them the russian people my biggest event was in moscow 32 000 people wow and and it's a beautiful city i love russian people hate that the war is happening i love i've been to ukraine kiev three times yeah you know i'm saying love ukrainian people right but to sanction them with freezing their assets and just making them, and eventually they'll get the money back when the war is over, right? But to do that drove them out of the system.

I think that's stupid. Could the dollar collapse? I don't think it collapses unless there's some sort of like, you know, black swan event, like an EMP pulse that knocks everything out. I don't know. I don't think it happens like that. I think it's more a slow decline where you start to see that the dollar now maybe becomes 50% of the global currency,

of the world transactions versus 85, whatever it is, 80s, in the 80s somewhere, maybe a little bit lower. And it used to be like 95. It is already starting to unwind, right? But I don't think it happens and I could be wrong, but I don't think it happens and i i could be wrong but i don't think it happens in the next 20 years in like in other words you know you know one day

it's just done i don't think it happens that way but i could be wrong um wall street right how can someone extract the benefits of wall street without being drawn into the dark side right yes that's a great question so the dark side is putting on cnbc right and listening to the pundits and thinking that you can speculate and short-term trade like buying a stock today at 30 and sell it at 32 number one you get it i mean human beings by nature are the worst stock pickers in the world. And listening to a stockbroker is just like idiotic. And I'll tell you what. Wall Street investing is the one exception to the rule that we all have grown up with that if you want to get the best result, seek out an expert to help you get the best result. So, for example, if the pipes in your house crack and you have a leak, I suggest you call a plumber, a licensed plumber, to fix your pipes.

Don't try to fix them yourself. You're going to get a much better result. It's worth the $300 to get your pipes fixed. If your electricity shorts out, call an electrician. Don't go yourself and try to fix it. You'll get electrocuted. Much better result, worth the $500. If you're sick, you need surgery, don't try to cut

the open air. Go to the doctor, a licensed professional, the expert, to get you surgery and get you healthy, right? That works in all professions except investing. It's the one exception where the people that manage money and give you advice don't get you a better result. They get you a worse result than if you did it yourself by simply buying the S&P 500. They're all trying to beat the S&P 500, and they never do. Now, again, there's a few of them that do. They're not taking your money.

They're trading for multi-billionaires and a closed market, and then you have the rest of these so-called hedge fund managers. Those are the rock stars that can beat the market, right? And the rest of the people bask in the afterglow and their returns suck when they take their 20 performance bonus at two percent matching you're not going to beat the s&p 500 you'll be you'll do much worse so it's so simple for an investor to get the value of wall street right so wall street takes all these companies public and if they do well they end up in the s&p 500 so if you own the s&p 500 you get to extract all the benefits and you don't play

into all the nonsense the noise about short-term trading the latest sector it's just all the fancy leveraged products it's just a waste of time and it's been it's not this is not me i didn't come up with this warren buffett says the same exact thing he gives the same everyone all the people really are sincere any since and even a sincere money manager your friend he'll say just buy the fucking s&p 500 and hold it and if you want to smooth that you can buy a little bonds in there as well you're very i hate bonds but still you know the formula says you should buy some months bonds as well i talk about that in the book but really the s&p it's like it's so simple so that's how you extract the value out

of wall street you buy the s&p open up an account at vandart or blackrock what they all have these accounts there's no expenses you could buy it in one trade and then every month put a little bit of money in and don't worry if it's up or down if it's down great if it's up great that doesn't matter because over the long term it's going to compound like 10.2 percent is the average and so like over 100 years right it's going to keep doing the same thing and no guarantees but it's pretty much like that's what it's going to do and if you keep making small investments and reinvest your dividends it grows so dramatically in the beginning it's slow but after 10 15 and 20 years it starts to skyrocket so you could end up with literally

millions and millions of dollars even if you don't have millions of dollars to invest that's how you extract value from wall street and don't play into the bullshit if you receive newsletters or stock purchases just not wipe that shit except if you want to speculate and have some fun. But that money is like casino money. That's the secret. It's really simple. And in the book, and the book is really explains how to do it.

You know, a little bit more about the taxes and stuff. And it's a great read. Did you bring one? Exactly. He's got some. He's got one around here. Where's the wolf investing?

He's keeping that one at home for himself. I there. Where's the wolf investing? I got it in here somewhere. He's keeping that one at home for himself. I don't see it. I have one at home. I'll find it. I have a couple in here, actually. I can't carry it because of my arm right now. Oh, yeah, right.

You got a whole other arm. I was out in the room saying, I don't have a book today, you know? It's Jordan Belfort. I love The Breakfast Club. I'm a fan. I listen to The Breakfast Club. And your career is awesome. But I love, you know what I love the most? How freaking honest you are about politics.

That you're not like just a shill. No. And I really respect that. More than you could imagine, I respect that. Because there's nothing more than I hate when I watch TV and there's people just shilling for the Democratic Party. You're like dead balls honest. And that's great. And I really respect that.

I think it's important you have a young audience and young people need to hear that you know thank you jordan um the wolf of investing is out right now is jordan belford thank you for coming brother my pleasure thanks it's the breakfast club wake that ass up in the morning