Kevin O'Leary's Crypto U-Turn, Data Center Lawsuits, and the $28 Sandwich Rematch

10:03Kevin O'Leary:I like that because I would like to spend, you know, the analogy for me is I invest in so many things why not invest in myself like why not put a lot of dough into me which I think is I don't mean watches I mean staying healthy that's it so I'm I don't think I've ever felt better than I feel now and a lot of that has to do with sleep management I think people don't get enough sleep it matters how many hours are you sleeping seven hours and 20 minutes a night not every night obviously but i have a system that says there's a deficit of 40 minutes make it up i'm really anal about this stuff and you know it's and the only negative the oh i don't take drugs i don't smoke i work out i eat very well is wine it's my only problem do you also invest in wine as an alt

10:59Nicole Lapin:because you've been out there too you mentioned like some controversial investments not the the boo-boos anymore so we're bearish on the boo-boos but we're bullish on collectibles well

11:08Kevin O'Leary:we have to get into data centers soon that's the big change for me all right let's fight about it

11:11Nicole Lapin:we have a we have an agenda of good so good let's go you want to talk about controversy you know how many lawsuits i've been hit with for just data i've been seeing yeah unbelievable and so i don't know what you can talk about there but well the latest you know it's crazy in the same time that

11:28Kevin O'Leary:One was filed against me. Another one, I won in North Dakota, which is now public. I think they went after me for$100 million.

11:37Nicole Lapin:So clarify what happened. So the one that was against you in Utah. Let's say lawsuits. Let's zoom out.

11:42Kevin O'Leary:Let's talk about, because I have many lawsuits, but I'm just saying generically. Let's start at 30 ,000 feet to talk about the society we live in and the role of litigation in business and investing. That's the best way to start.

11:54Nicole Lapin:So it almost sounds like you're using it as a badge of honor, the fact that you have so many lawsuits.

11:57Kevin O'Leary:No, I don't. I don't want litigation. But what I've realized is I'm a target. People say, oh, I'm going to, here's a classic lawsuit. Just sued you for$100 million, but if you settle with me by midnight tomorrow, I'll walk away for$250 ,000. There was a time when I would do that. Not anymore, because that just invited more of that behavior. Now, here's my new mode of operation, because this has been going on for years. okay, I sued you for, the one in North Dakota was for fraud. You're a fraudster and I'm suing you for$100 million. After going through the whole process, the judge threw it out, said the claims were frivolous and had no merit and just false.

12:46Kevin O'Leary:But that's not where the journey ends for me. The case is over, but the journey's just started. because I want to know who were those people? Who paid them to do that? How did that happen? I've never talked to them. Their journey is just starting with me now. And the reason I have to do that is I have to show others that are considering doing the same thing, what that journey looks like and what it costs. It ain't free. Because you can start with a contingency lawyer that's probably, I don't know yet, we're going to find out through the whole discovery, that said, look, let's just sue O 'Leary for$100 million.

13:29Kevin O'Leary:I can probably get a million out of him. I'll keep 30%.

13:32Nicole Lapin:Yeah, but they're using the contingency. You're not. So how much are you spending on this?

13:36Kevin O'Leary:I have to hire a real lawyer and pay them a lot of money, hundreds of thousands of dollars just on that journey itself, just to get to court.

13:47Nicole Lapin:Do you know what the bill is?

13:49Kevin O'Leary:Don't know. I just got this ruling yesterday. I have to wait and see. But now the journey begins for them because they ain't seen nothing yet. And it's so important that I do that for them, but mostly to show others this is the cost of bringing a frivolous, baseless claim. This is what it costs. Because in America, if you use a contingency lawyer, it doesn't cost you anything. And that's a problem with our system. In England, if you lose, you pay the other side's fees.

14:24Nicole Lapin:And the other person has to respond.

14:25Kevin O'Leary:Yes. So these cases, of which there are multiple cases, they all have a start, the trial ends, and the other journey begins.

14:38Nicole Lapin:So you're giving the message, we don't negotiate with terrorists.

14:42Kevin O'Leary:No, I can't. I tried.

14:44Nicole Lapin:Do you have a budget? Do you have a limit? I have an unlimited budget.

14:47Kevin O'Leary:I have an unlimited budget because every claim is always$100 million or$1 billion or$5 billion. The FTX litigation, which I was just one person in, that was$5.2 billion. That's a lot of money. So they just keep – nobody sues you for$10. So we're in a very – my point is at the 30 ,000-foot level, we're in a very litigious society. and people use it as a tool, a weapon in business. And I understand it and I appreciate it and I respect it. And I now play that game in a different way because now I understand how it works. That's my answer. That was a long answer.

15:32Nicole Lapin:I mean, some of what's been going on with the data centers, we need data centers. I was an early investor in SpaceX. I'm on your team we need to get more we need them in America I think we can agree on that my concern is that some of this rhetoric that's been going on specifically about the Utah case calling names and the rest of it is not you know Kevin not great for our cause because you're giving the opposition an ad of of what you're saying about them to use against this really important cause.

16:12Kevin O'Leary:Yeah, but, and you brought up a good point earlier, that's an active complaint, so no, I'm not going to talk about it, it's going, it's starting its journey now. However, I will say on a categorical basis, I agree with Senator Cotton on the investigation he asked the DOJ to start, and allegedly has started, about the Singham Network. I agree with the president's comments last week about foreign entities interfering using we have freedom of speech in America we can go out there and put stuff out there because we believe that we have the right to do that but our adversaries know that too you couldn't do some of the things that happen in America and China you'd be gone they control that we don't do it the same way so if If you're an adversary and you want to have influence on any sector, I think the sector that is more interesting to look at is not data centers.

17:15It's power because you can't have a data center without power.

17:19Kevin O'Leary:And if I look at what happened in the last two years in China, which I think is our adversary, would you agree with me on that?

17:25Nicole Lapin:Yeah, but what I'm saying is that we don't want to be adversarial against different states. You know, Maine has put a moratorium on data centers. I think Missouri, a town in Missouri is also against it. People, it's a not in my backyard situation.

17:40Kevin O'Leary:But why is that? Let's ask ourselves. You tell me. Okay, so where did this claim come from that data centers use up so much water that it's like the entire water table of a state is going to go down 10 feet? All these ridiculous claims. Do you know what uses more water than many data centers? A golf course. why aren't we shutting all the golf courses down if you really are worried about water in any state look at how much water a golf course uses because the modern day data center today does not use water like the ones from 20 years ago so now we have a closed loop like your car radiator you use the same water to cool the chips so you're not using more water than that and the turbines that used to use a lot of water now in many cases air cooled or a combination of water and air or battery and solar and turbines and in some cases wind.

18:36Kevin O'Leary:So everybody's got the same problem but the idea that it's going to create massive amounts of heat, massive amounts of light, massive amounts of noise, huge drain on water. Where did all that come from? Who said that in Michigan or in Virginia where all these claims and all this litigate, everybody that's building power, it seems, gets sued.

19:03Nicole Lapin:Look, we need more power, period, the end. We need it from the land, from the sea, from space. We need it everywhere. But I want us to win as the U.S. And so isn't it better to join forces against foreign adversaries versus doing more infighting? Well, there you and I agree on.

19:24Kevin O'Leary:The only way this is going to get resolved, and I think Senator Cotton has started this narrative. All of these claims, all of these claims in all of these states and all of this misinformation cost money. And what he's doing, and I totally agree with him, is let's discover. If you bring a claim in Michigan, you bring a lawsuit, you open yourself up for discovery. And in discovery, you find out who's paying for what. That's the nature. So all he's saying is, let's dig in. Let's lean in and find out where is all the capital coming from that pays for all of this. Because it costs money. And I think if you and I talk again in 12 months, maybe 14, 18, I don't know how long it's going to take.

20:19Kevin O'Leary:We're going to find out.

20:20Nicole Lapin:What you're saying, I think, if I can read between the lines, and I'll say this, not you. if you do a financial colonoscopy essentially which is what discovery is and follow the money trail and see where the money is coming that perhaps some of your claims that you've alluded

20:34Kevin O'Leary:to i'm not talking about utah i haven't said anything about utah about that some of it might

20:38Nicole Lapin:be coming money might could be coming from china or other places but i'm saying that on aggregate

20:44Kevin O'Leary:nationally not just for power or data centers for elections which are coming up who funds all this stuff is the question. And so I think there should be total transparency on where the money comes from. I always say for everything that's, you know, that requires capital to move the needle, be transparent.

21:07Nicole Lapin:Listen, you want to get to the heart of any story, follow the money trail. Yeah, that's my point.

21:10Kevin O'Leary:I think that's a reasonable assumption. I think that's the right thing to do. I don't know what's going to happen in any one state over another. But, you know, do I find myself as one of the 15 groups that develop data centers under tremendous scrutiny? Yeah, I do. I mean, it's not, listen, I'm building in Alberta. I've got one in Norway. I've got one in Finland. I don't see people picketing in Norway. They try and bring those jobs there. They want them. Those are successful up and running power and data center facilities.

21:43Nicole Lapin:OK, now that we're taking a pulse check on all things power, we have to get help me untangle your thoughts on crypto lately, because at first you own 27 coins. Then you say it's going to 150 for Bitcoin. Then you say poo poo on the poo poo coins. Where do you stand now, Kevin?

22:07Kevin O'Leary:Well, I'm glad you brought it up because when things change, I change my strategy. So what has changed since the last time you and I talked about this? Let's just go through the list. October last year, third week, let's take a snapshot of what occurred. There was a lot of optimism that the Genius Act had just passed, which made stable coins legal, and they're now being used for legal tender. USDC, Tether, all that stuff. They're being used all around the world. And it's backed by a security, usually the Treasury bill, less than 92-day duration. That's a known thing. And it's been adopted and it's being adopted.

22:48Kevin O'Leary:What was assumed is right after that bill, the Clarity Act or the Infrastructure Act that it was called back then, which would finally make a determination about what is Bitcoin, a commodity or a security? What is it? let's let's rule on it make a decision and then decide which regulator is going to oversee the

23:07Nicole Lapin:policy they did that in march essentially calling it a commodity yeah not codified but the act has

23:13Kevin O'Leary:still been stalled the the clarity act it's right now in front of lawmakers as you and i speak and there's a lot of hope that this time it's going to pass with a lot of regulation in it for example not allowing interest on stable coins but a bank can pay you interest on cash seems a little unfair so they've got to work all that out not allowing a president to any president to profit on the trade of of coins is also being contemplated in that act and other things but mostly what the most important thing is is that it would make it easy for an institution to say well my compliance department has now seen its law and now i can own three percent weighting in crypto back then i had 27 positions you're right here's what happened all these institutions big ones the sovereign wealth fund started doing their analysis for because i remember there was a conference the canter conference that was going on in florida at the time and i i spoke there along with many others about this situation.

24:18Kevin O'Leary:It wasn't even a dilemma. If you do the analysis, and this is the part that nobody did, the whole crypto industry was saying, you got to own this, you got to own that. You need a little bit of this, you need a little bit of that. You know, that whole thing, like which blockchain yada, woof, woof, woof, woof was going to make it. Some young analyst, I don't know who, said, hey boss, I don't know anything about crypto, but you asked me what positions we have to put on to get exposure to the market. And he said, you only need two. You get 97 % of the volatility, the entire market with Bitcoin and Ethereum.

24:56Kevin O'Leary:The rest are poo-poo. And he was right. And all the poo-poo coins collapsed. They lost some of them, 90 % of their value. A total, it was diarrhea on crypto. So it was all over the floor and everybody out there trying to tell their story about their poo-poo coin went, what happened to my poo-poo coin? And at the same time that was happening, you asked me for the answer. I'm giving it to you, okay? The concern that AI was going to change enterprise software development. Do you remember that? When all of a sudden the software company started correcting in multiples because people were using Claude to write code.

25:42Kevin O'Leary:so if you're writing code to make a blockchain and you think that has a lot of value

25:53Nicole Lapin:that became into question so you then became obsessed with bitcoin and ethereum as the only

25:59Kevin O'Leary:i didn't get obsessed i simply sold all the poopoo and i sold the poopoo i was very lucky some of the poopoo before it went to technically zero i mean it's trading for what it's all worthless now I got out of and I took it and I just bought three things USDC Bitcoin BT you know Bitcoin and Ethereum and those came back somewhat 50 % retracement but the rest of the diarrhea poo-poo you're screwed but as infomercials there's more at the same time the concept of quantum computing emerged at the it's and which is horrible for bitcoin or anything to do with digital security because what they're saying now is we're instead of 15 years away from quant breaking any algorithm q day as it's called could be around the corner what that means nobody knows but that scared off i'm in my estimate about 10 of sovereign wealth to say you know this bitcoin stuff forget it like I'm just not going to get my head.

27:05Kevin O'Leary:Why am I going to take that risk if Q day is coming? So you had all of these things happening at the same time and crypto got slaughtered. Yeah.

27:14Nicole Lapin:Bitcoin's down 44%. Year to day, the markets of 18%.

27:19Kevin O'Leary:But if I'm an institution, I don't need anything. The numbers don't lie. You just go back and look at the numbers. Look at 18 months worth of all closing prices or any price you want. There's no closing price on Bitcoin. But the point is just look at the data. it's sobering. It says you only need to own Bitcoin. Some people say, I don't even need to own Ethereum. Why? I just need Bitcoin. If I want to be in crypto, that's it. And so I think now the more interesting investment would be to figure out, you know, which blockchain becomes the standard for inventory and contract management in the S &P 500.

27:58Kevin O'Leary:I don't know which one's going to, that would be an interesting enterprise software investment. I don't know. You don't know. Nobody knows because you can't find a single blockchain that's standard across all 11 sectors.

28:09Nicole Lapin:Well, figure is trying to figure that out. Everybody's trying to figure it out. As like the picks and shovels, so to speak, of blockchain.

28:17Kevin O'Leary:Exactly. But if it's just enterprise software, yeah, it'll trade at a 12 multiple, 15 multiple. So what? It's all the excitement of what crypto was going to be and the alternative banking system and all that hype, it seems like a labubu will go. It's just another labubu. And I'm not against crypto. I'm a big believer in digital payment systems, USDC. But it was just one of those NFT moments. And now as we sit here, a year older, I think it was a year you and I were sitting here, a lot of money has been lost.

28:55Nicole Lapin:A lot of money has been lost. So what's your new price target?

28:59Kevin O'Leary:Unless the bill passes, it's stuck here. It's not going anywhere,$60 ,000,$70 ,000. Bitcoin will go nowhere if that bill does not pass.

29:08Nicole Lapin:So you don't believe Bitcoin is digital gold, Ethereum is digital oil?

29:12Kevin O'Leary:No, I think that people like the idea of a hedge on inflation, and Bitcoin could be one of those. Gold certainly is. but until I see the whites of their eyes in an institutional analyst say they're putting a 1 % position on you know for all of this hype about Bitcoin nobody owns it how much do you own? it's a tiny in fact I was just looking at that this morning I was looking at my weighting of all my crypto which includes infrastructure elements to it it's down from 19 to 14 percent of our portfolio part of that's price correction it was as high as

29:55Nicole Lapin:24 percent once which is against mama georgette's rule of no more than five percent no no no i'm

30:02Kevin O'Leary:talking all of the positions so you've got ethereum in there you've got bit you've got portfolio yeah you've also got holdings um bit zero as a company that's the one that has uh the power contracts in Norway and Finland. It's now a NASDAQ. It's a trading company. I'm a shareholder in that. And I just bought it because they have power. They don't care if it's a hyperscaler or if it's AI or it's Bitcoin or Ethereum. They just have power, land, fiber, and permits, which I think is the best deli you can have.

30:33Nicole Lapin:So you didn't sell any of your crypto?

30:35Kevin O'Leary:No, it just corrected and priced 40%. as you know, and, and, uh, bit zero actually was my best performing asset in crypto. I think I invested in that when it was a private company, went public. So it's been a, you know, a good, I haven't sold a share yet because I believe that what's going to happen. And you talked about it earlier, the real commodity today about all crypto and all things digital, including data centers is power. We don't have enough other countries, The lowest cost of power in the world is one cent a kilowatt hour in Saudi Arabia. Then Norway and Finland at three to four. Canada, four and a half cents.

31:18Kevin O'Leary:Stateside, six to eight cents. So we're not the cheapest power here. Canada is going to be a big winner in this thing.

31:24Nicole Lapin:So if power is the winner, why don't we just invest in power and not crypto? We had Bill Ackman on the show last week. He doesn't have a dog in that fight. He's like, no, thank you. I don't want anything to do with Bitcoin. I don't want anything to do with crypto. not interested. Well, there's a good example of how, you know, that fight's already been lost.

31:45Kevin O'Leary:For him, he doesn't care. I'm saying to myself, if the bill passes, which is a bet on the bill, I'm betting on the outcome of the bill. And I worked on that bill with Hagerty years ago, and Gildebrandt, like way back. It was Genius Act and the Infrastructure Act or Clarity Act were once one big bill. And they decided, let's get this thing resolved with stable coins. Well, you know. I don't know, Kevin.

32:13Nicole Lapin:I'm going to push back on this one because I think generally in the market, you buy the rumor, you sell the news. Since March, it's been considered a commodity. It's gone into big inflows of ETFs, IBIT, I own one of them. It's Pupu. The FBTC, it's a poopoo ETF.

32:34Kevin O'Leary:It's nothing.

32:35Nicole Lapin:I mean, I don't think that having clarity go into law is going to change the fact that pensions already invest and we already have ETFs. I think it's a bigger problem. It's like you saying, okay, there's a patient. The patient has a cold and the patient has cancer. So let's give the patient some cold medicine so the patient's going to get cured. The bigger issue is the demand, not just the bill.

32:57Kevin O'Leary:well in my heart i would listen you said you think it's bitcoin's big it's nothing in the context of the global market fx market currency market uh commodity market asset market it's nothing and so it's going to remain nothing three trillion it's nothing that's i know that sounds

33:15Nicole Lapin:like a lot of money it's nothing it's nothing it's i mean ethereum's 230 billion that is nothing in

33:23Kevin O'Leary:the context of global sovereign wealth holdings it's it's it's it's lunch without protein so do

33:30Nicole Lapin:you think the better play to get exposure uh responsibly is coinbase robin hood i know i own

33:38Kevin O'Leary:all those i own those and those are infrastructure they're they're in my crypto basket i call it that i actually think the play that will outperform until we meet again so to speak will be just pure power. If you invest in power infrastructure, that's turbine manufacturers, transmission

34:02Kevin O'Leary:manufacturers, companies that are aggregating power contracts from nuclear and hydro.

34:07Nicole Lapin:What's the best place to do that? For me, I'm not recommending this to anybody, but for me, the country that's winning, countries

34:15Kevin O'Leary:that are winning are the Nordic countries. So for me, the one that's performed the best has been BitZero because all it's done is said, I can't, it used to be a Bitcoin miner. It cast it away and said, we don't do that.

34:26Nicole Lapin:Yeah, but somebody that's not an accredited investor who's looking for a public market exposure.

34:30Kevin O'Leary:That is public. It's NASDAQ. So it's a company on NASDAQ. I think this BitZero is AIBZ. That's its symbol on NASDAQ. And I'm not recommending the stock to anybody. I'm just saying that's what I did to get exposure to power. And I think I want public markets because I want the transparency and the quarterly reporting. But I'm looking for more bid zeros because I think in the next 36 months, the pressure to maintain and grow energy is going to be the winning play in all things digital. And crypto, it's irrelevant to that. It just doesn't matter.

35:17Nicole Lapin:So like the picks and shovels.

35:20Kevin O'Leary:Yeah, but it's more power. Like, where did you get it?

35:25Nicole Lapin:So if somebody hasn't invested in crypto, you say, don't jump into the crypto party.

35:31Kevin O'Leary:Yeah, I wouldn't. You're betting on a bill passing. You're betting on a bill to go through lawmakers' hands, which is always risky, because you will never get institutional following until that happens. And if it happens, then you could get a double. because you'd have all these people saying I'm an index 1%. But now you've got the Q day, which we talked about earlier. So 10 % of those people would say, no, no, Nanette, I don't understand quantum computing's risk to breaking the chain. So if you had a quantum computer, you could actually break the blockchain.

36:10Nicole Lapin:So could Bitcoin go to zero?

36:13Kevin O'Leary:Well, it would be stolen is what would happen. You know, with quantum computing, you're trying to crack a code so you can steal stuff. online. It would definitely correct. I have no idea what would happen when Q Day comes. But the very fact that we're having this narrative, it might be interesting to figure out how to invest in quantum computing. Now, IBM had a 25 % correction. It was once considered one of the plays for quantum computing. And last week, it corrected 25 % when it missed this quarter. So you got a lot of volatility here. That's a big correction 25 % for a behemoth like IBM.

36:48Nicole Lapin:Listen, I talked about this in one of my books. So it's not a secret. But I dated the CEO of one of the big crypto companies. And he had bodyguards with him all the time. And it was then that I thought, holy shit, somebody could kidnap this one man, steal all the coins i mean we can bleep it out gross it was uh oh we can we can bleep it out and don't use it on your uh well how'd that work out for you well it was it obviously didn't work out but it was crazy to me to see that physical manifestation of the fact that somebody could kidnap a person and wipe out billions of dollars of coins just well steal billions steal billions

37:43Kevin O'Leary:of dollars in fact that nightmare did play out in a company called wonderfully up in canada um the ceo was kidnapped and that company was bought by robin hood just a few weeks ago he was held ransom in a car until the company paid in crypto to release him. So, you know, that's the nasty side of crypto.

38:12Nicole Lapin:It's the really dark side. It's the really nasty side. It's the thing that scared me for a long time. It didn't scare you until recently because you're a bullish Bitcoin stan until now.

38:23Kevin O'Leary:I'm transparent. I tell what I think is the facts and how I, Listen, I don't recommend doing what I do. I do it because I'm trying to manage my own risk. But I think on crypto, we just did a long analysis of the last 12 months. And I think I would say, tell me what's wrong with that analysis because it's what happened. All right.

38:44Nicole Lapin:Let's play our money game. This is different than when you came here last time. So you open the money bag.

38:48Kevin O'Leary:Yeah. You find juicy question. Is there anyone that you're financially competitive with? No. I'm competing with myself. I'm trying to become a better investor.

38:59Nicole Lapin:So when you look at Bezos, you don't feel jealous?

39:02Kevin O'Leary:No. I mean, I think he's fantastic. And I celebrate Elon Musk. I think these guys are geniuses for what they brought. But I've got my own world to deal with. I have to be sharp for me and my people. So I try and be the best Mr. Wonderful I can be. I mean, I'm not Bezos and I'm not Elon Musk, but I'm doing my thing. That's what I do. And I think that's part of if you're an investor or you're a manager or you're an entrepreneur, you better worry about yourself. You get up every day and you do what you've got to do because that's how you're going to move ahead. Don't be jealous about somebody else.

39:50Nicole Lapin:I feel like there still is kind of like a billionaire dick swinging contest where people, there's always levels of.

39:58Kevin O'Leary:Well, what I've learned, what you will learn is there's always somebody richer than you. There's always someone more successful than you. And no matter how successful you are, there's always keep looking up because someone's out there. But while you're moving up the ladder, you're doing OK for yourself and a lot of other people. So don't be jealous of it. Be happy that you're at where you're at. I've said this, and I don't think it's controversial. You're not wealthy until you have$5 million in T-bills liquid. You'd be amazed how many people that you think are wealthy don't have$5 million of liquidity.

40:43Kevin O'Leary:You'd be stunned. Do you? 100%. that I that's all I focused on until I had it and I've never touched it ever I look at it every night and I kiss it I say that is my security in case what do you mean you kiss it like you could kiss your app of whatever I have I have a I have a dashboard some very sophisticated software that aggregates my entire positions everywhere including private companies mark to market in case they raised capital overnight. I know exactly where I stand every night.

41:16Nicole Lapin:And they kiss your portfolio every night? I kiss the five million.

41:19Kevin O'Leary:I kiss the five million. Because that was very hard to make. That was really hard to make. We're doing another question here?

41:25Nicole Lapin:Let's do another question.

41:26Kevin O'Leary:Okay.

41:28Nicole Lapin:So do you have a man crush on Elon or Bezos?

41:31Kevin O'Leary:No, I admire them. Are you kidding? Anybody criticize those guys is crazy. particularly you know politicians that go after them because they're billionaire trillionaires look at all the jobs they create look at all the taxes they've paid look at all the changes they made to society that bettered our lives i mean politics is nasty but i that whole thing with ken griffiths the other day with mondami that really pissed me off that's how i mean but go

41:58Nicole Lapin:back and look at the howard schultz testimony that he talked back to lawmakers and he's like I came from nothing. I grew up in the projects. I did the American dream. I've created so many jobs. They stopped coming after me.

42:09Kevin O'Leary:Have you ever Googled your net worth? No, but I get it sent to me all the time. All these estimates of my net worth.

42:16Nicole Lapin:And what does it say?

42:17Kevin O'Leary:Well, you can see it's a big range, actually. I'll tell you, I'm a little superstitious about this. My mother said something to me once never boast about your about your money or one day you won't have any

42:33Nicole Lapin:it's like a karma thing i was told always pick up a penny or you're not worth a penny

42:38Kevin O'Leary:right i'm i'm so when people say um you know uh this there was a piece that came out last week Paulina does this profile thing where she walks around with you for three days, which, you know, I've never done that with anybody before. So it took a few weeks to figure out how to do that because she's going to get into private meetings with all kinds of, you know, different businesses and stuff. And I said, well, what happens if they kick you out of the room? She said, never happens. Just, I'm your assistant. You walk in. I've got a paper and a pencil. and I just watch you work for three days. Profile, I think it's called.

43:23Kevin O'Leary:She's done a lot of people. So I took her around New York for three days.

43:31Kevin O'Leary:And, you know, she said, well, I want you to disclose your net worth. I said, I'm not doing it. I think it's very, it's bad karma. But the article's out there with all the estimates in it.

43:40Nicole Lapin:So it's not accurate. Or it's accurate.

43:42Kevin O'Leary:Listen, how could anybody get access to all of the different positions I have? How could they ever know?

43:50Nicole Lapin:So you never Google it. I don't Google myself at all.

43:54Kevin O'Leary:I don't understand why that's useful use of time. Think about the challenge of signal and noise. You want to get your three things done every day, including this time we're having here. This is on my list of three things I'm doing today. I'm getting it done because we said we'd do it. But sitting around Googling yourself sounds like a really perverse, it's almost like pornographic. That's kind of weird. That's a waste of time. You don't know yourself.

44:18Nicole Lapin:like that's crazy the ones i think it's not that you don't know yourself you want to see what other

44:23Kevin O'Leary:people are saying what i love is when people are are doing like asking ai about themselves what the fuck is that that is the most perverse thing you could do to yourself i don't know i

44:34Nicole Lapin:think when you're running a business you want to know what people are saying about you if it's accurate just read your social media feed they'll tell you what they think of you they hate you you

44:42Kevin O'Leary:know if you're if you're in the data center business they sure do what's the most expensive gift you've bought someone else. Oh, I mean, this is always watches.

44:50Nicole Lapin:What? How much? To your wife, I assume?

44:54Kevin O'Leary:Well, I mean, I give watches to business associates marking closings of deals. I'm very, very fortunate because I know all the major maisons and brands. So I, you know, recently I went to Rolex and you know, when Marty Supreme got the nine nominations, we didn't win anything, but we got nine Oscar nominations. One of my businesses is collecting cards. We didn't even talk about what's going on in that. Fanatics Fest just happened in New York. It was unbelievable. Those cards that you could have bought for 50 cents in 1952, some of them are trading for$50 million.

45:38Nicole Lapin:You just bought a$12 million one.

45:39Kevin O'Leary:13.92, now worth 21.

45:43Nicole Lapin:How is it worth so much so quickly?

45:46Kevin O'Leary:So what happens is when you buy a piece, the high-end piece is very liquid. So there's an index called Card Ladder. So what Card Ladder does is it's like an exchange. It looks at every trade of every card every 24 hours. So if you have a LeBron, do a Logoman, Kobe LeBron, and there's another iteration of it and a trade, it's going to mark to market that value. So if you look at those cards, you're going to get a pretty good idea. You could argue there's variance, and I'm sure there is. But that card has been a huge win for us, and it's one of many cards. But I decided to wear that card to the Oscars in a Tiffany chain that LVMH, we talked about this a lot.

46:31Kevin O'Leary:I said, you know, there's a popular cultural thing going on here. Why don't you guys build me a one-of-a-kind chain of diamonds and rubies and white gold? and I'll wear it around my neck because Logan Paul had done that in a fight once. And I thought, and I know Logan Paul, he said, what a great idea. So we built a one of a kind with, it was two and a half pounds of white gold, 110 carats of rubies and diamonds and a$30 million card in it. In that case.

46:59Nicole Lapin:And how many bodyguards did you have for that?

47:01Kevin O'Leary:We had a ton of bodyguards, but we didn't need any bodyguards inside of the Oscars because it was, that was the time of the threat of the war had just started, it took three hours to get into that building. There was dogs and scanning and yada, yada, yada. Once you're in there, nobody had any weapons.

47:20Nicole Lapin:So you were wearing what?

47:21Kevin O'Leary:I was wearing it.

47:22Nicole Lapin:What? How much was the whole thing worth?

47:25Kevin O'Leary:So 32 million on the chain, okay? So I went to Dolce and said, look, Dolce, I'm going to wear this thing. Do you have a one-of-a-kind jacket that would really bring out these rubies and diamonds. And they said, yeah, we do. It's in Rome. And they flew it over. And they said, look, we'll just lend it to you. I said, no, I don't wear rental runway. I have to own everything on my body. I have to own it. I'm not going to be a shill for a rental. So they said, well, we can't sell it. It's a one of a kind. I said, I bet you for the Oscars, you're going to sell it to me. And then they went back and forth and back and forth.

48:04Kevin O'Leary:And they had a crazy price. It was insane what they asked for. I had to sign an NDA at the end for what I bought it for, but I also had to agree to send it back there. It's sitting in a museum right now, but it's mine. Okay, that jacket is mine. It took six months or seven months to stitch all the sequins on it. There's pictures all over the internet of me wearing this thing. Then I went to Rolex and said, look, Rolex, you know me. What watch is going to work with this outfit? And I'm going to walk the red carpet, and you just bought the rights to the Oscars, your entire executive is going to be there in L.A.

48:41Would you ever consider selling me the Ruby?

48:46Kevin O'Leary:Now, in watch culture, there's this mysterious watch that doesn't exist that is a, I mean, you've got to be into watch to understand this. It's rumored that maybe it's out there. it is the grail piece of all watches it is the white gold ruby and diamond daytona grown men weep just looking at pictures of this mystical beast does it exist and i got on my knees and begged for it begged i said could you consider just after all our relationship time together and and I've been a great steward for the brand. I've never sold a Rolex. I've talked about the importance of the brand. Isn't this the moment to consider if the mystical beast exists that I would have it on my wrist?

49:46Kevin O'Leary:And then back and forth, back and forth, back and forth. The morning here in LA, before the Oscars, the phone rings, they gave me an address and they said, be there. And there it was. We opened the box. the entire Rolex staff had never seen it. All the dealers from around LA came to see it. And for, for an hour, we looked at it. We didn't touch it. We just looked at it and said, like, it's real. It's real.

50:12Nicole Lapin:Did you cry?

50:13Kevin O'Leary:I did. And I wore it. I was, I was weeping. It was mine. I own it. I have that piece. Do you know how many people have that piece? Maybe nobody like

50:23Nicole Lapin:it's it's not known so what was the full value of what was on your person for the oscars so

50:30Kevin O'Leary:that watch maybe it would trade if it traded for 1.8 million dollars i mean people have talked about it um there's other watches like it but not that watch that trade around that range the The jacket, let's call that, although the NDA thing, just under a million.

50:59Nicole Lapin:So you're 35 mil.

51:00Kevin O'Leary:Yeah, walking around with 35 mil. Now, I'm celebrating art when I'm doing that. I think it's not about the money. It's the impossibility of getting those together for that three hours that made it so magical. Now, they'll never be together again. and they're off in vaults all over the place. And that watch, chance I wear that again outside is frigging zero. Like, you know, it's anyways. That's a hell of a story. But for me, I was really motivated by that. It's not, but I didn't want to, people say, oh, what an asshole. He's wearing all this wealth. No, I'm not. I'm wearing art. That's what that is.

51:39Nicole Lapin:With collectibles, is there a step up in basis when you pass it down? So I'm assuming you're passing this stuff down to your kids.

51:45Kevin O'Leary:Yeah, you've got a very good point here about this. It's an unregulated market, but when we looked at the data, you're bringing up a very good point here, because if you go back to 58 and you look at what happened with Picasso's while he was alive, the basis then was 1 ,000 French francs for Picasso oil. That's what you bought it for. That painting sells for 58 million right now. And if it stayed in the family, how do you tax it? And I think that's what the regulator is going to start to think about. Because this year alone, Walmart will sell$1.5 billion worth of collectible cards. Target$1.1 billion.

52:27Kevin O'Leary:The entire market is going to be over$5 billion just for fanatics.

52:31Nicole Lapin:I mean, I'm really fascinated by the upstream gifting and the upstream basis planning, which I think is really interesting. Unfortunately, you could not do this. It would be gifting to your parents if they're still alive. And then when they pass, you would get that step up or it would go down to your kids.

52:49Kevin O'Leary:Yeah, but I think what's going to happen to that market is it will be if the law passes with that. Remember, tokenization is in that Clarity Act. Remember that? I think you could tokenize these assets and keep these cards in vaults forever. I think that's what's going to happen because they can't be in light. They're autographs. so they have to be in a Utah vault somewhere, a dry vault.

53:11Nicole Lapin:Yeah, and over a certain amount, you also have to get it independently authenticated.

53:17Kevin O'Leary:Yeah, but tokenization is liquid. You could own the card or you could sell half of it off in a token. I think that's where we're going. I'm fascinated by the market because of how broad it is. It's called the hobby, and I had no idea that pretty well every father in America is into it. You find that out. But I brought these cards on cable television. People freak out. They bring their kids. The whole class comes in. and security guards everywhere, and we bring the card out, and we just take pictures with it. Kids love cards. They know it. Everything you need to know as a young entrepreneur, you learn trading cards.

53:49Kevin O'Leary:When to invest, when to hold them, when to fold them, what to trade, you know. Betting on rookies in their first year. Are there a winner or loser? Oh, no, Tawny. Imagine bought an Otawny rookie. What that's worth today? Three million bucks. So, all right, another one. Other than your spouse, who would you call to bail you out of jail?

54:09Nicole Lapin:That's a good question.

54:10Kevin O'Leary:I don't think I'd call my spouse. She'd leave me in jail. I have so many lawyers.

54:21Kevin O'Leary:You know, what I've learned is -

54:22Nicole Lapin:Any of the sharks?

54:24Kevin O'Leary:I bet you Cuban would do it.

54:27Nicole Lapin:Cuban would bail you out. Yeah, yeah, he'd bail me out.

54:30Kevin O'Leary:I believe that. Yeah. We have a crazy relationship. I'm trying to get him back on the show.

54:36Nicole Lapin:Who wouldn't bail you out?

54:38Kevin O'Leary:Barbara? She'd probably bail me out too. I think the Sharks have a weird, you know, I always say about Barbara, the only reason she gets to L.A. is I buy her a new broom every year. I just can't help myself saying that. It's too much fun. But we have such a long history together. So many things have happened to us and our families. It's been 18 years. You know that thing about friends and all that? that show for a while, that was nothing compared to how long we've been on. It's insane. Like 18 years, practically no shows get that. Not of this genre of like, you know. And I think the crazy thing is having basically almost finished this season, it's the best season we ever shot.

55:18Kevin O'Leary:It's the best season we've ever shot. The products this season, some of them captured that early AI wave. And so the other thing that I would tell you about, and I believe the Shark Tank is really, it's two years ahead of the market in terms of what products are going to be on the market. Here's something to think about. You'll find this fascinating.

55:39Nicole Lapin:Dramatic pause.

55:40Kevin O'Leary:The fastest growth companies on the Shark Tank in terms of sales growth were companies that created foods with zero preservatives, zero sugars, zero additives, and they were really expensive, but they tasted good as opposed to shit. It wasn't the fake meat stuff anymore, full of salt.

56:04Nicole Lapin:No poo-poo.

56:05Kevin O'Leary:It was amazing what has been created.

56:10Nicole Lapin:That's like the Erwan effect.

56:12Kevin O'Leary:Yeah. Yeah, I know you're right. But all of a sudden, a new generation that never cared about what they put in their mouth cares. Like, really cares. And so...

56:24Nicole Lapin:Health is wealth. We're taking it full circle. Well, I mean, we're talking about people

56:26Kevin O'Leary:28 years old. Yeah. So that was a really interesting trend. And there was a lot of those, including ice creams, like frozen foods and stuff that were zero additives, like nothing, and tasted fantastic. Really hard to make. So I think I answered that one too. I'll call you if I get thrown in the slammer.

56:54Nicole Lapin:I'm going to call you.

56:56Kevin O'Leary:Yeah, well.

56:57Nicole Lapin:Will you leave me there?

56:58Kevin O'Leary:Yeah, I'd leave you there. You'd learn something in there. I did a show called Redemption where I did spend two nights in jail.

57:05Nicole Lapin:You wouldn't bail me out?

57:07Kevin O'Leary:I'm joking. Of course I'll bail you out. Try and stay out of jail. I've been to jail for that show, and I spent – I was booked, and the people that put me there did not know I was on a show, and I was scared shitless. And it is nasty. It is nasty. You don't sleep very well.

57:25Nicole Lapin:I wouldn't imagine you would.

57:27Kevin O'Leary:Do you know why most people are in jail? Two reasons. Drugs and alcohol. When you see the people coming in, it's mostly drugs and alcohol.

57:36Nicole Lapin:I would love a good story. Like, you know, kidnapping an alpaca or something across state lines.

57:42Kevin O'Leary:Okay, this is a good one. Has money ever ruined one of your relationships? Yes. Yes.

57:50Nicole Lapin:Which relationship?

57:51Kevin O'Leary:I'm trying to remember which one was. There's been a few. But this was a business relationship of somebody that I formed a company with, and we fell out of sync about who was worth what and why. And so money can really destroy relationships. In the context of marriage, though, when I wrote that first book, Men, Women, and Money, and I did the research with divorce lawyers, it turns out that the majority of marriages that fall apart between five and seven years are from financial stress, not infidelity. Most marriages can...

58:25Nicole Lapin:Or financial infidelity, which is a real thing.

58:28Kevin O'Leary:Yeah. Well, that's why I invested in Hello Prenup. She's a Shark Tank deal, and she's doing very, very well. We provide prenups for women online. Every woman should get a prenup. Everybody.

58:38Nicole Lapin:Yeah, we have a partnership with them. Big fan.

58:40Kevin O'Leary:Yeah. We'll link the code. And we together offered Katy Perry a free prenup because every... She needs one. She's going to marry Justin Trudeau, and everything he touches goes to zero.

58:51Nicole Lapin:I think she can pay for her own prenup.

58:54Kevin O'Leary:it was a joke, but it got a lot of press.

58:56Nicole Lapin:But also what's, what's crazy is that the more famous you get in the richer you get, the more free shit you get.

59:03Kevin O'Leary:It is true. Isn't that weird? I get, I get a lot of stuff. I get a lot of watches. I get probably three or four a week. There's a lot of new makers, young watchmakers. And I will wear one that I like and I will talk about it. But I get a lot of stuff I don't like, and I don't want to be obligated to anything to anybody, so I prefer not to get free stuff. I just, you know, I can afford to buy it and use it myself. So it's sort of a debate. All those Hollywood bags, you know, you go to the Oscars, you walk out of there with all this stuff.

59:40Nicole Lapin:What do you do with the stuff?

59:44Kevin O'Leary:Donate it? I give it to the driver I was with all day.

59:48Nicole Lapin:Thanks.

59:48Kevin O'Leary:because that guy worked very hard.

59:51Nicole Lapin:I want to do a reality show where the driver is the bachelor.

59:55Kevin O'Leary:Yeah.

59:56Nicole Lapin:Like an undercover bachelor. What do you think? You know, what I've learned about reality shows. When I was at CNBC, they asked the driver when they brought in anchors for auditions, how did they treat you?

1:00:08Kevin O'Leary:Yes, it's true. It is true. Think about, you know, you brought up a great topic. Think about how much television has changed since you were there. how different it is today and how television is merged with... Television produces content for social media. That's what it does. And it reaches its eyeballs on social media.

1:00:35Nicole Lapin:Well, as you're thinking through Shark Tank segments, I'm sure that's top of mind. What's going to resonate on social media? Not only is it top of mind... How many followers do they have?

1:00:43Kevin O'Leary:Yeah, so our new strategy on Shark Tank is we have merged our social media of the show with those streams of the sharks. We have a massive collective of followers. And so our teams coordinate. We coordinate with the network. We coordinate with the actual entrepreneur. It's like a ballet. And it's working. I mean, it's, you know, my kids see my stuff. They don't have TV. They, you know.

1:01:15Nicole Lapin:Last question. I think I know it's the best one.

1:01:17Kevin O'Leary:Oh, is that right? Save the best for last?

1:01:19Nicole Lapin:You know the Kill Mary Fuck game?

1:01:21Kevin O'Leary:Yeah.

1:01:21Nicole Lapin:All right, so we're doing the PC version.

1:01:23Kevin O'Leary:Yeah.

1:01:24Nicole Lapin:Where it's Kill Mary Fire. We're making the business version. Nancy Pelosi, Elizabeth Holmes, Cathie Wood.

1:01:32Kevin O'Leary:Well, I think it's a form of ranking, isn't it, really? But I have to tell you, I know Cathie Wood. And so I very much respect her as an investor. And we do have a lot of narrative, particularly about crypto and things like that. so she's at the top of the pecking order so you'd marry her yeah obviously you have an amazing marriage already this is yeah yeah i get it you know linda's gonna put up with this bullshit for a minute here um i have a lot of respect for nancy pelosi because i met her years ago the amount of tenacity she has the amount of just constant barrage of abuse she takes from the other side, all politicians, is extraordinary.

1:02:15Kevin O'Leary:I mean, she is like...

1:02:16Nicole Lapin:Except her portfolio is insane. She must be the greatest stock picker of her time.

1:02:21Kevin O'Leary:Yeah, well, there's a lot of speculation about that. Elizabeth Holmes is a fascinating story, isn't it? Because I think she got caught in a rabbit hole. she at some point she knew oh fuck this doesn't work but i've in and rather than just say look everybody we lost our dough which is really hard to do you think you can do it it's not easy you try and squirm out of it and she got caught she's and i feel sorry for her she's in prison right now with the children outside i mean that's tough you know that's really tough um i mean i

1:03:04Nicole Lapin:I don't know that personally. But yes, I think I'm not condoning what she did by any stretch of the imagination. But I know that within that space, entrepreneurs are – she's one deal or one funding away from it being okay.

1:03:18Kevin O'Leary:Yeah, you take a lot of risk when you strike out on your own. People don't consider that risk. But what do you have to do to be successful as an entrepreneur? You really have to work like insane amount of time but also be lucky.

1:03:31Nicole Lapin:So you would fire her? or you would kill her? Who would you kill?

1:03:37Kevin O'Leary:I guess I'd have to kill Elizabeth Holmes. I feel bad about that. But I have too much respect for Nancy Pelosi. I don't agree with any of her policy. None. But I've been on that side of politics. I have never seen the dark side until I did it myself. Here's the difference. Celebrity, which I now live with,

1:04:02Kevin O'Leary:people just like you or they like you a lot of people don't like me because i'm the mean shark and all that stuff when you become a politician 50 of the population hates you and some of them want to kill you i've experienced that that's a whole difference you've had death threats oh like yes but that was when i was running for leadership of the conservative party in canada I've never been threatened before legitimate threats, you know, and I thought this is fucking crazy. Like this is something else that, and this happens to all politicians. It's a thankless job from that context, you know, and bullets are flying at them.

1:04:44Kevin O'Leary:We're at a very contentious time now. These, I've had death threats on these data center projects and my family's had them. And in one case, the FBI went to the woman and because we called the DOJ and said, this looks credible. This is too crazy. It's against my daughter. She was freaking out. So they went to see this woman. And I don't think she'll be making any threats. Are you scared? There's something very sobering about a bunch of SUVs with the sirens on coming to your house, I think. Like that's what happened to her. So the FBI does their job. and I'm thankful for law enforcement and I thank them and it did stop that particular situation.

1:05:27Kevin O'Leary:But I think, you know, in full circle, the way we're going to get out of this mess on all data centers in America is get the facts out. The industry itself has done a very poor job and I'm part of that, explaining how these things work.

1:05:41Nicole Lapin:But does this stuff scare you? Does the hate scare you?

1:05:45Kevin O'Leary:Yeah, but, you know, I've talked to the other guys that do this. that data center development is actually real estate. That's what it is. This reminds me very much of what we used to do in climate control storage for pharmaceutical companies. We'd build these buildings and we'd have to lease them or we'd have to buy the land and build them and then lease them. We needed power, a lot less obviously. We needed zoning, all of it. And there's always some element of a community that's against it for reasons maybe they don't even know. They just are against it.

1:06:18Nicole Lapin:Okay, I want to have a truce. last time we came on the show we had a fight that I've been thinking a lot about

1:06:27Kevin O'Leary:you're so wonderful I forget what we're fighting about

1:06:29Nicole Lapin:no no you're wonderful you say people who make$70 ,000 and buy$28 lunches are

1:06:39Kevin O'Leary:crazy and boy have I taken shit for that I'm not crazy

1:06:43Nicole Lapin:you've said they're stupid

1:06:45Kevin O'Leary:I don't want to call people stupid I want to point something out Why do that when you can invest it in yourself? You don't need to spend$28 to get 60 grams of protein for lunch. You don't have to do that. You can cook a chicken at home and you can bring it with you and eat it in a sandwich.

1:07:03Nicole Lapin:So I'm just going to say you can't budget your way into wealth and that everybody needs small indulgences.

1:07:09Kevin O'Leary:That's ridiculous. No, no, I don't agree with you.

1:07:12Nicole Lapin:Shame on you. Shame on you.

1:07:14Kevin O'Leary:Shame on you.

1:07:15Nicole Lapin:I will not be shamed for eating a delicious sandwich that I can afford. And here's why. I would like to propose a truce index, a benchmark that people can follow. Can you buy a$28 sandwich if you have no consumer debt, A, B, have participated in matches for any retirement plans from your company, have recurring investments, have an emergency fund? If you've done those items, can you buy a sandwich?

1:07:46Kevin O'Leary:Are you still just making$70 ,000 a year?

1:07:48Nicole Lapin:Yeah, but you've had no credit card balance. So, you know, at north of 20%, obviously, you're paying more in interest than lunch. I will give you that. But if you're doing all the responsible items with your credit card debt, your emergency fund, your employer match, your recurring investment.

1:08:06Kevin O'Leary:Okay, honey bunny, let me answer the question, all right? Is there anything you can buy for$28? that tastes as good as 28 years of compounding at 10%.

1:08:19Nicole Lapin:Yeah, nothing takes as good as compounding feels for sure, but why can't you do both? Can I buy a$28 sandwich? Honey, I just won that fight. And no, you didn't. I'm buying my sandwich and I'm investing.

1:08:30Kevin O'Leary:Click here to vote.

1:08:32Nicole Lapin:Kevin O 'Leary, I... Click here to vote.

1:08:36Kevin O'Leary:You can't find anything that tastes as good as compounding that$28 for maybe 30 years depends when you're starting at the market rates, eight to 10%. Nothing tastes that good. Nothing. And so the point is, I'm right. You're wrong. It's that simple.

1:08:52Nicole Lapin:It's just not true. I think you can, if you've done that checklist, which I think is a responsible checklist, then you can buy the sandwich. You're already investing. You've invested the$28 in the market at compounding rates, eight to 10 % over time. And you are satiated. I just don't want you to waste your money. Your small indulgences. It keeps you on track. It keeps you from binging later on. You can vote here.

1:09:13Kevin O'Leary:It is not worth spending$28 for lunch. I still say that. I don't care how many million more people text me about that. I am right. You should not do that. You shouldn't. Look, no, you can't spend$5 on coffee when you're making$70 ,000. That is stupid. I'm not saying you're stupid. That act is stupid. It's 18 cents to make a coffee at home, okay? Put it in your thermos.

1:09:35Nicole Lapin:Yeah, but why do you work so hard in life? To enjoy your life.

1:09:37Kevin O'Leary:You're enjoying your life listening to what I'm telling you to do. because you're going to be much better off later in life. I'm protecting you from yourself. Thank you very much. That's exactly.

1:09:48Nicole Lapin:I think there has to be a stupidity threshold. You cannot just blanketly say, don't buy a sandwich. Don't buy a fancy salad. Don't buy a latte.

1:09:57Kevin O'Leary:You know who just abused me like you are right now? Bernie Sanders last week.

1:10:00Nicole Lapin:Oh my God, get out of here.

1:10:01Kevin O'Leary:I mean, Bernie, throw me a bone for crying out loud. I mean -

1:10:04Nicole Lapin:Don't ever.

1:10:05Kevin O'Leary:That's what he did. Listen, even my own daughter and son said, that Bernie is abusing you now. Like you got to stop at the$28 lunch. I said, guys, you know, I'm right. I mean, this is crazy. I don't even spend 28 on lunch. I think that's stupid.

1:10:21Nicole Lapin:What do you mean?

1:10:22Kevin O'Leary:Look, look, if I'm just going to go into town to do a hit on TV, I think, this is what I believe. I prepare something really healthy without any salt in it, without any crap that I don't want to eat. and I'll just wrap that up and stick it in my bag and I'll eat that. And I feel better that I've eaten something good for me. It costs me next to nothing. And I, listen, I'll tell you, I'm trying to get 80 to 100 grams of protein a day.

1:10:54Nicole Lapin:Yeah, but that's not how you made your wealth, Kevin. Wealth is health, health is wealth. You did not budget, you did not wrap a sandwich your way into being a millionaire, billionaire, whatever you are.

1:11:03Kevin O'Leary:I'm saying if you're only making 70 grand, you've got to figure out a way to save 20 % of that and let it compound. So you have a million and a half in the bank after you've finished. But I want to just point something that's around the health factor. I eat a chicken a day because I'm having a hard time getting to a hundred grams of protein. I don't want fake protein.

1:11:21Nicole Lapin:How much is that chicken?

1:11:23Kevin O'Leary:Maybe I get 68 grams out of it.

1:11:24Nicole Lapin:How many dollars is that chicken? Uh, 599 to 13, but that's a whole, that's two meals.

1:11:31Kevin O'Leary:So I have

1:11:32Nicole Lapin:for breakfast you may find this yeah but you're traveling right now i you're probably eating out i must i would like as a matter of fact as a matter of fact when i leave here i'm getting on

1:11:41Kevin O'Leary:the plane there's going to be two avocados carved in half nothing no no no what kind of plane is it

1:11:47Nicole Lapin:uh this one is a uh citation 10 okay i rest my case goodbye so but the point is what i'm going

1:11:54Kevin O'Leary:to eat on it is going to be half a chicken and and a full avocado so you're spending 13 dollars

1:12:02Nicole Lapin:on a chicken and$30 ,000 to get to on your private...

1:12:06Kevin O'Leary:I couldn't do what I do without a plane. I mean, look, people say, I spend millions of dollars traveling, but I go to three to five cities a day. So in this, I have done this, you know, what are we today, Tuesday? Like, I've already been to one, two, three, I've been to five cities since I left to come here. So I had to, to get to these places, how am I going to do it? You know, so I get criticized a lot. But by the way, I don't buy planes anymore. It's like boats. You know that old thing? I basically have a network of planes, and I lease. If I'm alone, I don't need a big plane. I just need a fast one.

1:12:43Kevin O'Leary:I mean, you're never going to win the private plane fight, okay? I get it. But I can't do what I do without a plane.

1:12:49Nicole Lapin:I'm not actually fighting you on that one.

1:12:51Kevin O'Leary:Well, you seem to be. You're looking for a fight.

1:12:53Nicole Lapin:I started this conversation by asking for a truce. Oh, it didn't work.

1:12:57Kevin O'Leary:I asked. I came to you with an olive branch. It definitely didn't work. It's just tragedy.

1:13:03Nicole Lapin:All right. Let's go back to the thing we can agree on. Time is your most valuable asset. I'm so grateful that you spent your time with us today. We end all of our episodes by asking our guests for one final tip that listeners can take straight to the bank.

1:13:17Kevin O'Leary:Well, I think what I've learned is the most important thing in life and investing. This is money news network. That's why we're here, okay? Is the concept of diversification. It has really saved my hiney in the last couple of years. You know, I could have gotten much deeper into crypto. Didn't happen. I forced the discipline at 20 % as the sector. Remember that? Remember all that? and then I trimmed those positions. I'm not just talking crypto. Other things that I was involved in, I said, this is too much of my net worth. I'm going to make a change. And I'm going to, and then the market did crazy stuff.

1:14:04And because I sold some stuff,

1:14:07Kevin O'Leary:put it into other stuff, I've enjoyed a much better outcome. Because I, you know what stops you from being diversified? Greed. greed you always think i'm so right i'm gonna bet the farm on this thing and you're never right because karma comes and spanks you like a baby seal that's what happens that's exactly what happens so diversification that's it We'll be right back.