so we are sitting with the legendary
wolf of wallstreet jordan belfort how
you doing brother
I’m doing great it’s good to have you
here on value taemin we get a lot of
requests about sitting with you and I
was telling you a story earlier which I
thought was pretty interesting I used to
work at Morgan Stanley Dean Witter day
before 9/11 and I’m in Austin I’m
sitting at the bar having dinner Warfel
Wall Street had just come out and this
guy sitting next to me they’re talking I
said you know what do you do says I’m an
advisor I’m a financial advisor from New
York I said you know is this wolf of
Wall Street story really love was it
really a guy like not Hispanic
it’s absolutely y’all wanted to go to
his parties this guy was epic it’s one
side to watch a movie because you see
the fiction side and the other side is
to actually sit down and talk and
hopefully we can get some cool stories
here so here’s what I want to talk today
I’m gonna talk a little bit about your
story little bit about sales not
necessarily on the sales how to sell I
think your strength is not just how to
sell there’s a lot of great sales people
but the sales management side I kind of
want to talk to you about a little bit
on sure who you targeted who you focused
on who working with you how you got the
best set of people and then maybe a
little bit about Bitcoin and you know
future the market and we think about
this so so my first question would be
this I watch wolf of wall strips okay in
your mom and selling them back and my
dad I said he comes back so how’d you
like doing since I love the movie I says
what do you think I say yes he think we
should go back and have a Jennifer
watching my wife he says he says nobody
from the family should watch it this was
the best he was talking about it so tell
me you know forget about the stories in
the movie what actually happened that
maybe was a little too crazy to put in a
movie was there any story didn’t make it
in the movie like wrote the book back in
2007 there were certain plot lines that
got completely edit out because there
were some public figures involved ISM so
that a lot of political stuff going on –
its senators and and Clinton stuff like
that and I all got infants
yeah Hillary Clinton is a whole big
thing not the rest of the Hillary but
with
a u.s. senator that she was bucking
heads with him it’s a long story anyway
I don’t feel long sir you can’t get it I
really can’t get to that because you
know Hillary Clinton and Senators
interested in the u.s. senator who was
incredibly uh outspoken against her and
they were bucking heads anyway make
along snork yeah so what I submitted
that to the publisher Random House
they’re like I don’t know about that
once they said that’s gonna be a
political you know you know hot potato
so I added that one out but I think in
terms of I think what people were are
interested in source things that
happened that was so crazy and in saying
that simply were just you know not fit
for public consumption there was some
was a lot of that stuff actually so I
think the one scene that sticks out
among all was the bachelor party so if
you read the book the wolf of Wall
Street
there’s only one disconnect in the book
is this scene where I am getting married
and I have a hundred brokers call me the
Las Vegas today ship a hundred hookers
out there as well and it’s just like the
most insane situation you could imagine
going on worth of Mirage Hotel and they
sort of depicted that in the movie but
they sort of cut the whole thing out
right and what happened was is I wrote
the whole scene right eight pages long
and I said to my editor woman Daniel
president and she’d already read insane
stuff like you know he’s already all the
dark and Sally was there she read this
and she says the fashion girls Wow wo W
declamation weather shows I don’t think
other human beings will understand I
said well I know a few humans long as
this I just don’t think people will get
this scene so even more than what you
saw them all oh my god it was I mean
listen I was a couple scenes where you
watch it you kind of uncomfortable like
no this was like far worse than anything
in the movie but for I mean the things
that happened at this passional party
were so depraved that uh that III had to
leave like I ended up leaving Vegas like
the next morning I got up and I hear we
had to get out of there and uh
if you think that movie does really well
my hats off to Scorsese is that he was
able to put the life of someone that did
a lot of things wrong yeah did a lot of
things really right as well but clearly
made some huge mistakes but he put it on
the screen without judgment and I think
that’s what a great director doesn’t
well I hate pursue that I got to move
I don’t want to be told how to feel I
don’t want to I haven’t really
Telegraph’s like we’re they make it so
much like this is how you should feel
right and there’s a spoon-feeding
emotion verse he said okay here’s what
happened you know it was fun there’s no
denying it was fun it was evil in some
ways it was awesome in some ways but
he’s like I’ll put it up there and let
everyone have their own opinion of it
and I think that was the magic of the
movie was to be able to that’s what
Scorsese is so great at is like he just
puts characters up there
they could be loveable rogues hey you
know it’s just it’s all about how you
feel interact at the film versus someone
that puts the movie up there and they
just they telegraphing things they hate
this person’s like this person they’re
moralizing he didn’t moralize so I think
that was the brilliance of the movie of
course leo is just an incredible actor
Leo did a great job and I think he
shocked a lot of people with the
physical comedy and stuff and he was
just great and I think one thing that
people don’t realize with Leo is he
worked really hard on this it wasn’t
like just like I’m Leo DiCaprio talked
about that was asking you questions what
are you what do you do this would if we
spent about a about 8 to 10 months
together would you say oh yeah yeah
we’re really just constantly being
together meeting and talking things
through and speaking on the phone all
the time he was working with a dialect
coach and I was working with the coach
with him we worked on all the scenes in
the boardroom together Erin’s wit the
wrote the script it was amazing and I
then took the brought this one of the
stock scenes with her sales and I
rewrote those just to make them totally
authentic and I want to say it wasn’t
Kerry’s amazing right but those doses
are just oxy and short and leah was so
intent on getting everything authentic
and and I think that really why he was
so great in the movies because he put
the time in I’m a believer that you know
with anything that you do should put
your time that tells that says a lot
about him he always he tell you it’s not
like he’s like no Amelie all just great
I’m so impressive yeah now let me ask
you how was Scorsese with this whole
process with you very interesting so
Scorsese was very different Scorsese was
like listen he fell in love with the
whole straight line system that the
actual sales side of it that that’s what
really intrigued him is that what was
really going on he soared very quickly
that behind the whole thing was this
system I created allowed average people
to become awesome right he’s such a
cinephile this guy I had like hundreds
of hours of videos
he studied every single video you know
every single lie really he was really
into the whole thing but it
Snuffy’s listen he didn’t want to spend
that much time with me personally cuz he
owes I had this vision of you he goes
and I don’t want the real Jordan Belfort
the influence how I want this character
to pay with everything so I limited my
contact with him at a certain point and
he just put it at the end we spent time
did he was awesome he gave me a cameo at
the end and I was cool though when that
happened I was really really cool and
you know so really Leo is my conduit to
Bharti mercy but it worked well I mean
and I get it why he did he goes you know
if you’re there it’s like I have a
character I’m creating him is the real
guy I’ll be constantly going back and
forth and it’s sort of at a certain
point it becomes counterproductive so
but at the end you know what i but i sat
there and watch the movie Oh will you
nervous how the world’s gonna view you
know the wolf of Wall Street Jordan
Belfort really I mean I wasn’t
enthusiastic like you can’t wait to see
you at that point I met my partner my
wife and and she’s amazing she’s the
best thing they ever say is amazing by
the way just the way she welcomed us
with a and I think you know she haven’t
heard my life but you have a great woman
in your life or a great man if your will
very partner it just makes you so
confident about about your own not not
about myself just about like I felt
really good about it didn’t matter what
people for me I had the person that
loved that my children so it didn’t
really bother me and um and I knew that
you know when I wrote the book I knew I
put myself out there for I get a lot of
detractors but you know what I mean you
know in the end and the Internet I think
if Jesus Christ gave a sermon on the
temple mount his famous sermon you’d
have people trolls there’s nothing new
there that’s bullshit he’s filming you
did of what you do people are gonna say
it sucks right yes they and you live in
that sort of world where you just have
people are gonna love you and people are
gonna hate you so I think that the
haters serve a purpose so you know I
don’t any think much about it let me ask
you this question you’re not gonna get
to where you get you said what you were
upset because one year made what was the
number forty or fifty 1 million he said
I was upset because I didn’t make a
middle week 52 you said something like
that some scene or whatever was but
let’s just say if you were to change two
or three things for this to have lasted
what would those two or three things be
like did you think about this you know
look because I’m about to sit with and
Michael Franzese he’s one of the Mafia
families out of New York he was a top
guy he was doing a lot of money himself
but the principles of what he teaches
I’m building a biz
incorporation it’s absolutely insane
where you talk about in this book and
the cells the training there you offer
yourself on the internet anybody can
learn from that and applied so if there
was two or three adjustments what would
those things be um number one for sure
would be the delaying the gratification
the biggest problem I had delaying the
gratification that’s a problem that a
lot of young I was having and I learned
that the hard way is that good things
take time
and there were some moves I made that
made me a lot of money in the short term
but then created problems to be over the
long term and for example like Steve
Madden shoes one of my companies right I
remember I was the majority shareholder
of Steve Madden shoes if I had not had
that problem from all the stuff I did
earlier I would have made seven hundred
million a billion dollars just over that
one wheel versus making twenty thirty
million dollars cuz I was forced to sell
it too early right it’s one example and
there’s so many other examples just like
that where for instance if I would have
not gotten in trouble I would have made
the dot-com boom and been positioned to
have the biggest firm out there during
internet craze I would have made it
billions off of that so while I made a
little bit of extra money sooner it
costs me a lot more with long term by
not playing that sort of long game
playing the short game and I think
that’s a big mistake a lot of people
make and it’s something I learned really
was crystallized when I wrote my first
book the wolf on Wall Street because
that took me a year to write I didn’t
make anything while I was writing it I
mean I got some advance is very sure
right and then lo and behold over years
it turned into this amazing thing that
just spawned an entirely new life for me
so I think that it was a classic example
of something that we you worked really
hard on something and it pays off down
the road so I think it’s one major thing
is uh is that second thing is that I
think that a lot of young people it’s
not because they’re bad or it’s not
about that because I was a really good
kid of a great family never got in
trouble never got in trouble no no it
was never kind of like at all no never
got went to jail never me your dad it
from the way was pictured that was
trying to protect you a lot of counting
stuff wasn’t that kind of family a
really good
yeah often you think when you’re younger
or even you’re old if you haven’t had
this this lesson taught you the hard way
is that I could be half pregnant when it
comes to ethics notice I could be
ethical but maybe I could step over the
line nodes and get away with it yeah the
problem with that is that when you step
over the ethical line once your line of
ethics moves a bit mmm so next time you
step over you’ll stop a bit further also
shit further so with me you know I
became desensitized to essentially right
and wrong behavior and it’s very easy on
Wall Street we don’t a lot of people as
you as we found out in 2007 it wasn’t
just me everyone Oh even but 50 times
bigger than where you live some of these
guys cost a lot of people my ways I you
know I always say everyone’s doing it
that’s the old excuse surely do it yeah
I did what I did it was wrong but the
point was it’s very easy to point say
well everyone’s doing it so you have to
that’s such a good point you have to
maintain you at the gym really do this
no how do you do that very simple it
really is very simple you just don’t
think the first step kata that’s it and
that’s the secret there’s no way you
could take you can’t like just take a
step and a blur than be a good person
it’s very very hard so once you go in
it’s harder to come out of it like to
make a major shift out of it I don’t
think it’s hard I think it depends on
how you were to start in other words if
you were unethical your whole life yeah
yeah that’s who you are yeah for me I
was I was an ethical part I never had a
problem before and I’ve had a problem
after for me it was very easy to find my
ethical way because in my heart of heart
that’s who I was so how who you surround
yourself with is gonna impact you and I
really made some bad decisions and who I
surrounded myself with I just did when
people tell you you’re the king you’re
this you’re that when I was 24 that was
intoxicating you know all these young
kids or look up to me I didn’t handle
that well I thought you start to think
that you like the normal rules don’t
apply to you which is why this time when
all this success had with the movie and
all the speaking it didn’t affect me at
all like it did you were used to it yeah
well I guess I knew it
with or without it I was still who I was
the first Parral you really start off is
it all so different because you had
different people in your life like your
wife for sure for sure it’s a
combination of those things so you know
it’s who you associate with
it’s understand not to take the first
step and then people say well how do you
know well you know you know you know
there’s like this feeling you get you
stomach
most licious sociopath you know when
you’re not doing the right thing you get
this sort of feeling maybe just if you
had that feeling you’re probably I do it
the right way right and then you have to
be careful not to use the power of
rationalization because the human brain
is incredibly adept at rationalizing so
you know avoid that and you know all in
all I think you know for me I’m
fortunate that it ended up I got a
second chance and that worked out really
well but for many people you don’t get
that’s right just don’t don’t put
yourself behind the 8-ball avoid that
you know I don’t I don’t mean don’t fail
fail you should fail everyone should
fail I believe that they learn more
about what I failed then when I
succeeded in business right but going
out there and losing your ethical way is
a choice that you make I don’t care if
the about saying don’t do drugs I’m
sober but I’m not like don’t do drugs
about I’m talking about actions that
impact other people negatively that
doesn’t end well and you really have to
realize there is a sort of energy in the
universe and there’s a sort of there is
karma and you know you want to be on the
right side of that equation you know the
sales community’s got it’s a small
community about all their sales trainers
all the guys that are out there I think
you have you know like you see God use a
guy like David you know David Ensor
becomes a favorite but David made pretty
much all the mistakes you can and then
boom you know I think I think there’s an
opportunity there for the younger
generation to learn from you in a way
that maybe somebody else is not gonna be
able to pass that down to them sure and
yet so the good thing about the movie
cuz it created a platform for me that’s
right so that’s what I take that
seriously which is why like we could
talk about things like Bitcoin right I
know you want to talk about that and you
know that’s why I’ve come out not
against Bitcoin per se not mine I don’t
think bitcoins a scam but there’s scams
being perpetrated around Bitcoin that
are very dangerous
for people that don’t know better and I
think that’s that’s why I’m very
concerned about it right now because to
the average person who’s never been
through this before you know you could
very easily get caught up and it’s gonna
cost you all your money have you
invested yet no it’s not a penny zero
I’m there’s a litte corn a Bitcoin of
etherium not known at this point I can’t
because ethically I’ve come out heavily
against it I will not be fixed the only
thing I would do is I would short
futures that mean I’d have a financial
access to make my my opinion suspect so
I’ve decided that the
stay clear of a whole investment so I
have the equation instead you know I’m
constantly going on all the TV snute CNN
Fox or less we got to go on the on the
on their shows cuz I think I have a very
unique purview into what’s going on
of course bitcoin is so much like a
penny stock it’s Elvis it’s like it’s
always the perfect penny stock number
penny sucks I was as a broker I was so
excited about penny stocks Bitcoin gold
but you know Bitcoin is the same world
their favorite bitcoin is it was a wolf
in sheep’s clothing so it’s because it’s
supposed to be a currency but no
introduces it a currency it’s an
investment vehicle so so let me ask you
this let’s look at both sides okay let’s
say Bitcoin becomes what you say it is
which is it’s a bubble it’s not gonna
work out people lose twenty billion
dollars let you say that goes away okay
well let’s look at the other side if it
does become hypothetical it won’t though
but let’s just say for that I won’t I
understand it but let’s just say if we
go in the direction where cryptocurrency
it is done by let you say Goldman Sachs
really that will happen that will happen
that a Goldman is gonna do it and
somebody with a lot of credibility
absolutely if that does happen who gets
hurt the most what corporations what
industries get hurt the most it’s the
little people they get hurt you think
the little people are the big big banks
people have this whole thing wrong
what’s going on right now this crypto
cart there’s nothing different about
cryptocurrency that any other currency
this whole listen Bitcoin was thought of
by some people that were not scam
artists they were not looking to break
any laws they were people that were
almost like financial anarchists in a
way but there was a social experiment on
alternative money sure it’s nothing you
guys brother it’s not gonna be that
that’s never gonna it’s a naive way of
looking at it it’s never gonna happen
you actually think that the US
government in China and Japan and
they’re gonna allow this is no way or
sorry what happened that they can it can
happen however the technology itself is
excellent as beautiful elegant and
there’s a place for that technology for
a cripple not just cryptocurrency
whether it’s futures anything they’re
tracking investments through a
blockchain technology is an elegant
technology it will never ever be this is
besides the fact that this fundamental
problems with Bitcoin that will not
allow it to ever really
used as currency in mass that’s not the
issue you’re saying it will never happen
as a mess no I don’t believe so no so
what do you think is gonna be thing’s
gonna be credit in cash you don’t think
will be a cashless society no I think
that that what’s gonna happen is is that
blockchain technology will be adopted in
one day probably very soon one of the
big banks are could source your big bad
banks in conjunction with the government
will have a cryptocurrency but there’s
no different regular currencies because
here’s the thing about Bitcoin as a
currency bitcoin is no more useful at
20,000 than in $100 yeah it still works
whether it’s a hundred dollars or two
billion dollars you could still use
Bitcoin as a currency right is it
because you could divide up a billion
times those so the only reason that’s
running up is because it’s not being
used as a currency it’s being used for
wild speculation and what’s happening is
that there’s there’s two sides to every
equation when you come to anything
that’s trading publicly and that is
there’s the market capitalization mm-hmm
which is Bitcoin is everybody saying
it’s 200 billion some odd dollars right
but that’s irrelevant all that matters
when something is trading is what’s
called the float how much is actually
out there that’s being bought and sold
almost all of Bitcoin is locked away and
is not trading you’re this tiny cell
there’s 200 billion dollars in market
cap there’s probably two million or four
five ten million dollars the most
trading of it so when you’re having a
very thin market cap like that it’s easy
to manipulate it what happens is once
you buy Bitcoin it’s not so easy to sell
it it’s a hassle to sell it so it keeps
getting thinner and thinner which is why
of these wild swings and then the latest
thing this latest joke of Bitcoin was
this guy and I just saw something
happened which is here’s a guy who’s in
siring is in this Bitcoin thing exchange
something right and the guy is long
massive amount of Bitcoin rides up the
wave right he sells his Bitcoin and he
announced after he sells it he announces
I’ve sold all my Bitcoin it’s worthless
get out of Bitcoin and I put everything
into big cash and guess what happens big
cash that runs up a hundred why do you
big kitchens running up this guy is
there a lot of power that’s
last manipulated the might happen in
1922 years of Kennedy’s nothingness
classic regulation so it’s because if
this guy did not have a bad content you
only would have done it we have done
that trade shut up what was the reason
why would he say it publicly I’ve sold
all my Bitcoin by bit guess you always
looking to his he’s always it’s a
classic pumping done so so my question
I’m sorry go ahead whether or not they
can solve some of the technical problems
that plagued Bitcoin long transaction
times it’s not designed correctly for
mass use right there’s too much negative
stories damage done to powerful
institutions and go they cannot let it
never happen let’s go over there okay
let’s go so you know I parked my car
outside
it said coins I said I don’t have any
coins who has coins nowadays I’m gonna
get a ticket I said it’s okay it’s 75
bucks I’ll pay to take almost meters now
these you could use credit card this one
gonna have crazy okay so no problem
California I get it so I come in and I’m
thinking in my mind what portion of the
spend ature that you and I use today’s
coins probably 0.1% let’s just say if we
process it that way what percentage is
cash I don’t think it’s that high well
it’s cash what percentage is credit
let’s say eighty percent ninety would
you say that’s around right right there
okay okay do you think Bitcoin will ever
be a 5 10 20 percent I think it
completely off but it’s all forget
Bitcoin Bitcoin is never going anywhere
my opinion okay never what blockchain
technology well it’ll be behind the
scenes on your credit card you’ll be
behind the scenes on your stock tranches
in other words there’s uses for
blockchain technology and all these it’s
a great technology and it’ll be behind
the scenes of trapping things making
things cheaper interest but you’ll still
have all the financial institution you
anyway but you’ll be using it to make
their expenses lower to make things more
elegant around the world richer but it’s
not gonna change anything yes I heard
you’re top of Bitcoin and I said man I
got like six or seven more questions I
want to ask this guy come I want you to
get deeper you know I know I’m listen I
know I’m right okay he doesn’t really
know I promise you this one day and not
in the not-so-distant future all these
young kids would say what the hell
like big Kobe’s 20,000 is not like it’s
not a joke
yeah I my concern is not I’m gonna put
my money like you know how these guys
say by the way think about shamov
schemata is a guy don’t know if you know
shemot from facebook he’s a partner of
Golden State he’s saying you put money
in Bitcoin today in the next 20 years
it’s probably going to be a million
dollars and the next ten years gonna be
a hundred thousand dollars like that’s
what I’m saying okay so you gotta read
the penny stock market okay he’s talking
about it I’m with you but you got to
realize the market the best thing about
the market is got to opinion even move
solitudes gotta left you got rights to
kind of hear them out and weigh it out
there’s a part that says that there’s a
part that says it’s gonna be two dollars
there’s no difference between two
dollars or twenty thousand dollars
that’s not my argument my argument is
more my concern are we going in a
direction where the banks because if you
think you said central banks central
banks are not gonna give up control
because you look at political elections
a lot of times the person that controls
the super-delegates is the guy or the
gal who has the money from the big banks
so I see bitcoins biggest enemy being
banks politicians and the government
that may come in and say I’m not gonna
give them that much control to you
listen this the government the biggest
thing that the governor is worried about
all crimes you don’t know one thing they
hate more than anything
money laundering you actually think
that’s a good answer seriously think you
could allow this this technology to run
ramp where everyone could launder money
and it’s never gonna it’s never gonna
not even a frickin possibility okay why
do you think that bitcoin is constantly
being played by scams why is it the
people who did it warrants get the guys
who found it we’re not scam artists they
weren’t they were legitimate guys and
you know doing an experiment a good idea
right yeah
this technology is flawed it’s flawed in
the sense that it opens itself up to be
manipulated it creates it’s like the
perfect storm for manipulation in the
1980s we had things called blowing pools
remember blind pools
blind pools are the biggest scam ever
and that’s what that’s what all these
coins are they’re blind pools where you
raise money and you issue paper which is
big it is a limited about right and so
it’s finite and then it would blowing
pools you would say one day we’ll figure
out we’re gonna buy something with the
money well with this one I even buying
anything right
the poison is being raised you’re
creating value and there’s nothing
behind it all you’re doing is running on
scarcity that’s that model is not gonna
last because you’re putting this in that
category oh it’s exactly even worse than
Lulu say it’s the same as credit swaps
as well like similar to what happened
with the more you look there’s a woman
who’s behind this whole thing also is it
was the fault the girl who found that
well after our name the woman who was a
big one of the primary designs of credit
swaps is now trying to get Bitcoin used
for the same thing is it though because
she because she doesn’t care so you put
them in the same pool well it’s big well
not the same pool is very different in
other words Bitcoin is just what you’re
doing is is that you’re taking something
the scam that’s going on right now is
something was designed to be used as a
currency and it’s being used as an
investment vehicle that’s what’s going
on okay there is no real currency going
on it’s like this tiny for the Bitcoin
no one for every all the action in
Bitcoin around the world what do you
think is really being used as a currency
like I’m virtually nothing so it’s it’s
it’s it’s a wolf in sheep’s clothing
they say it’s a clarity it’s not being
used as currency it’s not particularly
well suited as a currency for all the
reasons we already spoke about and now
let’s say well the Bitcoin cash is
better bottom line is this okay when
this thing is adopted it’ll be by
governments in the mainstream and these
people that a lot of will end up in jail
the ones who you think they’re not the
founders you tell me the guys that are
manipulative guys the guys that do it
the wrong side okay and the investors
what’s gonna happen with Bitcoin is
gonna be a Black Swan event in the next
six months of it yeah but I’m not just
you know I’m not saying bitcoins going
down it might go to 50,000 I would just
short Bitcoin for a second right now I
don’t know I don’t know where it’s going
over this short I don’t want to over the
long term the outside you’re just kind
of looking at you what’s gonna do I’m
not saying I’m not saying it’s going
down I packed most of the Indies I said
I think it’s going up now I’m not so
sure right now because I like the
insiders now I see I see a classic pump
and dump happening right now where
they’re early on the dump on Bitcoin
going into the next which is big cash
right so I see that happening so let’s
see you know if so the only way Bitcoin
is going up is if someone’s got an
accident there are people out there
willing to manipulate it’ll go higher
otherwise it’s gonna it could it could
be close to the end
remember this you know with tulip mania
the beginning of the end was where they
started trading futures in tulips that
was it once they sort of chase it over
six months later right so people look at
this thing Trading futures yeah it’s
legitimate no it’s not people are the
change with jimmies are no more the
credit for thoughts was listen like so
it’s a complete joke io4 I don’t for a
fact I just no I I just hey I got
nothing is guaranteed life okay I have
never been more sure of something okay
that is eggs really really barely the
people that’s screwing I’m not saying
don’t invest in it now but be really
really careful make sure that you have a
way out really quickly okay don’t put
more than you can afford to lose and
just realize that you are on the outside
looking in of people who are on the
inside who have a plan you don’t know
about and all you’re doing is try to
guess when they’re gonna screw you my
concern is these guys are putting 50 60
70 % their savings into and thinking
this is their way out like here’s I’m
gonna become a detonated on the unite
and they might very well might become
one if they can figure out when to get
out the point is is that you know you
know Bulls big money Bears make money
pigs get slaughtered right and the
question is is when are you gonna get
out you know and because at a certain
point or game you know a time the music
to stop playing there’s not gonna be up
chairs everybody yeah in fact I mean
very few chairs at all might be one
chair and everyone else idiots and
here’s the thing when this thing really
goes if it’s at 30,000 it’s not going
with 30,000
to 29,000 to 28 it still for 30,000 of
one that’s right in with one trade it’ll
just stop trading it’ll open up at 1600
next trade 400 gone yeah that’s gonna
happen yeah I remember when eToys went
from 75 bucks to a penny
due to the gifts not showing up on time
during Christmas 15 17 years ago when he
was just went home 75 to opinion nobody
if you want to get trade this thing
minute you’re far better off getting
involved in one of the other crypto
currencies and Bitcoin right now and but
listen the only I didn’t want to say
this because like you know because
there’s obviously ways to make money in
this I refused to do it I will not get
involved in this because it’s all
manipulated and you know but obviously
you can make a lot of money when things
you know
by manipulating you got to get in right
you gotta get him before the regulation
is done you know and I sorry I really
can’t advise people to do that but you
know you know if you knew the people
who’d look at bit cash you know if you
knew the people who are manipulating it
these all you’re to do is be in line
with them you make a ton of money that’s
right so then but that’s a whole
different insider part they’re gonna be
dealing with so you know okay cool so
that’s plenty with Bitcoin here
appreciate your thoughts
let’s talk sales management I mean
you’re you know you’re a beast when it
comes down to sales it was fascinating
when you Tom are you one two three or
sales training that you have with people
you know certainty as a 10 as a dis as
of that what I want to talk to you about
is you recruit me I’m a new sales guy
I’m working for you one what do you look
for for somebody to be a good candidate
for you well it depends on the industry
it depends on what they’re selling I
mean you know in some industries you
want to hire someone that has some
experience and others you don’t it’s
better to absolutely has no experience
so you really can’t answer that question
blanket without having some context to
it but you know there obviously there
are certain personality types that tend
to do better at selling it Stratton back
in the day it was I don’t care I don’t
want anyone who knows anything about
stocks it’s so easy for me to train
someone to become a Salesman so the the
skill of selling is a very easy skill
set to acquire right when someone that
knows how to teach you the straight
lines very easy to learn more
importantly is is does someone have a
standard that is gonna demand and to
make a lot of money that’s what’s that
person’s financial state I want hungry
people people that really just want to
make a lot of money and I want people
who obviously gonna represent my product
the right way I don’t want a bunch of
you know people who were not gonna go
out there and serve the brand in some
industries like I would never want to
hire some without industry experience
because it’s so crucial to be able to
speak a certain way in the industry
right
other times I want to hire some people
that have connections already they might
have sold a they already know the
decision make is right I want someone
that can to kind of walk in the door
with a new product now hi that person so
it all depends on the situation
are there no matter what’s for you like
we’re there and maybe then and now you
know your experience
are there things that you say if this
guy can’t do this this this you’re not
gonna make it in sales if someone can’t
take rejection that’s obviously you know
a red flag but I think a lot of time
that is more of a symptom of a different
problem that they don’t know how to sell
in other words my experience of people
that have problems taking rejection is
once you teach them at a cell they don’t
have a problem taking rejections they
understand what it’s about and how to
handle it I look for someone whose
desire they’re hungry willing to learn
team players obviously I I love people
that want to work on Commission so if
someone says they did a huge salary
upfront and they don’t really work
that’s a huge red flag no Commission
right they’ll love Commission based
people and I’ve probably recruited and
trained more salesmen anyone on the
planet had tens of thousands of them
right and sometimes just hard to know
really it is hard to know we have some
company develop tests based on my
personality type like you know
psychometric test for sales so you can
do run a psychometric test on people so
much of it comes down to what happens
when the person gets hired is there an
induction like you know having the right
induction program to get someone
indoctrinated into the cult sort of
speaking of process your company and
then also you know training them this is
the biggest mistake that most companies
make two things a they don’t provide
people with the sales training they need
to make them expert clothes they
technically know how to close the deal
so they don’t go into good situations
and blow them right and the second thing
as many companies don’t invest enough in
the marketing side of the equation to
provide leads to the salespeople it’s a
big thing I can’t tell you how many I
get hired all the time to other
companies to train the sales forces and
at least 75% of the time they also need
help in the marketing category they’re
not giving the sales wouldn’t support
they’d by giving them leads leaves
although gasoline in the engine of a
salesman so it’s that – got it
Jordan how much you think sales has
changed from the times you were selling
to today not much at all I mean people
people think that it has I don’t think
it’s change really at all what makes
someone say yes has not changed so the
same things of the same elements of you
know of sales need to line up in
someone’s mind before they say yes what
has changed is that there’s different
ways that we communicate with people
right now for instance like you know you
have email which is a big thing
landing pages and conversions and so
that gets loved with the mortgage but
it’s really sales and sort of walking
and sales in one spot right but it
really comes down to it someone’s gotta
sell someone something no God like look
at Amazon you think they don’t sell yes
they do their processes they are so
elegant at what they do that they’ve got
it down to like one click because they
realize that every time someone’s gonna
make a second action their response rate
goes down right you know they’re using
all the principles of marketing and
sales and everything they do it all so I
think Jeff Bezos recruiter all the
people here to sell them to come join
Amazon handy sell Wall Street to believe
in that so there’s always salespeople
involved like you know Jeff pairs
businesses the most amazing salesperson
he sold it he sold the concept to
everybody I don’t really know where
people always when people look at sales
that’s very very linear like I’m a
Salesman or I’m everyone’s a sales but
the way we get leads has changed very
much very much social media yeah that’s
changed no doubt how you go out getting
the leads but when someone walks in the
door you pick up a telephone and that
it’s gonna be the same stuff and people
are just smarter now cuz they have smart
phones to look at so you have to be some
you have to be you know more logic plays
you can’t just be a full-of-shit
basically a Salesman so I want to ask
one last questions on the under sale
side for the sales managers out there
people who are running a sales team
they’re running the sales organization
what advice can you give to a sales
manager to become a bit so I’ve been in
sales I’m selling I’m making six figures
maybe I’m not a quarter million maybe
I’m making a half a million dollar your
income how do I become a better sales
manager what would you say number one is
there are certain very basic principles
that a lot of sales managers don’t
really adhere to number one is very
often I’ll go into a company and I’ll
see that they’ve instituted a flawed
compensation structure with the
compensation structure itself doesn’t
create doesn’t get the most out of sales
people Wow allows them to sort of work
hard for a while they get lazy and work
off residuals so you just talked about
yeah yeah so that’s one clear thing I
see always is compensation structures
that are not structured correctly that
lead to laziness and salesmen to sit
back and sort of collect royalties or
trailing income right that’s one thing
another thing is that I think
many sales managers don’t do even close
to enough sales training they don’t make
sure of every Salesforce that I’ve ever
managed I made sure they were great
salespeople number three is giving
frequent meetings in other words
motivation you know what you say to
people every once in a while doesn’t
have that much impact what you say to
them every day has massive impact isn’t
that amazing
you got to give meetings all the time
and keeping people’s ears and you know
it’s like there’s a greater purpose for
the company and that only comes from
constant communication and those are
just three things I definitely you know
that I see a massive holes I see in many
sales losses so number one comp number
two sales training number three
motivation and constant communications
so what is Jordan up to nowadays I mean
you you know you’ve gone through what
you’re doing you have a movie now
everybody wants you to be out there and
so it’s interesting you’re telling me
you’re speaking in Tehran Iran that’s
absolute I still say yeah well I say you
after this movie I said actually carry
on say well the household name except
everywhere but Iran and North Korea I
guess I was wrong it’s only North Korea
now you know so they love the movie in
Iran I didn’t know that and so yeah so
listen I mean for me right now it’s a
new year coming up right and my wife and
Ivan deciding what we want to do when a
good spot thankfully we have we have
some breathing we’re gonna make
decisions and you know and I think that
there’s something really really awesome
there’s an awesome thing right now an
opportunity I have and that is that
there’s probably hundreds of millions of
people out there in the age group that
are eighteen to thirty twenty five
thirty and what’s happening is people
grow up with this movie and they and
every year the audience gets bigger cuz
they watched the movie they start to
graduate college right and and as
something I really want to do is really
help unify this group of people and make
sure they don’t get screwed by things
like Bitcoin or making the mistakes that
I made I think there’s so many things I
did really well so many things I did
really poorly and I think I was the best
of the worst so I think I really
represented a person could help serve as
sort of a beacon of light for people to
succeed in life and I want to really
start connecting with form on that
product I’ve spoken to millions of
people around the world but I think I
wants not really doing a lot
stuff online about my own TV show a
radio show on level c so I’m looking at
that stuff that’s exciting
let’s talk about your book man I read
really a cool book where you get right
into it and you said for 10 years I
don’t want to write a book and you said
you know you don’t write a book to make
your money you write a book because you
really want to share this with the
audience and you actually I was I was
reading it initially I was expecting it
to be just a lot of story based you’re
getting right into it
you’re not even hesitate you’re getting
right into saying here’s how you do this
here’s what I did here here’s the key to
this year and it’s a very duplicatable
manner love the way you’re teaching
which I was very impressed yeah is this
book I wrote this book to help people I
the right to make money I didn’t care
about the money and I mean there’s
better ways to make money in my books
and I wrote this myself
it wasn’t ghostwriter I talked about
years to do right I wanted this to be
like a book that would that I didn’t
care how many copies had sold the first
year I wanted to be like a thinking Grow
Rich that would be around for a hundred
years and I really believe it’s gonna be
that I think this book is just gonna
keep selling and growing and becoming
more and more staple of every person
asset so the most I think it should be a
must read to every human being because
what it really is it’s a communication
strategy that’s so the straight lines of
communication strategy shows you how to
communicate how to share your ideas your
concepts it doesn’t matter whether
you’re in sales or not it just shows you
how to be a more effective human being
and I just couldn’t imagine going
through life so many people who go
through life and they have great ideas
right brilliant ideas they have so much
to give the world they have so much to
provide from that family they could be
rich but because they lack the ability
to communicate in an effective way
they die with their music on their lips
they can’t express their great world
that’s a skill you have to have if you
want to be a successful oriented
individual you will need to learn how to
communicate your hopes your ideas your
dreams in a way that connects with
people and moves it to take action get
you what you want to that’s what ethical
persuasion is all about yeah so for
anybody that’s watching this I would
tell you for me here’s how I read books
I read a book first myself then I buy a
copy for every one of my sales guys and
I have them
and I asked them to write a paper on it
and I want to find out what you get out
of it we’ve been running a book club for
many many years and I think it’s so
interesting I’m so surprised you’re not
how few sales teams run a book club guys
go get this book read the book if you
got a sales team bite for every one of
your sales guys and have them read it
and post the review on Amazon follow
Jordan I think Jordan you’re on pretty
much every social media plan and Twitter
Instagram everything again brother thank
you so much for your time and really
enjoy these great conversations thank you for your time
wolf of wallstreet jordan belfort how
you doing brother
I’m doing great it’s good to have you
here on value taemin we get a lot of
requests about sitting with you and I
was telling you a story earlier which I
thought was pretty interesting I used to
work at Morgan Stanley Dean Witter day
before 9/11 and I’m in Austin I’m
sitting at the bar having dinner Warfel
Wall Street had just come out and this
guy sitting next to me they’re talking I
said you know what do you do says I’m an
advisor I’m a financial advisor from New
York I said you know is this wolf of
Wall Street story really love was it
really a guy like not Hispanic
it’s absolutely y’all wanted to go to
his parties this guy was epic it’s one
side to watch a movie because you see
the fiction side and the other side is
to actually sit down and talk and
hopefully we can get some cool stories
here so here’s what I want to talk today
I’m gonna talk a little bit about your
story little bit about sales not
necessarily on the sales how to sell I
think your strength is not just how to
sell there’s a lot of great sales people
but the sales management side I kind of
want to talk to you about a little bit
on sure who you targeted who you focused
on who working with you how you got the
best set of people and then maybe a
little bit about Bitcoin and you know
future the market and we think about
this so so my first question would be
this I watch wolf of wall strips okay in
your mom and selling them back and my
dad I said he comes back so how’d you
like doing since I love the movie I says
what do you think I say yes he think we
should go back and have a Jennifer
watching my wife he says he says nobody
from the family should watch it this was
the best he was talking about it so tell
me you know forget about the stories in
the movie what actually happened that
maybe was a little too crazy to put in a
movie was there any story didn’t make it
in the movie like wrote the book back in
2007 there were certain plot lines that
got completely edit out because there
were some public figures involved ISM so
that a lot of political stuff going on –
its senators and and Clinton stuff like
that and I all got infants
yeah Hillary Clinton is a whole big
thing not the rest of the Hillary but
with
a u.s. senator that she was bucking
heads with him it’s a long story anyway
I don’t feel long sir you can’t get it I
really can’t get to that because you
know Hillary Clinton and Senators
interested in the u.s. senator who was
incredibly uh outspoken against her and
they were bucking heads anyway make
along snork yeah so what I submitted
that to the publisher Random House
they’re like I don’t know about that
once they said that’s gonna be a
political you know you know hot potato
so I added that one out but I think in
terms of I think what people were are
interested in source things that
happened that was so crazy and in saying
that simply were just you know not fit
for public consumption there was some
was a lot of that stuff actually so I
think the one scene that sticks out
among all was the bachelor party so if
you read the book the wolf of Wall
Street
there’s only one disconnect in the book
is this scene where I am getting married
and I have a hundred brokers call me the
Las Vegas today ship a hundred hookers
out there as well and it’s just like the
most insane situation you could imagine
going on worth of Mirage Hotel and they
sort of depicted that in the movie but
they sort of cut the whole thing out
right and what happened was is I wrote
the whole scene right eight pages long
and I said to my editor woman Daniel
president and she’d already read insane
stuff like you know he’s already all the
dark and Sally was there she read this
and she says the fashion girls Wow wo W
declamation weather shows I don’t think
other human beings will understand I
said well I know a few humans long as
this I just don’t think people will get
this scene so even more than what you
saw them all oh my god it was I mean
listen I was a couple scenes where you
watch it you kind of uncomfortable like
no this was like far worse than anything
in the movie but for I mean the things
that happened at this passional party
were so depraved that uh that III had to
leave like I ended up leaving Vegas like
the next morning I got up and I hear we
had to get out of there and uh
if you think that movie does really well
my hats off to Scorsese is that he was
able to put the life of someone that did
a lot of things wrong yeah did a lot of
things really right as well but clearly
made some huge mistakes but he put it on
the screen without judgment and I think
that’s what a great director doesn’t
well I hate pursue that I got to move
I don’t want to be told how to feel I
don’t want to I haven’t really
Telegraph’s like we’re they make it so
much like this is how you should feel
right and there’s a spoon-feeding
emotion verse he said okay here’s what
happened you know it was fun there’s no
denying it was fun it was evil in some
ways it was awesome in some ways but
he’s like I’ll put it up there and let
everyone have their own opinion of it
and I think that was the magic of the
movie was to be able to that’s what
Scorsese is so great at is like he just
puts characters up there
they could be loveable rogues hey you
know it’s just it’s all about how you
feel interact at the film versus someone
that puts the movie up there and they
just they telegraphing things they hate
this person’s like this person they’re
moralizing he didn’t moralize so I think
that was the brilliance of the movie of
course leo is just an incredible actor
Leo did a great job and I think he
shocked a lot of people with the
physical comedy and stuff and he was
just great and I think one thing that
people don’t realize with Leo is he
worked really hard on this it wasn’t
like just like I’m Leo DiCaprio talked
about that was asking you questions what
are you what do you do this would if we
spent about a about 8 to 10 months
together would you say oh yeah yeah
we’re really just constantly being
together meeting and talking things
through and speaking on the phone all
the time he was working with a dialect
coach and I was working with the coach
with him we worked on all the scenes in
the boardroom together Erin’s wit the
wrote the script it was amazing and I
then took the brought this one of the
stock scenes with her sales and I
rewrote those just to make them totally
authentic and I want to say it wasn’t
Kerry’s amazing right but those doses
are just oxy and short and leah was so
intent on getting everything authentic
and and I think that really why he was
so great in the movies because he put
the time in I’m a believer that you know
with anything that you do should put
your time that tells that says a lot
about him he always he tell you it’s not
like he’s like no Amelie all just great
I’m so impressive yeah now let me ask
you how was Scorsese with this whole
process with you very interesting so
Scorsese was very different Scorsese was
like listen he fell in love with the
whole straight line system that the
actual sales side of it that that’s what
really intrigued him is that what was
really going on he soared very quickly
that behind the whole thing was this
system I created allowed average people
to become awesome right he’s such a
cinephile this guy I had like hundreds
of hours of videos
he studied every single video you know
every single lie really he was really
into the whole thing but it
Snuffy’s listen he didn’t want to spend
that much time with me personally cuz he
owes I had this vision of you he goes
and I don’t want the real Jordan Belfort
the influence how I want this character
to pay with everything so I limited my
contact with him at a certain point and
he just put it at the end we spent time
did he was awesome he gave me a cameo at
the end and I was cool though when that
happened I was really really cool and
you know so really Leo is my conduit to
Bharti mercy but it worked well I mean
and I get it why he did he goes you know
if you’re there it’s like I have a
character I’m creating him is the real
guy I’ll be constantly going back and
forth and it’s sort of at a certain
point it becomes counterproductive so
but at the end you know what i but i sat
there and watch the movie Oh will you
nervous how the world’s gonna view you
know the wolf of Wall Street Jordan
Belfort really I mean I wasn’t
enthusiastic like you can’t wait to see
you at that point I met my partner my
wife and and she’s amazing she’s the
best thing they ever say is amazing by
the way just the way she welcomed us
with a and I think you know she haven’t
heard my life but you have a great woman
in your life or a great man if your will
very partner it just makes you so
confident about about your own not not
about myself just about like I felt
really good about it didn’t matter what
people for me I had the person that
loved that my children so it didn’t
really bother me and um and I knew that
you know when I wrote the book I knew I
put myself out there for I get a lot of
detractors but you know what I mean you
know in the end and the Internet I think
if Jesus Christ gave a sermon on the
temple mount his famous sermon you’d
have people trolls there’s nothing new
there that’s bullshit he’s filming you
did of what you do people are gonna say
it sucks right yes they and you live in
that sort of world where you just have
people are gonna love you and people are
gonna hate you so I think that the
haters serve a purpose so you know I
don’t any think much about it let me ask
you this question you’re not gonna get
to where you get you said what you were
upset because one year made what was the
number forty or fifty 1 million he said
I was upset because I didn’t make a
middle week 52 you said something like
that some scene or whatever was but
let’s just say if you were to change two
or three things for this to have lasted
what would those two or three things be
like did you think about this you know
look because I’m about to sit with and
Michael Franzese he’s one of the Mafia
families out of New York he was a top
guy he was doing a lot of money himself
but the principles of what he teaches
I’m building a biz
incorporation it’s absolutely insane
where you talk about in this book and
the cells the training there you offer
yourself on the internet anybody can
learn from that and applied so if there
was two or three adjustments what would
those things be um number one for sure
would be the delaying the gratification
the biggest problem I had delaying the
gratification that’s a problem that a
lot of young I was having and I learned
that the hard way is that good things
take time
and there were some moves I made that
made me a lot of money in the short term
but then created problems to be over the
long term and for example like Steve
Madden shoes one of my companies right I
remember I was the majority shareholder
of Steve Madden shoes if I had not had
that problem from all the stuff I did
earlier I would have made seven hundred
million a billion dollars just over that
one wheel versus making twenty thirty
million dollars cuz I was forced to sell
it too early right it’s one example and
there’s so many other examples just like
that where for instance if I would have
not gotten in trouble I would have made
the dot-com boom and been positioned to
have the biggest firm out there during
internet craze I would have made it
billions off of that so while I made a
little bit of extra money sooner it
costs me a lot more with long term by
not playing that sort of long game
playing the short game and I think
that’s a big mistake a lot of people
make and it’s something I learned really
was crystallized when I wrote my first
book the wolf on Wall Street because
that took me a year to write I didn’t
make anything while I was writing it I
mean I got some advance is very sure
right and then lo and behold over years
it turned into this amazing thing that
just spawned an entirely new life for me
so I think that it was a classic example
of something that we you worked really
hard on something and it pays off down
the road so I think it’s one major thing
is uh is that second thing is that I
think that a lot of young people it’s
not because they’re bad or it’s not
about that because I was a really good
kid of a great family never got in
trouble never got in trouble no no it
was never kind of like at all no never
got went to jail never me your dad it
from the way was pictured that was
trying to protect you a lot of counting
stuff wasn’t that kind of family a
really good
yeah often you think when you’re younger
or even you’re old if you haven’t had
this this lesson taught you the hard way
is that I could be half pregnant when it
comes to ethics notice I could be
ethical but maybe I could step over the
line nodes and get away with it yeah the
problem with that is that when you step
over the ethical line once your line of
ethics moves a bit mmm so next time you
step over you’ll stop a bit further also
shit further so with me you know I
became desensitized to essentially right
and wrong behavior and it’s very easy on
Wall Street we don’t a lot of people as
you as we found out in 2007 it wasn’t
just me everyone Oh even but 50 times
bigger than where you live some of these
guys cost a lot of people my ways I you
know I always say everyone’s doing it
that’s the old excuse surely do it yeah
I did what I did it was wrong but the
point was it’s very easy to point say
well everyone’s doing it so you have to
that’s such a good point you have to
maintain you at the gym really do this
no how do you do that very simple it
really is very simple you just don’t
think the first step kata that’s it and
that’s the secret there’s no way you
could take you can’t like just take a
step and a blur than be a good person
it’s very very hard so once you go in
it’s harder to come out of it like to
make a major shift out of it I don’t
think it’s hard I think it depends on
how you were to start in other words if
you were unethical your whole life yeah
yeah that’s who you are yeah for me I
was I was an ethical part I never had a
problem before and I’ve had a problem
after for me it was very easy to find my
ethical way because in my heart of heart
that’s who I was so how who you surround
yourself with is gonna impact you and I
really made some bad decisions and who I
surrounded myself with I just did when
people tell you you’re the king you’re
this you’re that when I was 24 that was
intoxicating you know all these young
kids or look up to me I didn’t handle
that well I thought you start to think
that you like the normal rules don’t
apply to you which is why this time when
all this success had with the movie and
all the speaking it didn’t affect me at
all like it did you were used to it yeah
well I guess I knew it
with or without it I was still who I was
the first Parral you really start off is
it all so different because you had
different people in your life like your
wife for sure for sure it’s a
combination of those things so you know
it’s who you associate with
it’s understand not to take the first
step and then people say well how do you
know well you know you know you know
there’s like this feeling you get you
stomach
most licious sociopath you know when
you’re not doing the right thing you get
this sort of feeling maybe just if you
had that feeling you’re probably I do it
the right way right and then you have to
be careful not to use the power of
rationalization because the human brain
is incredibly adept at rationalizing so
you know avoid that and you know all in
all I think you know for me I’m
fortunate that it ended up I got a
second chance and that worked out really
well but for many people you don’t get
that’s right just don’t don’t put
yourself behind the 8-ball avoid that
you know I don’t I don’t mean don’t fail
fail you should fail everyone should
fail I believe that they learn more
about what I failed then when I
succeeded in business right but going
out there and losing your ethical way is
a choice that you make I don’t care if
the about saying don’t do drugs I’m
sober but I’m not like don’t do drugs
about I’m talking about actions that
impact other people negatively that
doesn’t end well and you really have to
realize there is a sort of energy in the
universe and there’s a sort of there is
karma and you know you want to be on the
right side of that equation you know the
sales community’s got it’s a small
community about all their sales trainers
all the guys that are out there I think
you have you know like you see God use a
guy like David you know David Ensor
becomes a favorite but David made pretty
much all the mistakes you can and then
boom you know I think I think there’s an
opportunity there for the younger
generation to learn from you in a way
that maybe somebody else is not gonna be
able to pass that down to them sure and
yet so the good thing about the movie
cuz it created a platform for me that’s
right so that’s what I take that
seriously which is why like we could
talk about things like Bitcoin right I
know you want to talk about that and you
know that’s why I’ve come out not
against Bitcoin per se not mine I don’t
think bitcoins a scam but there’s scams
being perpetrated around Bitcoin that
are very dangerous
for people that don’t know better and I
think that’s that’s why I’m very
concerned about it right now because to
the average person who’s never been
through this before you know you could
very easily get caught up and it’s gonna
cost you all your money have you
invested yet no it’s not a penny zero
I’m there’s a litte corn a Bitcoin of
etherium not known at this point I can’t
because ethically I’ve come out heavily
against it I will not be fixed the only
thing I would do is I would short
futures that mean I’d have a financial
access to make my my opinion suspect so
I’ve decided that the
stay clear of a whole investment so I
have the equation instead you know I’m
constantly going on all the TV snute CNN
Fox or less we got to go on the on the
on their shows cuz I think I have a very
unique purview into what’s going on
of course bitcoin is so much like a
penny stock it’s Elvis it’s like it’s
always the perfect penny stock number
penny sucks I was as a broker I was so
excited about penny stocks Bitcoin gold
but you know Bitcoin is the same world
their favorite bitcoin is it was a wolf
in sheep’s clothing so it’s because it’s
supposed to be a currency but no
introduces it a currency it’s an
investment vehicle so so let me ask you
this let’s look at both sides okay let’s
say Bitcoin becomes what you say it is
which is it’s a bubble it’s not gonna
work out people lose twenty billion
dollars let you say that goes away okay
well let’s look at the other side if it
does become hypothetical it won’t though
but let’s just say for that I won’t I
understand it but let’s just say if we
go in the direction where cryptocurrency
it is done by let you say Goldman Sachs
really that will happen that will happen
that a Goldman is gonna do it and
somebody with a lot of credibility
absolutely if that does happen who gets
hurt the most what corporations what
industries get hurt the most it’s the
little people they get hurt you think
the little people are the big big banks
people have this whole thing wrong
what’s going on right now this crypto
cart there’s nothing different about
cryptocurrency that any other currency
this whole listen Bitcoin was thought of
by some people that were not scam
artists they were not looking to break
any laws they were people that were
almost like financial anarchists in a
way but there was a social experiment on
alternative money sure it’s nothing you
guys brother it’s not gonna be that
that’s never gonna it’s a naive way of
looking at it it’s never gonna happen
you actually think that the US
government in China and Japan and
they’re gonna allow this is no way or
sorry what happened that they can it can
happen however the technology itself is
excellent as beautiful elegant and
there’s a place for that technology for
a cripple not just cryptocurrency
whether it’s futures anything they’re
tracking investments through a
blockchain technology is an elegant
technology it will never ever be this is
besides the fact that this fundamental
problems with Bitcoin that will not
allow it to ever really
used as currency in mass that’s not the
issue you’re saying it will never happen
as a mess no I don’t believe so no so
what do you think is gonna be thing’s
gonna be credit in cash you don’t think
will be a cashless society no I think
that that what’s gonna happen is is that
blockchain technology will be adopted in
one day probably very soon one of the
big banks are could source your big bad
banks in conjunction with the government
will have a cryptocurrency but there’s
no different regular currencies because
here’s the thing about Bitcoin as a
currency bitcoin is no more useful at
20,000 than in $100 yeah it still works
whether it’s a hundred dollars or two
billion dollars you could still use
Bitcoin as a currency right is it
because you could divide up a billion
times those so the only reason that’s
running up is because it’s not being
used as a currency it’s being used for
wild speculation and what’s happening is
that there’s there’s two sides to every
equation when you come to anything
that’s trading publicly and that is
there’s the market capitalization mm-hmm
which is Bitcoin is everybody saying
it’s 200 billion some odd dollars right
but that’s irrelevant all that matters
when something is trading is what’s
called the float how much is actually
out there that’s being bought and sold
almost all of Bitcoin is locked away and
is not trading you’re this tiny cell
there’s 200 billion dollars in market
cap there’s probably two million or four
five ten million dollars the most
trading of it so when you’re having a
very thin market cap like that it’s easy
to manipulate it what happens is once
you buy Bitcoin it’s not so easy to sell
it it’s a hassle to sell it so it keeps
getting thinner and thinner which is why
of these wild swings and then the latest
thing this latest joke of Bitcoin was
this guy and I just saw something
happened which is here’s a guy who’s in
siring is in this Bitcoin thing exchange
something right and the guy is long
massive amount of Bitcoin rides up the
wave right he sells his Bitcoin and he
announced after he sells it he announces
I’ve sold all my Bitcoin it’s worthless
get out of Bitcoin and I put everything
into big cash and guess what happens big
cash that runs up a hundred why do you
big kitchens running up this guy is
there a lot of power that’s
last manipulated the might happen in
1922 years of Kennedy’s nothingness
classic regulation so it’s because if
this guy did not have a bad content you
only would have done it we have done
that trade shut up what was the reason
why would he say it publicly I’ve sold
all my Bitcoin by bit guess you always
looking to his he’s always it’s a
classic pumping done so so my question
I’m sorry go ahead whether or not they
can solve some of the technical problems
that plagued Bitcoin long transaction
times it’s not designed correctly for
mass use right there’s too much negative
stories damage done to powerful
institutions and go they cannot let it
never happen let’s go over there okay
let’s go so you know I parked my car
outside
it said coins I said I don’t have any
coins who has coins nowadays I’m gonna
get a ticket I said it’s okay it’s 75
bucks I’ll pay to take almost meters now
these you could use credit card this one
gonna have crazy okay so no problem
California I get it so I come in and I’m
thinking in my mind what portion of the
spend ature that you and I use today’s
coins probably 0.1% let’s just say if we
process it that way what percentage is
cash I don’t think it’s that high well
it’s cash what percentage is credit
let’s say eighty percent ninety would
you say that’s around right right there
okay okay do you think Bitcoin will ever
be a 5 10 20 percent I think it
completely off but it’s all forget
Bitcoin Bitcoin is never going anywhere
my opinion okay never what blockchain
technology well it’ll be behind the
scenes on your credit card you’ll be
behind the scenes on your stock tranches
in other words there’s uses for
blockchain technology and all these it’s
a great technology and it’ll be behind
the scenes of trapping things making
things cheaper interest but you’ll still
have all the financial institution you
anyway but you’ll be using it to make
their expenses lower to make things more
elegant around the world richer but it’s
not gonna change anything yes I heard
you’re top of Bitcoin and I said man I
got like six or seven more questions I
want to ask this guy come I want you to
get deeper you know I know I’m listen I
know I’m right okay he doesn’t really
know I promise you this one day and not
in the not-so-distant future all these
young kids would say what the hell
like big Kobe’s 20,000 is not like it’s
not a joke
yeah I my concern is not I’m gonna put
my money like you know how these guys
say by the way think about shamov
schemata is a guy don’t know if you know
shemot from facebook he’s a partner of
Golden State he’s saying you put money
in Bitcoin today in the next 20 years
it’s probably going to be a million
dollars and the next ten years gonna be
a hundred thousand dollars like that’s
what I’m saying okay so you gotta read
the penny stock market okay he’s talking
about it I’m with you but you got to
realize the market the best thing about
the market is got to opinion even move
solitudes gotta left you got rights to
kind of hear them out and weigh it out
there’s a part that says that there’s a
part that says it’s gonna be two dollars
there’s no difference between two
dollars or twenty thousand dollars
that’s not my argument my argument is
more my concern are we going in a
direction where the banks because if you
think you said central banks central
banks are not gonna give up control
because you look at political elections
a lot of times the person that controls
the super-delegates is the guy or the
gal who has the money from the big banks
so I see bitcoins biggest enemy being
banks politicians and the government
that may come in and say I’m not gonna
give them that much control to you
listen this the government the biggest
thing that the governor is worried about
all crimes you don’t know one thing they
hate more than anything
money laundering you actually think
that’s a good answer seriously think you
could allow this this technology to run
ramp where everyone could launder money
and it’s never gonna it’s never gonna
not even a frickin possibility okay why
do you think that bitcoin is constantly
being played by scams why is it the
people who did it warrants get the guys
who found it we’re not scam artists they
weren’t they were legitimate guys and
you know doing an experiment a good idea
right yeah
this technology is flawed it’s flawed in
the sense that it opens itself up to be
manipulated it creates it’s like the
perfect storm for manipulation in the
1980s we had things called blowing pools
remember blind pools
blind pools are the biggest scam ever
and that’s what that’s what all these
coins are they’re blind pools where you
raise money and you issue paper which is
big it is a limited about right and so
it’s finite and then it would blowing
pools you would say one day we’ll figure
out we’re gonna buy something with the
money well with this one I even buying
anything right
the poison is being raised you’re
creating value and there’s nothing
behind it all you’re doing is running on
scarcity that’s that model is not gonna
last because you’re putting this in that
category oh it’s exactly even worse than
Lulu say it’s the same as credit swaps
as well like similar to what happened
with the more you look there’s a woman
who’s behind this whole thing also is it
was the fault the girl who found that
well after our name the woman who was a
big one of the primary designs of credit
swaps is now trying to get Bitcoin used
for the same thing is it though because
she because she doesn’t care so you put
them in the same pool well it’s big well
not the same pool is very different in
other words Bitcoin is just what you’re
doing is is that you’re taking something
the scam that’s going on right now is
something was designed to be used as a
currency and it’s being used as an
investment vehicle that’s what’s going
on okay there is no real currency going
on it’s like this tiny for the Bitcoin
no one for every all the action in
Bitcoin around the world what do you
think is really being used as a currency
like I’m virtually nothing so it’s it’s
it’s it’s a wolf in sheep’s clothing
they say it’s a clarity it’s not being
used as currency it’s not particularly
well suited as a currency for all the
reasons we already spoke about and now
let’s say well the Bitcoin cash is
better bottom line is this okay when
this thing is adopted it’ll be by
governments in the mainstream and these
people that a lot of will end up in jail
the ones who you think they’re not the
founders you tell me the guys that are
manipulative guys the guys that do it
the wrong side okay and the investors
what’s gonna happen with Bitcoin is
gonna be a Black Swan event in the next
six months of it yeah but I’m not just
you know I’m not saying bitcoins going
down it might go to 50,000 I would just
short Bitcoin for a second right now I
don’t know I don’t know where it’s going
over this short I don’t want to over the
long term the outside you’re just kind
of looking at you what’s gonna do I’m
not saying I’m not saying it’s going
down I packed most of the Indies I said
I think it’s going up now I’m not so
sure right now because I like the
insiders now I see I see a classic pump
and dump happening right now where
they’re early on the dump on Bitcoin
going into the next which is big cash
right so I see that happening so let’s
see you know if so the only way Bitcoin
is going up is if someone’s got an
accident there are people out there
willing to manipulate it’ll go higher
otherwise it’s gonna it could it could
be close to the end
remember this you know with tulip mania
the beginning of the end was where they
started trading futures in tulips that
was it once they sort of chase it over
six months later right so people look at
this thing Trading futures yeah it’s
legitimate no it’s not people are the
change with jimmies are no more the
credit for thoughts was listen like so
it’s a complete joke io4 I don’t for a
fact I just no I I just hey I got
nothing is guaranteed life okay I have
never been more sure of something okay
that is eggs really really barely the
people that’s screwing I’m not saying
don’t invest in it now but be really
really careful make sure that you have a
way out really quickly okay don’t put
more than you can afford to lose and
just realize that you are on the outside
looking in of people who are on the
inside who have a plan you don’t know
about and all you’re doing is try to
guess when they’re gonna screw you my
concern is these guys are putting 50 60
70 % their savings into and thinking
this is their way out like here’s I’m
gonna become a detonated on the unite
and they might very well might become
one if they can figure out when to get
out the point is is that you know you
know Bulls big money Bears make money
pigs get slaughtered right and the
question is is when are you gonna get
out you know and because at a certain
point or game you know a time the music
to stop playing there’s not gonna be up
chairs everybody yeah in fact I mean
very few chairs at all might be one
chair and everyone else idiots and
here’s the thing when this thing really
goes if it’s at 30,000 it’s not going
with 30,000
to 29,000 to 28 it still for 30,000 of
one that’s right in with one trade it’ll
just stop trading it’ll open up at 1600
next trade 400 gone yeah that’s gonna
happen yeah I remember when eToys went
from 75 bucks to a penny
due to the gifts not showing up on time
during Christmas 15 17 years ago when he
was just went home 75 to opinion nobody
if you want to get trade this thing
minute you’re far better off getting
involved in one of the other crypto
currencies and Bitcoin right now and but
listen the only I didn’t want to say
this because like you know because
there’s obviously ways to make money in
this I refused to do it I will not get
involved in this because it’s all
manipulated and you know but obviously
you can make a lot of money when things
you know
by manipulating you got to get in right
you gotta get him before the regulation
is done you know and I sorry I really
can’t advise people to do that but you
know you know if you knew the people
who’d look at bit cash you know if you
knew the people who are manipulating it
these all you’re to do is be in line
with them you make a ton of money that’s
right so then but that’s a whole
different insider part they’re gonna be
dealing with so you know okay cool so
that’s plenty with Bitcoin here
appreciate your thoughts
let’s talk sales management I mean
you’re you know you’re a beast when it
comes down to sales it was fascinating
when you Tom are you one two three or
sales training that you have with people
you know certainty as a 10 as a dis as
of that what I want to talk to you about
is you recruit me I’m a new sales guy
I’m working for you one what do you look
for for somebody to be a good candidate
for you well it depends on the industry
it depends on what they’re selling I
mean you know in some industries you
want to hire someone that has some
experience and others you don’t it’s
better to absolutely has no experience
so you really can’t answer that question
blanket without having some context to
it but you know there obviously there
are certain personality types that tend
to do better at selling it Stratton back
in the day it was I don’t care I don’t
want anyone who knows anything about
stocks it’s so easy for me to train
someone to become a Salesman so the the
skill of selling is a very easy skill
set to acquire right when someone that
knows how to teach you the straight
lines very easy to learn more
importantly is is does someone have a
standard that is gonna demand and to
make a lot of money that’s what’s that
person’s financial state I want hungry
people people that really just want to
make a lot of money and I want people
who obviously gonna represent my product
the right way I don’t want a bunch of
you know people who were not gonna go
out there and serve the brand in some
industries like I would never want to
hire some without industry experience
because it’s so crucial to be able to
speak a certain way in the industry
right
other times I want to hire some people
that have connections already they might
have sold a they already know the
decision make is right I want someone
that can to kind of walk in the door
with a new product now hi that person so
it all depends on the situation
are there no matter what’s for you like
we’re there and maybe then and now you
know your experience
are there things that you say if this
guy can’t do this this this you’re not
gonna make it in sales if someone can’t
take rejection that’s obviously you know
a red flag but I think a lot of time
that is more of a symptom of a different
problem that they don’t know how to sell
in other words my experience of people
that have problems taking rejection is
once you teach them at a cell they don’t
have a problem taking rejections they
understand what it’s about and how to
handle it I look for someone whose
desire they’re hungry willing to learn
team players obviously I I love people
that want to work on Commission so if
someone says they did a huge salary
upfront and they don’t really work
that’s a huge red flag no Commission
right they’ll love Commission based
people and I’ve probably recruited and
trained more salesmen anyone on the
planet had tens of thousands of them
right and sometimes just hard to know
really it is hard to know we have some
company develop tests based on my
personality type like you know
psychometric test for sales so you can
do run a psychometric test on people so
much of it comes down to what happens
when the person gets hired is there an
induction like you know having the right
induction program to get someone
indoctrinated into the cult sort of
speaking of process your company and
then also you know training them this is
the biggest mistake that most companies
make two things a they don’t provide
people with the sales training they need
to make them expert clothes they
technically know how to close the deal
so they don’t go into good situations
and blow them right and the second thing
as many companies don’t invest enough in
the marketing side of the equation to
provide leads to the salespeople it’s a
big thing I can’t tell you how many I
get hired all the time to other
companies to train the sales forces and
at least 75% of the time they also need
help in the marketing category they’re
not giving the sales wouldn’t support
they’d by giving them leads leaves
although gasoline in the engine of a
salesman so it’s that – got it
Jordan how much you think sales has
changed from the times you were selling
to today not much at all I mean people
people think that it has I don’t think
it’s change really at all what makes
someone say yes has not changed so the
same things of the same elements of you
know of sales need to line up in
someone’s mind before they say yes what
has changed is that there’s different
ways that we communicate with people
right now for instance like you know you
have email which is a big thing
landing pages and conversions and so
that gets loved with the mortgage but
it’s really sales and sort of walking
and sales in one spot right but it
really comes down to it someone’s gotta
sell someone something no God like look
at Amazon you think they don’t sell yes
they do their processes they are so
elegant at what they do that they’ve got
it down to like one click because they
realize that every time someone’s gonna
make a second action their response rate
goes down right you know they’re using
all the principles of marketing and
sales and everything they do it all so I
think Jeff Bezos recruiter all the
people here to sell them to come join
Amazon handy sell Wall Street to believe
in that so there’s always salespeople
involved like you know Jeff pairs
businesses the most amazing salesperson
he sold it he sold the concept to
everybody I don’t really know where
people always when people look at sales
that’s very very linear like I’m a
Salesman or I’m everyone’s a sales but
the way we get leads has changed very
much very much social media yeah that’s
changed no doubt how you go out getting
the leads but when someone walks in the
door you pick up a telephone and that
it’s gonna be the same stuff and people
are just smarter now cuz they have smart
phones to look at so you have to be some
you have to be you know more logic plays
you can’t just be a full-of-shit
basically a Salesman so I want to ask
one last questions on the under sale
side for the sales managers out there
people who are running a sales team
they’re running the sales organization
what advice can you give to a sales
manager to become a bit so I’ve been in
sales I’m selling I’m making six figures
maybe I’m not a quarter million maybe
I’m making a half a million dollar your
income how do I become a better sales
manager what would you say number one is
there are certain very basic principles
that a lot of sales managers don’t
really adhere to number one is very
often I’ll go into a company and I’ll
see that they’ve instituted a flawed
compensation structure with the
compensation structure itself doesn’t
create doesn’t get the most out of sales
people Wow allows them to sort of work
hard for a while they get lazy and work
off residuals so you just talked about
yeah yeah so that’s one clear thing I
see always is compensation structures
that are not structured correctly that
lead to laziness and salesmen to sit
back and sort of collect royalties or
trailing income right that’s one thing
another thing is that I think
many sales managers don’t do even close
to enough sales training they don’t make
sure of every Salesforce that I’ve ever
managed I made sure they were great
salespeople number three is giving
frequent meetings in other words
motivation you know what you say to
people every once in a while doesn’t
have that much impact what you say to
them every day has massive impact isn’t
that amazing
you got to give meetings all the time
and keeping people’s ears and you know
it’s like there’s a greater purpose for
the company and that only comes from
constant communication and those are
just three things I definitely you know
that I see a massive holes I see in many
sales losses so number one comp number
two sales training number three
motivation and constant communications
so what is Jordan up to nowadays I mean
you you know you’ve gone through what
you’re doing you have a movie now
everybody wants you to be out there and
so it’s interesting you’re telling me
you’re speaking in Tehran Iran that’s
absolute I still say yeah well I say you
after this movie I said actually carry
on say well the household name except
everywhere but Iran and North Korea I
guess I was wrong it’s only North Korea
now you know so they love the movie in
Iran I didn’t know that and so yeah so
listen I mean for me right now it’s a
new year coming up right and my wife and
Ivan deciding what we want to do when a
good spot thankfully we have we have
some breathing we’re gonna make
decisions and you know and I think that
there’s something really really awesome
there’s an awesome thing right now an
opportunity I have and that is that
there’s probably hundreds of millions of
people out there in the age group that
are eighteen to thirty twenty five
thirty and what’s happening is people
grow up with this movie and they and
every year the audience gets bigger cuz
they watched the movie they start to
graduate college right and and as
something I really want to do is really
help unify this group of people and make
sure they don’t get screwed by things
like Bitcoin or making the mistakes that
I made I think there’s so many things I
did really well so many things I did
really poorly and I think I was the best
of the worst so I think I really
represented a person could help serve as
sort of a beacon of light for people to
succeed in life and I want to really
start connecting with form on that
product I’ve spoken to millions of
people around the world but I think I
wants not really doing a lot
stuff online about my own TV show a
radio show on level c so I’m looking at
that stuff that’s exciting
let’s talk about your book man I read
really a cool book where you get right
into it and you said for 10 years I
don’t want to write a book and you said
you know you don’t write a book to make
your money you write a book because you
really want to share this with the
audience and you actually I was I was
reading it initially I was expecting it
to be just a lot of story based you’re
getting right into it
you’re not even hesitate you’re getting
right into saying here’s how you do this
here’s what I did here here’s the key to
this year and it’s a very duplicatable
manner love the way you’re teaching
which I was very impressed yeah is this
book I wrote this book to help people I
the right to make money I didn’t care
about the money and I mean there’s
better ways to make money in my books
and I wrote this myself
it wasn’t ghostwriter I talked about
years to do right I wanted this to be
like a book that would that I didn’t
care how many copies had sold the first
year I wanted to be like a thinking Grow
Rich that would be around for a hundred
years and I really believe it’s gonna be
that I think this book is just gonna
keep selling and growing and becoming
more and more staple of every person
asset so the most I think it should be a
must read to every human being because
what it really is it’s a communication
strategy that’s so the straight lines of
communication strategy shows you how to
communicate how to share your ideas your
concepts it doesn’t matter whether
you’re in sales or not it just shows you
how to be a more effective human being
and I just couldn’t imagine going
through life so many people who go
through life and they have great ideas
right brilliant ideas they have so much
to give the world they have so much to
provide from that family they could be
rich but because they lack the ability
to communicate in an effective way
they die with their music on their lips
they can’t express their great world
that’s a skill you have to have if you
want to be a successful oriented
individual you will need to learn how to
communicate your hopes your ideas your
dreams in a way that connects with
people and moves it to take action get
you what you want to that’s what ethical
persuasion is all about yeah so for
anybody that’s watching this I would
tell you for me here’s how I read books
I read a book first myself then I buy a
copy for every one of my sales guys and
I have them
and I asked them to write a paper on it
and I want to find out what you get out
of it we’ve been running a book club for
many many years and I think it’s so
interesting I’m so surprised you’re not
how few sales teams run a book club guys
go get this book read the book if you
got a sales team bite for every one of
your sales guys and have them read it
and post the review on Amazon follow
Jordan I think Jordan you’re on pretty
much every social media plan and Twitter
Instagram everything again brother thank
you so much for your time and really
enjoy these great conversations thank you for your time
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