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Thai-American Billionaire on a New World Order, AI, and America’s Future — Transcript

by Max Chernov · 10,631 words · 1,809 segments · language en · Watch on YouTube

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0:00I went to [music] Thailand to show you
0:02what the real life of a billionaire
0:04looks like. Meet Bill Heinecke, born in
0:07the US and raised in Bangkok, he started
0:09his first business at 17. Nobody trusted
0:12him, so he grew a beard, got married,
0:15and eventually built one of the largest
0:17hospitality empires in the world with
0:20close to 100,000 employees.
0:22>> I borrowed $1,200. It was a a loan from
0:25a friend. That's really how the company
0:27started.
0:27>> His company operates hotels in 60-plus
0:30countries under luxury brands like
0:32Anantara and franchises global food
0:35chains such as Burger King and Dairy
0:37Queen.
0:38>> It's been a steady growth. I like to
0:39tell people that we're an overnight
0:41success that took 60 years.
0:43>> I was invited to Bill's house in Phuket,
0:45where we talked about how being in
0:47Thailand helped him build his
0:49multi-billion dollar business.
0:51>> I gave up my US citizenship maybe 30
0:53years ago to become a Thai. So, I have
0:55only one passport, that's a Thai
0:57passport.
0:57>> What is the secret that allowed Bill to
1:00survive multiple crises on his path
1:02[music] to success?
1:03>> We went through uh difficult moments
1:05when we had the tsunami, 9/11, SARS,
1:07COVID.
1:08>> And why does he see this century as
1:10Asia's time, while many foreigners still
1:13believe the myths pushed by the media?
1:15I'm Max Chernov, your insider into
1:17billionaires' lives. Let's go.
1:20>> You was American kid, but basically
1:22technically born in America, but living
1:24in Thailand. How did you I tried to
1:25understand how did it shape your
1:26identity like growing up here?
1:28>> I think it's probably a very uh
1:31international identity. Uh you know,
1:33[clears throat] I gave up my US
1:34citizenship uh maybe 30 years ago to
1:37become a Thai. So, I have only one
1:38passport, that's a Thai passport. Uh so,
1:41I like to believe that I'm as committed
1:43to Thailand as any any Thai person.
1:47Uh I'll never be Thai because I was born
1:49in America and in that respect and I
1:51have both my parents were American, but
1:54but I think uh in my heart, I guess I'm
1:56Thai.
1:57>> You gave up your passport in 1991. So,
2:00it was not the thing to give up American
2:02passport, I guess, back then.
2:03>> That's right. I think in those days most
2:04people wanted an American passport.
2:07So, but for me it was all about being
2:09able to own land in Thailand. It was
2:11also about being able to do business in
2:13Vietnam in those days because in those
2:16days Americans couldn't do business in
2:18Vietnam.
2:19>> Mhm.
2:20>> It was then part of North Vietnam and
2:21after the fall of of Vietnam then
2:25Americans were not allowed to do
2:26business for many years.
2:28Today it's different, but in 19
2:30in the 1990s it was called dealing with
2:33the enemy.
2:33>> Yeah.
2:34>> So, for me it was very strange because
2:36although we're a Thai company
2:37because I was an American
2:40managing director, we couldn't do
2:41business in Vietnam even where a Thai
2:43company.
2:43>> Yeah.
2:44>> So, so for me it became a handicap at
2:46that time to be an American. So, I gave
2:48up my American citizenship. This house
2:50is about I built this about seven seven
2:53or eight years ago.
2:54>> Oh, it's pretty new.
2:55>> And so it's still relatively new.
2:57>> Okay.
2:57>> We built this whole project at that
2:59time. They have three kitchens, you
3:01know, sort of a barbecue kitchen, a
3:03a show kitchen if you like to cook.
3:05>> Yeah.
3:05>> And then they also have an industrial
3:07kitchen for when you have a hundred
3:08people around.
3:09>> Yeah.
3:09>> So, everything's here and this
3:11particular house has nine bedrooms.
3:15And this is one of the bedrooms.
3:17>> Oh, wow. The best part is the view,
3:19yeah?
3:19>> The view is amazing every every bedroom
3:22looks out over the water. They're very
3:24comfortable to stay so hence I spend a
3:26lot of time here.
3:27>> Nice.
3:29It's very spacious.
3:29>> Yeah.
3:30So.
3:31>> Speaking of Thailand, what's the biggest
3:33misconceptions about the country in the
3:35world? What people don't get don't
3:37understand about the country?
3:39>> I think they don't understand that
3:41Thailand has a very rich history.
3:43You know, it
3:45America is a relatively new country when
3:47you think that it's only 250 years old.
3:50>> Yeah.
3:50>> Thailand has been around for thousands
3:52of years.
3:54The monarchy, [clears throat] the
3:56the culture, the religion. So, to me
3:58it's a very historic
4:01country and culture. And that's probably
4:04not really understood by much of the
4:05West.
4:06>> Mhm.
4:07>> So, I you know, and also there's
4:10Thailand has also had a reputation of
4:14bars, sex, and beach
4:17which it really isn't any different than
4:20any other country. It's obviously there,
4:22but it's there, you know, all over the
4:24world. So, I think of Thailand as
4:28you know, being a
4:30very sophisticated
4:32and very rich culture.
4:35And
4:37unfortunately, many films have depicted
4:40Thailand wrongly.
4:42You know, films [snorts] in the past
4:43like Hangover and The Beach and things
4:46like that. So, people have a
4:48misconception very often about Thailand.
4:50>> Yeah.
4:50>> Which they only really
4:52can understand once they visited here or
4:54lived here.
4:55>> Yeah. And the recent movie, the recent
4:57BBC documentary, like have you seen it?
4:59The dark side of Thailand is called
5:01>> Yes, I
5:03I haven't seen it, but I'm aware of it.
5:05So, yes. So, those are the sort of
5:07things that I think
5:09you know, certainly put Thailand in the
5:10wrong view view shed. I've raised my
5:13family, two generations of my family,
5:15and now the third generation is coming.
5:18And I've always thought this is one of
5:20the best places in the world to raise a
5:22family.
5:22>> Yeah, why?
5:24>> Education is good.
5:25The climate is nice.
5:28The people are fantastic. I think the
5:30personal security is very good. I've
5:33I've never felt
5:35threatened or
5:36never worried about the security of
5:38myself or my children or my
5:40grandchildren. So, that's
5:42one of the things that I think has
5:45made [snorts] Thailand such a unique
5:46place. I worry much more about personal
5:48safety in London, Paris, Milan than I
5:51would ever worry about it in Bangkok or
5:53Phuket.
5:54>> Mhm.
5:54>> So, this is one of the greatest and
5:56safest countries I think in the world.
5:59>> Do you think it's
5:59>> to Dubai.
6:00>> [laughter]
6:01>> Yeah, do you think it's a cultural
6:03thing? What Why Why people are like
6:04that?
6:05>> I think
6:06it goes back to the religion. I think
6:08Buddhist religion is very cognizant of
6:11personal [clears throat]
6:12safety and and you know, you very seldom
6:14see incidents happen, you know,
6:18here in Thailand that we often see
6:20commonplace in Europe and the United
6:21States.
6:22>> Yeah.
6:22>> So, that doesn't say they don't happen
6:24sometimes, but but basically they're
6:26very much more infrequent.
6:28>> Yeah.
6:28>> And I think
6:29the culture is more conservative you
6:31might say.
6:32>> So, you have house in here?
6:34>> Here I have one in
6:35I have two in Samui, one a couple in
6:37Bangkok and and uh
6:40Hua Hin.
6:41>> Yeah.
6:41>> So, I I love Thailand. So, I All my
6:44houses are in Thailand.
6:45>> All in Thailand?
6:46>> Yeah. Do you invest in anywhere else
6:48>> actually?
6:48>> Uh not really. I keep my cars in England
6:51and my cars in the United States. So, I
6:54keep garages but not houses.
6:57>> Mhm.
6:58So, when you travel to London, so you
7:00have your car
7:00>> I have cars here and then I have cars in
7:03other places in the world.
7:05>> What's your favorite one? Favorite car?
7:07>> Ferrari's probably.
7:09>> [laughter]
7:09>> I have a number of them.
7:10>> How would you describe yourself? Because
7:11you said you mentioned one of the in one
7:12of the interviews that
7:14you're not you're not Thai to the some
7:16full extent,
7:18but you have Thai citizenship and then
7:20you lived in some places in Asia. Like
7:22how's your identity shaped? What would
7:25you say like you're like I don't know,
7:2610% American,
7:2860% Thai?
7:29>> I'm a third country national, so I have
7:31influence both from the US and from
7:33Thailand.
7:35But my children are almost third country
7:37because there again, they were born in
7:39Thailand, they were raised in Thailand,
7:40but uh they think of themselves probably
7:43as a third a third nationality. They're
7:45not Thai, they're not American.
7:46>> Mhm.
7:47>> They're somewhere in between.
7:49>> What traits of an American you still
7:50have, you think?
7:51>> Probably my uh brashness. I'm uh
7:54I often speak my mind and
7:57tell people what I think and that's not
7:59very common in Thailand.
8:01>> Yeah.
8:02>> So, people are much more sensitive in
8:04Thailand. So, that's probably an
8:05American trait that has stayed with me.
8:07>> Yeah. Do you need to like to be
8:09flexible, I guess, with like who you who
8:11you speak to?
8:12>> Yes, no, no. You you know, you have to
8:14be respectful and you have to be
8:15flexible, but it's still a very
8:17accommodating country. Thailand is a
8:19very people-oriented culture. You know,
8:21I think
8:24Thailand is a very sensitive country and
8:27as a result, I think they
8:29they're they're more
8:31caring, whether it's the religion or
8:33it's the people, I'm not sure, but it's
8:36certainly
8:37a country that is very sensitive towards
8:40people and their emotions and and their
8:42passions.
8:43>> So, meaning you need to have a like a
8:45good level of EQ, like emotional
8:47>> Yes, I think so. And I think that's
8:50required for
8:52success in Thailand. This is uh
8:55the what I call the boys' room.
8:59>> How you spend the time with friends if
9:00like friends come along? What will you
9:02do?
9:02>> Uh we will tend to drink good wine,
9:05>> Yeah.
9:06>> talk, and maybe go to the the the clinic
9:10and work out or the gym and uh
9:12>> Like together?
9:13>> Uh yes, and there's a we have a
9:16a spa and wellness
9:18>> Do you play like some specific game or
9:20like poker or something like this?
9:21>> Uh we we do play a lot of games, but
9:24they tend to be card games and a little
9:27bit of pool. The family all loves it.
9:29So, this is also the family hangout.
9:31>> Yeah. Pool is very Thai Thailand thing,
9:33yeah? Playing pool.
9:34>> Yeah, absolutely. So, this is the
9:36American game.
9:37>> You still like bullish on Thailand's
9:40development as a country? Like what's
9:41the
9:42what's the challenges for Thailand you
9:43you see there?
9:44>> has like America, like Europe, has many
9:48challenges, but but I think they have a
9:50history of having overcome those
9:51challenges.
9:52>> Mhm.
9:52>> Sometimes it takes a little longer than
9:54other times, but but you know, many
9:57people are concerned about always the
9:59political situation in Thailand, but
10:02for the last 60 years we've never
10:05delayed project or investment in
10:08Thailand because we've always been
10:09confident of the long-term
10:11>> Yeah.
10:11>> outlook for Thailand. So, we continue
10:14our program through
10:17various changes in government and
10:20you know, we don't allow that to
10:21interrupt our plan because we see
10:23Thailand as being a good long-term
10:26destination and investment.
10:28>> Yeah. What are the other countries in
10:30the region that are on the rise you
10:32think?
10:33>> I think Vietnam for sure is very much on
10:34the rise and
10:36and today
10:37may even be growing faster than
10:39Thailand, which is
10:41a relatively new
10:43situation.
10:45And we can certainly see China I think
10:47is again on the rise
10:49and becoming very much a superpower in
10:51this part of the world. India is another
10:53you know, incredible economy that's also
10:55growing very rapidly. Today
10:58the Indians are outnumber the Chinese
11:00coming to Thailand and
11:02>> Oh, okay. So, Pattaya is filled
11:05>> certainly even Phuket is got a good many
11:07of them. So,
11:09so so definitely the influence of you
11:13know, we can see even the
11:14the number of Russian and
11:17European nationalities that have come,
11:19the Israelis that have come. And it
11:21seems whenever there's turmoil anywhere
11:23in the world people flee to Thailand
11:25because it seems like a relatively safe
11:27place
11:28in spite of the the few challenges that
11:30they often have on their borders. This
11:32is the the ladies room.
11:34>> Oh, that's so cool.
11:36>> This is a cold dip, hot dip, uh ice uh
11:39maker.
11:39>> It's a cold bath.
11:40>> Nice.
11:41>> Cold plunge.
11:42>> Yeah, cold plunge uh
11:44So, when I don't go to the wellness
11:46clinic, then there's uh there's always
11:47this one to hang out in. And that's got
11:49aromatherapy, so uh the the the smells
11:52all come through.
11:56>> What's your favorite recreational
11:57activity? Ice bath or sauna?
12:00>> I use a cryo chamber a lot more in the
12:02in the wellness clinic.
12:03>> Uh-huh.
12:03>> So, that's my favorite go-to uh rather
12:06than the uh the cold dip. And uh but
12:09then we have the hyperbaric chamber,
12:11also.
12:11>> Yeah.
12:12>> So,
12:12>> It's like stronger effect, minimum time,
12:14stronger effect.
12:15>> Yeah, exactly. And this is uh
12:17a little bit of a spa room.
12:19>> Mhm, nice.
12:22>> So, you can see why I enjoy staying in
12:24Phuket.
12:25>> For sure, yeah. What would you say about
12:27Asia development at the moment?
12:29>> It's still growing. Uh you know, I think
12:32uh Asia is still one of the most
12:33exciting places in the world. Thailand
12:35is uniquely positioned that within 6
12:37hours of here you have half the world's
12:39population. So, it's an incredibly big
12:42market.
12:43Uh China's a huge market, Indonesia,
12:45India. These are the the up-and-coming
12:48superpowers and the biggest economies.
12:50They will, you know, go past the
12:51American economy.
12:53>> So, when when people say that 21st
12:54century is like Asian century, it's not
12:56it's not exa- over exaggeration.
12:59>> I think no, it's not an exaggeration. I
13:01think uh this is the the century of
13:03Asia.
13:04And uh so, I see great potential and I
13:07we are China is one of the the big
13:09markets for us that we're exploring.
13:11Uh India, uh Indonesia, as I mentioned,
13:14these are huge markets.
13:15>> Would you say that like 19th century was
13:17the British century, 20th century
13:19American century, 21st century is
13:22>> Yes, that's a good way to describe it. I
13:24think uh
13:25uh certainly uh
13:27those were the superpowers, Britain and
13:29America. Uh,
13:31now I think it's Asia, the kids' room,
13:33you might say.
13:33>> Yeah.
13:34>> So, there's been
13:36I've had a couple of parts in small
13:38movies including Mother of the Bride.
13:40>> Uh-huh.
13:40>> where I uh
13:42that was filmed here in the Halekulani
13:45uh
13:45>> That's awesome.
13:46>> And uh
13:47>> That's the beach.
13:48>> You've not been
13:48>> Yeah. In the beach.
13:49>> in the beach.
13:50I was in White Lotus.
13:51>> Yeah, yeah, I know that.
13:53>> What are the big shifts you you think
13:55will be like in the world like globally
13:57within the next years like from your
14:00perspective?
14:01>> The importance of Asia is going to be
14:04a a new trend. Uh
14:07You know, we can see China becoming very
14:10much more influential and strong
14:12economically and culturally, I would say
14:14also.
14:15>> Mhm.
14:15>> So,
14:16and again I've mentioned again
14:18repeatedly that India and Indonesia are
14:20also not to be under underlooked.
14:23Indonesia is growing very quickly now.
14:25India has already become a superpower.
14:27>> What about Europe? Some people say like
14:28Europe is dying. Uh, I feel
14:31>> that any place is dying, but it's
14:33certainly slowing down.
14:34>> Slowing down.
14:35>> the economy is slower. I think maybe I
14:37would say that Asia is still in a
14:39position where it's prepared to work
14:41very hard to grow.
14:43>> Yeah.
14:43>> Uh, many countries that have had such
14:45sig- significant economic success
14:48tend to be focused on slowing down, you
14:50know, working less,
14:51enjoying life more.
14:53>> Yeah.
14:53>> And so, you know, we have many you know,
14:57people that are on a four-day work week
14:58in Europe. So, you know, that changes
15:01the whole mentality. You're suddenly
15:02working much less, but wanting to spend
15:04more time enjoying the benefits. And
15:07that's very expensive for governments
15:10and for countries
15:12uh, when that happens.
15:13>> Yeah. But it's kind of inevitable cycle
15:17kind of
15:17>> Yeah, that's right. So, maybe AI will
15:20help those countries that work on a
15:22four-day work week to be more effective.
15:24>> Yeah.
15:25>> And if they can adapt quickly enough.
15:26>> What's your take on AI and like how AI
15:28will change the like the world in 10
15:30years, let's say?
15:31>> I I think it's already changed the world
15:33and I think it's going to change it you
15:35know, much more in the coming days and
15:37we're seeing it in our industry in the
15:39hotels. We see it in you know, chatbots.
15:42We can now
15:43give people a much more personalized
15:45experience. We know more about them.
15:47We're able to react to them differently
15:50that wasn't possible before AI. So
15:54So this is really a very rapid change in
15:58the whole working environment
16:00what we see.
16:01>> Yeah. But will it be okay the
16:03effectiveness like the productivity is
16:04is is growing up. But let's say will it
16:08be like some principal changes how
16:10people think how the world functions in
16:1210 years or maybe in 20 years from now?
16:14>> I think so because I think it will level
16:16the playing field. You know, there's so
16:17much knowledge today that we have in our
16:19cell phones or in
16:21our computers that it's just a question
16:23of being able to grasp it. You know,
16:25there you know, you don't need to learn
16:28a lot of the basics anymore. You can go
16:30straight to the top on serious questions
16:32and whatnot. You don't need to know the
16:34the you know, a lot of the basic
16:37mathematics that we used to have to
16:39learn in school.
16:41And so much of what we we can learn can
16:45be obtained outside of school. So
16:48there's no question that
16:49your education only begins with school.
16:52But then it carries on with a through a
16:54lifetime of learning
16:56and I think that's the most critical
16:58thing. People have to remain open to
16:59learning new new things. The world is
17:01changing so rapidly now and AI is just
17:04the first part of that change.
17:06>> Oh, first part. What what will be the
17:07the second part?
17:08>> I don't know. I there's so many things I
17:10can't predict. You know, I have a hard
17:12enough time predicting
17:14what's happening in the business world.
17:16I never predicted COVID. I never
17:17predicted uh the tsunami. I never
17:19predicted so many things. And I'm for
17:22sure not going to be able to predict
17:23what is going to change the world in the
17:25age of uh digitization.
17:27>> Yeah. And this is the gym
17:30with uh
17:32uh
17:33>> a few mementos like uh the Muhammad Ali
17:36glove.
17:37>> Uh
17:38The real one?
17:39>> The real one, yeah.
17:39>> Oh, wow. How did you get it?
17:41>> Uh and then the in the other room is the
17:43James Bond uh Man with the Golden Gun.
17:45>> Yeah.
17:46>> Uh
17:46>> Also the real one?
17:47>> From the yes, from the from the movie.
17:50>> How did you get the glove? You just
17:51bought it?
17:51>> Uh bought it at auction, yeah.
17:53>> Yeah. How much was it?
17:54>> Uh oh, I can't remember now. [snorts]
17:56It wasn't cheap.
17:58>> [laughter]
17:58>> For sure.
18:00Hey guys, hi from beautiful Thailand.
18:02It's Chiang Mai. It's a north of
18:03Thailand. I just want to share
18:04something. You know, I've been doing
18:06YouTube for a few years. And I talked to
18:08a lot of people, like thousands,
18:10literally. I met billionaires,
18:12politicians, celebrities. And with some
18:14of them we became friends. Uh not with
18:16everyone, of course, with [music] the
18:17ones with common interests. Some of
18:19these people became clients. I started
18:21this whole YouTube thing when I moved to
18:24Singapore completely from zero. Uh my
18:26English was not perfect, uh still isn't.
18:29And uh I didn't have any like fancy MBA
18:32degree. I didn't have connections in
18:34Singapore. I'm originally from a
18:35second-tier city in Russia. I just
18:37slowly learned how to talk to different
18:39people, [music] including very serious
18:42ones. I listened a lot, learned from
18:44them, and gradually built relationships.
18:47And I realized one key thing. The most
18:50important [music] conversations,
18:52decisions, deals never happen on camera.
18:55[music] They happen behind closed doors,
18:57in private conversations, in small
18:59groups. And when I found myself in those
19:02situations, surrounded by people who
19:04played in a very different league, it
19:07always deeply inspired me and energized
19:10me. At some point, I started [music]
19:12thinking how to recreate this kind of
19:15environment and those conversations
19:17myself in a way where it naturally leads
19:20to people helping each other and [music]
19:22where bigger things are born out of
19:26these connections and conversations. And
19:28that's how we came up with the backstage
19:30circle. It's a closed community for
19:32people who achieved a lot in life where
19:35we meet [music] in different places and
19:38share very unique experiences together.
19:40And the first gathering will be in
19:43Phuket, [music] one of my most favorite
19:44destinations. A key principle of this
19:46community that there will be no fake
19:49superficial networking. We won't be
19:51pitching each other projects or
19:53aggressively [music]
19:55try to sell something. During these
19:57gatherings, we will have deep
19:58conversations and share very unique
20:00experiences that normally people don't
20:03have access to and that will organically
20:05[music]
20:05lead to friendships and maybe
20:09like joint projects or businesses
20:11together, but it's not the main goal.
20:13It's a byproduct. [music] That's why I
20:15personally curate their participants.
20:17So, if it's something that resonates
20:18[music] with you, I will leave a link to
20:20our board list. There is a QR code on
20:23the screen and the link under this
20:25video. What about the Middle East?
20:27>> We we find the Middle East very
20:28exciting. It's one of our fastest
20:30growing markets. We're involved in Saudi
20:32Arabia. We're involved in all of the
20:35Emirates.
20:36We're also involved in places like Oman.
20:39Uh so, it's a very rapidly growing
20:43market. It's
20:44they're very
20:46uh astute because they become the center
20:48of the world.
20:49For Emirates, you can fly anywhere in
20:51the world
20:52nonstop from Dubai.
20:54>> Yes.
20:54>> You know, whether it be Phuket or it be
20:57Brazil.
20:57>> Oh, there's true nonstop.
20:59>> So, it's nonstop.
21:00So, it's that makes
21:04Dubai and the Emirates
21:06and in Middle East really almost the uh
21:08center of the world now. And that's
21:10because of the strength of their
21:11airlines.
21:12>> Yeah.
21:12>> So, uh you know, in the old days, uh
21:14Thailand was very strong with Thai
21:16International, which is uh now
21:18recovering from bankruptcy. Singapore
21:20used to be very strong with the
21:21Singapore Airlines.
21:22>> Used to Yeah. Not nothing now.
21:24>> I think they're still strong, but uh but
21:26obviously it's shifted a bit. Uh and uh
21:29there's no doubt that I think uh
21:31the uh Middle East uses the airlines
21:34almost as a tourism and political tool.
21:37>> Yeah.
21:38>> To make it the most convenient location.
21:41So, your regional offices now, I would
21:43see a huge shift from Singapore and Hong
21:45Kong to the Middle East now.
21:47And also because of security and other
21:49things, you find a lot of your
21:51billionaires of the world uh now
21:54drifting towards uh the Middle East.
21:56>> Yeah.
21:56>> You know, uh they feel very safe there,
21:58very comfortable. It's close to Europe,
22:006 hours from Europe, 6 hours from Asia.
22:02So, it's very centrally located.
22:04>> But what what they done in Dubai
22:05actually, with British Airways, so
22:07British Airways have to pay to land in
22:09each airport. And what Dubai did, they
22:11actually start paying them to fly
22:13through Dubai.
22:14>> Yeah, exactly.
22:15>> Which is like
22:16great idea.
22:17>> Yeah, absolutely. So, you know, again,
22:19as I said, uh to me, uh tourism
22:22development is very much linked to uh
22:24transportation development.
22:25>> Yeah.
22:26>> So, uh today, uh the fastest some of the
22:28fastest growing destinations are in the
22:30Middle East because of the uh
22:33ability to uh connect so easily.
22:36>> Yeah.
22:36>> Uh and do it all through the Middle
22:38East.
22:39>> Do you think it's because they
22:41technically they have like more money
22:42overall and they are more open to kind
22:45of spend this money?
22:46>> No, no question. Uh they they link a lot
22:48of their development funds to what would
22:51be good and sustainable. So, tourism is
22:54a very sustainable and uh strong
22:56industry for the Middle East. So, the
22:58airlines make that happen.
23:00>> Yeah.
23:00>> And uh so, there's no question that the
23:03investment that they made in their
23:04airlines is giving them a competitive
23:05advantage over
23:07place like Thailand or Singapore or
23:11uh other things where, you know, the
23:12scale of uh our airlines are nothing
23:14compared to the airlines of the Middle
23:16East. So, because I keep a couple of
23:18cars, I air-condition the garage to keep
23:21my motorcycles and my uh
23:23>> [clears throat]
23:23>> uh cars.
23:25>> Yeah.
23:25>> But unfortunately, the other cars are in
23:27Bangkok, but they'll be back soon.
23:29>> Yeah. All right. So, you also ride
23:31motorcycles?
23:32>> Yeah.
23:33>> Nice.
23:34Which ones?
23:35>> That's my grandson.
23:36>> Aha.
23:37>> Uh have a BMW and a Harley here, and
23:39then in front there's a couple of
23:40Scomadis which we manufacture.
23:42>> Still still ride it till this day?
23:44>> Yep. And uh that's why they're outside.
23:47I use them when I'm around the hotel.
23:50>> Aha.
23:50>> Those are my granddaughters, and that's
23:52me in 1978 when I was the same age, 18,
23:55racing a Jaguar
23:56>> Oh, wow.
23:57>> in Malaysia.
23:58>> That's so cool. For you, it's like not
24:00too dangerous riding motorcycles still
24:02to this day?
24:03>> I'm careful. I'm very careful.
24:05>> Yeah.
24:05>> You think you be became more careful now
24:08um compared to you like 40 years ago?
24:11>> Yes, but I've had a few accidents over
24:13the years, so when you've had an
24:14accident, then you tend to become more
24:16careful.
24:16>> Yeah.
24:17Especially in Thailand because you don't
24:19any you don't wear any gear.
24:21>> That's right, right?
24:22>> Absolutely.
24:22>> This one is beautiful. Absolutely
24:24stunning. What year is it?
24:26>> This is 2006.
24:27>> All right.
24:28>> So, it's already an antique.
24:30>> Yeah.
24:31>> And these are the Scomadis that I
24:32mentioned.
24:33These are what I use here.
24:36We manufacture these. This one is a EV,
24:39and this one is a uh combustion engine.
24:42>> Mhm.
24:43>> So, I use these around the resort and to
24:46go to 7-Eleven or something.
24:47>> What's the best part of being a
24:48billionaire?
24:49>> Probably that I'm not worried where my
24:51next meal is coming from or where I'm
24:52going to sleep tonight. I uh that's one
24:55of the things I would say that I'm uh
24:57very comfortable that I always have a
24:59place to sleep and I always have a meal
25:00to eat.
25:01>> Yeah. But, I guess you can when you are
25:04on a millionaire
25:06threshold, you already can guarantee
25:08your next meal and where you sleep.
25:10>> Maybe I can do it in 60 countries.
25:13>> [laughter]
25:13>> So, that's that's one of the advantages
25:15and and I enjoy as I've said, you know,
25:17many I have many pleasures, boating,
25:19flying,
25:21cars.
25:21>> Yeah.
25:22>> And so, definitely
25:24my lifestyle allows me and my present
25:27position allows me to indulge in those
25:28things.
25:29>> Yeah.
25:29>> But, you know, to me
25:32inevitably they become a part of the
25:33business. Our private jet company is one
25:35of the largest. We operate in Singapore
25:38and Thailand. We have five jets. We
25:40charter them all over the world. We're
25:42My car collection
25:44I buy and sell
25:46vintage cars.
25:49So,
25:50I'm always growing the collection, but
25:52that means I always have to sell a few.
25:54I will keep adding a few, but I sell a
25:55few, try to balance it out and
25:58I can pursue passions like my EV
26:01scooters and
26:02my combustion engines. So, I you know, I
26:05love the fact that we have a brand
26:07called Scomadi, which is
26:09>> Yeah.
26:10>> again sold all over the world and it's a
26:13fantastic little brand that I enjoy. So,
26:16you're able to also pursue sometimes
26:18passion projects that may not be that
26:20profitable.
26:20>> Mhm.
26:21>> But, but allow a bit of enjoyment in
26:24your life.
26:25>> This absolutely beautiful. Wow.
26:28All the villas has the the sea view?
26:30>> No, all of them. All the houses have sea
26:32view.
26:32>> You never like tired of this view? Like
26:35you still enjoying it?
26:36>> I enjoy it. I never get [clears throat]
26:37tired of this view.
26:38>> Forbes estimated your net worth is more
26:41than a $1 billion, right? Do you
26:43remember that the time when you actually
26:45became a billionaire? Like that moment.
26:48>> No, I really don't. To be candid with
26:51you, I I'm sure it was many years ago,
26:53but uh you know, it hasn't moved a lot
26:55because of all these crisis. So, uh
26:57we're uh
26:58but uh certainly as I said during COVID,
27:01uh it was certainly uh much much less.
27:04>> Yeah.
27:04>> And uh so, uh money isn't the reason for
27:07working. It's never a good reason. You
27:09know, I I work for for my pleasure, for
27:11my passion, for my enjoyment, for my
27:13cars, for my the things that I enjoy. Uh
27:17I don't really work for the money per
27:19se.
27:20>> Mhm.
27:20>> I'm not you know, money may be a way of
27:22sort of keeping track of where you are,
27:24but it's not really very a good ideal in
27:27life to stay focused on money. I think
27:29you got to stay focused on your passions
27:31and what you enjoy and what you love.
27:33>> What's the biggest amount of money that
27:35you made in a single year?
27:36>> I think uh from the company's
27:38standpoint, it was certainly uh uh
27:41I think this last year uh was a this
27:43year was a very good year for us and
27:45also the year just before COVID were the
27:47two big years
27:48>> Yeah.
27:49>> for us. Uh and we expect next year to be
27:51bigger than this year.
27:52>> Yeah. Can you say how much? Like
27:54>> Uh I think uh we've uh this year we'll
27:57probably report somewhere in the range
27:58of about uh 3 to 400 million dollars in
28:02profits, uh net profit.
28:04Uh and I think we'll do a bit more than
28:06that next year.
28:07>> Yeah. Do you think you have to be born
28:09an entrepreneur or you can become one?
28:11>> Many schools today teach entrepreneurial
28:14uh skill.
28:15>> Yeah.
28:15>> And uh they have courses on
28:16entrepreneurial. To me, it's not a uh
28:19it's something that just requires hard
28:21work. You know, I don't think there's
28:22any magic to the whole thing. It's hard
28:24work, it's commitment, it's passion,
28:26it's loving what you do.
28:28Uh
28:28and then uh then I think things come
28:30much easier. You know,
28:32uh for me, uh a lot of what we do is
28:35very much common sense.
28:36>> Mhm.
28:37>> You know, uh that's something that you
28:38either maybe you have it or you don't
28:40have it.
28:41>> But I guess like entrepreneurs take
28:42risks more in general than than average
28:44people,
28:45>> Mhm.
28:45>> normal people.
28:47>> Mhm. I'm not so sure. I think uh even
28:49normal people take risks, you know. I
28:51often talk to people. They say, "Oh, you
28:53have to be a salesman to be an
28:54entrepreneur." And I'm saying, "Well,
28:55everybody knows how to sell." And they
28:57will say, "No, I wasn't. I'm not a
28:58salesperson." And I say, "Well, if
29:00you've ever got a car loan or you ever
29:02got married or whatever, you had to sell
29:04someone."
29:05>> Yeah.
29:05>> And salesmanship is just about
29:07communication.
29:08>> Yeah.
29:08>> So, you know, probably the key to being
29:11a successful entrepreneur may be
29:12communication.
29:13>> Yeah.
29:14>> Being able to communicate.
29:15>> And it's the skill that can be
29:16developed, I guess.
29:17>> Yes, absolutely.
29:18>> Personally, when you look back at your
29:19like career,
29:21do you remember the exact moment when
29:24you
29:25told told yourself that, "Okay, I made
29:27it." Or "I'm going to be successful."
29:29>> I think there were many moments like
29:31that, but there were also many moments
29:33when
29:34it looked like all was lost, you know.
29:36We certainly went through serious
29:37moments in 1997 when we had the Tom Yum
29:40Kung crisis.
29:41>> Mhm.
29:42>> We went through difficult moments when
29:43we had the tsunami, 9/11,
29:45[clears throat] SARS, COVID.
29:48So, all of those things have a tendency
29:49to almost wipe you out.
29:51>> Yeah.
29:51>> But I think, you know, the other advice
29:53I give many entrepreneurs is you never
29:55give up. And there's always a
29:59a ray of sunshine ready to break through
30:00the dark clouds.
30:02>> Yeah.
30:02>> So, you have to never give up. You have
30:04to keep focused and keep your head down
30:06and and and I think hard work uh can
30:10often
30:11tide you through those difficult times.
30:13>> Yeah.
30:13>> So, certainly we've been able to rebuild
30:16ourselves many times from the point
30:18where we were in the a difficult
30:19situation.
30:20>> Yeah. And when you approach this like
30:22crisis moment, what do you do? What are
30:24your set of actions?
30:25>> I think, you know, for me I've always
30:26felt that during a crisis you have to
30:28move quickly. So, certainly we moved
30:30quickly during COVID. We increased
30:32capital. We
30:34>> [groaning]
30:35>> sought out additional bank loans because
30:37we knew that it was going to be a
30:39difficult period. We didn't think it was
30:40going to be as difficult as it was, but
30:43fortunately we did and we moved quickly
30:45and we moved quickly in many instances.
30:47You know, I
30:48for me, uh, it's all about being able to
30:50survive crisis and I don't worry today
30:53about crisis like COVID. We've been
30:55through COVID. We've been through a
30:56tsunami. We've been through,
30:58>> [snorts]
30:59>> uh, 9/11. We've been through all of
31:00these crisis. What I worry about is the
31:02crisis that we haven't seen, you know,
31:05before COVID, uh, we never had any idea
31:08of what was, uh,
31:09>> Yeah.
31:09>> COVID. You know, when we bought NH, we
31:11never visualized that that could be a
31:13risk of a global, uh, pandemic. So, uh,
31:16so these are things, uh, the things that
31:18we've never experienced is what scares
31:20me the most because I don't know how to
31:21yet to deal with them. I know how to
31:23deal with the things that we've been
31:24through. We've been through high
31:25interest rates, high oil prices. We've
31:27been through, uh, economic downturns.
31:29We've been through,
31:30uh,
31:32all of the crisis, uh, that I mentioned.
31:34>> So, how it works if you look back at
31:35like 60 years journey. So, you test
31:38something and then you learn and then
31:40it's either mistake or the right choice
31:42and then you try to repeat the right
31:43choice. If you can structurize what what
31:45you did with these years.
31:46>> No, I think what we did, uh, I often
31:48tell people is that it was very
31:50pedestrian for me because, uh, I looked
31:53at things that, uh, I'd seen in in
31:56America or the rest of the world but was
31:58not yet in Thailand when I first was
32:00here.
32:01>> Mhm.
32:01>> So, we brought in a lot of,
32:04uh, fast food concepts and ideas, uh,
32:07from things like, uh, in the old days
32:09Pizza Hut and then we developed our own
32:12chain, uh, 25 years later called Pizza
32:14Company. We brought [clears throat] in,
32:16uh, things like, uh, Dairy Queen,
32:19Swensen's ice cream,
32:21now we have other brands, uh, that we've
32:23created like, uh, Gaga, Steak is More,
32:27uh,
32:28uh, you know, we must have, uh,
32:30uh, 25 food brands, uh, that we have
32:32created and, uh, plus the international
32:35brands that we've are responsible for in
32:38Thailand and many other countries.
32:39>> Yeah.
32:40>> So so certainly it was really finding an
32:43a void and then filling it, you know,
32:45finding a way to to tap into this
32:48incredible market that exists here in
32:50Thailand and now we found exists outside
32:52of Thailand in the rest of the world.
32:54>> Yeah.
32:54>> So
32:56but there wasn't it wasn't rocket
32:57science. It wasn't uh
32:59you know, high-tech. It was really more
33:01down to earth finding out what customers
33:03wanted, what people wanted and then
33:05delivering that to them, delivering it
33:06to them at the right price with great
33:08service
33:09whether it's a hotel room or it's a
33:11pizza.
33:11>> Very quick heads up. I have a Telegram
33:13channel where I share my insights after
33:16the interviews with billionaires,
33:17celebrities, politicians. I also write
33:19there how I grow my YouTube channel.
33:21It's basically more raw and unfiltered
33:23[music] opinions because I cannot share
33:24everything on YouTube due to their
33:26platform regulations. So if you want to
33:28follow me there, scan this QR code or
33:30click the link in description. What's
33:32like one habit that you can credit for
33:34most of your success?
33:37>> I think I'm an optimist. I always look
33:39at the bright side of things. You know,
33:41my glass is always half full, not half
33:43empty.
33:44So so you know, I think it's very
33:46important to always look at the brighter
33:48side of things.
33:49It's easy to fall into the trap of being
33:51depressed about what may be happening
33:54but but I think longer term there's
33:56always hope
33:58for better days, better times.
34:00>> Yeah.
34:01Do you need as the positive
34:03oriented entrepreneur do you need
34:05someone like more realistic next to you
34:07to like regulate it?
34:08>> Yes, I think that happens but you
34:10mustn't let them overwhelm you.
34:12It's very easy for the realistic people
34:15to say that things are very bad
34:18and sometimes they give up
34:20and and then for me I I feel that one
34:24can never give up.
34:25>> I read that some like your partner said
34:26that you are very tough negotiator.
34:28>> Yes, I I'm sure that because we also
34:31want to deal to work.
34:32>> Mhm.
34:33>> So, unless it's a win-win for both
34:35sides,
34:36you know, it's not going to work. And
34:37we'd rather be tough in the early stages
34:39than to
34:41be
34:42suffering in the later stages because we
34:43didn't understand each other.
34:45>> Mhm.
34:45>> So, so for sure I think we we make every
34:49deal is very important to us and every
34:51deal is important to get it right. And
34:53uh
34:54>> Yeah.
34:55Can you give me some example of maybe of
34:56like super tough negotiations and like
34:58how you manage it?
35:00>> Well, you know, I think the most recent
35:03one which was just before COVID was the
35:05negotiations to acquire the NH Hotel
35:07>> Yeah.
35:08>> group in Europe. And that was about a $3
35:10billion purchase.
35:12>> Yeah.
35:12>> So, so for sure it was a long challenge
35:15to slowly be acquiring the shares,
35:18negotiating to get control, and then to
35:21recently we privatized the company.
35:24>> Yeah.
35:24>> So, that that's it was a long and drawn
35:29out negotiation because then in the
35:30middle of uh of
35:33uh the acquisition then COVID came
35:34along.
35:35>> Yeah.
35:35>> So, that then affected our performance
35:37for for several years.
35:40So,
35:40>> Yeah. Yeah, I heard the stories how you
35:42You mentioned that you you lost 1
35:44billion.
35:44>> Yes.
35:45>> But it's so for you it's like you bought
35:46it for 4 billion.
35:47>> Yeah.
35:49>> Yeah.
35:49>> Exactly. So, so yeah, we we don't longer
35:52say that it was a 3 billion purchase. It
35:54was a 4 billion purchase because of our
35:55losses during the year of COVID or the 2
35:58years of COVID.
35:59>> Maybe you can recall some like
36:01um some meeting with someone who when
36:03you needed to negotiate a deal or need
36:05to sell like some something like I your
36:08ideas and it was like really tough and
36:10the person was like very unusual
36:12negotiator.
36:13>> For me, when I started this company, I
36:15was 17. That's why the name Minor came
36:18about because I was a minor at that
36:20time. And of course, trying to get
36:22people to believe that at 17 you know
36:24what you're doing is very difficult. And
36:27then all the way through your life, uh
36:30you're trying to get people to believe
36:32in what you what I believe in. And so
36:35that's
36:36that's always a a challenge.
36:39It's a little less of a challenge now
36:40because people tend to think that I've
36:42survived now for so many years so that I
36:44must know what I'm doing.
36:46But in the beginning it was certainly
36:48much more difficult to get people to
36:49believe in a young man who just had an
36:52idea and started out in food and
36:55hospitality and what have you. And it's
36:57been a steady
36:59growth. Well, I like to tell people that
37:01we're an overnight success that took 60
37:03years.
37:03>> What was the
37:04the most challenging moment like
37:06personally, not like company business
37:08wise, but personally?
37:10>> Personally probably during those those
37:12economic challenges. 1997 was a very
37:15very difficult time. I would say for
37:17everyone in Thailand and all especially
37:19entrepreneurs because the banking system
37:22was failing, the currency was failing.
37:24>> [clears throat]
37:25>> And
37:26fortunately today we have a strong
37:27currency and a strong banking system in
37:31Thailand. So that's been one of the the
37:33real strengths of Thailand.
37:34>> Can you recall like your emotions or
37:36like your thoughts when it was like that
37:39moment, that particular moment when it
37:41was like super challenging?
37:42>> Oh, you know what for sure it was very
37:45challenging and very depressing and you
37:47don't know what tomorrow will bring and
37:49you don't know whether you'll survive.
37:51So definitely
37:53you know, you're you're just focused on
37:56your day-to-day existence. You know,
37:59when I started the company, I started
38:00this company with only $1,200. I
38:02borrowed $1,200 so it wasn't even my
38:04money. It was
38:06a loan from from a friend and uh
38:10and and that's really how the company
38:12started. We started from a very small
38:14base. So I guess we're lucky that we've
38:17never gone back to that that position
38:19again.
38:21We have a bit more now. But then that
38:23makes you more conservative sometimes
38:24because there's more to lose.
38:26Now we're responsible for all of our
38:2890,000 employees around the world. So,
38:31we have to make sure that we are looking
38:33after them, too.
38:34>> If you advise like a young entrepreneur
38:36how to go through the business journey,
38:38what would be your
38:39>> First, I would tell them that there's no
38:40easy way.
38:41>> Yeah.
38:42>> Uh, you know, I think we all have the
38:44same 24 hours in the day. It's a
38:46question of how many hours you want to
38:47spend working on your on your dream.
38:50>> Yeah.
38:50>> And I've always believed that if you
38:52spend 16 hours a day working, then
38:54you're going to get there twice as
38:55quickly as the one who only wants to
38:57work 8 hours.
38:58>> So, like first advice is just work more,
39:01spend more hours on building your dream.
39:03What are the like the top three advice?
39:06>> I think
39:07I always say
39:08work hard, but play hard. You know, you
39:10have to balance [clears throat] your
39:11life if you're going to be able to start
39:13fresh every day and every so often. I
39:16think
39:18it's also about I mentioned learning. I
39:21think your your brain is your own
39:22personal computer and you need to stuff
39:24it full of
39:26as much knowledge as you can to minimize
39:29the chance of failure.
39:30>> Mhm.
39:30>> So,
39:32certainly that's another aspect to it.
39:34So,
39:35you know, it's all about learning. I
39:38think it's the other
39:39key component to to being successful.
39:42>> Yeah. What about number three component?
39:44>> Uh, you know, I think number three is
39:46probably luck. You know, I think you
39:48everybody has to have a certain amount
39:49of luck in life.
39:51Uh, it's hard to whether you make your
39:53luck or you you just have it by
39:55accident, but it's certainly luck plays
39:57a part, I think, in everybody's life.
40:00>> So, when people say like someone, oh,
40:01he's just lucky, it's like part of part
40:03of the equation.
40:04>> Well, that's right. And I often say that
40:06the harder I work, the luckier I get.
40:08>> Do you think um EQ is more important
40:10than IQ or like academic degree?
40:12>> I think since I don't have an academic
40:15degree, yes, I would tend to say that EQ
40:18is definitely very important and you
40:20know what
40:21you learn when you're doing business
40:23yourself is many things that you don't
40:24learn in a classroom. So certainly for
40:27me my whole life has been about learning
40:29and I'm still learning. So you know, for
40:32me if
40:33I think the day that I stop learning is
40:35the day I retire.
40:36>> Do you don't believe in the like
40:37work-life balance or
40:39>> I do. I I work hard and play hard.
40:41>> It's a second part, but the first part
40:42just work more hours. I mean and then
40:45and if you work 16 hours then you have
40:47the rest for your family and like sleep.
40:49So that's it.
40:50>> Mhm.
40:51But then as you as you again more
40:54success you find that you can you can
40:56spend less time
40:58>> Yeah.
40:58>> working and more time on your on your
41:01pleasures and enjoying life. So
41:03certainly I spend more time now doing
41:06things that I didn't have time to do
41:08when I was younger.
41:09>> Mhm. Okay. So gradually, yeah?
41:11>> Yeah.
41:12>> What is the balance? Like when you want
41:14to be a successful entrepreneur, you
41:15want to like really really work hard and
41:18maybe sleep less for some particular for
41:21for some time.
41:22What's the what's the balance?
41:23>> We're discovering that you know, good
41:25health
41:26is not something that you need to pay a
41:29lot of money for.
41:30Good health is dependent really on good
41:32sleep, which anybody can do.
41:35Dependent on a good diet, you know,
41:37which again anyone can do. You can eat
41:39healthy, you know, it depends on
41:40exercise.
41:42Now there's many things that you can do,
41:43the cold dips and the cryo chambers and
41:45the hyperbaric chambers that will
41:46further help you
41:48but but just doing those three things
41:51you're already assured of some
41:53reasonable level of good health if you
41:55pay attention to your diet, you pay
41:57attention to exercise and you pay
41:58attention to your sleep.
41:59>> Mhm. Okay. So all these new things is
42:02like extra. Give you like another 10%
42:04but 90% you can do
42:06>> on your own.
42:06>> On your own. Is it there the real cost
42:08of like build a multi like a billionaire
42:11dollar company? Like something that
42:13people don't realize maybe you sacrifice
42:14something on the way or
42:16>> I'm sure you know you hard work as we
42:19discussed you know means there's less
42:21time for family there's less time for
42:24some of the people that are important in
42:25your life and so you make sacrifices but
42:28hopefully you try to even them out you
42:30know today I probably spend more time
42:32with my uh
42:34my great grandchildren than I spent with
42:36my grandchildren.
42:37>> Mhm.
42:37>> So so I have more time now so I can do
42:40it I spent probably far less time with
42:42my own children.
42:43>> Yeah.
42:44>> Because it was just there was so much to
42:46be done and so much work to go on.
42:48Fortunately I have a very understanding
42:50wife who spent a lot of time
42:52compensating for the things that I I
42:54didn't do.
42:55>> Yeah. What age were you when you had
42:56your kids?
42:57>> Well I got married at
43:0018 my wife was 17.
43:02I don't think we had children until I
43:03was in my 20s. So
43:06I did everything very young you know I
43:08got married young I started the company
43:10young I grew a beard when I was young to
43:13look older
43:14so uh
43:15>> Yeah.
43:16>> You know so everything was about trying
43:17to be more mature look more mature.
43:19>> Yeah.
43:20>> And it was
43:21>> [clears throat]
43:22>> because it was very hard to have
43:23credibility when you're so young.
43:25>> Yeah.
43:25>> So
43:26and and the only thing that I think
43:28people tended to respect was the fact
43:30that you were mature you did things you
43:33worked hard. So I I think that's what
43:36kept the balance.
43:37>> Yeah. Married at 18 is pretty early.
43:40>> Yes.
43:41>> Pretty early.
43:41>> So so yes I I think certainly no one
43:44else in my family got married that
43:45young.
43:46>> Yeah.
43:47Like you wanted to have family or why
43:49why do you say that?
43:50>> I think it was
43:51they often say it's lonely at the top
43:54you know you don't have time for
43:55relationships so
43:58I had met my wife when she was 14.
44:01>> 14.
44:01>> When I went to school so it was a
44:03natural thing that uh
44:05when it came time and I was so busy
44:06working that I should focus on someone
44:08that I knew well
44:10and that I knew while I was growing up
44:12and and so we've been married now for
44:14about 57 years.
44:16>> Yeah.
44:17It's
44:18a
44:19pretty unique case I would say.
44:21>> Well, many people have been married for
44:2357 years but not usually to the same
44:25woman. So
44:26>> Exactly, yeah. Yeah.
44:27>> So but my as I said my wife has been
44:30very supportive, very understanding and
44:32very good at raising a family.
44:33>> Yeah.
44:34>> So I'm very proud of what she's done and
44:36what she's contributed to to where I am
44:38and and to the company.
44:39>> What's the like eventual goal of of
44:42doing business for you?
44:43>> It's a lifestyle. You know, I enjoy my
44:45work therefore it's not really work.
44:47It's part of my life, my daily life.
44:49>> Mhm.
44:50If it's something that you don't like, I
44:52don't know, accounting, like do you
44:53delegate
44:54>> I tend to hire someone that that's very
44:55good at accounting and they do it.
44:57>> Yeah.
44:57>> And I don't try to be a a master of all
45:00trades. I
45:01like to think that I hire people much
45:03smarter than me to do the things that
45:05I'm not very good at or that I don't
45:07want to do.
45:08>> Yeah. So what's the main like hats that
45:10that entrepreneur should carry or the
45:12owner of the business should carry?
45:14>> I think it's an overall
45:17direction and
45:18a strategy that you have to do and then
45:21as I said I think you can always hire
45:24great people to do a lot of the things
45:26that you're not good at or that you
45:27don't have time for.
45:29>> Yeah. So vision and hiring basically.
45:32Yeah. Not like management.
45:35>> Yeah, management is there too because
45:36you still have to run a company
45:37successfully and profitably to
45:40to
45:42ensure long-term success. So
45:45I
45:46I've always
45:48you know, tried to allocate a lot of a
45:50large part of my time not only to doing
45:52what's good for the business but often
45:53what's good for the community. You know,
45:55we're very much into sustainability.
45:57We're active here with the turtles.
46:00We're active in the north with
46:01elephants. So I think another part of uh
46:03success is uh uh giving back
46:06to society. And I think today uh you
46:08know, when you're first starting a
46:10business, you don't have much time to
46:11think about other things. But as you get
46:13bigger and and become uh
46:16larger, then you can now afford to give
46:18back.
46:19So, I always explain to our our staff
46:22and our team that it's very important
46:24that we're profitable because only if
46:26we're profitable as a company can we
46:28give back.
46:29If we were losing money, I don't think
46:30we would have anything that we could
46:32give back.
46:33>> Yeah.
46:33>> We would be too busy trying to survive.
46:35So, today we've gone beyond survival and
46:37we're now very keen to try to help uh
46:41everyone.
46:41>> What have you understood about the world
46:43and how the world functions and how
46:45people think after you became like a
46:47super super big in your business?
46:49>> I think for me it's people are very much
46:52the same all over the world. You know,
46:54there there's more similarity than
46:55dissimilarity. For example, uh
46:58you know, uh music, almost all
47:00nationalities, all people of the world
47:02like similar music. They like similar
47:05movies, you know, the best-selling movie
47:07at one time was Titanic and you know,
47:08but that was loved all over the world.
47:10Everybody could identify with that.
47:12Cosmetics, you know, uh women love
47:14cosmetics and you know,
47:16uh Europe has always led in the area of
47:18cosmetics, you know, now Asia's becoming
47:20very strong, but it's more of a question
47:22of how much money you have in your
47:23pocket perhaps that makes the difference
47:25between people, but the taste is very
47:27much the same, you know, whether in
47:29fashion, music, film,
47:32uh the arts,
47:33uh people are very similar. Uh
47:35you know, even in communications and you
47:38know, whether TikTok is one of the
47:39greatest mediums, it's a great medium
47:41for everybody.
47:41>> Mhm.
47:42>> So, uh so people are more similar than
47:45dissimilar. Uh
47:46>> [snorts]
47:47>> you know, and uh flavors, you know, uh
47:50Burger King is big all over the world.
47:52Pizza's still a popular food in almost
47:54every country in the world. So, people
47:57are more similar, but what may make the
47:59difference is some people may not have
48:00enough money in their pocket to buy a
48:01pizza. So, so I think money often makes
48:05a the difference
48:07in taste and in development of people.
48:11>> I'm sure you met so many like incredible
48:12people
48:14uh through the years. Who are the most
48:15like fascinating
48:17people that you met?
48:19Maybe you can recall
48:19>> Those probably too many to mention, but
48:22>> business people, politicians,
48:23celebrities, someone that really stick
48:24to your mind.
48:25>> certainly uh the the the king King Rama
48:28the the ninth was uh an extraordinary
48:30person. He was uh the longest-reigning
48:32monarch in the world.
48:34And uh certainly he had a lot of
48:36influence on
48:39all all of Thailand and there was he was
48:41almost like the father of Thailand. He'd
48:42been king for so many years.
48:45>> Yeah.
48:45>> You know, from the time that I came to
48:46Thailand, he was already king and he
48:49only passed a few years ago. Uh
48:51>> [snorts]
48:51>> so uh he was uh
48:54uh
48:54the one one of the very stabilizing
48:57factors of Thailand as it developed.
49:00>> Can you describe his personality or how
49:02he was
49:03>> very much focused on building the
49:05country, the people. Uh he wasn't
49:07focused on
49:09on money or on travel.
49:12He was focused on making sure the crops
49:14would be healthy, that water uh
49:16uh was abundant in the farms, uh that uh
49:20Thailand developed a very sustainable
49:22policy so that it could survive on its
49:24own. You know, we're we're very
49:25fortunate we have gas in the gulf, we
49:27have
49:27>> [clears throat]
49:27>> fish in the in the water, we have rice
49:29on the on land. So, we have a lot of
49:32things that we're blessed by good
49:34weather.
49:34>> If you start from scratch right now,
49:36what like three steps that you would
49:38take?
49:38>> I'd look for a for a void and try to
49:41fill it with a product that will
49:42resonate with everybody. You know,
49:45it's no different than what Mr. Musk did
49:47with the EVs and
49:48uh
49:49so you know, I think today it's all
49:52about finding that void, filling it with
49:54a product that everybody wants, great
49:56service,
49:57and
49:59and [clears throat] if you
50:01do that correctly, you're going to be
50:02rewarded well for your endeavors. And so
50:06uh
50:06>> What are what what are the niches that
50:08you think
50:09>> I think wellness today is a big niche. I
50:11think people want to live longer, they
50:12want to live healthier. So wellness is
50:14certainly a niche. Uh
50:16Tourism is is one of the biggest
50:18industries in the world. It's been
50:19around forever and it will probably
50:21remain around forever, whether we're
50:23talking about tourism in Asia or we're
50:25talking about tourism to the moon. So I
50:27I think tourism is always going to be
50:29here. Food, people are always going to
50:31have to eat, you know, so I think food
50:33is another industry that's
50:35constantly evolving, constantly
50:37changing. New foods come along, new
50:39concepts come along. So the businesses
50:41that we're in are very basic and they're
50:43very low entry points. You don't need a
50:45lot of capital to start restaurants.
50:47People start them every day. And some
50:50grow into big enterprises. Uh
50:52And some remain small.
50:54>> Yeah.
50:55>> Uh but the the opportunities are all
50:56there in wellness, tourism, food.
50:59>> Yeah. Like very big markets, big big big
51:02niches.
51:02>> Yes, absolutely.
51:03>> Do you believe in more, I guess, in the
51:05model of like bootstrapping, like
51:06step-by-step growing, being more stable,
51:09growing your wealth compared to
51:10investment model?
51:11>> Well, I think, you know, for me
51:13bootstrapping also means not biting off
51:15more than you can chew. So you know,
51:17when we did our first acquisition
51:19abroad, it was very small one in
51:21Australia for Oaks
51:24Resorts and service apartments. And that
51:27was maybe a hundred million dollars.
51:29And then we did another bigger
51:31acquisition in
51:32Portugal,
51:33>> Yeah.
51:34>> which was
51:36the Tivoli Hotels, which was maybe three
51:39hundred million or four hundred million.
51:40And then we did the big one, which was
51:42NH. So we did step-by-step. We started
51:45with one brand and one restaurant. And
51:47then today we have, you know, our pizza
51:49company, we have 500 pizza companies,
51:52you know, we've got
51:53500
51:55Swensons and Dairy Queens, but it all
51:57started with one. So, you've got to go
51:59step by step. I never had a big vision
52:01that this was that it was going to be a
52:04a big hotel. No, we started with one
52:06hotel, and then we went to the second
52:07hotel, and then a third hotel, and then,
52:10you know, when you make an acquisition,
52:11you jump, you know, 10 or 12 hotels, and
52:13it just kept growing. Um, but you have
52:15to go step by step. If you bite off more
52:17than you can chew, or you try to grow
52:18faster than is
52:21possible or economical, then you can
52:23sometimes get into trouble. Overextend
52:25yourself,
52:26over
52:27expose yourself to financial risk,
52:31and so, and you can even overexpose
52:33yourself to not have enough good people
52:35around you. You have to develop people.
52:37You have to That takes time to develop
52:39great teams and great support.
52:42So, so you have to go step by step.
52:45>> But, do you have to dream big at the at
52:47the same time? On
52:49>> I think you have to dream step by step.
52:51You know, I always think of it sort of
52:53like building a wall, and you start with
52:55one brick, and you keep building and
52:56adding bricks, and before you know it,
52:58you stand back, and you have a big wall.
53:00But, if you try to visualize the wall
53:02first, sometimes it looks impossible.
53:05Look at the Great Wall of China. Could
53:06anybody envisage that you could do that?
53:09But, it all started with one brick.
53:11>> That's
53:12not like some people. Some people say
53:14that you need to dream big from the
53:16beginning to like aim for like
53:18billion-dollar company from the
53:19>> You know, I I do believe that you have
53:21to dream big. I always say that if you
53:24reach for the stars, you're not going to
53:26come up with a handful of mud. So, you
53:28do have to dream big, but don't
53:30overdream. I think you can set
53:32expectations too high, and then even
53:35individuals have difficulty to reach it,
53:37and then then you become
53:40uh,
53:41or, you know, not able to keep your
53:44thing. But if you go step by step, then
53:46you're always able to achieve that step
53:48and then the next step and then the one
53:50after that.
53:51>> Yeah.
53:51>> So, and then suddenly you you wake up
53:53and you realize that you built a
53:56a big organization or a a big company.
53:58>> What's the big biggest principles in
54:00your life that you developed through the
54:02years? Maybe something that you pass to
54:03your children or to your grandchildren.
54:06>> I think the fact that nothing comes
54:07easy. I think you've got to work for
54:09things. You've got to constantly learn.
54:11We're all students of the world, you
54:12know. So, if you close your mind to
54:14learning, then you're you're not going
54:16to be successful. So, so it's a
54:19continuous learning experience, life.
54:22You learn so much every day. So, so I've
54:25tried to keep their minds open and stay
54:27humble. I think there's something about
54:30you know, not taking everything for
54:33granted
54:35and
54:36enjoying the journey.
54:38>> You are 76.
54:40>> Yes, I am.
54:41>> 76. How does it feel to be 76?
54:43>> Uh,
54:45I guess I would like to be 40 years
54:47younger with everything that I know
54:49today. But no, I I enjoy my life. I
54:53would like to believe I don't feel very
54:55different than I did 40 years ago.
54:58So,
54:59I'm trying to enjoy my life. I'm trying
55:01to extend it as long as possible and I'd
55:04like to make as big a contribution to
55:06the world as I can.
55:08>> Yeah.
55:09If you could give up your
55:12wealth and become 40 years younger,
55:16would you do it?
55:17>> Yes, I probably would. I I guess to me
55:21wealth can always be re-accumulated or
55:25found again. But
55:28years and youth not so easy to get back.
55:32>> Yeah.
55:32>> Money is we've seen that come and go
55:34over the years many times.
55:36>> Yeah. Do you have any regrets in life?
55:38>> No, none whatsoever. I have enjoyed my
55:40life, every part of it, the good and the
55:42bad.
55:43>> Yeah.
55:43>> And uh it's all about learning and and
55:45developing.
55:46>> What's the meaning of life for you?
55:47>> I think uh
55:49trying not to hurt people as you go
55:52through life. I think uh
55:54uh try to help people, try to be a leave
55:57the world a better place than when you
55:59entered it. So uh so those are some of
56:02the simple goals that you you want to
56:04achieve uh
56:05no matter who you are and what you are.

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