IS TECHNOLOGY CHANGING OR EXPOSING US? | FIRESIDE CHAT AT BLOOMBERG FOR CORNELL TECH | DAILYVEE 314

I'm working here on the morning vlog at 7:00 am. m., in advance to José Eber for the meeting with our client and return to the city throughout the day with meetings until approximately 10:00 p.m. m. I went to Cleveland last night, I had a great time at the Cavs game, the Cavs Celtics big guns, Gordon Hayward, I'm really sorry about your injury, I hope you get better, it's not too scary, you saw it, yeah, yeah . Wow, I'm a big love to everyone. May everyone have a great productive day. It's going to be another grinder, just like Dana's life is most of Mark's party and that always thinks that fascinates the person you talked to, well, clip sir, yeah, right after we left, It sounds like Philip enthusiastically gave me the job right after he liked it.

I lunged at the bar and then totally changed the way I interacted, that's interesting, actually exactly right, good context. I got home late last night since I was in Cleveland, so it was mostly a small session this morning, but good open every day, every day. some this week yeah I just need to not break the pattern even if it's a day like today I love this one in green this one in cork weather inside these are super cool but I think I'll have to get a pair yeah , accidents. traffic something to attention control in the meantime come here okay it was fun Jeffrey let's sleep in thank you that's why this will all work for us every time someone cares about their money we win while I embark on my fifth business book and because five is my favorite number.

I just want to make sure I recognize the team, what I value most in the world, which is my family, from the amazing wife Lizzie and my children's music missions and her to my amazing parents, Sasha tomorrow and the rest of my siblings. and fathers-in-law over brothers and sisters-in-law. I can only experience this anomaly thanks to the infrastructure and the love that you support me with, so thank you from the bottom of my heart, this is dedicated to all the people who are brave enough to try to go out and live their life and really recognizing the enormous opportunity we all have in this new digital age to have a balance of happiness not only in your life but also in your work, great, Kyle.

I'm not understanding much, it's just been one meeting after another, just keep releasing this vlog. I'll figure out how to make this an entertaining episode for you, but I'm working on what's happening on the blog here, as you can see from the b-roll Kyle is coming out today was an unpleasantly busy day I did a ton of 90 reviews days every 90 days. I meet up with my Anna blog, Savannah, one of my favorite employees at vaynermedia to choose from, it finally feels like sex. You're just coming from the gym. Do you think it's weird that you're on the blog with a red face from the gym?

Yes, fresh out of gym class, as if two seconds were necessary to kill. Yes, well, hello, how are you? It's a pleasure to see you, well. Will you ever say hello or this is my open door policy problem I've been talking about. I need to see you more often. You always promised that you never liked him. Well, yeah, oh, well, yeah, how are you? Thanks, brother. of course I love it man hey what's your name hey thanks for your love thank you so much I was saying everything you post and everything you have to say. Thanks, Bennet, I wish you the best.

It's okay, I have it very busy, all day, every 90 days. I gather my team. tiny, a lot of stuff, client stuff, big day, super busy, so what I want to do is organize this talk I gave on Bloomberg for a Cornell

tech

, pretty much the state of the union of a lot of thoughts in my mind. A lot of things happening in the

tech

space, entrepreneurs facing the attention of the consumer space, interacting with their employees, Anna interacting with the people who consume her content, Steve, it's been something super interesting, I hope you enjoy it, one of the sharpest.

I've been doing

fireside

chat

s from different angles for a while now and I hope you'll sit back, have a glass of red wine and watch this, Jerry, yeah, very simple, let's start by discovering your strengths. A lot of people want to be Gary Vee, but they can. It's not like that, let's talk about self-awareness and when you discovered that you are an exceptional communicator, you don't know it until later, you know it. I think you know it's funny. A lot of people want to be Gary Vee. I think a lot of people really want to. discovering themselves and putting them in a position to be happy and successful, so when I hear that I mean, I think I don't think a lot of people want to be me, I think I put myself out there a lot and a lot of baggage comes up.

Besides that, I think personalities are different from what you know, but it's interesting to think about your circumstances. I mean, I was 31 years old and running an e-commerce wine retail business in New Jersey like I'd never been in before. Silicon Valley is like that, a lot of things have happened very quickly because I understood where the consumer's attention is and probably about a year after Wine Library TV in 2006, I started a wine video blogging show on YouTube in the early days of YouTube and about six months later, I wonder, a lot of people are watching this and it was because I was talking about wine in a very different way and I genuinely believe that a lot of entrepreneurs and people listen to me because I think I'm not educated enough in In some ways, You know, I don't know how a lot of things are said or done because I was very much an immigrant street kid.

Also, I wasn't a good student and I just stared at things a lot. of times for the first time, right, and I think that in some way, in some way, and because my concession, my mother's father basically only spoke in analogies of what my mother talks about him and I do it quite a bit, I feel You know my dad doesn't. He doesn't talk, he says, what do you mean he doesn't talk, so my dad and I drove 45 minutes to the wine library and when I was a teenager he drank discount liquor back in the day.

I lived 45 minutes. I lived in Hunterdon County, New Jersey, for my high school years and my dad's wine store was in Short Hills Milburn, so it's 45 minutes on Route 78 in Jersey and we drove all the way there and back. and he talked every minute and my dad didn't say a word. My dad is an old school Russian guy, you know, in communist Russia, you didn't talk because you said something and someone found out you went to jail. I mean, let's cut to the chase, there are a lot of reasons why my dad doesn't do it. talk, but yeah, I mean trying to know, being in an environment like that where you're building something together in a business environment, but someone's not communicating with you definitely perfected.

I think intuitive skills I already had. improvisation skills I already had. They probably made him hyper and yeah, you know, at this point I really get it, but I'm really bad at animating things or watching them like I'm doing them in real time. Those numbers indicate that I sat down and thoughtfully said, wow! I have this or this is important. I am aware of it. I try not to get too high or too low on any of these things, but it's definitely a disproportionate impact on my career, but not just as the public personality in one-to-one relationships that I have with my employees and members of my family.

You know that being a good communicator is a pretty fruitful skill set and like Dan said, you learn by doing and you've built multiple businesses. This communication skill has allowed you to do this. From Wine Library to Vayner Sports to hosting multiple digital shows, which of these different businesses do you do for love or money? I speak out of love. I do this for love. This is the place I love the most. I like being in it. Know? Public speaking is now a negative ROI event for me with the things going on in my life, although it's still crazy to me when I get paid to give a speech, you know, especially when you're coming from scratch, it's gray, I don't get paid to do it.

Giving a speech one day this year and making more money than I did when I was 30 is pretty intense stuff that you would understand, but I get it, but it's still not worth your time in a lot of ways. unless I'm generating business for vaynermedia or other things, which is really what I mainly do now, but I'll do something like in New York or I'll support organizations that I believe in, but I do this for love. I love the idea of ​​I like to know everything so I love reverse engineering the audience so I'm in a really fun zone right now in this talk in this talk it's less about entertainment like 18,000 people on an external site For a company, tonight is about okay.

I really want to be sharp and talk about three or four things that I think even a strong crowd like this isn't thinking enough about because I'm always trying to come out giving more value than the person expected, so I do this for Me. I love the Gary Vee thing, the public personality, I think I do it for love. The best. Vayner, sports, sports is a business that is very interesting because my brother has Crohn's disease and that's why he left vaynermedia two years ago because the stress went from 30 to 800. people were quite intense and he just didn't care anymore.

He liked it and if someone hears that in customer service you're just managing people and if you don't like managing people, it sucks, so he got to that place and needed to bounce back. and he needed time to himself and very quickly he came back and said: what about that sports agency we bought? I bought a sports agency, a very small one, just to know that I have very big ambitions to buy the New York Jets, so I thought. If I owned a sports agency, I would learn that I learned from the inside. I was going to lose money every year owning a boutique sports agency that I wasn't going to really be involved in learning, but then he wanted to do that and once he decided he really wanted to get involved, I felt comfortable and changed my name to Vayner Sports, putting our name on it, was going to be real.

I love it. I mean, I'm talking to 50 of the top 100 football players coming in. NFL next year right now I'm DM it's fun, I like it, it's interesting, it's a horrible business, it doesn't make sense, it's the stupidest business, it works like a terrible business model, sports agencies, you have to have scale incredible for it to become something interesting. my brother is doing it for love I'm doing it for love of my brother now your philosophy in following all these different avenues is that working 9 to 5 9 to 5 is for losers if you want to be productive no, well, it's for it's for someone who is not going to get to where they want to meet and I appreciate you bringing it up and listening to the times that criticized me the other day about this in a pretty substantial way.

When I talk about things, the context is lost sometimes it's my fault sometimes the people who report on this are to blame to make it very clear this is my thing I'm fascinated by people who complain if you don't complain I really have nothing What to tell you I don't do it I don't think I have the right to do it, right? Clearly you have no reason to really listen if you're good, you're good and if that's 9:00 to 5:00 and you're on softball fields and you're loving life, then you've won my big thing is in this era in the That everyone says they're going to be billionaires and they're entrepreneurs and they're the best and I'm next sucks, right? to Coachella and you're going to see all the peaks in the sea and you're just not working like I do, that's intriguing.

I don't think so. I don't think people are losers. I don't think people shouldn't sleep. I think your actions should match your mouth, your advertising and your ambitions, that's what interests me and I think we have a very broken system at this time of business trends because there is a lot of money in the system and it is a very intriguing time. so I think working 9:00 to 5:00 is for a loser who says they're going to rule the world and watches Netflix for four hours a day, but if you want to start your own business, if you want to be the next Gary Vee it needs more than working from 9:00 to 5:00 you have to put in the time you have to put in the effort, I think so.

I think it's very difficult to build a substantial business, sustainable, you know, sure, working 9:00 to 5:00 if I mean look let me post it again can you work 9:00 to 5:00 really can you know Just I think hard work is an incredibly controllable variable compared to the God-given serendipity of the market. The talent you have is a very important variable that I think is a differentiator if you want to be successful and I see a lot of people resting on their laurels thinking that They may have some success and their past and what worries me. It is the technologies created an infrastructure that has not allowed us to rest on our advantages, not even the largest companies in the world, the largest retailers in the world, the largest media companies in the world are on call, you and your small medium business of poop are good, get out of here and So, as you know, that's it, it's a differentiator, but what about the people who don't have the time or the resources?

I mean, I'm a working mom, how the hell do youI'm supposed to do my daily job? Talk to you, come home, deal with my The kids make sure they have enough to eat for the next day, prepare their lunch, and then use my remaining hours to think about something I'm passionate about. Well, do you want to build a business? I'm not saying it for whatever reason. pursue and yeah if that means following that path later so I think life is about choices like everyone has things like for me the fact that you even have the ability to build a business between 9:30 p.m. and 1:00 in the morning is notable because your grandmother didn't do it.

The Internet has allowed that to even be a debate. You know, our grandparents grew up in an environment where that became Campina. You were opening a business at 9:30. p.m. just likeThe fact that we even have the ability to debate is fascinating to me and I'm not naive. There are extreme circumstances for many people and people are starting later than others. My point about that has always been that it's just extraordinary. that you can do so much between 7:00 p.m. and 2:00 in the morning to change the outcome of your life until the end and that's it, I mean, it's not super, it's not super difficult to understand, it's the options that the infrastructure of scalable technologies that now gives us They have no entry fee to building a personal brand or a direct-to-consumer small business is simply fascinating to me.

You should not. It's not that other people have better advantages than you. You are also more than welcome to take a different job. Earn less money. Take a step back, live a little less fancy for four years and build your business right. What we never talk about is taking a step back. A lot of people tell me and they come up to me and say, yeah, but I have this. and this and I say great, but if you're so upset and you want to build this business, why not make 180 a year? 297, you've been open for a long time, why don't you sell your house and leave?

Rent an apartment, why don't you go? You don't buy 4 different outfits every month and buy one a year. You can, life is about choices. There are many ways to do this last time you took a step back, but vaynermedia is a step back. Damn, like 7 years! I recently arrived thanks to an investment in Facebook, Twitter and Tumblr. I was one of the hundred most followed people on Twitter. I had all kinds of opportunities. I could have raised hundreds of millions of dollars for a fund thanks to being an early Angel Investor, that was classy. I was moving forward.

I had a lot going for me and I decided to take a step back and start vaynermedia because I thought it would be an amazing infrastructure for me to build on in my fifties and sixties. so I make a lot less money and eat a lot more running vaynermedia than the options I had in front of me 70 years ago he took the boring approach I took an extremely boring approach that many of my friends like are still made fun of, definitely They were mocked at the time, now a lot of them have closed so they are mocked less and to be very frank the Garyvee thing started to get big and I didn't like it. he was a motivational speaker.

He was so proud that when I was 22 I took my father's business with no money and grew it substantially in a very significant way and I considered myself a businessman, not like this personality or this new era. motivational speaker, so I think I even needed it for myself to build another business and just scratch the itch that I wasn't a charlatan or a personality that had skills that turned out to be a bit narcissistic and exaggerated for those who have discovered that they are passionate , they want a type of business, they are ready to take the leap, the question for many of them is how do they tell that story in a captivating way, how do they convince others that they are there. and they are real for the purpose of raising capital in order to raise awareness.

Well, first you have to find out if you are capable, if you are good enough at writing audio or video to communicate your story, you have to find your medium first, there are many people who can captain me. Fred Wilson has created great brand equity in a great flow of deals through writing. I created it through video. Joe Rogan and Tim Ferriss continue to build it in audio. three ways to communicate when you start getting interested in cartoons and art, you can go a little further, there are three main ways, there is written audio and video, first of all, you can't be romantic about which many people want to be good at video. or this and that you know, so you have to figure out if you can actually tell a story and then you have to figure out the medium in which you can tell a story and if you can do it in more than one place that would do it. be preferable because our attention is fragmented at scale, so that's the strategy behind it, so how do you decide which medium is best?

Because there are different things that come in and out of fashion. I mean, if you pause too long, you'll miss it. The answer has to do with all of them, hate everything if you can, you know? Look, I think I don't think people have really audited how much downtime they have if they want it. I mean, it all comes down to ambition, reverse engineering actual ambition. You know it's okay if you want a panda in front of friends, family or other people, you even have a real conversation with yourself and you also have to realize that that's going to change when you're 22 and single and on fire and your older brother It's killing it you want to prove it and your parents and yourself and I said you get married you fall in love you have a child you have a sick child priorities changed life is life a lot of things happen so not only do you have to talk to yourself and find out what your ambition, you have to audit it daily, at least monthly, and it keeps

changing

, it keeps

changing

.

I mean I took more days off in August than in my entire 20 years combined why because I'm five years old and that's what's most important to me right now and when I was 20 I was so on fire I didn't want to go to Jersey shore and flirt, I wanted to build something you know and I like things to change now. I kind of want to go to Jersey, you know, but you know, I think you know. I think things change and I think you have to be prepared for that. I'm just fascinated with words. and actions I'm fast I spent a lot of time on this because it helps people when you suffocate them and tell them they're stupid or right like it's an important conversation when you fool yourself you have a real problem yeah what you mentioned, how things change and there are different mediums, you can try to do all three at the same time, you probably won't be good at all three, you will be better at one thing than another, yes the answer that you understand, I mean it all comes down to understanding human behavior because that part doesn't change the way people respond to a correct message and I really think the reason I've come out over the last decade is because I'm completely obsessed with giving. more for my audience than I ask for in return and it's a story forever, that's the truth.

You really already know. I see many faces here. I feel a lot of vibes from you like I'm not asking for anything. putting out the best things I have for free every day, no, it's not the top of the funnel to include you in my $400 ebook. It's not the top of the funnel to get you to come visit my island for twenty-five thousand dollars for the weekend . Can I just feel guilty because I gave you so much that I didn't ask for anything in return? This creates word of mouth. Can I be historically correct? Can I add so much value?

Your definitive brand arbitration. Does it work one hundred percent? few people do it because they are not good enough to do it. Give us an example of when it worked. It's mine. For whom. For me. Mmm-hmm. I mean, I think it's my... It worked because I made a video saying Twitter is dangerous. Facebook was a very thoughtful piece of content that led Zach to ask me through Dave Morin to fly to Facebook and talk to his company when they were this size. I talked about human behavior in 2007 all the time that I knew nothing about. Mark and I realized how much of a kind of equalizer it was.

I didn't know he was in the room like that. He walked from somewhere there when I finished. He asked me if I could have dinner with him. We had that for dinner. One night and four months later I bought a bunch of his parents' stock and made tens of millions of dollars, okay, that's a pretty good story, it's good, you know, same thing with Tumblr. David Karp saw content about how he thought about commitment. He took it out for a couple of drinks in town, then he came to the Wine Library and the B round of the glass was valued at fourteen million dollars and I invested very aggressively and made a ton of money.

I created content about brands and Facebook that Mike Lazaro saw that I gave him a quote for Buddy Media's homepage when they launched and made seven figures in consulting capital for a listing on their website on the back of a piece of content on the one that you still have stakes in those companies. No, I beg you. true tumblr so T Yahoo made money Facebook Facebook I own all the stock I will still end up making more money on Facebook than some of the first 100 employees because I knew what Facebook was when it went public, I think you understood the mission.

Sucks is an all-time entrepreneur, he trades attention like I do, except he's much further along and can buy the companies that are his infrastructure, but he stole Instagram, right? They made fun of me for saying that the day it happened he tried to buy. Snap

chat

long before anyone gave it credit, invested in virtual reality, moved a business from desktop to fully mobile when it was painful and cost prohibitive. Understand consumer behavior. He's an all-time EQ operator that people think is an introverted nerd, but he also got a lot of negative attention and Facebook is also mired in the government's Russia investigation.

There's a lot of anger toward big tech companies, yes, toward founders like Mark Zuckerberg, who don't go to college and now run this big company. the billionaires from the left, the far left, the far right have come together and their anger towards big tech yeah, what's the path ahead for Facebook, how do you navigate that, how do you see the company surviving this? I know I don't know the details. You know that if they've done something terribly wrong, they should pay the price, but how did I see them surviving quite easily? What's with all the public reaction?

Yeah, easily, like everyone uses Instagram, more like people, people. I would like to say that they do not act accordingly. Everyone here loves to post some kind of tweet and thinks they are making a social justice movement. Why don't they do something about it? People talk. I mean, it's super important like all my the day it ended was the worst and everyone was subscribing and it's terrible and I saw four or five six people that I knew in my office and my friends unsubscribe. I hate it and then literally, because I'm curious, like label it and then just watch them take an Uber a week later, we're so full of it it's scary and the only thing big tech does is expose us, not change us, and we're going to have We have to go through a hundred painful years to understand how full we really are.

Do you think government regulators will clamp down on companies like Facebook and Google in a way that will change the way we interact with those platforms? I think it's possible, you know? I never underestimate politicians because I don't respect them much, right? they understand the platforms they may or may not but they will only behave in their best interest so I'm not sure if you mention uber yeah I want to mention that because of some of the mistakes you made you stop investing in uber how? many times, twice in the angel round for a million dollar valuation, maybe that's not so bad now, given that they are a little challenged, yes, I mean, they are challenged, but it would have been a solid bet, yeah, it's an interesting time at Uber, you know, Travis.

He is one of my dear friends, one of the first friends I made in

technology

and it has been very intense to see what he is going through and what happens with me is that you know, this is a difficult interview for me because the truth is that I don't I don't even have the first detail yet about Facebook and Russia. I swear to god. I know it's in the ecosystem. I haven't even been. I don't really like reading headlines. I don't really like it like I did as I got educated. I'm super educated. I'm really in a good place in three places.

The current state of

technology

. I have opinions on that, I've never done a Snapchat ad or things like I really get it I really get wine I really get it and I really get the New York Jets well and when I hear people talk about those three things, even smart people, I'm fascinated. By the time you're really good at your craft, how much smarter are you than someone who's even good, right? I've stayed very quiet about most things because I realize I might be some kind of headline reader, like aheadline reader as I have done. I lost everything, um, in the last five years to talk about most topics because I think, wait a minute, if I sound as stupid as my friends, who are super smart with Facebook ads, Instagram influencers and Snapchat, Yes, I sound like that when it comes to health.

I care about this or that I must like it so you know that it's interesting about the supermarket it's really interesting for me I have a lot of emotions because I really adore it I understand that there are many things in the press that have been difficult there are many things that are difficult for I like them, you know, I'm hopeful just when you care about someone, obviously, they're not there anymore, which is hard, it'll be interesting to see things in London, super fascinating, I don't know the details, I'm sure it's a There's a lot politics behind this, it will be interesting, it's an interesting company, you said you really understand Snapchat, yes, but the poem would break is that any innovation that Facebook comes up with can replicate it and make it bigger and flashier, yes, how do you was?

While a giant like Facebook has to innovate in a way that is not a feature, a feature is not the way to innovate directly, fast tracking features will now be a way that will not allow house parties. or Marco Polo or the next frontier of things to get there, so you're going to have to think a little bit about the irony of your Snap being potentially a unique company that could do that because Evan and I don't know it at all. I never met Evan. I know a lot of Em Ron and a lot of other characters, but he's an L.A. kid.

He has treated Snapchat as both a fashion brand and a technology company. Actually, he could go to left field. You know, if I told you that it was Snap and not Adidas that did what they've done for the last two years to put Nike in a strange situation, it wouldn't seem so far-fetched, I understand you might say hmm, but it's not so far-fetched that if Whether Twitter or you know or Facebook or Uber did it right and that's where I'm fascinated by what Snap will or won't do, we're about to find out if Evan was one of them. pony trick or if it could adapt to the reality of a new market, they have quietly invested very aggressively in AR, you know that when you look at their mergers and acquisitions, so it will be interesting to see if they can or will do anything at that time, the other question This is the case, which is Snap, it's an incredibly large platform that can build a very large business, it's just that the market put all the value in that it was going to continue to grow and be 30, 40, 50, 60 years old, like this What, what is fascinating?

It's going to be that it's probably overvalued in a Wall Street dynamic, even even among everything that's overvalued, they're going to have to do something, they're going to have to really innovate and it'll be interesting to see if they can do that, but again, you know. of ERISA buys Instagram for a billion instead of or who knows what could have happened well as usual. That's the wonderful thing about business. You're always one good or bad step away from changing the narrative and I love that about this game. I never get caught up and everything is going well and I'm in this fancy building and all these amazing people are looking at me right now, tomorrow could be the beginning of the total end.

I love it no matter what I've done. done for 20 years, how does Twitter change the narrative? User growth has slowed tremendously. 280 out of 140 I don't know if this will make a big difference, yeah that won't be right. I think we can all agree with that, but I think since Jax Penny, the look and the dick are one of my favorite people on earth, but in those four years the product just didn't innovate once the product just didn't innovate and at least since Shaq came back for the 18 months of lace or whatever, there have been subtle little things, I mean literally, I mean four and I know there's a lot of people in this room like to remember that it was literally four or five years, literally the same exact product, even like the star to the heart or like retweeting like subtle little things.

I thought it was super interesting what Twitter was doing when they were buying everything. the rights because I thought they were actually building a real competitor to Netflix as an OTT player. I just don't know if they have the right talent to pull it off, but I thought it was the right idea. I think Facebook and snap and Twitter are absolutely the potential OTT challengers of the future and I thought they were earlier than the others to move on that, but they needed to move smarter, better and faster and I and I feel like they didn't. , they just ended up doing a Six or Four runs instead of the ten they needed to get there.

Do you think we're in a bubble when it comes to these big tech companies and how much money we're throwing at them and what investors expect from them? Amazon and Facebook are very low priced, explain. I think Jeff Bezos and Mark Zuckerberg, as long as they don't die, will leave them very cheap. What will be Amazon's next step? Being sued by the government. Amazon is so amazing. I remember four or five years ago in a senior writer and I don't remember if Steve Jobs had passed away or was sick or I remember saying that I thought Bezos was better than Steve Jobs and I got booed a lot and this was the heyday of Apple and Amazon were four or five years. ago, which is not what we think about today about Amazon, but it was, but AWS sawdust, you know, like the way he bought, even the losses like LivingSocial and woot, and he was just doing stuff and I was like, Man, Bezos has the right moves, like, for example. like Steve Jobs says all the time, but he had the same move, rinse and repeat in a lot of ways, if you understand how I frame it, Bezos was throwing all kinds of different, you know, it's like the difference between boxing. and MMA and I was like Jeff, like he would do anything.

I think he could do anything, like he would wake me up and, like Amazon, buy whole foods from him. I said, yeah, like you know, tomorrow if I wake up, like Amazon buys to get in. the NHL, I'm like mm-hmm you know, I think it's all blank space for him. I think he's absolutely the guy. I'm very impressed with his execution. I'm very excited to see them do more. things and I really hope that they understand how to navigate so that the government doesn't stop them because they feel that more than any company, it's the company that could because I think it could win everything.

There you have the damn stack when you start to understand what when you start to understand that Alexa is so close to becoming the next search engine when you understand that when you're brushing your teeth and you run out of it and you say Alexa reorders it for me like when you start to understand what they're doing, the way they're putting the pieces together, when you understand, when you're watching Thursday Night Football and Dez Bryant scores a touchdown and, at the height of your excitement, you can order his shirt saying Alexa . order that Jersey or something like that or whatever they tell you to do while you're watching because they're full, they're an incredibly savvy business, buy things cheap by buying the Washington Post at the time, like that Washington Post in the Boston Globe. at the time of the newspapers greatest demise the brand was worth much more than this to put on the tablet, whether the fire worked or not was irrelevant, it was the correct thesis and this is the thing about the great journey .

The Nordic meteorological oculus is right or wrong. It is the correct thesis when you are a great entrepreneur and you are betting like this, you have to be right one out of every eight times for everything to work. Great entrepreneurs don't care about their losses because their bold losses are correct and average. Entrepreneurs and non-entrepreneurs always worry about other people's opinions about their losses. It's good to remember it. It's good to keep that in mind. Okay, let's get to the lightning round where we basically have a lot of random questions. I want to get Gary's opinion on what is most important.

New overhyped consumer virtual reality technology and let me explain why, for us right now, as a practical feature, I believe in consumer virtual reality. I just don't think we'll see many consumers actually doing impactful VR things the way they'd like in the future. In the next 36 to 48 months you still don't know a single person who spends a good hour a day in virtual reality, right? Do you know anyone in the tech community who does it? Yes, I'm sure there are some hardcore people who like it to be fun first time. The PR people I met about 18 months ago were such nerds.

I'm like, okay, this is good, like these are real nerds again, this is not the club that the promoters have available, these are nerds, you know, so it was cool, but, yeah, I mean, no. I like it, I don't really even know a history of something that doesn't exist yet, so I think consumer VR is going to lose a lot of money for a lot of people, it's a great b2b thing, it's cool to go to the Super Bowl and I like it do a brand activation, but no one is sitting at home for an hour in virtual reality yet for real and I don't think that's going to happen for 3 or 4 years like real and I might like it and that seems overrated to me.

We all know it will come, I think in 20 years it could be disproportionate, it could arbitrage the entire Internet. I'm an optimist, I'm just short-term. I care about time, time is what matters, so I'm not a fan right now, I'm not a fan. Right now, who is a young, up-and-coming entrepreneur that you're keeping an eye on, who really could be then F, the next Jeff Bezos, I mean, on that level, I'm not sure, I don't know if I've gotten a good look at it, it could be. the next Evan Spiegel, so I don't know, I don't have an answer.

I also haven't been investing much lately because the market is so overvalued because I don't think ideas should be worth four million dollars. I'm a big fan of Rachel. Chart tip. The founder of Micmac. I think he's a gangster. What does the company do? mobile then became a SAS product for brands mobile integration swipe up the ability to shop in stories and Snapchat their tenacity is intoxicating well that's a name we'll be keeping an eye on yeah I think that's what's fun for me, I don't know. I think that name will be around for another 7-12 years, but when I remember this clip on the internet, 7-12 years old, I'll feel pretty good.

Gary Bitcoin or aetherium, a theorem, why, because it's more of a platform than a singular brand, its blockchain, and it's a theory and then it's Bitcoin, so I don't think people understand it well, it's like WordPress and Netscape Navigator or yahoo.com. Bitcoin could win and become a brand like Nike and it could be amazing and all that, but the theorem is the infrastructure above. that you build on top of blockchain, bless you, blockchain is the most gangster thing ever and I'll explain why when you talk, if you really understand the chess moves of decentralizing everything, then the entire world's damn guard governments are included, so it could be interesting.

What's a brand that's doing everything it's supposed to do and more than doing it flat out? I have never been able to answer this question and let me tell you why I don't pay attention to other brands at Vayner when we have Budweiser as a client, this is now, maybe my team let me rephrase. I hope my team at Budweiser is looking into Miller Lite and other things. I think a brand that does everything right means that all of its behaviors lead to a healthy business, not more likes than Burberry or Taco. Bell is getting all the praise and then the press.

I never know if it's real. I understand that they are moving quickly and doing a good job on new things. I just don't know if it's actually a boring business. There is a big disconnect between being innovative and doing. business decisions that are fruitful, so I'm not sure, but I would say the ones that spend the least amount of money to get the most money in return, cash versus cash, how would you advise, say, that the NFL recover? His glory is under some pressure these days, how would you advise him to get his groove back? Could you do it through social networks?

No, no, it's much bigger than that. It's, and it's not concussions or President Trump, it's so. So many variables, first of all, the dynamics of fantasy football have been really intriguing because you've gotten people to care more about the players than the teams. You have the redzone channel it is such an amazing product that it is completely addictive like it is just a better experience. If you love the sport of football, the mancave and high-quality technology have made it much more interesting to be at home than going to the game, but when you are at home people don't watch as much as they used to, yes.

I mean, I think you would have reached a tipping point, I mean, like everyone likes, like Jesus Christ, it was like two years ago, like the NFL, what the NFL has accomplished in the last two years is iconic in everyone. the times, that's how you know, has so popular and now that you know soccer you really know the USA going to the sweet 16 of two World Cupsin a row is a very subtle thing that people underestimate, you know, the distribution rights of the English Premier League allow children to watch it in the morning and go with their father at 7 a.m. to do things.

Esports is massively underrated, it's being disrespected for how big it really is and it's all affecting ratings, it's still the most disproportionately popular sport in our country, it's still doing incredibly well. I think it's ridiculous to disparage the NFL. for their business problems and they applaud NASCAR which has become completely irrelevant like NASA's kitchen, their own ratings drop over the years, long before NASCAR collapsed, well that's half cars. NASCAR is over, NASCAR doesn't even exist, so it's like we're talking. like the impact of things, you know, it's a ridiculous argument, those present trying to make eSports over NASCAR come close and the NFL is, you know, where baseball was in 1984, you know, or in 1973, It's like that climactic moment and you know there's only one way.

To get past that level, how much closer are you to your life goal of buying the Jets closer and closer? Because I think the way I play is very different from idiots or other people, that is, I don't do any behavior that generates massive, fast wealth. I don't do the things that quickly create massive wealth. I don't start companies that could reach that level. I don't invest the level of capital that can reach that level. I'm running a marathon, a very long marathon, but I'm 41 years old, right? For me, if I buy the Jets in 23 years, I feel like I'm a young man.

I feel like I hang out with a lot of 64-year-old men and women who feel super young to me and super turned on and have so much more going on. I do and I think if I buy the Jets at age 64, that gives me enough time to win seven Super Bowls in 30 years and I can move forward with something very ambitious if I can't get the Jets, what's the best option? The Johnsons and Dolans need to be careful. We're going to open this up to everyone in the audience because I know you all have questions for Gary.

We have microphones, so if you raise your hand, let me know and then we'll talk to this gentleman. in front they will pass you a microphone, thank you, so looking at the industries that I'm in general at the moment, you see well, it's more like a macro level, yeah, so you see like a blockbuster, totally ignore Netflix, yeah, and Now, what is a blockbuster? What are other institutions doing? You don't see any yes, so what advice would you give to baby boomers and executives today who aren't paying attention to tech companies about what's coming tomorrow? Yeah, Danny, I think that's a different conversation, so let them have it for a second. you're talking about those decisions in those retail companies that are not doing the right thing to protect them.

I don't think it's not just retail anymore, well yes, I agree, yes, but what's the advice for the people who run them? or the consumer. I'm just curious about the people that run them, it seems like right now they're not listening to the Millennials and they're not listening to the upstarts, yeah, it's not even a minute, you know what it's about, it's about the fact that they're trying to take advantage of the next 24 to 36 months because their bonuses and stock options and their life when they're done running this company is based on the stock price in 24 months so they can buy their yacht and their private jet and so what ?

The only thing that these CEOs are doing in public companies is that they are not adequately incentivized for the health of the company and we are experiencing the biggest cultural change we have ever had because we are experiencing a true revolution, a true industrial revolution. What's happening is that you can't. I'm not mad at Fortune 5,000 CEOs because they're human beings and what they're doing is saying, I'm going to be in this world for another 24 months. I'm not going to do that thing. That hurts the stock price by investing too much and having shitty P&L's to invest a hundred million and a half billion in what's needed.

I have to close the business before someone else does. I'm not going to do that because I'm going to have eight bad quarters in a row, I'm going to be on this network show every morning saying I suck and then I'm going to get fired and I'm going to lose, but Hershey's or Quicken or Hertz are going to win, aren't they? fools, they're just selfish, that's short term, this is, I mean, why do big companies go out of business because Wall Street exists, so they don't know much more than you think, man, they know they're just not incentivized to do it?

Do that job, they'll retire with a lot of money, brother, they'll retire with a lot of money, right, but if they listen to you, they'll retire with less and that's why entrepreneurs have so much. opportunity because they are playing a different game everything I do is for the rest of my life for my legacy for my family for me so I worry about myself like I worry about my people because it's forever I'm not going to use this as a step go ahead stone to be in three public forums and another for that, so that's what's happening, it's real life, everyone knows it, nobody talks about it, but when I talk about it, all the people shake their heads because everyone knows that's what's happening with every company that's listed and what this building talks about all day, every single one of them does that, every single one of them does that, it's crazy, but it's great for me because I It will allow you to buy great brands for five cents on the dollar and I am excited about that.

Hi Gary. thank you, big fan, I listen to you all the time, I ask you what you think about Airbnb and Home Sharing in the future, kind of lifestyle of nomadic people visiting different places, etc. I think it will continue to grow. I think Brian's people are very intelligent. I should also mention that I co-founded a non-operating company called resi and they just made a pretty big deal with them Ben 11, the entire CEO and Mike Montero deserve all the credit I've ever had. It was in the idea phase in the capital phase, so I hope it continues to do well because it's a great partnership, how great.

I have an email. There is another lady for me. I received an email from Joe at AER bed-and-breakfast comm gear garyvee. I'm a big fan we'd love for you to see our startup I never responded I lost it it's good zoom I read it I don't write it didn't go into spam I didn't I don't I don't know One of my assistants found it. I didn't know if he had read it or not. All I know is that it happened and I have it in a folder when I think you know when when a planet II.

The apps started and I was taking pictures with those three famous people. I went into that folder and read everything I mean, errors. I loved reminding myself that you know about those things that matter, it's super interesting to me, I mean you. I know you start talking to start looking at the world it gets real a lot of arbitrage coming man it's really interesting out there and as social norms change what fascinates me the most is how online dating went , you are the strangest nerd. like what - the absolute norm how do you know I can't believe how many well if people would rather their fourteen year old daughter get into strange men's cars every day instead of driving themselves I mean if I sat here 15 years ago and I said: I will make you a promise because I live in the future.

You all might think it's safer for your 12-year-old daughter to get into a stranger's car every day than to drive it like you know, but that's our norm. like wealthy people send their kids to Uber all day, so I think there's a growth in that category, there's a huge growth in the ability to, you know, people arbitrage AWS sawdust, there's a lot of empty houses , right, everyone has one, well, you don't know. They've all been what do you know? Today there are many empty houses there are only many empty houses brother and many empty things there is a lot of sawdust left to go how are you Gary?

Have you thought about monetizing your voice? that's amazing, yes I'm a speaker, what is that? I'm a speaker, I love it, it's a great voice, boy, um, if you can give me two powerful moves to get the consumer's attention, because you've basically mastered the art of video, everyone and their mother is watching you, so if you give me two power moves that you can use in the next 24 hours to get the consumer's attention. Which would be? I would educate myself disproportionately or act or start practicing very aggressively to understand how Facebook ads work. Facebook ads are so good that they can be created for a long time. tail groups 42 year old latina women who like the New York Jets, okay, now make a video, make a video in Spanglish about the jet, like the ability of the scale micro target, as you know, I have a video that went crazy.

Oh, which one was it? Basically, I was getting angry because no forty-four-year-old man thought of himself as an ox, like he was looking at all the 19- and 20-year-olds with all these opportunities. I'm like Jesus, we're all 40 50 60 years old. man it's like you heard you're going to live longer than you think we're going to do our thing so I made that video and I went crazy because I targeted people in their forties to sixties who watch Shark Tank you know there's so many things. ability in that I would know too look I have a gift for gab you have a crazy voice like you know you have to be smart about it like the first three seconds really matter the copy really matters the thumbnail really matters everything I love how people think, these people like masks millions of followers because they were lucky, you know, a lot of thought goes into what we do, a lot of testing and learning, but YouTube Facebook video is hard to post. difficult, especially if you have a couple hundred dollars per video to try to run, that's the first power.

What about the second Power Move for video? If you are, what would you be interested in in people under 30? I want all your attention, respect, for what your voice is so radical. Snapchat ads have a CPM of $3 well below the price they watch a ton of video once your ad appears and if you have to be really smart in the first second to get them to swipe up and you can't. Let's say swipe up because Snapchat doesn't show it, you can get an incredible percentage of people to watch three four-minute videos in the Snapchat environment if you can get them to swipe up and you can get the most people under 30 per $3 CPM, okay?

I'll do it tonight right on the yes, thank you, hi, thank you, my name is Kirsten Broderick and I founded a company called North Scale that's all about EQ. I do executive and corporate meditation training. I love it so if anyone needs that. if you would like to be the next Gary come see me hook hey my question to you is you said Amazon could do everything yeah and this is a two part question yeah what does that mean? Yes, and what does it mean. that means for the rest of us, not just for the rest of us, but for the global economy, the global society, the environment, yes, I think it means, do you think about the pillars or at least the pillars in which I think when I talk about these kinds of things?

Retail media on social networks. I would be surprised if Amazon was in social business with a real role at any point, so those are three pillars that I really care about and where I think media in retail is big, right? how we live as a whole and I think they, you know, I don't Google or Facebook, everyone else's retail is so far behind that it doesn't exist, right? His ability to catch up in the media has been much faster than other people. retail, then think about China, where they own everything, there are communist dynamics there, so it is possible.

Anyway, basically I think any business that Jeff Bezos wants to get into, I really think he could buy the Hilton Group from Whole Foods is the preview, not the anomaly, so if he wants to and who knows, I don't know him at all. Absolutely, I don't know if space is more important than being considered the greatest entrepreneur of an era. what it means for all of us is this: there is a huge naivety that we need the government to protect this issue, it's called innovation and capitalism, first of all, Jeff Bezos will die, second of all, if virtual reality comes out in 16 years and reaches full penetration.

If we live in an augmented world of VR AR and real life, then the entire landscape of VR opportunities opens up on the Internet. 1991, everything you've built is arbitrated if the way we really want to live is to be pumped with protein and everything that The purchase is actually happening virtually, so I think it's naive to think that anyone will ever rule the world. I really believe it. I really believe that now not just how I see it. You know, no one has shown me in the history of time that there could be anything. capture everything and hold it because they understand that and innovation kills them, not the government, that's how I see it, gentlemen standing in the back, I mean, look, for example, very quickly, just to put it in context, I don't think it was better.

It's time to be in retail, just godirectly to the consumer. Amazon has nothing to do with you and then people cry. You know Amazon is too powerful. Don't sell it on Amazon. You loved it when it took you from 0 to 5 million, but now. You're crying, but how did you get there? So come in, get what you want, get it off Facebook, all these media companies crying about Facebook, they get people out, people just aren't smart, actually, like all these media companies crying about Facebook, they do everything . your content as a customer acquisition model and then place them in their own group.

It sounds so easy, it's easy, it's just that once again, people who work in companies are not incentivized in the right way and it's just human behavior. In the end, Hi Gary, thanks for coming. The name is Rob Fajardo. I found a community called leaving normality behind. Travel around a bunch of different masterminds and one of the questions I have for you is, as a millennial, I'm 23 and you're 41. Yeah, how have you found the ability to bridge generations and the personalities of all those generations? When it comes to building a team for business, yes, you know, first by not believing that all the propaganda around generational behavior has been the one-by-one way.

I know a lot of 41 year old men called lazy people and I know it. that many Millennials who are working hard one by one are just at your execution one by one, oh right, I don't make assumptions like the idea that Millennials are entitled and lazier than all my lazy friends I grew up with no shot, You know what I mean, I think it's convenient to speak well, I think I think your generation is the best, I think you're the most socially advanced, this and that, I think a lot of you got eighth place trophies, yeah and I think that's why it's probably harder for you guys to beat me?

Yes, I do, but not everyone got 8th place trophies. There were entitled kids and other generations to please, so it's all about strengths and weaknesses. I think the biggest undercurrent for young people is that losing is a very good thing and we, the parents of these children, try to protect too much and it really hurts, that's where America is vulnerable to scale, the political correctness of winning and losing is a fundamentally dangerous thing, much more so than I think people think, losing matters and if you don't get that team, you're deep and the right is a real problem and you lose early and young god, losing matters, guys like if you're a modern parent and you are trying to protect that feeling, you are being selfish, you don't like seeing your child angry, I get it, I got them, it sucks, but you better leave. out of the way because you're on top because when you think you've won when you got to eighth place it's okay when you manipulated his grades when you did his homework when you talked him out of it when you donated money and he got in there when they get to the real world no one cares and that's the cliché , one thing that this younger generation has worse is it definitely has a set like a macro that scares me, that's why I'm getting so aggressive because I have so much of their attention right now on this like it's good to lose I'm proud of my loss ISM I'm Like I'm noticing some people talk about the air like I want to bring up more like I don't know I have tons of stuff like I love losing I love the Jets and the Knicks I gave up on the Yankees and Rangers because they won Lo I mean seriously I click like it's a real thing like I'm proud of my losses they are my losses Do you like what your losses are?

Everyone likes this notion and for one to be great for everyone here you must be proud. I try, at least there are more than 400 people because they are afraid to leave. I'll go with my 3 for 17 thanks Gary over here Thanks hi Gary ah my name is Dan I'm an investor in New York awesome man uh as a millennial I want to take offense to one of your statements that I got 8th place and got a trophy I actually was ninth and got a medal. My question is about executive compensation. You were saying that when you pay people with a two-year vesting compensation, they focus on the next two years.

Yes, if they were paid in kind. long-term compensation, what would you do to avoid it? You know, basically wasting time for seven years and not having anything to keep them under control. You know, and saying no, no, you have to wait, you have to wait, eventually you will take a little hit. that's a great question, uh, I think there are ways to find a balance between those two, I probably haven't really thought about it, number two, I think there may be a resource that you can take away, you can take capital out along the way instead of salary. if they are wasting their time times seven and they get the big reward and ten we have to do it if the biggest companies in the world want to survive and the problem is the boards in the same game so there are no checks and balances but if they want to, If anyone has a motion for it, we're going to have to make these things a lot longer and I think you're a lot of spectators in the game, so there's a whole kind of conversation that seems like some of those in Silicon Valley are talking about something different. .

Compensations and different ways to go public. I saw a headline. I just haven't started to educate myself, but it seemed like the Eirick energy greases the baby of lean welding, so I'm kind of trying to throw some things away and someone says you've got your head. but it seems like there seems to have started to be some initial debate that it's not fun to take Blue Bottle public, right, it was the conversation with Blue Bottle that seemed to start some conversations, anyway, yeah, we're going to have to start figuring it out. I think big companies are going to have to start figuring out how to get into ten-year stuff and then the argument that, like, if it's made of wood, then you're not going to get the best talent.

I think it's the other way around, you won't get the best talent. By today's standards, I think they are career CEOs who suck and do everything themselves. Great, thanks for the response Mr. Almond here, I'm not educated enough to answer that question so that's the real answer. I would only throw out one thing when I was a kid who was born into communism. You know, China is super fascinating. I've run the gamut. I've run the gamut. range of things like we greatly underestimate communism and we like its weaknesses, but the more I think about what China is doing, China is actually running everything more like a business or like a right, which is a mix between dictatorship and capitalism, as if there was a final call. or at the top like it's really interesting, like it's been the topic in my head for the last six months.

I'm like, wait a minute, you know. I mean, China runs China much more like a success like Bezos does, you know? Amazon that the way we run America, which is like, oh, you know, like you know, it's super fascinating, so I don't know, I really don't know, but I think it's uh, I really intuitively believe that we're all very lucky. because I think we're going to have some really interesting times over the next twenty or forty years. I think a lot of people who hear that are just

exposing

themselves, let me explain, if you just heard that and you think it's bad, that means you're a pessimist and you're defensive and if you heard that and you thought it was amazing that means you're an optimist. and you're on the offensive and I think most people are defensive pessimists and I think optimism, gratitude and empathy are the ingredients of future winners and so I'm glad my parents gave me that.

Well, Gary Vaynerchuk, thank you very much. I really hope you enjoy the question of the day before I sign off and send you on your way. What was the most important idea you got from the talk you just gave? Vi, I promise I'm going to read all five six seven eight hundred comments because this is the information I'm looking for. The honest truth, what was the most important takeaway from the talk you just watched?