“Shark Tank" investor and venture capitalist, Kevin O'Leary, discusses his losses and lessons learned from the failed crypto exchange FTX, why he remains committed to investing in entrepreneurs despite the FTX fallout, and why small businesses should take advantage of the Employee Retention Credit federal program. Hasan also highlights how TV money personalities like Kevin O'Leary can actually harm everyday investors with their financial advice.
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Episode Transcript
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Speaker 1 (00:01):
You're listening to Comedy Central.
Speaker 2 (00:05):
My guest tonight is a Shark Tank investor and a
venture capitalists. Please welcome Kevin O'Leary. Nice to see you
you too, Thank you for coming on the show. You
don't want to say this first and foremost. I always
give people their flowers, so I want to say me
(00:25):
and my dad love you on Shark Tank.
Speaker 3 (00:27):
Appreciate Kirk.
Speaker 2 (00:29):
Yes, Shark Tank is one of those shows a family
can sit down, we can watch it together, we can coseplayers,
entrepreneurs and vicariously live through a fun piece of unscripted
semi reality content. So thank you for giving us that.
It's fourteen seasons, right, fourteen Okay.
Speaker 4 (00:51):
But the truth is we don't script anything because we
see them the same time you do. We had no
idea it splow blow up this way. I mean, it's
a remarkable platform, yes, and it supports American entrepreneurship.
Speaker 3 (01:04):
What's wrong with that?
Speaker 1 (01:05):
It's amazing. Now you have been making your rounds.
Speaker 2 (01:10):
We were speaking backstage just to give everyone context. Obviously
we're talking about Crypto FTX. You've been making the rounds,
testifying before Congress, going on squat Box seventy eight times,
and everybody's asking you about, you know, your endorsement of FTX,
the fifteen million dollar bag, but nobody's asking you how
(01:32):
you doing.
Speaker 1 (01:34):
How are you feeling?
Speaker 4 (01:35):
Well, let's just get the numbers, right. It was eighteen million,
eighteen and it's all gone. And I get it, But
you've got to understand something about venture investing. FTX was
nothing but a startup. Okay, basically eighteen months old, that's it.
Speaker 2 (01:50):
And can you can you take me through the relationship
timeline of you and electrocuted?
Speaker 1 (01:55):
How long had you got? We can run it? I
told you.
Speaker 2 (01:59):
I was like, let's let's do because just for context,
at first, you've been on squadbox, You've been on programs
and you're like, bitcoin is dog shit, this is awful.
Speaker 1 (02:08):
I'm paraphrasing. Yeah, I think I did say I did say.
Speaker 4 (02:11):
That because at that time the regulator was very, very negative. Yes,
and then countries like Canada, Switzerland, United Ed, and Struggle
in Australia they opened up. And if you're an investor
that like me, I invested internationally, I started to allocate.
Speaker 2 (02:23):
To it, right, and then you start thinking, you go, look,
you know, SBF, it's starting to open up internationally is
becoming more regulated in Switzerland and other countries. And so
you know clearly this guy who's running this bahaman orgy
is running a responsible operation. So how did he get
in your dms? How did he penetrate that heart?
Speaker 4 (02:44):
So obviously at a time in twenty twenty one when
FTX was out financing doing rounds at a twenty three
billion valuation, that was the hottest deal on the street.
If you look at the people that invested in that,
it's the who's who have ventured.
Speaker 2 (02:57):
Came dude, I was pissed that I wasn't asking And
when I look at that role and it's like squille O'Neil,
like Steph Curry, Tom Brady, that's how you know I
haven't made it.
Speaker 1 (03:06):
Well, let me in, baby, let me get that call.
Are my agent called me? Maybe you're lucky you didn't
get that call. Okay, think of it that way. Okay.
Speaker 4 (03:17):
So at the end of the day, when you invest
in any startup, and this includes FTX and plenty of others.
Speaker 1 (03:22):
Eight out of ten times you lose your money.
Speaker 4 (03:24):
Since nineteen fifty four where they started compiling these stats. Now,
sometimes it's alleged frauds sometimes bad executions, sometimes bad market,
sometimes bad product, but forever reason, eight out of ten
times you lose money. So the people that invest in FTX,
if people are asking me, well, isn't this going to
change investing forever?
Speaker 3 (03:41):
No, nothing's going to change.
Speaker 4 (03:43):
Sure, obviously we're gunning for that two times where we
make a thousand X on our money. The next morning
after I lost that eighteen million, yes, I was pissed, okay,
but it didn't change anything about what I do as
an investor, I get right up and I go at
it again because I have If every time I had
a loser investment, I had to go to Congress, I'd
(04:05):
need an apartment there.
Speaker 1 (04:07):
I mean, we lose a lot of deals, but.
Speaker 4 (04:09):
Every once in a while I get a monster hitting
It pays for all the mistakes. FTX is in the
past for me, too bad. I feel sick about it.
We all look like idiots, but.
Speaker 1 (04:17):
We got to move on.
Speaker 4 (04:18):
We have to fund the next venture. We have to
fund the next entrepreneur.
Speaker 1 (04:21):
But how did he.
Speaker 2 (04:24):
How did he penetrate? You didn't answer the question how
did he get? I know, like I got the five
talking points, but how.
Speaker 1 (04:33):
Did he just how did he slide in the DMS.
How did he slide in the DMS?
Speaker 2 (04:40):
I know you're recording, this is all good? How did
he slide in the DMS? Of your heart?
Speaker 1 (04:44):
Come on?
Speaker 4 (04:46):
So the way, because I've gotten the call. I've gotten
the call two places on this. I was a paid spokesperson, yes, yes,
but I was also an investor. I took millions of
dollars and invested them in FTX International and US. So
I'm getting squeezed in both sides on this point. At
the end of the day. The way I look at
it is, Okay, I have an agent. He gets contacted
(05:10):
and says, look, do you want to be a paid
spokes with you to this? I said, I'm interested in crypto.
What do we know about this company? We know that
it's got the biggest investor list I've ever seen.
Speaker 2 (05:18):
But then you reply all to like Kevin O'Leary all
agents at CAIA dot com, and you go, I've said
that this is dog shit reply and then you sent no,
I didn't, and then they go they go, Kevin Comma enters.
Speaker 1 (05:33):
That's not the way this works.
Speaker 4 (05:35):
Is you going back and say, okay, at one point
eight billion raised, who's in the rais who did the
due diligence.
Speaker 3 (05:41):
Plenty of them did.
Speaker 4 (05:42):
And it's the heavy hitters, huge hitters. We all know
each other in the private equity business. And I said, okay,
somebody dilded this thing. Yeah, and the parents were compliance
lawyers out of Stanford. I mean that's pretty good.
Speaker 1 (05:54):
Yeah.
Speaker 4 (05:55):
So at the end of the day, it's a very
unfortunate outcome, and everybody looks to.
Speaker 2 (05:58):
Because you do do your dute diligence. I've seen you.
You are a savage. I do on Okay, have you
seen him when he is on Shark Tank. If someone
doesn't come correct with the due diligence, you suplex them
through tables.
Speaker 1 (06:12):
Play it, play it. It's crazy, check us out.
Speaker 4 (06:15):
I looked at the valuation and I say, are you
guys out of your friggin minds? What stops somebody who
actually knows how to make sure it's to deliver them
do this and make a lot of money and crush
you like the cockroach that you are.
Speaker 1 (06:27):
This is a very bad idea.
Speaker 4 (06:29):
It howls at the moon and you should take it
out behind the barn and shoot it. Look, I get
the passion piece, but you know what I'd be crying
about the fact you're not making a profit. If you
were in one of my businesses, that mean I would
spray you down with water. And every time you say
I don't know, I'd hit you with electric cattle PRODT.
Speaker 1 (06:49):
Oh my god. Now listen, now, listen, don't boot. No,
don't poo, don't boo, don't pooh, don't poot, don't do that. Kevin. No,
I'm serious.
Speaker 2 (06:58):
Kevin O'Leary on the show, and he was mad enough
to come on the show, and we're having a conversation.
We spoke backstage and we're polite to one another, and
we're going to be polite.
Speaker 1 (07:07):
So we're not going to do that booming stuff. Isn't that? So? No,
I mean that, sincerely, Believe me. I can take it. No, no, no,
I'm not with it. This is about this is about
doing the due diligence.
Speaker 2 (07:22):
That's what spraying that person down and.
Speaker 1 (07:25):
And buzzing them with the cattle PROD.
Speaker 2 (07:27):
So obviously, obviously SPF and FTX, your boy has lost
eight billion dollars of investor funds, and clearly from the reports,
no one did their due diligence. So I'm asking you
on behalf of the daily show. Will you fly to
pala Alto where he's on house arrest and spray this
(07:49):
down and tell them what the cattle prod. Enough of
the forty appearances, enough with the more minute segments on Squawkbox.
Let's take a Southwest flight tonight, layover in Chicago.
Speaker 1 (08:05):
It's on me. We land SFO, my dad will pick
us up and we will go to SBS.
Speaker 4 (08:13):
I think that's a little extreme, Okay, just a little.
Speaker 1 (08:17):
I mean, look, at the end of the day. Think
about this.
Speaker 2 (08:19):
At the end of the day, a lot of people
lost money and retail got fleets.
Speaker 1 (08:22):
That's what happened at the end of the day. Okay,
did Lehman Brothers change anything.
Speaker 4 (08:26):
No Enron, no bear Stearns, no long term capital No,
there's always going to be the bad actors. Sure, this
is capitalism. And every once in a while there's a
bad actor. You just went through a whole you know,
litany of them, and the system self corrects. If you
do bad things, shit happens to you, bad shit. And
(08:49):
I think that's okay, that's our system. The whole idea
is you can make money without being a fraudster.
Speaker 1 (08:56):
This is a great country. You can be an entrepreneur.
Speaker 4 (08:58):
You can start a company with a great product and become.
Speaker 3 (09:01):
A multi millionaire.
Speaker 4 (09:02):
That's the path that people take ninety nine percent of
the time, and we should celebrate that.
Speaker 1 (09:07):
Okay, this comes along, you know, alleged fraud.
Speaker 3 (09:11):
Like this, it's going to go through the system.
Speaker 4 (09:13):
Hopefully we're going to get a huge recovery for everybody
that lost their money. Already, the rumors are where it's
six out of eight billion, they found that six point
one billion.
Speaker 3 (09:21):
Who knows what else will be coming.
Speaker 4 (09:23):
I want to help everybody on this situation, but I've
moved on, and so's everybody else.
Speaker 1 (09:27):
I have a theory, Yeah, I have a theory.
Speaker 2 (09:30):
So in corporate America, I see a lot of urban
professional elites with LinkedIn accounts here in the crowd tonight.
In corporate America, they have a thing called CYA cover
your ass. And I think, mister O'Leary, you're making the
seventy appearances right now and testifying before Congress to let
(09:53):
people know, hey, hey, hr something stuff happened. Someone burned
down the house while mom and dad left. But you
kind of were a part of the arson to begin with.
Speaker 4 (10:08):
Well, let me correct you on that for a moment. Okay,
during the period when everybody was trying to get allocation
to FTX, particularly FTX us hottest deal on the street
in twenty twenty one, I got countless calls from people saying,
let me in on your allocation.
Speaker 1 (10:23):
You owe me.
Speaker 4 (10:24):
We've been we've done business together. I said, guys, it's
a startup. It's a big one. It's a twenty three
million dollars startup, but it's a startup. If I'm going
to take this ride, I'll do it with my own dough.
I'm not going to put anybody else's money into it.
Nobody lost money on that deal in terms of investing on.
Speaker 3 (10:39):
It, except me.
Speaker 4 (10:41):
So I don't have the problem where I owe somebody,
you know, an apology for investing beside me. I owe
everybody and all of us involved owe an apology for
not knowing it was an alleged fraud. But you know,
this happens from time to time. But in my mind,
but I can go to sleep every night knowing that
it was my money. I lost it. I ate it,
(11:04):
shame on me, but doesn't change what I do in
the morning. I'm a very fortunate guy. I can take
huge hits, and I move on and I keep going.
That is the essence of entrepreneurship. You're going to get
kicked to the ground once in a while. This was
a big kick in the where it hurts, right. As
somebody said to me, the one I remember the most.
(11:26):
You know, the economist on CNBC said to me. We
came out of the green room after I had one
of those countless presentations on there about it.
Speaker 3 (11:33):
He said, Kevin, eighteen million.
Speaker 1 (11:35):
Dollars, that's a lot of guitars. And he's right, yeah,
you love guitars.
Speaker 2 (11:41):
He loved guitars just for he's telling a story that's
not great because you have to set up the premise
for the punchline.
Speaker 1 (11:47):
This is this is my I love this story. Okay, listen,
here's what has to happen.
Speaker 2 (11:54):
You have to be able to expose your position when
you say you lost money. The only way for us
to truly know is if a forensic accountant comes in.
I want that, you want, you want the full transparency everybody.
Speaker 1 (12:07):
You don't understand everybody.
Speaker 2 (12:09):
So you got the eighteen mil. Look me and you
were in Hollywood, not these regular normies. So let's let's
let's have the big boy talk.
Speaker 1 (12:16):
I want to have the toss. So out of the
eighteen mil, we'll wait, hang on, let me let me
get him in on it. So out of the eighteen mil, yo,
you guys don't know this.
Speaker 2 (12:23):
There's agents, managers, business managers of the irs.
Speaker 1 (12:26):
All of them fight a fika, they say that bye.
Speaker 2 (12:31):
But out of that eighteen mil, my man probably saw
let's go six to seven. Now that's just straight cash,
but we don't know. Some of it could be USD,
some of it could be some of that sweet sweet
equity position, but we won't know until a forensic accountant
comes in and want that. I have a hunch, yeah,
(12:53):
I think you didn't lose a whole lot of the
shirt off your back, but retail dead.
Speaker 4 (13:02):
All of my money on the comp Just so you
understand this, by the contract was in an FTX account,
So eighteen comes in as you correct, about half of
it pays taxes and agents and the unions and all
that stuff. The rest goes into the account and on
Saturday morning, November tenth, it was scraped out along with
all the trading records. Everybody there, including me, does not
(13:25):
know where that money is or do they have the
trading records. Do I want to hire a forensic account Absolutely,
I've disclosed I had thirty two positions. It wasn't cash,
it was crypto and all kinds of coins and tokens,
and so they're all gone and I would like to
find out where they are.
Speaker 3 (13:39):
So would another million people.
Speaker 1 (13:40):
But it was also house money. That's the key difference.
How do you say that you're playing off of cake?
What's coming to you?
Speaker 4 (13:46):
Hey, we're giving you a big it's a million cash
I put into the equity. Sure, that's not a million cash.
Speaker 1 (13:52):
Definitely cash. I'll give you that. Thank you.
Speaker 2 (13:54):
Okay, So you've lost one you've lost one million USD personal.
Speaker 4 (13:58):
Yes, okay, actually more it was I think one point
two five million.
Speaker 1 (14:02):
Okay. So the only way we're going to tell you,
but you're making that heuristic.
Speaker 2 (14:05):
You're making that heuristic based off of that six point
six to seven million coming in.
Speaker 1 (14:08):
Look, we're gonna do Malcolmomy like it going for a
lot of things.
Speaker 2 (14:12):
The only way we can really come to the conclusion
of this is if we do the old rule. When
you're sexting a partner, I'll show you yours if you
show me.
Speaker 1 (14:24):
That's the only way. Let's not. We don't need to
answer around it. Well, it's fine, it's fine.
Speaker 4 (14:27):
It's my whole deal is I've been totally transparent with that.
The reason I've gone on and talked about it openly
is I think we can all learn a lesson from this,
and I'm teaching this case at Harvard. Actually, I think
there's a lot to learn from it because it's a
great example of when you do portfolio work, when you
put big money to work, you've got to know you're
never safe. You just don't know what's going to happen, right,
and this case is crazy. We haven't even seen the
(14:49):
end of this yet. We don't know what's going to happen.
The records are supposedly backed up on the Amazon servers
and no one's seen them yet.
Speaker 3 (14:56):
I don't know where that money went.
Speaker 4 (14:57):
I'd like to find out, And that's the same questionitution has.
I'm one of the only institutions walking around talking about it.
But so what, it's a horrible outcome, it's a bad investment.
I've made bad ones in the past, I'm going to
make bad ones in the future, but I'm pretty good
at good ones as well.
Speaker 3 (15:12):
So that's the way it works.
Speaker 2 (15:13):
I hear you, and I think there's a detail that
you need to add to your Harvard class, which is
and all the other places that you go.
Speaker 1 (15:23):
Bring you with me. Sure, I'll pull up.
Speaker 2 (15:25):
I mean if Kim Kardashian can pull up, pull up.
Speaker 1 (15:28):
Now, let's sen with Kevin.
Speaker 2 (15:29):
Kevin, let me let me just good, I will pull up.
I will sincerely pull not. Okay, here's the thing. When
you go on the Daily Show right now, or when
you go on our friend Aaron ross Orkin's show, right
when you say eighty percent of these companies fail, that
is correct.
Speaker 1 (15:45):
And let's say it's even more. Let's say it's a
ninety eighties. Yeah, that's been around ninety fifty.
Speaker 2 (15:50):
But what you're what you're not accounting for, is you're
speaking to the upper one percent that can lose that money.
Everybody else that's listening should probably just put their money
in ETF, set it aside, go to sleep, wake up
thirty years later. But but but you're not disclosing that.
(16:11):
You're not disclosing again once again, your position, how much
you've been personally paid upfront? I did I told you
exactly No, No, not about FTX, just in general with
the myriad of companies that you're.
Speaker 1 (16:21):
Oh, I see do you see what I'm saying? Guess what.
Speaker 3 (16:23):
I'm a capitalist. I'm an investor.
Speaker 1 (16:25):
That's what I do.
Speaker 4 (16:25):
I'm not I'm ashamed of it. I love to do
what I do. I help all kinds of entrepreneurs and
I'm shroud of that. We don't make money all the time,
is the point I'm trying to make. When you invest,
you take risks, and that's why you need diversity.
Speaker 1 (16:37):
You need a lot of socks.
Speaker 4 (16:38):
ETF's a good idea that has a lot of socks
whatever at the end of the day.
Speaker 1 (16:41):
But it's not a whatever that position. Doing that.
Speaker 2 (16:44):
Putting your money in an spy S and P five
hundred for thirty years is going to benefit ninety five
percent of the population. And the key problem is is
people turn to you, people like Kevin O'Leary, Mark Cuban,
because they see you very differently than say, Larry David.
We take it for Shaquille O'Neal or all the other
people that were in the FTX commercial. Mister Wonderful says
(17:06):
this is a good position in reality. Every time you
go on squawk Box or any of your many let
me just you all the time, remote crypto positions. I
talk about platforms and diversity. I didn't do commercials and
I never would because I don't advocate single products.
Speaker 1 (17:20):
You don't do commercials.
Speaker 2 (17:21):
I mean you're on every third commercial during the commercial
breaks of Shark Tank.
Speaker 3 (17:25):
You know I'm talking.
Speaker 4 (17:26):
You're talking about FTX though, right, you're talking about FTX.
Speaker 1 (17:30):
I'm not talking about FTX.
Speaker 2 (17:31):
I'm saying in general, Yes, yeah, I understand, Okay, yeah,
do you see what I'm saying.
Speaker 1 (17:36):
Yes, I guess yes.
Speaker 2 (17:37):
If you go to your YouTube channel, just on your
YouTube channel, the fourth or fifth video on your YouTube
channel is is this the bottom of the market? Do
you know what that's signaling to retail investors. It's signaling
them to either pop in or pop out, when in reality,
you should just go, hey, hey, real talk. You should
have one class at Harvard. It should be ten minutes.
(17:59):
Listen me right now. Listen to me. Put your money
in Vanguard portfolio BTSAX or S and P five hundred.
Maybe do a bond position right now because it's giving
you four percent. Set it aside and turn off squawk box.
Speaker 1 (18:15):
Actually, don't even listen to what I have to say
you're being tough on Squawkbox. They do a service. People
are interested. Listen. I understand indexing. That's great. I do
that too.
Speaker 4 (18:23):
But if you want to extraordinary returns, you got to
take risks on entrepreneurs.
Speaker 3 (18:27):
You have to back people that don't know their outcomes.
Speaker 1 (18:30):
Right, So then your podcast and TV show she didn't.
Speaker 4 (18:32):
Tell me should be just well, you had a chance
to Google evaluation was five million dollars.
Speaker 3 (18:37):
Do you wish you did that?
Speaker 1 (18:38):
Sure?
Speaker 2 (18:39):
Yes, behindsight is twenty twenty always, and you will lose
that way, you will.
Speaker 1 (18:44):
You could lose.
Speaker 2 (18:45):
You can lose ninety five percent at the time that
way trying to pick stocks, Kevin, you know this, Even
the great Warren Buffett and Charlie Munger, the ghats of capitalism,
even they say, now these g perreiatric coffin Dodgers now
at their shareholders meeting.
Speaker 1 (19:05):
Go listen to me. Listen to me.
Speaker 2 (19:08):
If I could do it all over again, I would
just put it in next one and what they said,
and tug it away and we'll play the cliff.
Speaker 1 (19:15):
Kevin, it's on YouTube. Listen, Let's let's not do this.
Can I ask you just a question why we can
can do back and forth.
Speaker 2 (19:24):
I just want to ask you this because I mean
this sincerely. I've been trying to crack this. Are you
a great investor or are you a great spokesperson?
Speaker 1 (19:36):
Because I think you're the latter.
Speaker 4 (19:38):
Okay, I don't agree with you. Let me tell you
what's happened over the last ten years. The ability to
tell a company's story, to get people to understand what
their mission is and the benefit of their product is
highly valuable, very because there's a million stories out there.
And the biggest problem every company has, including giint s
(19:58):
and P countries companies, is how do they get customer acquisition?
How do they acquire customers? Eight out of ten companies
fail in America after thirty six months because they're never
able to get their customer acquisition costble all the lifetime value.
That's why I change the equation. If I invest in
your company, I tell your story. That's what my job
is to do. Yes, I take risk. I'm fortunate to
(20:19):
have money to invest, but I get behind it and
tell the story. And that's what we do on shark Tank.
Why are shark tank companies so successful? Why do so
many more of them make money? Than the traditional eight
out of ten because we tell their story to one
hundred million people every year.
Speaker 3 (20:35):
That's the magic sauce.
Speaker 4 (20:36):
So I think I'm a great investor by being able
to be a great storyteller too. People need to know
what the product does, what the merits of it are.
That's why they try it. That's why it's important to
tell these stories you talk to any guilty.
Speaker 2 (20:50):
I hear what you're saying, so tell me, you know,
because I go to couple's therapy. Let me tell you
what I'm hearing. Okay, I mean this, sincerely, tell me
if what I'm telling you is right wrong, what I
hear your saying is no huss and I disagree with you.
I think I am a great investor and a great
spokesperson that you do both that if I see something
(21:10):
a seat of a good idea in your company.
Speaker 1 (21:11):
I'm great at communication. I'm good at the micro cult. True,
I can communicate those things.
Speaker 2 (21:16):
Okay, so then you have I would imagine you would
feel some level of guilt when some of the companies
that you are promoting end up leaving retail investors holding
the bag.
Speaker 1 (21:31):
Where you're like, damn this.
Speaker 4 (21:34):
Because here's why you know with certainty in venture investing,
investing in startups since the beginning of time, eight out
of ten are going to fail. I know that, you
know that, and the whole world knows that because those
are the stats.
Speaker 1 (21:48):
There's nothing you can do to change.
Speaker 2 (21:49):
But the system of you going on these shows squat
box is financial fomo, the graphs, the ticker. But you
guys are swinging kettlebells and greenwich.
Speaker 1 (21:59):
Do I got get an hour later? You know this,
get a door dash ipo, Do I get an how later? Again?
It's that fomo. I gotta get in now. I think philosophically, mysagree.
Speaker 3 (22:12):
And our messaging is sure and I would agree with
you on this.
Speaker 4 (22:14):
And I think if you're going to promote the idea
of investing, you should also promote the idea of diversity.
Speaker 3 (22:20):
Diversification.
Speaker 4 (22:21):
You can't put it all in any one position or
any one institution because you don't know when there's going
to be an exce Lehman Brother or Barristers, or when
a stock goes to zero. By the way, big companies
go to zero too, they do oh yeah, and so
that happens. So if you have diversification, and I learned
this from my mother. Never more than twenty percent in
one sector. We have eleven sectors in the American economy,
(22:42):
never more than five percent in one stock. That is
the definition of diversity. And that's what I do with
my own portfolio. That's how you stay out of trouble.
Speaker 1 (22:49):
Okay, you obviously would agree with that. Sure, sure, arrest
my case.
Speaker 3 (22:53):
You're honor.
Speaker 1 (22:54):
Yeah.
Speaker 2 (22:55):
Wait a second, But when you are going on a
six minute segment, if you did this, if you pulled
up on your next squadbox segment and said.
Speaker 4 (23:02):
That amazing, I do say, but you don't you give well,
you're not watching the right segment.
Speaker 2 (23:08):
I've seen you do forty of them. I mean you're
putting up shots, my man, and some of them are
just airballs. Now listen.
Speaker 1 (23:16):
If you are a great investor, let me ask you
this and a great spooks proud of my track record,
why are you on cameo? I love CAMA our great
investors on Cameo. I put up the graph video. That's
put up the graph video.
Speaker 2 (23:31):
You can book a personalized video for fifteen hundred dollars.
You can book a business video. I don't even know
what that is.
Speaker 1 (23:38):
Why for sixteys don't.
Speaker 4 (23:39):
Understand why, because this helps entrepreneurs launch their products and services.
That ninety nine percent of my cameos is a business
that can't afford to go to an agent and.
Speaker 1 (23:48):
Pay half a million dollars.
Speaker 3 (23:50):
This is fantastic what they've done.
Speaker 4 (23:52):
My biggest mistake on cameo was not to take down
twenty percent of the stock when it was offered to me.
I should have bought twenty percent. I mean, it was
really a fantastic idea. Sorry, I'm an advocate and I'm
going to keep doing it and people book them because
it helps them.
Speaker 3 (24:07):
I'll do anything to help an entrepreneurs.
Speaker 1 (24:09):
That's you.
Speaker 2 (24:09):
Why do you let me ask us for your quest
sub questions? First of all, cameo is all These haven't
been tough questions, sub questions, sub questions. First of all,
cameo is absolute doc shit. It's a way for Rachel
Doleazol to wish you happy birthday.
Speaker 1 (24:24):
I'm not joking.
Speaker 2 (24:26):
Number two, do you think big boy investors do cameos?
Do you think Warren Buffett and Charlie Munger tap dance
for sixty five one hundred dollars?
Speaker 1 (24:37):
Now seem TALEB is out here doing it. They have
business video.
Speaker 4 (24:41):
They're not venture investors that they don't start up entrepreneurs.
Speaker 2 (24:44):
Do you need the fifteen hundred or sixty do you
need any of it?
Speaker 4 (24:48):
Listen, I spend plenty of dollars doing what I do,
and I give to all kinds of philanthropic This.
Speaker 1 (24:54):
Is not about charity.
Speaker 2 (24:55):
I'm talking about the actual qualitative, the quality.
Speaker 1 (24:58):
Of that I do.
Speaker 4 (25:00):
That that work because people tell me, and they have
for years doing it.
Speaker 1 (25:03):
This has really helped me. I'm happy to do it.
Read the comments. I mean, if you want to be
a critic, go ahead, but read the comments. I mean,
I mean, that's the content.
Speaker 2 (25:12):
The comment of a person asking for a fifteen dollars. Sure,
I don't do many fifteen hundred dollars there all the
sixty five hundred one.
Speaker 1 (25:21):
Unfortunately, I'm a.
Speaker 4 (25:21):
Little because if you're a business in mind and you
want to use it, you got to you got to
pay it.
Speaker 1 (25:27):
I feel very sorry for those people. Well, I'm sorry.
You know, I'm going to charge you twelve hundred for yours.
I'm going to give me a discount.
Speaker 2 (25:34):
Okay, Okay, I'm not gonna do that.
Speaker 1 (25:41):
I get it. It's hard to rattle me on things.
Speaker 3 (25:45):
I know that work, you know.
Speaker 1 (25:46):
I mean you didn't.
Speaker 2 (25:48):
I mean, the cameo thing is really bad, man, It's
a truly bad look.
Speaker 1 (25:51):
I don't agree. I don't agree.
Speaker 2 (25:52):
It's it's for grifters, sociopath sick offense and oh J.
Speaker 1 (25:56):
Simpson. I mean, like there's the people that are on cameos.
Speaker 3 (25:59):
It is little negative on cameo.
Speaker 2 (26:01):
Okay, do you guys like cameo?
Speaker 1 (26:05):
Don't pooh? Don't pooh.
Speaker 2 (26:06):
I mean I was just asking us. Okay, listen, this
has been a this has been a.
Speaker 3 (26:12):
Very interesting, something nice about small business here.
Speaker 2 (26:14):
Yeah, let's do the small business. So we spoke backstage.
She wants to plug the small business thing. But can
I can I just say this one thing, We'll plug
the small business. Then we're going to do this whole.
This is all going to be online.
Speaker 1 (26:22):
So it's all good.
Speaker 2 (26:23):
So I think the reason why I'm very passionate about
this is because I think there is an ecosystem of
a lot of.
Speaker 1 (26:35):
VC people and.
Speaker 2 (26:39):
People with money going on these shows giving advice to
retail and look. I think entertainment is important, but when
Skip Bayless and Steven A. Smith give their hot takes,
it doesn't potentially affect people's four one ks or their
bank account. When you give financial tips, it's like a
(27:03):
doctor giving a diagnosis to a patient they can't even see.
You don't know the number of people that you're inadvertently.
Speaker 1 (27:10):
Let me tell you.
Speaker 3 (27:11):
Let me tell you why I disagree with you.
Speaker 1 (27:13):
Do you think I should just don't? That's all I'm saying.
Speaker 2 (27:16):
Be careful when you full people's begas everybody in the audience.
Speaker 4 (27:20):
Do you think I should go to high schools as
I do and talk to them about financial literacy and
about credit card debt and about stocks and bonds?
Speaker 3 (27:29):
Is that a good thing to do?
Speaker 2 (27:30):
You should give them Jail Collins book, The Simple Path
to Wealth, and one of the addendums should be turn
off any program that I'm on besides Chartek, besides Charlotte.
Speaker 4 (27:41):
So I'm very proud to be on Shark Tank's awesome foe.
I teach it's high schoolers and I teach graduate MIT engineers. Look,
there is there is a You are allowed to have
an opinion, and I'm glad you do it. It's an
important part of the dialogue and the and the discussion
we're having here. But at the end of the day.
The more people that understand the financial system in this country,
(28:04):
the better this country is.
Speaker 1 (28:06):
Now.
Speaker 4 (28:06):
You may not agree on the message. That's okay, and
that's the one thing about this country. We can have
this dialogue and we don't have to agree. And I
don't agree on half the stuff you're saying, but I
respect the fact you have the opinion.
Speaker 3 (28:16):
That's good with me.
Speaker 2 (28:17):
I appreciate it, and I appreciate you, and I really
appreciate Do you want to do the small business thing? Yeah,
I'll do my pitch and we'll let's do so you
wanted to talk about small business, talk about that and
then we'll do my.
Speaker 4 (28:29):
Pitch to let me tell you what we should be
worried about in this country right now. And a new
ambassadorship that I have. I know you like to be critical,
but I want to hear you criticize this one.
Speaker 3 (28:39):
Okay.
Speaker 1 (28:39):
Are you ready? Are you ready?
Speaker 4 (28:41):
So everybody remembers PPP all of our company. I mean,
if you're doing the cameos, you never know.
Speaker 1 (28:51):
I didn't do it. You get a lot of money
sixty five I don't know for the government. No, I didn't.
Speaker 2 (28:55):
That's fine, anyway, that's funny, that's funny, all of margin
you could you could have gotten thirty.
Speaker 1 (29:00):
Take up no better jokes than that one. I'm going
to give you four out of ten.
Speaker 4 (29:03):
So look, let's get to the point is the program
was launched and all small companies used it. They went
to their bank and got it. Same time, another program
was launched called the Employer Retention Credit. You've never heard
of it, have you. Okay, small business is really hurting
now because rates have gone up so high on them.
You know, people talk about six percent fed rate. Small
business is borrowing at eighteen percent now. They used to
(29:24):
borrow at nine or seven. So it's been hell for
them for the last two years. The government has two
hundred and fifty billion dollars sitting waiting for them to
pick it up on their payroll because they forgot to
go get it.
Speaker 1 (29:38):
It's sitting there.
Speaker 4 (29:39):
If you have a small business between five and five
hundred people, you can make up to twenty six thousand
dollars as a gift from the government towards your business
one time. So if you have fifty employees, that's half
a million dollars. If you have one hundredmployees that's one
point one million. I'm pounding the drum everywhere I can
to tell every company in America that qualifies, because you
(29:59):
only have twenty three more months to get it.
Speaker 1 (30:01):
Go file go, file for it. Thank you for sharing
that information. Thank you, thank you.
Speaker 4 (30:06):
I mean, I think that's that's a very important thing
to do.
Speaker 1 (30:10):
So before we get to tell me why that's a
bad thing, I'm not.
Speaker 2 (30:13):
I think you're sharing a very important piece of information.
Thank you in a not entertaining way. But it's important. Nonetheless,
but it's important. It's important, and it's great. How many people.
Speaker 4 (30:22):
Are entertained by one point one million dollars cash?
Speaker 1 (30:27):
Let me go, I'm entertained.
Speaker 2 (30:29):
Okay, I have mister O'Leary on the show. I got
to pitch you go ahead, So here's my pot. I
think it's going to go badly. Yeah, here's my pitch.
Here's my pitch. I mean, I wonder why this is
my pitch. I think. You go on these shows. You
(30:49):
are part of a system in the media, specifically financial
Hot take media, the CNBC's the podcast appearances. People turn
to you for financial advice. They ask you, how are
the markets doing, what's up, what's down?
Speaker 1 (31:06):
What are you into?
Speaker 2 (31:08):
You give your opinions because people turn to you because
you're mister wonderful. You obviously look like a successful entrepreneur
and businessman. Advertently or inadvertently, you give people your opinion.
People listen to that opinion and then make investment choices
based on what they hear from you.
Speaker 1 (31:25):
Think you create. Let me just finish, Let me finish,
let me finish.
Speaker 2 (31:28):
Okay, you give those opinions, It creates potential chaos and
risk at scale because it's on the internet, and then
you face no downside consequences when those people get fleeced.
Speaker 1 (31:43):
That's not fair.
Speaker 3 (31:44):
Totally disagree with you.
Speaker 1 (31:45):
Is this a pitch where I invest the second one?
We haven't got to do. We haven't got that one. Yeah,
so let me tell you. Wait, wait, I gotta get
to the end. We gotta get to Okay.
Speaker 2 (31:54):
Well, now, the second part is I've thought to myself,
question in here somewhere.
Speaker 3 (31:57):
It's not the end, Okay.
Speaker 2 (31:59):
The second part is I thought to myself, I go, hey,
you've clearly made picks and taken some massive l's. So
he either cares about it and feels very bad about it,
which you may, or you know you're taking those l's.
But if you keep the three card Monte going and
keep appearing on other shows and make other picks, you'll
(32:22):
just bury the l's you had in the back. If
you beat the algorithm, they can't even catch up to
all the l's in the past. The problem is retail
got left holding the bag a long time ago. So loser,
yes or loss loss. So I think what you do
is good. I think you are entertaining on Shark Tank.
When you leave that environment and give financial advice people,
(32:45):
regular people potentially get hurt. So I mean this humbly.
This is my pitch to you. I want to quote
the great Laura Ingram. I think you should focus on
your strengths and shut up in Shark Tank.
Speaker 4 (32:58):
No reverse that you want me to my strength or
Shark Tank. You said you want me to shut up
on financial literacy, which one.
Speaker 2 (33:04):
Is no, no, Your strength is so when okay, So jokes
are great when you have to explain that no no.
So she told Lebron to shut up and dribble because
dribbling has his strength, right, So I said, Shark Tank
is your strength, so then using that you just carry that.
Speaker 4 (33:20):
So my whole point is my actual daytime job is
managing capital. That's what I do, and I've been doing
it for thirty years, and you know it's it's a
career I'm very proud of and I'm proud of my reputation.
I had some mistakes and losers and bad investments, just
like everybody else does. But long term, the best way
to do it is always tell the truth, and you
(33:41):
never have to remember what you said. And so everything
I've told you is the truth. It's not all good news.
And by the way, and investing, you are going to
have some losers. You've learned that tonight, right of course,
and so I wish I could only have winners.
Speaker 3 (33:54):
I never will.
Speaker 4 (33:56):
And everybody that invests has learned, whether I'm involved in
their lives or not, that there are.
Speaker 3 (33:59):
Losers and investing that's what happens.
Speaker 4 (34:01):
But as you've suggested, the market does give you one
average about a nine percent return over a long period
of time.
Speaker 1 (34:07):
When it's an S and P five hundred. So the
addendum is that you're in another tax bracket. Don't listen
to what you're saying because you're bawling, and.
Speaker 2 (34:12):
You can take the losses. That's it perfect, perfect. You
can take the losses in retail care. Mister Kevin O'Leary.
I want to say thank you so much. You're very
well at the ruin on the show, and I want
to say thank you for having this conversation and for
us being respected or another.
Speaker 1 (34:25):
I appreciate it. Thank you, thank you felt for and
Kevin oh La No, I don't know. A lot of.
Speaker 2 (34:36):
The reason why I wanted to have this conversation is
over the past two and a half years.
Speaker 1 (34:42):
I don't know if you felt this.
Speaker 2 (34:44):
During COVID, A lot of us were at home, a
lot of people were going through uncertainty. I had a
lot of friends that lost their jobs, and there is
this deep angst within a lot of us. I feel
it with my friends my generation. They're hitting an age
where life is starting to choke them out. They're hurtling
through time. People are getting married, people are trying to
(35:05):
buy their first home. People are trying to have a
little bit of a nest egg to have some sort
of financial cushion to cover school, healthcare, aging.
Speaker 1 (35:13):
Parents, etc.
Speaker 2 (35:15):
And the way salaries are now, you have to ten
x your money, and so what happened during this period
of time is a lot of the financial cable hot
take podcast people advertently or inadvertently, we're giving their takes,
(35:37):
and people at home were listening to them and go, well, clearly,
he's smart. He's smart, he's a venture capitalist. Why don't
I take an active position in my betterment and do
what he does. The difference is, and what I was
telling mister O'Leary was, you're at a different tax bracket
than them.
Speaker 1 (35:56):
You can take the losses and retail can't.
Speaker 2 (35:59):
And unless you give up your whole position, like I said,
you show me yours, I'll show you mine. This is
my net worth, is what I'm being paid, This is
how much I'm investing. This is how much of my
personal money I'm investing.
Speaker 1 (36:11):
We don't know.
Speaker 2 (36:13):
And what that does to the millions of people that listen.
It creates a lot of risk and damage. And I
feel for those people because they get left holding the
bag and they get left behind.
Speaker 1 (36:25):
So I hope.
Speaker 2 (36:30):
People remember that the next time they watch any of
these shows or these podcasts. They have to keep in mind, Hey,
we'll never know what their position really is. So maybe
I need to take what they say with the grain
of salt.
Speaker 1 (36:48):
Do you understand what I'm saying.
Speaker 2 (36:55):
Because because if it was actually, hey, put your money
in an index fund, eighty five percent index fund, fifteen
percent bond or whatever the way what our dad's told us,
there wouldn't be any of these shows. There wouldn't be
any of them, squat Box.
Speaker 1 (37:14):
CE NBC, they wouldn't exist.
Speaker 2 (37:17):
So they have to have this ecosystem that continues pumping
them out. And I just can't help but think it's
one of two things. There's the White Knight thing that
they think they have good picks, but they're so ahead
of the game that even if they lose, they'll never
lose the shirt on their back, so even when they're wrong,
(37:37):
it won't really affect them. Or number two, they don't care,
which is even scarier. And that's why I said, listen, man,
leave that shit alone. Just shut up in Shark Tank.
I think Shark Tank is great. I think it's very entertaining,
and you can keep it there and retail investors don't
get hurt.
Speaker 1 (37:54):
Explore more shows from the Daily Show podcast universe by
searching The Daily Show wherever you.
Speaker 2 (37:59):
Get you podcast.
Speaker 1 (38:01):
Watch The Daily Show weeknights at eleven ten Central on
Comedy Central, and stream full episodes anytime on Fairmount plus
this has been a Comedy Central podcast. Wow.
You're listening to Comedy Central.
Speaker 2 (00:05):
My guest tonight is a Shark Tank investor and a
venture capitalists. Please welcome Kevin O'Leary. Nice to see you
you too, Thank you for coming on the show. You
don't want to say this first and foremost. I always
give people their flowers, so I want to say me
(00:25):
and my dad love you on Shark Tank.
Speaker 3 (00:27):
Appreciate Kirk.
Speaker 2 (00:29):
Yes, Shark Tank is one of those shows a family
can sit down, we can watch it together, we can coseplayers,
entrepreneurs and vicariously live through a fun piece of unscripted
semi reality content. So thank you for giving us that.
It's fourteen seasons, right, fourteen Okay.
Speaker 4 (00:51):
But the truth is we don't script anything because we
see them the same time you do. We had no
idea it splow blow up this way. I mean, it's
a remarkable platform, yes, and it supports American entrepreneurship.
Speaker 3 (01:04):
What's wrong with that?
Speaker 1 (01:05):
It's amazing. Now you have been making your rounds.
Speaker 2 (01:10):
We were speaking backstage just to give everyone context. Obviously
we're talking about Crypto FTX. You've been making the rounds,
testifying before Congress, going on squat Box seventy eight times,
and everybody's asking you about, you know, your endorsement of FTX,
the fifteen million dollar bag, but nobody's asking you how
(01:32):
you doing.
Speaker 1 (01:34):
How are you feeling?
Speaker 4 (01:35):
Well, let's just get the numbers, right. It was eighteen million,
eighteen and it's all gone. And I get it, But
you've got to understand something about venture investing. FTX was
nothing but a startup. Okay, basically eighteen months old, that's it.
Speaker 2 (01:50):
And can you can you take me through the relationship
timeline of you and electrocuted?
Speaker 1 (01:55):
How long had you got? We can run it? I
told you.
Speaker 2 (01:59):
I was like, let's let's do because just for context,
at first, you've been on squadbox, You've been on programs
and you're like, bitcoin is dog shit, this is awful.
Speaker 1 (02:08):
I'm paraphrasing. Yeah, I think I did say I did say.
Speaker 4 (02:11):
That because at that time the regulator was very, very negative. Yes,
and then countries like Canada, Switzerland, United Ed, and Struggle
in Australia they opened up. And if you're an investor
that like me, I invested internationally, I started to allocate.
Speaker 2 (02:23):
To it, right, and then you start thinking, you go, look,
you know, SBF, it's starting to open up internationally is
becoming more regulated in Switzerland and other countries. And so
you know clearly this guy who's running this bahaman orgy
is running a responsible operation. So how did he get
in your dms? How did he penetrate that heart?
Speaker 4 (02:44):
So obviously at a time in twenty twenty one when
FTX was out financing doing rounds at a twenty three
billion valuation, that was the hottest deal on the street.
If you look at the people that invested in that,
it's the who's who have ventured.
Speaker 2 (02:57):
Came dude, I was pissed that I wasn't asking And
when I look at that role and it's like squille O'Neil,
like Steph Curry, Tom Brady, that's how you know I
haven't made it.
Speaker 1 (03:06):
Well, let me in, baby, let me get that call.
Are my agent called me? Maybe you're lucky you didn't
get that call. Okay, think of it that way. Okay.
Speaker 4 (03:17):
So at the end of the day, when you invest
in any startup, and this includes FTX and plenty of others.
Speaker 1 (03:22):
Eight out of ten times you lose your money.
Speaker 4 (03:24):
Since nineteen fifty four where they started compiling these stats. Now,
sometimes it's alleged frauds sometimes bad executions, sometimes bad market,
sometimes bad product, but forever reason, eight out of ten
times you lose money. So the people that invest in FTX,
if people are asking me, well, isn't this going to
change investing forever?
Speaker 3 (03:41):
No, nothing's going to change.
Speaker 4 (03:43):
Sure, obviously we're gunning for that two times where we
make a thousand X on our money. The next morning
after I lost that eighteen million, yes, I was pissed, okay,
but it didn't change anything about what I do as
an investor, I get right up and I go at
it again because I have If every time I had
a loser investment, I had to go to Congress, I'd
(04:05):
need an apartment there.
Speaker 1 (04:07):
I mean, we lose a lot of deals, but.
Speaker 4 (04:09):
Every once in a while I get a monster hitting
It pays for all the mistakes. FTX is in the
past for me, too bad. I feel sick about it.
We all look like idiots, but.
Speaker 1 (04:17):
We got to move on.
Speaker 4 (04:18):
We have to fund the next venture. We have to
fund the next entrepreneur.
Speaker 1 (04:21):
But how did he.
Speaker 2 (04:24):
How did he penetrate? You didn't answer the question how
did he get? I know, like I got the five
talking points, but how.
Speaker 1 (04:33):
Did he just how did he slide in the DMS.
How did he slide in the DMS?
Speaker 2 (04:40):
I know you're recording, this is all good? How did
he slide in the DMS? Of your heart?
Speaker 1 (04:44):
Come on?
Speaker 4 (04:46):
So the way, because I've gotten the call. I've gotten
the call two places on this. I was a paid spokesperson, yes, yes,
but I was also an investor. I took millions of
dollars and invested them in FTX International and US. So
I'm getting squeezed in both sides on this point. At
the end of the day. The way I look at
it is, Okay, I have an agent. He gets contacted
(05:10):
and says, look, do you want to be a paid
spokes with you to this? I said, I'm interested in crypto.
What do we know about this company? We know that
it's got the biggest investor list I've ever seen.
Speaker 2 (05:18):
But then you reply all to like Kevin O'Leary all
agents at CAIA dot com, and you go, I've said
that this is dog shit reply and then you sent no,
I didn't, and then they go they go, Kevin Comma enters.
Speaker 1 (05:33):
That's not the way this works.
Speaker 4 (05:35):
Is you going back and say, okay, at one point
eight billion raised, who's in the rais who did the
due diligence.
Speaker 3 (05:41):
Plenty of them did.
Speaker 4 (05:42):
And it's the heavy hitters, huge hitters. We all know
each other in the private equity business. And I said, okay,
somebody dilded this thing. Yeah, and the parents were compliance
lawyers out of Stanford. I mean that's pretty good.
Speaker 1 (05:54):
Yeah.
Speaker 4 (05:55):
So at the end of the day, it's a very
unfortunate outcome, and everybody looks to.
Speaker 2 (05:58):
Because you do do your dute diligence. I've seen you.
You are a savage. I do on Okay, have you
seen him when he is on Shark Tank. If someone
doesn't come correct with the due diligence, you suplex them
through tables.
Speaker 1 (06:12):
Play it, play it. It's crazy, check us out.
Speaker 4 (06:15):
I looked at the valuation and I say, are you
guys out of your friggin minds? What stops somebody who
actually knows how to make sure it's to deliver them
do this and make a lot of money and crush
you like the cockroach that you are.
Speaker 1 (06:27):
This is a very bad idea.
Speaker 4 (06:29):
It howls at the moon and you should take it
out behind the barn and shoot it. Look, I get
the passion piece, but you know what I'd be crying
about the fact you're not making a profit. If you
were in one of my businesses, that mean I would
spray you down with water. And every time you say
I don't know, I'd hit you with electric cattle PRODT.
Speaker 1 (06:49):
Oh my god. Now listen, now, listen, don't boot. No,
don't poo, don't boo, don't pooh, don't poot, don't do that. Kevin. No,
I'm serious.
Speaker 2 (06:58):
Kevin O'Leary on the show, and he was mad enough
to come on the show, and we're having a conversation.
We spoke backstage and we're polite to one another, and
we're going to be polite.
Speaker 1 (07:07):
So we're not going to do that booming stuff. Isn't that? So? No,
I mean that, sincerely, Believe me. I can take it. No, no, no,
I'm not with it. This is about this is about
doing the due diligence.
Speaker 2 (07:22):
That's what spraying that person down and.
Speaker 1 (07:25):
And buzzing them with the cattle PROD.
Speaker 2 (07:27):
So obviously, obviously SPF and FTX, your boy has lost
eight billion dollars of investor funds, and clearly from the reports,
no one did their due diligence. So I'm asking you
on behalf of the daily show. Will you fly to
pala Alto where he's on house arrest and spray this
(07:49):
down and tell them what the cattle prod. Enough of
the forty appearances, enough with the more minute segments on Squawkbox.
Let's take a Southwest flight tonight, layover in Chicago.
Speaker 1 (08:05):
It's on me. We land SFO, my dad will pick
us up and we will go to SBS.
Speaker 4 (08:13):
I think that's a little extreme, Okay, just a little.
Speaker 1 (08:17):
I mean, look, at the end of the day. Think
about this.
Speaker 2 (08:19):
At the end of the day, a lot of people
lost money and retail got fleets.
Speaker 1 (08:22):
That's what happened at the end of the day. Okay,
did Lehman Brothers change anything.
Speaker 4 (08:26):
No Enron, no bear Stearns, no long term capital No,
there's always going to be the bad actors. Sure, this
is capitalism. And every once in a while there's a
bad actor. You just went through a whole you know,
litany of them, and the system self corrects. If you
do bad things, shit happens to you, bad shit. And
(08:49):
I think that's okay, that's our system. The whole idea
is you can make money without being a fraudster.
Speaker 1 (08:56):
This is a great country. You can be an entrepreneur.
Speaker 4 (08:58):
You can start a company with a great product and become.
Speaker 3 (09:01):
A multi millionaire.
Speaker 4 (09:02):
That's the path that people take ninety nine percent of
the time, and we should celebrate that.
Speaker 1 (09:07):
Okay, this comes along, you know, alleged fraud.
Speaker 3 (09:11):
Like this, it's going to go through the system.
Speaker 4 (09:13):
Hopefully we're going to get a huge recovery for everybody
that lost their money. Already, the rumors are where it's
six out of eight billion, they found that six point
one billion.
Speaker 3 (09:21):
Who knows what else will be coming.
Speaker 4 (09:23):
I want to help everybody on this situation, but I've
moved on, and so's everybody else.
Speaker 1 (09:27):
I have a theory, Yeah, I have a theory.
Speaker 2 (09:30):
So in corporate America, I see a lot of urban
professional elites with LinkedIn accounts here in the crowd tonight.
In corporate America, they have a thing called CYA cover
your ass. And I think, mister O'Leary, you're making the
seventy appearances right now and testifying before Congress to let
(09:53):
people know, hey, hey, hr something stuff happened. Someone burned
down the house while mom and dad left. But you
kind of were a part of the arson to begin with.
Speaker 4 (10:08):
Well, let me correct you on that for a moment. Okay,
during the period when everybody was trying to get allocation
to FTX, particularly FTX us hottest deal on the street
in twenty twenty one, I got countless calls from people saying,
let me in on your allocation.
Speaker 1 (10:23):
You owe me.
Speaker 4 (10:24):
We've been we've done business together. I said, guys, it's
a startup. It's a big one. It's a twenty three
million dollars startup, but it's a startup. If I'm going
to take this ride, I'll do it with my own dough.
I'm not going to put anybody else's money into it.
Nobody lost money on that deal in terms of investing on.
Speaker 3 (10:39):
It, except me.
Speaker 4 (10:41):
So I don't have the problem where I owe somebody,
you know, an apology for investing beside me. I owe
everybody and all of us involved owe an apology for
not knowing it was an alleged fraud. But you know,
this happens from time to time. But in my mind,
but I can go to sleep every night knowing that
it was my money. I lost it. I ate it,
(11:04):
shame on me, but doesn't change what I do in
the morning. I'm a very fortunate guy. I can take
huge hits, and I move on and I keep going.
That is the essence of entrepreneurship. You're going to get
kicked to the ground once in a while. This was
a big kick in the where it hurts, right. As
somebody said to me, the one I remember the most.
(11:26):
You know, the economist on CNBC said to me. We
came out of the green room after I had one
of those countless presentations on there about it.
Speaker 3 (11:33):
He said, Kevin, eighteen million.
Speaker 1 (11:35):
Dollars, that's a lot of guitars. And he's right, yeah,
you love guitars.
Speaker 2 (11:41):
He loved guitars just for he's telling a story that's
not great because you have to set up the premise
for the punchline.
Speaker 1 (11:47):
This is this is my I love this story. Okay, listen,
here's what has to happen.
Speaker 2 (11:54):
You have to be able to expose your position when
you say you lost money. The only way for us
to truly know is if a forensic accountant comes in.
I want that, you want, you want the full transparency everybody.
Speaker 1 (12:07):
You don't understand everybody.
Speaker 2 (12:09):
So you got the eighteen mil. Look me and you
were in Hollywood, not these regular normies. So let's let's
let's have the big boy talk.
Speaker 1 (12:16):
I want to have the toss. So out of the
eighteen mil, we'll wait, hang on, let me let me
get him in on it. So out of the eighteen mil, yo,
you guys don't know this.
Speaker 2 (12:23):
There's agents, managers, business managers of the irs.
Speaker 1 (12:26):
All of them fight a fika, they say that bye.
Speaker 2 (12:31):
But out of that eighteen mil, my man probably saw
let's go six to seven. Now that's just straight cash,
but we don't know. Some of it could be USD,
some of it could be some of that sweet sweet
equity position, but we won't know until a forensic accountant
comes in and want that. I have a hunch, yeah,
(12:53):
I think you didn't lose a whole lot of the
shirt off your back, but retail dead.
Speaker 4 (13:02):
All of my money on the comp Just so you
understand this, by the contract was in an FTX account,
So eighteen comes in as you correct, about half of
it pays taxes and agents and the unions and all
that stuff. The rest goes into the account and on
Saturday morning, November tenth, it was scraped out along with
all the trading records. Everybody there, including me, does not
(13:25):
know where that money is or do they have the
trading records. Do I want to hire a forensic account Absolutely,
I've disclosed I had thirty two positions. It wasn't cash,
it was crypto and all kinds of coins and tokens,
and so they're all gone and I would like to
find out where they are.
Speaker 3 (13:39):
So would another million people.
Speaker 1 (13:40):
But it was also house money. That's the key difference.
How do you say that you're playing off of cake?
What's coming to you?
Speaker 4 (13:46):
Hey, we're giving you a big it's a million cash
I put into the equity. Sure, that's not a million cash.
Speaker 1 (13:52):
Definitely cash. I'll give you that. Thank you.
Speaker 2 (13:54):
Okay, So you've lost one you've lost one million USD personal.
Speaker 4 (13:58):
Yes, okay, actually more it was I think one point
two five million.
Speaker 1 (14:02):
Okay. So the only way we're going to tell you,
but you're making that heuristic.
Speaker 2 (14:05):
You're making that heuristic based off of that six point
six to seven million coming in.
Speaker 1 (14:08):
Look, we're gonna do Malcolmomy like it going for a
lot of things.
Speaker 2 (14:12):
The only way we can really come to the conclusion
of this is if we do the old rule. When
you're sexting a partner, I'll show you yours if you
show me.
Speaker 1 (14:24):
That's the only way. Let's not. We don't need to
answer around it. Well, it's fine, it's fine.
Speaker 4 (14:27):
It's my whole deal is I've been totally transparent with that.
The reason I've gone on and talked about it openly
is I think we can all learn a lesson from this,
and I'm teaching this case at Harvard. Actually, I think
there's a lot to learn from it because it's a
great example of when you do portfolio work, when you
put big money to work, you've got to know you're
never safe. You just don't know what's going to happen, right,
and this case is crazy. We haven't even seen the
(14:49):
end of this yet. We don't know what's going to happen.
The records are supposedly backed up on the Amazon servers
and no one's seen them yet.
Speaker 3 (14:56):
I don't know where that money went.
Speaker 4 (14:57):
I'd like to find out, And that's the same questionitution has.
I'm one of the only institutions walking around talking about it.
But so what, it's a horrible outcome, it's a bad investment.
I've made bad ones in the past, I'm going to
make bad ones in the future, but I'm pretty good
at good ones as well.
Speaker 3 (15:12):
So that's the way it works.
Speaker 2 (15:13):
I hear you, and I think there's a detail that
you need to add to your Harvard class, which is
and all the other places that you go.
Speaker 1 (15:23):
Bring you with me. Sure, I'll pull up.
Speaker 2 (15:25):
I mean if Kim Kardashian can pull up, pull up.
Speaker 1 (15:28):
Now, let's sen with Kevin.
Speaker 2 (15:29):
Kevin, let me let me just good, I will pull up.
I will sincerely pull not. Okay, here's the thing. When
you go on the Daily Show right now, or when
you go on our friend Aaron ross Orkin's show, right
when you say eighty percent of these companies fail, that
is correct.
Speaker 1 (15:45):
And let's say it's even more. Let's say it's a
ninety eighties. Yeah, that's been around ninety fifty.
Speaker 2 (15:50):
But what you're what you're not accounting for, is you're
speaking to the upper one percent that can lose that money.
Everybody else that's listening should probably just put their money
in ETF, set it aside, go to sleep, wake up
thirty years later. But but but you're not disclosing that.
(16:11):
You're not disclosing again once again, your position, how much
you've been personally paid upfront? I did I told you
exactly No, No, not about FTX, just in general with
the myriad of companies that you're.
Speaker 1 (16:21):
Oh, I see do you see what I'm saying? Guess what.
Speaker 3 (16:23):
I'm a capitalist. I'm an investor.
Speaker 1 (16:25):
That's what I do.
Speaker 4 (16:25):
I'm not I'm ashamed of it. I love to do
what I do. I help all kinds of entrepreneurs and
I'm shroud of that. We don't make money all the time,
is the point I'm trying to make. When you invest,
you take risks, and that's why you need diversity.
Speaker 1 (16:37):
You need a lot of socks.
Speaker 4 (16:38):
ETF's a good idea that has a lot of socks
whatever at the end of the day.
Speaker 1 (16:41):
But it's not a whatever that position. Doing that.
Speaker 2 (16:44):
Putting your money in an spy S and P five
hundred for thirty years is going to benefit ninety five
percent of the population. And the key problem is is
people turn to you, people like Kevin O'Leary, Mark Cuban,
because they see you very differently than say, Larry David.
We take it for Shaquille O'Neal or all the other
people that were in the FTX commercial. Mister Wonderful says
(17:06):
this is a good position in reality. Every time you
go on squawk Box or any of your many let
me just you all the time, remote crypto positions. I
talk about platforms and diversity. I didn't do commercials and
I never would because I don't advocate single products.
Speaker 1 (17:20):
You don't do commercials.
Speaker 2 (17:21):
I mean you're on every third commercial during the commercial
breaks of Shark Tank.
Speaker 3 (17:25):
You know I'm talking.
Speaker 4 (17:26):
You're talking about FTX though, right, you're talking about FTX.
Speaker 1 (17:30):
I'm not talking about FTX.
Speaker 2 (17:31):
I'm saying in general, Yes, yeah, I understand, Okay, yeah,
do you see what I'm saying.
Speaker 1 (17:36):
Yes, I guess yes.
Speaker 2 (17:37):
If you go to your YouTube channel, just on your
YouTube channel, the fourth or fifth video on your YouTube
channel is is this the bottom of the market? Do
you know what that's signaling to retail investors. It's signaling
them to either pop in or pop out, when in reality,
you should just go, hey, hey, real talk. You should
have one class at Harvard. It should be ten minutes.
(17:59):
Listen me right now. Listen to me. Put your money
in Vanguard portfolio BTSAX or S and P five hundred.
Maybe do a bond position right now because it's giving
you four percent. Set it aside and turn off squawk box.
Speaker 1 (18:15):
Actually, don't even listen to what I have to say
you're being tough on Squawkbox. They do a service. People
are interested. Listen. I understand indexing. That's great. I do
that too.
Speaker 4 (18:23):
But if you want to extraordinary returns, you got to
take risks on entrepreneurs.
Speaker 3 (18:27):
You have to back people that don't know their outcomes.
Speaker 1 (18:30):
Right, So then your podcast and TV show she didn't.
Speaker 4 (18:32):
Tell me should be just well, you had a chance
to Google evaluation was five million dollars.
Speaker 3 (18:37):
Do you wish you did that?
Speaker 1 (18:38):
Sure?
Speaker 2 (18:39):
Yes, behindsight is twenty twenty always, and you will lose
that way, you will.
Speaker 1 (18:44):
You could lose.
Speaker 2 (18:45):
You can lose ninety five percent at the time that
way trying to pick stocks, Kevin, you know this, Even
the great Warren Buffett and Charlie Munger, the ghats of capitalism,
even they say, now these g perreiatric coffin Dodgers now
at their shareholders meeting.
Speaker 1 (19:05):
Go listen to me. Listen to me.
Speaker 2 (19:08):
If I could do it all over again, I would
just put it in next one and what they said,
and tug it away and we'll play the cliff.
Speaker 1 (19:15):
Kevin, it's on YouTube. Listen, Let's let's not do this.
Can I ask you just a question why we can
can do back and forth.
Speaker 2 (19:24):
I just want to ask you this because I mean
this sincerely. I've been trying to crack this. Are you
a great investor or are you a great spokesperson?
Speaker 1 (19:36):
Because I think you're the latter.
Speaker 4 (19:38):
Okay, I don't agree with you. Let me tell you
what's happened over the last ten years. The ability to
tell a company's story, to get people to understand what
their mission is and the benefit of their product is
highly valuable, very because there's a million stories out there.
And the biggest problem every company has, including giint s
(19:58):
and P countries companies, is how do they get customer acquisition?
How do they acquire customers? Eight out of ten companies
fail in America after thirty six months because they're never
able to get their customer acquisition costble all the lifetime value.
That's why I change the equation. If I invest in
your company, I tell your story. That's what my job
is to do. Yes, I take risk. I'm fortunate to
(20:19):
have money to invest, but I get behind it and
tell the story. And that's what we do on shark Tank.
Why are shark tank companies so successful? Why do so
many more of them make money? Than the traditional eight
out of ten because we tell their story to one
hundred million people every year.
Speaker 3 (20:35):
That's the magic sauce.
Speaker 4 (20:36):
So I think I'm a great investor by being able
to be a great storyteller too. People need to know
what the product does, what the merits of it are.
That's why they try it. That's why it's important to
tell these stories you talk to any guilty.
Speaker 2 (20:50):
I hear what you're saying, so tell me, you know,
because I go to couple's therapy. Let me tell you
what I'm hearing. Okay, I mean this, sincerely, tell me
if what I'm telling you is right wrong, what I
hear your saying is no huss and I disagree with you.
I think I am a great investor and a great
spokesperson that you do both that if I see something
(21:10):
a seat of a good idea in your company.
Speaker 1 (21:11):
I'm great at communication. I'm good at the micro cult. True,
I can communicate those things.
Speaker 2 (21:16):
Okay, so then you have I would imagine you would
feel some level of guilt when some of the companies
that you are promoting end up leaving retail investors holding
the bag.
Speaker 1 (21:31):
Where you're like, damn this.
Speaker 4 (21:34):
Because here's why you know with certainty in venture investing,
investing in startups since the beginning of time, eight out
of ten are going to fail. I know that, you
know that, and the whole world knows that because those
are the stats.
Speaker 1 (21:48):
There's nothing you can do to change.
Speaker 2 (21:49):
But the system of you going on these shows squat
box is financial fomo, the graphs, the ticker. But you
guys are swinging kettlebells and greenwich.
Speaker 1 (21:59):
Do I got get an hour later? You know this,
get a door dash ipo, Do I get an how later? Again?
It's that fomo. I gotta get in now. I think philosophically, mysagree.
Speaker 3 (22:12):
And our messaging is sure and I would agree with
you on this.
Speaker 4 (22:14):
And I think if you're going to promote the idea
of investing, you should also promote the idea of diversity.
Speaker 3 (22:20):
Diversification.
Speaker 4 (22:21):
You can't put it all in any one position or
any one institution because you don't know when there's going
to be an exce Lehman Brother or Barristers, or when
a stock goes to zero. By the way, big companies
go to zero too, they do oh yeah, and so
that happens. So if you have diversification, and I learned
this from my mother. Never more than twenty percent in
one sector. We have eleven sectors in the American economy,
(22:42):
never more than five percent in one stock. That is
the definition of diversity. And that's what I do with
my own portfolio. That's how you stay out of trouble.
Speaker 1 (22:49):
Okay, you obviously would agree with that. Sure, sure, arrest
my case.
Speaker 3 (22:53):
You're honor.
Speaker 1 (22:54):
Yeah.
Speaker 2 (22:55):
Wait a second, But when you are going on a
six minute segment, if you did this, if you pulled
up on your next squadbox segment and said.
Speaker 4 (23:02):
That amazing, I do say, but you don't you give well,
you're not watching the right segment.
Speaker 2 (23:08):
I've seen you do forty of them. I mean you're
putting up shots, my man, and some of them are
just airballs. Now listen.
Speaker 1 (23:16):
If you are a great investor, let me ask you
this and a great spooks proud of my track record,
why are you on cameo? I love CAMA our great
investors on Cameo. I put up the graph video. That's
put up the graph video.
Speaker 2 (23:31):
You can book a personalized video for fifteen hundred dollars.
You can book a business video. I don't even know
what that is.
Speaker 1 (23:38):
Why for sixteys don't.
Speaker 4 (23:39):
Understand why, because this helps entrepreneurs launch their products and services.
That ninety nine percent of my cameos is a business
that can't afford to go to an agent and.
Speaker 1 (23:48):
Pay half a million dollars.
Speaker 3 (23:50):
This is fantastic what they've done.
Speaker 4 (23:52):
My biggest mistake on cameo was not to take down
twenty percent of the stock when it was offered to me.
I should have bought twenty percent. I mean, it was
really a fantastic idea. Sorry, I'm an advocate and I'm
going to keep doing it and people book them because
it helps them.
Speaker 3 (24:07):
I'll do anything to help an entrepreneurs.
Speaker 1 (24:09):
That's you.
Speaker 2 (24:09):
Why do you let me ask us for your quest
sub questions? First of all, cameo is all These haven't
been tough questions, sub questions, sub questions. First of all,
cameo is absolute doc shit. It's a way for Rachel
Doleazol to wish you happy birthday.
Speaker 1 (24:24):
I'm not joking.
Speaker 2 (24:26):
Number two, do you think big boy investors do cameos?
Do you think Warren Buffett and Charlie Munger tap dance
for sixty five one hundred dollars?
Speaker 1 (24:37):
Now seem TALEB is out here doing it. They have
business video.
Speaker 4 (24:41):
They're not venture investors that they don't start up entrepreneurs.
Speaker 2 (24:44):
Do you need the fifteen hundred or sixty do you
need any of it?
Speaker 4 (24:48):
Listen, I spend plenty of dollars doing what I do,
and I give to all kinds of philanthropic This.
Speaker 1 (24:54):
Is not about charity.
Speaker 2 (24:55):
I'm talking about the actual qualitative, the quality.
Speaker 1 (24:58):
Of that I do.
Speaker 4 (25:00):
That that work because people tell me, and they have
for years doing it.
Speaker 1 (25:03):
This has really helped me. I'm happy to do it.
Read the comments. I mean, if you want to be
a critic, go ahead, but read the comments. I mean,
I mean, that's the content.
Speaker 2 (25:12):
The comment of a person asking for a fifteen dollars. Sure,
I don't do many fifteen hundred dollars there all the
sixty five hundred one.
Speaker 1 (25:21):
Unfortunately, I'm a.
Speaker 4 (25:21):
Little because if you're a business in mind and you
want to use it, you got to you got to
pay it.
Speaker 1 (25:27):
I feel very sorry for those people. Well, I'm sorry.
You know, I'm going to charge you twelve hundred for yours.
I'm going to give me a discount.
Speaker 2 (25:34):
Okay, Okay, I'm not gonna do that.
Speaker 1 (25:41):
I get it. It's hard to rattle me on things.
Speaker 3 (25:45):
I know that work, you know.
Speaker 1 (25:46):
I mean you didn't.
Speaker 2 (25:48):
I mean, the cameo thing is really bad, man, It's
a truly bad look.
Speaker 1 (25:51):
I don't agree. I don't agree.
Speaker 2 (25:52):
It's it's for grifters, sociopath sick offense and oh J.
Speaker 1 (25:56):
Simpson. I mean, like there's the people that are on cameos.
Speaker 3 (25:59):
It is little negative on cameo.
Speaker 2 (26:01):
Okay, do you guys like cameo?
Speaker 1 (26:05):
Don't pooh? Don't pooh.
Speaker 2 (26:06):
I mean I was just asking us. Okay, listen, this
has been a this has been a.
Speaker 3 (26:12):
Very interesting, something nice about small business here.
Speaker 2 (26:14):
Yeah, let's do the small business. So we spoke backstage.
She wants to plug the small business thing. But can
I can I just say this one thing, We'll plug
the small business. Then we're going to do this whole.
This is all going to be online.
Speaker 1 (26:22):
So it's all good.
Speaker 2 (26:23):
So I think the reason why I'm very passionate about
this is because I think there is an ecosystem of
a lot of.
Speaker 1 (26:35):
VC people and.
Speaker 2 (26:39):
People with money going on these shows giving advice to
retail and look. I think entertainment is important, but when
Skip Bayless and Steven A. Smith give their hot takes,
it doesn't potentially affect people's four one ks or their
bank account. When you give financial tips, it's like a
(27:03):
doctor giving a diagnosis to a patient they can't even see.
You don't know the number of people that you're inadvertently.
Speaker 1 (27:10):
Let me tell you.
Speaker 3 (27:11):
Let me tell you why I disagree with you.
Speaker 1 (27:13):
Do you think I should just don't? That's all I'm saying.
Speaker 2 (27:16):
Be careful when you full people's begas everybody in the audience.
Speaker 4 (27:20):
Do you think I should go to high schools as
I do and talk to them about financial literacy and
about credit card debt and about stocks and bonds?
Speaker 3 (27:29):
Is that a good thing to do?
Speaker 2 (27:30):
You should give them Jail Collins book, The Simple Path
to Wealth, and one of the addendums should be turn
off any program that I'm on besides Chartek, besides Charlotte.
Speaker 4 (27:41):
So I'm very proud to be on Shark Tank's awesome foe.
I teach it's high schoolers and I teach graduate MIT engineers. Look,
there is there is a You are allowed to have
an opinion, and I'm glad you do it. It's an
important part of the dialogue and the and the discussion
we're having here. But at the end of the day.
The more people that understand the financial system in this country,
(28:04):
the better this country is.
Speaker 1 (28:06):
Now.
Speaker 4 (28:06):
You may not agree on the message. That's okay, and
that's the one thing about this country. We can have
this dialogue and we don't have to agree. And I
don't agree on half the stuff you're saying, but I
respect the fact you have the opinion.
Speaker 3 (28:16):
That's good with me.
Speaker 2 (28:17):
I appreciate it, and I appreciate you, and I really
appreciate Do you want to do the small business thing? Yeah,
I'll do my pitch and we'll let's do so you
wanted to talk about small business, talk about that and
then we'll do my.
Speaker 4 (28:29):
Pitch to let me tell you what we should be
worried about in this country right now. And a new
ambassadorship that I have. I know you like to be critical,
but I want to hear you criticize this one.
Speaker 3 (28:39):
Okay.
Speaker 1 (28:39):
Are you ready? Are you ready?
Speaker 4 (28:41):
So everybody remembers PPP all of our company. I mean,
if you're doing the cameos, you never know.
Speaker 1 (28:51):
I didn't do it. You get a lot of money
sixty five I don't know for the government. No, I didn't.
Speaker 2 (28:55):
That's fine, anyway, that's funny, that's funny, all of margin
you could you could have gotten thirty.
Speaker 1 (29:00):
Take up no better jokes than that one. I'm going
to give you four out of ten.
Speaker 4 (29:03):
So look, let's get to the point is the program
was launched and all small companies used it. They went
to their bank and got it. Same time, another program
was launched called the Employer Retention Credit. You've never heard
of it, have you. Okay, small business is really hurting
now because rates have gone up so high on them.
You know, people talk about six percent fed rate. Small
business is borrowing at eighteen percent now. They used to
(29:24):
borrow at nine or seven. So it's been hell for
them for the last two years. The government has two
hundred and fifty billion dollars sitting waiting for them to
pick it up on their payroll because they forgot to
go get it.
Speaker 1 (29:38):
It's sitting there.
Speaker 4 (29:39):
If you have a small business between five and five
hundred people, you can make up to twenty six thousand
dollars as a gift from the government towards your business
one time. So if you have fifty employees, that's half
a million dollars. If you have one hundredmployees that's one
point one million. I'm pounding the drum everywhere I can
to tell every company in America that qualifies, because you
(29:59):
only have twenty three more months to get it.
Speaker 1 (30:01):
Go file go, file for it. Thank you for sharing
that information. Thank you, thank you.
Speaker 4 (30:06):
I mean, I think that's that's a very important thing
to do.
Speaker 1 (30:10):
So before we get to tell me why that's a
bad thing, I'm not.
Speaker 2 (30:13):
I think you're sharing a very important piece of information.
Thank you in a not entertaining way. But it's important. Nonetheless,
but it's important. It's important, and it's great. How many people.
Speaker 4 (30:22):
Are entertained by one point one million dollars cash?
Speaker 1 (30:27):
Let me go, I'm entertained.
Speaker 2 (30:29):
Okay, I have mister O'Leary on the show. I got
to pitch you go ahead, So here's my pot. I
think it's going to go badly. Yeah, here's my pitch.
Here's my pitch. I mean, I wonder why this is
my pitch. I think. You go on these shows. You
(30:49):
are part of a system in the media, specifically financial
Hot take media, the CNBC's the podcast appearances. People turn
to you for financial advice. They ask you, how are
the markets doing, what's up, what's down?
Speaker 1 (31:06):
What are you into?
Speaker 2 (31:08):
You give your opinions because people turn to you because
you're mister wonderful. You obviously look like a successful entrepreneur
and businessman. Advertently or inadvertently, you give people your opinion.
People listen to that opinion and then make investment choices
based on what they hear from you.
Speaker 1 (31:25):
Think you create. Let me just finish, Let me finish,
let me finish.
Speaker 2 (31:28):
Okay, you give those opinions, It creates potential chaos and
risk at scale because it's on the internet, and then
you face no downside consequences when those people get fleeced.
Speaker 1 (31:43):
That's not fair.
Speaker 3 (31:44):
Totally disagree with you.
Speaker 1 (31:45):
Is this a pitch where I invest the second one?
We haven't got to do. We haven't got that one. Yeah,
so let me tell you. Wait, wait, I gotta get
to the end. We gotta get to Okay.
Speaker 2 (31:54):
Well, now, the second part is I've thought to myself,
question in here somewhere.
Speaker 3 (31:57):
It's not the end, Okay.
Speaker 2 (31:59):
The second part is I thought to myself, I go, hey,
you've clearly made picks and taken some massive l's. So
he either cares about it and feels very bad about it,
which you may, or you know you're taking those l's.
But if you keep the three card Monte going and
keep appearing on other shows and make other picks, you'll
(32:22):
just bury the l's you had in the back. If
you beat the algorithm, they can't even catch up to
all the l's in the past. The problem is retail
got left holding the bag a long time ago. So loser,
yes or loss loss. So I think what you do
is good. I think you are entertaining on Shark Tank.
When you leave that environment and give financial advice people,
(32:45):
regular people potentially get hurt. So I mean this humbly.
This is my pitch to you. I want to quote
the great Laura Ingram. I think you should focus on
your strengths and shut up in Shark Tank.
Speaker 4 (32:58):
No reverse that you want me to my strength or
Shark Tank. You said you want me to shut up
on financial literacy, which one.
Speaker 2 (33:04):
Is no, no, Your strength is so when okay, So jokes
are great when you have to explain that no no.
So she told Lebron to shut up and dribble because
dribbling has his strength, right, So I said, Shark Tank
is your strength, so then using that you just carry that.
Speaker 4 (33:20):
So my whole point is my actual daytime job is
managing capital. That's what I do, and I've been doing
it for thirty years, and you know it's it's a
career I'm very proud of and I'm proud of my reputation.
I had some mistakes and losers and bad investments, just
like everybody else does. But long term, the best way
to do it is always tell the truth, and you
(33:41):
never have to remember what you said. And so everything
I've told you is the truth. It's not all good news.
And by the way, and investing, you are going to
have some losers. You've learned that tonight, right of course,
and so I wish I could only have winners.
Speaker 3 (33:54):
I never will.
Speaker 4 (33:56):
And everybody that invests has learned, whether I'm involved in
their lives or not, that there are.
Speaker 3 (33:59):
Losers and investing that's what happens.
Speaker 4 (34:01):
But as you've suggested, the market does give you one
average about a nine percent return over a long period
of time.
Speaker 1 (34:07):
When it's an S and P five hundred. So the
addendum is that you're in another tax bracket. Don't listen
to what you're saying because you're bawling, and.
Speaker 2 (34:12):
You can take the losses. That's it perfect, perfect. You
can take the losses in retail care. Mister Kevin O'Leary.
I want to say thank you so much. You're very
well at the ruin on the show, and I want
to say thank you for having this conversation and for
us being respected or another.
Speaker 1 (34:25):
I appreciate it. Thank you, thank you felt for and
Kevin oh La No, I don't know. A lot of.
Speaker 2 (34:36):
The reason why I wanted to have this conversation is
over the past two and a half years.
Speaker 1 (34:42):
I don't know if you felt this.
Speaker 2 (34:44):
During COVID, A lot of us were at home, a
lot of people were going through uncertainty. I had a
lot of friends that lost their jobs, and there is
this deep angst within a lot of us. I feel
it with my friends my generation. They're hitting an age
where life is starting to choke them out. They're hurtling
through time. People are getting married, people are trying to
(35:05):
buy their first home. People are trying to have a
little bit of a nest egg to have some sort
of financial cushion to cover school, healthcare, aging.
Speaker 1 (35:13):
Parents, etc.
Speaker 2 (35:15):
And the way salaries are now, you have to ten
x your money, and so what happened during this period
of time is a lot of the financial cable hot
take podcast people advertently or inadvertently, we're giving their takes,
(35:37):
and people at home were listening to them and go, well, clearly,
he's smart. He's smart, he's a venture capitalist. Why don't
I take an active position in my betterment and do
what he does. The difference is, and what I was
telling mister O'Leary was, you're at a different tax bracket
than them.
Speaker 1 (35:56):
You can take the losses and retail can't.
Speaker 2 (35:59):
And unless you give up your whole position, like I said,
you show me yours, I'll show you mine. This is
my net worth, is what I'm being paid, This is
how much I'm investing. This is how much of my
personal money I'm investing.
Speaker 1 (36:11):
We don't know.
Speaker 2 (36:13):
And what that does to the millions of people that listen.
It creates a lot of risk and damage. And I
feel for those people because they get left holding the
bag and they get left behind.
Speaker 1 (36:25):
So I hope.
Speaker 2 (36:30):
People remember that the next time they watch any of
these shows or these podcasts. They have to keep in mind, Hey,
we'll never know what their position really is. So maybe
I need to take what they say with the grain
of salt.
Speaker 1 (36:48):
Do you understand what I'm saying.
Speaker 2 (36:55):
Because because if it was actually, hey, put your money
in an index fund, eighty five percent index fund, fifteen
percent bond or whatever the way what our dad's told us,
there wouldn't be any of these shows. There wouldn't be
any of them, squat Box.
Speaker 1 (37:14):
CE NBC, they wouldn't exist.
Speaker 2 (37:17):
So they have to have this ecosystem that continues pumping
them out. And I just can't help but think it's
one of two things. There's the White Knight thing that
they think they have good picks, but they're so ahead
of the game that even if they lose, they'll never
lose the shirt on their back, so even when they're wrong,
(37:37):
it won't really affect them. Or number two, they don't care,
which is even scarier. And that's why I said, listen, man,
leave that shit alone. Just shut up in Shark Tank.
I think Shark Tank is great. I think it's very entertaining,
and you can keep it there and retail investors don't
get hurt.
Speaker 1 (37:54):
Explore more shows from the Daily Show podcast universe by
searching The Daily Show wherever you.
Speaker 2 (37:59):
Get you podcast.
Speaker 1 (38:01):
Watch The Daily Show weeknights at eleven ten Central on
Comedy Central, and stream full episodes anytime on Fairmount plus
this has been a Comedy Central podcast. Wow.
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