Scott Galloway Tells All - $100M Net Worth, $4 Trillion Business Opp & Career Advice

I look at this category and how much money's in this category. And Um it's gonna happen. It's just there's never been a business, there's never been a carcass. So tempting, so bloated, swimming so slowly.

I feel like I can rule the world, I know I could be what I want to I put my all in it like my day song on the road less travel never. All right, we just asked Scott Galloway, if he was twenty five years old again, what businesses would he start? Cause this guy started I think nine businesses sold one for over a hundred million dollars. And we said if you were twenty five What would you do? What are the ideas, the opportunities, the trends that you would take advantage of? And he gave us two answers. He said If you had no degree, no college degree, w no fancy education.

He would do this. And he said, If I had a fancy degree instead I would do this other thing. Very cool to hear kind of where his head's at. The small opportunities and the big one, what do you call the the multi-trillion dollar carcass that he can't believe nobody has uh has disrupted yet. On top of that We asked him about his finances. We talked about when he sold his companies and made his first few million bucks.

And then tens of millions of dollars all the way up to where how he got over a hundred million dollars. How he lost it along the way. And what were the key moments that allowed him to to reach those heights with his with this on finances? You know, I've seen probably A hundred interviews with Scott Galloway, and I never heard him reveal these numbers or talk about this so openly. In fact, at one point he goes I'm naked here. I'm naked here, guys. You gotta tell me something. And so uh very, very good interview with Scott Galloway. Enjoy. But you know.

We're not Scott Galloway. We don't have a hundred million dollars in the bank. So first a message from our sponsor. Welcome to the pod. Uh I've been uh I've been listening to you for a very long time. I was a fan of yours, uh starting I think with L two, with the No Mercy, No Malice videos. And the reason I've liked you is I find myself You might be

fifteen or twenty years older than me, but I find myself looking up to you because I think we have a lot of very similar characteristics. Which are Erectile dysfunction? Not yet. Anger?

Depression. Um I have hair. But you're pretty buffed. You might be buffer than me. I I admire you for that. Thanks for that.

Uh like you like to post shirtless picks. And I like you for that. I do. But you're very hard to peg down politically. You're you're you're you're kind of like all over the map. when it comes to that. You also you you have beautiful language. I'm a big fan of beautiful language. You've got beautiful language. You're better than I am, but I look so I look up to you for that. And you started a bunch of really amazing businesses. But you're kind of known like I've told uh we did this episode where we talked about your personal finances, where you talked about spending

And people were like I didn't know Scott was so rich. And I was like, No, he he created a bunch of really big companies, but you're more famous for being like Scott Galloway, the brand. And I think that that's Ca pretty cool. And so you've done a bunch of really interesting stuff. This is the whole episode, by the way. It's just Sam Company. It's like a reverse roast, actually. So you just sit there And

You just get compliments? At the end of the hour. You know, you feel good. That that that's what happens here. Yeah, so far I just let me say I'm really enjoying this. It's like a verbal massage. This is this works for me. Uh anyways, go on. Well, like I read these sentences and I'm like that's a beautiful line. I love that shit. I just love how he's coming up with that stuff. Um

But Yeah, I mean I think it's like I I think it's really good. What's crazy is You've had a better career as a as a business person. I was saying the key to my success is Is rejection.

And that is I've had a lot of the marketplace businesses, capital providers, women Uh have provided a great deal of rejection for me. And my skill is my ability to endure that.

And move on. And I'll let lose my sense of enthusiasm. I'm you know, the ability to mourn and move on is key. And the wonderful thing about America is that We don't embrace failure, that's bullsh, but we tolerate it. And I know so many really successful people who are very successful and then they do something on their own or they do something And it doesn't work for'em and they get stuck.

They just lose their mojo. And they can't get past it, they can't handle. The bullet. To the to the chest. Where the bullet to the arm becomes an opportunistic infection that starts

damaging everything about them. And I've That's my only skill. I'm obsessed you know, I'm really into my dogs. I started an e commerce company. I wanna be the William Sonoma pet supplies. I put a million bucks of my own money in and I sold it for Like a million and a half, so I made some money, not a lot. Um, I invest or I started

Another e commerce company. I started a travel side, sold that for a little bit of money. Um Yeah, I've had a lot of kind of and then I've had Things where I You know, I'm I ran into a w you know, drove into a wall at two hundred miles per hour. I started coming out red envelope.

Which went public on the Nasdaq in two thousand and two and because I was young and dumb, I kept investing and then I got in a war with the board and I did a proxy fight and I took over the board and put more of my money in and then two thousand and eight came and there's a long shoreman strike and a software malfunction at the warehouse where we sent ten thousand gifts to the wrong addresses. Oh, the holidays and then a Wells Fargo analyst who was like fourteen decided the credit crisis was coming and pulled our line. And my stock went from seven bucks this year to zero in about eleven days. And when the company had declared chapter eleven and I lost you know, I lost pretty much everything. Do you remember How much money uh

When you felt that tipping point where you did feel financially secure. Not like bulletproof where nothing will ever will happen, but do you remember the inflection point where you're like, Okay This feels different. than I felt on the on the climb. I still don't I still haven't hit that point.

I'm still very anxious about money. You know, I had And I like to be very open about Money,'cause I think that not talking about money is basically a decorum that is promoted by the incumbents and the wealthy. Such that you don't understand how much money wealthy people have.

To keep poor and middle class people under the illusion That oh. You you should be paying forty five percent taxes while I'm paying seventeen. And I think I think it's important to be very

I think it's helpful to be transparent and I talk about how much money I've lost, um all my investments, how much money I've gained, my tax rates, et cetera. But The The You know, I'm I'm still I'm not obsessed with money.

I think about it all the time. I'm trying to get a lot more. I'm I'm giving it away. I uh five y from five years ago I decided I was gonna give away every dollar I made in current income.

Um'cause I wanna start catching up to the the non philanthropic Scott for the first forty five years of his life. But I'm still trying to make a shit ton of money. I still feel financially very insecure. I still worry about A recession becoming a depression and I'm the guy who lost it again. I've lost it all a couple of times. And so I don't feel I'm at that point where I don't have financial anxiety.

I do sleep with one eye open. The big Yeah, I sold my first company for Twenty eight million bucks by the time I split it with my X. And my partner in taxes, I ended up with a few million dollars.

Red envelope, I got a few million there, but I always seem to figure out a way to lose it, but I was able to start again'cause I never had debt. I've always lived below my means. Um Uh but I would say the big win. Was probably selling L two and I like thought, Oh wow, I can buy a plane. Like that was not in my reach.

before. Um so that was kind of the big one. That was like all the moon's line. What was the price? What did it sell for? Two hundred or three hundred million dollars? No, it sold for a hundred and fifty eight million, but we'd only done one round of venture capital, so the You know, the common shareholders You know, I was the largest equity hunt owner, um So the top You know, between me and the top six employees, we probably own seventy percent of it.

Um So that was that you know, that was a lot of money for me. I'd never had that kind of money before. I'd always done well. But I'd never had that kind of that kind of capital. And then getting to invest that in the midst of a bull market, we sold in twenty seventeen. Um You know, I've I've made more money investing actually than I've made from my small from my businesses. And I'm

I got a book coming out in March about Mm. Financial Um Try to

Develop financial security and You know, the ability to create a army of capital, even if it's only fifty bucks a month or a hundred bucks a month, put it in a tax Deferred or tax efficient vehicle, diversify it, and then let time take over. Again, see above you don't know how fast time is gonna go. That's where I built. Real wealth.

I mean This doesn't this doesn't make sense for Sean because Sean is not worried about money at all. He's got this thing that I like to call like good emotional health. He's very emotionally healthy. His his parents did did him well. And he's talked to me about this. Uh I sold my company two or three years ago and I made a a a fair bit. What did you make? I'm like I'm naked here. What did you make? Yeah. Let's go. Let's go, Sam. You gotta say. Okay, go ahead.

Um At the end of the the process, uh I walked away with about twenty million dollars. That and how old are you? Uh I was about thirty I was Thirty one or thirty two. So you should be extraordinary you should be m unless you really screw up.

You should be much wealthier than I am by my age.'Cause to get that stuff. Yeah, but I still I still feel shitty. I feel the same th like I still f like I felt awesome for a minute and then I felt shitty where I was like Uh like when I see these world events right now, when I saw like whatever happens every six months, I'm like The world's gonna end. And I and I do uh like an eight I'm boring. Sean makes fun of me, I do eighty twenty index and bonds. Uh that that's the only I only own those. Exactly what you should be doing right now. I think so. And I and then I own HubSpot stock still, and then I own Airbnb stock. That's basic basically my portfolio. And um

Sean makes fun of me. He's like, How are you feeling insecure? And I'm like, dude, I'm broken. Like I'm broken. Like I it doesn't matter how much therapy I go to. I'm just a I'm a broke when it comes to money, I have a scarcity mindset and I'm broken. Yeah. I'm the same way. And when you talk about how you're worth, you know, a hundred million plus and you don't feel s feel secure, it shot said he's like, What a little bitch. Like you know, like like you talk about masculinity, man up. You know what I mean? Like I it's and I have the same thing. I'm like I I can't. So I'll give you I'm weak. But the only thing I would say is just uh Mm. I mean you both you guys are obviously super smart guys and you know it's sort of uh

Irrational that you're feeling that way. And I guess the question I would have, Scott, is like Uh you know You actually are financially secure now, right? Like it would take um It would take a lot for you to get to the point where you're not able to fund your lifestyle or provide for your family or whatever. At this at this point.

Um so you know that that Anxiety irrational and you're a very smart guy and you've clear like done the self development work in a bunch of other areas of your life. I'm just surprised That I like I can't tell. Is it just one of these like virtue signal things? Or you're like, Hey guys, I'm just I'm still like you. I'm still I still sweat it. And I'm like Oh, is that what these guys are doing? They're just trying to relate to the common man? Um

Are you actually n just not like Fixing that irrational part of your brain and just being like Uh you know, you know, working on that, like getting it getting it right. Um Which one is it? Yeah. So first off, the neuroses is real.

It's not a it's not a humble brag. It's part of a brag, but it's not a humble bra it's The neuroses is real. But it's also It's also a a feature as well as a bug. Because I'm all over the people managing my money.

I know where my money is. I think a lot about diversifying. Same way you're doing is exactly what you should be doing.'Cause see you're not looking to get you're looking to get richer, but more than anything, you're looking to not get poor. And the mistake I made at your age when I had Some wins was I would double down and I would start another company and put all my money into one thing. Like you're quite frankly, you should be selling down your Airbnb and your Hubspot stock and just letting You don't need the needle in a haystack. You just need to buy the whole haystack'cause you've got enough capital. I have a price target. Like I I I have like a number where I'm like when we get to around this, we're gonna we'll get out of those.

Yeah, but I would cry. I mean a longer conversation, but Sean to your I think about Financial insecurity a lot, it is still very possible. You know, there's been periods in economic history where If you're invested and you know

You can lose most or all of it. Um I put a little bit of pressure on myself because And this is virtue signaling. I give a lot of money away. So But yeah, I don't and also I have a really nice lifestyle.

But no, the insecurity is still there. I I I was always financially insecure growing up. And I just don't know if that goes away, but I I think some of it is a good thing. I have my eye on stuff. I think about it a lot. And it's like if you wanna be good at money, if you wanna be good at anything, if you wanna be good at tennis, if you wanna be good at Stam collecting.

You need to think about it a lot. It doesn't you know, Roger Federer thinks about tennis a lot. A lot. And if you want to be good at money Uh I think you have to have a certain amount of financial literacy. You have to understand interest rates. You have to be thinking, Wait

When my mortgage rolls in fourteen, is it gonna go from two and a quarter percent to seven percent? Oh wait, it is. Does that mean I should be thinking about selling it? Paying off my mortgage. You just If you want to be wealthy, unless you're extraordinarily talented at something. I mean extraordinarily talented and also can live below your means. And most extraordinarily talented people have a tough time living below their means.

It's not how much you make, it's how much, you know, you spend in your ability to create a delta. So you always save below live below your means. Yeah, the the insecurity is real. It really I still am very fearful of being broke. I don't I don't want to go back there.

Yeah, no, I'm getting to an age right. I I don't have that much time to make it back. So no the the insecurity The insecurity is real. What helps is is that you have cash flow now. Like a lot of startup people You're poor, you're poor, you're poor.

And then you're poor for seven years, then you maybe hopefully have an exit, then you get a windfall. And then it feels good for a little while and then you're like But there's n there's no more income. Um, what changed for me because this podcast and Sean this podcast has done well is and and a few other things that we have got going on on in our life. We actually have

Regular Yeah. Really great cash flow. You have the same. That has made me feel better is like getting checks every month and like seeing the balance go up. On a consistent basis. The cash flow. Like there's a difference between entrepreneurs I've found between who sell and just make windfalls versus who have a business that they fully own and they're able to take out. income every quarter or or every year. Um

And having that cash flow definitely makes me feel better. Oh, no doubt. You always want to be making money. And also it keeps you in shape. Subject to trying to make as much money as you spend or ideally more at any age. Keeps you in the market.

You have to you have to understand what the market values and doesn't value. It keeps you It's how I I I think it keeps me that in exercise keeps me is is hopefully gonna keep me sort of young. And that is Understanding how How to how to create something in the marketplace, whether it's a podcast

Or a book or a talk for me. That people are willing to pay for. Keeps me in the game. It keeps me in the ring. It keeps me in shape. Uh, so I think it's really important to

And also, you're right, it does i i if you let the end of the year know, okay, if my even if my investments are down twenty or thirty percent, which they were last year. I'm still making all you know Almost as much or more than I spend. That's that You do get huge comfort and peace from that. You know, one of the things we like to do on this podcast is um

That's different than most. Is that we a we ask every guest who comes on about what they're seeing now. So like so far we talked about the past. And most podcasts are just about your past. What'd you how'd you do it? But um We like to talk about trends, opportunities, bus what what business would you be starting or w or do you see as something people could start now, right? Like if you go on

You go on hot ones. You eat hot wings. If you come on M FM. You talk about ideas and opportunities. That's sort of the stick. Um in fact we almost canceled this podcast because we didn't know if you were prepped and ready with that. But s Sam said, No, no, no, he's gonna be he's good. He's good off the cuff, he'll be ready.

Um What Opportunities or ideas do you see today? that either you know you're tempted to do or you say, No, I'm out of the game but if I was twenty five again

This is what I would be running at. This is what I would be working on. Um, this is a a a problem that I think somebody could go solve. What do you see out there today? So first off, a lot of it is situational, right? Someone coming out of Someone with a degree from an elite university who has the ability whose parents will support them

And doesn't have a high burn, or maybe a partner that works. Yeah, it's just a lot of it's situational. I I don't like it. I've never liked this hustle culture where people say go Offer to carry Jeff Bezos bags or have coffee. Cause some if you're a single mother, that's just not an option for you. So Some of it's situational, so I'll go through a few situations. If I'm a young man or woman

And I haven't had the opportunity to get credentialed. I don't have a traditional four year college degree. Much less a college degree from elite institution. I think there are gonna be a lot of businesses, whether it's carpet cleaning or gas stations or Yeah. You know.

hanging and selling draperies into small Furniture companies that are owned by boomers, they're gonna need uh transition. Nice small businesses And these individuals will need liquidity events. They're just aging out of the business. They don't you know, they're hitting their sixties and seventies and they don't want to be calling on

Car washes to sell in. you know, their product or whatever it is. And These are businesses doing between half a million and Ten million a year. That have no succession strategy.

Because if they made money, their kids don't want to be in this type of business'cause their kid went to Emery and wants to go to work at Google. And I would try and find be really scrappy about f getting into a business, understanding it, trying to find people who own it and figure out A way to buy it using that person's Capital.

Approach somebody and say, I wanna take over your business, I'm gonna buy it slowly over five years, and then I'm gonna give you coupons so you can retire. Um if I'm a credentialed person. If I have a degree, I'm fortunate enough. I would go to work for a big platform. I think we live in an era Of it of where antitrust is no longer

In effect. So the big companies, if you were to divide the stock market into deciles, the ten the companies with the largest market cap over the last thirties have outperformed the bottom nine by Huge factor. So going to work for a big company is vastly underrated. They can abuse their monopoly position.

They will have that mole re removed. You will get rich slowly working at Google or at McKinsey. So if you're credentialed Uh you know. We over romanticize entrepreneurship. If you have the ability to get into the greatest wealth creating vehicle in history, and that is the US corporation. Do it.

But they have security at the front saying do you have a degree from an elite college? But if you do. Absolutely go to work for a big multinational conglomerate. If you're an entrepreneur I think that the and credentialed and can raise money. I would say that the intersection between AI

And Healthcare. The most disruptible business in the world is US healthcare, three and a half to four trillion dollars. Four out of feet. Five people aren't happy with it. It's Costs have outpaced inflation for the last forty years, meaning it's got the biggest chin in the world and I think the fists of stone coming for it.

R Uh is artificial intelligence where we can take health care from a defensive base industry. too offensive. I give my grocery seats. my work out routine, my health care records. my sleep patterns to a company that figures it all out and then

Gives me Prescripted. Mm goes on offense, proactive. Lifestyle. Grocery.

And exercise recommendations. And I think there's just gonna be a ton of niche businesses in healthcare. They leverage some form of AI. Are there any out there that you like? Yeah, uh I'm an investor in a company. called ninety eight point six. It does text based

Healthcare. It's a private company, so We sell into B to B a big, you know, Sam's And Sam's offers for three dollars a month to every employee, or we charge him three bucks a month. An ability to text.

somebody in an AI says, Okay, that's it's a it's a rash, we're getting a dermatologist on the line, they look at the rash using your smartphone and say This is fine, I'm sending you a cream and Hit yeah, and or we this needs a prescription, we're hitting the pharmacy. And by the way That that investment I've written down by eighty percent. It's been really hard.

I've I've lost money so far on that. So I don't wanna pretend that this is all easy, but I would say if I were young And had intellectual capital and credentialing, I would go into Something around AI and healthcare. And then Man, well like that shocks me that you said that say that because when I look at I've done a few healthcare things and I look at like the landscape, it seems like impossible to like It just seem there seems like there's a shit ton of regulation. Figuring out insurance companies seems like the hardest thing there is.

Um And even though everyone is frustrated about their setup. This seems like a like a very challenging space to crack into. And of course there's There's huge rewards if you can pull it off.

But It seems very, very challenging. I I just look at this. I look at this category and how much money's in this category. And

Um it's gonna happen. It's just there's never been a business, there's never been a carcass So tempting, so bloated. Swimming so slowly. As US based healthcare.

We spend thirteen thousand dollars per person, but we die earlier. And we're obese and we're more depressed. The UK spends six and a half that how can the UK and Australia be living longer and spending half What we in the US spend on healthcare. That's just the mother of all chins.

Th there's gonna be disruption there, and I'd wanna get in the way of that. The other thing I'm really excited about, and I think it's the most underhyped I just did a blog post on this. I think GLP one Is bigger than GPT four. What's GLP one?

Oh, Zampek, Wagovia. Yeah, yeah, yeah, yeah. Yeah, which I I've I've tested semi glutide a ton. It's amazing. Um Like I think there's like so many crazy implications on what it could do. Like I think I think it could I've I've been saying this I don't know shit, by the way. Uh other than I tested it.

and I had drinking problems in the past. I think it could like s help solve alcoholism. I think there's so many Crazy things. There was this guy on Twitter uh uh our our buddy from uh CB Insights was like What did he say? Uh food companies are gonna lose money'cause people are eating less. And he said airline companies are gonna make more money because people weigh less. He's like that's how big of a deal these drugs are. I was starting a hedge fund right now. I would have a fund that did nothing but go short food stocks, McDonalds.

Nobody walks into Arby's and looks around and thinks, This was a good decision. No one ever thinks that. And if all of a sudden I could get an ejection. Or take a pill every week that help me make better decisions. Our instincts have not caught up.

To the institutional production of our economy. We drink too much, we eat any any time we're near salt. Fat. Or sugar. We gorge.

Because for ninety nine again, ninety nine percent of our species history, we couldn't find these things. When Mating the the majority of men have had almost no mating opportunities through history. A small minority of men have had all the mating opportunities. And then you're presented with a reasonable facsimile of sex called porn. And there's a There's a decent segment of men out there.

who aren't working, aren't getting out of the house because they're staying home and watching too much porn and they're also not engaging in relationships. We drink too much. W I'm addicted to other people's affirmation. My kid is on Snap too much. This could be scaffolding. I mean The weight loss thing.

is arguably the biggest addressable market in the world. Forty percent of America is obese, seventy percent is obese and overweight. But even bigger than that, this could be the scaffolding on our instincts. to update our instincts to where they need to be with instrial production. That has gone exponential in the last Hundred and fifty years with assembly line technology and the microprocessor.

And say, Okay, Scott. You like THC too much, you like alcohol way too much, you're too desperate for other people's affirmation and what people say about you on Twitter bums you out way too much. We're gonna calibrate These GLP one drugs to help you moderate your cravings. I mean what these things do is they moderate your cravings.

When your cravings are getting the incorrect signals From three hundred thousand years of instinct on on the Savannah. And everybody I mean they're finding out They're finding out people on Ozempic drink sixty percent less alcohol.

They're biting their nails less. So the opportunity To update our instincts for the entire I mean The market I

I'm just I'm blown away by this thing. I think it could be just enormous and There isn't anybody that doesn't ha that has instincts Th that is driven by instinct that is caught up to our world.

I don't care who you are. Have you tried it? I haven't, but as you can tell I'm ready. Yeah. Jeez. I feel like you just injected me digitally just now with it. That was amazing. You know how much it costs a month? About a thousand bucks a month, right? It's between five hundred and a thousand dollars a month. When I was trying it, it was five hundred a month out of pocket. Most insurance companies and and I think if you have diabetes.

They actually only cover it I think for a limited time. But most people using it now. Or are just paying five hundred to a thousand dollars a month. And here's the crazy shit about this drug. You have to increase your dosage every week.

So you start with a very small amount and every two weeks or so you have to increase it. Like forever? Well, I d I don't know forever, but over a course of at least a year, you have to so the um I like when I first started taking it, I would ta I would test out just a little bit and it would make me a little bit sick to my stomach. You know, the the the downside of there's a few downsides. One is upset stomach. And then after about three weeks, I'm like, All right, I feel great. Let's let's increase it. And then now at the end of uh six months, you're taking ten times you're you uh basically on a syringe, you got to fill the thing up to a hundred. At first you fill it up to ten. And over a year you've had to increase it. And so you have to pay more and more money. What could go wrong? There's a lot of things that can go wrong with that. I I like I I've I've tested it. One downside is I actually don't know if you develop healthy eating habits. You just eat less.

And you lose muscle. You lose muscle. Uh there there are definitely downsides to it. It it's not a terribly new drug. Like uh I think that these types of Things have been around for like thirty years, so there's some studies, but like the as it's being prescribed now, it's definitely new ish. So there are definitely gonna be downsides, but it's super promising. Uh another one is uh Metformin, which isn't in the same um Which isn't in the same category entirely, but it s does similar things. That's super interesting. I always think it's interesting when people like Sam Altman, like these geniuses who like see everything, take it, and he's been like this is the drug I take. I take met metformin all the time. So that's super fascinating. So I agree. I think I think these this classification of drugs is is quite interesting. I mean I was even thinking I'm trying to figure out the second order effects here. And

Like does Moderna stock go down eighty percent? Because the reality is See the pandemic. We the far right. weaponized and politicized mass and vaccines and decided well if you take them it means you're far left. So if you're far right, you don't want to take these things. On the far left We weaponized and politicized obesity.

We didn't want to acknowledge that eighty eight percent of mortalities had one core morbidity Uh at least. There was obesity related. And we started with this trope of Oh, you're not obese, you're finding your truth. No, you're not, you're finding diabetes. There's nothing to celebrate here.

Yeah. So we decided we didn't want to have an open conversation about the fact that America. Is obese. Forty percent of America.

The kids you're you're more likely to commit suicide, ki ob obesity in children. It's terrible. You're much more likely to be Depress as an adult, not go to college and become more likely to kill yourself. But I mean so w what happens to Modernistock

If all of a sudden we drastically reduce if you drastically reduce Obesity. In America, you drastically reduce The vulnerability of the population to a Coronavirus.

So do you need Moderna? I mean at at some point the reality is a twenty five year old who's thin Yeah, you get vaccinated for a variety of reasons, but it's not At some point it becomes less obvious whether you need these vaccines. When the society is healthy and not obese.

I mean, I'm just kinda blown away. Hospital networks, entire hospital networks could go out of business if they're really honest. The Milken Institute's at obesity related costs. Are one point seven trillion dollars a year. When you look at everything from knee replacements to cardiac to cancers that are obesity related, we're looking at one point seven trillion dollars a year. That's seven percent of our economy. So what happens when the entire economy gets a cost cut of seven percent?

So I uh I'd want to get kind of near This technol I think this technology is going to have a bigger impact on the real economy. than AI. I think AI, we've kinda had peak AI. I love it. I use it a lot. But it's a little bit overhyped right now.

We're definitely kind of, I would say uh I think about a month ago we hit peak AI in terms of uh from an investor standpoint. I would not want to be buying into AI companies right now. As an entrepreneur, I'd want to be raising money for an AI company. But I anyways, you asked me what I was excited about. Trying to find a baby boomer that wants to sell a small business and do seller financing. Uh if you're i have certification.

You're fortunate enough for whatever reason, you either have rich parents or you're freakishly remarkable and you ended up at Dartmouth. Go to work for a big American company. We are they're amazing, you'll get rich slowly. Smart people. Great place to meet mentors, great place to meet mates.

You just Just Yeah. These companies are totally underrated in terms of their power and what they can do for you professionally and economically. Uh if you're an entrepreneur, something around healthcare And AI.

And I think it from an investment standpoint Uh I just wanna be near I'm very excited about GLP one as an emerging technology. We need to get you to start taking it, so we can just Have you not taken it because You're afraid of the side effects, or have you not taken it'cause you're like, I'm already cut, I don't need this.

Oh no, I'd like look, I think I I don't know this, but who who GLP one should be Uh who who it should reach right now is poor and middle income households that are obese. That's where the greatest societal benefit would be right now. Who I think is probably driving the sales are rich people who want to lose the last ten or twenty pounds. That's my gut. My gut is that the people taking it right now. Hundred percent. Dude, I went to s

I went to CBS the other day. I had to get like the whooping cough vaccine. And I went to C V S and I had to wait for an hour to get the vaccine. Five people were in line. I the fucking worst thing about C V S and Walgreens is they say out loud, Oh, are you here to pick up your cymbalta? Like they say it like really loud. The fuck. Five people had lied and it was all older people who looked like they had diabetes. Five people. They were like, Oh, are you here for the Ozempic? And like they say what the pricing is and they go

All right. I'll pay it. And and and these people it w it was like the white new balance crowd. It wasn't like a like, you know It w like a it was the Wrangler Jeans crowd. This wasn't like a like a high they they didn't I didn't stereotype these people as like yuppies and they were swiping their car jump up and yell Clamidia. Oh wait, you said something else. I hate that about the pharmacy is what they say like can you sh can you shut the fuck up? Scott, this could be your philanthropy thing. You should be giving away GLP one to the to the masses. That could be Your moment. Nobody's on that train. So I you inspired a thought that

When I was nineteen, I had terrible I had terrible acne. Growing up. And it was a real source of enormous insecurity for me. And I was painfully thin. I look like Ichabod Crane with bad skin. And it was just really, really painful. And I was starting to get scars on my face because my acne was so bad. And I started taking act acutane. And it was about the time I made the crew team at UCLA

And I put on a bunch of weight and a bunch of muscle and my skin cleared up and it literally changed my life. It just changed my life. Uh and not only because Uh uh You know.

I was people were more attracted to me and I started having sex, which was a wonderful thing in my life, but I just felt so much better about myself and still to this day and it's probably inappropriate I was at a gas station and the gas attendant had just terrible acne and I'm like Take this as you want. I don't mean to offend you, but if you heard you know there's there's there's there's great drugs. Uh for this. So I'm out there basically trying to prescribe

As not as an unlicensed doctor. Um I don't know what made me think of that, but uh this drug that drug literally, I I found the guy who invented it. This guy who sold the patent to Hoffman La Roche and I tried to write him a letter and they're like, Well he's dead, but we appreciate the letter. Um anyways. Anyway. But no I haven't taken it. I do take I do take

Creatine. Uh I struggle with Yeah, no one's gonna feel bad about this. I struggle with keeping weight on. Create all the range. Uh I've made a bunch of money and I just don't feel good and uh

God, it's hard for me to to put weight on. I just keep losing it. Trime a river, boss. Cry me a river. Yeah. I'm too rich and too bad. Professor Punchable. Professor Punchable. I hate that guy. Well, you get a lot of punches. There's the the what's it called? The inverse um the inverse galloway index. The inverse galloway index. What do you think about that? That's pretty good. I I like that. Yeah. And the craziest call was the Macy's the Macy's call. That was a Well I'm gonna I'm gonna apologize in advance, but I'm gonna sound defensive. The Macy's call was I said that multi channel I said that about ten years ago in Germany at a talk. And I said that multi channel retail was the future of marketing. And the Macy's who had a great website and stores, I said that was the future. And in the same talk

I said I believe Amazon will Buy stores. And I said I think Amazon will buy high whole foods. But my detractors don't take that clip. They take the clip when I said the future looks more like Macy's.

The anti Gala E T or index It's a bit cherry picked because I know my picks. And they've actually done pretty well. But

Um the reality is The Gal the the index says since October fourth, two thousand nineteen, tech companies that the professor has predicted would fail have outperformed the S P And seen a whopping sixty one percent return. Even excluding Tesla. When was that published? I don't know. Because uh I think

I Well, one, I picked I picked some companies that would lose that skyrocketed specifically Tesla. Um but I think someone who tracks it as of last year, the end of last year,'cause a lot of those stocks got hammered It was it was it was up again. But I wanna be clear. I get it I get it wrong all the time and someone who makes predictions like me should be

held accountable. What I find though is that the in people stop tracking the index when it's there's no longer a story there. When I Yeah. I mean, this is what I've found. Um

When I Talk about When I say that I think that Tesla Is overvalued. I think You're right. Last updated.

uh on one of these. The Inverse Gallery Index dot com last updated two twenty eight, twenty twenty two. Which is I no one's interested because the narrative is like when the market started to turn. Yeah,'cause quite frankly the index pr is probably overperforming right now. And no one's interested in that,'cause the people who invented the index, what I find generally, especially on Twitter. is when I

And disparaging about a company or cryptocurrency. The people who are along that start engaging in not only professional assass uh assassination, but character assassination. Whenever someone really comes after me, I'm like, They must be an investor. And one of the companies I have been critical of.

I would say don't never get in between a venture capitalist and their second million. Because they will take to Twitter and call you a plagiarist or accuse you of having done terrible things at NYU, which you've never ever been accused of, much less. People have People have found you guilty of. W what did they accuse you of? I'm not even gonna go there. I've been accused of everything.

Like behavior stuff or just getting uh picks wrong? Oh, I know. It gets really ugly. And then you click on the Twitter account, it's a picture of a dog and there's no it's an anonymous account. Yeah. I think that there are venture capitalists who you know fairly well who when I'm when I'm saying this company this cryptocurrency, this coin, the underlying technology, there is no underlying technology, and they are funding it with their brand name.

Such that they can dump it because they don't have to disclose their sales. And they hire a PR agency that creates ten thousand bots and then creates a list of people who don't think Cumrocket is going to replace the dollar. Here, I've got a good shirt that you can wear for for when you're having those conversations. No, I would say yeah. No, it's for people yeah, that's right.

It it means it never kissed a girl. Um anyways. But what I have found is And I wasn't used to getting attacked like that. And every time I tried to You know, I I hired a firm to unmask some of the people who were attacking me. It was clear like the same language and like they're using fake accounts.

And it was almost always someone who had a large financial position in a company that I said was overvalued. But look, at the end of the day I should be held accountable and when I get it wrong You know, I'll have several million people on Twitter point it out. Um But as somebody who is very close to his own stock picks. Yeah, things have kinda worked out over here.

Wait, wait, you hired a firm to Figure out who's behind these Twitter accounts. I think it's so I I think it's m Political. I've been very critical of Putin.

And I'm fairly and I know this sounds paranoid, but it doesn't mean I'm wrong. If I were Putin I would hire, I would spend a small amount of money. I'm spending a hundred billion dollars a year in Ukraine and a hundred thousand lives.

Why wouldn't I take five percent of that or five billion dollars and take some very brightists? And uh Do AI Generated A B testing. And create a list of my

five, seven, ten thousand biggest detractors who are Pro Ukraine. And start slowly but surely undermining their authority on social media platforms that have a merril a moral management team who will cash my checks. And slowly but surely start undermining their authority. That's what I would do. Do you have any proof that anything like that has happened? Or is this just a comments.

Go. And it's Well I don't know. It could just be someone made to time. Any time. You say any you'll do it. Go on and talk about

Ukraine. And you're gonna start to see a lot of people attacking you personally and professionally. Who are anonymous? And you could say, Wow, it's just amazing that all of these Anonymous bots seem to have decided.

To engage in character assassination. Because I consistently am pro Ukraine and Wouldn't they be stupid not to do it? Because people don't look, click on the profile, they just see the comment. And it's always the same language. Professor Galloway.

I don't know. It's like what what's the threshold of you're a you I in my eyes, you're a big deal. But what's the threshold of you're a big deal to uh decision makers who decide these things. But it's all about public opinion. You can't win a war. Without public support. You can't lose one with public support. So the Putin The fastest blue line path Two victory in Ukraine for Putin.

Is the election of Donald Trump, in my view, and also Uh Trying to diminish or reduce public support for the war there. So wouldn't they be stupid to not have the GRU identify the ten thousand most critical people or biggest supporters of Ukraine? And slowly but surely undermine their credibility. That's what I why would they be stupid not to do that.

Especially on platforms that will cash anybody's checks. And As it relates to the fog of misinformation are fucking smoke machines. Why on earth would they not do that? No, I mean I I think they should. Uh I was just I'm giving you a hard time of like, are you are you a big enough fish, which that that's what that's what I'm trying to figure out. Well, I might be twenty thousand out of a list of twenty thousand people, but I think I've made the list. It's actually the like Forbes thirty into thirty bullshit.

Putin's ten thousand under ten thousand, that's the list that's the real list of info future. If you go on Face the Nation and say this is the best investment in the history of the West, unifying For the first time Europe is a union. We've taken NATO out of the brain coma. We push back on a murderous fascist. Ninety years ago, this is a wonderful moment for the West. It's

Ten percent of our military, but this is the best investment we ever made. W I think that qualifies me to get on the list. That's What um Well, are are you enjoying being Scott Galloway the brand?

more than being Scott Galloway, the founder of Like in are you enjoying it more than being an operator of companies? Or are you enjoying uh the I mean, I r you have some cool blog posts where you're like when people say hi to me in the streets. I love it. It makes me feel great. Uh which one are you enjoying more? Scott Galloway The brand or Scott Galloway, the business person. Oh, on the whole, this is really wonderful. I mean people come up to me

And are super nice. Yeah. You know, I'm at that a I have thirteen and sixteen year old boys, so everything I do is just like tragically uncool in their eyes. They don't really seem to like me a great deal. So when someone comes up to me, it happened yesterday and like wants a picture with me and they're excited to meet me in front of my boys. To be honest, it just feels really nice.

And people generally speaking. are just so nice and they come up and I get to meet new people. Yeah, it's awesome and it feels very gratifying. I'm also We talked about addictions. I'm addicted to affirmation from strangers. It's sort of pathetic, but I at least know it so I can modulate it. And it's really wonderful. People are really friendly and really nice. Uh you know, I went to the Arsenal game with my boys and a bunch of people came up to me and said hi and

I was at the Taylor Swift conference con uh concert and the sixteen year old girl had made me a bracelet and came up and gave me a bra I mean, it's just like I have all these wonderful moments with strangers. So It's wonderful. I do think there is an algorithm for happiness, though, a pretty good one, and that is to be rich. But anonymous? 'Cause at some point I'm gonna become the villain. And some of the things you talked about before, there's a entire industry in America around building people up and then tearing them down. And so I wonder when my story turns to the villain. Cause you know, at some point I'll probably fuck up and say something really stupid and then wham, people will weigh in. But for the time being

Oh, it's wonderful. People are nice. I just it's so rewarding. Really rewarding. We're um We're coming up on the on our time, but I I had one one last question. I I saw you talk, uh I've seen you talk a few times and I've watched your stuff on YouTube. The difference between your talks and most everyone's talks is

you kinda break a a bunch of the rules, so you have like a hundred and fifty slides. Uh each slide has lots of information on it. And you talk super fast. You've got a really beautiful rhythm. The it's I I say fast, but fast in a good way. What is the process of like coming up with one of these talks? Because your talks seem way more lucrative, like One of your talks would be like maybe a big blog post that I wrote.

Or that I would write and I imagine having like a talk is significantly more lucrative and probably m way more fun. You could travel all over all over the world and and deliver'em. What's a what's that process of like Do you start with a headline and then you're like, I'm gonna find data. Do you find a data point and you're like, I'm gonna build something around this. Yeah, so speaking's the most lucrative business I've ever been, and I had

Three hundred and forty inbound requests for speaking. I Except it thirty of them, I average a hundred and twelve thousand dollars per speaking engagement. And My attitude is someone's gonna pay me a hundred and twelve thousand dollars. I can't just show up and be

charming and interesting and like Be me on stage. I've gotta bring something really unique. And so I will Spend The better part of three months with a team of analysts at Prop G trying to come up with themes and data and slides and

humor and video clips and then choreograph it and practice it. Over and over and then test it. And try and make it something where you go, Okay, when Well c uh humor's a great way to lower people's defenses such that they'll be open to new ideas. And so when I say things that

are provocative or I'm asking them to think something different. Humor is a fantastic way to soften the beach for new ideas. But you're testing your like, you know, before you get the Netflix show, you're like testing it on the on the on the small um yeah. But if I'm at If I'm a MasterCard and they're spending me a hundred you know, they're spending a hundred and fifty thousand bucks to have me speak for an hour in Barcelona, which I did last week.

You can't just show up and be Scott Galloway. I've got to be a guy who rep who gets finds these incredibly smart people to pull data together and that do a great job and my design team and Yeah, greatness is in the agency of others. So, but it's a ton of fun. I get to go to interesting places, I get to pick The most interesting

cool ones and it's a nice and I have an impact. I talk a lot about struggling young men, which is real something I'm passionate about and it's really rewarding. I feel like I'm having a difference. I get to go to cool places, so I kinda feel like it's my victory lap right now. I get to just sort of run around and you know, but I'm But if someone's gonna pay that kind of money You just can't show up and just start talking and you know, a bunch of war stories about how awesome you are. You gotta show up with real insight.

Or something that's gonna catalyze a conversation with data they haven't seen before. Back to the drawing board for me, then. I thought that's uh I thought what I was doing is uh showing up and giving myself a victory lap. Dude, have you seen one of his talks? Like every slide has like a data point that is quite good and a story behind it. And I'm like, dude, just finding this data is a jacket. You're you're an excellent performer, uh spiritual speaker, and like Sam said, you're very lyrical. We we enjoy Uh we enjoy what you do. I think you're you're really great at what you do. I don't know how you were as an entrepreneur, but like I can't I feel like this is what you were meant to do is to uh

To be smart and then um you know package that up and perform that'cause you can't educate without entertaining and you do a great job of both. Um, thanks for coming on. We really appreciate it. Thank you guys. Congrats on your success. Yeah, thank you. We I think you and I I think our pods are are uh going back and forth sometimes in the charts. So I look forward to uh Uh kicking your ass. I will bury you.

See you in the trenches. Uh thanks, man. We appreciate Scott Galloway. Thanks again, guys. That's the pod. I feel like I can rule the world, I know I could be what I want to I'm putting my all in it like my day's off On a roadless travel never looking back

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