The Coming Banking & Economic Collapse: Confronting Ross Gerber.

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Welcome back to another episode of Meet Another Kevin Show. Today, for the first time of 10 events that once we did, we got honor to present Ross Gerber live in the studio. We even divide the time. Okay, we don't will discuss it first. Talking about our lunch. So, at lunch time, you mention that you want to step on Elon.

What happened between you and Elon? Oh, you're going to start with that? You a YouTuber. You know, I coming here, you know, it's like like i want to make an event straight away, you know, back then, you went to a studio like NBC or whatever and create events, but now thanks Zoom. Everything is virtual.

Yes, everything is virtual. So, You are experiencing a break, No? And basically you always looking at the camera. So, I want to really see you in person direct. And I think the event will be it's better if it's done in a way direct. Okay. Personally, um, no, you know, I, you know, I think many people misunderstand my love for Tesla and my disappointment with what Elon is doing right now.

The main reason I'm annoyed with Elon because what he did to Tesla because I love Tesla. Look, I don't love Elon. It's not me investing in companies and Tesla has become one of the investments best of my career. I love the products and services. I love the people who work in Tesla. And I don't think it's fair what what he does to people who works at Tesla and its brands.

And I understand that he is obsessed with Twitter and it is his passion and he thought his approach to world problems somehow make the world is getting better, but it is obviously doesn't make it any better for Tesla. So, that's what it really is I mean. I come from the corner view of Tesla shareholders, which is I want the CEO of that company to step down and sell cars every day.

And I I don't think he did that. So, in your opinion, he is more like insulting Tesla investors who believe to him and the company and helped him build Tesla because he disturbed? Yeah, I think he's kind of thrusting it in dirt to our faces. Like not fair to us. That's what makes I am very angry. As I have supporting Elon for a decade.

I can't even tell you how many interviews have I had do to people who only want Tesla to fail. Forget Elon. They want Tesla to fail for various reasons reason. And Tesla succeeded and has do a great job in making extraordinary vehicles . And I think the CEO and founder the company must spend all it's time to promote the brand and this amazing company.

However he works at Twitter and that's it the focus. And with that comes a lot noise disturbance that I think unnecessary and unfortunately it is detrimental Tesla sales. And I don't think so some doubt it. And because of that, it is detrimental to Tesla shareholders and we didn't make any money for 3 years year.

And it sucks in the market which is on the rise when everything is is on the rise and Tesla is actually is an AI company. Tesla actually discovering modern AI driving systems and we don't see any benefits from this and i just thought on that certain point is the leadership that take responsibility for what happened and Elon needs to take responsibility for what happened.

Excuse me. That's where I am is at. You can't like me because of that. It doesn't matter. That's my opinion I. You can have your opinion Alone. It's almost like a hardware company other software that has added features Nominal AI. Everything is folded double or grow rapidly. Like Soundhound, you know, like, "Oh, I got a double job at Soundhound.

I got Service Now, I got this. I got it. Everything works except Tesla, AI-based from the start." Is what do you think of Elon's time on Twitter? has contributed to the loss of this salary package in Delaware? And should he leave Delaware? I don't think it has anything to do with it with that. Okay.

In my opinion, the layout corporate governance and corporate methods running, eh, from HR to, uh, you know compensation, and in particular compensation in public companies is very, you know, quite a process complicated and painful for some big company because CEO is paid high, and there is a process that goes through companies when they create packages salary, uh, which is quite intensive and.

So , what happened in Delaware is Tesla only has eight people on board council, which is very unusual for a company of that size. Usually the company has at least 10, 12, You know 13 directors of this size , but above all, all the director has a close relationship with Elon and that's not really a problem due to the fact that the director present themselves as independent.

This is what Delaware said and this is which I think many people in Tesla community doesn't understand. This not about what he deserves get. I actually think he is also deserve it and I agree with the VA package and I choose it. What I think is that Elon, how do I say this is Elon's fault knowing that if he succeeds, he must maintain salary package.

He should take steps from the beginning so that this becomes a process that independent. But instead he bring the salary package to the board and council saying it sounds good, Elon. You hit these numbers does not matter. But there never was rejection or debate that ever occurred documented and it's just required by law.

So, even though the shareholders vote for it, they not going as far as they could in terms of making it into something which cannot be changed. That this negotiated and debated by saying that shareholders vote based on misleading proxies because we vote with assuming that this salary package is actually debated and approved by the board.

As there are some give and take accept. That's how they do it argued that the vote it almost doesn't matter because what chosen people have the potential to mislead. Yes, 100%. That's what they say, voting is not important because You don't actually have all of them information. Delaware seeks to protect its citizens shareholders who will pay Elon $50 billion.

Now, why is this important for Tesla shareholders is that if the salary package is legitimate and once it's done, Elon will be in debt $25 billion in taxes. Okay? And the only place he can getting money is by selling $25 billion worth of Tesla shares . Okay? Therefore, people should understand that this is a big delusion for Tesla, this salary package, regardless whether he deserves it or not .

So, the idea that it's not through an independent process before shareholders vote, that's it the problem. That's what it says Delaware. So, it's very simple. If Tesla wants to create a salary package, they need to get board members which is truly independent so that there is a compensation committee that can reject.

For example, if they say something like, "Well, Elon, the profit is 50 billion. That extreme. Maybe we should change it so that the profit is 10 billion." Mhm. Then they negotiated and decided the profit is 20 billion, some people finish negotiated settlement. Correct ? At least they can come back and said there was a process.

But they can't even do that. Now, here's the thing one of the richest people who should be the smartest in the world and he doesn't know basic corporate governance. Wow. So there is no one to blame for this besides Elon who built almost all of it. So, what about the salary package idea? new coming? Many people said maybe he didn't deserve it get what he has because stock performance over the past 3 years.

What do you think about that? Others say no, give he is all he has and gives he's much more on that level same as Tesla today. What is what will happen next? Well, Tesla can do two things. I think giving Elon a pay package that big when he was basically working on Twitter doesn't make sense to Tesla shareholders.

What he wants is another 12% of the company's shares. And what will I offer to him is exactly like that. I would say, I will pay You own 12% of the company's shares for 12 years. next year, but you have to selling Twitter. Oh, wow. Okay. You should work at Tesla as CEO full time. Wow. Okay. And you can own 1% of shares company every year for 12 years forward until you are 65 years old and retirement.

Wow. Okay. You don't even have to do anything whatever. It will be valid for 12 months year. Just sell that damn Twitter. Just sell it. So that's how it is. And if he never tweets Again, I will give him 3% shares company again. 15% just to shut your mouth. Yes. 100%. But that's censorship, Ross. It's not a sensor.

It's called capitalism. Tell me about it. If you want to give me 3% of shares Tesla, I will never tweet Again. Because a lot of people will say, "Well, Elon should be free to say what he wants. whatever he wants." But you of course it's a problem. But You take it up with him who says whatever he says want, No?

I am also free to say what whatever I want and I running a company with many friends who work there. Why I want them all to be angry at me every day? Okay. You don't want to hear everything I think. Trust me. Okay. So, there is a system a very deep filter that I have. And it's amazing. After 10 years of appearing on television, I don't mess it up too badly.

I have made some mistakes. Everyone makes mistakes. No nothing. Oh no. I did it. Yes. Yes. Good grief. And gosh, I...But I'm learning from my mistakes. And my goal is to build my company. You you know, Gerber Kawasaki is a thing most important for me and my colleagues I am also the most important thing for I.

I care about development my business. So, if I do things that are detrimental to business and my friends and colleagues brought it up to me and I trying to be a conscious leader, You know, I have to consider it. It's not about freedom of speech. This is about capitalism. It's about what best for my business.

And some opinions I can't accepted by everyone. So, the thing it doesn't need to be published. Yes, almost like what we are tell us what we shouldn't talk at the dinner table? Politics and religion. Because you can't pleasing all parties. In the past, they used to say that you not allowed to talk about these things when dating.

I always start with politics, religion, and sex straight away, you know, and you know, like, let's get this over with so we can't waste time even a minute to date, you know. Oh, because if you don't fit in, you want to end it soon. Why waste any more time? So, let's talk about the worst things. Now, that's actually funny.

Do you think so? You have a problem with the system courts that allow salary packages Elon taken by Democratic judge? Matter the same thing happened with Trump who lost appeal of $450 million fine by Democratic judges. How not does the justice system side with them if they also have labels? Well, you can see it from the angle this view.

You know, America established based on our system and our system has a judicial system which is separate from the legislature and executive. And there's a reason for that. Separation of powers allows the system the judiciary operates independently of political. Okay? So, when you are a judge, whether you are a Democrat or Republic, it doesn't matter, okay?

You is one of the three corners power in the United States. Court The Supreme Court is the highest judicial body. So, they don't care about political. The judges tried to apply the best possible law or in accordance with what they think is right. Okay? So, to imply such a Trump ruling , I mean Trump lied to financial documents to obtain interest better loan interest is actually an advantage competitive because I, let's say, bid on the same building as the one Trump offered.

But my interest rate is 3 %higher. Okay? So, that's a better deal. bad for me. However, if Trump just lying about finances, then that's it anti-competitive behavior. That's illegal. You shouldn't do it. And he make money because of this. However, some people say it is bank's responsibility to verify what you put in the report your finances.

How many loans have you had get in your life? Lots. How many times have you lied? There isn't any. Okay, that should answer it. the question. Okay. You did not lie on the documents finance for banks or anyone else. And it's just a simple thing like your net worth is a number variables. Oh yes. Okay.

So I can said this house is worth 2 million. This house is worth 1 million. What I mean is it is a variable number. However, there are a way to do something like that I said, where you can said, "Well, here's why I got this number," and this is how, like here there are three other houses in the environment where everything is sold for 9501 and 150.

So, we taking the average, there are at least way to explain it, that's what You argue, yes, 100%, and it's like judging something wild, you know, just for profit. You know, what what Trump did was anti-competitive which is illegal in New York. Now, In my opinion, Trump almost did everything possible to make things worse for himself Alone.

Oh, wow. You know, it seems like, you know, half of the problem is because his own lawyer and his people himself submitted evidence to government. Oh, interesting. There's like Michael Cohen, everyone this, you know, we're not going to have these cases if not because of the people. Wow. You know, wow.

So, some kind of idea like Trump's upstairs The tower is 10,000 square feet but reported in Trump Financials as wide as 30,000. Yes. And that's a huge difference at 2,000 square feet in New York or 5,000 square feet in New York. You know, you were talking about huge difference in assessment. But, you know, again, if I need a loan right now and I have assets of 300 million even though I actually have assets as much as five, You know, it's a completely different profile.

different for banks, you know, No? Someone might actually make a deal with you or No, No? And it's the same as me competing to buy a building worth, you know , let's say 200 million. That's a big building in New York. This is an advantage big competitive if I borrow at two and a half% interest and other people get five.

What do you think about people who say that banks responsible for guaranteeing and verify that nothing is harmed in the Deutsche Bank case. I like crime that doesn't dangerous. No one was harmed because of prostitution, no one harmed by drug use. You know, no one harmed and other people want to buy the building.

Okay, because they harmed. So, if we live in America, where capitalism should be being fair and one person lying in all documents and beat you in transactions. What is capitalism? ? Is that fair? Interesting. So, it's like they were robbed. from a reasonable opportunity because maybe their form is perfect, No?

Remember the college scandal what happens where everyone is rich it's like buying their children into USC? Full House's Laughlin enters jail for this. He really is go to jail for buying his son into USC. Correct. And you can argue who who is harmed. Who is harmed? Correct. Correct. Okay. Who is harmed?

That's a good comparison. Yes, that kid is the one who applied to USC. Who is not accepted? And that's [ __ ]. That's [ __ ] because the kid is more smarter and sharper and working strict and did not invite his mother to terrible event. Okay. And and No. and a father makes clothes bad surfing, you know, like ugly surf clothes, you know, and they live at Bair Country Club .

It's like their life, you know, and they bribe everyone so that their children can enter school. Well, my kids work very hard and i don't bribe anybody. You get my point? So, someone is harmed and that's it like, oh, that's esoteric. Like, Who is it? But it's a person. And we know that Ly Laughlin's son don't deserve to be there.

Wow. Wow. Well, so what do you think? this is related to Elon when concerning, I mean, should he just keep your mouth shut or should he leaving Tesla? What is the solution? for him? Like where he will be happy and what changed or is he always like this? Well, I don't think he was ever happy. . And I think if you read his book, it's pretty clear that he, you you know, i think everyone should read the book if you really want to want to understand Elon.

I think it's enough it's clear he had a difficult childhood very difficult. You know, childhood which is very difficult which cannot be done contact me in any way. Like in any way. I don't even wanted to discuss his father. I mean, that's it couldn't be worse. So, I sympathize with him. I mean, in meaning he grew up in a very beautiful place very bad, you know, but I think as a result, I think he has some obstacles in emotional connection, you know, with other people.

And because of that, according to me, he has no sense of empathy, Possible. Yes. I don't think he is at all have empathy for others. And in my opinion, engineers in general tend to be a little different. More analytical rather than emotional. But he doesn't seem to be very sensitive to his emotions.

So, I think the question is actually what you want Elon did? You know, because the idea that he really running those seven companies is not real. He is just one person. Idea that he is not human is not real . Okay, I know he lives in pain. He has back problems and the like. So, the question is is what he wants?

According to me , the best thing Elon could do for himself is to take leave. Oh, wow. Okay. He never stops working. And if you look at the schedule, it's unsustainable in the long term long. And that's the worry my biggest as an Apple investor and watched Steve Jobs die and witnessed the whole process.

My biggest concern is his health. I mean, if you really care about Elon, you should have told him not to work anywhere. Good grief. Wow. He has to take leave for 3 months . He should really try this. Like, his life will change if he could go to Kawaii where I am go with Mark Zuck. No, because I didn't approach Zuck.

because he doesn't really leave the complex. He does not hang out with Hawaiians, you know. Eh, hey, quick note, mark your calendars on June 21 to 23. We will hold a 3-day symposium make money, wealth, become millionaire. We haven't decided on the name yet, but when you watch this video, we will do it.

Visit meet.com. Ross Gerber will be in attendance there. We will hold an event with many speakers. The event will be extraordinary normal. We will learn real estate. We will learn finance, stocks, investment, taxes, and so on. So, mark your calendars right away . There are no live Zoom sessions. Meet the people, ask questions , study the material, and finally find the right path.

So, visit meetkevin.com for learn how to register. The more the sooner you register, the better the ticket you get. You will be there. And that's in Vegas. And that's in Vegas. And Ross will be there there. Come on, dear. No, but You go to these places and spend time with yourself and you're just trying to relieve the stress you are facing in your life, and that is part important part of life and I think he really needs it.

Why do you think Tesla stopped? provide guidance on the system delivery? Because they don't know. They don't know. Yeah, I don't think so. Zack left the only person who has the idea. No, I think losing Zach irritating. I'm a big fan of Zach. Yes. I think it's because of estimating request is a very difficult thing with changes in interest rates, the economy different, and things like that globally.

It handles three markets globally, China may be one of the one of the largest markets in the world is in serious trouble at the moment. And that's a huge market for Tesla. So, I think it's very difficult to make estimates on three continents with many economies. You know, You have supplies coming from three continents.

You have a request in three continents. You have to align it . So Tesla has challenges and I think it's difficult to make estimation. But in my opinion the problem is how much capacity production? And I think that's it probably close to 2.5 million cars Now. And can they actually sold 2.5 million cars without lowering the price?

And that's it bigger problem. Do you think China is presenting opportunity to buy when prices drop? Are you going to emulate Michael Bur and invest heavily in Alibaba? No. No. Basically I think China doesn't care about capitalism. They are communists. So shareholders in China has already started with a step that wrong because you don't actually have equity in securities the.

Most people don't understand that. Like you don't own equity in Chinese companies. You only have phantom shares or something like that, you know, and then the entire Chinese economy is built like matches and completely destroyed untidy. Wow. And we actually has supported China for 20 years lastly through export.

Become a customer their best, they decided to attack and anger. So, I think China finally realized maybe The West is important to us. And Russia will not buy all of our items. Oh wow. You know, and now China is in problem. He placed himself alone in the corner. And that's detrimental Tesla because Tesla's biggest market is there in China.

And now the economy will destroyed. And there is a lot of competition in EVs in China, you know. Why do you think that is? Why there is so much competition for electric vehicles in China? Uh, even though it doesn't feel like it's in America. You know , Ford reduces production. Mercedes, I know it's Europe, of course.

GM reduce production. Rivian and Lucid becomes less profitable, right? And you don't grow, you become less profitable on top of that. Meanwhile, if we look at China, it only because of government support in there. I mean, you have NEO. I mean, they're obviously better. than the American company version.

You have BYD, many of them outside there. Well, part of it is support. government. So, the government said, “We want an EV. We don't want to dependent on oil." Well, China not actually producing oil. They import most of their oil. Oh, so they want to move away from EVs especially possible. Sorry, from the gas from Excuse me.

So, they So, right. So, they have to get gas from us, people Arabic or Russian. Correct. So, and as Russia has provided a lot cheap gas nowadays. And he saw it as an opportunity, but which what he didn't expect was damage what will happen on the other side his business, namely selling goods to people.

So, China doesn't have incentive to want gas. And Also, I think China wants to be environmentally friendly, not only because economic reasons, but because of pollution in the cities are so bad, you even can't walk around in Beijing many times. So, I don't know do you remember, it was around me think about four or five years ago when pollution in Beijing so bad, they had to close everything.

So, what happened was they have to close all the factories in around Beijing because you can't go out. Let it lighten up a bit. So, it's not like, oh, change. climate, we only care about the Earth for everyone. It's like, very it's bad here, we can't breathe . So, I mean, you know, oh, You can't breathe, you have to do something, right?

Well, and then they just did it. So unlike the United States, China supports all these companies and have a share of all this company. So when they decided we would be an EV nation, that's what will happen and that's it China later. And that's very clever, You know, that's smart of them. In America as a capitalist country, we do not support.

We support EV industry. So I'm going to pull it out return. We create support in under Biden for the EV industry. There is great incentive to buy Current EV. There are more EVs that extraordinary in America today. However I think Americans don't understand EV value due to the Chinese government spend a lot of time on educate people about their why want an EV.

And the US government spend all his time on not educating people about energy. Okay. How much government really educational here? Remember when I ran against Newsome? Should we run for office? again if he is pulled back? I can't do it. I do not can do it again. However, it one of the big things. We need school here.

School of the future. Do you remember? I think you should start local government. I think You can. I won't do it. I won't do it. I think You can win a lot of things and continue to rise in rank. Thank you friend. However, I was confused when you jumped into world of politics. Thank You. Thank you for being there for me at that time.

By the way, You know, I support and vote for You and I think that's a lesson which is good for you too about how world work. You know, this is a bit weird. What about Bitcoin? So, you still holding Bitcoin? Oh yes. You know, these are the days which is good for us as owners Bitcoin long term and us have a crypto program in the company me and we don't go out, you know, when things get bad with Bitcoin because, you know, we will have it forever.

Well, you know, we stopped developing the program Our Bitcoin because Gemini is experiencing problems and they are basically like stopping us because they like it wavered and then we were like , "Oh my gosh, they're wobbly and it looks like they will overcome obstacles." However basically we postponed the construction our program because basically the entire crypto industry is in chaos, No?

So what happened to Bitcoin, which I knew would happen and it all just happened After the SEC lost the case, I think it's with Greyale or someone which is basically when we started our ETF, when we were on the New York Stock Exchange on in 2021, I asked people there are like why no Bitcoin ETF? A lot of it because the custodian does not play in inside.

So there is no way to accumulate, you know, Bitcoin every time there is an incoming current. And then there is a scoring system damaged because most people don't understand how Bitcoin is valued by taking the average of several exchanges . Okay? So it didn't work for New York Stock Exchange. So what is it?

they told me that's it depending on how long it takes needed until this industry grows, You know. And what happened was Fidelity is truly a leader in the traditional financial industry in Bitcoin, building a mining operation Bitcoin and Bitcoin practices institutional from the start. And they like doing everything like Vanguard, "[ __ ] you, [ __ ] you with you." Yes.

They're still like, "[ __ ] it. with you." I mean, now you even owns Morgan Stanley, Bank of America. Hey, we want this in our platform, you know? Yes of course. and so we started feel the best way to deal with Bitcoin is to open it , you know, a wallet for each client so they actually can using their Bitcoin.

But what which finally happened, which is still the problem, is that no one is can trust this exchange. So the idea of ​​a Bitcoin ETF is stupid for me because I was like, yeah, I can't use Bitcoin I. Why did I buy this? That like it's just there on the account broker. But then everything change because if you can't trust one of the custodians, maybe an ETF is the best way to do it.

Especially, yeah. Especially because most people don't actually use their Bitcoin. Correct. Correct. Correct. It is investment or for speculative purposes in crypto or whatever it is. Or maybe you want to own crypto , but you don't know where I am can do it safely, No? And have insurance for it. Correct.

Yes. So, you know, Bitcoin ETFs are coming up. . You know, I know the numbers, I know the inflow will be enough Good. And most people don't understand that most ETFs Bitcoin is not sold in most brokers nowadays because most of them ETFs must be at least one year old before being added to the platform.

You should know that, right? So, when this is in my company, you don't can buy IBIT in LPL because it is not yet approved. Geez. And this is Black Rockck we are talking about, No? So, what I did was I went out and bought it in my ETF. So my ETF actually has around 1% of Bitcoin. Wow. Yes. I the only ETF in the world that actually have AI, marijuana, and Bitcoin in the same place.

That's enough cool, in my opinion. But, and that's the ticker GK. NO. So, Our Bitcoin went up immediately. And I directly, you know, write to event advisors like, what to do I did to add this to My ETF? And they were like, we just need to file with the SEC, some form, and you know, do it. And you know, so my client get benefits from this Bitcoin now without having to do this.

So ETFs suddenly work if we can't trust the custodian, No? So next year, Bitcoin ETF this will be added to all platforms. Wow. And then it's just a matter of time until some stupid people like Meil Lynch said, "We must have a 1% allocation for Bitcoin." Oh. Then everyone did it. And then like a company trillions of dollars start buying 10 billion each.

Wow. and then it was all done and then Bitcoin became, I don't you know, double, you know, by the way, that's what's happening now, right and above that to use half figure, uh, I want said about half of Bitcoin has not been traded in 2 last year, at least some Bitcoin has not been traded in 5-10 year, yeah, i think a lot of Bitcoins don't will ever be traded, maybe just.

Honestly I never sell Bitcoin. I think there's probably a big part of it which also just disappeared when first made. I think a lot is missing. Just disappear, you know, it's like on a computer somewhere place. Yes. Yes. So, the supply may be more lower than the actual one. Well, then there's Satoshi coins or whatever.

that, whoever owns it, you know. I love that part of Bitcoin. That always been a part that I love, everything is fine in the story until you get to Satoshi and that's when you lost me, you know? I was like, what is this? And I I think that's what people like about not really knowing who is the real identity of the person who created Bitcoin because of this.

Yes . Because if you know it will like that person is a fraud. Yes. And that person never take money from coins that are not touched. Interesting. But I think for people in general and they're like why do I need to have Bitcoin? And I said look at the US government. Okay. They literally printing trillions of dollars in a flash then jacked up everything This.

Correct. It sucks everything back, right? Like how much money now you see the government China is falling apart. There is one solution for China. Do you know what That? Print more money. Okay. That's right. And it's not a stimulus. They don't study the Great Depression. in the United States. Wow. They do not study it because in Depression Great in the United States, they do what China does, which is not a stimulus when circumstances is in bad shape.

Savings, No? And we don't actually need to experiencing a deficit and we don't need to print money because we want to be such as financial solvent. But what what I do is make everything people go bankrupt, right? Okay. American , we never had any problems in printing money. Okay? We have printed money like crazy since I born.

So, the idea that you can have eyes unprinted global currency all the time is actually enough, you you know, good. And then my father, who, you know, are in their 80s, like , why why would anyone who need Bitcoin? And I was like, well, dad, you know, he likes it go to Germany. I'm going, say You went to Germany, you know, and You need money.

You know, how Did you get the money? You know, how do you pay for something? Like, you know, you have to earn euros and or use credit card or something like that. You pay all costs. But Bitcoin works that way The same. Only on your phone and you can pay anyone in Europe or anyone in Africa or anyone in Asia with Bitcoin wherever you are go.

And I went to many places, You go with a $100 bill in United States of America. You don't even can use it. Yes. Okay. So, imagine if you were stuck , I don't know, you're on vacation and You are in a random place in Latin America and they do not accept $100 bills. They will receive Bitcoin. Many places accept Bitcoin .

And I think a lot of people don't understand that it really is works very well when You are outside the United States. What about Javier Malay? cut government spending? Apparently now he is balancing budget that qualifies for another IMF loan. Is this like bookkeeping chef? Wre they really able to turn things around because people seem to like it what did Malay do?

I mean, he has a dog too cloning. Have you seen the dog? cloning? Oh, you didn't see it? He liked it so much that he clone it three times. He has four. He's just like you except he has child. He has four dogs. Okay. So , as a capitalist and understand the pain that must be experienced countries like Argentina to improve their finances, I really loves what he does.

Oh, wow. I think it's very good for the people Argentina. You know, Argentina is a phenomenal country that literally during my life I have been abused by the government. All assets were stolen by government. Poor people in Argentina has to deal with this forever or they come to America and this is the same problem.

All people say, "Well, we have a crisis border." Yes, that's because in America Latin all these countries suck. If you were there, you definitely were want to go there. 100%100%. I want to cross the border. I'm going to take a risk in Rio Grande, isn't it? And Argentina is a perfect example for this matter.

A beautiful country and amazing with all the potential in this world has been completely mismanaged since Avita's time, right? So, there is a chance here. But what happened was and this is what happens in America Union in 1982-83 with hyperinflation, you have to go through a very difficult period of time because You have to control your spending government.

So, you've weathered the recession. which is very painful with the understanding that, we are out on the other hand, state finances will balanced and the next 10 years will amazing, but two years down the road it may be very difficult for people in Argentina. So, when you raise interest rates and control inflation and stop printing money, You know, people live off money.

this printed one. That's the problem. However, the price of goods also increased with fast, isn't it? So, this is going to be difficult times in Argentina in short term, but if they remain did it, I think he would very successful. Better in the long run. Okay, That's good. What about America? In where is our recession?

We should have already experiencing a recession now. I think we learned a lot about human behavior. You know, I talking to economists at UCLA about human psychological matters misunderstood by most economists over the past year, namely people want to go out and spend Money. Okay. So, there is a kind of atmosphere that is not existed during the Obama era, post-crisis finance, where people like The Great Depression held back a little, pay off their debts, not too much aggressive in shopping, because people are having a hard time during recession, right?

Then when Trump took office, he cut taxes and said, " Spend, spend, spend. America is great. Go out and spend money." And people started to do That. And by cutting taxes, it create more money in economy. And it worked. And then, and then, eh. But you just said something what Trump did worked. Yes. Cutting taxes worked.

If you cut taxes, the economy becomes better. Because some people say you won't say anything. Well, the other problem is that we have a bigger deficit because of this. But yeah, that's kind of morning talk. it's like, okay, we have to raise taxes more. And I thinking, "Yeah, that's going to slow down economy, you know, because of the cuts Trump's taxes spur the economy, but also creating a larger deficit." So, there you have it, Biden takes office and could have taken steps, but instead he scored more money and give it to people, right, in law recession in 2021 or whatever its name.

And that's the truth causes inflation. So, now after we absorb everything back, what remains are people still want to shop and people are still have a job. And because of us has moved so much manufacturing, and this is also because of Biden, Antrum, there is a lot of work with good salary now, you know, for, uh, what I call, we used to call low-income workers.

You know, now at McDonald's in Los Angeles, you make $20 per hours, you know, uh, and then on up from there. So, we have saw strong wage growth and with people who want to shopping, it makes the economy go a long way stronger even though real estate is dead. You know, like a lever traditional economy is not good.

So, this is a bit of a strange economy. and you can see where the price is services continue to rise, but prices of goods now starting to go down. Yes. Negative. You are experiencing deflation. Yes. So, in one area you experience deflation, other areas you are still experiencing inflation as in hiring.

Eh, but it also started to slow down. So, I think what we get from this is a very good economy and the Fed began to lower interest rates in the middle of this year. They do it slowly. You get the best of all world. That's why we really optimistic. You think we're going to have a soft landing? No. No.

I don't think so landing. We never landed. We are still at 3% growth. You get my point? As if there was never a landing. Why bother? So, we having fun. What happened is that we just changing the interest rate paradigm. Okay. from zero to say 4%. Yes , for now. But the idea is for 25 years we all hope get money for free.

We everyone lives in a world of free money. That great. Your property is free. Buy whatever you want. Price go on. Okay. Well, now who is suffer? Property, right? Why? Well, they take all the free money That. Well, now it's not free anymore and the loan is due. Okay. Good opportunity. Yes. Like Trump hotel in DC.

I don't know did you see this deal. So Trump sold his hotel in DC on 21 because he was a bit forced and he makes a lot of money from hotels This. And the person who bought it took out a $286 million loan for buy a hotel from Trump, one of Trump's friend is actually from Florida. So, that person has a loan that due or whatever or necessary in installments and he can't afford to pay it .

Now the loan is in default and Trump Hotels in DC are currently jammed. Wow. Okay. So, the person who borrowed at the age of two year, the math doesn't make sense at the age of seven. No, of course not. You know, that doesn't make sense. So, this will be a period of time that very difficult for a long period of time long because every company debt and everyone's debts are due and must be refinanced with interest higher interest.

And it such as the economic slowdown there will always be something to balance by letting the economy run, You know? So, let the economy grow for offset the fact that interest rates higher. Do you think we will return to zero? No, I don't want to go back to zero. Oh, wow. I don't want to go back to zero.

That means we are in trouble. It means the government must print money so that we can grow. And what we really want is an interest rate of 3-4% requires costs. I mean, remember, I am a person who has capital. I lend money. I want to make money from my money. I don't want to have to buy equity to make money.

And that's it what happened so far. So valuation equity, you know, we have the S&P with 23-24 points in 2021. You you know, today the value went up again, you know know, uh, but we have growth . But we have growth where I can lend money to someone and make money from it that loan too. So this is the time right to buy bonds and this the right time to buy stocks.

But now income from shares it's real. But what hurts is a company like AMC, say. Ah, high debt. High debt gets refi debt. M and they have to get capital and You know and suddenly it's like companies like AMC will not borrow at interest rates less than 15%. Or shipping companies, you too see it. 15% is a fairly normal interest rate for high-risk loans today .

Wow. You know and uh you can see it in BDC business development loans. You know if you have credit bad at the moment, it's hard to earn money. So how does this relate to consumers who may use as flexible as buy now pay later to pay your rent? Today. And that's probably the worst idea ever I heard. Yes.

Yes. It's very popular now. It's like the top 200 apps on the app store. I was like, I was blown away. Every time I mention it, I just feel it getting higher every time the first time I saw it. I mean, anyone who buys debt is really stupid. Like, how are they? Because what if they lend with 20% interest.

And they were like, " We assume 25% of these default. " They still have a 15% yield . Yes, I know what you're saying. So this is my opinion and ours have talked about this before, in where rent is your biggest expense, No? Okay. So if you can't afford it pay rent, that's a problem. That's a big problem.

30%-25% of your income is rent. So if you buy now, pay up rent later. Where will you get the money from? Later? Where will it be? It is due every month. If 100% of the debt is bad, how do you do it? pay it off? That's a good point because yeah, if you have, you know, you buy a Pelaton bike like one times or whatever and you buy now pay later, you can stop buying Pelaton bikes, you don't buy Pelaton every month.

But with renting, you actually owe every month. So if you buy Pelaton once and you buy pay now later, even if it's a 10 year loan, in the end You will pay it off. No fees sustainable, No? Only once. However, that's the idea of ​​buying a product with this way. Yes. You pay it off over time. You don't need a lot of hangers dress, but you pay rent every month.

Yes. So basically it says you can't pay this month's rent. Somehow you will have rent double next month plus flower. That's problematic. So I think 100% will be bad. Okay. So you will stay away from debt something like that. So, stay away. I mean, I'm better hit on the head with a stick than cover the outstanding rent debt.

Wow. So, does that give rise to risks for personal loan companies like SoFi for example? Many people like SoFi stock. Personal loans very large. 15-18% bad. Many of they are bad. You know, SoFi is actually a good company and they serve a good market. Your friend Kathy Wood loves it. I also like SoFi.

I don't have any problems with SoFi. I think they do a good job. The problem is the way they take notes loans in their books. So, we started doing this research because one of the things i learned is the way banks record loans in their books are all lies. Okay? So, we started this research when the tribe interest rates are rising because that's what we're looking for know is if I bank like Bank of America and I have all This loan is 2-3%.

Like what what happens now when the loan this is 6%. Yes. Loan values ​​plummeted. So, the value drops by 40% or 50%. So, You see the Bank of America book now and nothing of value lowered and you say, “Why not? Why not?" And they say, "Oh , this is a loan until the fall tempo. So, the loan you hold until maturity, you don't need to temporarily lower its value time." Right.

I said, “You know what? I wish I can do that with all my bad investment." No stock goes down because it goes up Again. Yes. Because the shares are held forever. So we won't...Right. So we will not count the losses of the year this is because i will never selling my Tesla. I will not ever sold it. So there is no loss.

It's due date. There isn't any loss. It is funny. That's not funny. That's a trillion dollar debt dollar. That's right. But the funny thing about this is that's when you say it, right as we record this, New York Community Bank, which recently experiencing a decline in the value of real assets their estate, about half a billion dollar, starting fears of a crisis other banking.

New York Community Bank, 15 minutes to an hour then, postpone their annual filing, by reason of internal material weakness internal control. Correct. Maybe that's what you're talking about talk about. Debt, internal control on assessment. Remember, they are buying bank loans signature. Oh yes. remember they become aggressive, buy a signature bank loan is trash and then FDI make you buy it very much fast.

There is no way you can analyze, You can't do DD because real estate takes time, you know, and like, oh, we're big now. We got all these loans and they're like, oh, material weaknesses and blah blah blah means we don't know how much it's worth this nonsense. Okay, so the value down. The stock is $4 and the bank worth one hundred billion dollars and already big enough to be important systemic.

Okay. So now the Fed get themselves into a bit of trouble with this dog. Because they also closed the program long-term bank funding where You can take the bridging fund The Fed. So think of it this way in the sense of currently there is a loss of one trillion dollar experienced by banks that have not yet they reported.

Is it down? Down 18% after hours. Down to Four91 shares. Zero. I mean, you know what I said? It's like if you is a $4 bank with bad finances, the value is zero. Yes, that's the lowest. So, this is going to be a thing cause correction. Bank. Yes, the problem is still ongoing. Whether You are serious?

It never ends. But Pal saved him. No, the only way he can saving these banks is by lowering interest rates. Oh, well, that would make the grade. loans are up again. Hello. So, he has to lower interest rates. He should lower interest rates. Objective from the Fed is what? Yes, jobs maximum and stability of stock prices.

Yes. But why was the Fed created? Oh, to print money and make we feel everything is fine. No, no, no. That's not the goal they were created. They were created to monitor and control the system banking, No? That's why you become members of the Fed banks, various banks Fed. So, their goal is stability banking system because they are a byproduct of the Great Depression.

Oh, so you said mandate is actually a banking system. And after that you have a price mandate stable and employment opportunities stable. Correct. But banking is more Formerly. That's right. And that's why you realize the moon then on the same day when they conduct the FOMC press conference, such as JN31 or whatever New York Community The bank seems to be plummeting.

It's like going down substantially that day. And they remove the statement that the system banking is strong and resilient. That Correct. However, they did not say a word about it. And there is no single media that ask him. 100%. What happened? I'll tell you what happened. Okay, so this is what we're looking at.

So, how do you rate loans in your bookkeeping? Okay, so I ask the children this question I. If I lend you one million dollars, how much is the loan worth? Well, hopefully a million dollars, No? However, they thought that like a trick question. You know What I mean is? I was like, "No, I lend you a million dollars.

How much is the loan worth? One million dollars, right? Okay. So, how does the bank record this loan? Correct? Well, that's it depends. how SoFi records loans them, and I'm not sure if this is 100% true because this is very esoteric, but it should be when they record their loans in the books, they record the future value of the benefits of the loan.

Oh, everything they could hope for collected. Yes. So, they will say loan which is a loan one billion dollars is actually a loan $1.1 billion on the books because they will collect another hundred million. Because it is an asset that generate income from time to time time. So, there are some esoteric ways they do it.

calculate their loans too. That not the return value, it is returns plus multiple versions discount from what they expected to be obtained, No? Something like that. So like I was like, okay, I'll do it. analysis of companies such as SoFi. So the only way to to do it is you have to see what loans do they have on the books , which is very difficult to find this information, you know?

You must dig deeper into the proxies and 10 Q and all this kind of stuff. And it's like in their loan book and each bank is different depending on how risky or conservative the risks they take and how much a lot of commercial real estate that they have. But somewhere there is trillion dollar loss from the tribe interest and somewhere there is a loss one trillion dollars of real estate commercial.

Wow. So this loss exists. It's real, but hidden. It was not realized. And that's okay. So if you liquidate like every bank in America today, there will be negative NAV. That's what I think. Wow. So what do you think about the banking system? backwards? No, I know it's all upside down. Yes. But Jamie Diamond was saved by drone.

Well, he just sold 150 million shares too. Now, why Jamie Diamond is selling JP Morgan shares? Yeah, tattoos. Why did he do that? For philanthropic purposes. Yes, it is me sure he's known for that, right? No, I think this is the right time. very bad to have finances. Wow. And I think the only solution is the Fed lowering interest rates.

And every day they wait, it make the banking system more risky. Capital is getting tighter, isn't it? And all these loans are starting to fall tempo and people will go bankrupt. Oh wow. And you will see more bankruptcy comes. When the destruction big, very serious banking crisis painful ending? Long-term funding bank length.

It could be this. Could be New York Community Bank for $100 billion and the facility was closed in a few days Sunday here is like the 12th or 11. Long-term funding program Fed ends. So they can't borrow from them. They have to go to the discount window or borrow at another bank. But who will lend them money?

No one can lend money. So, once they go bankrupt, that's it. good news because it will force Fed to lower interest rates. So, banks also have what we call negative interest margin. So, at this moment, bank has 2.5% loan, 3% on book them, but you go to the bank and they give you four, 5% of the money You, No?

Okay. So, how does it work? So , you are actually losing every day as long as you live. Bank does not should have an interest margin negative. In fact, I can guarantee that the bank will go bankrupt if it has negative interest rate margins for quite a long time. Wow. So, think about this. You have negative interest rate margin, real estate the bad one worth a trillion dollars, Okay?

and a loan worth one trillion the dollar should be worth 40% more low only because of interest rates. Wow. So how does this affect normal people? Are you just walking away from finance or can this be systemic in the long term or could this end up being systemic in the long run if the Fed doesn't move?

I think for most people, the most painful thing is when you try to get loan. Yes. Okay. Because what happened was the bank makes credit difficult and interest rates are already very high. 10% equity loan, No? 6.5% mortgage. and then you sign in to get a loan and they overwhelm you because they think credit must be good.

So, it is very difficult for homeowners to buy a house and we look at it in numbers. Just this morning there was an article that published here, access to loans the car is going downhill. The ability of consumers to get car financing is at its lowest level since the pandemic. Yes, that's crazy. So, you really are see credit tightening, but on eventually it will kill the economy .

That's what happened, right? And Fortunately, we did not experience any impact. too much negative towards economy, unless you try buy a house or a car, right? So, You see car sales like Tesla is down. If you are a real estate broker, you haven't sold yet year-round home. You know, home sales are here.

Funny very. I have the graph here. We have to display it on the screen. Christian, but here, total existing home sales, blue line in the right side shows our position. And we trace it back to the year 2010 and 2011. That's how bad it was. the situation. Yes. Basically, the lowest after the financial crisis.

That's how bad it is current sales volume. But you know the best part crazy about it is after financial crisis there is no bank like nightmare and it took about one or two years for credit completely recovered. There are currently many banks and so on, but we see same result. Wow. Okay. But they talk about why there are negative opinions in economy even though everyone has good job and it's like up to You are trying to buy a house.

However when you pay 6 and 2 for mortgage and home at a price all-time high and you don't experienced a price decrease due to interest rates higher interest, you know, actually you are quite unhappy because you can't afford to buy a house and then House Hack came along and buy a house in cash. But then people got angry and they have to rent it from you.

What do you say to people who say, you know, because we want to see what we do in House Hack is buy, You know, what we're raising funds for, by the way. Visit househack.com/2024. Well, we like it bought a house that was in foreclosure, which can no longer be occupied. So, we help the seller, then renovate it , and make a house that can be lived in Again.

However, it seems that there is something oppose, for example, a person or a lord land that buys a house. Isn't it? people remember that we have to rent a house somewhere? This is a difficult question because and I always say to investors real estate, you can't see real estate investment like market shares because people live in there.

Okay? So, when people live in home, there are humans involved, family, and children. What I mean is, many landlords don't care. They just drove people out the road, but there are still people, You know, but the idea of, oh, we should prohibit companies from buying houses single family, that's not fair.

No , it's very simple. We need build more houses. Build more houses. Hey, if you know there's a lot of land in Texas, did you know, there is a person who is running for office governor in California and suggested just to build a house? And I chose that person and he lost. And I don't know why. Okay.

No, but why don't we build it? more houses? Yeah, but California politics, duh. That's why this is worse than politics. But do you know where the place is? best to buy a house? California . Because they will not build more houses. That's why our prices don't go down. It's on the biggest hedge. You know, we're looking at uh this happen.

We're in uh that's Austin, Texas. It's in uh October, I want to said that. We are in escrow on a property. Great deal. All of which sold about 550, six, and we be in this bad place around four. We were like, “Okay, 50k in. No one can live there." You know, plumbing problems, whatever. . Need money and someone who experienced to fix it.

But maybe we will come in at a price five and, you know, we earned profit of 50 to 100 thousand. Okay, Good. It's easy for us to do it. Eh, and I got to there during our inspection period. Eh, I said, “Oh, so what business?” The agent looked at me, said, "Damn." Yes. And I was like, "Haha, good joke." So, how did it actually turn out?

No, this is horrible. So then we start seeing more than just comparisons sold, but also comparison active. You should always do This. So while we were there, we view active comparisons. All people are going down, slashing their prices because what happened was there so many buildings that possible in areas like Texas because it is very easy to build compared to California.

You get permission there in 3 to 6 months. Here 2 to 3 years. So true. So there are so many new construction, so much flooding new construction so why people bought a house in the 1970s which renovated when you can get it new construction at a lower price cheap. So the price just dropped in specific market.

Yes. And that's the Sunbelt, all of it. In that's where you stabilize the market, that's what what you said. And and and I will even make the argument more carry on. I've had several masters bad soil. I have rented out many houses in my life because I like renting actually. My ownership experience so far very painful because I have been involved in construction since the day i bought my house.

No, this is your fault. Okay. I am carry out a massive house hack , but I am very happy with My house. Almost complete. But the construction is already one half year. Your deal? No, but I have a landlord bad and I have a landlord the good one. And one of the things that I and you start from House Hack and I involved, uh, you know, I said, you know, we have the opportunity to be great landlord.

Yes. And there are so many things to do therefore. And that's my argument towards the haters who say, " Oh, you just took the house from people." I don't agree. I think those people won't get this house. I agree with you 100%. The houses that we buy bad and we fix it and make it good, but we will be a good landlord.

And it very important. And that's what I want I said, You can't judge everyone in the same way, you know, a brush or whatever. Group all people with the same brush. I think what you are trying to do is capitalistic, but you have opened investment opportunities are for everyone . This is not an exclusive investment, but also about improving properties and rent it out and become a landlord which is great and gives people a chance to purchase this property later day.

And I think, I think that different business models from many this company. And that's what it will be I said. Yes, that's a good point. What I mean is, if let's say you give people opportunity to own shares as tenants of properties managed by people other, you know, you actually making real estate more accessible.

For example they can actually buy junk house shares and they pay their landlords and they have investments, right? Which actually you can't do it with most landlords if You think about it. There are several masters publicly traded land , but the big ones get most of the stock of the house where you live stay.

Yes. And I think it's also about dealing with people who want to do what's best for the tenant and build mutually beneficial relationships profitable with your tenants if they No, you have done the work which is very good with the houses that you have fixed. And I can tell you as a person who rents out the house, the difference between good landlord and landlord bad, I'm sure everyone who listening to this will agree, like day and night in life and your experience.

Now, I have experiencing bad things. This last one I experienced it before I bought a house me, and it sucks. That irritating. That's why I finally bought my house. He does not will fix anything, and we just chasing it every day. And finally I was like, "Sell the house damn it to us if you don't will do it, you know." And finally because the rates went up and he was a bit flustered.

He sold the house to us and I was like, "Thank goodness." And I think there will be more now lots of inventory and less, you know, so that you not out of line, but I am really want to talk about this Today. Tax. Oh yes. Okay. I want to discuss taxes because now it's time to start paying taxes and you have a large audience.

And one of the things I want to Discussion is how people can save money money as it is today through smart tax steps. And a lot of this happens in real estate for example. So as you know real estate is a tax-advantaged investment very good in general and you get this tax benefit but it only applies if you have home, right?

But what if Do you rent a house? Okay. Well, you know that most people now working from home, No? So, part of your rent it's actually like going to the office. That office costs, but you can't completely delete it. So, how do you create a situation in where you can write off the fees This? So, most people don't understand the value of an LLC.

Uhhh. So, you're an LLC expert, right? There are a few LLCs around here too. I believe. Well, this is something what one should think about, especially if you rent and work from home, namely starting an LLC because that way you can start take a deduction for expenses You from working from home. Now, most people don't even understand this thing at all.

Well, you actually has costs that become yours to work on. But if You work as an employee, you cannot reduce these costs. Interesting. But if you have an LLC and you have income through it, you can do it. Okay. Recently complicated. What do I have to do? You should speak to an officer tax. Well, the best news is Gerber Kawasaki now has GK tax and accounting division.

And if You contact us, if you open gerberkawasaki.com, we will help you figure out how to save money on taxes. Well, that's it the second best ever is 401k or IRA plan. I want to talk about it because most of people don't utilize their IRAs. And one of the best trades ever I have done for clients. Wrong one of the best investments ever is that I buy them shares Tesla in their Roth IRA.

Good. Okay. This is also a good luck because they have many accounts with me and I bought shares for them on different accounts and I happen to have a Tesla in an IRA. Okay. And they have about $ 10,000 they put on the Tesla 10 last year. Wow. How much do you think it's worth now? 300 thousand. Yeah, around that.

Correct. That's amazing. Well, now, okay, in life real, if you do it on account usual, what are your tax consequences on 300 thousand? Well, in the long run, if you're in California, 30%— at least 100 thousand—lost, you know , No? So, 100 thousand is gone. But what happens if it's in Roth Your IRA? Zero.

Zero tax. Nowadays, most people didn't know how great a Roth IRA was. Roth IRAs are tax-free. Okay? Never. And the best part is when you die, children You inherit it tax free and that's it tax free for them forever. You actually took the money. That will never be taxed again. Just that. That's really a great plan .

It's like if you were a young investor and you don't have Roth, you need to call immediately we. See if you qualify . Now, you can do this in Your 401k or they also have Roth 401k. But 401k is a great tool others to save for the long term long and build money that tax deferred. Okay, why? people don't do this?

Because of us talking about investing all the time time, but we don't talk about it That. You can actually improve your profits dramatically with not paying taxes. How many? Well, usually for most people, 2 up to 3% of their profits were lost because of taxes. So, by using tax clear, it means 2 or 3% of the results.

So, for example you have a profit of 7%, You said 2 or 3% missing. Well, the results are a little different, but yes. Okay. However, let's say you only have traditional mutual funds or ETF and you earn 10%a year and you realize some of this advantage. So, you have 100 thousand and you make $10,000, right?

Lots the person you said spent $ 3,000 for tax because that's a big part. Well, think about it. If you can increase your profit by 1 or 2% over the next 20 or 30 years , the amount of money you have in your account it doubles. I like what you said. That Crazy. I like what you said previously. You said something about most people, uh, no because they make investments that bad, but because they make bad choices around investments them or something.

We are talking about finance behavior. Yes. Yes. Well, we're talking about the fact that the market has gone up drastically over the last 50 years . So, you know, if you invest in S&P or NASDAQ, NASDAQ actually made when i was born. And if you do it for the long term long, you know, you will be very rich.

Okay. So why not all the richest people in America, right? Now, that's behavior, isn't it? So, you know, if you buy the S&P, you won't really lose over time if You held it for 10 years. So, why doesn't everyone do that ? And the problem is behavior, not ? Because when the market is high, what do people want to do?

They want to buy more. Buy more. And when the market is low, what do they want do? They want to sell. And this just behavior like finance 101. And there is no way for people to avoid emotions said, of course. So, that's it why financial advisors play a very important role. Many people think, oh, this is about picking stocks etc.

No, most of the time it is just say no. Only against yourself. Yes. So they contacted us. Oh, the market is down. I don't know. You know, like in 22, you you know, oh, Nvidia is down 50%. Yes. Yes. It's down about 120 dollars or something like that. Nvidia down 50%in 2022. Oh, why do i have this dog?

Correct . That's crazy. It changed from what it was I remember now, the price was like people bought at 320 and then dropped drastically to 120 and it's like this is the worst stock that ever existed. What a fool. Really loser to buy Nvidia, you you know, it's $800 now. That's right. That's right. And so it was like buy low and sell high very difficult because you really fight all your emotions like Now.

So now we have all this Nvidia and do i sell some? It was very difficult. Extraordinary. So you only need to sell a little, only a few. And you know, it's funny because then people give you time which is difficult because the price has gone up more high and you're like, I'm still have so many videos, right?

Well, the social aspect almost strengthens it. emotion. So, the more public you are about what what you do with your portfolio You, the more strengthened what you are do because if you make Wrong move, everyone laugh at you. Well, you know, the whole idea posting all this stuff is definitely not help your profits.

You know, one of the things that most people don't want to accept that the investment that well actually it's quite boring. You you know, for example you buy good stocks like Apple and hold it, there is no that can be done. Where is the day trading? Correct. Correct. And I think most of them people are looking for dopamine, you know, for example you log into Coinbase and all the numbers are moving and it's like slot machines, you know, and Robin Hood like a big slot machine.

And it actually the worst way to invest. The best way to investing is like in a 401k You where you deposit money every month and it is a system that called dollar cost averaging. Most people don't even know what this and that is so great. It is one of the most investment philosophies simple that has ever existed and already exists since a long time ago and it's just invest money systematically every month and that's what you do in your 401k.

It turns out that is the best way to invest money where you remove any emotion at the moment buy. So, let's say you like stocks like Nvidia and want to bought it, but it cost 800 dollars. So, what should I do? You just buy little by little for next year because the price will be constantly changing.

If you think you will do it right, you Wrong. So, what do you think about AI? Will the AI ​​movement collapse? No. Oh, No. Quite the opposite. It's not a bubble. Currently, in the last week or two, I has used three inventions the most incredible technology ever I see in my life. Which The first is AI.

Very few I do what I don't do via chat now. Wow, the least. Okay. Okay. AI is good for many things. Okay. You should try it. However, when You start extrapolating everything different services we use, from Airbnb to Uber, Apple, to Netflix, and what knowledge that can be done to all the data they have collected about Us, this is a huge opportunity and very powerful to increase productivity, especially among you who work in the field of education, like Microsoft Copilot which already integrated into our business.

We has integrated Zoom notes into in all our Zoom meetings. So, how do you do it? For example, give me some examples. real. So, for example, you follow Zoom meetings and Zoom live copy it for you or sum it up for you. This is not a transcription. This is a summary. Oh, this is like a minutes. These are the minutes.

So, we used to have someone's job, for example us have a meeting with you and one person taking notes, my assistant or whatever even. However, this is also like action steps, what we don't need to do it with every clients, things like that, taking information, then we make an appointment . appointment with them and and so on.

Now since the pandemic, most of our appointments done on Zoom, so what happened when Zoom AI came out, we register directly and what what he did was summarize the meeting You. Now, every meeting with client, legally, we need to document it and so on. So, now he sends these notes to me and everything is done very well.

Absolutely well done. So , he outlines each topic and paragraph, then summarize everything that you have discussed with the client the. And now we cut and paste it into our Salesforce. Wow. Okay. Now, I have been saying this all week. Salesforce should buy Zoom. Okay. Of course. So, it has a platform video.

I set my appointment through Salesforce, then my video just appeared, as it done by Teams with Microsoft. So, we'll take it, we will cut and paste into Salesforce us so we have records. So now Zoom AI is taking notes. Now, what also helps us is in management because now I can Supervise all appointments done by all my team.

We can see exactly what they are do in their appointments and then assist the advisors it becomes better in what what they do for training purposes. Yes, 100%. And also compliance when they say this call will be monitored for training purposes or whatever it really is you can check now. That is not just something people say because I always wonder like is there really anything will listen to this phone call ?

But you have AI that can help you. Well, that and also in phone call matters. They just record it so that if you get problem, they can come back, you know, they don't really check it out in person, but most of it is documentation. For we, part of it is compliance, but we have no problem with that. That's mostly it the idea that if you have younger advisors or them to handle certain cases, you can see what they are talking about in the order of their conversations and where things can increase sales or whatever.

Correct very. So, we use it extensively. Now, another place what we use is deep study. So, now when I want to find stocks or industries or whatever, i start with chat. So, I would say tell me everything about this industry. For example , heat pump, airon heat pump, we invest in a company called Train Technology.

The company is very phenomenal for us. I installed several heat pumps in my house. That Extraordinary. I don't use gas nature again. My natural gas bill to zero. That's really cool, good for the environment and such, but I don't know anything about heat pump. It's like nothing nothing. So, I got into the chat, tell me all about heat pumps.

How does it work? Explain to me this process. And it's like we are in here, you do it. And then you can apply questions, you know, and now that also for my writing. I like write. And one of the things that I hate about writing is asking other people to correct it because everyone who corrects do it in a small way different.

And then they marked what you wrote. And some people very good at it, but most people don't. So you ask your assistant to proofread something, then I corrected it again because i don't like all of them the changes. And then I will send something and i don't ever 100% satisfied with the results because it took a long time to really write something good.

Okay. So Now 10 minutes. Okay. I wrote something that The same. I will write anything. Cut and paste in chat. Make this better. He rewrote it for me like a corrector. It's still an article I. It's exactly the same thing exactly. But when I read it, I said, "This is perfect. This perfect. I have never written as good as this in my life." And they were like, "Is that you?" Yes, I'm still writing it.

I entered all content, but rewrite in a subtle way, but with grammar which is much better. Wow. And I mean, this is really good. So, at what point do we start? see any real benefit from this? Does open AI charge you 20 dollars a month? 20 dollars a month. Yes. Basically everyone in Mass pay it. Yes.

So the idea is we spend a lot of money on Salesforce every year. This is very expensive program, but very efficient for my company and we have worked very hard with it and currently there is no AI in inside. It doesn't suggest anything . So, this gives you a list. This gives you data as you like need to do this and register check and such, but no do any mining.

You can't teach anything. So Salesforce is a company that can developed dramatically through use of AI. So, are we going to pay an additional $20 per user therefore? 100%. Oh, wow. Okay. So, if i can get the AI ​​add-on, I would pay more per seat. You have paid so much per chair. It feels like, why me not doing this?

It's like Microsoft paid $20 more for co-pilot when you have paid Microsoft 365. It was like, why I didn't do that, you know? So, that's what's going to happen. You will see $10 and $20 per month or they will change the package price what you see in the technology package to sign up for various things, you you know, like Adobe or whatever.

Entry fees increase. Yes. Yes. It will be like Adobe Basic, Adobe Basic AI, you know, and basically everyone will charge more for the same program. But you would say, "Well, why should I pay more?” But if they three times more efficient, Yes. Of course. Now, you mentioned that there is one of the most vulnerable groups of workers at risk of being replaced by AI.

When we driving home from lunch at near the farm. What can you explain a little bit? And is this a warning to people? Which group of workers most likely replaced by? Yes. You know, you like this topic, No? Very interesting. Well, we're talking about labor demand. Yes. So, for example, if you are talking about repairing the roof or gardening or build something or what workforce even though the demand is very high, you tofu, house cleaners in hotels, and his salary also increased.

Okay? However, there are many people, especially people highly educated, who do not want to do the job, right? Okay? They go to college, they don't want to working, you know, mowing the lawn or whatever. So those people now working most of the time in large companies. So, You have many big companies where people work and in many their cases are in cities and they now have jobs from home and they earn income which is quite good and lots of work those who are not easily defined.

You know, you work in the field marketing and you do this and That. And I think what we're going to do see when the company is trying increasing profits is where we can create efficiency and where AI creates a lot of efficiencies is where there is inefficiency. And in my opinion, one of the things that the least efficient currently available is working from home and something like that.

Oh, so you don't like working from home. House? Um, not really. I think flexibility is good and i support it, but I don't think you will be an employee better, produce more more money, collaborate better. What are the benefits besides for You? Okay. So for example you try building a career and working from home , your career will not progress rapidly because you have to hang out with the people who really build company.

Missed. How do you learn something at home? Wow. As in my company, this is constant learning process. You starting out, you are 25, you are 30 years old, you want to get promoted, you have to learn a lot of things. So if You are at home, what are you studying? But you come to our office, you has 50 people working.

You have an accountant, you have insurance people, we have advisors, we have everyone this is what works. So if you have any questions about this, you have to do that. Oh, I want to talk about these stocks or, You know, there's always something happen. That was actually fun. You know, and I support flexibility and working from home as an option.

But that what we have now is companies where people working from home. That is a right. Mhm. And as it gets more and more economic difficulties, interest rates increasing, companies are increasingly lean, and now the company must show more benefits, now we see layoffs in every technology companies. Interesting.

Every 5-10%. You think AI will contribute about that? Oh, of course. So, in your opinion, I think 10% of the entertainment workforce current technology will be discontinued because of AI and it might be difficult. Why do you think they did that? strike in the union? Because they know. So you think AI can speed things up, but it will also it's harder for you to really get a job because maybe You have no experience in manual work or anything else required for starting like repairing a car even though it is very profitable because you don't have the skills or desire for it.

So, you working in marketing at Amazon. Actually, we just had client who was unfortunately dismissed from Amazon. Jobs with good salaries very, very high in the industry entertainment. Is it true? Yes. And you're like , well, what will happen furthermore? You know, Amazon is laying off employees. Yes.

Yes, MGM. Yes. Entertainment business carry out layoffs. That's what happened when a strike occurs. So, I always say this. The strike is the worst thing for the industry because that what happens is that people end up get what they want in another place, and then the company need to make money, so they fire people.

So, you profit in here and you lose there. Of course. You know, and then you crash for 5 months. You don't get paid. The industry is not producing now whatever. You know, people lost their jobs because of strike. Yes. Wow. Yes. So what happens is if those people are not really have technological skills that great or skillful truly employable, no there will be new jobs created.

What are you doing? Correct. So, you have to do it. So, you have to rely on social services or what you have obtained so far or a combination of all of them or you have to change your skills, which is difficult. Change your skills or work with lower salary. Wow. So, I think there is a calculation that emerged from, so I told the story when i graduated from college, how broken people's hope to get work.

Yes. Okay. This young generation never experienced this, but it is like that's how it is. It's hard to get a job. Yes. So, when I graduated from college, people will apply around eight financial companies such as Goldman and JP and this and that and they will all be rejected, you know, and that's what happened at Penn , you must attach all the letters your rejection at your door.

I never do that because i never applied to those companies. I actually worked at Disney for a while and, you know, I got hired after graduating from college to work for Mike Eisner at Disney and me stayed there for about 3 months because they don't really have a job. So they telling me not to do it nothing and I was like, "What the hell ?

It's just a big company. I like being stuck doing nothing anything until the job that I should have gotten it right happened." And finally I left Disney and moved to several other record companies. Wow. Yes. Yes. It was 1995. Now, you can put the hat on newspaper. I'm currently recruiting. I paid 85 thousand and no one even the blind.

Do you understand what I mean? And labor demand is strong so everyone becomes complacent and everyone feels comfortable and they think they deserve it this and they have to get the benefits of this and that and that really mess up the entire working relationship employee. And working from home is the most extreme example of that.

Okay. Nobody is working from home at Blackstone. Huh? They work 5 days a week at office. Okay. We just talked with them and know what they are say? We make a lot of money here. Okay. You want to earn money, you come to the office. Wow. You don't want to come to the office, you not working at Blackstone.

Okay. So, people who work at Blackstone want to make money. And I think that's what must be accepted by young generation in the next 5 years. Wow. Labor problems will return balanced and the work will not as much as before. Only produces 180 thousands by doing nothing there will be more because the company needs shows continued profits increase.

So, you better get some skills. Wow. On the other hand, if you have skills, those skills will paid. You will be paid more than before because that's what was going on we talk about. More opportunities. That's right. So, those who are poor and not having will be much more big. So, what do you think I am say to my kids sunday This?

I said, we sit in AI and You study AI. We will learn these things. And they said, "Well, the teachers won't let us use it." And I laugh. And they said, " Why are you laughing?” And I said, "Because I will teach you how use it and they don't even will never know you used it." I said, "You think the teachers will be at the forefront of AI?” I said, “Listen, you will write a paper and I will shows how to use AI because this is what will shape your world.

Whether you like it or the teacher love it, this is the world of the future front and I prepare the children me for the future. So, the thing the best you can do is start teaching your kids to chat and teach them how to use these tools because they will left behind if they don't know things This. But if they find out, the opportunities can be endless.

That's amazing. How about all work from home on Twitter? Whether will it bankrupt them? I don't know what they will be do on Twitter. I Don't know. I have to put in money into this business from somewhere. I don't think they need the money . So, that's where Elon will come from. earn money. Tesla stock, sadly.

Yes. Sadly. Oh, do you think that will happen? It is liquid. Yes. He said he sold part of SpaceX recently, but that was the final offer. Oh, interesting. Hm, he owns a lot of SpaceX shares. Oh yes. But the shares are not liquid. He must do all the things this offer. But he promised me that he will not sell Tesla for a long time a year.

Remember it was like last year. It's 2023. All of 2023. And he said one to two year. Maybe not 2024, but he is leave it open. Well, I think this is a risk biggest for Tesla stock if he sells it. Yes. Yes of course. Yes. Yes. I think that's a risk and that's it reality and that is the positive side of that salary package, he lost the package salary that prevents him from selling much Tesla stock.

Oh, interesting. For taxes. I mean, I'm surprised the stock not going up. Yes. Because it is anti-dilutive, No? In fact, shareholders made $50 billion that day. Yes. I mean actually%people like Elon deserved it. Elon No some argue that, but Tesla shareholders get back 55 billion, who knows they whether you realize it or not, but the stock went down, that's amazing.

Yes. So, in my opinion the reason is Tesla has a board which really doesn't work as well what I learned when I thought to run for council, which I learned very quickly how dysfunctional it is and decided not to do it. So, is it just the pressure that too big or what happened? Well, I started doing research.

about the board and that really getting my attention is a problem compensation which now they all have to return. You know, they are sued due to compensation issues. Never there is a board that pays each one 200 million to become a council member. Oh, wow. So, that alone is a conflict. interest because if you pay someone so much money for become a member of the council, then they can .

The whole purpose of being a board member are you independent. You get paid at Disney or wherever three 400 thousand. Well, this is a rich person, so it's not lots of money, but it takes a lot time to become a board member. Disney, did you know? So, you can 300 thousand, you get 30,000 options, that's it can be a member of the council.

Always be board member. So, how are you? can enter the Tesla board and earn 200 million? Wow. So, I started investigating it and I said, "Oh my God, this is going to happen nightmare. "" And then sure enough, a lawsuit it continued and they lost. So, Tesla's board of directors must return 750 million.

Okay. In fact, the holder Tesla stock has done it with quite good thanks to the court. Huh. See, that's the weird thing about all of this, they actually have conduct trials and have many help Tesla shareholders. You know, like it or not, it's not problem, but you know, trying removed Elon as chairman of the board, You know, ask someone who should remove him from his post on Twitter.

This is all measures for shareholders, You. But I don't think he did . No, he didn't. No one took it off his position on Twitter. Nothing is Certain. He didn't even want to show up at the hearing. SEC, which he is now forced to present. Yes. According to our laws in the United States, when you are called, you must go .

Yes. Yes. Why doesn't that apply to Elon? That's true, actually. So he doesn't think so. Well, it turns out he's an immigrant. Maybe also illegal immigrants. And maybe he never learned that in our justice system, you have to really gone. Oh, wow. I'm sure he knows that. He has very good lawyer. Are you going to buy a Cybert truck?

I just did it. Oh. Tell me about it. I will tell you, it's a decision which is somewhat contradictory. I actually posted it on Twitter. You're like, should I buy it? or not? And 65% said yes. Hmm, I was surprised only 65% ​​said yes. Well, I said, I have checkered. Should I replace it? with Cyber ​​Truck?

Okay. So there are a number of people who are like, No. You know, um because I don't think the truck has a lot goals other than having fun. Okay. That's why I bought it. Okay. Because I was like, you know, Honestly, I don't need this and I'm a bit bored with plans. I've had it for a few years year. So, I thought, but I don't even know if i can exchange my boxes and get money back.

So, I think, it sucks. Thank You , Elon. So, just keep both. Yes, that's what people say, you know, and they say, why would you not keeping both? And I said, well, that's not in my nature to waste money, you know, that's not me, though I can afford it. People, You can afford it. I think, but you still have to have Cybertruck.

100 thousand. No, that doesn't mean I have to. have it. Twitter says so. No, Twitter helped push me there . I think it's because there is technology in the very cool Cybert truck and new and I always have a vehicle Tesla's latest to test technology This. And I don't think I'll ever know a lot about Tesla if I don't driving a Cybert truck.

Okay? Because Cybertruck still needs a lot of improvements like the software we use talk about earlier, driverless cars completely not working and things like that. So I think we will see many innovations from Cybertruck then switch to another vehicle. So I feel it is my duty to do this because i am a investors in Tesla.

I still have 60 million plus in Tesla for our clients and i still love that company and I want to see it succeed. So I feel my superiority as investors are to know more than other people. And if I not driving that vehicle, I wouldn't know any more than others. Are you an Apple investor? Yes. 100%. Did you get it?

Yes, I do, I have How? How? How? Oh okay. Okay. What I mean is, so you are not one of them So I say me, me, me look at the three greatest inventions that ever existed. So Cybertruck is the one first, AI is second, and Apple Vision Pro is the third. Is it true? Yes. 100%. So, I experienced very strange experience with Vision Pro because it has it all what I want from a headset VR, but more than that.

Oculus constantly disappointing. I spend a lot of time on make it work, both devices hardware, software, and games, and everything feels clunky, heavy, and useless, and I hate it. And all the Oculus were dumped on the spot rubbish. Oh, wow. Yes. I've only heard of the new Oculus it was great, but I gave up on Oculus.

Okay. But I always feel like there is nothing good ecosystem. So I bought it Apple Vision Pro. I installed the object this is independent of the device side hard. It opens straight away to your Apple ecosystem. So that just makes the whole process get much better, much better easy. My photos are there.

All the applications are the same. And this is like this is the application that we have make for now. You know, download This is actually not much. And that's all, the setup is very easy, which is one of the advantages Apple, you know, specializes, make it good. So, there is a device hard. So, I wear this thing and I got it on Apple so it fits.

It has to fit. Must adjusted what you mean should adjusted? Well, because this is a headset, so the shape is your face is different from mine. So, what Apple does is they want it to stick, right? Are you in or not there is light. But if you don't has one size fits all all, so there are various sizes.

So they only have two sizes different. There are no two. They have a lot different sizes. Oh, they have Lots. Yes. And you just plug it into Oh, they give you a different one because look, i just ordered it online and I'm constantly trying to fit the damn thing. Correct. So you have to go to the store and then they'll pair it for you and they will say You are 21W or 22W and then you get it.

Um, and then they also has a special insert for recipe, which I got it. Yeah, but mine is still a mess. I still have to get it working, but My eyes aren't that bad, so It doesn't matter. Why, thank you. Excuse me. So, I installed the device it's hard and i feel it absolutely profound and amazing, No?

Like directly. Become one the criticism I have is that very beautiful and pleasant, but a bit heavy. Mhm. And it's heavy enough that it's like pressing your face like this. So what happens is when you take it off, you look like a person tangled. As my wife says, "What happened to you?""You know, it's like you're banging your face into something wall 12 times.

I look very strange, you know? Like my eyes are swollen and this and that because i tried to watch the movie and you can't. So basically, you can wear it for 30 to 45 minutes comfortably and then become heavy. Okay. When this object become lighter, the game end. Is it true? Game over. So experience the most interesting thing for me is when i start playing my videos alone and and and eh photos from my childhood.

I mean childhood my children. Hm, I don't, I don't had it at that time. Hm, you know how Apple makes these memories and them put music in it? And, and I said this in a interview this morning, uh, last night I, I, I, it's like Coachella during many years and that was with my wife, because we used to go every year until recently, and it became bad.

So, like, it started showed me these videos and, and, and photos with music, but It feels so big, better from the IMAX theater, and, and, and you starting to get emotional. This really weird. You almost relive those moments like and i almost cried because of that is a very beautiful memory like when my wife and I went to Coachella 2014 15 16 17 18 19 You know until then, that's really great and then I like i have to record a video this spatial with my children before they get bigger because you will be able to turn on relive this experience in that way I have never experienced this.

So, that's it very cool. That's so cool because I think I'm better now old, these memories are very important to me and you keep it in your head and that's great. But This method is very deep, almost like you open your memories to a whole new level. Wow. So, it's just a photo. I speak while playing games.

I'm watching Avatar Way of the Water. That's crazy. Crazy this is really it. And I haven't talked about it yet sport. Not to mention the forbidden things what you can do here. So like Microsoft Word. Yes. Yes. So Apple Vision Pro. Okay. So, are you going to buy? more Apple shares after that? If the price is not too expensive, yes.

Oh, you think Apple is expensive or is the headset expensive? No. Both of them. Both of them. I think this headset, this version is not the version that they sell 10 million a year. Not this one mass market. So there are many of them sell it. The price is very expensive. In my opinion version two, I really think 2 years from now Now.

So 2 years from now the technology will be twice better. It's a little lighter. You know, it's not a form factor. This is a gaming product. They sold 10 , 20, 50 million. So in my opinion for long term investors, this is the thing the best that could happen for Apple. Apple is trading at multiples which is quite high for Apple at this time in the mid-20s.

Apple usually trades around 20 times income, you know. So, Apple trading a small premium. They don't have much stuff here that looks so interesting, but I think as an Apple shareholder long term, you should be very happy because it's not just the ecosystem new hardware, but also new software ecosystem.

Wow. Wow. What did I miss, Ross? I mean, will Powell's drone come to our rescue or save us from what? From herself. From landing. Yes. You know, I am very critical of Powell because he is very reactive and he keeps be reactive. Are you going to take him out to eat? Evening? Do you like it? I really want to take her to dinner.

I, you know, like a date. Yes. Like me, I've always been fascinated by people like them and try to understand their point of view and perspective, but I have mingle with many academics such as he and I understand points of view they are and you know they're not have a real world understanding Enough.

So they look at the data and the data always in the past. Yes. Any data you see is already long, right? Because it's data. So if I wrote it down, it was something what has happened. So my job is not analyzing what is already happen. My job is to try analyze what will happen. And The Fed doesn't do that.

Okay? The Fed said, "Here are the data me and this is what should happen. " The problem is they are 3 years late month. They are already 3 months late for two years. So now they need to lower interest rates and them still, you know, rambling, you know, blah blah blah, you know, and I like, they have to be very clear what what happened here.

Okay. System banking has several loopholes. Ethnic group we have to keep the flowers a little higher to ensure inflation died down, but they were still talking like that could come back and this Again. This doesn't make sense. The risks is the opposite. Too much deflation. Yes, we have an aging society.

. I mean, there are so many points long term data if they are need data to show the effect technological disinflation, electric vehicles , 20 year mortgage on 2 half% that no one has. Nobody has inflation in place stay. You know, I don't have housing inflation. Do you? 30 year mortgage. No. So, what is this annoying number?

? Residence of inflation. Lagging rent increases. Yes. Rent increase equivalent to the remaining owner. Like not someone has a mortgage. Like rent your house goes up every month. No, that doesn't make sense. So PCE today entered at number 28. That is inflation. Inflation is PC because it does not include residence.

Okay. Just as much. Yes . Yes. No, it's not included there. That personal consumption, you know, and expenditure. So, there is no place stay. So, that's why the numbers 2.8, You know. Like, oh, okay, we give us a place to stay, we get it 3.1, you know. But real inflation is between 2 and 3% currently.

That's exactly where we should be . I prefer inflation closer to 3% with 3% growth. That's how it is You get the stock market that roaring. You know, that's how you do it have a great economy. You know, if you are really going to push inflation up to 2% and that involves Our economic growth will reach 0%, then we will face the risk recession and all the things that are not liked stock market.

So, what to do Jerome simply lowered interest rates to four and a half, four, and go. And, everything will be fine just. Very good for this country. Really good. Will Michelle Obama win? I mean, he was definitely going to win. Oh, yes. You know, isn't he the president? Okay. So, so, so, so someone else who leads the ship today, Republicans are furious.

Okay. What will Elon do with African-American female president? You you know, it will be interesting. What are you doing? You think far away deep down he is anti-Semitic or racist ? Actually no. That's the part the worst. That's the worst part from this situation. Yes. I don't really think he like that.

I think he just bad communicator and in my opinion the way he sees the world seems wrong. So that creates a problem. He was misunderstood. Correct. The other On the other hand, I he feels he lacks emotion towards humans and lack of understanding of these emotions made Tesla and him risk doing things that offend others.

M, you know, and that's part of it too. You know, I don't think he's completely understand how offensive things are what he did. I don't think he does understand. Then, I'm sure Tusca told him, you know, her sister is great. You know, she is very smart, great woman. I they're liberal, you know, I'm not know what dinner is like at home Musk.

Can you imagine eating evening with Kimble, the chef at Tusca, a liberal intellectual, and then Elon? And they're like, "Uh, Yon, um, you know, it's not working well, you know. "And they like, "Leave me alone." You you know, i can't even imagine it. Wow. Yes. Geez. Okay, Ross. There are more? Let us closed.

Is there anything I missed? I wish Elon all the best. You You know, I appreciate the contribution. However, I also strongly believe that leaders need to lead with set an example and be an example about what is good in society. And I'd like to see Elon come back to there. So, as I said, if he sells Twitter and just focus on Tesla, that would be the thing best ever and i will happy and Tesla will go back up to 300 and everyone will be happy again.

I just don't know if that's what he wanted to do. Yes. And that's what makes me sad because I think Tesla is a beautiful thing and I, you know , supports Tesla. I'm not selling all my shares. You know, I love Tesla and I think they will do great things in the future and this is Hopefully just a stopover just a moment, hopefully not too long, so they can get back on track right, you know, not too long.

Yes. Yes. Thank you for inviting me. Yes. Thank You. So how people contact you? Yes. Gerberkawasaki.com. We are many talking about taxes and saving and things like that and invest today. And, you know, that's what we do at Gerber Kawasaki, we help you organize financial plan. We have divisions great tax and accounting, which it really is the right time to see opportunities to save and make money through plans taxes and investments.

I am very optimistic about the future. So, Roth Your IRA and the things we talk about it, now is the time right to do these things. So , we will prepare everything for You. Look, I think all the things that can do this yourself, sounds good until you try it do it, and then you're afraid, or then you are not sure whether You filled out the application correctly, or you are not sure if this is an account which is right for you, or how much much money you can put into inside.

And that's what it does financial advisor. And we are the only firm in the entire country who works with people from all ages and all levels of wealth. And that's one of the things that really I have to emphasize to people at my firm, it doesn't matter how much how much money do you have to work with us.

And that's it why we have so many clients and we have grown so much big because what we care about is the people who work with us, not the amount of assets they acquire. So, please contact us. Gerberkawaki.com, with pleasure help you. The right time to become an investor. And also, House Hack. I got involved with House Hack.

And to be honest, I'm on the board House Hack directors and I'm a fan real estate weight and what it does Kevin with House Hack. However, according to me, it is also an opportunity for investors who have to do the work themselves and visit the site web House Hack and make sure it fits for you, or work with advisors, like in our company, so we can help build a plan that includes investments in stock market, real estate, and area other.

So, that's gerbakawasaki.com . Please take a look. Outside normal. Thank you very much for coming . Yes, thank you for inviting me. It was a pleasure to come to Ventur County. I know it's not that bad if there is no traffic. I fully self-driving. Ross, I wanted to ask you, talking about AI as a cyber truck .

Are there any other industries that have You see and you have done direct research in the field? Other industries or innovations? Industry, innovation, anything? Yes of course. You know, I think it's about extrapolating technology to other industries. So, one of the areas for example is biotechnology.

You know , we see this in care health and all the opportunities it brings technology to healthcare and what is the potential. You know, so and like one area that we're looking at is construction for example, how companies like, you know, you showed me Matterports. Eh , and we see a company called Procore, which makes devices construction software, which is now public company.

What will you buy? Oh, you will buy Procore? I'm looking at it. Oh, wow. See We also have clients there. And they get good reviews on the app store. It's a great company and it really good software used by everyone in this construction. So they updated this so that have this client interface and so you can actually track your own construction project with your clients in real time.

So, you you know, so i think this is really about there are many other industries in where technology has a big impact in a positive way, you know, that's one of the reasons why i owns the MGM hotel. For example gambling online, there is an online commitment to business, but also how technology has made, especially during Covid, hotels and casinos are much more efficient.

It's much more, you know, going in without key into the room, check in, check out, and all this kind of stuff; everything is technology based. So, I , we have core technology that are big things, but then like, how is that influence others when they apply it? Whether it is a company finances like mine or real estate companies like Evans.

That or really, you know, biotechnology and healthcare. There is a tremendous opportunity for integrated company technology quickly and successfully. And that's what we've done in my company since the beginning, like new technology applied with fast, use it, improve efficiency, you know, and that's one of the things one reason we succeeded.

We have asked this question to the many people we have interview. Do you have any opinion? about Taylor Swift? I have see some. I have many opinions about Taylor Swift who is involved in music industry and I'm not a fan the music and I don't think so as bad music. That's pop music . But I think he is phenomenal entertainer.

I, I think he is an example of what if You will build a music business and You are an artist, as what you should do is what Taylor has done. Now, he not young anymore, you know, he has did this a long time ago, but I also respect him very much. You know, he didn't just beat Kanye, he beat Scooter Bronze, he completely remastered every album and songs, okay, so people what he doesn't like won't happen make a lot of money from it, okay?

the show. No one after all the expense and hassle get a ticket, no one sigh. Everyone feels that is a great show. And I have to give him credit for that. Very few artists do a three-hour show that made everyone people are happy after paying somehow how much money. You know, people standing online, you know, people do crazy things and no one goes with saying this is a bit disappointing.

So, you have to give him credit extraordinary work ethic, professionalism, but he has not do anything extraordinary. A gimmick that many artists do to attract attention, such as nudity, for example, or language and extreme behavior or whatever. He just Taylor and she's pretty boring and he's pretty normal, but that's it really worked.

So, I have to gave him a lot of praise. I big fan from the point of view entertainment business. I, you know, I thought he had done the job great and as a musician, You know, I think people should looked at it and said, "What can we learn? "You know, and there is there are many things to learn. And you have some thoughts about Tik Tok and Universal Music.

Yes. Yeah, you know, because I artist supporter and as an artist yourself, you know, musicians have been cheated by the digital industry starting from Spotify and Apple and moving on to TikTok Tok and social media companies. So, there is a concept that makes me angry that, you know, a piece of music digital as a small file somehow how it is worth so little.

Okay? And especially the idea that how much the many views we get per song is how it should be compensation. So Taylor Swift take 50% of streaming revenue in the industry and the remainder is divided between 7 million people. And Spotify and Apple don't will be successful if they don't have the breath of music they have.

Correct? So I heard one thing one time days and other things and everything is available . Even though many people listen Taylor Swift over and over again, we register and pay for this service because we have a choice. So if You want to listen to music Hawaii, you can find it. Okay, I actually opened it.

There is around 35 Grateful Dead albums different the other day and I was like," This is amazing. This is so amazing for $10 a month. "Okay, now Netflix is ​​charging me $22 a month. Okay, and you start thinking about how cable charges. How can music be so cheap? That because of Apple and Spotify and companies like this is a plan not to give compensation to artists so that they can sell devices.

Okay. So, some artists make a lot of money and everyone now becomes side job. That's what happen. Okay. So, and I said this was the other day, if you play in bar as an artist with hope then sell streaming for earn a living, you will be finished because they have made it obsolete. Okay. So Tik Tok, literally almost every Tik Tok post contains music.

Tik Tok will be meaningless nothing if not for music. So they bought a company many years ago that had a very good streaming deal profitable because it is small companies. And that's the deal has ended. So Universal says, "You have to start paying us what what you should pay to we. "And they said, 'No.' So Universal took all of his music.

There is many great artists. Recently detrimental to artists in the short term because all kids watch TikTok for music. Okay, but you have to pay these artists. So, take 30 seconds of song or 60 seconds of song, according to me, you have to pay the whole royalties and they say, 'Oh, no. We didn't listen to the whole song .'" You get what I mean?

So, I think it's crazy that the service generating, I don't know, $20 billion per year of advertising revenue that relying on so many artists who never even heard of, don't want to pay royalties to people other. So crazy. How crazy is that? musicians and many artists are disadvantaged in digital era, and it's all because digital distribution.

And I, I don't know the solution, because all artists now a social media influencer because that's what happened, and that's what that happened. And that's why Rihanna not making an album, he made a underwear. Okay, that's why Beyonce not making an album, you know? He made clothes or whatever, you know?

They make money from all products. That's where they make their money. From music. So, that's why I'm angry same as TikTok, Spotify. I think Spotify it should cost twice as much more expensive and artists have to get that money. And it's ridiculous that I can listen to every artist who ever lived. I can listening to Harry Bellfonte.

And I I'm sure many people don't listen Harry Bellfonte, but the music phenomenal. And that's actually the root of it. lots of other music here. And he not really making money, but my choice to be able to see Harry, but listening to his music truly extraordinary. And I think there should be a minimum royalty for all artists on the platform; like all artists must earn a minimum amount of money.

And if they don't like it, then they can't have 17 million the artists there suck, you know? So they have commodified art. and they have killed the artists. And in societies throughout history, You know, mostly kings and people rich used to support artists so that there will be art, but it's not often It happens again.

AI music now. Oh yes. That's trash. You don't like it? You know what I like? I like artist. Yes. You go to see the artist because of who they. I don't need a computer to just making sounds sounds like Led Zeppelin. You ever seen Robert Plant in person direct? Eagles live. Yes, they are good too. And they playing in the sphere, I guess.

Oh, now you have to go see several live shows and artists real. Like I just did seeing Neil Young and AI will not replacing Neil Young, you know? That's how it is. So the future is music or movies without AI. I think it's about humans who do beautiful things that are not can be done by computer. Computer can't make love. Not yet. No will ever. Thank you, Ross. Okay.