Ray Dalio: The principles that made me a billionaire

25:21Sam Parr:Listen to this quote, Sean, that he had. He said, I cannot say that having an intense life filled with accomplishments is better than having a relaxed life with savoring. Though I can say that being strong is better than being weak and that struggling gives one strength. Though that was pretty cool. That's true. Yeah, I guess like you don't have to make it to the top to be happy. And I think that's been like, what's the top? You work your ass off to get a lot of money. Okay. Just think about that. Is that it? What's the money for money? It doesn't have any intrinsic value, right? So you have to have a purpose.

25:56Why are you getting the money? What do you want to do with the money that is so important? You better answer that question. What is that going to get you? Okay. Does that get you better friends? Okay. Does it get you better marriage, a better relationship with your kids? What is your definition of success? Success is you knowing your nature and then finding the best path through that nature so that you look back on that and you say, ah, that was the life I wanted him to have. Do you think that you could answer that for yourself? I tried to do it. I'll read what I wrote. So when I was 27 years old, I tried to write this out because I was like, I think I had actually read your principal's PDF around the same time.

26:37And it made me start asking these questions because one of your core principles, like figure out what you want and then understand the rules of nature. Study cause and effect to understand what patterns of behavior and actions might lead to the thing you want. So here's what I wrote. you can judge it. I said, what I want out of life. I said, I want to have the ability to shape my own life. I want to be my own biggest fan. I want to make adversity part of the recipe. I want to treat other people well, and I want to reread this every year, every morning, so I never forget what each day is for. I want to rewrite the list every year so I see myself evolving.

27:07I want to focus on what matters. Number one, my loved ones, because they love me even if I don't do anything on this list. Number two, my health, because without it, I can't do anything on the list. Number three, my work, because it makes life fun. Number four, being somebody who lights up the room because it feels good to make others feel good. And number five, learning because it's the master key that unlocks all doors. And I keep going a little bit. And then I say some of the things that I'm weak at. I said, I want to be somebody who doesn't just want things, who makes them happen. I need my execution to catch up with my ideas.

27:31I want to be the most optimistic person you know. And I want to win, but not just win. I want to win on my terms because that's the most satisfying way to do it. Congratulations. That's fantastic. And this was 10 years ago. And then you reflect and you modify. Okay. And then, so now you know what you want. Do you change your goals every year or anything? No, it's like my nature. My nature really doesn't change. My phase of life changes. Okay. So I'm at a different phase of life. Like right now, I really feel compelled to pass along everything that I have that is of value to other people. Right.

28:09And so, because I'm late and I'm approaching my end. So that whole is my joy. We have different joys. We have different circumstances. In the middle part of our lives, there's work-life balance and your kids and whatever. And so these arcs of life, there's an arc of life, almost like a script. I mean, you know exactly, you know, at this age, I graduate. And at each phase, you know what it's like. And so you have that arc. But your nature doesn't change, I don't think. Hey, let's take a quick break. You know that feeling when strategy is done, the brief is written, everyone's aligned, and you realize someone still has to sit down and actually create all the content?

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29:09Sam Parr:I was listening to a podcast about you, and there was this funny story. I think this was when you were selling research. You said that you hired a guy, I forget his name, but I think he was a door-to-door Bible salesman. Yeah, Rob Freed. Did he know anything about research or finances? Not much, but he was curious. And he was, you know, like I say, there are three things. There are skills, abilities, and values. and most people look at skills and they look at the resume to determine what skills they have. In my opinion, it's the opposite order is what's most important. First, values. What are the person's values like?

29:51Then what are their abilities? Because if you have abilities, you can change what your skills are. We're in a world now that maybe programmers are no longer going to be the most important people and maybe, you know, all of a sudden you were growing up with, okay, man, you need to program because you're doing this. And then all of a sudden, man, that's a lousy job because, you know, something comes along, right? So how do you adapt? What are you going after? And then the least, so the least important is the skills. And so in thinking about that, what's our relationship going to be like? How do we pursue a dream?

30:26Is he bright? Is he, what is his abilities? What can we do? How do you discover? I mean, most of like your curiosity, most of everything is in the discovery. Okay. It's not in the, you know, remember these rules and so on. The future is in the discovery. So that's what I'm, you know, I'm looking for, right? I mean, that's what even talent identification is because talent is more important than money. Okay. The money people or trying to find those people, okay? So if you look at, okay, what did Elon Musk have? He didn't have money. And how did people make money? They invested in Elon Musk. They found him and they invested in Elon Musk.

31:07Human capital versus financial capital, right? That's right. Let's talk about you when you were younger. What would people have seen in the talent identification at that phase? I think it would have been tough. I was a C student. I didn't like high school education. I liked markets. I had a passion for markets. I got into CW Post College, which is LIU, on probation. But I had a passion. So tell the story, if you can, of how you got that passion, how you started. You said, I love markets. I mean, most teenagers don't know they love markets. I used to do odd jobs as a kid, mow lawns, shovel driveways, and then caddy.

31:45And so I would caddy. I would walk around. I got$6 a bag when I would get up to$50. and I would talk to people about the people I was catting with about the markets because everybody talked about the markets then. This was a time where if you got a haircut, your barber's talking about what stocks to buy. So then naturally, I took my catting money and I put it in the markets. And the first stock I bought was the only company I heard of that was selling for less than$5 a share. and I stupidly believed that if I bought more shares, I could make more money if it went up, okay? And so I did. The company was about to go bankrupt.

32:35Another company acquired it. It tripled in price. And I said, I like this game, you know? And I thought that this game must be probably an easy game because like in the newspapers, the Wall Street Journal and the news, they had all these thousands of names of stocks, books on all of those things, and I just figure I have to pick one or two that go up. I mean, there's big selection. I should be able to do that. And then I started in the game. And then I realized the game is not easy. I still know the game isn't easy. But then I got hooked on the game.

33:08Sam Parr:Did you have any peers at the time, or were you an oddity? No, there were no kids who were doing that. So books, where were you getting smarter? How did you start? I remember Fortune had the Fortune 500, and when they had the Fortune 500, they would have little tear sheets, and you could say which annual report you would want. You would check it off and mail it in, and I checked off all of them. And then, you know, I remember log these things to the house, and then it became my little library, and I would talk, and then I'd fiddle around, and, you know, that's how I did it. Whenever I was reading Snowball, Warren Buffett, and now I'm hearing you talk about it, I think like the lucky thing that, I don't know what it is, that you found something that you liked at such a young age.

33:53For a lot of people I know that are like that, Bill Gates was like that, a lot of people are like that, they found something. And then also, learning is different. Learning prior to puberty is different at around 12 or 13. It's like learn a language, learn something, learn a sport, and so on. When you learn it prior to that, it almost goes into you. So, yeah, that was part of it. Were you a hustler? Because now we see you as this guy who's very wise. He's sharing all his knowledge. And when I studied Buffett, it was kind of the same. Buffett is this charming, wise, patient sort of guy. But if you read about him as a kid, he was at the horse tracks.

34:36He was studying betting. He was finding slips on the ground and cashing them in that others had overlooked. He was setting up pinball machines and barbershops and fishing golf balls out of the pond and reselling them. He was a hustler. Were you a hustler of it as well? No. In the golf course that I was at, they would hit them into the pond, and I could walk around in the pond and feel them. And then I would pick up the golf balls and sell them. That's funny. I didn't know he did that. Sam called you a late bloomer. and I find that term interesting. You don't know this about Sam, but he really wanted to be successful.

35:12He studied a bunch of successful people. He had a spreadsheet he shared with me. We met when he was, we were 24 years old maybe. He shared this thing of when did our heroes make it? And he showed that he had a timeline for Bezos, for Jack Dorsey, for all the kind of tech entrepreneurs that we were admiring. When did they start? How many years did it take for them to actually win? And he had mapped them all out. Interesting.

35:32Sam Parr:Their apprenticeship, so like to learn and then starting their first hit. And he reverse engineered and almost hit it exactly. He's like, by 30, I'm going to have this many millions in the bank. And I know today I'm here, but I will be here. And that's like almost the median. Okay, two things. First of all, I think you should publish that. Okay? And I suspect it has a big range around it. Okay? Like I was thinking Ray Kroc McDonald's. He was like 55. 50-something. Yeah, we started McDonald's. Okay. So it's a big range. But they certainly are driven. Yeah, I basically, when I was younger, I met someone who's actually my partner now.

36:11Sam Parr:And he was successful at a very young age. And he was probably 15 years older than me. And I was like, I didn't grow up with a lot of money. And I was like, I want to be free. I want to feel, you know, I want to, I want to, I don't know, I want to feel free. And I was like, what's the number I need? And he said,$20 million. So I said, all right, that's the number. I have to make$20 million by the age of 30. And it was definitely, I was money oriented. And it worked. I got basically 31. But it was so, I felt it was so easy to like have a goal and then like reverse engineer and back into it. Because then all I had to think was like step one, all right, step two, step three.

36:45Great. And that was smart. Because 20 million, right, we'll do it. Okay. And do it. And you also thought being free. Yeah. And then you can go for it. That was what I was trying to tell Elon. And he said, no, I don't need it. Okay. Don't need the safety net. Because if I'm listening to this, I'm hearing you say, like, I just need a nice bed to sleep in. I want my freedom. I want my kids to be going to a good public school, all of that. At the same time, you've made, like,$20 billion, right? So somebody listening can say, well, at some point, did he just way overshoot his needs? I wasn't chitting for that.

37:22Yeah, it's a byproduct. I play the game that I love that pays well if you play it well.

37:27Sam Parr:Right. I'm very passionate with personal finances, and particularly amongst the average Joe of, like, don't buy shit you don't need. which people don't tend to follow, or spend less than you make, which people don't tend to follow. Do you still do anything in your life that is a pretty frugal thing? Oh, yeah. I instinctively can't waste. I'm reluctant to fly a private plane. I don't like expensive watches. I heard someone make a joke that most of your suits are from Banana Republic or something like that. It's something like that. Where do you spend well, right? So like spending is also a skill.

38:06I spend money on the things that I enjoy. I love boats. I have a house on the water. I don't have a yacht, but I have an ocean exploration ship that I'm very excited about that I give to scientists and I'll tag along. I cannot do a normal yacht, okay? But Jacques Cousteau had an effect on me. When I was growing up, I watched him dive and do exploration. And then my son, I have a son who I took my son's diving and they learned how to dive. And he then went to work at National Geographic as a filmmaker and so on. And then we have this common passion of ocean exploration. So to create a ship that's a laboratory that they do research and so on and so forth, that's a great joy.

38:54But I couldn't be. Listen, I'm not against anybody doing any of these things. I just want to be clear. It's not like I think whatever brings you joy, it's okay. It's kind of like that, right? And we're uncomfortable. My family, my wife would not be comfortable with much jewelry or anything that would be fancy jewelry or something. That's just how we grew up. And the kids are the same thing. My kids are grown up. And I would say whatever you enjoy, like if you enjoy the threads and the beauty or the watch and you really are enjoying it, that's fantastic.

39:36Sam Parr:I know you're into the ocean. Do you believe in aliens? And do you have access and any cool insight into things like that? I have no knowledge of aliens. Oh, come on. What do you believe? What do I believe? I have no beliefs that are just beliefs. So people, I've heard different people saying things, and here's what I believe, which is there's the enormity of our galaxy. There are something like 100 billion solar systems. Okay. And in the universe, there are something like 100 billion galaxies. And so there are a lot of combinations out there. So I would have to believe that the probabilities of there being life in other forms and so on are great out there.

40:32However, I've also heard scientists say that that's much smaller than one would think about those things. But I haven't gotten into the subject. All I'm giving you is what I heard about those things. and, you know, like it's not a subject that I've spent much time with. Right. Yeah, I think you had a phrase like probability-weighted beliefs or something like that, right? It's like not all beliefs are obviously equal. Some you have high conviction in, and some you have much lower based on an analysis or an assessment. It's just my way, you know, and also markets teach you this way, right? What does expected value?

41:09How to go? Humility. Okay. If you have an opinion, what's the opinion worth?

41:14Sam Parr:Hey, how much time, like we've spent almost all of this time talking about like frameworks for thinking and very little of it was about business or finances. How much time of your day do you spend thinking about some of this high level stuff versus like actually picking or deciding, making a decision on a trade? They're connected to me, okay? I'm a global macro investor, okay? Which is, by the way, I think it's the best kind of investing because it brings you into, okay, global, that's cool. You deal with the whole world. macro, that means big stuff, important stuff, okay, and then how do you place your bets, and so it's connected to all of this stuff, you know, it's connected to the politics and the geopolitics and all of that, and it's connected to history, I did a study of the last 500 years of how things are working only because I learned in my life that if I haven't seen something before in my, that didn't happen to me in my lifetime, I should see whether it happened before my lifetime and so on.

42:20And then when I did that, because there are these big cycles, like there's, there are orders, right? We'll call, there's a monetary order. There is a political order, okay? Political and social order. There is a geopolitical order. In other words, systems, of how they work, they all break down, okay? Throughout history, you read history, but they happen like, you know, in these big sort of cycles and they break down kind of for the same reasons all the time. They break down for the same reasons. So as a global macro investor, in a sense, I'm connected to that. So the book that I ended up writing, you know, which is A Changing World Order, I plot things and so you see them on graphs and you could see these things happening.

43:06Simple measures of financial health, And how does that all work? And what are the consequences when you see that? So, yeah, I'm into that. So it's connected. When you said, do I see the big stuff? Okay. Yeah, the big stuff matters a lot, right? But you see it in these, you realize that a lot of people are looking at the news. The news lasts a minute. Okay. Can you put the news in the context of what's happening? Watch what's happening. I mean, just let's take a look at those things. You want to take a minute on that? Yeah, yeah. Okay, okay. So one of the things that I learned about is that there are five big forces that interact over a period of time to determine that.

43:50And that is the debt money economic force, okay? And there is a big debt cycle, okay? So it's, and it's a very simple thing. if you acquire more debt than you're earning over that, your debt service payments will squeeze out your spending. Okay, they grow. And that is like in your circulatory system, that's like clock being built up in your circulatory system. And when that happens and it becomes painful, you have a debt restructuring. And also one man's debts are another man's assets. So if you're producing a lot of debt, Let's say government's running a large budget deficit. That means it has to sell bonds.

44:37And then who are the buyers of the bonds? And how does that work? So it has a mechanical part of it. That's one of the forces. The other forces is wealth and values differences. So there's the political force, which has wealth gaps, values gaps. As they become greater, that's a greater threat to democracy. That's a greater threat to, in other words, when you get to, Do you have irreconcilable differences? So you're not going to compromise and you're not going to even follow the system. That's a risk. Okay, that's a risk now. Okay, we have the first risk. We have the second risk. Right. Okay. Check, check.

45:15Okay. Third risk is the geopolitical risk. So there's orders, right? The way the order works is who's in control? What are the rules of the game for the world? And so the way it works is you have a war. the winner of the war sets the rules, and we call that the order. 1945, we ended the war, America sets the rules, and so on. And we created what was a multilateral type of system, almost representative, the United Nations, the World Health Organization, the World Trade Organization. So all those world organizations are out the picture. We no longer have a multilateral world order. Okay, so how do you resolve differences?

45:58You fight, okay? You're going to have conflict. How do you get past the disagreement? There's no court you go to. You can't do it that, okay? So now you have those three things, okay? That's happening. Number four force, always through nature, is nature in particular. Droughts, floods, and pandemics historically have killed more people than wars, and they are a big force as they come up. And number five, all through history, is man's inventiveness, particularly of new technologies. And that raises living standards. And so if you were to see life expectancy always rises, productivity per capita GDP by all measures, as we learn more, we have that.

46:44And so there's the interaction of those five forces. Those five forces, you can measure them and you can measure their interactiveness. And that is what is now happening. So if you know those cause-effect relationships, I think they're connected. I've read something that your family office, I don't know if this is right, you can correct the record, your family office has like 70 % or 75 % in gold ETFs right now. Is that wrong? Totally wrong. Totally wrong. I believe that from an investor's point of view, that they should, it depends what their portfolio is constructed in, they should have between 5 % and 15 % of a portfolio on getting that 15 uncorrelated difference.

47:25They should have something like that, and they should have it overweighted if they're tactically doing it. Tactically means, let's say there's a certain time to own it and a certain time not to own it. Certain time to own it is particularly when there's a debt crisis and the government is flooding with money. That's an ideal time to own it. So there's a timing question. So I believe that one should create a strategic asset allocation mix, meaning what is my best balanced portfolio if I have no opinions? It's not going to be cash because cash always is the worst performing over a period of time.

48:02People think it's the safest. It's the surest to do poorly over the longest period of time. High certainty, low performance. So what you want to have, the best thing to do is have a well-balanced portfolio of assets because you can lower their risk through the diversification. Because if you have one, it goes like this. But if you have another that does the opposite with it, you can have that. So there's a strategic asset allocation mix, and then you make your tactical bets relative to that and so on. But here's what I would describe, the mechanics, let's say. There is such a thing as bubbles.

48:40What is a bubble? A bubble is not whether the stock will pay off in the long run, because in bubbles, even the most successful companies go down 80 % or something along those lines. So typically when there's borrowing of money or whatever, and there's an increase in wealth relative to money. Okay, wealth and money are two different things. Okay, wealth is, you can make up wealth. If you have a$50 million offering on a billion-dollar valuation, then all of a sudden you're called a billionaire. And it was$50 million. And then the world has a billion dollars in wealth. But what happens is wealth builds up.

49:25You can't spend wealth. You have to sell wealth in order to get money because you can only spend money. And so when wealth builds up a lot, and then there comes the need for money. Now, what creates the need for money? The need for money often is that they borrowed the money to buy the wealth, to invest in the wealth, and then maybe interest rates go up, and then all of a sudden they have to pay their debt back. And so where do they get that money from? They sell the wealth in order to get the money, and so there's this dynamic that's taking place. And then it has another number of ingredients like it's all the rage to buy it and everybody buys it.

50:07Everybody buys maybe more than they should because they don't diversify. And what happens is it's all the rage and so is it logical? And there are these elements that create a bubble. Okay, there are right now on that scale, I have a bubble gauge. I measure all these things. And I have this bubble gauge going back across countries to about 1900. And so I can see where they are. And these, by the way, typically take place quite often when there's great new technologies. A reason to be exuberant. The reason to be exuberant and to bet, and people confuse investing in, they say, I believe that technology is going to be great and revolutionary.

50:55And it is. Okay. But that doesn't mean the stock will be great. There's a lot of reasons that the stock could be too high and competitors come in and they, you know, there's a Google and there's a Yahoo. So what's the bubble gauge saying right now? So the bubble gauge is saying it's about 75 % toward where it was both in 2000 and 1929. So it's pretty high up there, okay? In Japan, in its bubble in 1990, it got higher even than those cases. So it's high, but people pay too much attention. Let's say if I just did the bubble gauge, I could tell you probably with good probability that it won't be good for the next, I couldn't tell you whether it's going to be three years or 10 years, but it won't be a good investment.

51:45But it won't tell you timing. Timing, you need the prick in the bubble. Okay, so what causes it to prick the bubble? So if you've got a bubble and then you see, okay, here are the things that prick the bubble, then you've got a good combination of things to do your market timing because the timing is going to be on the pricking of the bubble. The pricking of the bubble typically is the creating the need for the cash, for converting that wealth into cash for one reason or another. Quite often, the most typical thing is tightening monetary policy. Okay. So what you have typically is that when stocks go up and bonds go down, then what you have is the future expected return of equities becomes low relative to interest rates.

52:33And when interest rates go up, let's say a tightening of monetary policy, that's a classic dynamic. Other things like wealth taxes could do it. So in other words, for example, if you say you're going to have to pay wealth tax, then whoever has the wealth is going to have to sell some of the wealth to get the money in order to be able to pay. So looking out for those things in terms of the timing is my machine. Take that for whatever it's worth. I don't want people to trade on this and so on. But I'm just trying to answer the question that there are mechanics. Okay. Everything that happens has causes that make it happen.

53:12And so you understand the mechanics of the cause-effect relationships, you can see all this and understand it that way.

53:20Sam Parr:Okay, so you probably have heard this on the podcast, but if you're running a company, I think that the number one attribute that will determine if you are going to succeed in business is how fast you can learn from others. Specifically, how fast you can learn from other entrepreneurs. But there's a problem with that. I have this problem, and in fact, you probably have it too. That's one of the reasons why you listened to My First Million in the first place. The problem is that finding other successful entrepreneurs to learn from, it's a pain in the butt. And so that's why a few years ago, I started a company called Hampton.

53:49Sam Parr:You can check it out at joinhampton.com. We have thousands of members and they exist for this exact reason. So here's how it works. If you're a founder that does at least$3 million in revenue and you make it through our incredibly thorough vetting process, we then match you and put you in a group with nine other entrepreneurs. You meet in real life, in your city, once a month, and it becomes your peer group that will frankly change your entire life. It's changed mine. I'm in a group as well. And so if you're a founder that does at least$3 million a year in revenue, check out joinhampton.com. Again, the URL is joinhampton.com.

54:23Is Bridgewater the biggest hedge fund because you had the best performance? Is it the biggest because you were the best at marketing? Why did it become the biggest? It became the biggest hedge fund because we the most consistently made excellent returns with minimal risk. And we were uncorrelated with the stock market or any other market. That was the main thing. It made, I think, 11.8 % a year for something like 31 years when I did it. The worst down in a year was 2 ,000 because of the COVID, and we didn't know how to deal with the COVID. Well, that was down through about 13. The next two times was down like 2%, okay?

55:13And that was not correlated with anything. You know, the losses, you lose 50%, you have to have 100 % to make money. And so the compounded effect of that, and it was comfortable, so that's why. Out of the 30 years, how many did you lose? I think it was like three. Lewis was one of the reasons, 13%. Three, four, whatever, but not significant.

55:36Sam Parr:But it does help your media, your work. I mean, you're a charming, you're a good leader. And you've been doing it since you were in your 30s. But Bridgewater became the largest hedge fund before anybody knew me, and it was the opposite reaction. I was trying to be below the radar, And then two things happened. We became the largest hedge fund in the world. And at the same time, we have this culture. Okay. And the culture was perceived as a cult. And then I put online the principles just so we have a book of how we're going to be with each other, the principles. And then that got around. Three million copies were, it was downloaded three million times.

56:22People passed it around. Otherwise, it was going to be a problem. hiring people and so on, they wouldn't understand the culture, which is the culture is an idea meritocracy in which we radical truthfulness and radical transparency. But anyway, so in answer to your question, it was not my charm had anything to do with this. I could explain the process. People can, they can understand what was our process. And I could show how it was back-tested and it worked through all of those periods of time. And that was logical. And then there were results. And we helped people learn meaningful work and meaningful relationships.

57:01So we would have relationships with them and we would teach them and they would learn and they became better investors. I was walking around New York because this is my first time here in like 10 years. And I went to the Rockefeller Center and there's this like kind of this giant stone and it's John D. Rockefeller Jr. and he's just writing these things. I believe in the sacredness of a promise that a man's word should be as good as his bond. And it just has each, there's like just 10 of these principles etched in stone sitting outside the building. You know, it's like, I believe that love is the greatest thing in the world and that love alone can and will overcome hate.

57:37Right. And we are missing these now more than ever, right? The idea of what are these principles? What are the principles that bind us together? Okay. okay, what are the principles that we follow, really? What is most important? People are not, you know, everybody should write down their principles and then be judged of how they're living by those principles. And are they together? Well, this is the best part of your book. It's, you write the principle. You're not saying these are your principles for everybody. You're like, these are my principles. If you take away anything, it should be that you should have, figure out what yours are.

58:16That's right. And most people don't know what theirs are. Even fewer. will ever write them down, and then the fewest will be those who act in alignment, who walk their talk. But to get there, you have to write it down. You have to look at it. You have to have the shit kicked out of it. You have to, you know, and you say, yes, that's right. Those that are clear, etched in stone, that bring us to a higher level of how we should be or so, We are short of those, just like we're short of heroes, okay? Role models that you say, ah, that was a great man, and that's a way to be.

58:54Sam Parr:Who was yours growing up, and maybe do you have a hero now? Like one of them was Paul Volcker, okay? Lee Kuan Yew started Singapore and ran that. But no, there were many, many people who will sacrifice for the things. I believe that we talk about love, karma, okay? Or what I mean is you go across the world and you look at all religions and there's something common. Everybody can have differences in their superstitions, their beliefs, and so on. But there's a commonality which is do unto others as we would have them do unto you. or karma, what goes around comes around. And it is a reality that the whole is much better than the individual parts because a little bit of consideration and help for others can make such a world of difference.

59:53And if you do that both ways, you have a much better world, right? And then people who do that are role models to me as you look at that, okay? As distinct from selfishness and fight. In other words, I mean, that is mutually destructive, and you see that. So I think it's a question for humanity now. Can we rise above ourselves for dealing with, you know, what will certainly be better for everybody if we can get along? I don't mean that idealistically. This is practical, right? Because it doesn't cost me a lot to help you. It doesn't cost you a lot to help me, but it can make a world of difference.

1:00:39When you have that, it's a practical thing. And then what is heroism contributed to that? I think that's literally what it is. And we're now operating a lot the opposite way, I think. We've been doing this podcast for a little while here, and we've been talking about lots of different angles, some about investing, some about life and principles and entrepreneurship. I'm curious, like, if somebody was listening to this and there's one thing that they were going to remember, what would be the thing that you hope people remember or take away? What's the one big one? Know what you want and understand that it's a journey of having your nature and then running into your mistakes and learning from those mistakes to get what you want.

1:01:28and then I would say it's all about meaningful work and meaningful relationships. If you have work that you love and you've got relationships that you love, you're probably going to have a great life.

1:01:41Sam Parr:Well, thanks for doing this, man. Yeah, we appreciate it. This was fun for us. I hope it was fun for you. It was fun, yeah. I feel like I can rule the world. I know I could be what I want to. I put my all in it like my days off. On the road, let's travel, never looking back. All right, let's take a quick break to talk about a podcast. Because if you're listening to this, you like podcasts. And what's better than one podcast? Another podcast. And let me tell you, another podcast you should check out. It's called Success Story. If you like hearing about different success stories and hearing Q &A sessions with successful business leaders or hearing keynote presentations or just checking out conversations about sales and business and marketing tactics, this is a great podcast for you.

1:02:17So check it out wherever you get your podcasts.