YT YouTube2Text

YouTube2Text → Transcripts → Billionaire Reveals BRUTAL Truth About Money

Billionaire Reveals BRUTAL Truth About Money — Transcript

by The Diary Of A CEO Clips · 5,017 words · 751 segments · language en · Watch on YouTube

Open in transcriber Summarize with AI Download SRT/VTT

Full transcript

0:00I was stunned at how big your business
0:02empire is. You know, even as you're
0:03speaking there, you're talking about
0:04movies that I've watched that I had no
0:05idea that you're involved in and you're
0:06talking all these other incredible
0:08things you've done and yeah, your
0:09company's doing what what 12 billion
0:11dollars in revenue annually? Well, it's
0:13a group of companies, not just one.
0:14Group of companies, yeah. And then
0:15earlier on you said you'd spoken to
0:16these 50 very, very rich people in the
0:18pursuit of writing the books that you've
0:19written about wealth and finance and
0:21money.
0:23Pattern recognition.
0:24>> That's right.
0:25>> What is the pattern that you noticed in
0:28those people it that you then apply to
0:30yourself?
0:31What is the pattern? You know, this is
0:32called the diary of a CEO, so I'm sure
0:34we have a lot of people that are
0:35thinking about building businesses, want
0:36to get financially free, especially in a
0:38world of AI where they're they're very
0:39uncertain about how they'll make money
0:41and how they'll provide stability that
0:43to their family. What is the pattern
0:44that you have found in all of those
0:45people that you have met and
0:46interviewed? And I know you know some of
0:48the most wealthy people on earth because
0:50I know you coach a lot of them.
0:51I don't think people fully realize the
0:53significance of how many of the most
0:55influential people on planet earth you
0:57have worked with and continue to work
0:58with. Um I found it hilarious that Bill
1:02Clinton called you
1:05uh the day before he was going to be
1:07impeached telling you that he was going
1:08to be impeached and asking you what he
1:09should do.
1:10>> Yeah. First, let's say what everybody
1:12makes the mistake on, the majority of
1:13people. We live in a free enterprise
1:14system and we have kids that all think
1:16communism is great. I just want you to
1:18know, I went to the USSR when it was
1:20still the USSR. I was 24 years old. I
1:22was brought there because of my fire
1:23walking experience and I went on a train
1:25from from Moscow to Siberia and back for
1:28two weeks. On the train, we were all fed
1:31caviar and the most incredible meals as
1:33were all the Russians on the plane,
1:35right? We're supposed to be all equal,
1:37right? That's supposedly what communism
1:38is. It's everything's fair for
1:40everybody. Every single town we'd stop
1:42in the square where the there and in the
1:43square there's a big building and they
1:45they wrapped around for about maybe a
1:47quarter of a mile. People standing in
1:49the freezing cold to get a quarter of
1:51milk and a half of
1:53a thing of bread. I left there and I
1:55became a capitalist. I didn't know what
1:57a capitalist was, but I knew I wasn't a
1:58communist, right? So, people in our
2:00country are in the free enterprise
2:01system, but they don't understand it.
2:03So, what are they making the mistake of?
2:05They're consumers, they're not owners.
2:07We are a consumer society and we train
2:09these kids to be consumers, adults as
2:10well. So, I'll give you a simple
2:12example. I looked I was trying to give
2:14an example to a young kid the other day,
2:15so I actually did the math on it.
2:17You have an iPhone?
2:18>> Yeah.
2:19>> Okay, have you always had an iPhone?
2:20>> Well, yeah, for the last decade or more,
2:22yeah.
2:22>> All right. So, iPhone's around for what?
2:2418 years, 19 years? I went and did the
2:26numbers and found out what the cost was
2:28for every iPhone, added up. If you got
2:30an iPhone each time and somebody who's
2:32older than that, you spent 22,000 and
2:34some change at the retail price.
2:37If you bought the stock, I went and saw
2:38what the stock was on the same day that
2:40thing came out and you bought the stock.
2:41Same amount of money of the stock.
2:43>> Apple stock.
2:44>> Apple stock.
2:45$326,000 right now. Instead of out 22
2:48grand, you have 326. If you're going to
2:50use an Apple phone, I'm not saying it's
2:52Apple specific, I'm not making a
2:53recommendation, why would you not own
2:55the company?
2:56Right? Because we don't teach people to
2:58think that way and so now they think
2:59communism is going to be the answer.
3:00They don't understand what that really
3:02means. They have no clue. So, you have
3:04to become an owner.
3:06You have That's what you have to do.
3:07Then the second piece is, when I
3:09interviewed all these people, I found
3:10four things with them. I found number
3:12one, their focus didn't matter if they
3:14were a a macro trader or if they were
3:16value trader or didn't matter what their
3:18style was. The four things that they had
3:20in common, I call them the core four,
3:21was number one, they all
3:23were focused on not losing money.
3:26Most people are trying to make money.
3:28And the reason is they know, if you
3:30lose, you know,
3:31you you you lose you got a $100,000
3:33investment and you lose 50%.
3:36How much do you have to grow your money
3:38to get your money back? And people will
3:40say 50%. No, you got to grow it 100%.
3:43>> Mhm.
3:43>> Right? You get it?
3:44>> Yeah, yeah.
3:45>> Right? So, they know that. So, they're
3:46first making sure they don't How do they
3:48do that? They do it by asset allocation,
3:51right? They all have different asset
3:52allocation strategies, which at the most
3:54basic level is you don't put all your
3:56eggs in one basket. Most people put all
3:58their money in their business or their
3:59house, right? They
4:02know that that is the kiss of death. And
4:04so they look at how to divide their
4:06assets where they have a certain amount
4:08in more secure environment, meaning not
4:10a lot of upside, but it's like the nest
4:12egg, and they have some that are more at
4:13risk. And there's different And I
4:14learned what theirs are, and I taught
4:16those different ones. But the most
4:17valuable one I know you know, cuz I read
4:19it in your book. And I was really
4:20impressed. Asymmetrical risk reward.
4:23Their entire focus is not about taking
4:26risks. Like there's few Only a few
4:28people you think you're a billionaire
4:29cuz you took giant risks, right? No, no,
4:32no. May Some do, but they don't usually
4:34stay billionaires doing that, right? How
4:36do they do it? They figure out what's
4:38the smallest amount of risk with the
4:39most amount of upside that I can do. And
4:41so
4:43Paul Tudor Jones's approach was five to
4:45one. If I'm going to risk a dollar, I
4:47want to be certain I'm going to make
4:48five.
4:50You and I, most average people, would
4:51normally think I used to think, well,
4:5412, 15, 20% return, right?
4:56But here's how it works. If I risk $1
4:59and I'm certain I'm going to make five
5:00and I'm wrong, I'm down one. I can risk
5:02a dollar and still make four. I can be
5:04wrong four times out of five and still
5:05be okay.
5:07That's how those guys become
5:08billionaires. Asymmetrical risk reward.
5:10I was talking to a gentleman um who in
5:1419 like 2008, excuse me, he took $25
5:18million and turned it into $2 in the
5:20worst economic time. He anticipated
5:22[snorts]
5:23what was going to happen with the real
5:24estate. Everybody thought it was going
5:25to keep going up. He used synthetic bets
5:27and bet against it and made $2
5:29Brilliant, brilliant job. And I said to
5:32him,
5:33you know, what What is the things that's
5:35missing for investors? He goes, well,
5:37the smartest investors are usually the
5:39worst investors cuz they want absolute
5:41certainty. They know everything before
5:43they decide, and by that time the
5:44opportunity's gone.
5:45>> [clears throat]
5:46>> And he said, but the most important key
5:48for him is asymmetric risk reward." He
5:50said, "I risked I think he said he
5:52risked 6 cents for every dollar."
5:54He could have been wrong a dozen times,
5:57but he wasn't. That's how he did it,
5:58right? And then the fourth one is the
6:00obvious one we both know which is
6:01diversification, but this is the real
6:03key.
6:03You know Ray Dalio is, right?
6:05>> Yeah. Yeah, I've interviewed him
6:06actually.
6:06>> Yeah, so Ray's a good friend. One of the
6:08questions I asked him was, "If we had to
6:10reduce it to the single most important
6:12investment principle to know, I mean
6:14you're a the DaVinci of investing. No
6:16one has made more money than you in this
6:17area, you know." I said, "What is it? Is
6:20there one? There's got to be one." And
6:22he goes, "Tony, there is." He goes, "I
6:24spent almost 9 years refining this, and
6:27it's so simple. So the holy grail of
6:29investing is to find eight to 12
6:32uncorrelated investments that you feel
6:34strongly about. If you find eight to 12
6:37of those, you reduce your risk 80% and
6:40keep your upside. In fact, you slightly
6:42enhance your upside."
6:43>> Uncorrelated for somebody
6:44>> Uncorrelated. That's that's the hard
6:45part today, cuz so many markets are
6:47correlated.
6:48>> What does uncorrelated mean for someone
6:49like this?
6:49>> Well, for example, stocks and bonds
6:51traditionally are thought of as
6:52uncorrelated. Meaning, you know, stocks
6:56in a tough time, those are the ones
6:57Excuse me, in a growing time, stocks are
6:59where you put your money, but bonds are
7:01to protect you when the market goes
7:02down. Unfortunately, during most things
7:05like 2008 or 2020, they both go down at
7:07that time, but nobody talks about that,
7:09do they? They just go, "Oh, it's this
7:10weird thing." It happens regularly.
7:12>> So things that don't move together.
7:13>> That's right. They don't move together.
7:15Well, so much is tied together today.
7:16But the only way to really do it is
7:17you've got to have private investment,
7:19private equity, private credit, private
7:21real estate. You have to diversify
7:23beyond just stocks and bonds, and then
7:25you can get that across it by different
7:26industries, different elements, cuz
7:28think about this. This will blow your
7:29mind.
7:30Private equity, basic private equity,
7:32now I interviewed 12 of the best in the
7:34world. Basic private equity has
7:36outproduced every stock market in the
7:38world for 40 years. Every single stock
7:41market in the world every year for 40
7:42years. Now, you don't have total
7:45liquidity, that's you're giving
7:46something up, but your returns are in a
7:47different place. They don't have to sell
7:49when things are tough, they take
7:50advantage. These are the smartest people
7:51out there. They're not just trying to
7:52get alpha, they're building value,
7:55right? They take a company, they put AI
7:57in it, they bring new people to it, and
7:59then they take it to the public or in
8:01most cases they sell it to private
8:02companies. There's fewer public
8:04companies than ever. So, I looked it up
8:06and it was fan- fantastic see, the
8:08average S&P for 39 years was 9%. Nice
8:12return.
8:13If you put a million dollars down, you
8:15know, you'd have $28 million,
8:18you know, 39 years later without doing
8:20anything. But if you put it in basic
8:22private equity, basic private equity has
8:24averaged 15.7%.
8:28Think about the difference of
8:29compounding that every single year.
8:31>> Yeah, it's crazy.
8:31>> Now it's worth $328 million.
8:35That's the difference between the same
8:37investment in public versus private. So,
8:40it's finding these pieces, but when you
8:41can do eight to 12 uncorrelated
8:43investments or more, reduce your risk by
8:4680%. That's how you get higher returns
8:49and the same time because most people
8:50are behind. And so
8:51>> You You didn't come from a financial
8:53background.
8:53>> No, no, I have no financial background.
8:55>> You didn't study finance in university.
8:57>> No.
8:57>> So So, where did you learn all this
8:58stuff about finance?
8:59>> to the very best on Earth. Like why
9:01would I go to university to professors
9:02never done anything when I can go to 50
9:05of the smartest people on Earth or in
9:06private equity I went to 13 of the
9:08smartest ones, the most successful in
9:10history.
9:10>> Is your superpower learning?
9:12>> Yes, I think it's That's what I told I
9:14said to you from the beginning. That's
9:15what pattern recognition, pattern
9:16utilization, pattern creation is. If you
9:18don't learn at a rapid tempo in the
9:20world right now, you're cheating
9:21yourself of an extraordinary life.
9:23>> Is there a tactic or a strategy to make
9:25me a better learner, especially someone
9:26that does this podcast? I get to meet
9:27people like you, so I want to store
9:29everything
9:29>> Yes.
9:30>> in this time that we have.
9:31>> Yes, I I'm I believe in immersion and
9:33spaced repetition. So, I believe like
9:36Did Did you take a language in school?
9:38>> Oh god, yeah, German.
9:40>> Can you speak it?
9:41>> Nein.
9:42>> [laughter]
9:42>> That's right. So, most people go to
9:44college or high school and college and
9:46they take a language, right? And 5 years
9:48later, 10 years later, can't speak a
9:49word, right? Immersion is how you do it.
9:52So, if I wanted to teach you a language
9:54and you had the time and money, I would
9:55take you to Italy and I would drop you
9:57in the middle of Rome and say, "I'll see
9:59you in 90 days." With no one to teach
10:01you, in 90 days, are you going to be
10:02speaking the language?
10:04>> Better.
10:05>> You're you're going to speak the
10:06language. You're going to know the
10:07nuances of the language. You're going to
10:08have a pitch and tone that's more there
10:10cuz it's how you learned originally, by
10:11total immersion. So, the reason I do 12
10:14hours a day for 4 days,
10:1750 hours in a weekend or 60 hours and
10:19most people think, "I'll never do that."
10:21But, they have the time of their life.
10:21So, time disappears when you're enjoying
10:23yourself. And when you hate it, I mean,
10:24it feels like eternity. But, the reason
10:26I'm able to do that is that immersion is
10:28like years of experience and you're in a
10:30peak state while you're doing it. So,
10:32your memory because it's locked in, like
10:349:00
10:35as opposed to 8:00.
10:36So, I love that. The other thing that I
10:38do is I'm capturing I use AI now to do
10:40it. I've kept journals my whole life
10:42just like you looks like you've done.
10:43But, I'm building out but I have my AI
10:45that I've been feeding over and over and
10:47over again the things that I want it to
10:48remember, the principles and I create
10:50structures to evaluate these things.
10:53>> And I asked you there about how these
10:54wealthy investors make their money. Um
10:56the last question I really have around
10:58this is how the best entrepreneurs in
11:00the world make their money.
11:02Um again, we're called the Diary of a
11:03CEO. So, there's lots of entrepreneurs
11:04and build businesses builders watching.
11:05And I know you've worked with many of
11:07the world's top entrepreneurs. In fact,
11:09one of them wrote you a letter.
11:11>> Oh, which one?
11:13>> Marc Benioff.
11:14>> Oh, I love Marc.
11:15He's beautiful man.
11:16>> For anyone that doesn't know who Marc
11:17is,
11:18um he's the the founder CEO of
11:20Salesforce.
11:21>> Yes. Yeah, he actually came to four I
11:25think or five of my seminars originally
11:26in a row, same seminar. And you You
11:30Marc's a big as I am, he's a big guy and
11:32he was going for it full tilt. And
11:33finally, after the fourth one, he came
11:34up to me and said, "You've convinced me.
11:36I'm going to leave Oracle. I'm going to
11:38start my own business. I want you to
11:39come on the journey with me. It's called
11:41salesforce.com." He said, "We're going
11:42to change business around the world." He
11:43said this to me. He goes, "And I promise
11:45you we'll get to a hundred million
11:47dollars in business." Now, he's doing
11:48like 42 billion, right? So, but Mark's
11:51What I love about Mark is he's a
11:52contributor. He's He's a social CEO.
11:55Like, he's does things for society. He
11:57isn't just about himself. He's an
11:58extraordinary human being.
12:00>> He said, "Dear Tony,
12:02I'm so deeply grateful for everything
12:04that you have done for me over the last
12:06four decades."
12:08He talked about the seminars he'd been
12:09to with you and says that you've
12:10transformed his life through your
12:13inspiration and ideas.
12:15He talks about that particular seminar
12:16you referenced as the moment that led
12:17him to go deeper and deeper and deeper.
12:20He said, "It was at Date with Destiny
12:22that I made the firm decision to leave
12:23Oracle and start my own company.
12:25We even had a brief conversation about
12:27it back then, if you remember."
12:28>> remember.
12:29>> Fast forward 26 years, and Salesforce
12:32now has 80,000 employees and generates
12:35over 40 billion in revenue annually.
12:39It stands as the largest enterprise
12:41software company in the world.
12:43I truly could not have done it without
12:45you by my side.
12:47And as you always say, we often
12:49overestimate what we can do in 1 year,
12:51but we vastly underestimate what we can
12:53do in a few decades.
12:55Tony, I started this letter with
12:56gratitude, and I'll end it the same way.
12:58When I reached my most difficult
13:00moments, you were there. When I reached
13:02my highest heights, you were also there.
13:04I never [snorts] forgot that whenever I
13:06reached out for help, you returned the
13:09phone call or text always quickly.
13:12Business and politics are temporal, but
13:14relationships are eternal, and yours is
13:16one I carry with me always.
13:17Congratulations on everything you're
13:19doing.
13:20I look forward to a wonderful future
13:22with you. Aloha,
13:24Mark."
13:25>> That was very beautiful.
13:27That must be a little
13:28I just I love Mark. He's such a good man
13:30and
13:31um
13:33that's very kind of him to write that
13:34letter.
13:35He says he gives me more credit than I
13:37deserve.
13:38Um but I
13:39I love him personally. I love I I love
13:41strangers. I'm driven by that, but I
13:43love Mark cuz he's such a giver. I I see
13:45him as a
13:46a role model of what a great CEO is.
13:49Someone who understands the social
13:52impact of what they're doing as well as
13:53the business impact. Um he's got a heart
13:56of gold and of course we all have ups
13:57and downs throughout our lives and and
13:59he thinks he's just I just helped him.
14:01He's helped me, too. It's like it's
14:03never a one one-way piece. It's not like
14:05I go around and coach all these people.
14:06I'm no idiot. I've learned so much from
14:08Mark.
14:09Uh it's priceless. So I have to I have
14:11to send that thanks right back to him.
14:12No question about it.
14:13>> Where does that emotion come from that I
14:15see in your face?
14:17>> I [laughter] don't know. I was just like
14:20I'm I'm an emotional guy. I'm empathetic
14:22guy and I'm I'm a lover, you know?
14:24That's what drives all that I do.
14:26And to um see somebody I love and to see
14:28how far he's come and to know that um
14:31I've been able to be helpful to him at
14:33at key moments
14:35um is meaningful. You know, it's
14:36extremely meaningful cuz he's provided
14:39opportunities for
14:40millions of people, 80,000 employees,
14:43but millions of people through his
14:44creativity and his focus and
14:47we've done a lot of cool things
14:48together. I called him one time I was up
14:49in uh San Francisco for other business
14:52and um I read in the paper that the
14:55this landlord was kicking out these nuns
14:57who had the food kitchen in the the
14:59worst part of the city there, in the
15:01Tenderloin district. And I was like
15:03this guy's an idiot. I mean, I got to I
15:06got to do something. So instead of
15:07leaving, I spent an extra day and I went
15:08and met these nuns.
15:10Most incredible ladies and they were
15:12spending
15:14all their time cooking food so they
15:16could sell food so they could make money
15:17so they could actually prepare food for
15:19the homeless there. And in this tiny
15:21little building and they were getting
15:22kicked out. So I called the owner and I
15:24said listen, I'm on a lot of real estate
15:26also. I understand your rights as a real
15:28estate guy, but I said do you want to be
15:29the most hated guy in San Francisco? I
15:31said
15:33I'll give you an option. How about let
15:34them stay till the end of the year. I'll
15:36pay their lease. I'll pay twice the
15:38amount and then I'll get them out.
15:40I said but you don't push them out now
15:42on the street. So he agreed.
15:44And so then I said to ladies, let's find
15:46a place for you and I'll help you find a
15:48place. We'll rent a place for you. And I
15:50started getting phone calls and one of
15:52the phone calls I got since realtor he
15:53goes, "They're they're looking to buy a
15:55place."
15:56And I said
15:57I said well where they getting the
15:59money? I said they said I don't know. So
16:01I called the nun up and she goes
16:04I said, you know I was said I you know
16:05pay for a place for you guys for a year,
16:07you know, lease you a place. I said but
16:08I hear you looking to buy a place. Do
16:09you guys have some capital or I'm not
16:11aware of? And she goes
16:12"No." She goes, "God will provide,
16:15Tony."
16:16I said like God will provide. That's so
16:19So I spent I don't know a million two
16:21something like that to find them a
16:22place. But then I called Mark cuz I
16:24didn't want them living in the place. I
16:25said Mark match me on this. And I mean
16:28he didn't hesitate a second. He had not
16:30even met the nuns. Then he went and met
16:32the nuns. We went and met them and he
16:33went and he bought them a home for them
16:34to stay in. And and then we went through
16:36four years of the city trying to not let
16:38them take over this place. But that's
16:40kind of guy Mark is. So he's incredibly
16:42generous and I'm very touched that I
16:44could count him as a friend and be a
16:46helpful to him and he's been so helpful
16:47to me.
16:48>> I've learned quite a lot about you today
16:49just from observing you and two one of
16:51the big things that I've learned is the
16:53two moments where I've seen tears in
16:55your eyes
16:56have both been moments where people have
16:59expressed a huge amount of love and
17:00appreciation for you.
17:01>> That's true.
17:02>> And I I work back through your early
17:04earliest years and I I get it it's
17:06almost like a a jigsaw puzzle coming
17:08into formation in my mind of
17:10how how much you love love.
17:12>> I do. I think love is life.
17:14Love is the driving force in my life for
17:16sure. There's no question about it. And
17:18that's why
17:19I can't
17:21I hate to see suffering cuz it's the
17:22opposite of love. You know, if you love
17:23somebody, what do you do? Anything you
17:24can. So, that's what I'm called to do.
17:26And it is it's a calling. It's not a
17:28job. It's not a business. You know, I've
17:30all kinds of businesses, obviously, and
17:32I enjoy business. But this is my
17:34mission. This is what I'm made for. And
17:36um
17:37I'm just one guy there. I can't do
17:38everything, but I can do a lot. And I'm
17:40always figuring out how to scale more,
17:41right? You know, whether it's feeding
17:43people or
17:44I'm getting you know, my wife and I
17:46we're fortunate to have our own plane
17:47and I I don't want to just burn up a
17:49bunch of carbon. So, I found it's 3,000
17:50trees. So, I said, "Let's plant 100
17:52million trees." We're up to 75 million.
17:54I think we're going to hit the 100
17:55million this year. And but we didn't
17:56just plant the trees. We taught the
17:58farmers, worked with the organization
18:00about how to build a build a crop not
18:02once a year, but to do it across 12
18:04different months. So, that something
18:06drops out, they come out and they go
18:07from earning a dollar 25 a day and
18:09starving to making $12 a day, which
18:11doesn't sound like much, makes them rich
18:13in that community. So, we're doing that.
18:15I just I love taking things to scale,
18:17too. It's like
18:18I love the individual impact and I love
18:21the the global impact. The combination
18:23of the two make life ever challenging
18:25and ever exciting.
18:27>> With people like Mark and entrepreneurs,
18:28my last question about this pattern
18:30recognition and my last question is just
18:32as me as a you know, I'm I'm an
18:33entrepreneur and building businesses at
18:34the moment. I'm earlier in my journey,
18:36much earlier than someone like Mark. But
18:38what is the pattern that you've seen in
18:39these exceptional founders and
18:40entrepreneurs as it relates to building
18:42great businesses
18:43that you would impart on me?
18:45>> I don't think there's anything I'm going
18:46to impart on you that you don't already
18:47know cuz the fundamentals are so simple.
18:49Um you have to the business has to be
18:51more than a vehicle for money. And don't
18:53get me wrong. I mean, there are people
18:55who certainly succeed that way. But if
18:56you look at the people that build
18:57something that's lasting, it has to be a
19:00passion where you it's something you
19:01believe in so much, it's so valuable.
19:04It's a contribution sense to you, not
19:06just an economic sense. Cuz in the
19:08beginning of a business, it's like
19:09having a child, you know?
19:11You know, you don't get a lot back. You
19:12You work around the clock, you'll
19:14discover when your first child comes,
19:16and you love them. It's It's the pride
19:17of ownership. But, if you're just a lot
19:20of people start a business thinking
19:21they're going to get rich overnight or
19:22make some And those people never
19:23succeed. So, it's like finding something
19:26a vision that not only you believe in,
19:28but others are completely moved by cuz
19:30you can attract people. You can't build
19:32an organization without great people. I
19:34I mean, do you think I could run all
19:35these companies if I was just sitting
19:37there every day? I mean, I've got some
19:38of the greatest leaders I could possibly
19:40recruit. I'm constantly looking for the
19:41second part, which is how do I find
19:43leaders? How do I find leaders that are
19:45smarter than I am in various areas, and
19:47where I can pull together the right
19:49people together and create a culture
19:51that adds massive value and continually
19:53does so until it dominates the that
19:55industry or that market or that
19:57marketplace. So, I think you have to
20:00find something that's more than just a
20:01business for you. It has to be more than
20:03economics for you. It has to be a
20:04mission for the most successful people.
20:07You have to be able to have something
20:09you can articulate that can attract
20:11people, and you have to constantly find
20:13the very best that you can, and you got
20:15to constantly prune because the law of
20:17familiarity shows up. That's what your
20:19friends went through, right? They got
20:20all these great things, but now how
20:21great it is after a while, it's
20:22familiar. You know, it's like they don't
20:24they don't have the same hunger. I look
20:26for not only wickedly smart people,
20:28which I love, but hungry people. When
20:31people ask me like, "What is the one
20:33common denominator of people that
20:34succeed on a massive scale around the
20:36world?" I'd always in the beginning I'd
20:37say, "Well, I love wicked intelligence,
20:40but I know a lot of very smart people
20:41that I can't fight their way out of a
20:42paper bag in their relationship or their
20:44finances, you know, they're smart in one
20:45area and not another."
20:46But, the one that is absolutely
20:49completely accurate is hunger. The
20:51hunger to be more, to do more, to give
20:53more, to share more. Somebody who has a
20:54hunger that doesn't die. Not a hunger to
20:57get make a certain amount of money or a
20:58hunger to achieve, you know, a swimsuit
21:00size, but a hunger that's unquenchable.
21:04Those are the people that you know their
21:06names because they have an impact. So,
21:08it's like whether it's Richard Branson
21:09who's in his 70s, he's the same hunger
21:11today as when he was 16 years old in
21:13that crypt in your country coming up
21:15with Virgin, right? I mean, the same
21:17level, let's give it a go, right? He's
21:18got that piece, you know? Uh anybody you
21:20see, I mean, you know, look at the
21:22people you have on your show and think
21:23about how many of them still have that
21:24hunger. Kevin Hart, like he's a friend
21:26of mine, I know he's been on your show.
21:27I mean, he's one of the hardest working
21:29guys, but he's hungry. He loves it. He
21:30want He just wants to do it all. To me,
21:32that's the gift. And it's stoking your
21:34hunger or waking someone's hunger that
21:36doesn't have it. That's a real gift, and
21:38that's one of the gifts I think I've
21:40tried to refine within myself and help
21:41people with.
21:42>> If you love The Diary of a CEO, Brandon,
21:44and you watch this channel, please do me
21:45a huge favor. Become part of the 15% of
21:49the viewers on this channel that have
21:50hit the subscribe button. It helps us
21:52tremendously, and the bigger the channel
21:53gets, the bigger the guests.

About this transcript

This page contains the full transcript of Billionaire Reveals BRUTAL Truth About Money by The Diary Of A CEO Clips, generated from the public captions YouTube serves with the video. The transcript has 5,017 words across 751 segments, with the original timestamps preserved so you can click any line to jump to that moment in the embedded player.

What you can do with it

Use the transcript to take notes, quote the speaker, build a study guide, generate a summary with ChatGPT or Claude via the YouTube Summary tool, or export it as a timed subtitle file with YouTube to SRT. You can also re-open it in the transcriber to choose a caption track available on the video.

Free YouTube transcript tool

YouTube2Text is a free YouTube transcript generator — no signup, no daily limit. Paste any YouTube link and get the full transcript instantly, with timestamps, click-to-jump, caption language selection, AI prompts for ChatGPT, Claude, and Gemini, and exports to TXT, SRT, VTT, or Markdown.