Scott Galloway: AI Wasn’t Built For You. The Rich Don’t Need You Anymore!
In a Nutshell
Scott Galloway argues AI hype from CEOs like Musk and Altman catastrophizes job loss to justify valuations, but data shows no employment apocalypse—AI supplements jobs, boosts productivity, and creates more opportunities than it destroys, though truckers, customer service, and junior lawyers face disruption. The wealthy embrace AI for portfolio gains while the middle class bears costs; robots and AI favor industrialized efficiency (e.g., Amazon's pick), but overinvestment risks a market correction, with GLP-1 drugs potentially more impactful. Key advice: upskill in AI, master storytelling/relationships/resilience to endure rejection, invest in yourself/diversify patiently via compounding, prioritize family for purpose, and recognize grief as love's residue.
These notes were generated by AI and may contain inaccuracies.
Greatest brand destruction over the last 18 months: US brand abroad and AI. Trump administration known for criminal corruption and incompetence. US now seen as rogue nation; first time more people view China as force for good than US. AI brand fallen due to Sam Altman going to dark side. AI optimist, but tech companies do not have our best interests at heart.
Quotes from CEOs: Elon Musk says "AI and robots will replace all jobs." Sam Altman: "By the end of 2028, more of the world's intellectual capacity could reside inside data centers than outside them." Dario Amodei (Anthropic) discusses bear case for AI and job disruption. Catastrophizing is thinly veiled attempt to justify crazy valuations; data does not reflect big exogenous meteor for employment market. AI will create more jobs than it destroys.
AI and frictionless online relationships causing young people to lose ability to endure rejection. More important technology for world change and shareholder value coming up.
AI less popular than ICE in US. Big CEOs saying jobs and way of life fundamentally disrupted; people did not choose this.
US used to enforce operating system keeping rogue nations in check; now US is rogue nation.
View of AI directly correlated to wealth. Only cohort with positive rating: people making over $200,000/year. Wealthy see AI fueling portfolios; they are biggest users. Middle class sees higher electricity bills, no access to invest. Sam Altman: "Stop complaining about energy costs. Think about the amount of energy it takes to raise a child." AI brand eroded from optimistic wealth creator to scary wealth creator for wealthiest.
Elon: "AI and robots will replace all jobs. Working will be optional, like growing your own vegetables instead of buying them from a store. The challenge will be fulfillment." Host noticing changes in entry-level hiring framework; pausing on CVs due to new AI tech alternatives.
Catastrophizing is fundraising means. Every technology follows arc: catastrophizing, job loss, then productivity gains, margins, new opportunities, employment growth. To justify valuations and capital committed, need trillion dollars incremental revenue from new AI products or massive cost savings/efficiencies. Not seeing AI moisturizer or AI-built cars; AI in background, hard to point to incremental growth/revenues.
Meta announced layoffs due to AI targeting efficiencies.
CEOs sound more interesting saying technology changes world uncontrollably. Obnoxious when founders catastrophize then take secondary shares and leave. Not helpful to claim Dr. Frankenstein created monster then peace out.
US unemployment 4.5%; youth 8.8% (below historical average). New business permits per capita doubled in last 10 years. Meta layoffs: from 16,000 in 2019 to 80,000 in 2025; even back to 60,000 is only 24 months regression. Dips in customer service, legal; but medium/long-term more jobs created than destroyed.
Radiologists predicted gone; new job listings up in 2026 because diagnosis/treatment planning still key. Coders job listings up 11% year-on-year due to demand for prompting/vibe coding. Wrong if sustained job destruction outpaces new jobs/businesses. At 20% unemployment (especially youth/young men), risk of civil unrest like French Revolution or Weimar Germany.
Employment data shows no seminal tech job apocalypse.
AI built on internet enables rapid global distribution unlike industrial revolution's physical infrastructure needs. Fear of severe V-shaped downturn causing unrest before recovery; but V not decelerating as predicted.
Scott arrived in London 4 years ago, attended party at Annabelle's, did hungover podcast in Shoreditch. Host now everywhere: airport banners, plane safety videos.
Host's operation like Google Plex; hiring 220 people in last 24 months, high-paying six figures+ jobs for young people. Old media (BBC, Daily Mail) laying off, but host hiring faster. Hiring AI-fluent people; pausing on some candidates due to new US AI tech alternatives 60 days ago. People need to upskill.
Unemployment among non-college grads now lower than college grads due to vocational boom (data centers need carpenters, welders, plumbers). 1992 Berkeley grad: 40% had jobs on graduation; now Stern students starting 30-50 businesses, kids dropping out after raising $10M Series A.
Uptick in productivity for profitability. Need better unemployment/retraining; Denmark spends 2% GDP on retraining/vocational vs US 2% but bad execution.
Optimus humanoid robots: won't need surgeons as Optimus more advanced. China using robots on production lines; India/Bangladesh factory workers with head cameras to film hands for robot replacement. Intelligence + robotics = two tsunamis.
Robots supplement surgeons; enable two surgeries/day vs one, increase productivity/accuracy (brain surgeries 4-6 hours).
2025 pick: Alphabet at P/E 17 (cheap vs OpenAI threat). 2026 pick: Amazon, collision of AI + industrialized robots. Amazon has 1M industrialized robots (2.5x rest of US combined). Will double retail business by 2032 without incremental hires via robotics (early acquisition of Kiva 10-15 years ago).
No robots bringing tea in houses. Weaponized industrialized robots as warriors concerning.
Existing non-moving robots: Hoover, smart fridge, smart TV. Leap to moving robots through house.
CEOs now overpromise to create cheap capital vs underpromise/overdeliver. Tesla: 3 years ago promised 1M autonomous taxis (didn't happen); Musk timelines wrong (2016/17 autonomous 2 years away).
Tesla automobile company at 155x earnings (vs 10-15x for others); stories of robots/space/AI/autonomous justify. SpaceX: $16B revenue, $8B profits, IPO at 90-110x revenues (Google IPO 10x revenues, growing 10x faster). Innovator attribute: storytelling ahead of performance for capital.
AirPods: most profitable ubiquitous jewelry; Fortune 50 if standalone. Starlink: best product last few years; podcasts from planes, FaceTime sons, airline/maritime differentiation. SpaceX launched 90% rockets to space. SpaceX amazing and overvalued; both true.
Elon Musk has delivered incredible feats, like launching a 70ft skyscraper into the air and catching it on chopsticks, then relaunching and catching it again—staggering and previously unimaginable. He's the Edison of our generation.
Tesla is an incredible product, far superior to anything on the market. Musk deserves credit for inspiring the EV race, which benefits the environment. However, everyone has caught up. BYD, the fastest growing automobile company in history, offers 80-100% of a Tesla for 40% of the price. Without the tariff war, BYD would be the number one EV in the United States; it's eating Tesla's lunch.
Tesla changed the market and inspired the EV race, good for the planet. But its current valuation is excessive. When SpaceX goes public, money chasing Musk's magic will shift from Tesla to SpaceX. Tesla is just a great car company that should trade at 30 times earnings, not 150—a fifth of its current valuation.
Long-haul truck drivers face the first major impact. Trucks can drive between 10:00 p.m. and 4:00 a.m. with no traffic—it's not a good job. Truck driving is the biggest employer of non-high school graduate males in America, one of the two or three biggest jobs by number of people in the United States. Within 10 years, very few long-haul truckers will remain.
Customer service will likely go away. In legal work, contract reviews used to cost $400-$2,000 due to latency in bills and signaling with name-brand firms charging $400-$500/hour for juniors at $80-$120/hour. Now, instead of sending to lawyers, describe the agreement, ask Claude or ChatGPT to pretend it's a $1,200/hour employment or contract lawyer, review and redline the document, then do the same with another LLM. Make the changes—now you're a senior associate. This cuts legal fees by a third; one organization spends $100-$300,000/year and will easily reduce by a third this year.
AI enhances work but companies are still hiring—it's a supplement. To protect against AI: AI won't take your job, someone who understands AI will. Always have a second screen open with LLMs; port anything digital into it and play with it.
One analyst, Molly, for an investment fund replaced five intended hires. She uses two AI agents on two Mac minis: one screens inbound interest, another proactively finds market opportunities, runs them through a framework, scores them, and prepares for the IC.
A competent lawyer using models no longer needs five junior lawyers. For executive assistants, instead of 10, need three: one AI-powered for travel, one for scheduling, one to meet people at the door.
Sales involving lunch, relationships, pitching decks remain untouched.
AI creates additional EBIT margin, more profitable businesses, ability to raise more money, acquire podcasts, invest, hire more—faster cycle of money and ideas, driving growth into podcasting, CPG, media.
Secretary jobs evolved: typists went away, but smart ones became executive assistants managing executives' lives. Accounting hasn't declined—more accountants this year as smart ones move into wealth management and tax optimization, which gets more complicated.
Onus to update skills: refusing AI is like 1998's "I don't use PCs." Cycle times are decreasing; many will be on the wrong side. Force yourself to use AI—parts of the brain for new technologies die with age.
Nobody knows the exact skills. Ten years ago, private schools invested in computer science and Mandarin—neither panned out as expected.
Enduring skill is storytelling: look at data, create a narrative arc, communicate compellingly via mediums like podcasting. Great CEOs are storytellers: Jeff Bezos's 1997 shareholder letter with three principles; Alex Karp doing live earnings calls on his phone; Jensen Huang in Buffett-like stadiums like a rockstar.
Technology creates equalization among products, like reverse engineering did for manufacturing; AI models are converging. Differentiation: relationships—do I want to work with this person, know their kids, like them? Among law firms, investment banks, CRM companies, choose based on best relationship.
Everything reverse engineers to biology; fundamental understanding of sciences endures. Encourage kids to be smart, good people, aggressive, support becoming their own person, help find what they're great at—not dictate futures. Basics: write well, look someone in the eye, be competitive, play sports, do chores.
Storytelling proxies for sales and persuasion—persuading investors, employees, customers.
Biggest threat, especially for young men: losing ability to endure rejection due to frictionless online relationships. Mentor by reincorporating "no": put yourself in agency of strangers (church group, sports league, riding class), make overtures of friendship (e.g., "watch Arsenal game at my house?").
Young men want to move out of parents' house and get a girlfriend. After friend approach, ask someone out for coffee—goal is no. Next day, check if okay: yes, and the rejector is fine too.
Secret to success is rejection: ran for class president three times (lost all), then student body president (lost). Never bothered—mourned and moved on. Every entrepreneur gets many nos.
Self-made successes are comfortable with no: apply for unqualified jobs/grad programs, approach cooler/hotter people for friendship/romance. Punch above your weight: get a big spoon and eat shit. Common trait: ability to mourn and move on.
Inspired by Adam Neumann's story: in 23-minute cab with Masayoshi Son (SoftBank), asking for $300M, Son said not ambitious enough—offered $4B, signed napkin deal.
Game in life is selling yourself long, not short. People see fixed state, not exponential curve of intelligence, wisdom, connections. Sold 20% of company for $5K at 18 (celebrated while stealing pizzas); later 30% for $300K (thought hit euromillions)—company later worth hundreds of millions on stock market. Sold self short every season.
Assume doing same now—what opportunities to pursue? Self-fulfilling.
Imagine 5 years outrageously ahead, reverse engineer back. Needed the $300K then—pricing signals opportunity. Increase proposal pricing 30-50%; can always lower. Men better at imagining unrealistic selves (sexist observation); held back women entrepreneurs, plus less capital from white dudes from Stanford/Harvard (40% VCs from two schools).
Charlie Munger: someone with crazy vision of potential is stupid/obnoxious—never bet against, occasionally right. Musk: raise money, command tech for 90% launches, 70% low orbit satellites—arrogant. Air to upside; market brings back.
Sam Altman's brand destroyed quickly, proxy for AI's brand destruction (greatest other than US last 18 months). New Yorker article by Ronan Farrow and Andrew Marantz; Altman responded with blog post two years ago.
America idolizes tech innovators as godlike figures replacing religion. Tech is mystical; phones give authoritative answers like prayer. New Jesus: Steve Jobs (taken early). Now tech CEOs.
They don't care about our well-being: do anything for 1 cent/share earnings growth—harm teens (Sheryl Sandberg), coarsen discourse (Meta), radicalize young men (YouTube). Sam Altman seemed perfect: gay son we wanted, nice, soft voice in Congress asking for regulation.
These guys would sleep with their cousin for a nickel. That's their job.
Need regulators for guardrails: test AI, prevent surveillance of Americans. Without regulation: cigarettes marketed to kids, Ford pouring mercury. Sam doing his job.
Villain's journey: compelling guy (usually), then does job—increases shareholder value, delays regulation. From Anakin to Darth Vader shortens. With inept government (domain-lacking, elderly), unregulated tech does bad. Citizens must elect regulators.
We should be able to trust that we have smart elected officials that will regulate these companies. In response to a Molotov cocktail thrown at Sam Altman's house, he wrote an article. There have been death threats against his life, with no justification whatsoever. Violence is unacceptable, even yelling at JD Vance while skiing with his family. In the West, if operating within the law, like Sam Altman, one deserves to live in peace. In the US, the number of people working in private security now equals the number of cops. Perpetrators are usually young men seeking to restore social capital through historic acts of violence against famous people. No justification for equating AI dangers to justify violence, like executing a healthcare executive or attacks on Sam Altman and his family. Causes include young men lacking opportunity, mental illness, and access to firearms. Famous people face risk; one in three US presidents has been shot at. Assassination attempts and violence have actually gone down, but stories are cinematic and get attention. Shameful that leaders in the West endure this risk. Lovely moment: Danish or Norwegian prime minister stepped down, applauded, and rode home on a bike. In US, Obama's kids still have Secret Service. Blame big tech for convincing people certain figures are enemies; Sam's not evil, he's doing his job, while society fails its role.
Big tech has a nihilist vein; many have go bags and plans for zombie apocalypse, revolution, or pandemic. They spend tens of millions, meet pilots at Oakland airport, fly Gulfstream G650 to New Zealand bunkers. Conservatively, one in three billionaires has a go plan for nuclear attack, cyber attack, or revolution. Wanting to be an interplanetary species is nihilist. If doomer predictions of AGI have even 1% chance of humanity self-destructing, shouldn't rational people stop? Comparison to Oppenheimer: 3 million American deaths projected to invade Japan; splitting the atom had >1% chance of ending the world, used on civilians. Nuclear scientists committed suicide fearing end of world. Keep moving forward. Spoke to billionaire outlining plan B: if shit gets real, meet pilots, but pilots might kill him and his wife; New Zealanders might seize the rich guy's stuff. Misallocated efforts; resources should make this place habitable, not colonize Mars or have go bags.
900 billionaires in US; ~300 responsible for 20% of political donations, more strategic than unions. 0.1% not invested in America's health: skip TSA lines (fly private), have concierge medicine, kids in $75k/year schools vs. $15k public or $10k low-income. In Soho, no homeless/crime/cops, just cameras and dormant security. Sequestered from society's issues, dissociated from investments needed to improve America. Nihilism leads them to think they're not invested in world's well-being; unhealthy.
Podcast exposes worlds: conversation in London about AI CEO believing ~10% (or 7%) chance AI ends world, but doesn't care—summoning superintelligence more consequential. Some don't give a fuck; playing video game with our futures. Incentives: growing up, dad's boss had bigger house, Cadillac vs. Grand Torino, same country club, business vs. coach. Now delta massive: Spirit Airlines humiliating vs. private jets (charter, fractional, Cessna Citation, Bombardier Challenger 300, Global 650, G7). Healthcare: childhood trauma underinsured mom with cancer; now concierge delivers Lunesta in 2 hours, NAD treatments at home, text doctor, medical kit abroad, blood tests to Norway PhDs showing <7% cancer chance. 1% life unbelievable: better mates, kids' health/education, influence. Bottom 99% optimized/monetized for 1%. Stock options in tech make billionaires; ignore harms (1 in 18 UK self-harming girls cite Instagram) for research creating doubt. Fewer winners now (one company gets tens of billions vs. five getting hundreds of millions). Path to Darth Vader tempting. Co-host insight: walking with sister, homeless startles her; women in constant rational fear. Tech leaders (white upper-income males) never victims, don't safeguard, give strategic money to avoid regulation, do anything to win. Sam Altman remembered for #1 AI company or blowing it, not good/bad guy; society rewards winning. Currently blowing it vs. Anthropic.
AI creates more opportunity than destroys; lives change. Case for AI making us more human? Social media promised connection but damaged (Meta net negative). AI upsides: moderates views (takes median/average data), unlike social media extremes. AI polite: "I can understand why you're asking this question," pushes to middle. Helps seniors with AI characters. Biggest AI danger: loneliness. Algorithms convince reasonable facsimile of life on screens: Discord/Reddit vs. friends, Coinbase/Robinhood vs. job, synthetic porn vs. romance. Young male brain susceptible; men 20-30 spend less time outdoors than prison inmates. 42% men 18-24 never asked woman out in person. 40% S&P economy sequesters from relationships. Prediction: America never as prosperous? Incredible prosperity/growth + massive loneliness/depression/anxiety/obesity.
Trump talked into by advisers/Netanyahu: legacy of Middle East peace, diminish top terror source (Iran). Post-Venezuela success (greatest military ops: guards downed by radiation/radio waves, no US deaths, lifted out). Drunk on macho, thought same for Iran. Enemy has say; no unconditional surrenders since WWII. Survive = win (Vietcong, Taliban, IRGC). Operational excellence, strategic incompetence: justified to hit weakened Iran (IRGC, navy, nukes, missiles), provide revolution cover. Failures: no European allies, no Congress brief, no Gulf coordination, ignored Hormuz game theory. Iran controlling Strait of Hormuz > nukes; sequesters fertilizer = global starvation. US lost 14 soldiers (tragedy); Russians lose 1000/day without quitting. US looks glass-jawed; withdrawing incentivizes Iran (daily they look strong vs. America/Israel). Disaster for US brand. Block Iranian ports; economic sanctions better. Owns: thought military action good idea. I would argue,
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But that lends itself to the argument we should have just continued with economic sanctions. I thought military action was a good idea. We've been at war with Iran for 47 years. Their first act in 1979 was to take 110 Americans hostage. 70% of the IEDs in Iraq were built in Iran. The question is whether this military action/war was worth it. It was so poorly executed on a strategic level that it has diminished our brand. We're now in a quagmire. If we leave, we look weak, and any nation we perform military action against just starts firing missiles at their neighbors.
Ho Chi Minh on Vietnam: "They will kill a lot of our people. We will kill some of theirs. They will tire. They will go home."
We killed a million people in Vietnam, lost 58,000, and left. Americans' tolerance for pain is low. This is turning out to be a giant win for the IRGC and a severe loss for America that further alienates us from allies and shows our unwillingness to finish the job.
"We broke it, now you fix it."
We're leaving the world more insecure and economically vulnerable. Gulf States thought US military bases were protection but ended up with a bullseye on them. People will think twice before hosting US bases. We appear to have not thought through getting expats out of the Gulf or protecting Gulf States.
The Trump administration will be known for corruption and incompetence. In a press conference, Trump said:
"They're delaying it because we don't know who to deal with. They know who the leader is in this country. We don't know who the leader is in Iran."
If I was running Iran, that's exactly what I would want. Iranians/IRGC are saying they don't know who's leading to run the clock down. You can't affect regime change from the air; they have distributed power with no head of the snake. Much of this is US incompetence. We've gutted our diplomatic corps and counterintelligence operations. We're flying blind. JD Vance going to Islamabad for a TikTok moment won't work.
Lack of investment in soft power, cutting USAID, lack of respect for diplomats. Incentives for IRGC: just survive every day. We're in the first AI meme war. Trump communicates via Truth Social with macho videos and memes of him as Jesus Christ, but IRGC's sloppy memes best him, like Lego memes. They understand him better. 18-25 year olds in Tehran are producing highly effective AI-driven content targeting Epstein Island portrayals.
Lincoln: "You can't win a war without public support and you can't lose a war with public support."
Iran is winning the propaganda war.
How does this end? Trump can't back out, but can't keep going with midterms coming, approval at all-time low, base turning. Honest answer: don't know, he's unpredictable. Prediction: multinational force ensures Strait of Hormuz is open. Freedom of navigation is taken for granted; 60% of trade through South China Sea straits. Enforce by sequestering/blocking Iranian oil ports. Within 12 weeks, oil backs up and damages the source.
Optimistic scenario: outline objectives like taking out most of navy, missile capability, give Iranian people chance to overthrow IRGC, declare win after 72 hours, coordinate Gulf States safety. Now, no clear objectives. Communications sclerotic: who's boarding ships? Ceasefire violations like commandeering two Western vessels are acts of war. Multinational force opens Strait of Hormuz; too many vested interests.
Iranians building drones in bunkers during ceasefire. Insurance problem more than safety: 2 million barrels tanker = $160 million payload. Go after the money, not bomb civilian infrastructure (war crime). Inhibit oil exports to bring to table; IRGC controls most profitable economy parts, millions of families dependent. Cut economics to force negotiation. Declare victory and leave, but every day seeds advantage to IRGC.
Trump miscalculated horrifically with constant contradictions. Trapped in six-week timeline; now approaching 6 weeks, irritated in press conference, insulting 10 journalists, calling them disgrace. He's crashing out.
Markets hit all-time high despite war threatening oil flows. Wealthy dissociated: 50% of US consumer spending by top 10%, don't care if gas is $6/gallon. Lower-income spend 22% of household income on energy. Outsourced war pain to less wealthy nations, Gulf (damage), military families, lower-income on energy. Stocks at all-time high despite this.
Overinvestment in AI: kid at Stanford raises $10-20 million for AI idea. Companies overinvesting in infrastructure. OpenAI biggest fundraising, $200 billion for data centers on $3 billion revenue?
Greatest infrastructure spends above 2-3% of GDP lead to crashes: railroads, electrification, internet, telco buildout (Global Crossing). Valuable companies correct: Amazon down 94-97% 1999-2001, Facebook off 72% in 2022. If they go down now, global economy catches cold. Tech will survive, but massive stock correction coming.
1 in 3 chance AI like vaccines, jet transportation, PCs—seminal but no small companies capture trillions in market cap.
- Jet transportation: More important than AI? Unlocks emotional/financial well-being. Entire industry at break-even despite innovation.
- PCs: On board of Gateway Computer (second largest by volume ahead of Apple, sold for $600-760 million).
- Vaccines: Second greatest innovation (after American middle class), Moderna down 90%.
AI puts AI out of business: models converging, reverse-engineers features. Open-weight models from China (1/3 corporations using cheaper ones). Go short AI ecosystem shareholder-wise, great stakeholder-wise.
More important than AI: GLP-1. Ask someone on GLP-1 using AI daily which they'd give up. GLP-1 creates more impact/shareholder value than AI. 1 in 3 chance AI like vaccines, not e-commerce/social.
If US market drops 40-50%, not Middle East—China doing AI dumping like 80s/90s steel dumping. Price below market to consolidate (like Amazon, Netflix). Dump cheap open-weight models; corporations switch from multi-million licenses (Anthropic, OpenAI). 40% of S&P directly/tangentially AI-related. Most GDP growth last two years from AI capex; slowdown = recession.
Jamie Dimon: Recession happens every 7 years. Your generation unused to it. On New York Times board: 70% revenue gone in 60 days (2008 ad revenue). Raised $600 million for New York Times/General Electric joint venture (Quartz?), turned to $200 million. Needed Mexican billionaire bailout. Recession: everything stops.
Healthy: cuts fatty deposits. Best time to start business—people/things cheaper, new perspectives. For 28-year-old talented, no kids/dogs: recession opportunity as it takes down
Asset prices might not be the worst thing for your generation. In the 2008 crash, we bailed out the banks but not the economy. Scott was in his early 40s, entering prime income earning years, and bought Amazon, Apple, and Netflix for $8, $10, and $12 per share; those 20x'ed.
We don't let anything fail now; we bail out the markets. There's nowhere to find value now. You're in the investing part of life; advantage when asset prices are low. Apple or Nvidia won't 20x from here. Brooklyn real estate is $3,000/sq ft.
A correction in asset prices would be good for your generation while you're investing and can survive a shock. The economy has malleability and resilience; recessions last 18-36 months max. Leadership of Scott's generation props up markets via deficit spending or bailouts, e.g., $500 million government loan to Spirit Airlines—transferring money from young to old shareholders. Let it fail so asset values decline, creating opportunity.
COVID bailouts robbed opportunity from new culinary academy graduates wanting to buy restaurants cheap. Scott's generation had asset dips to buy low in prime earning years. Government bails out boomers, smoothing assets, robbing young.
Scott's strategy: not looking to get rich, but not get poor—diversify like crazy, no more than 3% net worth in any one thing. Diversifying out of US into Latin America and European markets—only Kevlar against unknown is diversification.
Younger people can take more risks. Scott invests in Pokemon with his son; collectibles have value now—everything else overvalued, likely cut in half. Always stay in the market; hard to stock pick.
For young talented entrepreneur: invest in yourself—no ROI like finding a business you're good at, working ass off. Or join fast company, get stock options. Key: ensure portion of income never comes into your hands—use matching programs, hacks to auto-invest in low-cost index funds. Take 30% capital for fun (e.g., Nvidia), but market outperforms. Get rich slowly with discipline: save $25/month as teen, $100 in 20s, $500, $1,000. Regardless of platinum record, bestselling book, or podcast empire, you'll be fine.
Can't pick next big thing (e.g., AI overvalued). Focus to become great at something commanding margin, save, diversify, let time work. Time flies—$100k now becomes $1M by Scott's age; like putting money in a box that turns it to $1M in a second.
The moment you have capital, show discipline, put money in that box—compound interest is staggering.
Invest in yourself (skills, certifications), relationships—do kind things; compounds, especially young. People remember help when you were powerless. Loyalty to those who invest (e.g., Stephen emailed Alistair thanking for $5k—belief boosted self-confidence).
Scott's superpower: resilience after failures. E-commerce incubator failed 6 months in; public e-commerce company (2002) bankrupt (restructured 2008); video delivery company failed. Record: generously 3-4 wins, 2 losses—more losses than wins.
After rejections (schools, romance, firings, business failures, bad investments): mourn, then stand in mirror—I can add value, raise money, start business, make someone happy. Seminal moment: after public failure (raised money, shut down, humiliated investors), mourned then raised more—1 in 7 businesses succeed, started 9, step up to plate often with great swing, in shape, good person.
Talented friends (hedge funds, $1-3M/year '90s/00s) failed on own, got stuck—never knew failure, lost mojo/confidence to try again.
Key to success: getting shot in the face and getting up again.
Nothing's ever as good or as bad as it seems. Be humble in success (much out of control, e.g., AI dump or war). In 1999, pre-IPO, eyed jets, unkind to ex-wife, over-credited self vs. luck. When failing, forgive self (not all your fault).
Biggest regrets: not events, but how upset you were—people wish they'd been happier, not beaten self over breakups/job/money loss.
Embrace relationships in 30s—Scott on hamster wheel 25-45, identity professional, few healthy bonds. Early 40s: moved NYC obligation-free, divorced, caveman life (enjoyed isolation). Literature showed it'd kill by 55—reinvested in friendships, became less introverted.
Purpose: thing with no positive ROI. Kids: never get back love/anxiety (senior home won't match); costs money, up at 2am worrying—unparalleled purpose (like veterans).
Scott didn't want kids; partner (higher character/attractive) insisted, called bluff on no remarriage. Now most rewarding. Build with partner/co-founder rewarding (e.g., upgrades meaningless alone; best businesses with co-founders; kids' ups/downs shared).
Never good time for kids—want financial stability (Scott's 2008 broke + kids = stress), competent partner (like panzer division). If secure + competent partner, most rewarding.
Emotion from boys: didn't love at birth (responsibility/anxiety, disliked babies, no instant love). Fell in love slowly. Oldest: mirror of Scott (bad skin, scrawny 6'1" 130lb, laugh)—hugging 17yo self. Youngest: different species, fascinating creation.
Oldest pleaser (Sundays: "Let's make a plan"—Hallmark); youngest terrorist exploiting vulnerabilities. Have two kids—guaranteed different (nature > nurture; same treatment, birth order minor). Michelle Obama: kids "come to you"—we're shepherds, not engineers (point direction, choose food).
Lean into their interests (e.g., Pokemon, not dad's WWII/CrossFit)—good dad engages. Resented losing brunches/St. Barts initially; now ease in lame parties/soccer—relaxing, liberating. Purpose in evolution, questions.
Host recommends a book providing a roadmap on being a man, covering themes like being kind, being a good dad, getting out of the house, attacking the world, and who one should become. Highly recommends for anyone raising sons, who is a son, a father, or wants to understand what it is to be a good man in the modern world. Links it below.
Thank you.
Scott notes it's a smash hit; close friends, including one particular friend, have messaged him about it, testament to its impact. Took a long time to write, as discussed in prior conversations, but it's finally here.
Scott writes with one objective: hopes his sons read his stuff in 30 or 40 years and feel like they understand him and the world better. Uses this to be fearless against comments and narratives shaping views around orthodoxy, regardless of political leanings, which intimidate into certain narratives. Writes as if no one's going to read it but his sons in 20 or 30 years.
Closing tradition: last guest leaves a question for the next, not knowing who. Question for Scott: In one sentence, what is the most challenging setback you've experienced? And what's the lesson you want to pass on to others?
Scott: My mother dying, and you can never tell your parents how much you love them too much. Forgive them. Mom died slowly, bad for her but good for him because nothing went unsaid.
Host asks emotion he's experiencing.
Scott misses his mom terribly. Middle-aged man who hasn't gotten over the death of his mother. She was lie to my life, raised him on her own secretary salary, gave him confidence, everything.
Host asks if there's a way, as a middle-aged man not over the loss.
Scott doesn't want to get over it. The residue for love is grief. Hopes his boys feel the same about him. Hasn't gotten in the way of his life; makes him bolder with emotions. Used to see it as a problem, went to grief counseling. Now sees it as not a bug but a feature. Residue for love are grief and anxiety.
Advice to every young person: Hope they have a lot of joy in life, also decent amount of grief because that means they have people they loved immensely.
Amen.
Thank you, Scott. Thank you, Steve. Good to see you. Congratulations on your burgeoning empire.
Scott: Jesus Christ, man. This is out of control. Host says this every time. Every time he comes, asks where the helicopters are. Pretty soon, will see a nuclear power plant towering next to it. Amazing, and host is everywhere. At airport with boys, stared at 100-foot testimonial deal, thought make it stop. God Jesus.
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