A non-dilutive equity stake can be worth far more than a larger share that gets diluted.

[00:44]

"The first time that you meet with a family office, publicly traded company, any sophisticated investor, they probably seeing so many transactions and they're so experienced that the first impression matters a whole lot"

[05:28]

"They met a publicly traded company at one of our investor summits here in New York and they were able to scale from three 30 million up to 140 million in just 18 months with that one source of capital"

[09:15]

"That may be worth far more than 1% equity because now even if there is capital 22 more times you're not going to dilute it all of those times"

Full transcript

Everybody took some notes in the back of their workbook. So, at the end of the day, you've got notes in all these different sections to take away from today. Feel free to ask questions throughout the day as they come up. And we'll be getting a variety of perspectives from all the guest speakers. We have one guest speaker coming up in about 75 minutes from now.

I'm going to go through a section here on family office negotiation. I know. After that, we're going to go over a deck of millionaire strategies. Do corner. We're getting into deal structures and many other concepts this afternoon. I think you'll find super helpful.

And I can emphasize the ones that have been most popular this week so far. So, this is the fourth time this week we've done this event. Um, this is this is really important. The first time that you meet with a family office, publicly traded company, any sophisticated investor, they probably seeing so many transactions and they're so experienced that the first impression matters a whole lot and they are listening to you and thinking to themselves instantly across three or four areas at once.

Where did they meet you? Who made introduction? What's the trust around this relationship? The way you're speaking, does it make them trust you more or less? Just like we heard John Lara say, the engine $900 million. Sometimes he looks at the facts, he's like, "We are not doing that deal."

At least with the person and they're doing the deal. Other times you think you're doing the deal and then it just doesn't happen because of the person. So that's part of it. The other part of it is, you know, how clear is it that what their value ad is? And then investors just train their brains over time to think what's the downside risk, what's the upside risk, and they do some quick napkin math in their head like instantly of like, oh, okay, so this could be an all or nothing.

I could make 20x my money or lose my money very quickly or this has downside protection that has a pretty a conservative assumptions and good upside. And investors smell that out faster and faster the more they've been a business and they're looking for things that stand out across everything else. Just have to know this happens instantly every time something is shown to an investor. So, in 18 years running the investor club, I've just found that having a powerful position, unique compelling offer, you do what you say you're going to do the first time, you add value first, extreme focus, high velocity, high integrity, creative mindset, and high performance over a long period of time is what sets you apart if you want to attract family offices as partners, investors, clients, etc.

Well, we're going to go through some some deal structure examples now and just examples of how to get transactions done. This could be for you as an investor. You might back a startup and then before you know it, they're doing a million year in revenue and you need to help capitalize them. You might be the first investor in a deal and now you need to bring in and help them close out the round or you could be building a private equity platform to yourself.

So in the midst phase, one example of getting a deal done quicker and due diligence done more thoroughly is to think who would be the most strategic investor in the world for this deal. And for one Met Spa, there was an individual who was growing their small bet spa trying to make it larger. She had one location. So, we went to someone who owned five locations that were very profitable, name, and we had him help us with due diligence, agreed to do a monthly coaching call, and then he put in half of the money for the whole deal.

And then the next person that invested had just sold her Med Spa after 19 years in the industry. After that, all the rest of the money came in because someone who had spent 30,000 hours of their life had vetted it and said, "Okay, I'll do that deal." So for investors here in the room, the big takeaway here is that if you are not thought of first in hundreds of people's minds for a very specific type of asset, you're never going to see a deal first. You're never going to see a deal exclusively.

It'll be harder to get a deal under a better valuation. And you're just negotiating hard. You're not adding extra value. It's in their best interest for you to come in on a deal if you can play offense for them and defense for them and be on the advisory board. If you can add strategic value, open doors, make introductions, get them distribution, help them buy the right device for their med spa, whatever it is.

So, one of my mentors, Sergeant Thomas, he's raised over $3 billion for private equity. He always says if he's going to raise$180 billion or $400 million, he spends an inordinate amount of time the first anchor investor. Once they say yes, the rest of the money comes in. If you read Sage Schwarzman's book, um his founder of Blackstone, he had trouble raising money, tried to bring out raise a billion dollar fund, couldn't get any progress for nine months.

He got one Japanese oligarch to come in. Then another followed, and once they get three to four oligarchs from Japan, then everyone in the US followed and you raised the billion dollars very quickly after the first one. So, this is important to note because one family office check or one publicly traded company partner could change your life, but you might not meet them after coming to a couple meetings or even go into 10 or 20 meetings. Um, you might just be smaller size investors, but you may only need one.

They might provide all the capital you need. With this deal, we structured the downside risk with uh real estate and there was real estate collateral at hand. They were offering upside gross revenue royalties. We went to one investor. They filled the whole deal and it was done in three minutes, right? And whenever we're doing a deal, we try to think who would love to see this deal.

Who would be the most valuable strategic investor for this deal? Who is a big enough investor that they could take the whole deal and we're just one and done? Don't have to get 10 people, 28 people inside the transaction. That makes things so much easier for a CEO, for a platform. We'd have someone take three investors out for dinner and get a $30 million seed capital investment after our super summit event.

One that you'd meet an organization around DTOR. We've had someone who had 30 million of asset center management. They met a publicly traded company at one of our investor summits here in New York and they were able to scale from three 30 million up to 140 million in just 18 months with that one source of capital and they spent years and years and years to get to 30 million and then they exploded up to there. I think you know John said he was managing around 900 million.

I bet he's gonna be managing three to five billion just in a couple of years, even though it took him decades to get to 900 million. Right? So, here's a bunch of different case studies and examples of deal structures. This is obviously not all deal structures you could consider. We've done a a six-h hour full day workshop on deal structures and due diligence.

So, we're going to spend six minutes on it, not six hours. But if you haven't gone really deep down this rabbit hole, if you're an investor here, if you're part of the FE due diligence investment group, knowing how to navigate and ask for different structures is key. Many investors don't negotiate structures at all. They sometimes negotiate fees.

They don't even look at the structure. Like they don't think they can modify it. And a lot of people raise capital don't realize how powerful this is. If you're looking to buy assets and people are saying no to you a decent percentage of the time, you might think they're saying no because of the price. But if it was just under a different structure, they might be saying yes.

And if you get the asset at a better price, now the investor looks at you and says, "How do you get that done?" Because they don't know maybe how to structure the deals. You can take an average deal with a good structure, they can make the deal amazing. You take a amazing deal of an affordable structure, you get no collateral, none of the cash flow, you're tapped at a 1.1x return, and you can make it god awful for you, right?

So, one example is a recent distress deal that that we did where there was already $800,000 in change invested in a deal. There was our money on the deal, our equity on the deal. We came in and took out the second and third investors in that deal, recapitalized it, and is a prep equity deal. So, we get all of our capital out of the deal before the existing investors get any money out and then we share the upsized return because we're taking the risk to recapitalize the deal.

And so, sometimes you have to offer that. Um, and there's private equity funds out there and this is all they do all day long as many of you already know, but some people just haven't heard that term before. Usually with a preferred return equity, you're getting, you know, 8 10 12 14 16%. You might get nothing after that preferred return or you just get a split above a preferred return.

We've also done 17 gross revenue royalty deals. Uh, we've done deals where investors just get a 2x return on a 3% gross revenue royalty. We've done deals where you get a 1.2x return. They just get a little drip. You get an equity warrant when they sell. But then all different types.

Every time we do one of these deals, the agreement gets better and better in terms of kind of optionality. What happens in this scenario? What happens in that scenario? And that's partially what John was talking about, right? Different types of covenants and different types of like what if then the rate jumps to bits or that because he knows many cases it does happen.

The other thing that maybe the most valuable thing to point out on a slide that I would guess only one or two people in the room know about this, maybe I'm wrong, but many times investors negotiate for equity and not an equity warrant. John was talking about how he doesn't want equity in deals because he doesn't want any risk or having a lawsuit or something like that. But also, equity can get diluted. Most equity, sometimes you might have drag on rights and if you put more money in, you can maintain your 2%.

But if they raise money 10 more times or 2% might turn into.1%. And someone else might have a prep equity return over you or something, right? And so one way to guard against that is to talk to your attorney because I'm obviously not your attorney. Can't give you legal advice, but basically if you can work with them to structure an equity warrant that activates at the sale and doesn't have an expiration date, then if you activate a 1% equity at the sale, then you're getting 1% of the company at the sale if it's designed right.

Right. That may be worth far more than 1% equity because now even if there is capital 22 more times you're not going to dilute it all of those times and you can have that happen at any major capital transaction of 20 30 50% or more of the company or a final exit you know you have to design all that out another approach is to just think with most investors they are more relaxed once their principle is off the table it's all profits from there so structuring something where the investor gets derisked aggressively And now once the capital is off the table, you're more true partners in the deal. Now you're there's more upside for the person running the deal. So structuring around that could be a theme of what what you want to do.

Another example is to figure out like how to I guess I get how to extend an a exclusive LOI on a deal. This is like a family office negotiation strategy I've seen a few times where somebody wants to lock up the deal for three or four months because they have to wait for funding or they just want that much time to do due diligence. But the person selling the asset says no I'll just give you 45 days. You say okay well long as you provide me these 12 things.

We start the 45day clock once you provide these 12 things at this level of completeness. We can't start due diligence without all the information to look at. And then they take two, three, four, five weeks to scurry around and get you everything range to talk to their accountant and wait for financials to get done. And that eyes you another month or two so you have more time to conduct your due diligence.

And that can typically help greatly with the time. The other insight here is just that, you know, with billionaires.com it took us 12 years to buy the asset, but we wanted it on our balance sheet. So we just pulled to them every 3 or 4 months and didn't go away until they sold it to us for half of what they were holding out for for 12 years. I said, "Look, it's been 12 years.

No one else is going to pay you to what you want to get paid. So take our offer of half. And we got the deal done during co because they just saw it as like a distress time where they needed money. I guess another example here um it's like the Sam Sam story of being able to buy a house that an 80 something year old did not want to sell him to make a big multif family complex and the private equity managing directors gave up on trying to buy it but said we offered 10 times the value.

She won't sell. He went had a cup of tea with her. Found out that there was a dog buried in the background in the backyard. So, they had to dig up the dog, move the dog, move the lady to a new house, and then chose funding moving. They got the deal done. And the point of that is just listening to what the seller really wants.

We had a digital asset that we were trying to buy. The seller wanted $3 million for it. We said, "Oh, it's crazy. Why we want 3 million?" They said, "Oh, we really value this little piece of it." And we said, "Well, we really don't value that little piece of it.

So, why don't you keep that and we'll buy it for $400,000 and we're both happy." And they agreed to that. Got the deal done. So many times deal structuring is not about getting one over on the other side. It's listening to made well what do you want? What is in it for you?

What do you care about? And that being respectful to the person who spent all those years building the business and say okay you don't want to sell for less than 7.5 million. I get it. We want to buy it for 4 million. We think that's a realistic value, but we both know rates are going down. Why don't we buy it for a value of 6.5 million, but we're going to have 15% of that be equity in the deal.

So when we sell in the future, you're going to get another bite of the apple. You don't have to operate this thing anymore. Look at our track record. Let me show you other properties we've done. Let me show you our other dental practices. So it's about listening more closely, being creative, thinking about the needs of the other party, whether that's an investor, publicly traded company, etc.

And that's one of the most important things here. Many times it's structuring an LLC or corporation. So there's different types of investors. These investors have voting rights. These don't. These get their money back first.

These get paid back next. These investors might be capped at a 2x return. These are not. Knowing you can do that and negotiate that is really important. These last couple comments are more about warnings of negotiating. Now, there seems to be like a lot of real estate offers going around where people want you as the asset owner to take their offer, which might seem like a decent offer in terms of a number, but then you find out they're getting a first position loan.

They want you to stay in the deal and give they have a second position loan which you look up the stats on it. You're 40% chance of things go wrong you get wiped out completely a second position lean and then basically they want to either do a ball payment in three or five years or do interest only payments and they use that use the cash flow. What they're really doing is saying, "We don't have any money to buy your deal, but if you want to be our second lender in case things go bad, you lose all your money. Then we'll pay you a tiny bit of money each month, and then if we shoot the moon, you'll actually get something you're here full price."

So sometimes if you're distressed, you have to take that. But it's really them trying to pull off some infinite money glitch. They were taught at a real estate workshop, but they said, "You don't need money. You go buy 100 assets, just use their money." So pretty smart, crafty, I guess, but I would watch out for that. Second position leans usually bad news.

So talk to your attorney, do research on that. Would it be so be super careful of that? Uh but maybe there's some really legitimate reasons when you'd want to do it if you really trust the group and know it well or you have takeover control and you could step back in and you actually like the terms on the first position bet, but then you need takeover controls to save your own money basically. So be careful of that.

And then the last part on structuring deals is that um real estate agents typically hate any creativity. They want to hear a full offer. They don't want to use a single brain cell and anything creative. If you can talk to the asset owner, you might be able to work something out that's great for everybody, but real estate agents don't want to like have to lift a finger about anything creative in my experience.

So, that can be frustrating to deal with. But, we did have the number one commercial real estate broker for multifamily on stage at our event in Dallas, Peter Bonder. He ran a team here uh New York City called New York Multifamily. He said the name was so deadly obvious after doing it for two years, everyone would refer deals to them.

They knew to go to him first because the name just made it super obvious what they were doing. They did a billion dollars a year in transactions. He had a team of 53 people underneath him. And what was so interesting, it was kind of family office level thinking is that he said the way they got $150 million deals done was by making two or three times as much money as other people who might try to compete on price.

Instead, he said they use teamwork and and everyone also like a lone wolf trying to like elbow out other people in their firm. So they used teamwork. But more importantly, what they did is they went to these asset owners in New York. They had owned the business for 50 years and they owned a pizza shop, bought this big apartment buildings that's worth 150 million.

He said over and over again, they didn't know once they sold, you know, how are they going to pay the taxes? Where did you put that money to work? Who they should trust in wealth management. So Peter would build a relationship and say, not only could we sell it, but over here these triple net assets can pay you cash flow and you no longer have to call the plumber.

You no longer have to be maintaining the asset. And you can make 30% or sometimes 50% more cash flow with no work because they're all triple net. And if you allow us to sell your property, we'll help you distribute your funds back into these triple net properties and you'll have more cash flow even after paying taxes, no more headaches, and we'll be the agent to work with you. So, they provided a solution that was way more value to the investor because they saw the other side of it, but he was also making two sales.

He was selling the firm, but he also was distributing that capital and probably making a brokerage fee and put them into triple head assets or asset management fee. So by making two or three times as much money, he was more competitive, so he was being more helpful to the person, right? And so that's a good example of like the real business in your business might be different than what people think it is. That's one way that he was able to scale.

Since then, Peter uh has started his own asset management platform and he's now grown to $600 million in assets in just five years. And he was speaking at our event a couple days ago. We recorded that, so it's going to be in the member portal. So, any questions on on deal structures here or on deal structures in general that we can cover real quick.

Great example of an amazing deal structure somebody's been using to get more deals done recently. They want to share with the keep on going. It's fine, but feel free to raise your hand as we go through today. So, these are the founders of Home Depot. If you haven't read this book, uh it's a great book. If you want to see my top 10 favorite books authored by billionaires, you can go to billionaires.com/books.

And there's Amazon links to my favorite top 10 books. But they basically saying in this book that they don't see it as being workaholics. They don't see it as like, oh my gosh, let's do office work. If they see it as this exciting adventure and they love working on what they're working on, that's like Arnold working twice as hard and enjoying it because they were making their vision come true and making their dreams come true.

You know, Mark Markson says that uh you know, before you're successful, everyone's gonna say, "Why you working so hard?" And after you're successful, they'll say, "Oh, you got really lucky, right? It's the same it's the same thing, right?" And Mark Cuban basically says this that business is a 247 sport. It's not about your capital. It's about your willingness to outwork and outarn everyone in your niche.

And if you're competing against 100 people, you have to out learn and outwork a lot of people. But if you're choosing a niche that only has five or 10 people, then it's not as hard to outwork and outarn because you're laser focused and most people are not. Right? So that's something to keep in mind. Mark Victor Hansen had to get rejected 155 times to publish his book.

Now he sold 500 million copies of Chicken Soup for the Soul. He's book at one of our conferences. He used to be my neighbor essentially in Scottsdale, live about a mile and a half from me. And he told me a story when we were having talking one morning and this is similar like a Mark Cuban attitude. He basically said, "Yeah, at one point a publisher told me, you can't do that.

That's not how it works. You're not going to be able to do that." And and Mark told the publisher like, "No, you got to understand like I'm going to make it happen and I am doing that. I'm not asking you if I can do it." And that's just the attitude he had. Like I make stuff happen.

And I think that's like Sam saying, he lets life full throttle. Like he just does stuff and makes it happen. People will tell you you can't do stuff your whole life. Like my professors telling me, don't graduate early. Take your time to sit around and memorize these textbooks. They're amazing.

The theories are amazing. Right. But I got the hell out of there as fast as I could. I was like, I want to do real stuff. When I undergrad, I got in trouble. Even though Oregon State University had an entrepreneurship college, an entrepreneurship division, and I tried to start five businesses before going out of high school.

So, in college, of course, I tried to start some businesses. And I did so in a computer lab. And I got a formal letter from the dean saying all computer resources will be terminated and I will not be allowed to step foot in the computer lab if I'm ever caught trying to start a business in the computer lab using university resources. So you can make one guess at how much money I've donated to Oregon State University boss at a college.

Smart finance business and gave Frank all limited computer official poems and take all taxers and [laughter] they told me and the dean's like what are you doing just trying to make a living focus I was g engineer you focus on getting your engineering degree I said I'm really making money here I'm not going to be an engineer I'm gonna lose out just rent an office in the next hour I'll lose that right no more faxes email with this tone paper or something, right? It's hilarious, right? Like basically at this school he was saying that he was like running a business out of the computer lab and have people in the computer lab getting faxes for him and using like computer resources do a whole bunch of stuff. He was smarter than I was.

I'm just doing it myself. Charming my hand with me. Yeah. Yeah. And and basically like the the dean basically said or the head of the school is basically telling him like don't do that. Go rent an office.

Just get out of here. It's like god forbid you actually the professors I brought the letter around and showed it to my business professors and some of them that were laughing like yeah don't use what we teach you today wrencher don't use it just memorize it just memorize it it's like that just shows how backwards most of school is right so that's exactly why when I show my kids like the one pager what I want them to memorize with our family values at the top and we go over this at breakfast and then the Arnold book summarized success principles and Canfield summarize. I tell you can ignore every teacher that ever tells you anything. And every adult human being that ever tells you anything on planet Earth if you just live by this one pager like this is your cheat sheet for life.

Follow the family values. Follow this stuff and you're going to be in the top 21% on planet Earth. So I think that just like is clarifying and no one ever told me that. You grow up the l grade you get in life is like some little badge on the soccer team and you're a grade from the teachers that want you to memorize theory.

That's like that's live feedback you get in life. Oh, it's kind of backwards. So, this was this is a mental model that like choke points has made our business millions and millions of dollars. And I stumbled into this on accident because my dad bought me a multi-level marketing business for $1,500 in high school selling long-distance telephone service back when that was a thing.

Called everybody in like high school directory. My girlfriend Elizabeth's parents were the only ones that bought the telephone service from me just out of pity at. And settle and that didn't work out but I learned a lot cold calling and then to get my first job in high school cold called everyone in the yellow pages got a job making websites um in college I had a huge textbook business that did pretty well and sold some other students when I graduated and I when I graduated I called everybody in the Portland Oregon Chamber of Commerce and then I got job interviews with like three to five people one of them was an alum of Oregon State and she said well I can't hire you don't have like your CPA license you don't have seven years experience like we can't we can't use you and I said no I know you might think that, but why don't you just why don't I work for you for free and then you can fire me in the first hour if I'm horrible the first day.

And she said, "Well, I feel bad doing that." So instead of paying me the $110 an hour that she paid everyone else, she paid me $40 an hour. I worked overtime. I'd make six figures that year my first year out of my undergrad. The month after my professors told me don't graduate early, I was making more money than the next month doing that.

I just willing to put myself out there and say, I'll work for free. Like I'll prove I'm not like super dumb. Like I can figure this out. And it worked out. And I like created good luck through hard work, putting myself out there, making offers that have no friction, no risk to the other party. And it's the same with billionaires.com.

I built them for 12 years, got the asset, I poked Mark Cuban 14 times, still answered my interview questions. And it's about being politely persistent. So the brute force reciprocation is basically taking the idea that if a hacker tries to guess your password a million times in a second and they get it right, then bad things happen. Then try all these combinations to see what works.

In business like the billionaire we interviewed yesterday, Pavin said he spent $100 and basically put down five experiments. Maybe four of them don't work, you just break even overall. But the one that did work, you keep you try four more experiments and then five more experiments. You just keep what works and keep on going. That is kind of like a brute force approach.

But if you're always adding value first, you build relationships along the way. And Chaldini has this theory of influence called reciprocation. That if you do something for someone and add value to them, they're more likely to help you back, right? And so people automatically want to say thank you or help someone in return. So the idea of this whole strategy is how do you figure out how to iterate all the time?

Try a lot of combinations with a laser focus and you learn faster because most people don't have a laser focus. They're not playing Monopoly and you might be the most focused person on planet Earth in that bench who's also trying lots of ways to add value to people first in your niche. Um, that's how I've gotten ahead and jumped ahead of it many times in our business. And I just haven't heard other people explain it that way.

And once I realized that, I just realized I need to do way more of this. Like anytime I can, I need to do this. Could you just skip years and years or decades of otherwise trying stuff and just going I try to think what would a reasonable reasonable person do? Then what would someone do who is less reasonable and more extreme?

And then if you're trying to be the most extreme and helpful in a niche, what would that person do? And then do even more than that. And that that's a level like no one's going to want to do that because it was just way too much work. Like when I had my blog start taking off on capital raising, hedge funds, and family offices, I found everyone wanted to learn about family offices, then capital raise it, then hedge funds.

So I said, "Okay, what are the 500 keywords related to those niches?" Then I started a spreadsheet and I wrote two blog posts on all 500 keyword words. I wrote 1,000 blog posts and I got 7,000 hits a day on the website. We ranked all over Google and then our business took off from doing that. So just a lot of elbow crease in figuring stuff out and trying stuff.

So we have this one AI tool for you to use. It's free as part of membership and it has 1500 talks from on stage at our events. The talks like heard today in like the super next month and I basically asked it how do you have like an an extreme unfair advantage? How do you have how do you be one out of a thousand?

And basically the advice from our speakers on stage over the last 18 years is on screen here. So basically it is to focus on a narrow niche, build an ethical reputation, make bold decisions faster than the competition and continually sharpen your strategic influence. Any questions on this by the way before we move on? Okay, good. One question.

So that over time you were applying the lessons and so forth. But in your case, let's say how how did you the number of options? Let's say that you there five and then by those five after that you see one works the best and you that one and then if you want more right how do you think right so the question was like how do you decide what five things to try or how many to try you know the and for [snorts] how long yeah part of it is a gut feel it's like art and science combined but like the very first example of this was me stuffing all the mailboxes in my neighborhood with flyers saying that I have free time that they want or competing in odd jobs and the local government called cuz someone complained about someone illegally stuffing mailboxes and luckily I answered so I figured out but like that was just like the only idea I had but it worked.

I got like a couple jobs from it. So part of it was like in other businesses to date what has worked for other people in your field what has worked and then figuring out how you can get people that are the exact prospect to at least know you exist and make your message super clear in front of them. So when I started the business, I was paid by Forbes and Investopedia to write articles on the investment industry. Then I had my blog and we had advertising coming at from it.

Uh and then I was paid a little bit to speak at different events. So those were the only options in front of me. I didn't have that many options in front of me. And when we started the business, we had no money for advertising. So that wasn't an option. So all of the options change once you get more money.

But for a lot of people when you're starting out, you just have to do things that just require elbow grease, positioning, thought leadership, adding value first, reaching out to others first. I mean, at the core of it all, I think is knowing what are you what are you really trying to do? You're trying to get your three questions answered by 100 billionaires. So, what are all the different ways you could approach them?

And all the different ways that cost nothing is always where I start even today and say, "Okay, I find every single one on LinkedIn, Facebook, X, and Instagram and send them all private messages. I'm going to email every single one of them and then follow up once a quarter or more. We're going to figure out, we built a spreadsheet of all the companies that billionaires own and we go to the CEOs of those companies and say, "Hey, we see this person's on your board. We give you a speaking spot or super summit.

You get them just answer three questions for us." Stuff like that. Um, so just being having to be resourceful and thrifty can be dangerous because then as you scale, you still the scarcity mindset like don't spend any money on stuff if you don't have to. All right. Uh that's just kind of where where my brain goes with this stuff.

I was trying to think how do you how do you get in front of the right person in a way that adds value to them first? And so an example of that is for the billionaire. Hey, we went to every billionaire who's ever authored a book and said, "We want to buy 500 copies of your book." That was the opening message.

Like how do we buy a bulk version of your book? Then when they reply, we say, "Oh, great. Awesome. That's the price. Okay, we'd like to give it away at our annual event, but oh, by the way, it'll add a lot more context if we can just answer those three questions for billionaires.com." That's really what we wanted.

But it was like getting their attention first. Oh, someone wants to buy 500 copies of my book. Amazing. Like, right? Only happens in a couple times a year. So, that was like a pretty good one.

Um, so I wish every billionaire had authored a book because we can't use that strategy on everyone, right? But the best strategies add value to the person first. So, it's in their best interest to rewire you. So, that's helpful. Yes. Did you actually buy the 500 book?

I did. I actually bought the 500 copies of books uh with three different billionaires. We did that. One of them I had the book on Audible and didn't realize it was about as thick of a Bibles when it shows up. So the books came on a pallet and were sitting in our garage for quite a while until they and it came and my wife's like, "What are you doing with all these books?"

So that wasn't the most fun, but yeah, it worked out. It was fine. And the only billionaire out of the country of Nepal is one we did that with maybe two years ago. We passed that out. It was super pepper one question over here. Hey Richard, how you doing?

I'm Chelse from ident.com about billionaires.com. Why did you buy it at two and a half years ago? What did you pay for? Uh 400k and change. They wanted 1.2 million for 12 years. Then we paid 400k and change.

It's a very valuable piece of virtual real estate. And that's another thing that we should cover at some point at another event. Yeah. Have you gotten a return from it that meets what you paid? Yeah. I mean, if I got a return meet what I paid.

Yeah. I mean, it's funny because like some people will hear that exact same conversation and be like, "400,000 for a domain name? That's ridiculous, right?" And so, they don't see the value at all. To me, it's ridiculous that I am the guy who owns it at 20 employees, right? I mean, like Goldman Sachs, UPS, like all these companies that work with many billionaires, they should be running this thing.

I shouldn't even be able to do this stuff. So, to me, yeah, I wouldn't I would not sell it, you know, for less than two or three million. And I really would not sell the old thing to anybody cuz I know it's inevitable in 20 years that there's going to be 15,000 plus billionaires and there the field will just get developed and it's never going to not be powerful to be at the center of the billionaire conversation just like family offices, right? So that's the real value of my mind is not like having a longer time horizon and doing things other people be like how do I get my two-year ROI on it?

It's like I don't care at all about the two-year ROI, you know? So, it's a tricky tricky thing to answer, but we've made friends with some new billionaires because of it. Uh, so it's valuable in that way, too. How are you using it? As an email or as a website? Yeah, so it's a website.

We've interviewed 47 billionaires. We put the interviews publicly on billionaires.com. There's 245 books authored by billionaires. I've read 131 of them and I read all the books, rank them and identify the top 12 and then like one book per month just goes super deep with those 12 billionaires and find every interview that those 12 billion have ever done publicly because I love their book.

I probably like other stuff they say and just go super deep with those 12 billionaires and then provide that value to our investor club and the lessons learned make some good billionaire friends along the way hopefully. Uh and it just happened to be the number one website in the world for a billionaire strategies, mental models and then we have the billionaire collective intelligence AI tool. So we took a,040 public talks from billionaires and transcribed all of those and then now you have a conversation with a collective wisdom of those billionaires. So my bet is that one day someone's going to come along whether it's Bloomberg, Goldman or someone else and say, "Hey, this thing maybe has a couple ounces of value.

Why don't we pump out some of your AI tools or this stuff to our our clients as well and and buy half of it from us or 20% of it just supercharge it with their media platform or something? Well, congratulations for realizing the virtual asset value of the because domain names there's only one, right? There's no more that exist, right? Congratulations.

Thank you. Thank you. Appreciate that. Yeah, I think they got Ken Newman has over 250 patents that are issued and another 170 that he's filing and he spoke at our event this week and he said that it used to be 70 80% of the assets on a balance sheet were tangible. Nowadays it's all about intangible assets and all of the new wealths being created with intangible assets.

But most people aren't fully on board with that reality like it I think. So it's advantage advantage if you are. Yeah, Eric, I would love it if you publish at least a dozen of the experiments that you tried. Yeah, publish a dozen of the experiments. Yeah, because I just like do you thought I'm like the billionaire experiments like how to get their attention or just in general stories generally like the billionaire's attention how you stuffed mailboxes all because it sure produces ideas.

Yeah. Yeah. No, I think I'd be happy to like one other one that I think of is like first of all I was like a major video game nerd like the biggest video game nerd you've ever talked to. So I was like in a a globally rated clan would have like practice before our matches. So we have like a land party in a warehouse where we order 50 pizzas for 753 all playing in a land party which if you even know what that means you're all cylinder.

Uh but basically in college I worked at the Oregon State Alumni Center and it would autodial like 200 alumni uh at a in a night and it just auto dial the next person if someone didn't answer and the system would tell you who it's dialing what degree they had. And I quickly learned that liberal arts majors and history majors never donated a dollar. And the engineering majors and business majors and pharmacy majors would donate moderate amounts. So if it wasn't a top three major, I skip the call, skip the call, skip the call only to call a high value.

And then they would suggest I ask for 10% more than last year and sometimes last year was like 40 bucks. So I went to a minimum of like $3 $400 and I would ask for twice as much as last year and made up my own formula and it was like 6x everyone else on the ball. It was like everyone else's name and it was like way the heck up here like how are you doing that? I was like I don't know.

Yeah, it's Dylan. And so there is like I think like figuring out what's going on in the system, you know, the the story is like why why'd you rob the bank? That's where all the money was. And it's kind like start a business in the family office space. Like well it turns out ultra wealthy is probably important to have a trail guide for that industry and no one was helpful to me.

So we got family offices.com for 10,000 bucks way back in the day and started blogging on it and everything took off from there. Awesome. Thank you. Yeah, no problem. That's good. We finally have a couple questions.

Anything else on this before I go on? So, I have fun thinking about this stuff at choke points because that's what's made our whole business. So, hopefully one of you guys can run with that. It's not like I'm trying to upsell you on a brute force reciprocation consulting package. So, that's something we offer. So, just like share stuff that's helpful.

All right. So, if any of you have been surfing before and you see a swell forming, if you which is kind of like a trend in business and you notice it too late, you're like, "Oh, that's going to be a big wave." And you try to get out there to catch it, but you're late and that thing crashes on you. It's not the most pleasant experience, right?

It might push you underwater, might get spun around, might get slammed out into the sand. Joe was at our event on Monday. He's one of my neighbors in Hawaii. And when the hurricane passed by Hawaii about seven or eight weeks ago, we went out and surfed the huge swell. It was like 8 to 12 foot waves. It was like about tall as a ceiling, taller than the ceiling waves.

And we got slammed a few times and down onto the sand underneath the ocean. And basically, if you chase a trend, and there's been like cryptocurrency, sports bending, cannabis, AI, money, domain names in the '90s, and you're not careful and you're following the herd and you get their lay, you're just going to get punished severely for trying to like chase some trend, especially if you wait till it's like d-risked, like, oh no, now everyone's doing it. Okay, maybe I should do it now. Might be the worst time to do it.

And uh Howard Marsh in his book, The Most Important Thing, um is a billionaire that was one of the many that backed John Dier who was on stage earlier. He said that he is not smart enough to predict the future. He doesn't pretend like that. You hear some people saying, "Oh, I predict every crash since the beginning of time."

Like he doesn't say that. He says, "Well, you should be able to stick out your your head out the window and know what direction you're headed in at least." And so the point of this is that sometimes the tide matters more than the swimmer. And if there's a really strong trend, you might want to pay attention to how that impacts your core competence, your core business.

Be aware of how AI is going to affect your manufacturing company or whatever. Um, but also we had a speaker on stage this week, Brian Miller, who has done over a 100 private syndications as a passive investor. Uh, he has equity right now and over 10,000 units of passive income with real estate in terms of like storage units, RV, multif family, etc. And he showed like seven different examples of waves he's written over the years.

He bought Nvidia at $3.40 a share and still has it today. And when Phoenix nose dive in real estate, he bought properties at 20 cents on the dollar when everyone thought it was toxic. Uh and Howard Mark says that when other people think an idea is really bad, you probably get it at a better price. You know, when they think it's really super toxic, it may be toxic or maybe the best deal of a generation or 30 years, right?

So a good example is like with co that Marriott, MGM, American Airlines, it all went down 90%. Like I never talk about stocks. I never recommend stocks etc. I'm not an expert on it. I told my wife we're buying as much of these big brands as possible because I don't think that Disney and Marriott are going out of business.

Probably going to do okay long term. So this is a topic that comes up all the time now at big fan. They still have their three sections or three areas of wealth like pure defense with the wealth adviser, real estate, and then wherever they want to play offense. They're putting much much more often than before 2 to 5% into gold/c crypto and also 2 to 5% of their private equity type allocation perhaps into these trends for directing their wealth advisor to put a little bit of the diversification bucket and then lean into one of these trends like rare earth minerals is one that Brian Miller said might be still have some lakes to it.

This year. But again, that's at your own risk. I have no idea. Not a rare earth mineral expert, but like those are some this this trend of swells coming in and riding the trend um of something that can be dangerous. But um you get maximum acceleration when you are positioned for the wave before it crests and you take it as it's starting to crest and you get the most if you can keep on riding that crest down the curl because you're perfectly positioned and you know what you're doing, right?

You get maximum acceleration of your wealth. So, it's something just to think about. Gary Vaynerchuk says that you should be dedicated to your craft so that you are there before anyone else's. This is playing the game of Monopoly. So when the swell comes in and you are the one really well positioned that you really know what you're doing because you are well positioned there before everyone else.

And that is why we also own Centaillionaires.com and decillionaires.com because there's 1.2 million decimillionaires in the United States. And I just feel like these channels of private investors are just going to become more and more robust and developed and mature and we want to be positioned around those. So that's the that's the game of monopoly we're trying to play. Yeah.

Michael got the microphone behind you there. Hey Richard, so in your squalist analogy is AI now. Where is AI now? Guess the wave, right? Because if it seems like it should be a tsunami. Yeah, we're in where we right.

So also I know Mike's your legal advisor today but where you know a lot of commentary in the markets and AI is too frothy is what 40% tech companies or whatever is so you know it's overwhelming to think yeah you are you know more about it than yeah you know yeah the movie the big short was made around Michael it was his last name if you listen yeah and he just took out short positions publicly on it and even more so on Palunteer. Sam Molton saw a podcast last week and the guy who's a shareholder was like, "Well, Sam, you got 13 billion of revenue, but you're going to spend 1.5 trillion. Tell me how that math works." And Sam's like, "If you want to sell your shares, I got sovereign wealth funds that'll buy them.

So, let me know if you want to complain." So, yeah, I think it's unprecedented. You know, Elon basically was like, I give up some of this corruption and waste on the government's also from the Republican side. That turns out they don't like it when they start pulling those plugs. I get punched in the eye and now I'm out of a job fixing the government says like it's broken, it's unfixable.

Instead he's like picking up needles on the beach and he looks over and there's like this tsunami coming like these needles don't matter. Like the only fix for the government is the tsunami of AI, robotics, data centers. Data centers contributed more to GDP than consumer spending last year. So I don't know. I think it is Elan calls it a supersonic tsunami.

And um I think it's probably right about where you see this picture like it's crashing in real time. But many times the first wave coming looks big and you just can't see the wave or two behind it. But if you wait sometimes bigger as you wait it's like oh there was a second wave you know. And so that's the thing I don't I don't pretend to predict the future for sure.

I do think that robotics companies are already valued highly but there will be five and ten trillion dollar I think valued robotics companies in the future like whatever those might be and I think that is like a massive uh wave coming as well and it's like the internet people say like that's like overblown all these dumb that's been like you know the internet did transform everything right so I think with any wave there's some parts that get way overhyped and there's some parts that are not and I'm not smart enough to figure that out you know it was your extreme focus to only invest an AI but with the trade of companies probably have a smarter answer than me on that. Yeah. And then the last part around evolving your mindsets and all of this just applies to again generational positions about all that. Thank you.

You're welcome. Great. Thank you. You reminded me of somebody that he says he looks to hire people that have enthusiasm, intelligence, and are hungry. And I recently interviewed uh Michael Scott owns state. She came to our club and never raised capital in his life.

He raised $8 million, sold his company for over a hundred million. Three years later, he spoke and he worked here at our AI event started this year. He said that he was lucky to have a PhD. He was poor, hungry, and driven. And he said that was his real edge. Um, so I appreciate all your comments about systems, now about making sure you're going in the right direction, not just really quick or not just loads of work.

Yeah, there's a saying that just perfect for this section like no matter how far you are down the the wrong the wrong path, turn around if you're not in the right path, right? Versus trying to go fast all the time. Great. So, this next section we're going to talk about a high velocity and to make sure we get all through the content.

Uh we're not going to take a networking break right now, but we are going to have time to network. But if you need water, coffee, restrips, etc., feel free to help yourselves as we go here. Uh but Elon Musk says that speed is the ultimate weapon in business. So this is very much connected to the play monopoly area, right?

So you might be like, well, I already working as hard as I can. How do I go faster? Well, you stop going to things that don't work. Stop doing the things where you don't have a top 1% hand, etc. So one way to go fast is to cut out things and check email twice a week. Another approach is David Rubenstein who checks email all the time and he'll reply to Kalpers 30 seconds after they email him and five other heads of hundred billion dollar trillion dollar institutions and he'll reply back instantly 247.

It might be hyper response if he leads the conversation. I really like the suggestion of having three options. When you design three structures and say any one of these three are great for me, it's more likely that one of those three will be good for the other party and all three might be very thoughtfully laid out. Typically, the person who writes the contract or structures the deal is going to be well taken care of.

And if you're good at dealmaking, you want to make it a win-win. So, both people want to do deals over and over together. So, we're going to go through a bunch of things related to being hyperproductive, moving faster. One of them is this. It's the easiest thing in the world. What I try to do is identify just three major goals for the day.

And then I start an extreme focus clock where I just don't do anything but one of the most strategic things I have to do for the day. And this is an anti-brain rot strategy because it's basically saying to yourself, okay, this is so important. I'm going to spend 90 minutes or 45 minutes just on this task. If something interrupts me, I'll push pause.

But having the clock going mean being something would have normally interrupted me, I just write it down on the list for later. And then if I can get to it, great. Otherwise, at least I've captured the idea. So that's really important for me to be able to stay productive, be busy, traveling, out of weird time zone, etc.

So this next slide is one of the most valuable slides of the day and it's like how to save a hundred hours of your time next year. Probably you're not doing everything on this slide. One is only have meetings with agendas. Many times people want to meet. Somebody came up to a cent millionaire yesterday at our event and they said are you town next Tuesday?

I want to get together and and this million no idea who this person was. It's kind like I'm in town. I'm probably busy because I'm busy every day. And so it's like uh investors not going to reply to that if you're super busy. You have to be super clear about why you want to be. Many times people will send me an agenda with five things they want to cover in a phone call.

And instead I'll say no, no, yes, and yes, we need to talk to Ellie about that. She handles that area, but let me introduce you over email and I don't have to get on the phone at all and have been helpful immediately. Other times they'll say yes, no, for this much money we can do that and you can get an exit table at our event next month. And when you get on the phone, let's just talk about point number five because that's really interesting.

They would love to help you with that and we can introduce you to Pierre and help your family plan for the next generation, whatever it is, right? And so by being clear about that, then you focus a phone call on the meat of the topic. By most important, phone calls are the people that highly value their time like John Lera. They get on the phone and say, "I got five minutes.

Uh here's this, here's how I can help you." And I help them back and then move on today. And they're the most valuable people because they are busy because they're responsible for a lot. Uh there is a time to slow way down. So the whole point of this slide is to have time with your spouse or your best friends from college to go backpacking or with your top client and spend a whole day with them and go deep with them like Yaya was just saying so you can be very attentive to the most important things.

But most people reaching out to you to get a meeting is to sell you something or to see if you can use your time or resources to help them with something. After people want to catch up, the punch line is do you want to invest in this? Can you help me with this? Can you give me your time for this?

So, John the Terrence said it many times. He uses that strategy of, hey, I've just got five minutes. Here's what's going on. Grant Cone says every meeting he has. He says that, "Sorry, I just got five minutes." I put my calendar default is 15 instead of 30 or 60.

And it really throws people sometimes. They're like, "Oh, well, I see the meeting for 15 minutes. When do you have a full hour?" And they just want to talk about what we're going to talk about on a podcast, you know, and you know, I'd like to not have a call on that at all, but I, you know, I do if needed.

And so what I like is that you can respect other people's time and just know if you're starting to work with people who are brought to you in the offices. They may or may not operate this way, but they may appreciate keeping things concise. Like there's a saying in the marketing world, I'm sorry that my message was so long. I didn't have time to write something more concise because it takes energy and effort to narrow something down.

The extra the ultra wealthy need to say no to almost everything like we talked about before. And you have [snorts] to get better saying no every year. And so this point number six is really critical. Um is that 90% of time when people say they want to have a meeting, it could just be handled via text or email.

And you see fastmoving founders talk about this fairly often these days that meetings are like to death in business. If you're in meetings all day long, you get nothing done. The end of the day comes, you have nothing done on your to-do list, right? And so, uh, Bezos talks about how if you have to manage someone for 5 hours to get them to work for 40 hours, then you have a 1 to8 ratio.

But if you only need to meet with someone for two hours a week and they manage 10 people who are all working 40 hours and you have that ratio and everything's staying productive and aligned, then you're way more productive. And so, most meetings be done via email or text. Uh, and then the 10% that are left that people still think you really need a meeting because it's complex. There's a lot of context.

We just do 90 plus percent of those over audio message. So, we send hundreds of audio messages per week. Sometimes we'll send dozens of audio messages in a day. I did this morning do a 20 million net worth explaining a situation on a deal that they're working out. And so, basically, the audio message allows you to hear tone of voice.

You can listen to it multiple times. Some people naturally speak slowly on the phone. On an audio message, you can put it at 2x. You can listen twice as fast. You can't really politely ask someone to talk twice as fast, right? And also, if yay calls me tomorrow, no matter where my base IQ is, I'm way smarter if I can listen to his message, think about it, do a little research, bounce it off the team, look up some stuff online, do a deep research report on Brock Heavy and GPT, and then get back to Yaya with a really great answer.

And he's gotten a more thoughtful answer. And you can hear in someone's voice they're excited, stressed, uh worried about something. So the audio messages are really helpful for that. It's really helpful for me actually the team and I manage the team's time in a few ways. I use hub staff that takes random screenshots of the screen and I know about when people are checking in, checking out which helps dodge bullets.

I found uh one person said, "Oh, well it seems like really big brother that you like taking the random screenshots while I'm working." Like I've never had that before. And I was like, "Have you worked virtually before?" They said, "No, no." They said, "I really don't like that because I have kids and I might work five hours now and have to get on the evening."

And I was like, "Oh, it's even better if you" because like I don't care when you get your work done. It's just like that you generally have worked about a full work week and then we'll always pay for your full work week. Of course. And she like, "No, I'm out. I won't take the job if I'm actually going to have to work while working virtually."

Like, "Okay, well, dodge that bullet." You know, it's like what? Like less than problem, right? So, so that's interesting. And we have also got people embezzling money uh that can access the PayPal account and sending money to their landlord to pay for their rent at an apartment. In the screenshot had a picture that answered an email to their landlord with the email address.

We emailed the landlord even for April 12th. That was a rent payment that came out of our PayPal account which we can see in the records. Of course, the employee still denied it. They should have known it was taking screenshots. There's a little bit of an embedded IQ test in there, too. Right.

And then the other thing is at the start of the day, every day, my team says start of day report. Here's the four to seven things I want to get done and those things have to be measurable and it can't just be work on websites has to be complete pages about us team and this on our website so it's measurable if they got it done and that's in the start of their day and at the end of the day they do an endto-day report this is in front of the whole team on Slack so everybody knows what everybody's working on and at the end of the day they report as they got done they plan to get done or maybe they had to change directions do something completely different but that way a virtual you all know what everybody is working on with more transparency than you would in person. If everyone's just typing away their computers, you really don't know what everyone's working on.

And I can say, "Oh, don't work with that client." They actually said that they're going to go a different direction. They want us to help them with a video considered one feature or something like that, right? So, that helps the whole virtual team sync and helps us keep on track. Any questions about any of this? Every now and then someone gets highly insulted by this like, "Well, then you're never making any real relationships or connections."

But the whole point is to be not have something misconstrued when you're working virtually. If you can't hear someone's voice, that easily happens. And then also to be able to go really deep with somebody when you need to. It frees up your time. And if you're not doing this, then you lose so many hours of your time.

You'll spend your whole life just on Zoom with phone calls. Um, if you don't get good at defending your time. Any questions on that before I move on? Okay. So this graph basically are showing that like for those that are very very not successful and maybe never take any risk at all and never put themselves out there.

Uh for most people they wait until things are mostly derised or not very risky at all. Uh where they might be willing to take a little bit more risks and then for the most the most successful people I find is that they realize all of their success came from at some point having the courage to take a risk. Like Ray Dalio says you'll never be wealthy unless you're aggressive in some area. Yes.

And it'll never take your wild unless you're defensive in some areas, right? So, you know, you need to take some risks. And like Bezos says, be stubborn on the vision but flexible on the details. Brad Jacobs, worth8 billion, says that standard pace is for Trump's. There's no speed limit in business. Elon already said, you know, speed is the ultimate weapon in business.

Michael Dell said, if you don't have a crisis, bake one. Like, you always have to have something urgent. And I like this one that Peter Teal named the best. Instead of pursuing midsighted mediocrity and calling it well-roundedness, a definite person determines the one best thing to do and then does it. And so Samman says he's never met a slow person that's successful.

So that's the point of this this section. And I've got a quote for Ya here that action is perception. It's like a physics concept. When you take action, then you get feedback from the environment. You learn from that. So you perceive things by taking action and you learn by doing.

They talked about before your work earlier and how you know if it was all about farm work that dumped you on the farm and God says pretty much you think you're working hard but if you went to the gym with him he would show you you have not been working hard right and I used to go to arms theory made you think oh wow I'm like amazing good shape you go to crossfit now I'm like bottom of the class every single class I humbled constantly right and so I think that is that's something is that the most successful people are not just trying to be 4-hour work week the author of that book I don't think has ever worked only four hours in his whole life in a week. Um, it's really about working hard and smart. They work hard at getting smarter all the time and they also work hard because they love what they're doing. So to other people, they look like they work really hard, but they're just excited about what they're doing.

And I keep finding these overlaps. That's why out of 125 speakers on stage, five or six of them are NBA and NFL pro athletes. I keep on finding overlaps between the 0.1% in sports and then the top 21% family offices. So Tom Brady says in his Hall of Fame induction speech and he has nothing to sell you.

He's basically saying to be successful online, you just have to do what most people are not. Be consistent, hungry, and willing to work for it. No shortcuts. You know, he first got in the NFL for like who's this scrrony guy? He's not going to last you more than a year or two, right? And it became who he is.

So one of the oneliners I read every day is I may be feeling something, but I have to go and do it anyways and get stuff done. Right? You can't let your emotions or the random words of others really change your execution. So, for me, I just find getting up early. When I was in mainland, it was 4 to 5 a.m.

Now that I've been out in Hawaii, I get up between 2:00 and 4:00 a.m. Usually 3:30 yourself. And then I get my work done first with my brain refreshed. And you don't really need a brain to go work out. So, you can have a very low IQ. I do pull-ups and push-ups, and it's like it's just not needed to have brain activity.

So, that pattern works well for me. Um, you know, I'll get four or five hours of work done and I do cross it with a wife to work or do at the end of my workday and I could be off work completely by the time the kids are off school. So, it's just a system that that works for me. But the main point is it might be different.

But just scripting out your day, the actions I need to do, the top priorities for the day. Agency is your ability to identify a problem, break it down in parts, come up with a plan, emulate others who are there before you, you execute on it, and then see the solution to the problem and do that full thing start to finish. And it takes creativity, it takes grit, it takes work effort, takes planning, takes project management. So the more you can boost your agency, uh, the better.

The more you can hire people with high agency, the better. If there's questions on any of this stuff as I go, let me know. One form of getting more out of your day, which is basically a force multiplier, is how do you put a little bit of leverage in just the right spot. It makes everything go faster and everything more effective.

Mental models is one. That's why I started the day. Powerfully positioning yourself, having a monopoly position, having dominant distribution. In most businesses, if you have all the lending flow, all the referrals to your title company, all the deal flow, all the investor flow, then things are going to go very well. The more distribution for your product to Costco shelves, the better.

And that is a key to many businesses. Structuring deals strategically super critical. And then we're going to talk about AI in a second here for just four minutes. And then just realizing that when you're looking to get a deal done, the context is what raises the capital. We heard John talk about that. Ga talk about it.

Underwriting somebody's character, where they met you, how you present yourself. And then I I listed a couple strategies that work well for me. But these two are blank because as you're thinking through where you need to apply energy that will multiply your efforts and either produce more assets or produce more IP etc. That should be unique to you just like this one's unique to me.

So you can copy all these or none of them or the whole point is like your DNA and your assets are different than mine and your focus is different. So what's a force multiplier for you is more of a concept for you to develop and think about and then go deep on that and it may be very different than what we're talking about here. That's my favorite AI quote is that the world has never moved this fast before and it will never move this slow again. So in a year from now it's going to be moving even faster.

So we have to get used to adapting faster. And my favorite way for explaining AI is basically, you know, you could use your feet to get around the world and around New York City. You use a skateboard, bicycle, you could use a car, or just walk around with your feet. And of course, if you use a vehicle all the time, you will become unhealthy.

If you use AI all the time, probably you'll get down virtually never using your brain, right? Um, some people have talked about that some studies on that, but basically some people are like, "No, I won't use AI. It hallucinates." And you know, the saying is that humans hallucinate too just in more predictable ways. It's not like we're perfect either.

Um, but basically like you are choosing to have either walking around the world with no vehicle, no bike, no car, or you can have a second brain. And your second brain is artificial intelligence if you want a second brain. But if you use the free GPT, it's 105 IQ and it's about average. If you pay $20 a month, which if you're in this room, you can afford that.

It has IQ of 125. So, it is top 10% intelligence. If you pay $200 a month, it's a little bit more in your cell phone. Its intelligence is top 1%. So, you get to choose whether you have a second brain or not. You get to choose whether it's mentally imperior or genius level.

It's up to you. Also, Dan Sullivan says there's two types of knowledge. Worthless knowledge or specialized knowledge. Right here, the whole point and have everyone speak today and this week is to gather specialized knowledge. The only reason I still come to all of our events and I've been all 300 have hosted to date is to gain specialized knowledge, learn more myself and then we just implement what Yaida says and Pier says and we implement it in our own business and then our business does better because of that.

So, it's important as you are thinking about artificial intelligence, you ask yourself these questions. What's your second brain beat out of? Ian, go back to what we started the day with. If your financial IQ is not ahead of your net worth, those two things are going to come to equilibrium one way or another. You're going to have to spike up your IQ real quick, get around the right people, or your net worth is going to come right back down really quickly.

And this is what most AI systems are built off of. Revdit, Wikipedia, a Ukrainian 17-year-old podcaster put out a thousand episodes of hard money lending and has ever done a deal in his life. Like all that just gets fed into these AI tools. It's just generic data. And so what we've done is built our AI tools based on transcripts from billionaires, talks on stage like you heard today, all of my workshops, my books, our webinars, interviews we've done, etc.

And we call our AI system investor super intelligence. We have built out 57 unique tools. They're all pre-trained, ready to use. You don't have to configure them or hire someone. If you don't know how to use a tool, you just literally ask it, "How do I use you? What are the top ways to use this?

We have a tool that's trained on a thousand strategies for negotiating down fees with your bank, with your insurance adviser, with the fund manager. We have a tool with transcripts of a thousand plus public talks from billionaires. You get advice from their collective wisdom. A tool that writes seven versions of your oneliner. They do it over and over again.

Tell you love it. This tool, one of our members said, is like a tool from their gods is what is exactly where it's where it has a thousand deal structures that is trained on two billion data points. And you essentially say, I'm trying to buy this swimming pool maintenance company, 2 million revenue, half a million profits. Uh the owner wants to sell for this.

I want to buy it for that. I want to do a little bit of seller financing in it. I want to use royalties. What do you suggest? And it will knock out 10 deal structures for you based on the thousand, the library of a thousand. You can say, "Well, I like number two and eight.

Show me 10 more like two and eight." And then it does that. You say, "Well, predict the valuation a little bit higher. Show me 10 more like that." Do that over and over again until the deal structure is super dialed in. And then we'll write the email to the counterparty and the attorney to sell them on each part of the deal so they don't feel like they're being tricked.

It makes sense. And then one of our most popular tools, we have over a thousand due diligence reports through Dewey Instant Due Diligence Advisor. And even if you're an attorney and you have the patience to read every word of a PPM or you're in the deep due diligence investor club, they like to read PPMs for fun on the weekends, I think. You know, usually your eyes will blaze over and it's hard to understand all the terms even if you're an attorney and it's like referencing all these paragraphs, all these different pages.

Uh and so the reality is even if you are an attorney yourself putting it within Dwey and then seeing what are red flags, what fees are abnormal, summarize all the fees, what is above average, below average, what's missing, and then do will write the seven due diligence questions everybody should answer before you get on the phone call with someone. So those are just four or five of the 40 plus tools that are in the portal. This week we had Chip on stage who's raised $7.5 billion and him and 99 others are in this tool called coffee with capital raisers with hund00 million capital raisers and you can literally while you're walking the dog or walking through the airport just chat with it and get advice from the collective wisdom of like the masters of capital raising that it usually you're lucky if you meet 10 of those people in a decade that you get to have a cup of coffee with right so this is a big force multiplier and again we just had a six-hour workshop on this we had our laptops out we went through a bunch of the tools So, we're just spending six minutes on it today, but any any quick questions on this just to make it clear of anyone that's new or anything that somebody's curious about on these tools.

As a member, to make it way less overwhelming, if you're a regular member, there's one tool called the investor super intelligence guide tool. That tool gives you links and tells you which tools you should use first. And if you're a VIP member, then you also get our investor pipeline tools that are investor data driven. And there's a special VIP guide for you where you can navigate all of our tools that way.

That's the most simple way to get access to all this stuff. Any questions? Don't. All right. So, this is one of my favorite sections. I think if you're truly wealthy, it's about holistic wealth, right?

Social social health, uh, mental health as well as being wealthy with freedom that you have in life, right? Uh, and so one thing I realized while going to Singapore, I speak at a private equity event and I was up here at the Marina Sands Resort and I was up here in the top corner there and my friend Josh was in town at the time just randomly and so we were up here as a look from the infinity pool on top of the building. So we were over here and I had a corona there and then I was looking at these blue buildings here. This is all built on ocean infill and the old waterfront and you know really cut over here basically and there's a whole bunch of infill and made all this new waterfront and I was like wow whoever built that building did like a three billion dollar project that's pretty amazing compared to my you know three million a year in time investor club you know I should do something big like that one day and I was telling Josh like man I got to do bigger things and then we walked down to Clark Key over here and had like two margaritas not a lot morning slept in woke up at like 8:15 had like an eating up meeting with like a $700 million family and I missed it and I was like, "Oh, dang it."

You know, and so I messaged him like, "No, but I don't have time to meet with you." And I was flying out that day. So, I didn't get to have like an official meeting with them. I event all these ambitious things. I can't even make it to an 8 a.m. Meeting.

Like, how ridiculous, you know? So, I was like, I'm not going to drink for 3 months. And and I just never missed it since then. So, that was 14 years ago. I had my first kid coming and I was like, I don't need to have less energy. So, we still serve drinks at our events because my team tells me people like them, but we also serve green shots in case you want to take that version of a shot instead.

Um, doesn't offend me when people drink. It's just something to stop doing as a health experiment. So, a lot of people who have like Paul Carter manages 8 billion and he's 47 years old. He's going to be on stage with me doing a fireside chat next month. He's also a black belt jiu-jitsu, trains every morning. Ricardo Chi started a fintech company.

I was his number two investor, sold it to a billionaire a couple years ago. A lot of people who are high energy, fastm moving are also health focused and health-minded. And nowadays I think people are a little bit more judgmental and less kind like the guy was saying but also some people like to it's easier to blame other people for decisions they've made basically right so some people are like I can't believe that the government has mercury in the stuff that we hadn't taken vaccines I can't believe this is required and I don't really care whether you're pro anti or don't care about vaccines my whole point is people like blame other people forcing them to do things but most of us have chowed on this stuff a few times and have had French fries also known as cancer or fries. And it's like no one forced you to have this stuff.

Pure poison. There's no upside. There's no forced consumption. But not putting yourself into a dangerous health position is important, right? You want more energy, more focus. And basically the main point of this whole section is that if you stress yourself out constantly and you sacrifice giving fun trips with your family or your spouse and all you do is worrying about building the business because you probably feel responsible for your family.

You want to do well to them. And you all of that the sacrifice of your social health, your mental health, emotional health, physical health. You're basically telling the kids like they won't hear the words you say. They will watch your actions and your body language will be so loud. You'll tell them the only value in this family is money.

In this house, we worship money and our god is money and the only thing that matters is money. Like if you're not careful, that's what it's going to look like. That's what gets communicated. And I've always thought like getting someone explained it to me this way that getting an $800 tattoo people get tattoos to express something typically.

Um but being ultra healthy is a full body tattoo of discipline that you cannot buy. And people respect that. And whether you're someone who sold your six dry cleaning companies and you talk to a dry cleaner and they want to be you when they grow up, the more you can influence yourself, the more influential you get to other people. And if you can't influence yourself, how influential can you be on other people?

But that's in many domains, not just health, right? Everyone has their own challenges in life. No one's no one's perfect. But uh it's important not to be like most people cuz most people you're annoying if you will not eat this stuff because like oh gosh you're gluten freak. Oh jeez. You know like the joke is like how do you tell who's vegan in the room?

You don't have to tell. They'll tell you, right? And like so it's like you're weird if you don't have stuff injected with chemicals that has not been through a machine, right? Like you're the odd duck. But the most successful people I know are not like everybody else. They have little quirks like checking your email twice a week or little quirks like Rubenstein answering his email hyper active.

That's like his edge, right? So, I like doing fun adventures with my wife. We're going to the Nepali coast next week with eight people, a couple of investors and friends, my wife. So, we did cross the Grand Canyon and back. We took one 10-minute break and we just took three minute time breaks and did the 45 miles about 23 hours and it was uh 12,000 calories and it was a ton of fun.

The Grand Canyon is like a a wonder of the world, right? So, there's this quote from I think it's the only quote from Pike Club today. The things you own end up owning you. I think it's really good for people at this room to hear. And the founder of Telegram is a billionaire. He has over a billion users on Telegram.

He's been jailed for keeping it private so governments can't spy. I don't want all of its users see. France jailed him for that. And basically, he says like, "I don't even own a car." Because as soon as you own a car, you have to figure out how am I going to insure the car. You know, where am I going to store the car when I'm out of the country for two months?

Like, should I let this person borrow my car? It's been two years. I'm bored of my car. Should I need to wash my car? I need to maintain my car. Who's going to take the car to the mechan?

Right? Like someone has annoyances over one asset. You own four houses. Now, I need manages managers at the houses and cleaning the houses. Now, I need security like what Mincy was talking about, right? So, it's like all these assets you gather up managing so much your life just managing all of your assets, right?

And so he said, "Forget that." He doesn't want any of that in his life. So he doesn't own anything. So I tell my kids like, "We could have bought like a warehouse and lived in Nebraska and lined up some Lamborghinis of different colors and shine them every day." But instead, we decided to live in Hawaii and have an outdoor adventure lifestyle, be healthy, and make it so we look outside.

We're like, "Dang, I need to get outside and not sit on this computer and stare at my Slack at my email inbox the whole day." Right? Cuz if I married a workaholic, I would just be working 24/7. But my wife is more like, hey, we don't need more money. Let's go have fun or we don't, you know, don't work so hard.

And she did this and she palizes being out. But it's also why we chose to live where we do. So there's this hierarchy of needs everyone goes through in life with like basic needs, more advanced needs. Um, and you see some people who do become very successful then start focusing more on health. So I just encourage you to do that.

We've had some people in our community, you know, we don't have any Weight Watchers sub benefit of being here, but we had one member that's lost 65 pounds, has kept it off for three years and he said it changed his entire life and he's speaking on stage and actually on sponsoring our event. He doesn't do anything related to health. He didn't come here to join for health, but it's completely changed his life. If you lose 65 pounds, like you would have died early probably, right?

And so there's a meme of Jeff Bezos when he first started and the meme is like I sell books and it's like his nerd mode and then here he sells he says I sell whatever the f I want basically right and so it's meant in a comical way but it's like Zuckerberg training jiu-jitsu there's a reason why people go to that because what's left besides a novel experience making sure you're not safe all the time that you're healthy you feel good you live longer if you work with ultra wealthy families turning them on to the reality that the best investment they can make is the salvos that they don't die early and get sick all the time. It's such a common sense thing. I don't hear anybody talking about that almost ever at any investment conference. I live with my three daughters, my wife, and my mother-in-law, and non-stop Taylor Swift getting streamed through Alexa.

So, I have to go on backpacking trips for mental sanity and a balance. This is some pictures from trips we've done recently. Again, most people spend more getting an oil changer on their car than $600 have an inside tracker send a nurse to your house draw blood and give you 50 biioarkers on their health. And in a doctor's conference, everyone was paying $30,000 a year for membership.

One person out of 170 have spent 30,000 on their health. They all were spending more on their wealth than they were on their health, which is pretty backwards because if you die, you're probably going to be making less money. Hopefully, everyone around you is very sad that that happened. And they would rather you be worth less and still be alive.

By being ultraalthy is not ultra wealthy. It should fuel you being ultra wealthy. And it's a full holistic definition of wealth. So even if you're the most greedy person on planet Earth, it does not make sense to not focus on your health because you'll probably make more wealth if you live longer, right? You have more energy. Film film this quote related to this.

Not money is not the most important thing in the world. Love this. But fortunately, I love money. That's the opposite of what I'm saying basically, right? So, uh, so hopefully that section's helpful for some people here in the room. Probably all have things we're working on health-wise.

Not easy to actually do what we know we need to do. Any questions on health before we go to the final section of the day? Yeah, the biomarker. Yeah, the uh I I talked about a second. Go the inside tracker where you get 50 biomarkers. Um, so definitely recommend you go in there and we do have like a list of like 28 different ways you can invest in your health and if you give your email that name Jennifer on that obvious give you access to that Google sheet.

Obviously, we're not here doctor or health coach, so do everything at your own risk. But yes, Eric, I just want to say that saying what you have here on health is absolutely liberating for me because I've come from the retail grant model where you're where you're sort of the slave to the firm that you're working for, right? And that's been decades ago, but they sort of brainwash you and it's hard to escape that the slavery of that mindset. So just being in a in a room where what you're talking about is endorsed, it just makes me feel more free to go out and then do that sort of thing, have an identity of staying active and fit rather than like a slave away at the office all the time.

Right. Right. Yeah. I think also, you know, shown that a nap can boost your IQ by 10 15 points. Just 20 minute nap can regress your brain. You like this NASA nap where they did a bunch of studies on NASA astronauts.

And then also working out can help control like cortisol. A lot of us probably don't sleep enough. Maybe drink a lot of coffee. So it can help your immune system cortisol levels by working out. And if anytimes when I go backpacking and don't have like the phone or any connection, you get to really think deeply about like what you're doing.

You come back and some you look at the reality around you're like what the hell is this stuff? You know, like why am I doing this? Like it's so bad. And it just you just don't have patience for it anymore. You just realize after stepping out for a second and you can almost look at what's going on as an outsider I feel like and I always come back and make changes like all right we're not doing that anymore.

All right. Yep. We we have to terminate that person been for a long time. I don't know why I put it off. So for me that's like a big benefit of doing it too. Yes.

Were you going to add something else there? No. Sorry. I was just going to say yeah I agree that perspective going away and then coming back. Yeah. I never see the benefits of that until and and I never think I should go.

Yeah. Yeah. When I do go, I'm always like, "Yeah, that was a great idea. I don't know why I was hesitating." Right. Right.

Yeah. Exactly. Thank you. There's a saying like, "If you don't feel like you have time to meditate for five minutes, that meditate for 10." [laughter] Yes. Real quick, Rich, thank you.

Curious, what are you thinking about the Peter Teas of the world, Tim Harris, Gary Brea? Do you think that it's worth on an individual level paying maybe 10 times what it's worth for a more custom treatment? And do you think like there's an intrinsic value to most the companies that those types of people are on the tap table for? Yeah.

Yeah. Good, good question. I think there's definitely a growing market for that for sure. What's interesting is there's all these like really advanced things you can do like move the needle, but honestly the core issue is that most of us would be ridiculously more healthy if we worked out twice a day and one was just a walk.

And anyways, ate food with no chemicals in it, haven't been through a machine, and we had like enough protein and veggies as like most of the food. By the way, not our church, so this stuff kills you. It's your fault, not mine. Or and then we just like slept enough, right? And had like a social life, had fun in life, you know, so I feel like people should be doing that before they spend 100 grand on some fancy pants, a custom peptide, this that, and the other thing, but the inside tracker thing is really cheap.

There's no reason not to do that. If you have a car and you pay for the oil change on that, you can afford this. But I don't know. I'm not really an expert on those services. I've looked into this with I have some friends that do like Fountain Life with Tony Robbins and stuff like that. Is that what you talk about?

Those types of things. Sure. Is there one more question over here? All right. Just raise your hand anytime if there's another question. So final insights here.

I got to interview Dr. Chelini and it was really interesting because I have this theory that the best combination of influence principles was authority with scarcity become such a scarce authority that you are the number one expert that that person knows in the world for a specific topic. So they are drawn to work with you. And I always go to scarce authority as a combination.

So I thought that I thought about it so much I was going to say that to Dr. Cheld he's going to be like yeah you're right that is the smartest combination but he said no there is no he said the right answer is that you should not have a favorite influx principle out of his top six. He said the right answer is you just listen and just take it all in and then based on what they say, you just say something that's actually genuine and helpful back to them that does play off of the influence principle of commitment, consistency, reciprocation, scarcity, or authority. And that you don't have some pre-planned game of like, let me play this card every time because it's not going to be like a natural.

It'll look forced and unnatural in some situations. But he also said it's scientifically proven if you go to buy a vacuum, a watch, a computer, and you see it in person or you meet the person in person, face to face, that you are, it's scientifically proven, you're 16 times more likely to buy. But what if somebody is preaching you on marrying them for the rest of your life? What if you're going to invest4 million?

I bet it's way more likely you'd want to meet that person in person, right? Way more obviously, right? So I think that's super interesting and that's why I have to fly all around and not just hide out and be the ultimate introvert is because like people need to meet in person to do deals together. They want to see who you are.

Just like John Lat saying that he has to walk the real estate hear from the CEO. Paul Ticker Jones says that the illusion is that money is your boat. He says everyone thinks that his moat as a billionaire out of Wall Street is that money is your boat. He said, "The truth is that your network is I'll not be able to call GIC's sovereign wealth fund of Singapore and direct a $300 million check with just a million of his own 10 million of his own of his own money."

And it's his network has most of the power that meeting in person is how you get the most done. And that's and it's scientifically proven that that's true. So I asked our AI tools uh investor advantage. Everyone is building on stage jar events. Our billionaire collective intelligence tool, our proathlete tool, my AI tool on every book I've written, every workshop I've done, every webinar I've ever and some of our other tools as well.

And I basically said, how do you be one out of a thousand? And here is the combined answer. Uh, you know, something that's become obvious this week after saying it four times, but like the first one, laser focus on a high value niche, be bold and not boring, have a clear, unique, compelling vision. Be ultra healthy and have a peak mindset.

Be high velocity, high integrity, have the beast mode of work ethic, and implement fast. So, you'll notice that like, you know, clear and unique, pretty much aligned with laser focus, right? And velocity, implement fast. There's like some some trends here throughout the whole day, but also this is a collective advice of thousands of people that are all defined as 0.1% people.

That's where I keep on seeing these ideas combined. And that's why I'm presenting to you at different forums between guest speakers, proathletes, billionaires, since millionaires, decillionaires, etc. To extend your mouth, play a unique game, acquire strategic choke points, secure distribution, be the number one in a specific thing for a specific type of demographic or client, and then to show your credibility and commitment. Try to do things that nobody in their right mind would do unless they're super serious about being there long term.

Whether it is building out billionaires.com makes us zero dollars that positions us or Ken earlier this week talked about filing and getting 255 patents issued or something else such as writing a book or a benchmark survey or a white paper or a thousand blog post on something like nobody would do that unless they're pretty serious about it. So when I was 27 years old I got flown to Belgium. My now wife stayed with me there and I was too nervous to even have lunch that day when I was asked to speak on stage the first time and I got there and I'm sure they had wondered who invited their kid because they had just hired me because I had written like 500 blog posts at the time. So they said, "Oh, we need a speaker for this panel.

Oh, okay. This guy's got a big blog. Let's invite him over. Let's know what he's doing." And they probably didn't know that I was like basically a kid, right? And so that turned on a light bulb in my mind of like, "Oh, okay.

Misposition myself by just going like super super deep and be more helpful than anyone else in a sandbox and then good things happen. So to do really well though long term Rockefeller says you need to have a singular purpose but also grant your work in character, responsibility and service because otherwise someone will work for you and then you go to have an exit like had and at the last minute the executive assistant will say well I think I should get a million dollars of that exit. You'll be like well that was never agreed upon like why would you think that? Like, well, if you don't do that, I know about all these skeletons in your closet.

I bet the other side would really like to know about those, right? And someone will blackmail you, which will probably happen anyways and already has in your life if you're a founder. Uh, you won't be able to sleep very well at night if you got skeletons all over the place, right? Because then like your salesperson doesn't like that you won't percentage versus another.

They'll threaten to use something against you and have black and white evidence that it's true, right? So you have to do things in a high character way and do things in a responsible way where you're doing good in the world because otherwise it's just going to come back and you're just punishing yourself with sleepless nights or someone having like real dirt on you. Um so we always start out every event just saying that the more of a class act you are probably the more people want to do business with you. Calm is a superpower.

Be politely persistent. Think before you act. If you could really take advantage of someone maybe don't maybe help them out. Maybe the turn could be better for you if you leverage maybe I'll put them out of business or be extra cruel and then they're gonna owe you a favor later to be helpful or just whittle it around and you're not a bad guy.

Maybe you people should consider doing business with you or girl etc. So do what's right. Set the standard. Yeah. Throughout today we talked about many concepts hopefully enough that you wrote down at least three or four notes of things that you want to put into place if not 30 or 40. Um, so we talk about mindset mastery, focus on something unique, high action, uh, focus on excellence, patience with results, but aggressive implementation, how to scale, how to be pointed with your energy, focus, being a gracious learner.

We talk about playing the game of monopoly, top 1% hands, choke points, worse multipliers, AI tools, being more productive, managing your time, extreme focus, deal sourcing, scaling. Uh we also talked about deal structuring and come up with your own deal structures and your own uh ways of navigating transactions and negotiating them. You need to ask yourself, do you have a second brain yet? Is it impaired or is it genius?

And what's feeding it? Are you ultra healthy? How can you become ultra healthy? And then have an integrity shield to defend yourself against those that will come after you. Like Vincy said, you're a target once you're successful and you become more and more of a target. Uh, so that's a good summary page for a lot of today.

I know it's a lot, but again, it's supposed to be a Rich Carlton buffet. So hopefully there's something good there for most people. Just don't forget this slide. Um, if you're looking to do more business within our club, you can knock out all of this within a week, you can do most of it within a single business day.

And you might want to lock yourself in a room with a notepad and just quietly think about how to refine your position to be so unique and powerful. Then instantly people leap forward and say, "Wow, never period of that before." Like, "Wow, this that's refreshing. I wish everybody structured the deal that way. Uh where that's really clear and unique and helpful, etc.

So, that's really important to do. And our website probably should be updated by now. I haven't had time to check, but this will be live on our website today where you talk to Daffany here or Jennifer. They've both been with me for a decade now. And we're going to have this in place. So, you get your background check.

You get a copy of it. If your attorney says it's fine, you put it in your data room. That way, you'll get the verified check mark and all of our evidence. We help you edit your one minute video. You get $12,000 of sponsorship exposure and the membership cost $10,000. Gets you a year of membership, but we give you 14 months if you purchase that this week and 30% off additional sponsorship and some guest tickets.

So, that's something brand new we're doing. Orders noticing this trend of deck of millionaires in our club like people that are worth tens of millions of their goals to be worth 10 million. So, it's something that that keeps on coming up when talking with our members and investors. Our next month, our next event is the family office super summit.

So that's next month, December 9th to 11th, Weston Beach Hotel. We're going to have 125 speakers on stage. It's twice as many people are sitting in this room will just be the speakers on the stage open three days. So it's a firehouse of information and there are more family offices speaking on stage at that event than any other family office event globally.

It's the fastest moving event in the investment industry, too. Uh we have sponsors uh typically they just get up and speak for five minutes. Their one pager is in a handout. So you don't have 45 minutes of someone pitching their hedge fund to the whole room but they're five minute little short deal flow talks we call them.

We have lots of discussion panels. We have I think six fireside chats. We have a keynote talk from a Navy Seal an 8 billion family office founder as well as other single family offices geek millionaires and son to millionaires. So it should be an exciting event and next year out of 30 events that we're doing a quarter of those are going to be in New York.

So if you're in the New York area and it wasn't me to get here today, you should be able to come to five to seven of our events about leaving in the New York area next year. Then maybe come to our hundred million dollar summit in Dallas or our Silicon Valley Super Summit we're going to be hosting in Palo Alto or our Beverly Hills Super Summit, etc. So hopefully a couple of the national summits you can come do and then the local New York events we hope as well. Any questions on our event calendar or anything I covered in the the summary section this afternoon?

All right. Well, my email's here. If you have any private questions, you don't want to ask in front of everybody, just shoot me an email. Richardfamily offices.com. If you really don't like something we're doing, you want us to change it or never do it again or do more of something, you can always let me know. It won't hurt a feelings.

We always want to get better at what we're doing, of course. And if you need a new member walkthrough because you're brand new, you have no idea how to access AI tools, etc., Jennifer does those calls every day with new members, so you should get that on the calendar so you know how to leverage. Or if you just been a member forever and you just don't even know where your login is anymore, let Jennifer know. She handles that.

Daffany has been head of our data division for a decade. So if you have question on family office databases or.com for design help or the decillioner membership, ask him. And once there's any questions, I think that that's it. We have to have the space for the next 45 minutes or so to network. I'll be hanging out for a little bit if anyone wants to come up and say hi before you take off.

And hope you enjoy meeting each other a bit more. And don't forget the welcome email have not only the slides but the prefront prefrontal cortex training word document for you to pass. We hope you find that productive. And thanks for all your attention today. Take care.