I’d like to talk a little bit about television because obviously one of the
television because obviously one of the
television because obviously one of the reasons I’m here at Shark Tank it’s it’s
reasons I’m here at Shark Tank it’s it’s
reasons I’m here at Shark Tank it’s it’s a remarkable success that we’re all
a remarkable success that we’re all
a remarkable success that we’re all amazed at we’re thrilled with what it’s
amazed at we’re thrilled with what it’s
amazed at we’re thrilled with what it’s become it’s a platform to launch
become it’s a platform to launch
become it’s a platform to launch businesses it’s the number one show in
businesses it’s the number one show in
businesses it’s the number one show in America watched on Fridays the number
America watched on Fridays the number
America watched on Fridays the number one show watched by families the
one show watched by families the
one show watched by families the fastest-growing demographic is 9 to 18
fastest-growing demographic is 9 to 18
fastest-growing demographic is 9 to 18 year old women who knows they must
year old women who knows they must
year old women who knows they must mature faster than guys I guess but it
mature faster than guys I guess but it
mature faster than guys I guess but it continues to grow this it’s it’s
continues to grow this it’s it’s
continues to grow this it’s it’s phenomenal and we talked a little bit
phenomenal and we talked a little bit
phenomenal and we talked a little bit about that because people ask me why do
about that because people ask me why do
about that because people ask me why do you do so much to television or you’re a
you do so much to television or you’re a
you do so much to television or you’re a narcissist you love to see yourself talk
narcissist you love to see yourself talk
narcissist you love to see yourself talk do you want to turn every channel and
do you want to turn every channel and
do you want to turn every channel and see your face and I’m going to argue
see your face and I’m going to argue
see your face and I’m going to argue today and we’re going to do a little
today and we’re going to do a little
today and we’re going to do a little experiment together that the discipline
experiment together that the discipline
experiment together that the discipline of business the science of business is
of business the science of business is
of business the science of business is very binary either you make money or you
very binary either you make money or you
very binary either you make money or you lose it it’s black and white television
lose it it’s black and white television
lose it it’s black and white television is sure giving us and yet I’m going to
is sure giving us and yet I’m going to
is sure giving us and yet I’m going to show you a marvelous synergy between the
show you a marvelous synergy between the
show you a marvelous synergy between the two
two
two now obviously Shark Tank is a platform
now obviously Shark Tank is a platform
now obviously Shark Tank is a platform there’s no question about that and
there’s no question about that and
there’s no question about that and what’s occurred on this show as many
what’s occurred on this show as many
what’s occurred on this show as many people have realized that if you can get
people have realized that if you can get
people have realized that if you can get on it and you have a product in the
on it and you have a product in the
on it and you have a product in the market you can grow your sales by 10,000
market you can grow your sales by 10,000
market you can grow your sales by 10,000 percent in 24 hours but the true test of
percent in 24 hours but the true test of
percent in 24 hours but the true test of its power would be to take a commodity
its power would be to take a commodity
its power would be to take a commodity something that is ubiquitous in America
something that is ubiquitous in America
something that is ubiquitous in America that we can buy anywhere and see if it
that we can buy anywhere and see if it
that we can buy anywhere and see if it went on Shark Tank would it
went on Shark Tank would it
went on Shark Tank would it differentiate the outcome of that
differentiate the outcome of that
differentiate the outcome of that company how powerful is Shark Tank how
company how powerful is Shark Tank how
company how powerful is Shark Tank how powerful has it become so my theory was
powerful has it become so my theory was
powerful has it become so my theory was why not finance a commodity something
why not finance a commodity something
why not finance a commodity something you can get anywhere and see if somehow
you can get anywhere and see if somehow
you can get anywhere and see if somehow we could build a national brand on
we could build a national brand on
we could build a national brand on something that has no proprietary value
something that has no proprietary value
something that has no proprietary value whatsoever that would be the true test
whatsoever that would be the true test
whatsoever that would be the true test of what Shark Tank was now what could
of what Shark Tank was now what could
of what Shark Tank was now what could that be well let me give you an example
that be well let me give you an example
that be well let me give you an example what is more common than a cupcake sugar
what is more common than a cupcake sugar
what is more common than a cupcake sugar water flower anybody can make it along
water flower anybody can make it along
water flower anybody can make it along came a company from Kohath Massachusetts
came a company from Kohath Massachusetts
came a company from Kohath Massachusetts called wicked good cupcakes on to the
called wicked good cupcakes on to the
called wicked good cupcakes on to the shark tank none of the other sharks were
shark tank none of the other sharks were
shark tank none of the other sharks were interested but I had this theory in my
interested but I had this theory in my
interested but I had this theory in my mind let’s test it so I’m going to show
mind let’s test it so I’m going to show
mind let’s test it so I’m going to show you a couple of minutes of video from
you a couple of minutes of video from
you a couple of minutes of video from this particular deal we’re going to see
this particular deal we’re going to see
this particular deal we’re going to see the actual deal itself see how it was
the actual deal itself see how it was
the actual deal itself see how it was structured and then I’m going to show
structured and then I’m going to show
structured and then I’m going to show you the numbers what happened in the
you the numbers what happened in the
you the numbers what happened in the first 24 36 week months since then what
first 24 36 week months since then what
first 24 36 week months since then what has happened to look at good cupcakes so
has happened to look at good cupcakes so
has happened to look at good cupcakes so watch this first okay so what happens to
watch this first okay so what happens to
watch this first okay so what happens to this company it airs at 9 o’clock on a
this company it airs at 9 o’clock on a
this company it airs at 9 o’clock on a Friday night sales the first month
Friday night sales the first month
Friday night sales the first month before Shark Tank or the month prior to
before Shark Tank or the month prior to
before Shark Tank or the month prior to airing with 24,000 look what happens to
airing with 24,000 look what happens to
airing with 24,000 look what happens to it afterwards run rate is 450 thousand a
it afterwards run rate is 450 thousand a
it afterwards run rate is 450 thousand a month it’s going to make 800,000 free
month it’s going to make 800,000 free
month it’s going to make 800,000 free cash flow Danny
cash flow Danny
cash flow Danny the young girl 27 just got married I
the young girl 27 just got married I
the young girl 27 just got married I helped it with a prenup
she has $800,000 going this company’s
she has $800,000 going this company’s actually owned by her he said heard her
actually owned by her he said heard her
actually owned by her he said heard her mother so this is the fastest-growing
mother so this is the fastest-growing
mother so this is the fastest-growing cupcake company in America right now it
cupcake company in America right now it
cupcake company in America right now it recently got a 10% purchase acquisition
recently got a 10% purchase acquisition
recently got a 10% purchase acquisition from the Fisher family in Chicago who
from the Fisher family in Chicago who
from the Fisher family in Chicago who took the crumbs retail chain out of
took the crumbs retail chain out of
took the crumbs retail chain out of bankruptcy as of next week this will be
bankruptcy as of next week this will be
bankruptcy as of next week this will be in retail across America we’ve moved
in retail across America we’ve moved
in retail across America we’ve moved into pies and we’re charging 20% more
into pies and we’re charging 20% more
into pies and we’re charging 20% more for gluten-free I love that I just
for gluten-free I love that I just
for gluten-free I love that I just absolutely love that and so the shark
absolutely love that and so the shark
absolutely love that and so the shark tank factor is very much alive and I
tank factor is very much alive and I
tank factor is very much alive and I think it’s studying what this is is it
think it’s studying what this is is it
think it’s studying what this is is it truly is a launch platform this is
truly is a launch platform this is
truly is a launch platform this is clearly a commodity and it’s growing
clearly a commodity and it’s growing
clearly a commodity and it’s growing very quickly and I think America’s
very quickly and I think America’s
very quickly and I think America’s figure that out we have a hundred and
figure that out we have a hundred and
figure that out we have a hundred and ten thousand applications for the
ten thousand applications for the
ten thousand applications for the current year we’re starting to shoot
current year we’re starting to shoot
current year we’re starting to shoot everybody understands how this works but
everybody understands how this works but
everybody understands how this works but what’s really going on here with wicked
what’s really going on here with wicked
what’s really going on here with wicked cupcakes is they figured out their
cupcakes is they figured out their
cupcakes is they figured out their customer acquisition costs by being on
customer acquisition costs by being on
customer acquisition costs by being on Shark Tank are zero they don’t spend any
Shark Tank are zero they don’t spend any
Shark Tank are zero they don’t spend any money on advertising what they try and
money on advertising what they try and
money on advertising what they try and do is stay on television and because
do is stay on television and because
do is stay on television and because they’re a husband and or sorry I’ve got
they’re a husband and or sorry I’ve got
they’re a husband and or sorry I’ve got a daughter mother team which is a very
a daughter mother team which is a very
a daughter mother team which is a very on trend in America now for getting on
on trend in America now for getting on
on trend in America now for getting on daytime television they’re ubiquitous
daytime television they’re ubiquitous
daytime television they’re ubiquitous they’re everywhere they’ve hired lots of
they’re everywhere they’ve hired lots of
they’re everywhere they’ve hired lots of new people we’re creating jobs here
new people we’re creating jobs here
new people we’re creating jobs here actually 42 new ones this is a little
actually 42 new ones this is a little
actually 42 new ones this is a little outdated this slide you see them on
outdated this slide you see them on
outdated this slide you see them on every week on one show another Good
every week on one show another Good
every week on one show another Good Morning America next week plotting their
Morning America next week plotting their
Morning America next week plotting their success this mother and daughter have
success this mother and daughter have
success this mother and daughter have figured out how to stay on television
figured out how to stay on television
figured out how to stay on television and continue to grow now let me give you
and continue to grow now let me give you
and continue to grow now let me give you some stats about venture capital over 50
some stats about venture capital over 50
some stats about venture capital over 50 years
years
years it’s a highly risky proposition if you
it’s a highly risky proposition if you
it’s a highly risky proposition if you look at ten deals over the last 50 years
look at ten deals over the last 50 years
look at ten deals over the last 50 years including the internet bubble only two
including the internet bubble only two
including the internet bubble only two out of ten ever returned capital that
out of ten ever returned capital that
out of ten ever returned capital that means you lose 80 percent of the time
means you lose 80 percent of the time
means you lose 80 percent of the time nothing changes that so if you look at a
nothing changes that so if you look at a
nothing changes that so if you look at a typical venture capital firm give it a
typical venture capital firm give it a
typical venture capital firm give it a big one eighty percent of the time they
big one eighty percent of the time they
big one eighty percent of the time they lose their money after six years
lose their money after six years
lose their money after six years Shark Tank is now achieving what
Shark Tank is now achieving what
Shark Tank is now achieving what Capital One 40% of it steals four out of
Capital One 40% of it steals four out of
Capital One 40% of it steals four out of ten why here’s my speculation for a
ten why here’s my speculation for a
ten why here’s my speculation for a marginal company that would be spending
marginal company that would be spending
marginal company that would be spending twelve to fifteen percent on advertising
twelve to fifteen percent on advertising
twelve to fifteen percent on advertising to break through those costs are removed
to break through those costs are removed
to break through those costs are removed they get that for free so even a cupcake
they get that for free so even a cupcake
they get that for free so even a cupcake company can enjoy tremendous growth at
company can enjoy tremendous growth at
company can enjoy tremendous growth at no costs of acquiring customers and so
no costs of acquiring customers and so
no costs of acquiring customers and so this platform is a giant infomercial
this platform is a giant infomercial
this platform is a giant infomercial worth about twelve million dollars a
worth about twelve million dollars a
worth about twelve million dollars a year to a company to get on it how do I
year to a company to get on it how do I
year to a company to get on it how do I know that let me give you a case study
know that let me give you a case study
know that let me give you a case study that is 48 hours old how many of you
that is 48 hours old how many of you
that is 48 hours old how many of you remember groovebook
remember groovebook
remember groovebook remember this one 11 months ago Brian
remember this one 11 months ago Brian
remember this one 11 months ago Brian and Julie a young couple from Chatsworth
and Julie a young couple from Chatsworth
and Julie a young couple from Chatsworth California brought this deal to shark
California brought this deal to shark
California brought this deal to shark tank very simple takes a hundred images
tank very simple takes a hundred images
tank very simple takes a hundred images off your phone each month and ships you
off your phone each month and ships you
off your phone each month and ships you this catalog cataloging your life your
this catalog cataloging your life your
this catalog cataloging your life your kids your family for $2.99 how is it
kids your family for $2.99 how is it
kids your family for $2.99 how is it possible they can do that because this
possible they can do that because this
possible they can do that because this groove allows the book to bend thirty
groove allows the book to bend thirty
groove allows the book to bend thirty four degrees so that it’s considered a
four degrees so that it’s considered a
four degrees so that it’s considered a magazine not a book it ships for 85
magazine not a book it ships for 85
magazine not a book it ships for 85 cents as opposed to 250 the value is in
cents as opposed to 250 the value is in
cents as opposed to 250 the value is in the groove
the groove
the groove they had 14,000 subscribers when they
they had 14,000 subscribers when they
they had 14,000 subscribers when they aired today they have half a million
aired today they have half a million
aired today they have half a million Shutterfly called me up a public company
Shutterfly called me up a public company
Shutterfly called me up a public company said we must buy this you’re stealing
said we must buy this you’re stealing
said we must buy this you’re stealing our share and they offered seven million
our share and they offered seven million
our share and they offered seven million dollars for it eleven months later and I
dollars for it eleven months later and I
dollars for it eleven months later and I said are you kidding never they bought
said are you kidding never they bought
said are you kidding never they bought it on Thursday for 14.5 million dollars
it on Thursday for 14.5 million dollars
it on Thursday for 14.5 million dollars cash Julie and Brian are
cash Julie and Brian are
cash Julie and Brian are multimillionaires 11 months later the
multimillionaires 11 months later the
multimillionaires 11 months later the American Dream is alive in a very big
American Dream is alive in a very big
American Dream is alive in a very big way and we watch it happen on Shark Tank
way and we watch it happen on Shark Tank
way and we watch it happen on Shark Tank why is Shark Tank so successful why
why is Shark Tank so successful why
why is Shark Tank so successful why would anybody be watching this why would
would anybody be watching this why would
would anybody be watching this why would a nine year old girl be interested in
a nine year old girl be interested in
a nine year old girl be interested in watching something about business the
watching something about business the
watching something about business the network’s want to know the advertisers
network’s want to know the advertisers
network’s want to know the advertisers do the competitors want to know there’s
do the competitors want to know there’s
do the competitors want to know there’s seven different shows trying to knock it
seven different shows trying to knock it
seven different shows trying to knock it off right now I have a thesis I’ll tell
off right now I have a thesis I’ll tell
off right now I have a thesis I’ll tell you what it is
you what it is
you what it is what are you watching when you watch
what are you watching when you watch
what are you watching when you watch Shark Tank you’re watching the pursuit
Shark Tank you’re watching the pursuit
Shark Tank you’re watching the pursuit of freedom
of freedom
of freedom is there anything more noble than
is there anything more noble than
is there anything more noble than creating your own wealth and setting
creating your own wealth and setting
creating your own wealth and setting yourself free no that’s what shark takes
yourself free no that’s what shark takes
yourself free no that’s what shark takes about it’s the essence of personal
about it’s the essence of personal
about it’s the essence of personal freedom it’s not about getting rich is
freedom it’s not about getting rich is
freedom it’s not about getting rich is about achieving something for yourself
about achieving something for yourself
about achieving something for yourself that is unique to our society and
that is unique to our society and
that is unique to our society and capitalism personal freedom and that’s
capitalism personal freedom and that’s
capitalism personal freedom and that’s why I’m here today I want to talk to you
why I’m here today I want to talk to you
why I’m here today I want to talk to you about that that’s what matters that
about that that’s what matters that
about that that’s what matters that ‘lets creates everything that’s great in
‘lets creates everything that’s great in
‘lets creates everything that’s great in America is the ability to start a
America is the ability to start a
America is the ability to start a business from scratch in your basement
business from scratch in your basement
business from scratch in your basement whether it’s a cupcake or a group or
whether it’s a cupcake or a group or
whether it’s a cupcake or a group or thousands of other ideas create a
thousands of other ideas create a
thousands of other ideas create a business worth millions of dollars
business worth millions of dollars
business worth millions of dollars employ hundreds of people provide for
employ hundreds of people provide for
employ hundreds of people provide for your family yourself their families and
your family yourself their families and
your family yourself their families and all the good things we enjoy from
all the good things we enjoy from
all the good things we enjoy from capitalism which is freedom now there’s
capitalism which is freedom now there’s
capitalism which is freedom now there’s a lot of sacrifice involved on speaking
a lot of sacrifice involved on speaking
a lot of sacrifice involved on speaking to those of you in this room that want
to those of you in this room that want
to those of you in this room that want to become entrepreneurs so let’s try and
to become entrepreneurs so let’s try and
to become entrepreneurs so let’s try and learn something from the shark tank
learn something from the shark tank
learn something from the shark tank experience I want to share with you
experience I want to share with you
experience I want to share with you other than funny pictures like this
other than funny pictures like this
other than funny pictures like this three common attributes to all of the
three common attributes to all of the
three common attributes to all of the deals that got funded on Shark Tank
deals that got funded on Shark Tank
deals that got funded on Shark Tank versus all the ones that didn’t this
versus all the ones that didn’t this
versus all the ones that didn’t this does not speak to the outcome of the
does not speak to the outcome of the
does not speak to the outcome of the businesses it speaks to those
businesses it speaks to those
businesses it speaks to those entrepreneurs that are able to sit in
entrepreneurs that are able to sit in
entrepreneurs that are able to sit in front of investors or stand there and
front of investors or stand there and
front of investors or stand there and actually get their money and I want you
actually get their money and I want you
actually get their money and I want you to realize that there’s a huge
to realize that there’s a huge
to realize that there’s a huge opportunity to understand something
opportunity to understand something
opportunity to understand something unique here because in each of these
unique here because in each of these
unique here because in each of these three cases they were present in 100
three cases they were present in 100
three cases they were present in 100 percent of the deals that got funded
percent of the deals that got funded
percent of the deals that got funded over thousands of presentations but in
over thousands of presentations but in
over thousands of presentations but in every case these three attributes were
every case these three attributes were
every case these three attributes were there and why I’m bringing it up now is
there and why I’m bringing it up now is
there and why I’m bringing it up now is I know some people are going to be up in
I know some people are going to be up in
I know some people are going to be up in front of me in just a few minutes and I
front of me in just a few minutes and I
front of me in just a few minutes and I want them to hear what I’m saying here
want them to hear what I’m saying here
want them to hear what I’m saying here because maybe they want to modify their
because maybe they want to modify their
because maybe they want to modify their presentations a little bit
presentations a little bit
presentations a little bit all right number one in 100% of the
all right number one in 100% of the
all right number one in 100% of the cases the deals got funded the
cases the deals got funded the
cases the deals got funded the entrepreneur was able to articulate the
entrepreneur was able to articulate the
entrepreneur was able to articulate the vision in 90 seconds or less the idea
vision in 90 seconds or less the idea
vision in 90 seconds or less the idea was so blindingly simple that you could
was so blindingly simple that you could
was so blindingly simple that you could understand it in a minute this is a
understand it in a minute this is a
understand it in a minute this is a cupcake we put it in a jar we ship it to
cupcake we put it in a jar we ship it to
cupcake we put it in a jar we ship it to people for six ninety five I get it
people for six ninety five I get it
people for six ninety five I get it this is a groovebook I carved a groove
this is a groovebook I carved a groove
this is a groovebook I carved a groove in it so I could ship it at the price of
in it so I could ship it at the price of
in it so I could ship it at the price of a magazine I get it you see what I’m
a magazine I get it you see what I’m
a magazine I get it you see what I’m saying
saying
saying all right 100 percent of the cases 90
all right 100 percent of the cases 90
all right 100 percent of the cases 90 seconds or less number two in every case
seconds or less number two in every case
seconds or less number two in every case the entrepreneur usually a team over 80%
the entrepreneur usually a team over 80%
the entrepreneur usually a team over 80% of the time we’re able to articulate why
of the time we’re able to articulate why
of the time we’re able to articulate why they were the right people to execute
they were the right people to execute
they were the right people to execute the business plan what credentials what
the business plan what credentials what
the business plan what credentials what confidence what experience
confidence what experience
confidence what experience why were they able to take an idea and
why were they able to take an idea and
why were they able to take an idea and turn it into a business very important
turn it into a business very important
turn it into a business very important present in 100 percent of the deals that
present in 100 percent of the deals that
present in 100 percent of the deals that got financed now this is far more
got financed now this is far more
got financed now this is far more sinister this last point because in
sinister this last point because in
sinister this last point because in front of me multiple times I have seen
front of me multiple times I have seen
front of me multiple times I have seen deals that are now like an isotope
deals that are now like an isotope
deals that are now like an isotope sizzling the first two are present
sizzling the first two are present
sizzling the first two are present Sharks are fighting everybody wants in
Sharks are fighting everybody wants in
Sharks are fighting everybody wants in and then this happens in 100 percent of
and then this happens in 100 percent of
and then this happens in 100 percent of the time the people got financed they
the time the people got financed they
the time the people got financed they were able to answer every single
were able to answer every single
were able to answer every single question about their business model and
question about their business model and
question about their business model and their numbers with perfection
their numbers with perfection
their numbers with perfection when you are sitting listening to an
when you are sitting listening to an
when you are sitting listening to an entrepreneur and you start to ask them
entrepreneur and you start to ask them
entrepreneur and you start to ask them how much market share do you need to
how much market share do you need to
how much market share do you need to break even
break even
break even what’s your margins how large is the
what’s your margins how large is the
what’s your margins how large is the market how fast this is growing who’s
market how fast this is growing who’s
market how fast this is growing who’s your number one competition how much
your number one competition how much
your number one competition how much free cash flow you think you’ll make
free cash flow you think you’ll make
free cash flow you think you’ll make them in the first three years if you
them in the first three years if you
them in the first three years if you can’t answer those questions or you make
can’t answer those questions or you make
can’t answer those questions or you make a mistake or you seem lost you’re
a mistake or you seem lost you’re
a mistake or you seem lost you’re screwed this is really important
screwed this is really important
screwed this is really important as last ones a killer and I want you to
as last ones a killer and I want you to
as last ones a killer and I want you to remember that because I tell
remember that because I tell
remember that because I tell entrepreneurs today if you’re not good
entrepreneurs today if you’re not good
entrepreneurs today if you’re not good with numbers bring someone who is it’s
with numbers bring someone who is it’s
with numbers bring someone who is it’s incredibly important I want to talk
incredibly important I want to talk
incredibly important I want to talk about the economic environment we’re in
about the economic environment we’re in
about the economic environment we’re in for a moment because you’re going to be
for a moment because you’re going to be
for a moment because you’re going to be going into the workforce I run about a
going into the workforce I run about a
going into the workforce I run about a billion dollars in one of my companies
billion dollars in one of my companies
billion dollars in one of my companies in a mutual fund company so I have lots
in a mutual fund company so I have lots
in a mutual fund company so I have lots of data with me and I don’t want to make
of data with me and I don’t want to make
of data with me and I don’t want to make it complicated or long but I want to
it complicated or long but I want to
it complicated or long but I want to talk to you about the environment you’re
talk to you about the environment you’re
talk to you about the environment you’re going into and what’s changed over the
going into and what’s changed over the
going into and what’s changed over the last ten years first of all we’re very
last ten years first of all we’re very
last ten years first of all we’re very lucky in North America even if you can’t
lucky in North America even if you can’t
lucky in North America even if you can’t read this Charlie explain what it says
read this Charlie explain what it says
read this Charlie explain what it says our company’s the sp500 have record
our company’s the sp500 have record
our company’s the sp500 have record earnings as of yesterday record cashflow
earnings as of yesterday record cashflow
earnings as of yesterday record cashflow record profits record stock buybacks
record profits record stock buybacks
record profits record stock buybacks record free cash to distribute and
record free cash to distribute and
record free cash to distribute and dividend increases never in our lives as
dividend increases never in our lives as
dividend increases never in our lives as the sp500 made more money that it’s
the sp500 made more money that it’s
the sp500 made more money that it’s making right now ever so that’s the good
making right now ever so that’s the good
making right now ever so that’s the good news you’re going into a really
news you’re going into a really
news you’re going into a really interesting economy even though we have
interesting economy even though we have
interesting economy even though we have lots of bad things to worry about
lots of bad things to worry about
lots of bad things to worry about pandemics Isis Russia our our companies
pandemics Isis Russia our our companies
pandemics Isis Russia our our companies have never made more money than they’re
have never made more money than they’re
have never made more money than they’re making right now that’s good a lot of
making right now that’s good a lot of
making right now that’s good a lot of people say to me gee that bull market is
people say to me gee that bull market is
people say to me gee that bull market is long in the tooth it’s going to correct
long in the tooth it’s going to correct
long in the tooth it’s going to correct it’s going to come crashing down just
it’s going to come crashing down just
it’s going to come crashing down just when you’re graduating take the emotion
when you’re graduating take the emotion
when you’re graduating take the emotion of it let’s go look at the data I love
of it let’s go look at the data I love
of it let’s go look at the data I love to look at data this is a chart of how
to look at data this is a chart of how
to look at data this is a chart of how many days between 15% Corrections in the
many days between 15% Corrections in the
many days between 15% Corrections in the stock market a 15% correction is painful
stock market a 15% correction is painful
stock market a 15% correction is painful we are 714 days since the last 15
we are 714 days since the last 15
we are 714 days since the last 15 percent correction there are many
percent correction there are many
percent correction there are many periods in history where thousands of
periods in history where thousands of
periods in history where thousands of days have gone by before the market
days have gone by before the market
days have gone by before the market corrects I think we’re in the third
corrects I think we’re in the third
corrects I think we’re in the third inning of our roaring bull market that’s
inning of our roaring bull market that’s
inning of our roaring bull market that’s how I’m investing not only in small
how I’m investing not only in small
how I’m investing not only in small companies been in large ones I like to
companies been in large ones I like to
companies been in large ones I like to take the emotion out of date
take the emotion out of date
take the emotion out of date the challenge everybody has in America
the challenge everybody has in America
the challenge everybody has in America today particularly those that are
today particularly those that are
today particularly those that are retiring is this record low interest
retiring is this record low interest
retiring is this record low interest rates
rates
rates most of us women retired would buy muni
most of us women retired would buy muni
most of us women retired would buy muni bonds our ten-year government bond and
bonds our ten-year government bond and
bonds our ten-year government bond and make five to six percent for one hundred
make five to six percent for one hundred
make five to six percent for one hundred years we could do that and in the last
years we could do that and in the last
years we could do that and in the last few the rates have dropped to below
few the rates have dropped to below
few the rates have dropped to below three but I want to show you something I
three but I want to show you something I
three but I want to show you something I spend a lot of my time studying what
spend a lot of my time studying what
spend a lot of my time studying what economists are thinking is going to
economists are thinking is going to
economists are thinking is going to happen in the next 24 months and what I
happen in the next 24 months and what I
happen in the next 24 months and what I see coming our rate hikes about the 30
see coming our rate hikes about the 30
see coming our rate hikes about the 30 basis points one third of a percent in
basis points one third of a percent in
basis points one third of a percent in the next 24 months that’s the general
the next 24 months that’s the general
the next 24 months that’s the general consensus globally and what’s going to
consensus globally and what’s going to
consensus globally and what’s going to happen so should we worry about that if
happen so should we worry about that if
happen so should we worry about that if rates go up will the market crash let’s
rates go up will the market crash let’s
rates go up will the market crash let’s look at that what happened way back in
look at that what happened way back in
look at that what happened way back in 1999 when rate swap or more recently in
1999 when rate swap or more recently in
1999 when rate swap or more recently in 2004 basically nothing rate hikes mean
2004 basically nothing rate hikes mean
2004 basically nothing rate hikes mean enhanced economic activity market goes
enhanced economic activity market goes
enhanced economic activity market goes down 67 percent and within ten months
down 67 percent and within ten months
down 67 percent and within ten months comes roaring back also good news for
comes roaring back also good news for
comes roaring back also good news for all of you because you want to be
all of you because you want to be
all of you because you want to be graduating into a growing economy there
graduating into a growing economy there
graduating into a growing economy there are some changes obviously to this
are some changes obviously to this
are some changes obviously to this economy and I’ll tell you what they are
economy and I’ll tell you what they are
economy and I’ll tell you what they are the demand and I’ll explain what this
the demand and I’ll explain what this
the demand and I’ll explain what this chart says institutional investors today
chart says institutional investors today
chart says institutional investors today have changed their minds about a lot of
have changed their minds about a lot of
have changed their minds about a lot of things and one of them is the concept of
things and one of them is the concept of
things and one of them is the concept of dividends because of all the volatility
dividends because of all the volatility
dividends because of all the volatility from 2007 2008 2009
from 2007 2008 2009
from 2007 2008 2009 what’s actually happened in the market
what’s actually happened in the market
what’s actually happened in the market is you can buy two kinds of companies
is you can buy two kinds of companies
is you can buy two kinds of companies once that do pay dividends and ones that
once that do pay dividends and ones that
once that do pay dividends and ones that don’t so I’ve taken the data and said if
don’t so I’ve taken the data and said if
don’t so I’ve taken the data and said if you invested in the S&P 500 and bought
you invested in the S&P 500 and bought
you invested in the S&P 500 and bought all the companies half of which my
all the companies half of which my
all the companies half of which my dividends have don’t you made about 10
dividends have don’t you made about 10
dividends have don’t you made about 10 percent if you only bought the companies
percent if you only bought the companies
percent if you only bought the companies that were growing dividends you made the
that were growing dividends you made the
that were growing dividends you made the same 10 percent but here’s the
same 10 percent but here’s the
same 10 percent but here’s the difference you had 40 percent less
difference you had 40 percent less
difference you had 40 percent less volatility in the price of those
volatility in the price of those
volatility in the price of those companies stocks so now all of a sudden
companies stocks so now all of a sudden
companies stocks so now all of a sudden institutional investors have put a huge
institutional investors have put a huge
institutional investors have put a huge premium on dividend paying stocks
premium on dividend paying stocks
premium on dividend paying stocks because they don’t want stocks to go up
because they don’t want stocks to go up
because they don’t want stocks to go up and down in our volatile which is why
and down in our volatile which is why
and down in our volatile which is why Apple Computer after Steve’s job died
Apple Computer after Steve’s job died
Apple Computer after Steve’s job died declared a dividend they couldn’t
declared a dividend they couldn’t
declared a dividend they couldn’t attract institutional investors because
attract institutional investors because
attract institutional investors because everybody wants to reduce the volatility
everybody wants to reduce the volatility
everybody wants to reduce the volatility and that matters to you as well because
and that matters to you as well because
and that matters to you as well because you’re going to be asked to make more
you’re going to be asked to make more
you’re going to be asked to make more money than ever before when you get a
money than ever before when you get a
money than ever before when you get a job your managers whether you start a
job your managers whether you start a
job your managers whether you start a company or whether you work within one
company or whether you work within one
company or whether you work within one the pressure for you globally to provide
the pressure for you globally to provide
the pressure for you globally to provide returns that are based on cash flow are
returns that are based on cash flow are
returns that are based on cash flow are going to be unprecedented because people
going to be unprecedented because people
going to be unprecedented because people want safety now that’s what they care
want safety now that’s what they care
want safety now that’s what they care about let’s talk about what it takes to
about let’s talk about what it takes to
about let’s talk about what it takes to be a great entrepreneur
be a great entrepreneur
be a great entrepreneur I want to talk about balance in life
I want to talk about balance in life
I want to talk about balance in life first this is not good news for some of
first this is not good news for some of
first this is not good news for some of you if you’re going to take the path of
you if you’re going to take the path of
you if you’re going to take the path of entrepreneurship there will be no
entrepreneurship there will be no
entrepreneurship there will be no balance in your life not during the
balance in your life not during the
balance in your life not during the period you’re growing your business ever
period you’re growing your business ever
period you’re growing your business ever and I’ll tell you why you have to fall
and I’ll tell you why you have to fall
and I’ll tell you why you have to fall in love with your business it’s going to
in love with your business it’s going to
in love with your business it’s going to consume you it will eat your hours alive
consume you it will eat your hours alive
consume you it will eat your hours alive and if you don’t have the passion to do
and if you don’t have the passion to do
and if you don’t have the passion to do that your competitor will and they will
that your competitor will and they will
that your competitor will and they will kick your ass because they’re so in love
kick your ass because they’re so in love
kick your ass because they’re so in love with what they do I’m going to tell you
with what they do I’m going to tell you
with what they do I’m going to tell you a little story it’s difficult to hear
a little story it’s difficult to hear
a little story it’s difficult to hear but it’s the truth I was teaching a
but it’s the truth I was teaching a
but it’s the truth I was teaching a class very much like this and an evening
class very much like this and an evening
class very much like this and an evening in a college recently when a young man
in a college recently when a young man
in a college recently when a young man up at the top at the end of the class at
up at the top at the end of the class at
up at the top at the end of the class at 9 o’clock at night put up his hand and
9 o’clock at night put up his hand and
9 o’clock at night put up his hand and said can I ask a question mr. O’Leary
said can I ask a question mr. O’Leary
said can I ask a question mr. O’Leary I’m struggling with a problem a personal
I’m struggling with a problem a personal
I’m struggling with a problem a personal problem and I said well I’m not dr. Phil
problem and I said well I’m not dr. Phil
problem and I said well I’m not dr. Phil but let’s hear it he told me that his
but let’s hear it he told me that his
but let’s hear it he told me that his fiancee in the morning was a Friday had
fiancee in the morning was a Friday had
fiancee in the morning was a Friday had told him that if he/she couldn’t spend
told him that if he/she couldn’t spend
told him that if he/she couldn’t spend or he couldn’t spend more time with her
or he couldn’t spend more time with her
or he couldn’t spend more time with her family she was going to leave him I said
family she was going to leave him I said
family she was going to leave him I said what consumes your time he said well I’m
what consumes your time he said well I’m
what consumes your time he said well I’m still in love my last year here but I’ve
still in love my last year here but I’ve
still in love my last year here but I’ve started a software company that provides
started a software company that provides
started a software company that provides compliance software to hedge funds in
compliance software to hedge funds in
compliance software to hedge funds in the Boston region there’s tons of hedge
the Boston region there’s tons of hedge
the Boston region there’s tons of hedge fund companies my subscription run rate
fund companies my subscription run rate
fund companies my subscription run rate is 5 million dollars a year and I’m
is 5 million dollars a year and I’m
is 5 million dollars a year and I’m running out of my dorm I said Wow
running out of my dorm I said Wow
running out of my dorm I said Wow are you kidding what’s the problem he
are you kidding what’s the problem he
are you kidding what’s the problem he said well I have to work all day all
said well I have to work all day all
said well I have to work all day all night I got to go to school and I got to
night I got to go to school and I got to
night I got to go to school and I got to work on my coding I’ve got 16 people
work on my coding I’ve got 16 people
work on my coding I’ve got 16 people working with me globally coding with me
working with me globally coding with me
working with me globally coding with me I’m busy and then building this thing
I’m busy and then building this thing
I’m busy and then building this thing and it’s working we’re providing
and it’s working we’re providing
and it’s working we’re providing compliance reporting the SEC and we’re
compliance reporting the SEC and we’re
compliance reporting the SEC and we’re making five million dollars a year but
making five million dollars a year but
making five million dollars a year but my fiance is gonna leave me and I said
my fiance is gonna leave me and I said
my fiance is gonna leave me and I said we’ll wait let’s be pragmatic which one
we’ll wait let’s be pragmatic which one
we’ll wait let’s be pragmatic which one is easier to a place
my point here is that if you choose to
my point here is that if you choose to become an entrepreneur you have to have
become an entrepreneur you have to have
become an entrepreneur you have to have a partner that understands the journey
a partner that understands the journey
a partner that understands the journey and the reason you’re doing it you’re
and the reason you’re doing it you’re
and the reason you’re doing it you’re doing it to set yourself free one day
doing it to set yourself free one day
doing it to set yourself free one day that’s why you do it and if you’re ready
that’s why you do it and if you’re ready
that’s why you do it and if you’re ready to make that sacrifice you may be on
to make that sacrifice you may be on
to make that sacrifice you may be on your way I don’t know what happened to
your way I don’t know what happened to
your way I don’t know what happened to that couple but I’m guessing it didn’t
that couple but I’m guessing it didn’t
that couple but I’m guessing it didn’t work out and I’m sure he’s still making
work out and I’m sure he’s still making
work out and I’m sure he’s still making money great entrepreneurs have a
money great entrepreneurs have a
money great entrepreneurs have a tremendous amount of knowledge of what
tremendous amount of knowledge of what
tremendous amount of knowledge of what they’re selling they know a lot about
they’re selling they know a lot about
they’re selling they know a lot about everything but they better know a lot
everything but they better know a lot
everything but they better know a lot about what they’re selling you never
about what they’re selling you never
about what they’re selling you never want to be caught explaining yourself
want to be caught explaining yourself
want to be caught explaining yourself and not knowing your product that’s
and not knowing your product that’s
and not knowing your product that’s because you’re so passionate you’re
because you’re so passionate you’re
because you’re so passionate you’re spending all your time doing it that’s
spending all your time doing it that’s
spending all your time doing it that’s exactly what matters
[Music]
[Music] they put shareholders first the minute
they put shareholders first the minute
they put shareholders first the minute you take someone else’s money you are
you take someone else’s money you are
you take someone else’s money you are definitely number two for the rest of
definitely number two for the rest of
definitely number two for the rest of your life the reason you can raise
your life the reason you can raise
your life the reason you can raise capital is your shareholders understand
capital is your shareholders understand
capital is your shareholders understand that this is incredibly important in
that this is incredibly important in
that this is incredibly important in your life if you’re going to be an
your life if you’re going to be an
your life if you’re going to be an entrepreneurial taking other people’s
entrepreneurial taking other people’s
entrepreneurial taking other people’s money and that goes way ahead of you the
money and that goes way ahead of you the
money and that goes way ahead of you the great thing about entrepreneurship is if
great thing about entrepreneurship is if
great thing about entrepreneurship is if you’re passionate and you’re successful
you’re passionate and you’re successful
you’re passionate and you’re successful you’ll wake up you’ll wake up one day
you’ll wake up you’ll wake up one day
you’ll wake up you’ll wake up one day rich you won’t really be going for the
rich you won’t really be going for the
rich you won’t really be going for the cash it’ll just happen to you everybody
cash it’ll just happen to you everybody
cash it’ll just happen to you everybody I talked to this has success doesn’t
I talked to this has success doesn’t
I talked to this has success doesn’t remember the day they became a
remember the day they became a
remember the day they became a millionaire no idea not important to
millionaire no idea not important to
millionaire no idea not important to them they remember winning they remember
them they remember winning they remember
them they remember winning they remember building a business of being successful
building a business of being successful
building a business of being successful again the pursuit of freedom manifests
again the pursuit of freedom manifests
again the pursuit of freedom manifests itself in passion that’s really what
itself in passion that’s really what
itself in passion that’s really what it’s about you have to love what you
it’s about you have to love what you
it’s about you have to love what you sell if you don’t don’t bother
sell if you don’t don’t bother
sell if you don’t don’t bother you have to love it more than
you have to love it more than
you have to love it more than then-fiance you just gave up I know
then-fiance you just gave up I know
then-fiance you just gave up I know that’s cruel but it’s true it’s the idea
that’s cruel but it’s true it’s the idea
that’s cruel but it’s true it’s the idea that you spend so much time at the
that you spend so much time at the
that you spend so much time at the beginning of the journey to get the
beginning of the journey to get the
beginning of the journey to get the freedom you want at the end I’ve also
freedom you want at the end I’ve also
freedom you want at the end I’ve also noticed great entrepreneurs have used
noticed great entrepreneurs have used
noticed great entrepreneurs have used all the technology that’s available
all the technology that’s available
all the technology that’s available today to make themselves more and more
today to make themselves more and more
today to make themselves more and more efficient if you’re working on your own
efficient if you’re working on your own
efficient if you’re working on your own business you work about 14 to 15 to 16
business you work about 14 to 15 to 16
business you work about 14 to 15 to 16 hours a day it’ll just happen that way
hours a day it’ll just happen that way
hours a day it’ll just happen that way and there’s so much great technology to
and there’s so much great technology to
and there’s so much great technology to enhance what you do and it’s inexpensive
enhance what you do and it’s inexpensive
enhance what you do and it’s inexpensive which is why our productivity keeps
which is why our productivity keeps
which is why our productivity keeps going up in America that’s really what’s
going up in America that’s really what’s
going up in America that’s really what’s going on here is people are using this
going on here is people are using this
going on here is people are using this stuff the barrier to entry to start a
stuff the barrier to entry to start a
stuff the barrier to entry to start a new business is practically zero you can
new business is practically zero you can
new business is practically zero you can do it online doesn’t mean it’s any
do it online doesn’t mean it’s any
do it online doesn’t mean it’s any easier than was 10 years ago but it’s
easier than was 10 years ago but it’s
easier than was 10 years ago but it’s pretty interesting that you could do it
pretty interesting that you could do it
pretty interesting that you could do it for practically nothing I want to talk
for practically nothing I want to talk
for practically nothing I want to talk to you about something else here that’s
to you about something else here that’s
to you about something else here that’s unique to your generation
unique to your generation
unique to your generation you’re not just keep competing with
you’re not just keep competing with
you’re not just keep competing with America anymore you’re competing with
America anymore you’re competing with
America anymore you’re competing with everybody all around the world somebody
everybody all around the world somebody
everybody all around the world somebody in China right now wants to kick your
in China right now wants to kick your
in China right now wants to kick your ass
250,000 engineers a year graduating
250,000 engineers a year graduating there they’re not copying us anymore
there they’re not copying us anymore
there they’re not copying us anymore they’re creating brand new technologies
they’re creating brand new technologies
they’re creating brand new technologies even if you have a product or service
even if you have a product or service
even if you have a product or service you’re selling right here in this town
you’re selling right here in this town
you’re selling right here in this town somebody somewhere else wants your
somebody somewhere else wants your
somebody somewhere else wants your market share
market share
market share you can’t think domestically none of you
you can’t think domestically none of you
you can’t think domestically none of you you have to think globally let me show
you have to think globally let me show
you have to think globally let me show you a picture and it’s a snapshot of
you a picture and it’s a snapshot of
you a picture and it’s a snapshot of market capitalization for the first time
market capitalization for the first time
market capitalization for the first time in your life and mine there are more
in your life and mine there are more
in your life and mine there are more billion dollar market cap companies
billion dollar market cap companies
billion dollar market cap companies outside of America than in it while
outside of America than in it while
outside of America than in it while we’ve been growing at 2 to 3 percent the
we’ve been growing at 2 to 3 percent the
we’ve been growing at 2 to 3 percent the rest of the world’s been growing four to
rest of the world’s been growing four to
rest of the world’s been growing four to seven percent so in every industry that
seven percent so in every industry that
seven percent so in every industry that we compete in there is a giant
we compete in there is a giant
we compete in there is a giant competitor in everything it’s a vicious
competitor in everything it’s a vicious
competitor in everything it’s a vicious game out there now you don’t even know
game out there now you don’t even know
game out there now you don’t even know the name of some of these companies and
the name of some of these companies and
the name of some of these companies and they’re bigger of many domestic
they’re bigger of many domestic
they’re bigger of many domestic offerings here the first time ever so
offerings here the first time ever so
offerings here the first time ever so when you graduate think global because
when you graduate think global because
when you graduate think global because your competitor certainly is and they
your competitor certainly is and they
your competitor certainly is and they want your market share look at this
want your market share look at this
want your market share look at this image of Shanghai is a dump 11 years ago
image of Shanghai is a dump 11 years ago
image of Shanghai is a dump 11 years ago probably had no fish alive in that river
probably had no fish alive in that river
probably had no fish alive in that river look at it today you have any idea how
look at it today you have any idea how
look at it today you have any idea how much capital it takes to do that
much capital it takes to do that
much capital it takes to do that billions of dollars I looked at this
billions of dollars I looked at this
billions of dollars I looked at this image and said to myself I bet you I
image and said to myself I bet you I
image and said to myself I bet you I could call the CEO of Otis Elevator and
could call the CEO of Otis Elevator and
could call the CEO of Otis Elevator and ask him a very simple question largest
ask him a very simple question largest
ask him a very simple question largest provider of elevators and escalators in
provider of elevators and escalators in
provider of elevators and escalators in the world there must be a lot of
the world there must be a lot of
the world there must be a lot of elevators there one of the great things
elevators there one of the great things
elevators there one of the great things about being a sharkus everybody returns
about being a sharkus everybody returns
about being a sharkus everybody returns your call
your call
your call so I asked them how many elevators are
so I asked them how many elevators are
so I asked them how many elevators are selling in America this year he told me
selling in America this year he told me
selling in America this year he told me around the world there’s five hundred
around the world there’s five hundred
around the world there’s five hundred and forty thousand elevators installed
and forty thousand elevators installed
and forty thousand elevators installed annually this year in America 12800 will
annually this year in America 12800 will
annually this year in America 12800 will be installed in China and four hundred
be installed in China and four hundred
be installed in China and four hundred twenty thousand Wow
twenty thousand Wow
twenty thousand Wow that’s competition and I want you all to
that’s competition and I want you all to
that’s competition and I want you all to be very cognizant of it I want to close
be very cognizant of it I want to close
be very cognizant of it I want to close with a few thoughts that may be
with a few thoughts that may be
with a few thoughts that may be controversial for you but I have
controversial for you but I have
controversial for you but I have observed over a long career as an
observed over a long career as an
observed over a long career as an investor successful investments and
investor successful investments and
investor successful investments and failures both of them so I believe these
failures both of them so I believe these
failures both of them so I believe these you may not I hope what they’ll leave
you may not I hope what they’ll leave
you may not I hope what they’ll leave you with is to think about them they
you with is to think about them they
you with is to think about them they stimulate thoughts for you
stimulate thoughts for you
stimulate thoughts for you that’s what I’m here to do today all
that’s what I’m here to do today all
that’s what I’m here to do today all right let’s start with some of the basic
right let’s start with some of the basic
right let’s start with some of the basic premises of what makes a great
premises of what makes a great
premises of what makes a great entrepreneur and a great manager
entrepreneur and a great manager
entrepreneur and a great manager first of all employees are the core of a
first of all employees are the core of a
first of all employees are the core of a company whether there’s 2 or 200,000 and
company whether there’s 2 or 200,000 and
company whether there’s 2 or 200,000 and they are linked together by something
they are linked together by something
they are linked together by something called the culture which you if you’re
called the culture which you if you’re
called the culture which you if you’re the CEO create guide nurture and move
the CEO create guide nurture and move
the CEO create guide nurture and move forward that’s the good news if
forward that’s the good news if
forward that’s the good news if everybody is on board linked in the
everybody is on board linked in the
everybody is on board linked in the culture you get tremendous productivity
culture you get tremendous productivity
culture you get tremendous productivity beyond their salaries but here’s the
beyond their salaries but here’s the
beyond their salaries but here’s the downside when you recognize somebody is
downside when you recognize somebody is
downside when you recognize somebody is going off course and no longer believes
going off course and no longer believes
going off course and no longer believes in the mission and are not on site
in the mission and are not on site
in the mission and are not on site anymore with your vision of the future
you have to fire them you have to take
you have to fire them you have to take them behind the barn and shoot them you
them behind the barn and shoot them you
them behind the barn and shoot them you know why because they do tremendous
know why because they do tremendous
know why because they do tremendous damage inside the organism and it’s very
damage inside the organism and it’s very
damage inside the organism and it’s very hard to do that but make no mistake
hard to do that but make no mistake
hard to do that but make no mistake about it even if it’s your mother she’s
about it even if it’s your mother she’s
about it even if it’s your mother she’s gone the business has to survive that’s
gone the business has to survive that’s
gone the business has to survive that’s what matters
what matters
what matters this sounds cruel and heartless it’s
this sounds cruel and heartless it’s
this sounds cruel and heartless it’s true and the way you’re gonna find out
true and the way you’re gonna find out
true and the way you’re gonna find out is you’re going to be weak and you’re
is you’re going to be weak and you’re
is you’re going to be weak and you’re not gonna do it
not gonna do it
not gonna do it it’s gonna cause me major having for you
it’s gonna cause me major having for you
it’s gonna cause me major having for you and you can remember my speech today and
and you can remember my speech today and
and you can remember my speech today and you’re gonna thank me when you have to
you’re gonna thank me when you have to
you’re gonna thank me when you have to make that tough decision unfortunately
make that tough decision unfortunately
make that tough decision unfortunately in my life I fired thousands of people
in my life I fired thousands of people
in my life I fired thousands of people it’s hard every time and I do it myself
it’s hard every time and I do it myself
it’s hard every time and I do it myself and I explain to them why I give them
and I explain to them why I give them
and I explain to them why I give them the best package I can and I move on
the best package I can and I move on
the best package I can and I move on because I have to make money for my
because I have to make money for my
because I have to make money for my shareholders that’s what’s important
shareholders that’s what’s important
shareholders that’s what’s important this seems so obvious and people don’t
this seems so obvious and people don’t
this seems so obvious and people don’t get it the customer always comes first
get it the customer always comes first
get it the customer always comes first above everything and I’ll tell you why
above everything and I’ll tell you why
above everything and I’ll tell you why I’m saying this to you because there’s a
I’m saying this to you because there’s a
I’m saying this to you because there’s a really interesting change going on in
really interesting change going on in
really interesting change going on in the way people invest today it turns out
the way people invest today it turns out
the way people invest today it turns out I’m going to give you some good examples
I’m going to give you some good examples
I’m going to give you some good examples that service Trump’s price I’m good
that service Trump’s price I’m good
that service Trump’s price I’m good example everyone in this role
example everyone in this role
example everyone in this role understands if you can create great
understands if you can create great
understands if you can create great customer service in your product or your
customer service in your product or your
customer service in your product or your service or whatever you’re selling
service or whatever you’re selling
service or whatever you’re selling somebody and that everything they need
somebody and that everything they need
somebody and that everything they need from your organization is provided and
from your organization is provided and
from your organization is provided and you’re top of the pack in customer
you’re top of the pack in customer
you’re top of the pack in customer service you can charge an outrageous
service you can charge an outrageous
service you can charge an outrageous price over your competitors what’s a
price over your competitors what’s a
price over your competitors what’s a great example of that Apple Computer you
great example of that Apple Computer you
great example of that Apple Computer you pay 35% more for a Mac laptop than a
pay 35% more for a Mac laptop than a
pay 35% more for a Mac laptop than a Windows one why it does exactly the same
Windows one why it does exactly the same
Windows one why it does exactly the same thing you love the brand you love the
thing you love the brand you love the
thing you love the brand you love the customer service you like the way the
customer service you like the way the
customer service you like the way the store looks you’re comfortable knowing
store looks you’re comfortable knowing
store looks you’re comfortable knowing they’re backing
they’re backing
they’re backing back every time you need them there’s a
back every time you need them there’s a
back every time you need them there’s a theory today in venture capital and in
theory today in venture capital and in
theory today in venture capital and in private equity you buy businesses with
private equity you buy businesses with
private equity you buy businesses with really weak customer service do nothing
really weak customer service do nothing
really weak customer service do nothing except fix that and raise prices 15% get
except fix that and raise prices 15% get
except fix that and raise prices 15% get a 33 percent IRR it turns out around the
a 33 percent IRR it turns out around the
a 33 percent IRR it turns out around the world customers want the path of least
world customers want the path of least
world customers want the path of least resistance it’s a little bit of secret
resistance it’s a little bit of secret
resistance it’s a little bit of secret sauce I want you to know if you create
sauce I want you to know if you create
sauce I want you to know if you create an organization spend third of your time
an organization spend third of your time
an organization spend third of your time worrying about your customer service
worrying about your customer service
worrying about your customer service listen to what they say if they’re not
listen to what they say if they’re not
listen to what they say if they’re not happy you’re going to be unsuccessful
happy you’re going to be unsuccessful
happy you’re going to be unsuccessful there is no question about that
there is no question about that
there is no question about that now something a little controversial
now something a little controversial
now something a little controversial most recently I spoke at another
most recently I spoke at another
most recently I spoke at another Business School we had quite a debate
Business School we had quite a debate
Business School we had quite a debate about this when I want to buy a company
about this when I want to buy a company
about this when I want to buy a company and take a control position in at 51% I
and take a control position in at 51% I
and take a control position in at 51% I don’t ask to me with the CEO I want to
don’t ask to me with the CEO I want to
don’t ask to me with the CEO I want to meet with the man or woman that is
meet with the man or woman that is
meet with the man or woman that is running sales and I want to drink some
running sales and I want to drink some
running sales and I want to drink some good Burgundy with them take them out
good Burgundy with them take them out
good Burgundy with them take them out for dinner get to know them a little bit
for dinner get to know them a little bit
for dinner get to know them a little bit and ask them all about their challenges
and ask them all about their challenges
and ask them all about their challenges in any organization in America the
in any organization in America the
in any organization in America the person that knows most about the
person that knows most about the
person that knows most about the business about the challenges about the
business about the challenges about the
business about the challenges about the competitors about the product about the
competitors about the product about the
competitors about the product about the market is the head of sales they know
market is the head of sales they know
market is the head of sales they know everything
everything
everything and what I’d like to do is spend a
and what I’d like to do is spend a
and what I’d like to do is spend a couple of days with them and then I go
couple of days with them and then I go
couple of days with them and then I go meet the CEO and if they know less than
meet the CEO and if they know less than
meet the CEO and if they know less than I do the first person I fire when I own
I do the first person I fire when I own
I do the first person I fire when I own the company is the CEO who don’t want to
the company is the CEO who don’t want to
the company is the CEO who don’t want to pay the most Head of Sales I believe in
pay the most Head of Sales I believe in
pay the most Head of Sales I believe in an organization the number one person in
an organization the number one person in
an organization the number one person in terms of compensation should be the head
terms of compensation should be the head
terms of compensation should be the head of sales should make the most money
of sales should make the most money
of sales should make the most money always who has the hardest job the head
always who has the hardest job the head
always who has the hardest job the head of sales who knows the most the head of
of sales who knows the most the head of
of sales who knows the most the head of sales who determines the destiny of the
sales who determines the destiny of the
sales who determines the destiny of the company the head of sales that’s how I
company the head of sales that’s how I
company the head of sales that’s how I run my organizations I take the caps off
run my organizations I take the caps off
run my organizations I take the caps off and I let who’s ever running sales have
and I let who’s ever running sales have
and I let who’s ever running sales have unlimited upside I want them to be
unlimited upside I want them to be
unlimited upside I want them to be stinking rich why because that’s the
stinking rich why because that’s the
stinking rich why because that’s the fuel that makes any business successful
fuel that makes any business successful
fuel that makes any business successful and it’s also the hardest job I’ve also
and it’s also the hardest job I’ve also
and it’s also the hardest job I’ve also learned over a long career that
learned over a long career that
learned over a long career that everybody is replaceable I love it
everybody is replaceable I love it
everybody is replaceable I love it when somebody says to me oh we can’t get
when somebody says to me oh we can’t get
when somebody says to me oh we can’t get rid of that person they’re irreplaceable
rid of that person they’re irreplaceable
rid of that person they’re irreplaceable I fire them right there
everybody has to understand that
everybody has to understand that whatever you do somebody can do it
whatever you do somebody can do it
whatever you do somebody can do it better you have to bring your a-game in
better you have to bring your a-game in
better you have to bring your a-game in every single day there’s nothing unique
every single day there’s nothing unique
every single day there’s nothing unique about any one individual what’s unique
about any one individual what’s unique
about any one individual what’s unique is their passion their ability to
is their passion their ability to
is their passion their ability to execute to meet targets and exceed them
execute to meet targets and exceed them
execute to meet targets and exceed them the minute you lose that ability in
the minute you lose that ability in
the minute you lose that ability in capitalism you’re gone it’s a fair trade
capitalism you’re gone it’s a fair trade
capitalism you’re gone it’s a fair trade the engine that makes you rich can take
the engine that makes you rich can take
the engine that makes you rich can take it all away from you there are no
it all away from you there are no
it all away from you there are no guarantees I think that’s incredibly
guarantees I think that’s incredibly
guarantees I think that’s incredibly important now the one that always gets
important now the one that always gets
important now the one that always gets me in trouble
in today’s world and perhaps even here
in today’s world and perhaps even here your professors are telling you that
your professors are telling you that
your professors are telling you that your responsibilities go beyond just
your responsibilities go beyond just
your responsibilities go beyond just making money for your shareholders that
making money for your shareholders that
making money for your shareholders that you have a responsibility to society
you have a responsibility to society
you have a responsibility to society that you’re not just leading a business
that you’re not just leading a business
that you’re not just leading a business that you’re an organism that should
that you’re an organism that should
that you’re an organism that should solve many problems beyond just profit
solve many problems beyond just profit
solve many problems beyond just profit I think that’s crap
I think that’s crap
I think that’s crap I think the DNA of a business is to make
I think the DNA of a business is to make
I think the DNA of a business is to make money for its shareholders it is the job
money for its shareholders it is the job
money for its shareholders it is the job of the shareholders to take their
of the shareholders to take their
of the shareholders to take their profits and redistribute to any cause
profits and redistribute to any cause
profits and redistribute to any cause they wish after they receive their
they wish after they receive their
they wish after they receive their dividends or their profits your job is
dividends or their profits your job is
dividends or their profits your job is to go out into the world and understand
to go out into the world and understand
to go out into the world and understand who you serve it is not your
who you serve it is not your
who you serve it is not your responsibility to solve all the
responsibility to solve all the
responsibility to solve all the society’s problems and pay taxes to a
society’s problems and pay taxes to a
society’s problems and pay taxes to a government to do that your job is to go
government to do that your job is to go
government to do that your job is to go to war every day and win to win market
to war every day and win to win market
to war every day and win to win market share to solve the earth your
share to solve the earth your
share to solve the earth your competitors walk on to steal their
competitors walk on to steal their
competitors walk on to steal their customers and to take their profits and
customers and to take their profits and
customers and to take their profits and win that’s your job and to make profits
win that’s your job and to make profits
win that’s your job and to make profits for your shareholders so they give you
for your shareholders so they give you
for your shareholders so they give you more capital to create more jobs to be
more capital to create more jobs to be
more capital to create more jobs to be more successful to pay more taxes to
more successful to pay more taxes to
more successful to pay more taxes to provide the standard of living that we
provide the standard of living that we
provide the standard of living that we have in America today your job is not to
have in America today your job is not to
have in America today your job is not to solve everybody’s problem is to solve
solve everybody’s problem is to solve
solve everybody’s problem is to solve your customers problems your
your customers problems your
your customers problems your shareholders problems your employees
shareholders problems your employees
shareholders problems your employees problems I’m very distressed when people
problems I’m very distressed when people
problems I’m very distressed when people tell me a business should give a third
tell me a business should give a third
tell me a business should give a third of its profits to charity that’s so
of its profits to charity that’s so
of its profits to charity that’s so Regus it should give all of it to its
Regus it should give all of it to its
Regus it should give all of it to its shareholders who then give to charity
shareholders who then give to charity
shareholders who then give to charity think of all the great things that are
think of all the great things that are
think of all the great things that are done today by the Bill Gates of the
done today by the Bill Gates of the
done today by the Bill Gates of the world the warren buffett’s of the world
world the warren buffett’s of the world
world the warren buffett’s of the world the only reason they can do that is they
the only reason they can do that is they
the only reason they can do that is they make money for their shareholders don’t
make money for their shareholders don’t
make money for their shareholders don’t get lost in this debate stay focused and
get lost in this debate stay focused and
get lost in this debate stay focused and true to the mission business is war you
true to the mission business is war you
true to the mission business is war you have to win and you take the spoils with
have to win and you take the spoils with
have to win and you take the spoils with your profits and you help your fellow
your profits and you help your fellow
your profits and you help your fellow man but first you make money looking for
man but first you make money looking for
man but first you make money looking for the simplest case on Shark Tank we had a
the simplest case on Shark Tank we had a
the simplest case on Shark Tank we had a soccer company come out and say every
soccer company come out and say every
soccer company come out and say every sock we sell they give a dollar to
sock we sell they give a dollar to
sock we sell they give a dollar to charity to the homeless who eat socks
charity to the homeless who eat socks
charity to the homeless who eat socks you know why they’re gonna fail it turns
you know why they’re gonna fail it turns
you know why they’re gonna fail it turns out that the price of socks are
out that the price of socks are
out that the price of socks are incredibly price sensitive that if
incredibly price sensitive that if
incredibly price sensitive that if you’re a dollar more expensive than
you’re a dollar more expensive than
you’re a dollar more expensive than everybody else on the Shelf you’re going
everybody else on the Shelf you’re going
everybody else on the Shelf you’re going out of business it would’ve been much
out of business it would’ve been much
out of business it would’ve been much better to sell a better sock at a lower
better to sell a better sock at a lower
better to sell a better sock at a lower price make profits and then give it to
price make profits and then give it to
price make profits and then give it to the homeless that’s my point
the homeless that’s my point
the homeless that’s my point now not everybody agrees that’s okay
try it my way first get out there and
try it my way first get out there and with create businesses create jobs great
with create businesses create jobs great
with create businesses create jobs great profits and don’t let somebody take you
profits and don’t let somebody take you
profits and don’t let somebody take you off course
that’s the essence of business we’re
that’s the essence of business we’re going to leave it with a story I have an
going to leave it with a story I have an
going to leave it with a story I have an 18 year old son my dad lives in
18 year old son my dad lives in
18 year old son my dad lives in Switzerland he’s 84 my mother died six
Switzerland he’s 84 my mother died six
Switzerland he’s 84 my mother died six years ago he’s alone so I often will fly
years ago he’s alone so I often will fly
years ago he’s alone so I often will fly over there from Boston or wherever I am
over there from Boston or wherever I am
over there from Boston or wherever I am and to make one a my daughter my son my
and to make one a my daughter my son my
and to make one a my daughter my son my wife whoever wants to come we leave on
wife whoever wants to come we leave on
wife whoever wants to come we leave on Friday night and have dinner with him a
Friday night and have dinner with him a
Friday night and have dinner with him a Saturday get back on the plane on Sunday
Saturday get back on the plane on Sunday
Saturday get back on the plane on Sunday and fly back so my son likes to do that
and fly back so my son likes to do that
and fly back so my son likes to do that recently he got on the flight with me
recently he got on the flight with me
recently he got on the flight with me and as he was getting on the galley it’s
and as he was getting on the galley it’s
and as he was getting on the galley it’s about a six-hour flight to Geneva he
about a six-hour flight to Geneva he
about a six-hour flight to Geneva he said to me the first time ever dad why
said to me the first time ever dad why
said to me the first time ever dad why does it want to get on this plane I have
does it want to get on this plane I have
does it want to get on this plane I have to take a left and sit in the back and
to take a left and sit in the back and
to take a left and sit in the back and you get to sit in the front with the
you get to sit in the front with the
you get to sit in the front with the good food the big screens and all the
good food the big screens and all the
good food the big screens and all the movies I said Trevor you don’t have any
movies I said Trevor you don’t have any
movies I said Trevor you don’t have any money thank you very much your time
money thank you very much your time
money thank you very much your time today
[Applause]
[Applause] I went over about 11 minutes so I’ve got
I went over about 11 minutes so I’ve got
I went over about 11 minutes so I’ve got a couple of minutes for four questions
a couple of minutes for four questions
a couple of minutes for four questions but I want to keep us on schedule
but I want to keep us on schedule
but I want to keep us on schedule because we’re gonna look at three deals
because we’re gonna look at three deals
because we’re gonna look at three deals today I will say one thing about the
today I will say one thing about the
today I will say one thing about the deals I’m gonna look at quickly I
deals I’m gonna look at quickly I
deals I’m gonna look at quickly I intentionally did not look at the
intentionally did not look at the
intentionally did not look at the business plans because I want you to
business plans because I want you to
business plans because I want you to know something about Shark Tank we are
know something about Shark Tank we are
know something about Shark Tank we are not allowed to see the businesses
not allowed to see the businesses
not allowed to see the businesses first-ever we have no knowledge of what
first-ever we have no knowledge of what
first-ever we have no knowledge of what they do and that puts the pressure on
they do and that puts the pressure on
they do and that puts the pressure on the entrepreneur and the ones that are
the entrepreneur and the ones that are
the entrepreneur and the ones that are going to present to me today to be very
going to present to me today to be very
going to present to me today to be very concise on what they’re doing remember
concise on what they’re doing remember
concise on what they’re doing remember we looked at the three things that
we looked at the three things that
we looked at the three things that mattered so if you thought I looked at
mattered so if you thought I looked at
mattered so if you thought I looked at your deals
your deals
your deals I didn’t you better be really good at
I didn’t you better be really good at
I didn’t you better be really good at presenting them that’s what matters and
presenting them that’s what matters and
presenting them that’s what matters and by the way if somebody does contact you
by the way if somebody does contact you
by the way if somebody does contact you on Shark Tank or you don’t admit that
on Shark Tank or you don’t admit that
on Shark Tank or you don’t admit that they did or they don’t they’re kicked
they did or they don’t they’re kicked
they did or they don’t they’re kicked off the show and so are you so anybody
off the show and so are you so anybody
off the show and so are you so anybody comes running up the street says I want
comes running up the street says I want
comes running up the street says I want to talk to about something on a pond a
to talk to about something on a pond a
to talk to about something on a pond a shark tank I immediately say please
shark tank I immediately say please
shark tank I immediately say please don’t say anything to me because I’ll
don’t say anything to me because I’ll
don’t say anything to me because I’ll have to disclose you did and you’ll
have to disclose you did and you’ll
have to disclose you did and you’ll never make it on the show but that’s why
never make it on the show but that’s why
never make it on the show but that’s why it works we do the discovery together
it works we do the discovery together
it works we do the discovery together does anybody have a question yes sir
that’s a great question sir in fact in
that’s a great question sir in fact in this cohort the stats say that about 25
this cohort the stats say that about 25
this cohort the stats say that about 25 percent will start their own business of
percent will start their own business of
percent will start their own business of those 20 percent will be very successful
those 20 percent will be very successful
those 20 percent will be very successful so it’s a hard road but for those of you
so it’s a hard road but for those of you
so it’s a hard road but for those of you that decide to go and work for somebody
that decide to go and work for somebody
that decide to go and work for somebody else understand you get a better balance
else understand you get a better balance
else understand you get a better balance of life but every day you’re in there
of life but every day you’re in there
of life but every day you’re in there you have to help your boss or whoever
you have to help your boss or whoever
you have to help your boss or whoever you are make money otherwise you’re
you are make money otherwise you’re
you are make money otherwise you’re worthless you’re a cost you’ll get fired
worthless you’re a cost you’ll get fired
worthless you’re a cost you’ll get fired today in America we’re trying to cut
today in America we’re trying to cut
today in America we’re trying to cut costs every day in the first place we
costs every day in the first place we
costs every day in the first place we look is which heads do we not need the
look is which heads do we not need the
look is which heads do we not need the most expensive part of an organization
most expensive part of an organization
most expensive part of an organization after its input costs are people if
after its input costs are people if
after its input costs are people if you’re going to be an employee be a good
you’re going to be an employee be a good
you’re going to be an employee be a good one make sure that you set your goals
one make sure that you set your goals
one make sure that you set your goals and you achieve them it can be a great
and you achieve them it can be a great
and you achieve them it can be a great life there’s nothing wrong with it and
life there’s nothing wrong with it and
life there’s nothing wrong with it and there’s no dishonor in it
there’s no dishonor in it
there’s no dishonor in it I was working once at an ice cream
I was working once at an ice cream
I was working once at an ice cream parlor when I was about 15 years old my
parlor when I was about 15 years old my
parlor when I was about 15 years old my first real job and on the second day I
first real job and on the second day I
first real job and on the second day I was asked to scrape the gum off between
was asked to scrape the gum off between
was asked to scrape the gum off between the Mexican tiles on the floor and I
the Mexican tiles on the floor and I
the Mexican tiles on the floor and I said to the woman who owned the storms
said to the woman who owned the storms
said to the woman who owned the storms called Macomb’s ice cream parlor you
called Macomb’s ice cream parlor you
called Macomb’s ice cream parlor you didn’t hire me to scrape gum you hired
didn’t hire me to scrape gum you hired
didn’t hire me to scrape gum you hired me to scoop ice cream and this this girl
me to scoop ice cream and this this girl
me to scoop ice cream and this this girl was shoe store across the way that’s
was shoe store across the way that’s
was shoe store across the way that’s looking at me I don’t want to see her me
looking at me I don’t want to see her me
looking at me I don’t want to see her me scraping the gum and she said what are
scraping the gum and she said what are
scraping the gum and she said what are you talking about
you talking about
you talking about I own this store I’ll do anything I want
I own this store I’ll do anything I want
I own this store I’ll do anything I want with you get down on your knees and
with you get down on your knees and
with you get down on your knees and scrape that gum when I said I’m not
scrape that gum when I said I’m not
scrape that gum when I said I’m not doing it
doing it
doing it she said you’re fired
she said you’re fired
she said you’re fired last job I ever had I owe that woman
last job I ever had I owe that woman
last job I ever had I owe that woman everything I don’t like to work for
everything I don’t like to work for
everything I don’t like to work for people many of you in here I hope
people many of you in here I hope
people many of you in here I hope inherit that there’s nothing wrong with
inherit that there’s nothing wrong with
inherit that there’s nothing wrong with it
it
it but you want to control your own destiny
but you want to control your own destiny
but you want to control your own destiny you work for yourself that’s how it
you work for yourself that’s how it
you work for yourself that’s how it works I’m trying to inspire those of you
works I’m trying to inspire those of you
works I’m trying to inspire those of you are on the tipping point take the chance
are on the tipping point take the chance
are on the tipping point take the chance you’re young go for it
you’re young go for it
you’re young go for it there’s nothing better than being able
there’s nothing better than being able
there’s nothing better than being able to wake up in the morning 10 years or 20
to wake up in the morning 10 years or 20
to wake up in the morning 10 years or 20 years so now and do what ever you like
years so now and do what ever you like
years so now and do what ever you like it’s about freedom that’s what matters
it’s about freedom that’s what matters
it’s about freedom that’s what matters I’m not saying being employees bad
I’m not saying being employees bad
I’m not saying being employees bad but believe me being an entrepreneur is
but believe me being an entrepreneur is
but believe me being an entrepreneur is better I’m a little biased
better I’m a little biased
better I’m a little biased any other questions yes sir
what I’ll repeat the question what
what I’ll repeat the question what happens to the deals that don’t make it
happens to the deals that don’t make it
happens to the deals that don’t make it on TV 300 300 deals are taped about 230
on TV 300 300 deals are taped about 230
on TV 300 300 deals are taped about 230 air sometimes would get in front of the
air sometimes would get in front of the
air sometimes would get in front of the lights you lose it we have a
lights you lose it we have a
lights you lose it we have a psychiatrist there at the set bad things
psychiatrist there at the set bad things
psychiatrist there at the set bad things happen sometimes some people can’t take
happen sometimes some people can’t take
happen sometimes some people can’t take rejection it’s it’s it’s real life
rejection it’s it’s it’s real life
rejection it’s it’s it’s real life they’re so convinced they’re right they
they’re so convinced they’re right they
they’re so convinced they’re right they don’t get a deal or they collapse they
don’t get a deal or they collapse they
don’t get a deal or they collapse they blow it or they don’t know their numbers
blow it or they don’t know their numbers
blow it or they don’t know their numbers and I have to shoot them all these
and I have to shoot them all these
and I have to shoot them all these things happen can you imagine getting
things happen can you imagine getting
things happen can you imagine getting that chance on Shark Tank and you don’t
that chance on Shark Tank and you don’t
that chance on Shark Tank and you don’t know your numbers you should be thrown
know your numbers you should be thrown
know your numbers you should be thrown in jail
one more discern
one more discern I love that thing so one of the main
I love that thing so one of the main
I love that thing so one of the main things he said was that you have to love
things he said was that you have to love
things he said was that you have to love what you do a lot of people that come on
what you do a lot of people that come on
what you do a lot of people that come on Shark Tank you’ve told them that your
Shark Tank you’ve told them that your
Shark Tank you’ve told them that your love for your product is slightly me so
love for your product is slightly me so
love for your product is slightly me so how do you determine that
how do you determine that
how do you determine that a business is failing that you’re not
a business is failing that you’re not
a business is failing that you’re not just giving up too soon
just giving up too soon
just giving up too soon or you’re not passionate enough the
or you’re not passionate enough the
or you’re not passionate enough the difference between that’s it like I
difference between that’s it like I
difference between that’s it like I didn’t get that the last part not
didn’t get that the last part not
didn’t get that the last part not passionate or not what not giving up or
passionate or not what not giving up or
passionate or not what not giving up or giving up to sue because you tell a lot
giving up to sue because you tell a lot
giving up to sue because you tell a lot of people just give up on it this idea
of people just give up on it this idea
of people just give up on it this idea is oh I see yeah you know you know I get
is oh I see yeah you know you know I get
is oh I see yeah you know you know I get a lot of flack for you know telling the
a lot of flack for you know telling the
a lot of flack for you know telling the truth I’m the only shark that tells the
truth I’m the only shark that tells the
truth I’m the only shark that tells the truth because think about your tenures
truth because think about your tenures
truth because think about your tenures and as an entrepreneur you have X number
and as an entrepreneur you have X number
and as an entrepreneur you have X number of years it breaks my heart to see
of years it breaks my heart to see
of years it breaks my heart to see someone spend months and then years and
someone spend months and then years and
someone spend months and then years and then all of their families money on a
then all of their families money on a
then all of their families money on a really stupid idea it’s better to face
really stupid idea it’s better to face
really stupid idea it’s better to face the truth and give up that pursuit and
the truth and give up that pursuit and
the truth and give up that pursuit and start another one the great thing of an
start another one the great thing of an
start another one the great thing of an entrepreneurship is if you fail you try
entrepreneurship is if you fail you try
entrepreneurship is if you fail you try again but after three years if you have
again but after three years if you have
again but after three years if you have if you’re not making any money it’s a
if you’re not making any money it’s a
if you’re not making any money it’s a hobby it’s not a business some people
hobby it’s not a business some people
hobby it’s not a business some people can’t take it I couldn’t care less you
can’t take it I couldn’t care less you
can’t take it I couldn’t care less you know what’s gonna happen reality’s gonna
know what’s gonna happen reality’s gonna
know what’s gonna happen reality’s gonna bite you in the hiney
bite you in the hiney
bite you in the hiney anyways you’re lucky you met me I’ve
anyways you’re lucky you met me I’ve
anyways you’re lucky you met me I’ve saved you a year that’s why they call me
saved you a year that’s why they call me
saved you a year that’s why they call me mr. wonderful
mr. wonderful
mr. wonderful you
you
you [Applause]
[Applause]
[Applause] [Music]
”
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