[Music]
well oftentimes business education today
and I see it all the time kids come out
of college the best college is Wharton
and Harvard and Stanford and some of the
great business schools and they’ll come
out and they won’t have practical
experience there’s too many case studies
that aren’t practical you know we ask
kids that are 16 to 18 years old to make
$100,000 debt decisions when they go off
to university and they are not prepared
for that they don’t know what they’re
getting themselves into they just assume
okay I’m gonna pay for years of
education 225 thousand a pop and when I
come out the other side somehow I’ll be
able to pay it back right that’s not how
life works anymore
there’s no need even to have a college
degree at all we’re in high school
they’re the I mean if somebody graduated
from a great university that may be an
Indian indication that they will be
capable of great things but it’s not
necessarily the case you know if you
look at say people like Bill Gates for
Larry Ellison Steve Jobs these guys
didn’t graduate from college but if you
had a chance to hire them of course that
would be a good idea I think having the
flexibility to explore a lot of
different things which you can do when
you’re in college which is one of the
amazing things about being in college is
you can work on all these hobbies and
and encode a lot of stuff and try a lot
of different things it’s this amazing
flexibility that I think most people
take for granted and once you decide
okay I’m gonna start a company and I’m
gonna do it with someone else you
immediately now need to convince someone
else if you want to change your mind on
something and I think people really
undervalued the option value and
flexibility I think explore what you
want to do before committing is really
like the key thing and keep yourself
flexible and know I think that that’s I
agree yeah it’s actually kind of funny
like um you know if you think like what
is it education like you’re basically
downloading data and algorithms into
your brain and it’s it’s it’s actually
amazingly bad in conventional education
because like it shouldn’t be like this
huge tour if someone is standing up
there kind of lecturing at people and
they’ve done the same lecture twenty
years in a row and they’re not very
excited about it and in fact I think a
lot of thing
people learn it probably there’s no
point in learning them because it that
they never use them in the future
because the like kids just in school
kinda puzzled as to why they’re there I
think the people who are doing the work
that we care about are figuring out what
to do next not following the person who
told them what to do next and the
problem with most colleges is they are
high school but with more binge drinking
the entire purpose of a good university
is to give you a foundation to fail not
a foundation to get an A and if you
graduate from college with straight A’s
you have to do some serious
soul-searching as to why you chose to
spend your time doing that a student’s
work for the B students the C students
run the businesses and that these
students dedicate the buildings it’s
like the newspaper industry write more
printing presses more big buildings
write makes this look grander we have
brains that we’re putting them out there
there’s there’s a point of diminishing
returns in terms of what it’s worth for
a college education and how much debt
you’re willing to sell yourself with a
lot of people file a lot of people are
following if not we’d have problems we
have too many entrepreneurs we have too
many successful people look how many
people go through business classes if
everything you needed was in that actual
business class in that book it’d be too
many successful business people right
how many people graduate matter of fact
the professor wouldn’t have the time to
sit there and teach you he knows this
book damn near broke a them page by page
he knows all right cuz he be
entrepreneur he too busy I’m too I’m
doing way too much right now cuz I got
the palm trees and we do it we sell it
so much right stuff that I’m doing that
I ain’t quite got time to teach and so
when you walk into a boardroom with a
bunch of guys in suits who all went to
college you’re fine yeah I mean because
they read a bunch of words I’ve lived a
bunch of life that self-esteem from
seriously I mean most my mom first and
foremost
just live in life like you know being in
real situations and happen to be a
person of high integrity and honesty
you know you never embarrassed yourself
of course not you never walked in and
said how everybody thinks I’m ignorant
here I’m stupid I never I don’t I don’t
feel ignorant right you know I don’t
Ryan felt like I came up in this
situation or time you know where I
wasn’t afforded certain opportunities
and if afforded opportunities I could be
Oprah could be Bill Gates I could be
Warren Buffett in my experience in
business there is very little difference
if any between a very high-priced
business education and what’s available
a lot for a lot less money I went to the
University of nebraska-lincoln my last
year in college I went to Wharton for a
couple years before that I learned just
as much at University of braska as I did
at Wharton you need to be prodded in the
right direction but an awful lot of it
is self as self taught it isn’t
necessary to pay thirty or thirty-five
thousand dollars a year to go to some
big-name school to get the education at
all I mean if you’re gonna learn
accounting if you’re going is the
probably the most important of course
you’d take in business if you’re gonna
learn to count you learn in accounting
absolutely as well and my view going to
you and always going to Harvard I mean I
see I would I bet on that and so I
wouldn’t run up huge bills and education
is very good at training people to do
the same things that we’ve done over and
over again and I think there’s always a
question what the nature of the
educational good is you know you can say
it’s a it’s an investment good we’re
investing in the future you can say it’s
a consumption good like college is a
four-year party you know I think most of
the parents and students think of it
actually as an insurance policy where
you’re buying this really ever more
expensive insurance so that the students
don’t fall through the really big cracks
in our society and we should be asking
some big questions why the insurance
costs are going up and up like that and
if you were the president of Harvard or
Stanford if you wanted to get a lynch
mob of
students alumni faculty to come after
you and try to Lynch you what you should
say is something like this you know we
we live in this much larger more global
world we offer a great education to
everybody and so we’re gonna double or
triple our enrollment over the next 15
to 20 years and people would they’d all
be furious because the value of the
degrees comes from this massive
exclusion and and what you’re really
running is something like a studio 54
nightclub I hate it I hated school I
really hated school I really all I hated
school generally right because it was
this instruction following thing now I
bet you it’s probably also because I
wasn’t good at it and some people like
I’ve got a great conceptual rep memory
and a terrible rote memory so if I have
a story I could tell you year by year
kind of what happened within a story
within a context but if I was to go into
you know like a memory based learning
it’s terrible I have a terrible Road
memory ego barrier is the worst thing
and if we were raised differently just
imagine in the schools that all along
the people will always say everybody
makes mistakes
everybody has weaknesses the key is
really to understand what your mistakes
and weaknesses are so that you can learn
from them right I think in punishment is
it’s a terrible concept punishment means
that you made a mistake and you’re being
punished I think instead of punishment
every time somebody makes a mistake you
should say the only thing that you need
to do to get out of your punishment his
first think what kind of mistake was
that so if I’m in this situation that’s
like that again how would I do deal with
it differently not to make that mistake
so that learning should come from the
mistake not punishment because you’re
teaching people not to make mistakes
where’s where the learning comes from
not the appreciation the
if you keep doing this over and over
again you’re gonna keep encountering the
same outcomes you know it’s an extremely
corrupt system we have at this point
there’s we have an education bubble in
the u.s. we have a trillion dollars of
student debt to first approximation this
has gone to pay for a trillion dollars
worth of lies about the value of the
education people have received and and I
it’s not at all obvious yet though
what’s going to what’s going to replace
this or how it’s going to change my um
you know the the you know the and I’m
somewhat skeptical that it will be
replaced by any sort of single unitary
system and I have this fellowship for
young people to start companies and you
know it’s not my claim is not that
everybody should do this I don’t think
everyone should become an entrepreneur
and I think I think there is no
one-size-fits-all so I think the future
will be much more heterogeneous much
more diverse in terms of what people do
and what’s what’s really anomalous is
the sort of unitary tracking where you
have to go to an elite college you go to
Yale or you go to jail there’s nothing
else you can do you know and so the the
I think the universities are perhaps in
perhaps in the same place as the
Catholic Church was in 1514 if we go
back 500 years where you have sort of
this is monolithic way Newton’s
universal way of body of knowledge of
teaching things the difference between
the Yale and the Harvard political
science faculties are probably no
greater than the differences between the
Dominicans and the Franciscans we have
all kinds of small debates within this
context we are we have a system of
indulgences that’s costing more and more
to support this priestly or professorial
class of people we are told that it’s
the only way to salvation you must get a
diploma to be saved if you do not get a
diploma then you will go to hell and I
think and I think the I think the the
message that I have that’s like the 16th
century reformers that’s a somewhat
troubling message
is that you have to work out your
salvation on your own you have to save
yourself and and and that’s that’s I
think I believe that is the truth but it’s a it’s a somewhat uncomfortable one
well oftentimes business education today
and I see it all the time kids come out
of college the best college is Wharton
and Harvard and Stanford and some of the
great business schools and they’ll come
out and they won’t have practical
experience there’s too many case studies
that aren’t practical you know we ask
kids that are 16 to 18 years old to make
$100,000 debt decisions when they go off
to university and they are not prepared
for that they don’t know what they’re
getting themselves into they just assume
okay I’m gonna pay for years of
education 225 thousand a pop and when I
come out the other side somehow I’ll be
able to pay it back right that’s not how
life works anymore
there’s no need even to have a college
degree at all we’re in high school
they’re the I mean if somebody graduated
from a great university that may be an
Indian indication that they will be
capable of great things but it’s not
necessarily the case you know if you
look at say people like Bill Gates for
Larry Ellison Steve Jobs these guys
didn’t graduate from college but if you
had a chance to hire them of course that
would be a good idea I think having the
flexibility to explore a lot of
different things which you can do when
you’re in college which is one of the
amazing things about being in college is
you can work on all these hobbies and
and encode a lot of stuff and try a lot
of different things it’s this amazing
flexibility that I think most people
take for granted and once you decide
okay I’m gonna start a company and I’m
gonna do it with someone else you
immediately now need to convince someone
else if you want to change your mind on
something and I think people really
undervalued the option value and
flexibility I think explore what you
want to do before committing is really
like the key thing and keep yourself
flexible and know I think that that’s I
agree yeah it’s actually kind of funny
like um you know if you think like what
is it education like you’re basically
downloading data and algorithms into
your brain and it’s it’s it’s actually
amazingly bad in conventional education
because like it shouldn’t be like this
huge tour if someone is standing up
there kind of lecturing at people and
they’ve done the same lecture twenty
years in a row and they’re not very
excited about it and in fact I think a
lot of thing
people learn it probably there’s no
point in learning them because it that
they never use them in the future
because the like kids just in school
kinda puzzled as to why they’re there I
think the people who are doing the work
that we care about are figuring out what
to do next not following the person who
told them what to do next and the
problem with most colleges is they are
high school but with more binge drinking
the entire purpose of a good university
is to give you a foundation to fail not
a foundation to get an A and if you
graduate from college with straight A’s
you have to do some serious
soul-searching as to why you chose to
spend your time doing that a student’s
work for the B students the C students
run the businesses and that these
students dedicate the buildings it’s
like the newspaper industry write more
printing presses more big buildings
write makes this look grander we have
brains that we’re putting them out there
there’s there’s a point of diminishing
returns in terms of what it’s worth for
a college education and how much debt
you’re willing to sell yourself with a
lot of people file a lot of people are
following if not we’d have problems we
have too many entrepreneurs we have too
many successful people look how many
people go through business classes if
everything you needed was in that actual
business class in that book it’d be too
many successful business people right
how many people graduate matter of fact
the professor wouldn’t have the time to
sit there and teach you he knows this
book damn near broke a them page by page
he knows all right cuz he be
entrepreneur he too busy I’m too I’m
doing way too much right now cuz I got
the palm trees and we do it we sell it
so much right stuff that I’m doing that
I ain’t quite got time to teach and so
when you walk into a boardroom with a
bunch of guys in suits who all went to
college you’re fine yeah I mean because
they read a bunch of words I’ve lived a
bunch of life that self-esteem from
seriously I mean most my mom first and
foremost
just live in life like you know being in
real situations and happen to be a
person of high integrity and honesty
you know you never embarrassed yourself
of course not you never walked in and
said how everybody thinks I’m ignorant
here I’m stupid I never I don’t I don’t
feel ignorant right you know I don’t
Ryan felt like I came up in this
situation or time you know where I
wasn’t afforded certain opportunities
and if afforded opportunities I could be
Oprah could be Bill Gates I could be
Warren Buffett in my experience in
business there is very little difference
if any between a very high-priced
business education and what’s available
a lot for a lot less money I went to the
University of nebraska-lincoln my last
year in college I went to Wharton for a
couple years before that I learned just
as much at University of braska as I did
at Wharton you need to be prodded in the
right direction but an awful lot of it
is self as self taught it isn’t
necessary to pay thirty or thirty-five
thousand dollars a year to go to some
big-name school to get the education at
all I mean if you’re gonna learn
accounting if you’re going is the
probably the most important of course
you’d take in business if you’re gonna
learn to count you learn in accounting
absolutely as well and my view going to
you and always going to Harvard I mean I
see I would I bet on that and so I
wouldn’t run up huge bills and education
is very good at training people to do
the same things that we’ve done over and
over again and I think there’s always a
question what the nature of the
educational good is you know you can say
it’s a it’s an investment good we’re
investing in the future you can say it’s
a consumption good like college is a
four-year party you know I think most of
the parents and students think of it
actually as an insurance policy where
you’re buying this really ever more
expensive insurance so that the students
don’t fall through the really big cracks
in our society and we should be asking
some big questions why the insurance
costs are going up and up like that and
if you were the president of Harvard or
Stanford if you wanted to get a lynch
mob of
students alumni faculty to come after
you and try to Lynch you what you should
say is something like this you know we
we live in this much larger more global
world we offer a great education to
everybody and so we’re gonna double or
triple our enrollment over the next 15
to 20 years and people would they’d all
be furious because the value of the
degrees comes from this massive
exclusion and and what you’re really
running is something like a studio 54
nightclub I hate it I hated school I
really hated school I really all I hated
school generally right because it was
this instruction following thing now I
bet you it’s probably also because I
wasn’t good at it and some people like
I’ve got a great conceptual rep memory
and a terrible rote memory so if I have
a story I could tell you year by year
kind of what happened within a story
within a context but if I was to go into
you know like a memory based learning
it’s terrible I have a terrible Road
memory ego barrier is the worst thing
and if we were raised differently just
imagine in the schools that all along
the people will always say everybody
makes mistakes
everybody has weaknesses the key is
really to understand what your mistakes
and weaknesses are so that you can learn
from them right I think in punishment is
it’s a terrible concept punishment means
that you made a mistake and you’re being
punished I think instead of punishment
every time somebody makes a mistake you
should say the only thing that you need
to do to get out of your punishment his
first think what kind of mistake was
that so if I’m in this situation that’s
like that again how would I do deal with
it differently not to make that mistake
so that learning should come from the
mistake not punishment because you’re
teaching people not to make mistakes
where’s where the learning comes from
not the appreciation the
if you keep doing this over and over
again you’re gonna keep encountering the
same outcomes you know it’s an extremely
corrupt system we have at this point
there’s we have an education bubble in
the u.s. we have a trillion dollars of
student debt to first approximation this
has gone to pay for a trillion dollars
worth of lies about the value of the
education people have received and and I
it’s not at all obvious yet though
what’s going to what’s going to replace
this or how it’s going to change my um
you know the the you know the and I’m
somewhat skeptical that it will be
replaced by any sort of single unitary
system and I have this fellowship for
young people to start companies and you
know it’s not my claim is not that
everybody should do this I don’t think
everyone should become an entrepreneur
and I think I think there is no
one-size-fits-all so I think the future
will be much more heterogeneous much
more diverse in terms of what people do
and what’s what’s really anomalous is
the sort of unitary tracking where you
have to go to an elite college you go to
Yale or you go to jail there’s nothing
else you can do you know and so the the
I think the universities are perhaps in
perhaps in the same place as the
Catholic Church was in 1514 if we go
back 500 years where you have sort of
this is monolithic way Newton’s
universal way of body of knowledge of
teaching things the difference between
the Yale and the Harvard political
science faculties are probably no
greater than the differences between the
Dominicans and the Franciscans we have
all kinds of small debates within this
context we are we have a system of
indulgences that’s costing more and more
to support this priestly or professorial
class of people we are told that it’s
the only way to salvation you must get a
diploma to be saved if you do not get a
diploma then you will go to hell and I
think and I think the I think the the
message that I have that’s like the 16th
century reformers that’s a somewhat
troubling message
is that you have to work out your
salvation on your own you have to save
yourself and and and that’s that’s I
think I believe that is the truth but it’s a it’s a somewhat uncomfortable one
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