The Great Billionaire Migration

25:21We'll be right back.

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27:15We're back with Prof G Markets. So we're here in Miami, the place widely known as the crypto capital of the world. And it is a very interesting time for crypto. after years of what crypto companies consider to be harsh regulation president trump has made it his mission to embrace the industry in addition to launching his own cryptocurrencies he also installed pro-crypto advocates to chair the sec and also the cftc the two main agencies in charge of regulating this stuff meanwhile the clarity act crypto's first comprehensive federal framework is currently making its way through Congress as we speak.

27:57And just this week, the CFTC cleared the way for perpetual futures, highly risky derivative assets. They're very popular right now to be traded on crypto exchanges. In sum, crypto is finally getting the regulation that it wanted. However, it isn't getting the returns that it wanted. Since Trump took office, Bitcoin has fallen roughly 30 % and Ethereum has declined more than 40%. So despite the government's embrace of digital assets, the industry's future remains very uncertain. Scott, we're going to get into crypto. But before we do that, I just want to play a clip that went viral literally yesterday.

28:40It was an interview with Jamie Dimon, the CEO of JP Morgan on Fox Business. And they were asking him for his thoughts on the Clarity Act and his thoughts on Trump and the administration's approach to crypto regulation and also the fact that Coinbase is very happy about what's happening. Let's just play that clip and let's get your reaction. So are you happy with the way the Clarity Act is turning out? No, because it allows them to effectively pay interest on deposits, stable coins or something like that, without the protection that they should have. And it doesn't do anything for AMLBSA. It has almost no legal protections.

29:19So, no, the banks will not accept it that way. Well, the markup is coming. I mean, what are you going to do about it? It is. We'll fight it. If we lose, we lose and we'll live. OK. But it will be fought. This will not be. No one's going to bow down to this guy, OK, or that company. And he's the only one. And he's spending hundreds of millions of dollars in Washington, this thing. He said he's representing the whole industry. He's full of shit.

29:43so the ceo of jp morgan is now down to say he's full of shit on camera about brian armstrong that's who he's talking about who's the ceo of coinbase we have kind of the clash of traditional finance and crypto finance and now they're throwing shots at each other and insulting them calling each other names um i guess what do you make of the fact that that is now happening in business? Well, I want to take the aperture back because I want to ask you a question. So I'm one of those guys. I'm a no-coiner. Just to be blunt, I think I understand more about the markets than your average bear in investments.

30:19I literally don't understand Bitcoin. I never have. I don't get it. What I think... It's everyone in agreement. I want to be transparent. I think some of that is built up resentment because I think I'm the only person that hasn't made money in crypto. You know, I kept saying, This is going to zero when it was at$60 and now it's at$60 ,000. So my thesis, and I'll put it back to you, I think what crypto is, and this is a question, not a comment. I'm genuine. I want to learn here from someone much younger than me. I think it's young people saying, fuck this. I'm going to invent my own asset classes.

30:59You keep propping up your own asset classes and I can't, it's too late for me. I can't get into real estate. I can't buy a shitty home. I'm not gonna buy a shitty home for$2 million. I'm not gonna buy Apple at 300 bucks. So I'm gonna create my own investments and my own asset classes. Because if you find people my age, we're saying, we don't get it, it's bullshit, because we've already made our money, right? And I think younger people are saying, okay, if you're not gonna let the markets fall and you're gonna keep using my credit card to bail you out by propping up asset prices artificially. I'm going to create my own asset classes.

31:40Anyways, do you think this is a response to young people trying to create their own asset classes so they can create their own economic value? I think that's exactly what's happening. And the trouble, though, is that cryptocurrencies, on addressing the problem, they know what the problem is. They're asking the right questions, but they haven't found the right answer. It is true that for young people today, it's far more difficult to build wealth in a substantive and meaningful way. Housing prices is the perfect example, ground zero for the problem, where the average price of a house is seven times average annual income today.

32:18And you go back to my parents' generation, my grandparents' generation, it was four times and three times. The cost of college is another one for young people that is now a huge problem, 42 % of annual income. And you go back to my parents' generation, it was 13%. And I think stocks is another great example. I mean, we look at the price of the stock market today, the Shiller PE is at 40 times earnings today. Go back 20, 30 years, it was around 25 times. So everything is incredibly expensive. And it relates, I would add, to our previous story. So then there is a question of, okay, what do I do then?

32:52How am I actually supposed to build wealth? And I think what we're seeing among young people is we're turning to what I would call casino assets. One of them would be simply gambling, sports betting, prediction markets. You can say maybe that's investing, but it's really gambling. Another is options trading, especially zero-day options trading. Young people specifically, more than a third of us who are invested in the market, more than a third of us are trading options every day. That's higher than any other generation by far. And the third one is, of course, crypto. One in five of us only own crypto.

33:29That's the only asset class that we own. So we were very excited about crypto. This was supposed to be the ticket out for a lot of young people. My concern, though, is the fact that when you look at actually the data on how we're doing as a generation invested in crypto, almost 90 % of us are losing money on crypto. We're getting obsessed with the trading. We're getting super into it. We're often taking on huge amounts of leverage. And I would add something that was in our intro here is that we're now legalizing these perpetual futures, which are essentially these options contracts that never have an expiration date.

34:06So you can either keep making money into infinity or you can keep losing money into infinity. And the great new innovation of perpetual futures, which the government has decided to now legalize, is that there's almost unlimited leverage. On Coinbase, you can lever up 100 times. On other platforms, you can lever up 1 ,000 times, which means that you are essentially 1 ,000xing your risk. And increasingly, we are seeing many stories of young people who are getting usually brought into some sort of pyramid-like scheme group chat that they see online. Some Andrew Tate equivalent convinces them that this is the way you're going to escape the matrix.

34:45This is how you're going to make your money. They get drawn into this stuff and a lot of them lose money. But those are the stories that we don't hear because all we're hearing about is all the people who are making all the money and their Lamborghinis and the fact that they're posting on Instagram and posting on TikTok with their mansions and their handbags and their$100 ,000 trips to Mykonos. We're not hearing about the nearly 90 % of young people who are losing money on this stuff. So I think to your point, it's like we're addressing the, we got the problem. We know what the problem is. We know what questions to ask, but we found a solution that really doesn't work for most of us.

35:22And I worry that it might even make young people even angrier. And I guess at that point, then I wonder where do things go from there? That's the part that I'm feeling anxious about at least. Well, earlier in the program you asked, where does this all go? The fact that so many gated communities, so income inequality, I mean, we have a lot of problems, but income inequality is right up there because, so there's something called the Gini coefficient. It's a measure of inequality by an Italian economist. Zero means everyone has exactly the same amount. That's the dream of communism, right? One is one person owns every asset in the world.

35:59The French began separating people from their heads when the Gini coefficient was at 0.83. In America, it's 0.85 right now. So I think we have a series of small revolutions taking place in America. I think when people go to a data center and get angry, that's a form of revolution. I think the Me Too and Black Lives Matter moments were righteous movements with very valid concerns, but they weren't going after the owner of a taco truck and accusing him of sexual harassment. They were going after rich people. I think people have literally had it. And where revolutions start, people make the mistake of thinking that revolutions start because of unemployment and that people are bored.

36:44And I've often said the most dangerous person in the world is a broken, lonely young man. That's the most dangerous person. But revolutions in societies fail, not when people aren't working, but when they're working two jobs and they're still hungry. So we've transferred money from consumers through inflation. We've transferred money from laborers and earners. The minimum wage is$7.25. It hasn't gone up in 15 years despite the NASDAQ tripling. Meanwhile, as a percentage of GDP, the S &P is higher than it's ever been. So we've made a concerted decision to allow a transfer of wealth from earners, people who work, and consumers, people who pay prices, to shareholders.

37:25So it's awesome to be a shareholder. And if you got in and you own a lot of shares, you've done really well. But if you've never been able to make the jump to light speed because you work, because things are so expensive, you just can't save money, much less invest, you're kind of trapped. You've been you've been left behind. So where I think this goes is a form of revolution. And that is we've decided we want extremism. We want chaos. People are upset and angry, so they want chaos. But the manifestation of chaos is an embrace of extremism. I want the far right or I want the far left. And I find that whenever the far right or the far left meet on something, it's a really fucking dangerous idea.

38:12The far left and the far right, they meet on anti-Semitism and anti-vaccines. They're both alignment. Whenever the far right or the far left agree on anything, it's usually a really bad idea. And I worry, and I'm a progressive, and I'm going to work hard to try and put more Democrats in office the next two and a half years. But I also think that,

38:38okay now let me now let me bum you out i think fascism can come from the far left as easily as it can come from the far right

38:51so unless we figure out a way to transfer more money back to young people in the middle class again we're going to have extremism so i think all of this is tied into income inequality the pursuit of DOPA by young men and a general sense of dissatisfaction. I'm working my ass off and I still can't get ahead. So I am willing to vote for people who are just extreme, right? Rather than coming together and realizing that 70 or 80 % of us agree on most stuff and that there are common sense solutions in the middle, but none of those common sense people in the middle can get elected because we keep wanting chaos, and I won't even get into gerrymandering.

39:36But I think, unfortunately, we're moving to a nation of chaos and anchor that doesn't represent America. We're actually not as divided as you would believe. We're being divided by people trying to take advantage of the chaos and take advantage of the income inequality. So here's a question then, while we're on the topic of crypto and agree. We're talking about crypto here. Trump, our president, he's the pro-crypto president and he's pro-innovation, all these things. Okay, fair enough. Sounds good. I also know that as soon as he became president, he launched Trumpcoin. And then his wife launched Melania coin.

40:22I know that as soon as that happened we saw huge buying uh immediately when he launched the coin but while that was happening and of course because he's got a big fandom and he's got a big social media presence while that was happening many of the largest accounts were selling very very uh heavily on those accounts uh the insiders of trump coin made a billion dollars off of that coin We don't know who the insiders are. We just know that there are a handful of wallets who are connected to the token itself. They made a billion dollars. The retail investors who bought Trump coin and then lost about, I think it's down 85 % since its launch.

41:07They lost cumulatively around$4 billion. Trump and his family have made$800 million personally off of their own cryptocurrencies. is. I look at that and I say, okay, this is flat out corruption. It's the worst we've ever seen. This is insider trading gone wild, gone crazy to levels we couldn't even fathom. I look at what he's done to the SEC, where the chair of the SEC is a former crypto lobbyist. I look at who he's put in charge of the CFTC, who is a former pro-crypto corporate lawyer and also a pro-prediction markets, corporate lawyer. I look at what they have done to the SEC, where they have reduced the headcount and the amount of prosecutions have fallen by 30%.

41:54At the CFTC, the prosecutions have fallen by 80%. So as much as they create a framework for crypto, what we know that is, they're not going to prosecute anyone. They're not going to do anything about it. That to me, it's right there. Okay, now we know what the problem is. Now we know where the corruption lies. However, I saw a really interesting poll this week. They did a poll of Trump, voters, and they asked him if they believe that Trump has personally profited financially off of the presidency, half of his supporters think that he hasn't profited at all.

42:32At that point, where is the conversation? If we can't have a real conversation about what's actually going on here, if we can't look at the numbers anymore and no one can agree, then I'm not sure how we can ever even reach a discussion where we can even address these problems. And I hate to say this because I feel like we've been kind of Debbie Downis this podcast. But what are we supposed to do about that?

43:02Drink more. We're supposed to drink, I heard. Yeah, that's right. So just to be fair, the S &P is up 200 % in the last 10 years. Berkshire Hathaway is up 300%. Speaker Pelosi's portfolio is up 700%. The corruption is rife on both sides of the political aisle. I think Trump came in and said, okay, Speaker Pelosi, Marjorie Taylor Greene, you're making millions. That's small ball. I'm going to make billions. Hold my beer. Hold my beer. Nancy Pelosi. Yeah, so I don't, I think we need to address corruption on both sides. Agreed. My idea of corruption at a federal level is I would adopt a Singapore model.

43:48I think our congresspeople and our senators, I deal a lot with them. I say that because I'm desperate for your affirmation. And I think it makes me sound important. But I think they're important people. They do important things. And I actually, every time I spend time with them, I'm impressed with how many of them are really good people. I'm kind of sick of shitposting government. The implementation of the policy is I would adopt a Singapore model. I think every congressperson should make a million dollars a year. I think every senator, two million. I think the president should make 10 million a year.

44:22And then abso-fucking-lutely, no conflict of interest, no stock trading. You can't go to work for a lobbyist. You can't because just a zero tolerance policy. I also think we need a reckoning in this country. I hope that the next president in coordination with states, AGs, goes after the sons of people who are trading American diplomacy for crypto investments out of the Gulf. I just don't I think there needs to be a reckoning. I think that we need to say, restore to America, that if you have a shot, even if you don't know powerful people who trade off American security and American interests, we're just not going to tolerate that anymore.

45:08It's the stuff you don't see that really impacts you. I had chills go down my spine, and this got no coverage. I believe we're gonna have a soft invasion of Taiwan in the next couple years Through economic sanctions in a blockade by China mainland China. Why? I think Trump has basically figured out the perfect economic vehicle crypto To become the wealthiest man in the world and if I were she I would have done the following in a private meeting with Trump at their summit a few weeks ago. I would have said to Trump I can make you the wealthiest man in the world. I'm super interested in the Trump coin.

45:46I think it's a great idea. We love it here. And here's my mathematician. And I figured out that with just$7 billion in a fund, which is super easy for me, I'm an autocrat, and timed purchases done through several shell companies, I think I can make you the wealthiest man in the world and you can elegantly start to sell it. and you're going to become the wealthiest man in the world. And by the way, I would just really like to see your Ohio class nuclear submarines vacate from the South China Sea. That's what I would do if I were Xi. And you don't believe this guy will do that? And then on the plane ride back, he's asked about would we support Taiwan if they were invaded?

46:32And he's the first president who said the following. He's like, I don't know. I'm going to keep that to myself. So I think a soft invasion of Taiwan has already happened because we have a corrupt government and a corrupt president. And now we have the ultimate vehicle for hiding that corruption in Bitcoin. Now, I might be paranoid, but it doesn't mean I'm wrong. it seems that it's ultimately i mean it's always all been about money but it almost seems like in 2026 it's more about money than ever before that's really all that matters you can essentially pay your way to access you can pay your way to policy you can pay your way into anything um i just i mean while we're on the topic i just i really want to drive home the point especially for the young people who have, we've really become addicted to this stuff.

47:23We've become addicted to the crypto. We've become addicted to the sports betting. Half of young men today have an online sports book. Again, this is because we have pushed it through deregulation. And then also just these advertising budgets are exploding. You can't walk around without seeing an advert for DraftKings or for FanDuel or any of these gambling companies. But I would just point out your odds of making money gambling are lower than your odds of getting bit by a dog. That is our statistic, just like it's not really going to work. But the thing that I also learned recently is that the average return trading on prediction markets is actually lower than the average return gambling.

48:08It's negative 7 % when you're trading these events contracts. So I just think that we need to have more of a discussion. I mean, and as you know, and we both agree, I'm pro gambling. I'm pro, you know, having fun and getting out there. But we need to be a lot more clear about what the risks are with this stuff. And it seems like we're making an intentional effort, especially from the top down from government to say, no, everything's fine. It's all innovation. Don't worry about it. We're going to have no rules whatsoever because any kind of rules will stifle innovation. But ultimately, I think that a lot of people actually are getting hurt financially as a result of this.

48:46And I think it just deserves a lot more conversation. I'm one of my intellectual role models is a guy named Jimmy Carr. And he has this great rap. And I agree that I'm very pro gambling. And what I would say to young men is gamble, but take risks, take good risks. And that is most risks taken on a screen are bad risks. Most risks taken and off a screen are good risks. Find someone much hotter than you and take a risk and ask them out on a date. I'm drinking it out. Find a job you're not qualified for and show up in the lobby. Find something you're super passionate about and feel really strongly about and risk your time in your career.

49:34Take more risks offline and take fewer risks online. Don't shitpost people or criticize them on your keyboard. That's just fucking weak and stupid. That means you have issues. But at the same time, and it's very hard for men, especially young men, because to compliment somebody exposes you. There's this weird, and I suffered from this when I was your age. If I complimented somebody else, I expressed affection. I expressed romantic interest. I told another man that I thought he was impressive Somehow that it took from my masculinity and I was risking something and just going back to where I started earlier when I was at the raleigh hotel and it was the middle of the day and with Sun and without the benefit of alcohol And I saw someone to I saw someone I was quite frankly just really attracted to I wasn't thinking I want lower rates on auto insurance insurance.

50:37I was thinking, I would really like to have sex with this woman, to be blunt. And I thought, I promised myself, before I leave this hotel pool, I'm going to speak to her. And it's just not easy, right? Middle of the day, no alcohol. She was with another woman and a guy. So I went out to get my electric blue Maserati. That helps. with my valet ticket. And I was sitting there. This is a true story. And I thought, oh, fuck. And I'm like, you know, I'm such a wimp. I like hated myself. So I said, I'll be back in a minute. And I rolled up to them and I said, where are you guys from? And like I said, 18 months later, we had a kid.

51:23Anyway, my advice to young men is just take a shit ton of risks as long as they don't involve a screen and an algorithm. Gamble, but gamble smartly. Cheers to that. Cheers. More risks in 2026.

51:43Stay with us.

51:54Hi, I'm Maria Sharapova, host of the Pretty Tough podcast. Each episode, I sit down with high-achieving women to discuss the pursuit of excellence without apology. This week on the show, clinical psychologist and founder, Dr. Becky Kennedy, and I unpack what it really means to raise kids today. I think parenting is the most important job in the world and the one that has the most impact on your world and the world. It is nonstop. Check out Pretty Tough, new episodes on Wednesdays. You can watch it on YouTube or listen in your favorite podcast app.

52:34We're back with Prof G Markets. Let's move on to our third section here. It is time for our Q &A. So we've been collecting your questions backstage. I have them on this iPad here. The first question is from Hans, who is in seat G116. Hans, how's it going? Good to see you. It's going amazing. Great to be here. Love your guys' content. Thank you so much for coming to Miami. So my question is, allegedly, Peter Thiel just moved his family to Argentina. What does that tell you about the American society, economics, and how they feel about where America's going and where are they hedging their bets against?

53:15I'm sorry, Peter, Thiel moved to Argentina? Is that what they call it? Apparently. Allegedly, he moved to Argentina. What does that say? We see a lot of billionaires moving, I guess, or just going to other places. Right. which is very pertinent to the conversation where it starts out with, oh, I'm not happy with how things are going in California. I'm going to move to Miami or Florida. And then it becomes, actually, I'm not happy with how it's working with the US. So I'm going to go to Argentina. I saw that story. It came out just today, maybe yesterday. And the reason he's doing it is because he says that socialism is on the rise in the US and we're becoming like a communist nation of some sort.

53:51and so Argentina is the place to be because Argentina is embracing libertarianism. My question is like, when does it become, oh, I don't like how things are happening on Earth. I'm going to take a spaceship out to another planet. We're getting weirdly close to that, I feel. What do you think of this, Scott? I think Peter Thiel moving to Argentina says more about him than it does about America.

54:19I'm coaching a bunch of Democratic nominees for president, and they'll say, what's the one policy you'd want to implement if you could implement any one policy? Hands down, it'd be mandatory national service. Because one thing young people get wrong, one thing they get wrong, they do not realize how incredibly fucking lucky they are to be born in America. As bad as things are Talk to someone who lived in argentina and came here and see how fucking awesome it is in argentina You still have amazing rights. I have been literally molesting the earth for the last 30 years I spent 180 days a year on the road.

54:59I have spent at least 30 days in argentina and name any other 40 or 50 countries. This is how I would reduce my reductive analysis of the world. America is the best place to make money. Europe is the best place to spend it. If you're young and you're looking for opportunity, you're looking for protection, you're looking for rights, you're looking for people who will risk capital on you, you're looking for rule of law, you're looking for an opportunity not to be persecuted or not be disadvantaged because of who you are or who you want to love or the gender or the race you were born. This is still, in my view, the best place in the world.

55:48And what mandatory national service would do is it would get kids off this hate America technology called social media and show them just how wonderful other Americans are. We need, the best thing to raise up America would be for Americans to get out of their homes and touch and feel more Americans from different sexual orientations, different income groups, different states. We need mandatory national service.

56:20Hans, thank you for the question. We have a question from Alex Gordillo in PTE110. And Alex has a question about building wealth. So my 20-year-old nephew lives tomorrow for the U.S. Army. And I've been trying to show your content for the last two years. And this is like the first time she actually agrees to read, to come, or to participate. So my question is, like, for a young Colombian immigrant entering the military service with a clean slate, what specific wealth framework will benefit him the most right now? and how can I keep him engaged with your content? It's something called the internet.

57:08Dude, I'm like AOL in the 90s. You stick your hand into a cereal box, you're going to pull me out.

57:15I think most people are asking, how the fuck do I get away from this guy? It's not going to be hard to stay in touch. Young man, can you stand up?

57:33Just going back to the notion, one thing I think we do take for granted is that the best performing organization in the history of the planet is the U.S. military, hands down. It is what the U.S. military consistently is able to pull off, the level of professionalism, the level of discipline, the level of empathy, leveling up. It's been such an incredible equalizer in our society. And that is when you're in a foxhole with someone else and you have to handle heavy, dangerous equipment and your life depends on it, you don't give a flying fuck what their sexual orientation is or how rich their father is.

58:14It is the ultimate equalizer in terms of character and skills. and it's so encouraging and important that these stacks of awesome continue to decide to go into what is the best performing organization in the world. Seriously, congratulations. This really builds outstanding men and women. Thank you for committing to that. I think it's one of those things where for the rest of your life, you're going to, I mean, it really, I think it'll really shape who you are. We have tremendous, we have a wonderful program at Stern where we bring in kids from the service and they're hands down just the most impressive, honorable, disciplined kids.

59:04So anyways, well done.

59:12we have a question from jose rodriguez in seat x113 long-time listener first time caller so thank you let's go welcome to the show um so my question had to do with um i guess like the titans now right of industry, why is it that they all seem to be kind of psychopath, sociopath? Why do we seem to be rewarding any social behavior? Oh, and by the way, I'm a psychologist and a professor also, so. Where do you teach? I'm at Florida International University right here in Miami. Nice. Well done. What about you?

59:55How do you take this? Why are they so weird? Well, antisocial really is the issue, right? That's right, that's right I mean, the first thing that comes to mind when you ask that question relates to Peter Thiel I watched this, I don't know if you saw this interview recently that he did with the New York Times The interviewer asked him, he was like Do you believe that the existence and continuation of the human race is a good thing? And Peter Thiel goes He paused well i swear to god it took you took maybe 45 to 60 seconds to answer the question it was and then he didn't even say yes which was insane to me um on this point i think from a regulatory perspective it's very clear to me that we have decided to let these tech giants run amok and scott has talked about big tech regulation for the longest time.

1:00:52This was his first book. I don't know if you guys remember his first book, The Four, but it was about this monopolization effect that we see where we refuse to get our act together in terms of antitrust. And we allow these big tech companies to get larger and larger and to establish these monopolies where Meta is controlling 70 % of the social media market, Amazon's controlling almost 80 % of the e-commerce market. I mean, these are tried and true monopolies that have happened here. One thing that I thought was going to happen was that we were all going to get our act together and decide basically as a country that that was a problem, that monopolization leads to extortion, it leads to pricing power, that this wasn't something that should continue.

1:01:38And I thought that there was agreement on both sides about this. And then there was an antitrust case against Google. and they found that Google was indeed a monopoly. They actually convicted Google of running a monopoly. They said, you have done so for a decade. And I was like, wow, I remember we covered it on the podcast. I was like, oh my God, this is the big moment. Antitrust is actually going to get in there and figure out what to do about this. And then it came to what to do about it. It came to the remedies. And this was a few years ago and the judge said, you know, I would break them up And I know that's the recommendation from the DOJ, but there's this new thing called ChatGPT, and it's really powerful.

1:02:21And if we break them up, then we're doing something really unfair to Google because AI is about to destroy this business as we know it. Google, yes, it has 90 % of the search market, but ChatGPT is going to destroy that, and it's going to ruin that monopoly as we know it. That's what he said. Fast forward two years later, Google continues to have a 90 % market share of search. Their search revenues have actually grown since ChatGPT. In addition, they simply launched their own competitor. It's called Gemini, and it's hot on the tail of ChatGPT, set to take over if it tracks in the next few years.

1:02:58And so essentially, what you had was everyone thought that AI was going to destroy the big tech monopoly, the oligopoly. It only enabled it. And actually, when you look at Google stock, Google is the AI winner of the AI boom. The stock has almost tripled since that happened. So I think what we have a problem here is we pretend like it's a problem and we all kind of say that it's a problem and that we should do something about it. And what is very frustrating to me is that when it actually comes time to break them up, as you've been calling for for years, we still refuse to do it. I think these billionaires that run these tech companies, they're just so out of touch and they know that they're almost invincible because that's exactly what we're telling them.

1:03:38I don't think they got laid enough in high school. yeah well professor you're going to forget more about this and i don't know i i do think we have a tendency to demonize our leaders but the incentive system to achieve that level of economic success and power and this is the problem with the people ultimately end up running for president you have to be so monocular and in terms of your focus and so ambitious that you don't perhaps develop skills in other parts of your life. And maybe you lack a certain amount of empathy. Maybe your priorities are a little unusual. I think you just have to be so focused on economics and power that it attracts a certain type of person.

1:04:23And I think sometimes, I think quite frankly, we sometimes get the leaders we deserve. What I think a lot about is that I worry that anyone under the age of 25, in our nation, we have an idolatry of the dollar. Because church attendance is at an all-time low, and because our brain is big enough to ask really big, important questions and not big enough to answer them, we invented gods. and because of science and the lack of church attendance, which is an all-time low, we no longer believe in God as much as we used to. So we fill the void with tech innovators because the closest thing to mysticism and magic is technology.

1:05:08Like I don't understand how my phone works. So you take the combination of what feels magical technology and our idolatry of the dollar and we end up with the new Jesus Christ with Steve Jobs. He's our idol This is a man who denied his blood under oath to Avoid child support payments when he's worth a quarter of a billion dollars So unfortunately, I just think we've picked the wrong idols In this country and something that really worries me Is that if you're under the age of 25, especially as a man We've just given them really shitty role models The most natural role models for young people are going to be the president of the united states That should be any young person's role model.

1:05:52And in a capitalist society, the wealthiest person in the world is going to be a role model. And so the two role models now for young people, and especially young men, are people who punch down, people who cut off aid to HIV-positive mothers in Africa, people who've made our discourse much more coarse, and people who are being sued concurrently by two women for sole custody of their child because they haven't seen that child. The reality is we just need different role models. So I don't, I'm worried that we are, we have an entire generation of people growing up who think that making, you know, our president answered a question to a female reporter with quiet piggy.

1:06:44what the fuck? That's what our young men and women are saying is who should be the natural leader. So maybe I'll put it back to you, professor. Why? What went wrong here? Why are these people like this? How much time he has got now? Are you familiar with the work of Robert Sutton? Yeah. Yeah. So the no asshole rule, right? He wrote this book called literally the no asshole rule. And who's an asshole? Somebody who punches down, right? Somebody who uses their position of power. And maybe we need to consider that when we're considering our politicians and who we want to idolize. But I also want to give a shout out to your book, Notes on Being a Man.

1:07:23That was a really good read, man. Thank you. Thank you for that. That was fantastic. Thanks for saying that. I think that right there is setting the stage for what you've been talking about, like the role model, like what to be, what to do. I appreciate that. Thank you for saying that. I'll accept my check later. All right, our last question.

1:08:11Look, the most important relationship and the most important decision in your life will be who you decide to have kids with, who you partner with. I have friends who are very successful on exterior metrics, but they don't have a real partnership with their spouse. And I think it fills their life with anxiety and disappointment. And then I have other friends who aren't as successful, but they have a real partner and everything in their life burns brighter. So the most important relationship I would think about is trying to find a great spouse. And typically people at your age are constantly focused on how do I find romantic compatibility and sexual compatibility?

1:08:58And I want to be clear, that's important. But what they don't think about is finding someone who has a similar vision of what would be 70 years of Awesome Tuesdays. You know, what would be the same values, enjoy spending time together. So the question is, how do you do that and how do you punch above your weight class such that you can have more? This is who you want to be. You want to be the guy that people look at and think wow I wouldn't have guessed he'd be that successful and I wouldn't guess he'd be with someone so cool and so hot That's who you want to be And the way you do that Is with no And what do I mean by that?

1:09:43The key to success Is rejection Specifically your willingness to endure rejection And you have every day the deepest pocketed companies in the world trying to convince you that you don't need to endure rejection? Why try and make friends and express friendship and go through the pecking order of having friends when you can find friends on Reddit and Discord? Why put on a tie, send out 100 resumes, show up unannounced, ask people for coffees to get a job when you think you can make money on Coinbase or on Robin Hood? And why would you go through the humiliation, rejection, expense, cost, perseverance, kindness of trying to establish a romantic and sexual relationship when you have 24 by 7 lifelike porn?

1:10:42So if you aren't getting no's every day, you're not going to get there. Because everyone in this audience who you would think they have a nice life, the only thing I can guarantee you they've had in their life is a lot of no's. So if you aren't getting no's every day, if you aren't applying for jobs you're not qualified for, if you aren't trying to make friends with people you perceive as being higher quality than you, if you aren't approaching people and expressing romantic interests while making them feel safe that are quite frankly considered higher quality than you, you're never going to punch above your weight class.

1:11:23So one, get used to know, and also at your age, and this is where I would want to wrap up, there's a very healthy hormone or instinct that comes over you at your age where you want to separate from the pack, specifically your parents and your family. So you start thinking they are unbearable idiots. And then what happens is at about the age of 25, you realize that in 90 % of the cases, your parents were your allies. So my advice to any 19-year-old male is skip to that part and just realize your parents are your allies. Should we end it there? Thank you, Scott. Thank you, Miami. thank you this episode was produced by Prof G Media, thank you for joining us live if you like me, follow us on YouTube we hope to see you again, goodnight Miami lifetime lifetime

1:12:36you have me in kind reunion

1:12:47As the world turns And the dark flies In love

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