Breaking News on Inflation & David Meltzer on Making Millions and Working with the Real-Life Jerry Maguire

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3:15Hey, everybody. It's me, the Einstein Wall Street from the floor of the New York Stock Exchange. Ladies and gentlemen, I'm going to be your temporary host sitting in for Nicole Lappin of Money Rehab as she is on maternity leave. We're going to be doing episode after episode every day of what the heck's going on, giving you a forensic breakdown of what's happening into the market as we end 2024. And stay tuned for some of the best interviews I've done since the beginning of this show in 2024 in food, in fashion, in finance and fun. We'll be seeing a lot of you, so stay tuned. three, two, one. Hey everybody, it's me, the Einstein of Wall Street.

3:54We are here with Trade Like Einstein. I am Peter Tuchman, and we're here on the floor of the New York Stock Exchange in the balcony. History is made in this building every single day. Somebody with my long-term experience, I've been here for 137 years, it is my responsibility to help teach you how to navigate this market successfully. Boom! Hey everybody, it's me, the Einstein of Wall Street from the floor of the New York Stock Exchange. What a spectacular day for the last two days. right let's let's go over it man let's forensically break this down because it is so significant friday we hit record highs okay record highs due to the on it we've been a little bit flat for a couple maybe a week and change right i told you that eight out of eight times in the presidential cycle right we used to have a market rallied into the election and then we had a little bit of a follow-through on the election then we had the market pull back until november 21st 22nd when we started revving up towards the november black monday black thursday black friday you know big Thanksgiving sales.

4:48And so we followed that thing for the ninth time. And then what you end up seeing is Santa Claus comes. The market tends to flatten out as it kind of gets its bearings for the end of the year. And then Santa Claus comes to town and we have a rally into the end of the year. Well, nine out of nine, it's happened once again. Market rallied beautifully coming into the election. Nice rollover the first two days, three days after the election. We had to look up 1 ,200 points after the election and we had deferred the next couple of days. That was sort of a relief rally. And then we had probably a couple of days of a Trump rally, right?

5:21And then the market sort of flattened out and pulled back for a couple of weeks trying to get bearings, all things waiting for the unemployment numbers and the payroll numbers that came in last week. And they really, they do not disappoint, right? The numbers came in on Friday. They were good. Not great enough to take the interest rate cut at the next Fed meeting off the table, but good enough to make the market rally into record highs on Friday across the board, right? So just a few days ago, we were at record highs. Then we had Monday and Tuesday. Markets started to pull back. The reason market pulled back on Monday was all about NVIDIA.

5:55NVIDIA was being accused of some monopoly, right, trying to take over and corner the market in AI, I guess. And so that kind of took down the whole market with it. We know that happens very often. Seen it with Walmart, seen it with Tesla, seen it with NVIDIA. when a individual stock which carries so much weight in an index and just in the psychology of of the marketplace right there's some stocks that everybody gets that they've gotten their attention and when they do that everyone throws the baby out with the bathwater right and that and so the market tends to get flushed out with it well that's happened on monday right an attack on nvidia around the monopoly question on monday and so the whole market kind of fell out of bed when those days happen i always say to people look if nothing's fundamentally changed let's take that stock out of the equation and not really overreact.

6:42And those are the days where the opportunities lie. If the market sells off around one stock, but we've got everything else getting dumped with it, and you didn't want to pay top dollar for the names you've been looking at stocks where you like the people, the process, the product, and the profitability, right? The four Ps, then go after those names on those days, right? Because nothing has fundamentally changed. Find an opportunity and scoop stocks at a discount of five or ten dollars that you didn't want to pay top dollar for when the market has these little bit of postbacks. Monday, Tuesday, I said it to you.

7:14If you go back to the videotape, right, like Warner Wolf back in the day, I said, don't get excited about these days. We're off 150 on the Dow, 25 on the S &P. It's nothing, nothing to be worried about. I believe that we're going to have some numbers coming in on Wednesday, Thursday, and Friday, and I believe they're going to be good. So hold your ground. And if you listen to me, and I'm not your financial advisor, right? Disclaimer, disclaimer, disclaimer. But it turned out to be right. CPI came in this morning, right? Looking for 3.3, came in at 3.3, did not disappoint. Expectations were delivered and the market rallied.

7:53And then we've just had, you know, it was probably a bit of a short cover. We opened up about 25 handles. We ended up closing up 55 handles, right? A spectacular rally. Beautiful, beautiful, solid rally. Today was the first time in history Once again, that NASDAQ closed above 20 ,000. That is a huge landmark. Some people say the Dow is no big deal, 40 ,000, 50 ,000, whatever it may be. But NASDAQ closing above 25 ,000, 20 ,000 is significant. Amazon, Google, Meta, Netflix, all closed at record highs. Not 52-week highs, record highs today. And that's what took the NASDAQ to a 20 ,000 point close.

8:34We closed at 20 ,032. That is huge. So not only have we had 54 record highs across the board in the markets, not only have we are trading at a record high in the Dow, not only have we taken the S &P to 61, just almost 6 ,100, but now we have taken, and the Russell trading at record highs, but we've taken the NASDAQ, the great tech sector of all time, to a close above 20 ,000, first time in history. That's all I got to say about that. Ladies and gentlemen, it is beautiful to be with you. Trade like Einstein, Money News Network. I love it. I love it. I love it. You've got to be in it to win it. Check it out.

9:11Have a great holiday. I love you. Hold on to your wallets. Money Rehab will be right back. And now for some more Money Rehab.

9:27Hey, everybody. Now that we've done the wrap up on what the heck's going on, episode 9487. Please stay tuned for one of my favorite interviews of the year from 2024. It's coming right at you. Hi, everybody. It's me, Beyond Senator Wall Street from the balcony here at the New York Stock Exchange. Ladies and gentlemen, I have interviewed millions of people all over the world in finance, in fashion, in every puzzle genre and sector in this world. But rarely have I ever had anybody who is as meaningful in my life than this gentleman here. I always get emotional about it. So it's important for you guys to know that this is David Meltzer, one of the most powerful people in social media, in life, in joy, in kindness, in literally everything.

10:16So when I was, you may not know this, but in March 15th of 2020, I got COVID. I was like patient zero. And soon after that, I ended up getting meningitis and I was given like, I don't know, two weeks to live or something. kind of crazy like that. And, you know, as God does his amazing work and social media does the rest, I was sitting at home in bed and my Instagram pops up and there's a feed and it says, you should probably get to know this person. And it was an interview of David with someone else. And I watched it and it was one of David's unbelievable, inspirational, motivational videos that he does.

10:59And it just kind of clicked and connected to me. And I reached out to him and said, I don't know if you know who I am. And he said, yes, I do. And we got on a phone call immediately. I didn't even know that you could kind of do that on social media. And we ended up forging a relationship and we've been friends ever since. And so that for me is like one of those godly God moments, right? A God shot in every possible way, like God interrupting my death. So anyway, David Meltzer is an extraordinary human being in so many ways. He's had an amazing journey. We share so many different things in common in our messaging and the story that we love to tell the world, which is all about success and failure.

11:43How very often we learn much more from failure than success. And we've had our own share of plenty of that share of that in our lives. And so, look, I think it's important for you all before or after this interview to go read up on David Meltzer, find out more of his story, because I can't tell the whole thing here in this short interview. But it's super important for you to know everything in the nooks and crannies of where he came from, his journey, what it was like, what happened in his life and what it is like now, because it's extraordinary. If any of you are struggling or any of you are looking for really the big, brighter picture in life, this gentleman will help you get through that and share with you every bit of inspiration and motivation that you need.

12:28I am honored to have you here on The Stocking Shades. Thanks for coming. Look, you've done millions of interviews. You've interviewed lots of people. And, you know, there are some everybody, you know, has heard about some of your biggest, biggest failures and biggest successes and whatnot. there are parts of the story that I've never heard. And so I really wanted, first of all, I'm honored. Thank you. Thank you for having me. Yeah. We should be honored. I'm an Einstein fan in so many different ways, but the Einstein of Wall Street's even better than the Einstein of Princeton. Exactly. Yeah, yeah, true.

12:59I hope so. Look, I'm picking up where he left off in so many ways. So, and look, I'm not that smart. I know I look like him. Trust me, I'm not that smart. But anyway, so let's go back. Describe to me the 20-year-old David Meltzer. 20-year-old David Meltzer. I get choked up thinking about it. Wanted to be rich. That's it. So I'm in a good place here. Because I think a lot of young 20-year-olds that were around stock exchange, that's why they were here. They thought money would buy him happiness, love. And for me, I wanted to buy my mom a house. I grew up single mother. But a couple of saps we are.

13:39That's okay. But everything in my head, my identity was about what my bank account was going to be. And I was in college, playing sports in college, but wanting to figure out how I was going to make the most money with my life to take care of it. Was that a function of your relationship with your dad growing up and stuff like that? My dad left. So I had six kids in a two-bedroom apartment, my mom working two jobs. She literally would pack our dinner in a paper bag and then fill up turnstiles at communion stores with greeting cards so we could eat. But education was super important to my mom. My siblings all went to the Ivy League, stayed very well, I was blessed.

14:20But I just wanted to make a lot of money. My entire identity was around money, and that carried through until about my 30s. And so it really was a significant thing. My nickname in college was Money Money. The first touchdown I scored in college, I flipped the ball to my coach and I said, Money Money. I think maybe everything was about money. Okay. So from college, you graduated college. What was it like? What, how did that go from there to you working at Sports One Market? Sure. Well, I wanted, my mom had a saying, like probably your mom did it as doctor, lawyer, or failure. So I knew I didn't want to be a doctor.

14:58I hated hospitals. So I did my research. My oldest brother gave me this great piece of advice, which I say all the time, be more interested than interesting. So when I wanted to be rich, I did my research on law schools to find out what type of lawyer makes the most money. I didn't care what kind of lawyer. Oil and gas litigators made the most money. Tulane University had the leading automotive law program. That's where I went. That's where I graduated. And ironically, when you want to make the most money, you don't care what you do. So I was always, even though I got an oil and gas litigation job back in 1992 for$150 ,000 a year, plus a lot of money.

15:36I took a sales job in legal research online from West Publishing for a$250 ,000 comp plan to sell. They have a multiple stream of revenue. Even though my mom said they didn't know it was a fad, don't do it, 1992. So I ended up selling in nine months out of law school. I gave my heart and sold everything to selling. I was a millionaire nine months out of law school. The internet wasn't a fad. We exited the Thompson Reuters in 95 for$3.4 billion, which was a huge exit. Set my career in a different trajectory. I went up to the Silicon Valley, really curious about branding myself as a technology guru.

16:14And so I learned to raise money on Sand Hill Road, which was a superpower, still is a superpower. I do it mostly for charities now, but I raise a lot of money. And I learned how to do that in my 20s on San Diego during the Internet boom. By 99, I was CEO of Samsung's. Since Samsung's phone division, the first Windows device, it was a convergence device, not a smartphone. They ended up being smartphones, they called them. But ironically, you talked about the universe saving your life. The reason I got hired by Lee Steinberg, the famous sports agent, Terry McGuire, was not because I was a frustrated athlete who was a Jewish lawyer, which there was thousands of us that wanted to work at least iber yeah it was because i had two things that no one else had i i had a technology background at the highest level as a senior early on early on at the beginning of technology yeah so and i also was a venture guy i knew how to raise money and so lee saw the future of sports in venture in technology not representation he was a visionary which made him least iber so that's why i got hired in 48 hours after meeting least because I was what he was looking for.

17:25And he would always say, the universe brought you to me, where I met Warren Moon, the Hall of Fame quarterback. Ironically, a hero of mine since 1978, when on the radio I listened to him as the first black quarterback to be the MVP of the Rose Bowl and literally beat Michigan. I'm a Ohio State fan, so I loved him. And he ended up being my business partner in sports world marketing. And we never hear that part of your story. We always hear about the fast track to when you had everything and then you lost everything. But what's important for people to notice, because I didn't know that about you and what it's clear, you just told us at what point it was early on.

18:05You know, some people like, you know, are born like alcoholics. Some people are born with some good things and assets. Some are born with liabilities. It sounds to me like those qualities that have made you who you are now and have participated and been the components to your success and failure were in you at such a young age. It was forged by trauma. It was forged by discontent and watching your mom. Because that idea, I think my superpower is, Bob Parsons said it best to me. He's the founder of GoDaddy. He exited for$4 billion himself. he said if you can learn to love what you do and I rolled my eyes in the interview I'm like you'll have a work a day but he didn't say that he said if you can learn to love what you do and learn to love what you don't love and don't like and you can learn to love what other people don't love and what they don't like and you do it consistently every day enjoy and you do it without quitting it will tell you all its secrets.

19:07And that is... So from enjoying. Yeah, learning to enjoy what people don't like. So I remember sitting in second year of law school at Tulane on my bed. My oldest brother passed a way of AIDS. He was a doctor. I had law loans that I didn't know how to go pay back. There was a recession in 1991, 92. And I sat on the edge of my bed and I told God, said, do you allow me to pay off my law loans and buy them on my house? I was shoveled shit with my hands, 12 hours a day, six days a week in gratitude. Like a little elf. Not right now. It's not a pre quo quo. It was for gratitude. Right? Right. Yeah.

19:46And every day since then, everything was better than what I was willing to do to buy my mom a house. And still everything I get to do, I still have that baseline that I am willing to do that and enjoy. I have figured out how to learn to love some of the most awful times, most awful things in my life, to find the life, the love and lessons in it. And I am a student of gratitude and of forgiveness. And I think those two things raise our awareness of what we're given. See, here on the side of the change, there's a bunch of people who believe the more you give, the more you receive. Right. I believe that.

20:22Yeah. But you know what they don't teach you? It's really the more you give, the more you're given. so let's elevate our awareness through gratitude and forgiveness of what we're given even when we're dying on our bed you were looking for what you were given not for to receive anything you were just looking when we do that then we have to work on something that you need to work on it's receiving because people go oh it's okay I feel bad you've helped them teaching me that because that's what creates the value add room if you really believe that there's more than enough of everything for everyone abundance yeah so here's how i believe i give everything i have i'm going to be given more i'm going to receive more i'm going to ask for more than more from people who have it then i have more than more and i'm giving more than more to give it given more than more to receive more than more to ask for more than more you see i end up with more than more than more of everything where everyone else ends up in a zero sum game because you and other people that i've met like you that are beautiful my first responders just generous kind people they give 100 but But then they only, oh, you know what?

21:27I only take 98 % because that's enough for me. Well, your new 100 % becomes 98%. It's a zero sum game. You end up at zero sooner or later. You know what? It relates to so much. One of my biggest messages to young people when I talk about the stock market is investing in stocks and not stock. We are like the most, the largest consumer generation probably in history. We want what we want when we want it. I always have joked, and I do it myself. I see something on Instagram that I want. I'll go to buy it and then it will offer me it may be a$19 item and then it will say well if you want it if you want it delivered yesterday you can pay$25 to have it gotten there quicker so I'm paying more to have what I want when I want it for the thing that it would have no value and but you're what you're describing that that we are really we we don't really think of the value of time first of all something we'll never get back and and also to think about that we are we are buying things we We need things.

22:25We think we need things. And there's just want and need. And what that equation gives us at the end, which is getting things at the minute we own them, they actually start to lose value. And so that's a mindset that I try and teach people that let's say you have the iPhone 12 and there's nothing wrong with it. But the iPhone 13 just came out and I need it. I want it. I have to have it. And that urge, as we know, also urges on it. Walk around the block, have some chocolate. You won't urge it. You won't need that thing as much. And think about it. If you don't buy that iPhone 13, but you buy three shares of Apple stock, suddenly you're going to be walking around, not with the flashiest phone, but you're going to be able to show people that you actually, the possibility that you bought something, that the minute you bought it has the potential to go up in value and all that.

23:13So, look, every minute with you is just so exciting for me. I wanted to know, when you went up to your interview with Mr. Steinberg, Was it like, did everybody tell you you couldn't do it? You're crazy. Don't go up there. He's going to send you away. You know, I'm confronted by young people who will always say to me, oh, I can't go talk to them. I can't knock on that CEO's door. I'm not good enough for that. That whole self-esteem thing that people are afraid. And I always go, there is no door. What's going to happen? The worst thing that will happen is, I'm sorry, there's no spot for you right now.

23:45Good luck and have a nice day. Right? There's no door that you can't go knock on. Did everybody tell you, you can't do that? For sure. I actually went even, I wasn't looking for a job and he wasn't hiring. I went to go help him. I had a friend that, you know, they were having difficulty with Magic Johnson in a reality show for Showtime. And I just volunteered because I wanted to meet him. And they're like, my wife was extremely concerned. She's like, why are you wasting your day going up to help this guy with his show and talk to Lee Steinberg? I said, because I can actually help Lee Steinberg.

24:17And I know when I help people. You see, my main objective is, would it help you if, or do you know anyone that could help me? This is what I asked. This is how it is. I want to add value. And so, sure enough, I didn't know everything going on with Lee at the time, but he had never met anyone like me, he said. Because I came in unconditionally. Hey, he asked why I was there. I said, well, this guy's my friend who told me he's having a difficult time getting the deal done with you. I told him I thought I could help him. He thought it was a good idea that I just joined the meeting. He said, that's really nice.

24:46And then he said, tell me a little bit about you. And that is headed off. I want to get to that point because you talked about buying things you don't need for instant gratification. Also, people buy things. And this is a huge void that you don't need to impress people you don't like. There's a big void, right, between I am and this is what I want people to think I am. And things are so easily accessible to allow people to think we're something we're not. And I think what you stand out on social media to me, and I try to do the same thing, is that people will meet you and say, oh my gosh, you're exactly the same.

25:22I'm not standing in front of shit I don't own. I'm around amazing people, but I'm not posting pictures all day. I'm just posting words that I know would have helped me when I was 20 years old. And look, the worst thing that can happen is you're going to learn something. It's not even you get a no. I am a big asker. I still ask. People ask me, how the hell did you lose over$100 million? I never ask for help. if I just want to come to you and I sincerely mean this that at the time that I was worth over $100 million, if I would come walk in here and said, I heard of this guy who's the oldest broker on the floor can I talk to him, I have a few questions and just say, here, I have all this money, here's how right now I'm investing it, what should I do?

26:07I promise you I'd be the one donating a billion dollars to Einstein's Medical School right now right now in my 50s Now I'm going to get there now because I have your help. But I know that's true. I just never asked someone for help. You'd be willing to help me. You wouldn't throw me out. 100%. And I want to go back to what happened when you lost everything and had to reinvent yourself. But also, you're known on the street. People know who you are. You have embarked on this amazing journey. Everybody go read about this because there'll never be enough time. That you've decided that your lifelong goal is to make one billion people, one person at a time, happy.